Filed electronically with the Securities and Exchange Commission on January 30, 2023
1933 Act File No. 002-57139
1940 Act File No. 811-02671
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | | X | |
Pre-Effective Amendment No. | |__| |
Post-Effective Amendment No. 118 | | X | |
and/or | |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | | X | |
Amendment No. 109 | |
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) |
|
Registrant’s Telephone Number, including Area Code: (212) 454-4500 | |
John Millette Vice President and Secretary Deutsche DWS Municipal Trust 100 Summer Street Boston, MA 02110-2146 (Name and Address of Agent for Service) |
|
Copy to: John S. Marten Vedder Price P.C. 222 N. LaSalle Street Chicago, Illinois 60601-1104 |
It is proposed that this filing will become effective (check appropriate box):
/___/ | Immediately upon filing pursuant to paragraph (b) |
/X / | On February 1, 2023 pursuant to paragraph (b) |
/___/ | 60 days after filing pursuant to paragraph (a) |
/ __ / | On _______________ pursuant to paragraph (a) |
/___/ | 75 days after filing pursuant to paragraph (a)(2) |
/___/ | On _______________ pursuant to paragraph (a) (2) of Rule 485 |
If appropriate, check the following box:
| |
/___/ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
EXPLANATORY NOTE
This Post-Effective Amendment contains the Prospectus and Statement of Additional Information relating to the following series and classes of the Registrant:
This Post-Effective Amendment is not intended to update or amend any other Prospectuses or Statements of Additional Information of the Registrant’s other series or classes.
DWS Short-Term Municipal Bond Fund | ||||||||
CLASS/TICKER |
A |
SRMAX |
C |
SRMCX |
INST |
MGSMX |
S |
SRMSX |
| |
1 | |
1 | |
2 | |
3 | |
6 | |
6 | |
6 | |
7 | |
7 | |
| |
8 | |
13 | |
14 | |
15 |
| |
16 | |
22 | |
22 | |
23 | |
24 | |
24 | |
25 | |
26 | |
31 | |
32 | |
32 | |
34 | |
38 | |
38 | |
40 | |
41 | |
41 |
|
A |
C |
INST |
S |
Maximum sales charge (load) imposed on
purchases, as % of offering price |
|
|
|
|
Maximum deferred sales charge (load), as
% of redemption proceeds1 |
|
|
|
|
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions) |
$ |
$ |
|
$ |
|
A |
C |
INST |
S |
Management fee |
|
|
|
|
Distribution/service (12b-1) fees |
|
|
|
|
Other expenses |
|
|
|
|
Total annual fund operating expenses |
|
|
|
|
Fee waiver/expense reimbursement |
|
|
|
|
Total annual fund operating expenses
after fee waiver/expense reimbursement |
|
|
|
|
Prospectus February 1, 2023 | 1 | DWS Short-Term Municipal Bond Fund |
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
Inception |
1
Year |
5
Years |
10
Years |
Class A before tax* |
|
- |
|
|
After tax on distribu-
tions |
|
- |
|
|
After tax on distribu-
tions and sale of fund
shares |
|
- |
|
|
Class C before tax |
|
- |
|
- |
INST Class before tax |
|
- |
|
|
Class S before tax |
|
- |
|
|
Bloomberg 1-Year
General Obligation
Index (reflects no deduc-
tion for fees, expenses
or taxes) |
|
- |
|
|
Bloomberg 3-Year (2-4)
Municipal Bond Index
(reflects no deduction for
fees, expenses or taxes) |
|
- |
|
|
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Mail |
All Requests |
DWS
PO Box 219151
Kansas City, MO 64121-9151 |
Expedited Mail |
DWS
430 West 7th Street
Suite 219151
Kansas City, MO 64105-1407 | |
Web Site |
dws.com | |
Telephone |
(800) 728-3337, M – F 8 a.m. – 7 p.m. ET | |
Hearing Impaired |
For hearing impaired assistance, please
call us using a relay service |
Prospectus February 1, 2023 | 8 | Fund Details |
Fund Name |
Fee Paid |
DWS Short-Term Municipal
Bond Fund |
0.253%* |
Prospectus February 1, 2023 | 16 | Investing in the Fund |
Classes and features |
Points to help you compare |
Class A |
|
◾Sales charge of up to 2.25%
charged when you buy shares
◾In most cases, no charge when
you sell shares
◾Up to 0.25% annual share-
holder servicing fee |
◾Some investors may be able to
reduce or eliminate their sales
charge; see “Class A Shares”
and Appendix B
◾Total annual expenses are
lower than those for Class C
◾Distributions are generally
higher than Class C
◾The sales charge applicable to
other DWS funds will apply for
exchanges from Class A of the
fund into Class A of other DWS
funds if the Class A shares of
the fund were purchased
during the period beginning
February 11, 2019 and ending
on July 14, 2020, when the
fund did not charge a front-end
sales charge |
Class C |
|
◾No sales charge when you buy
shares
◾Deferred sales charge of
1.00%, charged when you sell
shares you bought within the
last year
◾0.75% annual distribution fee
and up to 0.25% annual share-
holder servicing fee |
◾Unlike Class A, Class C does
not have a sales charge when
buying shares, but has higher
annual expenses and a one
year deferred sales charge
◾Distributions are generally
lower than Class A
◾Maximum investment applies
◾Class C automatically converts
to Class A after 8 years,
provided that records held by
the fund or your financial inter-
mediary verify Class C shares
have been held for at least
8 years |
Institutional Class |
|
◾No sales charge when you buy
shares and no deferred sales
charge when you sell shares |
◾Only available to certain institu-
tional investors; typically
$1,000,000 minimum initial
investment
◾Distributions are generally
higher than Class A and
Class C, and may be higher
than Class S, depending on
relative expenses |
Class S |
|
◾No sales charge when you buy
shares and no deferred sales
charge when you sell shares |
◾Total annual expenses are
lower than those for Class A
and Class C
◾Distributions are generally
higher than Class A and
Class C, and may be higher
than Institutional Class,
depending on relative expenses |
Your investment |
Front-end sales
charge as a %
of offering price1,2
|
Front-end sales
charge as a % of your
net investment2
|
Under $100,000 |
2.25% |
2.30% |
$100,000–$249,999 |
1.75 |
1.78 |
$250,000 or more |
see below3 |
see below3 |
Year after you bought shares |
CDSC on shares you sell |
First year |
1.00% |
Second year and later |
None |
Type |
Address |
Expedited mail |
|
All Requests |
DWS
430 West 7th Street
Suite 219151
Kansas City, MO 64105-1407 |
Regular mail |
|
All Requests |
DWS
P.O. Box 219151
Kansas City, MO 64121-9151 |
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Bank name |
State Street Bank Boston |
Routing Number |
011000028 |
Attention |
DWS |
DDA Number |
9903-5552 |
FBO |
(Account name) (Account number) |
Credit |
(Fund name, Fund number and, if
applicable, class name) |
Class |
Exchanging into Another Fund ($) |
A C |
1,000 minimum into new non-IRA accounts per
fund
500 minimum into new IRA accounts per fund
50 minimum into all existing accounts per fund |
INST |
1,000,000 minimum into new accounts per fund |
S |
2,500 minimum into new non-IRA accounts per
fund
1,000 minimum into new IRA and UTMA/UGMA
accounts per fund
50 minimum into all existing accounts per fund |
Class |
Selling Shares ($) |
A C |
Check redemption:
Up to 100,000. More than 100,000 see
“Signature Guarantee”
Automated Clearing House (ACH) to your bank:
Minimum 50, maximum 250,000
Wire redemption to your bank: Minimum 1,000 |
INST |
Same as Classes A and C |
S |
Same as Classes A and C |
( |
Total
Assets |
− |
Total
Liabilities |
) |
÷ |
Total Number of
Shares Outstanding |
= |
NAV |
Generally taxed at net capital
gain rates: |
Generally taxed at ordinary
income rates: |
Fund distributions |
|
◾gains from the sale of securi-
ties held (or treated as held)
by the fund for more than
one year
◾qualified dividend income |
◾gains from the sale of securi-
ties held (or treated as held)
by the fund for one year or
less
◾all other taxable income
(except for tax-exempt
interest income) |
Transactions involving fund
shares |
|
◾gains from selling fund
shares held for more than
one year |
◾gains from selling fund
shares held for one year or
less |
DWS Short-Term Municipal Bond Fund — Class A | |||||
|
Years Ended October 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
$10.10 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.11 |
.08 |
.11 |
.15 |
.17 |
Net realized and unrealized gain (loss) |
(.59) |
.01 |
.09 |
.23 |
(.17) |
Total from investment operations |
(.48) |
.09 |
.20 |
.38 |
— |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.12) |
(.09) |
(.12) |
(.16) |
(.17) |
Net realized gains |
(.02) |
(.05) |
(.02) |
— |
— |
Total distributions |
(.14) |
(.14) |
(.14) |
(.16) |
(.17) |
Net asset value, end of period |
$9.54 |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
Total Return (%)b,c |
(4.72) |
.84 |
2.00 |
3.83 |
(.02) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
88 |
126 |
145 |
180 |
104 |
Ratio of expenses before expense reductions (%) |
.82 |
.79 |
.79 |
.91 |
.94 |
Ratio of expenses after expense reductions (%) |
.69 |
.74 |
.72 |
.72 |
.71 |
Ratio of net investment income (%) |
1.07 |
.79 |
1.13 |
1.54 |
1.67 |
Portfolio turnover rate (%) |
112 |
105 |
88 |
109 |
117 |
a |
Based on average shares outstanding during the period. |
b |
Total return does not reflect the effect of any sales charges. |
c |
Total return would have been lower had certain expenses not been reduced. |
Prospectus February 1, 2023 | 34 | Financial Highlights |
DWS Short-Term Municipal Bond Fund — Class C | |||||
|
Years Ended October 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
$10.10 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.03 |
.01 |
.04 |
.08 |
.09 |
Net realized and unrealized gain (loss) |
(.60) |
.00* |
.09 |
.22 |
(.17) |
Total from investment operations |
(.57) |
.01 |
.13 |
.30 |
(.08) |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.04) |
(.01) |
(.05) |
(.08) |
(.09) |
Net realized gains |
(.02) |
(.05) |
(.02) |
— |
— |
Total distributions |
(.06) |
(.06) |
(.07) |
(.08) |
(.09) |
Net asset value, end of period |
$9.53 |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
Total Return (%)b,c |
(5.54) |
.10 |
1.24 |
3.05 |
(.77) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
1 |
2 |
3 |
5 |
8 |
Ratio of expenses before expense reductions (%) |
1.55 |
1.55 |
1.55 |
1.70 |
1.70 |
Ratio of expenses after expense reductions (%) |
1.44 |
1.49 |
1.47 |
1.47 |
1.46 |
Ratio of net investment income (%) |
.30 |
.07 |
.38 |
.85 |
.90 |
Portfolio turnover rate (%) |
112 |
105 |
88 |
109 |
117 |
a |
Based on average shares outstanding during the period. |
b |
Total return does not reflect the effect of any sales charges. |
c |
Total return would have been lower had certain expenses not been reduced. |
* |
Amount is less than $.005. |
Prospectus February 1, 2023 | 35 | Financial Highlights |
DWS Short-Term Municipal Bond Fund — Institutional Class | |||||
|
Years Ended October 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
$10.10 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.13 |
.11 |
.14 |
.18 |
.19 |
Net realized and unrealized gain (loss) |
(.59) |
.01 |
.09 |
.22 |
(.17) |
Total from investment operations |
(.46) |
.12 |
.23 |
.40 |
.02 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.14) |
(.12) |
(.15) |
(.18) |
(.19) |
Net realized gains |
(.02) |
(.05) |
(.02) |
— |
— |
Total distributions |
(.16) |
(.17) |
(.17) |
(.18) |
(.19) |
Net asset value, end of period |
$9.54 |
$10.16 |
$10.21 |
$10.15 |
$9.93 |
Total Return (%)b |
(4.49) |
1.09 |
2.26 |
4.09 |
.23 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
82 |
111 |
125 |
94 |
67 |
Ratio of expenses before expense reductions (%) |
.57 |
.56 |
.55 |
.69 |
.72 |
Ratio of expenses after expense reductions (%) |
.44 |
.49 |
.47 |
.48 |
.46 |
Ratio of net investment income (%) |
1.33 |
1.04 |
1.37 |
1.79 |
1.95 |
Portfolio turnover rate (%) |
112 |
105 |
88 |
109 |
117 |
a |
Based on average shares outstanding during the period. |
b |
Total return would have been lower had certain expenses not been reduced. |
Prospectus February 1, 2023 | 36 | Financial Highlights |
DWS Short-Term Municipal Bond Fund — Class S | |||||
|
Years Ended October 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$10.15 |
$10.19 |
$10.13 |
$9.92 |
$10.09 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.12 |
.10 |
.13 |
.17 |
.18 |
Net realized and unrealized gain (loss) |
(.59) |
.02 |
.09 |
.21 |
(.17) |
Total from investment operations |
(.47) |
.12 |
.22 |
.38 |
.01 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.13) |
(.11) |
(.14) |
(.17) |
(.18) |
Net realized gains |
(.02) |
(.05) |
(.02) |
— |
— |
Total distributions |
(.15) |
(.16) |
(.16) |
(.17) |
(.18) |
Net asset value, end of period |
$9.53 |
$10.15 |
$10.19 |
$10.13 |
$9.92 |
Total Return (%)b |
(4.59) |
1.10 |
2.15 |
3.88 |
.12 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
24 |
48 |
49 |
51 |
46 |
Ratio of expenses before expense reductions (%) |
.61 |
.60 |
.65 |
.75 |
.81 |
Ratio of expenses after expense reductions (%) |
.54 |
.58 |
.57 |
.57 |
.56 |
Ratio of net investment income (%) |
1.19 |
.95 |
1.27 |
1.72 |
1.78 |
Portfolio turnover rate (%) |
112 |
105 |
88 |
109 |
117 |
a |
Based on average shares outstanding during the period. |
b |
Total return would have been lower had certain expenses not been reduced. |
Prospectus February 1, 2023 | 37 | Financial Highlights |
|
Maximum
Sales Charge:
2.25% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.68% |
1.97% |
$10,197.28 |
$292.91 |
2 |
10.25% |
0.82% |
6.24% |
$10,623.53 |
$85.37 |
3 |
15.76% |
0.82% |
10.68% |
$11,067.59 |
$88.93 |
4 |
21.55% |
0.82% |
15.30% |
$11,530.21 |
$92.65 |
5 |
27.63% |
0.82% |
20.12% |
$12,012.18 |
$96.52 |
6 |
34.01% |
0.82% |
25.14% |
$12,514.29 |
$100.56 |
7 |
40.71% |
0.82% |
30.37% |
$13,037.38 |
$104.76 |
8 |
47.75% |
0.82% |
35.82% |
$13,582.35 |
$109.14 |
9 |
55.13% |
0.82% |
41.50% |
$14,150.09 |
$113.70 |
10 |
62.89% |
0.82% |
47.42% |
$14,741.56 |
$118.46 |
Total |
$1,203.00 |
Prospectus February 1, 2023 | 38 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
1.43% |
3.57% |
$10,357.00 |
$145.55 |
2 |
10.25% |
1.55% |
7.14% |
$10,714.32 |
$163.30 |
3 |
15.76% |
1.55% |
10.84% |
$11,083.96 |
$168.94 |
4 |
21.55% |
1.55% |
14.66% |
$11,466.36 |
$174.76 |
5 |
27.63% |
1.55% |
18.62% |
$11,861.95 |
$180.79 |
6 |
34.01% |
1.55% |
22.71% |
$12,271.18 |
$187.03 |
7 |
40.71% |
1.55% |
26.95% |
$12,694.54 |
$193.48 |
8 |
47.75% |
1.55% |
31.33% |
$13,132.50 |
$200.16 |
9 |
55.13% |
0.82% |
36.81% |
$13,681.44 |
$109.94 |
10 |
62.89% |
0.82% |
42.53% |
$14,253.32 |
$114.53 |
Total |
$1,638.48 |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.43% |
4.57% |
$10,457.00 |
$43.98 |
2 |
10.25% |
0.57% |
9.20% |
$10,920.25 |
$60.93 |
3 |
15.76% |
0.57% |
14.04% |
$11,404.01 |
$63.62 |
4 |
21.55% |
0.57% |
19.09% |
$11,909.21 |
$66.44 |
5 |
27.63% |
0.57% |
24.37% |
$12,436.79 |
$69.39 |
6 |
34.01% |
0.57% |
29.88% |
$12,987.74 |
$72.46 |
7 |
40.71% |
0.57% |
35.63% |
$13,563.09 |
$75.67 |
8 |
47.75% |
0.57% |
41.64% |
$14,163.94 |
$79.02 |
9 |
55.13% |
0.57% |
47.91% |
$14,791.40 |
$82.52 |
10 |
62.89% |
0.57% |
54.47% |
$15,446.66 |
$86.18 |
Total |
$700.21 |
Prospectus February 1, 2023 | 39 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.53% |
4.47% |
$10,447.00 |
$54.18 |
2 |
10.25% |
0.61% |
9.06% |
$10,905.62 |
$65.13 |
3 |
15.76% |
0.61% |
13.84% |
$11,384.38 |
$67.98 |
4 |
21.55% |
0.61% |
18.84% |
$11,884.15 |
$70.97 |
5 |
27.63% |
0.61% |
24.06% |
$12,405.87 |
$74.08 |
6 |
34.01% |
0.61% |
29.50% |
$12,950.49 |
$77.34 |
7 |
40.71% |
0.61% |
35.19% |
$13,519.01 |
$80.73 |
8 |
47.75% |
0.61% |
41.12% |
$14,112.50 |
$84.28 |
9 |
55.13% |
0.61% |
47.32% |
$14,732.04 |
$87.98 |
10 |
62.89% |
0.61% |
53.79% |
$15,378.77 |
$91.84 |
Total |
$754.51 |
Prospectus February 1, 2023 | 40 | Appendix A |
Prospectus February 1, 2023 | 41 | Appendix B |
Prospectus February 1, 2023 | 42 | Appendix B |
Prospectus February 1, 2023 | 43 | Appendix B |
Prospectus February 1, 2023 | 44 | Appendix B |
Prospectus February 1, 2023 | 45 | Appendix B |
Prospectus February 1, 2023 | 46 | Appendix B |
Prospectus February 1, 2023 | 47 | Appendix B |
Prospectus February 1, 2023 | 48 | Appendix B |
DWS |
PO Box 219151
Kansas City, MO
64121-9151
dws.com |
|
Shareholders:
(800) 728-3337
Investment professionals:
(800) 621-5027 |
Distributor |
DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148 |
SEC File Number |
Deutsche DWS Municipal Trust
DWS Short-Term Municipal Bond Fund
811-02671
|
DWS
Short-Term Municipal Bond Fund | ||||||||
CLASS/TICKER
|
A
|
SRMAX
|
C
|
SRMCX
|
INST
|
MGSMX
|
S
|
SRMSX
|
|
Page |
I-1
| |
I-1
| |
I-1
| |
I-2
| |
I-2
| |
I-2
| |
I-3
| |
I-3
| |
I-4
| |
I-5
| |
I-5
| |
I-6
| |
I-11
| |
I-14
| |
I-16
| |
I-18
| |
I-19
| |
I-20
| |
I-21
| |
I-22
| |
I-23
| |
I-24
| |
Part
II |
II-1
|
Detailed
Part II table of contents precedes page II-1 |
|
Board
Member |
DWS
Short-Term Municipal Bond Fund |
Independent
Board Member: | |
John
W. Ballantine |
None
|
Dawn-Marie
Driscoll |
$1
- $10,000 |
Keith
R. Fox |
None
|
Richard
J. Herring |
None
|
Rebecca
W. Rimel |
None
|
William
N. Searcy, Jr. |
None
|
Catherine
Schrand |
None
|
|
DWS
Short-Term Municipal Bond Fund |
Independent
Advisory Board Member: | |
Chad
D. Perry |
None
|
|
Funds
Overseen by
Board
Member in the
DWS
Funds |
Independent
Board Member: | |
John
W. Ballantine |
Over
$100,000 |
Dawn-Marie
Driscoll |
Over
$100,000 |
Keith
R. Fox |
Over
$100,000 |
Richard
J. Herring |
Over
$100,000 |
Rebecca
W. Rimel |
Over
$100,000 |
William
N. Searcy, Jr. |
Over
$100,000 |
Catherine
Schrand |
$50,001
– $100,000 |
Independent
Advisory Board Member: | |
Chad
D. Perry |
None
|
Independent
Board
Member |
Owner
and
Relationship
to
Board
Member |
Company
|
Title
of
Class
|
Value
of
Securities
on an
Aggregate
Basis |
Percent
of
Class
on an
Aggregate
Basis |
John
W. Ballantine |
|
None
|
|
|
|
Dawn-Marie
Driscoll |
|
None
|
|
|
|
Keith
R. Fox |
|
None
|
|
|
|
Richard
J. Herring |
|
None
|
|
|
|
Rebecca
W. Rimel |
|
None
|
|
|
|
William
N. Searcy, Jr. |
|
None
|
|
|
|
Catherine
Schrand |
|
None
|
|
|
|
Independent
Advisory
Board
Member
|
Owner
and
Relationship
to
Advisory
Board
Member
|
Company
|
Title
of
Class
|
Value
of
Securities
on an
Aggregate
Basis |
Percent
of
Class
on an
Aggregate
Basis |
Chad
D. Perry |
|
None
|
|
|
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
1,066,670.73
|
A
|
11.78%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
1,036,748.85
|
A
|
11.45%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
946,402.44
|
A
|
10.45%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
889,493.16
|
A
|
9.82%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
787,108.29
|
A
|
8.69%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCT FBO
CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
764,145.94
|
A
|
8.44%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
716,147.25
|
A
|
7.91%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADM (XXXXX)
4800
DEER LAKE DR E FL 2
JACKSONVILLE
FL 32246-6484 |
648,098.12
|
A
|
7.16%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
514,891.97
|
A
|
5.69%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
488,390.67
|
A
|
5.39%
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
51,180.18
|
C
|
31.12%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
28,075.91
|
C
|
17.07%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
17,595.04
|
C
|
10.70%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
14,682.44
|
C
|
8.93%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
13,861.05
|
C
|
8.43%
|
OPPENHEIMER
& CO INC. FBO
MARY
L MATHER TTEE
MARY
L MATHER TRUST
U/A/DTD
9/26/1984
15520
SHELL POINT BLVD
FORT
MYERS FL 33908-1653 |
13,130.33
|
C
|
7.98%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCT FBO
CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
9,905.34
|
C
|
6.02%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
9,065.08
|
C
|
5.51%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
1,817,460.30
|
Institutional
|
24.35%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
1,630,393.49
|
Institutional
|
21.84%
|
SEI
PRIVATE TR CO
C/O
LEGACY TRUST
1
FREEDOM VALLEY DR
OAKS
PA 19456-9989 |
700,382.58
|
Institutional
|
9.38%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
652,220.69
|
Institutional
|
8.74%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
584,913.84
|
Institutional
|
7.84%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
JP
MORGAN SECURITIES LLC OMNIBUS
FOR
THE EXCLUSIVE BENEFIT OF CUST
3
CHASE METROTECH CENTER
3RD
FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN
NY 11245-0001 |
398,608.62
|
Institutional
|
5.34%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
394,426.22
|
Institutional
|
5.28%
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
780,143.60
|
S
|
37.23%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
396,631.97
|
S
|
18.93%
|
FRANCES
L GAZZA
73
ISLAND ESTATES PARKWAY
PALM
COAST FL 32137-2204 |
216,605.12
|
S
|
10.34%
|
Name
of Committee |
Number
of
Meetings
in Last
Calendar
Year |
Functions
|
Current
Members |
AUDIT
COMMITTEE |
5
|
Assists
the Board in fulfilling its responsibility
for
oversight of (1) the integrity of the financial
statements,
(2) a fund’s accounting and
financial
reporting policies and procedures, (3)
a
fund’s compliance with legal and regulatory
requirements
related to accounting and
financial
reporting, (4) valuation of fund assets
and
securities and (5) the qualifications,
independence
and performance of the
independent
registered public accounting firm
for
a fund. Oversees a fund’s valuation
designee,
who is responsible for valuing the
fund’s
securities and other assets. The Audit
Committee
also approves and recommends to
the
Board the appointment, retention or
termination
of the independent registered
public
accounting firm for a fund, reviews the
scope
of audit and internal controls, considers
and
reports to the Board on matters relating to
a
fund’s accounting and financial reporting
practices,
and performs such other tasks as
the
full Board deems necessary or appropriate. |
Catherine
Schrand (Chair),
Richard
J. Herring (Vice
Chair)
and John W.
Ballantine
|
Name
of Committee |
Number
of
Meetings
in Last
Calendar
Year |
Functions
|
Current
Members |
NOMINATING
AND
GOVERNANCE
COMMITTEE
|
5
|
Recommends
individuals for membership on
the
Board, nominates officers, Board and
committee
chairs, vice chairs and committee
members,
and oversees the operations of the
Board.
The Nominating and Governance
Committee
has not established specific,
minimum
qualifications that must be met by an
individual
to be considered by the Nominating
and
Governance Committee for nomination as
a
Board Member. The Nominating and
Governance
Committee may take into account
a
wide variety of factors in considering Board
Member
candidates, including, but not limited
to:
(i) availability and commitment of a
candidate
to attend meetings and perform his
or
her responsibilities to the Board, (ii) relevant
industry
and related experience, (iii)
educational
background, (iv) financial expertise,
(v)
an assessment of the candidate's ability,
judgment
and expertise, and (vi) the current
composition
of the Board. The Committee
generally
believes that the Board benefits from
diversity
of background, experience and views
among
its members, and considers this as a
factor
in evaluating the composition of the
Board,
but has not adopted any specific policy
in
this regard. The Nominating and Governance
Committee
reviews recommendations by
shareholders
for candidates for Board positions
on
the same basis as candidates
recommended
by other sources. Shareholders
may
recommend candidates for Board
positions
by forwarding their correspondence
by
US 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. |
Rebecca
W. Rimel (Chair),
John
W. Ballantine (Vice
Chair)
and Keith R. Fox |
OPERATIONS
COMMITTEE
|
5
|
Reviews
the administrative operations and
general
compliance matters of the funds.
Reviews
administrative matters related to the
operations
of the funds, policies and
procedures
relating to portfolio transactions,
custody
arrangements, fidelity bond and
insurance
arrangements and such other tasks
as
the full Board deems necessary or
appropriate.
|
William
N. Searcy, Jr.
(Chair),
Dawn-Marie Driscoll
(Vice
Chair), and Rebecca W.
Rimel
|
DIVIDEND
COMMITTEE |
0
|
Authorizes
dividends and other distributions for
those
funds that are organized as Maryland
corporations
or as series of a Maryland
corporation.
The Committee meets on an as-
needed
basis. The Committee applies only to
the
following corporations: Deutsche DWS
Global/International
Fund, Inc. and Deutsche
DWS
International Fund, Inc. |
Dawn-Marie
Driscoll, Keith
R.
Fox, John W. Ballantine
(Alternate),
Richard J.
Herring
(Alternate), Rebecca
W.
Rimel (Alternate) and
William
N. Searcy, Jr.
(Alternate)
|
Board
Member |
DWS
Short-Term Municipal Bond Fund |
Independent
Board Member: | |
John
W. Ballantine |
$1,202
|
Dawn-Marie
Driscoll |
$1,202
|
Keith
R. Fox |
$1,613
|
Richard
J. Herring |
$1,202
|
Rebecca
W. Rimel |
$1,285
|
Catherine
Schrand |
$1,536
|
William
N. Searcy, Jr. |
$1,285
|
|
DWS
Short-Term Municipal Bond Fund |
Independent
Advisory Board Member: | |
Chad
D. Perry |
$1,536
|
Board
Member |
Total
Compensation
from
the fund and
DWS
Fund Complex(1)
|
Independent
Board Member: | |
John
W. Ballantine |
$315,000
|
Dawn-Marie
Driscoll |
$315,000
|
Keith
R. Fox(2)
|
$440,000
|
Richard
J. Herring |
$315,000
|
Rebecca
W. Rimel(3)
|
$340,000
|
Catherine
Schrand |
$315,000
|
William
N. Searcy, Jr.(3)
|
$340,000
|
Independent
Advisory Board Member: | |
Chad
D. Perry |
$315,000
|
Name
of Portfolio Manager |
Dollar
Range of
Fund
Shares Owned |
Dollar
Range of All DWS
Fund
Shares Owned |
Matthew
J. Caggiano |
$10,001
- $50,000 |
$100,001
- $500,000 |
Patrick
Gallagher |
$0
|
$0
|
Allyson
McCann |
$0
|
$1
- $10,000 |
Name
of
Portfolio
Manager |
Number
of
Registered
Investment
Companies
|
Total
Assets of
Registered
Investment
Companies
|
Number
of Investment
Company
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-Based
Fee
Accounts |
Matthew
J. Caggiano |
6
|
$4,457,773,501
|
0
|
$0
|
Patrick
Gallagher |
1
|
$804,672,868
|
0
|
$0
|
Allyson
McCann |
2
|
$977,958,000
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Pooled
Investment
Vehicles
|
Total
Assets of
Pooled
Investment
Vehicles
|
Number
of Pooled
Investment
Vehicle
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
0
|
$0
|
0
|
$0
|
Patrick
Gallagher |
0
|
$0
|
0
|
$0
|
Allyson
McCann |
0
|
$0
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Other
Accounts |
Total
Assets
of
Other
Accounts
|
Number
of Other
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
5
|
$2,088,069,445
|
0
|
$0
|
Patrick
Gallagher |
8
|
$1,115,437,226
|
0
|
$0
|
Allyson
McCann |
0
|
$0
|
0
|
$0
|
Fiscal
Year Ended |
Gross
Amount
Paid
to DIMA
for
Advisory
Services
|
Amount
Waived
by
DIMA for
Advisory
Services
|
Gross
Amount Paid to
DIMA
for General
Administrative
Services(1)
|
Amount
Waived by
DIMA
for General
Administrative
Services
|
2022
|
$740,710
|
$115,634
|
$239,496
|
$0
|
2021
|
$928,836
|
$0
|
$300,324
|
$0
|
2020
|
$967,355
|
$15,340
|
$316,029
|
$0
|
Fiscal
Year Ended |
Gross
Amount Paid to
DSC
for Transfer
Agency
Services |
Amount
Waived by
DSC
for Transfer
Agency
Services |
2022
|
$5,020
|
$5,020
|
2021
|
$5,255
|
$5,255
|
2020
|
$10,028
|
$10,028
|
|
Fiscal
Year
|
Aggregate
Sales
Commissions
|
Aggregate
Commissions
Retained
by
DDI |
DWS
Short-Term Municipal Bond Fund(1)
|
2022
|
$189
|
$70
|
|
2021
|
$6,169
|
$6,010
|
|
2020
|
$5,791
|
$4,169
|
|
Fiscal
Year
|
Class
A Shares |
Class
C Shares |
DWS
Short-Term Municipal Bond Fund |
2022
|
$10,018
|
$30
|
|
2021
|
$14,429
|
$170
|
|
2020
|
$17,817
|
$40
|
|
|
12b-1
Distribution
Fees
|
12b-1
Shareholder
Services
Fees |
12b-1
Shareholder
Services
Fees
Waived
|
DWS
Short-Term Municipal Bond Fund |
Class
A |
N/A
|
$266,105
|
$91,479
|
|
Class
C |
$11,132
|
$3,600
|
$726
|
Fund
|
2022
|
2021
|
DWS
Short-Term Municipal Bond Fund |
112%
|
105%
|
|
Fiscal
Year
|
Brokerage
Commissions
Paid
by Fund |
DWS
Short-Term Municipal Bond Fund |
2022
|
$0
|
|
2021
|
$0
|
|
2020
|
$0
|
|
Fiscal
Year
|
Name
of
Affiliated
Broker
|
Affiliation
|
Aggregate
Brokerage
Commissions
Paid
by Fund
to
Affiliated
Brokers
|
%
of the Total
Brokerage
Commissions
|
%
of the
Aggregate
Dollar
Value
of all
Portfolio
Transactions
|
DWS
Short-Term Municipal Bond Fund |
2022
|
None
|
—
|
None
|
—
|
—
|
|
2021
|
None
|
—
|
None
|
—
|
—
|
|
2020
|
None
|
—
|
None
|
—
|
—
|
Fund
|
Amount
of Transactions
with
Research Firms |
Commissions
Paid
on
Transactions
with
Research Firms |
DWS
Short-Term Municipal Bond Fund |
$0
|
$0
|
Fund
and its Fiscal Year End |
Class
|
CUSIP
Number |
DWS
Short-Term Municipal Bond Fund |
Class
A |
25158T863
|
Fiscal
Year End: 10/31 |
Class
C |
25158T889
|
|
Institutional
Class |
25158T830
|
|
Class
S |
25158T806
|
|
Page |
II-1
| |
II-1
| |
II-6
| |
II-8
| |
II-15
| |
II-16
| |
II-18
| |
II-22
| |
II-23
| |
II-27
| |
II-31
| |
II-31
| |
II-31
| |
II-34
| |
II-35
| |
II-39
| |
II-39
| |
II-39
| |
II-46
| |
II-51
| |
II-57
| |
II-66
| |
II-69
| |
II-74
| |
II-76
| |
II-143
| |
II-164
|
A+
|
Highest
|
B+
|
Average
|
C
|
Lowest
|
A
|
High
|
B
|
Below
Average |
D
|
In
Reorganization |
A–
|
Above
Average |
B–
|
Low
|
LIQ
|
Liquidation
|
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Keith
R. Fox, CFA (1954)
Chairperson
since 2017,
and
Board Member since
1996
|
Managing
General Partner, Exeter Capital
Partners
(a series of private investment
funds)
(since 1986); Directorships:
Progressive
International Corporation
(kitchen
goods designer and distributor);
former
Chairman, National Association of
Small
Business Investment Companies;
Former
Directorships: ICI Mutual Insurance
Company;
BoxTop Media Inc. (advertising);
Sun
Capital Advisers Trust (mutual funds) |
69
|
-
|
John
W. Ballantine (1946)
Board
Member since 1999 |
Retired;
formerly: Executive Vice President
and
Chief Risk Management Officer, First
Chicago
NBD Corporation/The First National
Bank
of Chicago (1996-1998); Executive Vice
President
and Head of International Banking
(1995-1996);
Not-for-Profit Directorships:
Window
to the World Communications
(public
media); Life Director of Harris Theater
for
Music and Dance (Chicago); Life Director
of
Hubbard Street Dance Chicago; Former
Directorships:
Director and Chairman of the
Board,
Healthways Inc.(2)
(population well-
being
and wellness services) (2003-2014);
Stockwell
Capital Investments PLC (private
equity);
Enron Corporation; FNB Corporation;
Tokheim
Corporation; First Oak Brook
Bancshares,
Inc.; Oak Brook Bank; Portland
General
Electric(2)
(utility company) (2003-
2021);
and Prisma Energy International;
Former
Not-for-Profit Directorships: Public
Radio
International; Palm Beach Civic Assn. |
69
|
-
|
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Dawn-Marie
Driscoll (1946)
Board
Member since 1987 |
Advisory
Board and former Executive Fellow,
Hoffman
Center for Business Ethics, Bentley
University;
formerly: Partner, Palmer &
Dodge
(law firm) (1988-1990); Vice President
of
Corporate Affairs and General Counsel,
Filene’s
(retail) (1978-1988); Directorships:
Trustee
and former Chairman of the Board,
Southwest
Florida Community Foundation
(charitable
organization); Former
Directorships:
ICI Mutual Insurance
Company
(2007-2015); Sun Capital Advisers
Trust
(mutual funds) (2007-2012); Investment
Company
Institute (audit, executive,
nominating
committees) and Independent
Directors
Council (governance, executive
committees)
|
69
|
-
|
Richard
J. Herring (1946)
Board
Member since 1990 |
Jacob
Safra Professor of International
Banking
and Professor of Finance, The
Wharton
School, University of Pennsylvania
(since
July 1972); formerly: Director, The
Wharton
Financial Institutions Center (1994-
2020);
Vice Dean and Director, Wharton
Undergraduate
Division (1995-2000) and
Director,
The Lauder Institute of International
Management
Studies (2000-2006); Member
FDIC
Systemic Risk Advisory Committee
since
2011, member Systemic Risk Council
since
2012 and member of the Advisory
Board
of the Yale Program on Financial
Stability
since 2013; Former Directorships:
Co-Chair
of the Shadow Financial Regulatory
Committee
(2003-2015), Executive Director
of
The Financial Economists Roundtable
(2008-2015),
Director of The Thai Capital
Fund
(2007-2013), Director of The Aberdeen
Singapore
Fund (2007-2018), Director, The
Aberdeen
Japan Fund (2007-2021) and
Nonexecutive
Director of Barclays Bank DE
(2010-2018)
|
69
|
-
|
Chad
D. Perry (1972) Board
Member
or Advisory Board
Member
since 2021(3)
|
Executive
Vice President, General Counsel
and
Secretary, Tanger Factory Outlet
Centers,
Inc.(2)
(since 2011); formerly
Executive
Vice President and Deputy General
Counsel,
LPL Financial Holdings Inc.(2)(2006-
2011);
Senior Corporate Counsel, EMC
Corporation
(2005-2006); Associate, Ropes &
Gray
LLP (1997-2005) |
21(4)
|
Director,
Great Elm Capital
Corp.
(business development
company)
(since 2022) |
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Rebecca
W. Rimel (1951)
Board
Member since 1995 |
Director,
The Bridgespan Group (nonprofit
organization)
(since October 2020); formerly:
Executive
Vice President, The Glenmede
Trust
Company (investment trust and wealth
management)
(1983-2004); Board Member,
Investor
Education (charitable organization)
(2004-2005);
Former Directorships: Trustee,
Executive
Committee, Philadelphia Chamber
of
Commerce (2001-2007); Director, Viasys
Health
Care(2)
(January 2007-June 2007);
Trustee,
Thomas Jefferson Foundation
(charitable
organization) (1994-2012);
President,
Chief Executive Officer and
Director
(1994-2020) and Senior Advisor
(2020-2021),
The Pew Charitable Trusts
(charitable
organization); Director,
BioTelemetry
Inc.(2)
(acquired by Royal
Philips
in 2021) (healthcare) (2009-2021);
Director,
Becton Dickinson and Company(2)
(medical
technology company) (2012-2022) |
69
|
-
|
Catherine
Schrand (1964)
Board
Member since 2021(
|
Celia
Z. Moh Professor of Accounting (since
2016)
and Professor of Accounting (since
1994),
The Wharton School, University of
Pennsylvania;
formerly Vice Dean, Wharton
Doctoral
Programs (2016-2019) |
69
|
-
|
William
N. Searcy, Jr. (1946)
Board
Member since 1993 |
Private
investor since October 2003;
formerly:
Pension & Savings Trust Officer,
Sprint
Corporation(2)
(telecommunications)
(November
1989-September 2003); Former
Directorships:
Trustee, Sun Capital Advisers
Trust
(mutual funds) (1998-2012) |
69
|
-
|
Name,
Year of Birth, Position
with
the Trust/Corporation
and
Length of Time Served(6)
|
Business
Experience and Directorships During the Past 5 Years |
Hepsen
Uzcan(7)
(1974)
President
and Chief Executive
Officer,
2017-present |
Fund
Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018-
present);
Assistant Secretary, DWS Distributors, Inc.(2018-present); Director and Vice
President,
DWS Service Company (2018-present); Assistant Secretary, DWS
Investment
Management Americas, Inc. (2018-present); Director and President, DB
Investment
Managers, Inc. (2018-present); President and Chief Executive Officer, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (2017-present); formerly: Vice President for the Deutsche funds
(2016-2017);
Assistant Secretary for the DWS funds (2013-2019); Assistant Secretary,
The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern
Europe Fund, Inc. (2013-2020); Directorships: Interested Director, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October
16,
2020); and Episcopalian Charities of New York (2018-present) |
John
Millette(8)
(1962)
Vice
President and Secretary,
1999-present
|
Legal
(Associate General Counsel), DWS; Chief Legal Officer, DWS Investment
Management
Americas, Inc. (2015-present); Director and Vice President, DWS Trust
Company
(2016-present); Secretary, DBX ETF Trust (2020-present); Vice President, DBX
Advisors
LLC (2021-present); Secretary, The European Equity Fund, Inc., The New
Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present);
formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015-2017);
and
Assistant Secretary, DBX ETF Trust (2019-2020). |
Name,
Year of Birth, Position
with
the Trust/Corporation
and
Length of Time Served(6)
|
Business
Experience and Directorships During the Past 5 Years |
Ciara
Crawford(9)(1984)
Assistant
Secretary, since
February
8, 2019 |
Fund
Administration (Specialist), DWS (2015-present); formerly, Legal Assistant at
Accelerated
Tax Solutions |
Diane
Kenneally(8)
(1966)
Chief
Financial Officer and
Treasurer,
2018 – present |
Fund
Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief
Financial
Officer and Controller, DBX ETF Trust (2019-present); Treasurer and Chief
Financial
Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central
and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for
the
DWS funds (2007-2018) |
Paul
Antosca(8)(1957)
Assistant
Treasurer, 2007-
present
|
Fund
Administration Tax (Head), DWS; Assistant Treasurer, DBX ETF Trust (2019-
present)
|
Sheila
Cadogan(8)(1966)
Assistant
Treasurer, 2017-
present
|
Fund
Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice
President,
DWS Trust Company (2018-present); Assistant Treasurer, DBX ETF Trust
(2019-present);
Assistant Treasurer, The European Equity Fund, Inc., The New Germany
Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2018-present) |
Scott
D. Hogan(8)
(1970)
Chief
Compliance Officer,
2016-present
|
Anti-Financial
Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance
Officer,
The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central
and
Eastern Europe Fund, Inc. (2016-present) |
Caroline
Pearson(8)
(1962)
Chief
Legal Officer, 2010-
present
|
Legal
(Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020-present);
Chief
Legal Officer, DBX Advisors LLC (2020-present); Chief Legal Officer, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc.
(2002-2017);
Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal
Officer,
DBX Strategic Advisors LLC (2020-2021) |
Christian
Rijs(7)
(1980)
Anti-Money
Laundering
Compliance
Officer, since
October
6, 2021 |
Senior
Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust
Company
(since November 2, 2021); AML Officer, DBX ETF Trust (since October 21,
2021);
AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and
The
Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS
UK
& Ireland Head of Anti-Financial Crime and MLRO |
Hepsen
Uzcan: |
Assistant
Secretary |
Christian
Rijs: |
Anti-Money
Laundering Compliance Officer |
Fund
Name |
Management
Fee Rate |
Tax-Free
Income Funds |
|
DWS
California Tax-Free Income Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
Intermediate Tax-Free Fund |
0.315%
|
DWS
Managed Municipal Bond Fund |
First
$250 million 0.365%
Next
$750 million 0.345%
Next
$1.5 billion 0.325%
Next
$2.5 billion 0.315%
Next
$2.5 billion 0.295%
Next
$2.5 billion 0.275%
Next
$2.5 billion 0.255%
Thereafter
0.235% |
DWS
Massachusetts Tax-Free Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
New York Tax-Free Income Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
Short-Term Municipal Bond Fund |
First
$500 million 0.300%
Next
$500 million 0.285%
Next
$1.0 billion 0.270%
Thereafter
0.255% |
DWS
Strategic High Yield Tax-Free Fund |
First
$300 million 0.455%
Next
$200 million 0.405%
Next
$500 million 0.380%
Next
$500 million 0.360%
Next
$500 million 0.350%
Thereafter
0.340% |
Fund
Name |
Management
Fee Rate |
Taxable
Fixed-Income Funds |
|
DWS
Emerging Markets Fixed Income Fund |
0.590%
|
DWS
ESG Global Bond Fund |
0.31%
|
DWS
Floating Rate Fund |
First
$1.0 billion 0.550%
Next
$1.5 billion 0.535%
Next
$2.5 billion 0.510%
Next
$2.5 billion 0.485%
Next
$2.5 billion 0.460%
Thereafter
0.450% |
DWS
Global High Income Fund |
0.40%
|
DWS
GNMA Fund |
First
$1 billion 0.315%
Next
$1.5 billion 0.310%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Next
$2.5 billion 0.240%
Thereafter
0.220% |
DWS
High Income Fund |
First
$250 million 0.480%
Next
$750 million 0.450%
Next
$1.5 billion 0.430%
Next
$2.5 billion 0.410%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Next
$2.5 billion 0.340%
Thereafter
0.320% |
DWS
Short Duration Fund |
First
$1.5 billion 0.365%
Next
$500 million 0.340%
Next
$1.0 billion 0.315%
Next
$1.0 billion 0.300%
Next
$1.0 billion 0.285%
Next
$1.0 billion 0.270%
Thereafter
0.255% |
DWS
Total Return Bond Fund |
First
$1.5 billion 0.400%
Next
$1.75 billion 0.385%
Next
$1.75 billion 0.370%
Next
$2.5 billion 0.355%
Next
$2.5 billion 0.345%
Next
$2.5 billion 0.325%
Thereafter
0.315% |
Asset
Allocation Funds |
|
DWS
Global Income Builder Fund |
First
$1.5 billion 0.370%
Next
$500 million 0.345%
Next
$1.5 billion 0.310%
Next
$2.0 billion 0.300%
Next
$2.0 billion 0.290%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.270%
Thereafter
0.260% |
Fund
Name |
Management
Fee Rate |
DWS
Multi-Asset Conservative Allocation
Fund
|
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.550% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
Multi-Asset Moderate Allocation Fund |
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.550% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
Real
Assets Funds |
|
DWS
Enhanced Commodity Strategy Fund |
First
$500 million 0.850%
Next
$500 million 0.800%
Next
$500 million 0.750%
Next
$1.0 billion 0.725%
Next
$1.0 billion 0.700%
Next
$1.5 billion 0.675%
Thereafter
0.650% |
DWS
RREEF Global Infrastructure Fund |
First
$1.0 billion 0.900%
Next
$1.0 billion 0.875%
Next
$2.0 billion 0.825%
Next
$2.0 billion 0.775%
Thereafter
0.750% |
DWS
RREEF Global Real Estate Securities
Fund
|
First
$1.0 billion 0.700%
Thereafter
0.675% |
DWS
RREEF Real Assets Fund |
First
$500 million 0.800%
Next
$1.5 billion 0.785%
Next
$1.5 billion 0.775%
Next
$3.0 billion 0.750%
Thereafter
0.725% |
DWS
RREEF Real Estate Securities Fund |
First
$100 million 0.565%
Next
$100 million 0.465%
Next
$100 million 0.415%
Thereafter
0.365% |
US
Equity Funds |
|
DWS
Capital Growth Fund |
First
$250 million 0.495%
Next
$750 million 0.465%
Next
$1.5 billion 0.445%
Next
$2.5 billion 0.425%
Next
$2.5 billion 0.395%
Next
$2.5 billion 0.375%
Next
$2.5 billion 0.355%
Thereafter
0.335% |
Fund
Name |
Management
Fee Rate |
DWS
Communications Fund |
First
$100 million 1.000%
Next
$100 million 0.900%
Next
$100 million 0.850%
Next
$200 million 0.800%
Next
$500 million 0.730%
Next
$500 million 0.680%
Thereafter
0.650% |
DWS
Core Equity Fund |
First
$250 million 0.365%
Next
$750 million 0.360%
Next
$1.5 billion 0.355%
Next
$5.0 billion 0.345%
Next
$5.0 billion 0.335%
Next
$5.0 billion 0.325%
Thereafter
0.300% |
DWS
CROCI®
Equity Dividend Fund |
First
$250 million 0.630%
Next
$750 million 0.600%
Next
$1.5 billion 0.580%
Next
$2.5 billion 0.560%
Next
$2.5 billion 0.530%
Next
$2.5 billion 0.520%
Next
$2.5 billion 0.510%
Thereafter
0.500%(2)
|
DWS
CROCI®
U.S. Fund |
First
$1.5 billion 0.425%
Next
$500 million 0.400%
Next
$1.0 billion 0.375%
Next
$1.0 billion 0.350%
Next
$1.0 billion 0.325%
Thereafter
0.300% |
DWS
Equity Sector Strategy Fund |
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.300% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
ESG Core Equity Fund |
First
$250 million 0.465%
Next
$750 million 0.460%
Next
$1.5 billion 0.455%
Next
$5 billion 0.445%
Next
$5 billion 0.435%
Next
$5 billion 0.425%
Thereafter
0.400%(2)
|
DWS
Health and Wellness Fund |
First
$500 million 0.765%
Thereafter
0.715% |
DWS
Large Cap Focus Growth Fund |
First
$1.5 billion 0.615%
Next
$500 million 0.565%
Thereafter
0.515% |
Fund
Name |
Management
Fee Rate |
DWS
Science and Technology Fund |
First
$250 million 0.480%
Next
$750 million 0.450%
Next
$1.5 billion 0.430%
Next
$2.5 billion 0.410%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Next
$2.5 billion 0.340%
Thereafter
0.320% |
DWS
Small Cap Core Fund |
First
$250 million 0.650%
Next
$250 million 0.620%
Next
$500 million 0.615%
Next
$4.0 billion 0.565%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Thereafter
0.520%(2)
|
DWS
Small Cap Growth Fund |
First
$500 million 0.650%
Next
$1 billion 0.600%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Next
$2.5 billion 0.520%
Thereafter
0.510% |
Index-Related
Funds |
|
Deutsche
DWS Equity 500 Index Portfolio |
0.050%
|
DWS
Equity 500 Index Fund |
0.000%(3)
|
DWS
S&P 500 Index Fund |
0.000%(3)
|
International/Global
Equity Funds |
|
DWS
CROCI®
International Fund |
First
$2.5 billion 0.565%
Next
$2.5 billion 0.545%
Next
$5.0 billion 0.525%
Next
$5.0 billion 0.515%
Thereafter
0.465% |
DWS
Emerging Markets Equity Fund |
0.700%
|
DWS
ESG International Core Equity Fund |
0.450%
|
DWS
Global Macro Fund |
First
$2.5 billion 0.600%
Next
$2.5 billion 0.595%
Next
$2.5 billion 0.565%
Next
$2.5 billion 0.555%
Next
$2.5 billion 0.545%
Thereafter
0.535% |
DWS
Global Small Cap Fund |
0.80%
|
DWS
International Growth Fund |
0.62%
|
DWS
Latin America Equity Fund |
First
$400 million 1.000%
Next
$400 million 0.900%
Thereafter
0.800% |
Insurance/Annuity
Funds |
|
Fund
Name |
Management
Fee Rate |
DWS
Alternative Asset Allocation VIP |
(a)
0.100% of the fund’s
average
daily net assets
invested
in exchange-
traded
funds and mutual
funds;
and (b) 1.00% of
the
fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
Capital Growth VIP |
First
$250 million 0.390%
Next
$750 million 0.365%
Thereafter
0.340% |
DWS
Core Equity VIP |
First
$250 million 0.390%
Next
$750 million 0.365%
Thereafter
0.340% |
DWS
CROCI®
International VIP |
First
$500 million 0.650%
Thereafter
0.600% |
DWS
CROCI®
U.S. VIP |
First
$250 million 0.600%
Next
$750 million 0.575%
Next
$1.5 billion 0.550%
Next
$2.5 billion 0.525%
Next
$2.5 billion 0.500%
Next
$2.5 billion 0.475%
Next
$2.5 billion 0.450%
Thereafter
0.425% |
DWS
Equity 500 Index VIP |
First
$1 billion 0.150%
Next
$1 billion 0.125%
Thereafter
0.100% |
DWS
Global Income Builder VIP |
First
$250 million 0.370%
Next
$750 million 0.345%
Thereafter
0.310% |
DWS
Global Small Cap VIP |
0.80%
|
DWS
High Income VIP |
First
$250 million 0.500%
Next
$750 million 0.470%
Next
$1.5 billion 0.450%
Next
$2.5 billion 0.430%
Next
$2.5 billion 0.400%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Thereafter
0.340% |
DWS
Government Money Market VIP |
First
$500 million 0.235%
Next
$500 million 0.220%
Next
$1.0 billion 0.205%
Thereafter
0.190% |
DWS
International Growth VIP |
0.62%
|
DWS
Small Cap Index VIP |
0.28%
|
DWS
Small Mid Cap Growth VIP |
First
$250 million 0.550%
Next
$750 million 0.525%
Thereafter
0.500% |
Fund
Name |
Management
Fee Rate |
DWS
Small Mid Cap Value VIP |
First
$250 million 0.650%
Next
$750 million 0.620%
Next
$1.5 billion 0.600%
Next
$2.5 billion 0.580%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Thereafter
0.520% |
Money
Market Funds |
|
Cash
Account Trust – DWS Government &
Agency
Securities Portfolio |
First
$500 million 0.120%
Next
$500 million 0.100%
Next
$1.0 billion 0.075%
Next
$1.0 billion 0.060%
Thereafter
0.050%(4)
|
Cash
Account Trust – DWS Tax-Exempt
Portfolio
|
First
$500 million 0.120%
Next
$500 million 0.100%
Next
$1.0 billion 0.075%
Next
$1.0 billion 0.060%
Thereafter
0.050%(4)
|
DWS
ESG Liquidity Fund |
First
$1.0 billion 0.1500%
Next
$3.0 billion 0.1325%
Thereafter
0.1200% |
DWS
Government Money Market Series |
0.000%(5)
|
DWS
Money Market Prime Series |
First
$215 million 0.400%
Next
$335 million 0.275%
Next
$250 million 0.200%
Next
$800 million 0.150%
Next
$800 million 0.140%
Next
$800 million 0.130%
Thereafter
0.120% |
Government
Cash Management Portfolio |
First
$3 billion 0.1200%
Next
$4.5 billion 0.1025%
Thereafter
0.0900% |
Investors
Cash Trust – DWS Treasury
Portfolio
|
0.050%
|
Fund
Name |
Subadvisor
|
Subadvisor
Fee Rate |
Index-Related
Funds |
|
|
Deutsche
DWS Equity 500 Index Portfolio |
NTI
|
First
$2.0 billion 0.015%
Next
$2.0 billion 0.010%
Thereafter
0.005% |
Insurance/Annuity
Funds |
|
|
DWS
Equity 500 Index VIP |
NTI
|
First
$2.0 billion 0.015%
Next
$2.0 billion 0.010%
Thereafter
0.005% |
Fund
Name |
Subadvisor
|
Subadvisor
Fee Rate |
DWS
Small Cap Index VIP |
NTI
|
First
$100 million 0.080%
Next
$400 million 0.040%
Thereafter
0.020% |
International/Global
Equity Funds |
|
|
DWS
Latin America Equity Fund |
IUAM
|
50%,
after the effect of
waivers,
of the
management
fee payable
to
DIMA pursuant to the
Investment
Management
Agreement,
as in effect
from
time to time |
Compensation
Schedule:
Retail
Sales and DWS/Ascensus 403(b) Plan(1)
| |
Amount
of Shares Sold |
As
a Percentage of
Net
Asset Value |
$250,000
to $2,999,999 |
0.75%(2)
|
$250,000
to $49,999,999 |
0.50%(3)
0.75%(4)
|
$250,000
to $4,999,999 |
1.00%(5)
|
$5,000,000
to $9,999,999 |
0.55%(5)(8)
|
$1
million to $2,999,999 |
0.85%(6)
1.00%(7)
|
$1
million to $4,999,999 |
1.00%(8)
|
$3
million to $49,999,999 |
0.50%(9)
|
$10
million to $49,999,999 |
0.50%(5)(8)
|
$50
million and greater |
0.25%(10)
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $50,000 |
5.75%
|
6.10%
|
5.20%
|
$50,000
but less than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
but less than $500,000 |
2.60%
|
2.67%
|
2.25%
|
$500,000
but less than $1 million |
2.00%
|
2.04%
|
1.75%
|
$1
million and over |
.00***
|
.00***
|
.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $50,000 |
5.75%
|
6.10%
|
5.20%
|
$50,000
but less than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
and over |
.00***
|
.00***
|
.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
but less than $500,000 |
2.60%
|
2.67%
|
2.25%
|
$500,000
but less than $1 million |
2.00%
|
2.04%
|
1.75%
|
$1
million and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.50%
|
2.56%
|
2.00%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.25%
|
2.30%
|
1.75%
|
$250,000
but less than $500,000 |
1.25%
|
1.27%
|
1.00%
|
$500,000
but less than $1 million |
1.00%
|
1.01%
|
1.00%
|
$1
million and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.50%
|
2.56%
|
2.00%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.25%
|
2.30%
|
1.75%
|
$100,000
but less than $250,000 |
1.75%
|
1.78%
|
1.25%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
Term
|
Definition
|
Committee
|
Decision-making
forum established pursuant to the
“Committee
Governance Policy – Deutsche Bank
Group”
for a specific purpose and an unlimited period
of
time |
CUSIP
|
Council
on Uniform Securities Identification
Procedures
|
Employee
|
Any
individual with an employment contract directly
with
a Legal Entity of DB Group |
ETF
|
Exchange
Traded Funds |
Investment
Company Act |
Investment
Company Act of 1940 |
ISS
|
Institutional
Shareholder Services, Inc. |
PVSC
|
Proxy
Voting Sub-Committee |
Risk
Type Controller (RTC) |
Global
Head of a Risk Control Function; formally
representing
the respective Risk Control Function and
accountable
for designing, implementing and
maintaining
an effective risk type management /
control
and policy framework for all risk types within
their
mandate. |
RTC
Contact |
Individual(s)
authorised by the Risk Type Controller to
fulfil
tasks in relation to the respective RTC mandate
including
authorisation of other Units to issue a Policy
or
Procedure regulating the respective risk type |
SEC
|
Securities
and Exchange Commission |
Unit
|
Refers
to the organisational areas within DB Group,
such
as corporate divisions and infrastructure
functions,
as per the DB Business Allocation Plan. |
|
BOARD OF DIRECTORS
|
|
Independence
|
|
Composition
|
|
Responsiveness
|
|
Accountability
|
|
Voting on Director
Nominees in Contested
Elections
|
|
Vote-No
Campaigns |
|
Proxy
Contests/Proxy Access |
|
Other Board Related
Proposals |
|
Adopt
Anti-Hedging/Pledging/Speculative
Investments
Policy |
|
Board
Refreshment |
|
Term/Tenure
Limits |
|
Age
Limits |
|
Board
Size |
|
Classification/Declassification
of the Board |
|
CEO
Succession Planning |
|
Cumulative
Voting |
|
Director
and Officer Indemnification and Liability
Protection
|
|
Establish/Amend
Nominee Qualifications |
|
Establish
Other Board Committee Proposals |
|
Filling
Vacancies/Removal of Directors |
|
Independent
Board Chair |
|
Majority
of Independent Directors/
Establishment
of Independent Committees |
|
Majority
Vote Standard for the Election of
Directors
|
|
Proxy
Access |
|
Require
More Nominees than Open Seats |
|
Shareholder
Engagement Policy (Shareholder
Advisory
Committee) |
|
AUDIO-RELATED
|
|
Auditor Indemnification
and Limitation of
Liability
|
|
Auditor Ratification
|
|
Shareholder Proposals
Limiting Non-Audit
Services
|
|
Shareholder Proposals
on Audit Firm
Rotation
|
|
SHAREHOLDER RIGHTS
& DEFENCES |
|
Advance Notice
Requirements for
Shareholder Proposals/Nominations
|
|
Amend Bylaws
without Shareholder
Consent
|
|
Control Share
Acquisition Provisions |
|
Control Share
Cash—Out Provisions |
|
Disgorgement
Provisions |
|
Fair Price Provisions
|
|
Freeze-Out Provisions
|
|
Greenmail
|
|
Shareholder Litigation
Rights Federal Forum
Selection Provisions
|
|
Exclusive Forum
Provisions for State Law
Matters
|
|
Fee shifting
|
|
Net Operating
Loss (NOL) Protective
Amendments
|
|
Poison Pills
(Shareholder Rights Plans) |
|
Shareholder
Proposals to Put Pill to a Vote and/
or
Adopt a Pill Policy |
|
Management
Proposals to Ratify a Poison Pill |
|
Management
Proposals to Ratify a Pill to
Preserve
Net Operating Losses (NOLs) |
|
Proxy
Voting Disclosure, Confidentiality, and
Tabulation
|
|
Ratification
Proposals: Management Proposals
to
Ratify Existing Charter or Bylaw Provisions |
|
Reimbursing
Proxy Solicitation Expenses |
|
Reincorporation
Proposals |
|
Shareholder
Ability to Act by Written Consent |
|
Shareholder
Ability to Call Special Meetings |
|
Stakeholder
Provisions |
|
State
Antitakeover Statutes |
|
Supermajority
Vote Requirements |
|
Virtual
Shareholder Meetings |
|
CAPITAL RESTRUCTURING
|
|
Capital
|
|
Adjustments
to Par Value of Common Stock |
|
Common
Stock Authorization |
|
General
Authorization Requests |
|
Specific
Authorization Requests |
|
Dual
Class Structure |
|
Issue
Stock for Use with Rights Plan |
|
Preemptive
Rights |
|
Preferred
Stock Authorization |
|
General
Authorization Requests |
|
Specific
Authorization Requests |
|
Recapitalization
Plans |
|
Reverse
Stock Splits |
|
Share
Repurchase Programs |
|
Share
Repurchase Programs Shareholder
Proposals
|
|
Stock
Distributions: Splits and Dividends |
|
Tracking
Stock |
|
Restructuring
|
|
Appraisal
Rights |
|
Asset
Purchases |
|
Asset
Sales |
|
Bundled
Proposals |
|
Conversion
of Securities |
|
Corporate
Reorganization/Debt Restructuring/
Prepackaged
Bankruptcy Plans/Reverse
Leveraged
Buyouts/Wrap Plans |
|
Formation
of Holding Company |
|
Going
Private and Going Dark Transactions
(LBOs
and Minority Squeeze-outs) |
|
Joint
Ventures |
|
Liquidations
|
|
Mergers
and Acquisitions |
|
Private
Placements/Warrants/Convertible
Debentures
|
|
Reorganization/Restructuring
Plan (Bankruptcy) |
|
Special
Purpose Acquisition Corporations
(SPACs)
|
|
Special
Purpose Acquisition Corporations
(SPACs)
- Proposals for Extensions |
|
Spin-offs
|
|
Value
Maximization Shareholder Proposals |
|
COMPENSATION
|
|
Executive Pay
Evaluation |
|
Advisory
Votes on Executive Compensation—
Management
Proposals (Say-on-Pay) |
|
Frequency
of Advisory Vote on Executive
Compensation
(“Say
When on Pay”)
|
|
Voting
on Golden Parachutes in an Acquisition,
Merger,
Consolidation, or Proposed Sale |
|
Equity-Based
and Other Incentive Plans |
|
Further
Information on certain EPSC Factors: |
|
Egregious
Factors |
|
Liberal
Change in Control Definition |
|
Repricing
Provisions |
|
Problematic
Pay Practices or Significant Pay-for-
Performance
Disconnect |
|
Amending
Cash and Equity Plans (including
Approval
for Tax Deductibility (162(m)) |
|
Specific
Treatment of Certain Award Types in
Equity
Plan Evaluations |
|
Dividend
Equivalent Rights |
|
Operating
Partnership (OP) Units in Equity Plan
Analysis
of Real Estate Investment Trusts
(REITs)
|
|
Other Compensation
Plans |
|
401(k)
Employee Benefit Plans |
|
Employee
Stock Ownership Plans (ESOPs) |
|
Employee
Stock Purchase Plans—Qualified
Plans
|
|
Employee
Stock Purchase Plans—Non-Qualified
Plans
|
|
Option
Exchange Programs/Repricing Options |
|
Stock
Plans in Lieu of Cash |
|
Transfer
Stock Option (TSO) Programs |
|
Director Compensation
|
|
Shareholder
Ratification of Director Pay
Programs
|
|
Equity
Plans for Non-Employee Directors |
|
Non-Employee
Director Retirement Plans |
|
Shareholder Proposals
on Compensation |
|
Bonus
Banking/Bonus Banking “Plus”
|
|
Compensation
Consultants—Disclosure of
Board
or Company’s Utilization |
|
Disclosure/Setting
Levels or Types of
Compensation
for Executives and Directors |
|
Golden
Coffins/Executive Death Benefits |
|
Hold
Equity Past Retirement or for a Significant
Period
of Time |
|
Pay
Disparity |
|
Pay
for Performance/Performance-Based
Awards
|
|
Pay
for Superior Performance |
|
Pre-Arranged
Trading Plans (10b5-1 Plans) |
|
Prohibit
Outside CEOs from Serving on
Compensation
Committees |
|
Recoupment
of Incentive or Stock
Compensation
in Specified Circumstances |
|
Severance
Agreements for Executives/Golden
Parachutes
|
|
Share
Buyback Impact on Incentive Program
Metrics
|
|
Supplemental
Executive Retirement Plans
(SERPs)
|
|
Tax
Gross-Up Proposals |
|
Termination
of Employment Prior to Severance
Payment/Eliminating
Accelerated Vesting of
Unvested
Equity |
|
ROUTINE / MISCELLANEOUS
|
|
Adjourn Meeting
|
|
Amend Quorum
Requirements |
|
Amend Minor Bylaws
|
|
Change Company
Name |
|
Change Date,
Time, or Location of Annual
Meeting
|
|
Other Business
|
|
SOCIAL AND ENVIRONMENTAL
ISSUES |
|
General Approach
|
|
Endorsement of
Principles |
|
Animal Welfare
|
|
Animal
Welfare Policies |
|
Animal
Testing |
|
Animal
Slaughter |
|
Consumer Issues
|
|
Genetically
Modified Ingredients |
|
Reports
on Potentially Controversial Business/
Financial
Practices |
|
Pharmaceutical
Pricing, Access to Medicines,
and
Prescription Drug Reimportation |
|
Product
Safety and Toxic/Hazardous Materials |
|
Tobacco-Related
Proposals |
|
Climate Change
|
|
Climate
(SoC) Management Proposals |
|
Climate
(SoC) Shareholder Proposals |
|
Climate
Change/Greenhouse Gas (GHG)
Emissions
|
|
Energy
Efficiency |
|
Renewable
Energy |
|
Diversity
|
|
Board
Diversity |
|
Equality
of Opportunity |
|
Gender
Identity, Sexual Orientation, and
Domestic
Partner Benefits |
|
Gender,
Race / Ethnicity Pay Gap |
|
Racial
Equity and/or Civil Rights Audit
Guidelines
|
|
Environment and
Sustainability |
|
Facility
and Workplace Safety |
|
General
Environmental Proposals and
Community
Impact Assessments |
|
Hydraulic
Fracturing |
|
Operations
in Protected Areas |
|
Recycling
|
|
Sustainability
Reporting |
|
Water
Issues |
|
General Corporate
Issues |
|
Charitable
Contributions |
|
Data
Security, Privacy, and Internet Issues |
|
Environmental,
Social, and Governance (ESG)
Compensation-Related
Proposals |
|
Human Rights,
Human Capital Management,
and International
Operations |
|
Human
Rights Proposals |
|
Mandatory
Arbitration |
|
Operations
in High Risk Markets |
|
Outsourcing/Offshoring
|
|
Sexual
Harassment |
|
Weapons
and Military Sales |
|
Political Activities
|
|
Lobbying
|
|
Political
Contributions |
|
Political
Ties |
|
REGISTERED INVESTMENT
COMPANY
PROXIES
|
|
Election of Directors
|
|
Closed End Fund
- Unilateral Opt-In to
Control Share
Acquisition Statutes |
|
Converting Closed-end
Fund to Open-end
Fund
|
|
Proxy Contests
|
|
Investment Advisory
Agreements |
|
Approving New
Classes or Series of Shares |
|
Preferred Stock
Proposals |
|
1940 Act Policies
|
|
Changing a Fundamental
Restriction to a
Nonfundamental
Restriction |
|
Change Fundamental
Investment Objective
to Nonfundamental
|
|
Name Change Proposals
|
|
Change in Fund's
Subclassification |
|
Business Development
Companies—
Authorization
to Sell Shares of Common
Stock at a Price
below Net Asset Value |
|
Disposition of
Assets/Termination/
Liquidation
|
|
Changes to the
Charter Document |
|
Changing the
Domicile of a Fund |
|
Authorizing the
Board to Hire and Terminate
Subadvisers Without
Shareholder Approval |
|
Distribution
Agreements |
|
Master-Feeder
Structure |
|
Mergers
|
|
Shareholder Proposals
for Mutual Funds |
|
Establish
Director Ownership Requirement |
|
Reimburse
Shareholder for Expenses Incurred |
|
Terminate
the Investment Advisor |
|
INTERNATIONAL
PROXY VOTING |
|
Appendix I
|
PART C. OTHER INFORMATION
Item 28. | Exhibits | ||
(a) | (1) | Amended and Restated Declaration of Trust, dated June 2, 2008. (Incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on July 25, 2008.) | |
(2) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated January 22, 2009. (Incorporated by reference to Post-Effective Amendment No. 64 to the Registration Statement, as filed on September 28, 2009.) | ||
(3) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated January 12, 2011. (Incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on January 31, 2011.) | ||
(4) | Amendment, Statement of Change of Resident Agent, dated September 7, 2012. (Incorporated by reference to Post-Effective Amendment No. 76 to the Registration Statement, as filed on September 26, 2012.) | ||
(5) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated July 9, 2014. (Incorporated by reference to Post-Effective Amendment No. 84 to the Registration Statement, as filed on September 26, 2014.) | ||
(6) | Amendment of Amended and Restated Declaration of Trust, dated July 9, 2014. (Incorporated by reference to Post-Effective Amendment No. 84 to the Registration Statement, as filed on September 26, 2014.) | ||
(7) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated February 12, 2016. (Incorporated by reference to Post-Effective Amendment No. 92 to the Registration Statement, as filed on September 28, 2016.) | ||
(8) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated December 2, 2016. (Incorporated by reference to Post-Effective Amendment No. 95 to the Registration Statement, as filed on January 31, 2017.) | ||
(9) | Amendment, Statement of Change of Principal Office, dated February 9, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(10) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated May 16, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(11) | Amendment of Amended and Restated Declaration of Trust, dated May 16, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(5) | Legal Opinion and Consent of Counsel with respect to DWS Short-Term Municipal Bond Fund. (Incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on January 31, 2011.) | ||
(j) | Consent of Independent Registered Public Accounting Firm. (Filed herein.) | ||
(k) | Not applicable. | ||
(l) | Not applicable. | ||
(m) | (1) | Rule 12b-1 Plan for Scudder Managed Municipal Bonds (now known as DWS Managed Municipal Bond Fund) – Class A Shares, dated December 29, 2000. (Incorporated by reference to Post-Effective Amendment No. 47 to the Registration Statement, as filed on December 29, 2000.) | |
(2) | Amended and Restated Rule 12b-1 Plan for Deutsche Managed Municipal Bond Fund (now known as DWS Managed Municipal Bond Fund) – Class C Shares, dated February 10, 2017. (Incorporated by reference to Post-Effective Amendment No. 99 to the Registration Statement, as filed on September 27, 2017.) | ||
(3) | Rule 12b-1 Plan for Scudder High Yield Tax Free Fund (now known as DWS Strategic High Yield Tax-Free Fund) – Class A Shares, dated December 29, 2000. (Incorporated by reference to Post-Effective Amendment No. 86 to the Registration Statement, as filed on January 26, 2015.) | ||
(4) | Amended and Restated Rule 12b-1 Plan for Deutsche Strategic High Yield Tax-Free Fund (now known as DWS Strategic High Yield Tax-Free Fund) – Class C Shares, dated February 10, 2017. (Incorporated by reference to Post-Effective Amendment No. 97 to the Registration Statement, as filed on March 30, 2017.) | ||
(5) | Rule 12b-1 Plan for DWS Short-Term Municipal Bond Fund – Class A Shares, dated February 1, 2011. (Incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on January 31, 2011.) | ||
(6) | Amended and Restated Rule 12b-1 Plan for Deutsche Short-Term Municipal Bond Fund (now known as DWS Short-Term Municipal Bond Fund) – Class C Shares, dated February 10, 2017. (Incorporated by reference to Post-Effective Amendment No. 97 to the Registration Statement, as filed on March 30, 2017.) | ||
(n) | Amended and Restated Multi-Distribution System Plan, pursuant to Rule 18f-3, dated September 30, 2022. (Incorporated by reference to Post-Effective Amendment No. 117 to the Registration Statement, as filed on September 26, 2022.) | ||
(o) | Reserved. | ||
(p) | (1) | Global Code of Ethics – DWS Group, dated July 1, 2021. (Incorporated by reference to Post-Effective Amendment No. 115 to the Registration Statement, as filed on September 23, 2021.) |
(2) | DWS Funds and Germany Funds Code of Ethics, dated May 20, 2022. (Incorporated by reference to Post-Effective Amendment No. 117 to the Registration Statement, as filed on September 26, 2022.) |
Item 29. | Persons Controlled by or under Common Control with the Fund |
None.
Item 30. | Indemnification |
Article IV of the Registrant’s Amended and Restated Declaration of Trust (which is referenced in Exhibit (a)(1) to Item 28, above)(the “Declaration of Trust”) provides in effect that the Registrant will indemnify its officers and trustees under certain circumstances. However, in accordance with Sections 17(h) and 17(i) of the Investment Company Act of 1940, as amended (the “1940 Act”), and its own terms, said Article of the Declaration of Trust does not protect the Registrant’s officers and trustees against any liability to the Registrant or its shareholders to which such officer or trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
Each of the trustees who is not an “interested person” (as defined under the 1940 Act) of the Registrant (a “Non-interested Trustee”) has entered into an indemnification agreement with the Registrant, which agreement provides that the Registrant shall indemnify the Non-interested Trustee against certain liabilities which such Non-interested Trustee may incur while acting in the capacity as a trustee, officer or employee of the Registrant to the fullest extent permitted by law, now or in the future, and requires indemnification and advancement of expenses unless prohibited by law. The indemnification agreement cannot be altered without the consent of the Non-interested Trustee and is not affected by amendments of the Declaration of Trust. In addition, the indemnification agreement adopts certain presumptions and procedures which may make the process of indemnification and advancement of expenses more timely, efficient and certain. In accordance with Section 17(h) of the 1940 Act, the indemnification agreement does not protect a Non-interested Trustee against any liability to the Registrant or its shareholders to which such Non-interested Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
The Registrant has purchased insurance policies insuring its officers and trustees against certain liabilities which such officers and trustees may incur while acting in such capacities and providing reimbursement to the Registrant for sums which it may be permitted or required to pay to its officers and trustees by way of indemnification against such liabilities, subject to certain deductibles.
Item 31. | Business and Other Connections of Investment Advisor |
During the last two fiscal years, no director or officer of DWS Investment Management Americas, Inc., the investment advisor, has engaged in any other business, profession, vocation or employment of a substantial nature other than that of the business of investment management and, through affiliates, investment banking.
Item 32. | Principal Underwriters |
(a)
DWS Distributors, Inc. acts as principal underwriter of the Registrant’s shares and acts as principal underwriter for registered open-end management investment companies and other funds managed by DWS Investment Management Americas, Inc.
(b)
Information on the officers and directors of DWS Distributors, Inc., principal underwriter for the Registrant, is set forth below. The principal business address is 222 South Riverside Plaza, Chicago, Illinois 60606-5808.
(1) | (2) | (3) |
DWS Distributors, Inc. Name and Principal Business Address |
Positions and Offices with DWS Distributors, Inc. |
Positions and Offices with Registrant |
Nicole Grogan 875 Third Avenue New York, NY 10022-6225 |
Chairperson of the Board, Director and Vice President | None |
Michael B. Hughes 222 South Riverside Plaza Chicago, IL 60606-5808 |
Director, President, and Chief Executive Officer | None |
Matthew Hilding 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
Michelle Reuter 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
John Shields 101 California Street San Francisco, CA 94111-5802 |
Vice President | None |
Joel (JJ) Wilczewski 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
Cynthia P. Nestle 875 Third Avenue New York, NY 10022-6225 |
Director, Chief Operating Officer and Vice President | None |
Nancy Tanzil 875 Third Avenue New York, NY 10022-6225 |
Chief Financial Officer and Treasurer | None |
Nicole Chelel 875 Third Avenue New York, NY 10022-6225 |
Chief Compliance Officer | None |
Christian Rijs 875 Third Avenue New York, NY 10022-6225 |
Anti-Money Laundering Compliance Officer | Anti-Money Laundering Compliance Officer |
Anjie LaRocca 875 Third Avenue New York, NY 10022-6225 |
Secretary
|
None
|
(1) | (2) | (3) |
DWS Distributors, Inc. Name and Principal Business Address |
Positions and Offices with DWS Distributors, Inc. |
Positions and Offices with Registrant |
Hepsen Uzcan 875 Third Avenue New York, NY 10022-6225
|
Assistant Secretary | President and Chief Executive Officer |
(c) Not applicable.
Item 33. | Location of Accounts and Records |
The accounts and records of the Registrant are located, in whole or in part, at the office of the Registrant and the following locations:
Advisor and Administrator (Accounting Agent, as applicable) |
DWS Investment Management Americas, Inc. 875 Third Avenue New York, NY 10022-6225 |
DWS Investment Management Americas, Inc. 100 Summer Street Boston, MA 02110-2146 | |
DWS Investment Management Americas, Inc. 5201 Gate Parkway Jacksonville, FL 32256-7284 | |
Custodian and Sub-Administrator (Sub-Accounting Agent, as applicable) |
State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111-2900 |
Sub-Transfer Agent |
SS&C GIDS, Inc. 333 West 11th Street Kansas City, MO 64105-1628 |
Distributor |
DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 |
Storage Vendor |
Iron Mountain Incorporated 12646 NW 115th Avenue Medley, FL 33178-3179 |
Item 34. | Management Services |
Not applicable.
Item 35. | Undertakings |
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York on the 23rd day of January 2023.
DEUTSCHE DWS MUNICIPAL TRUST
By: /s/Hepsen Uzcan
Hepsen Uzcan*
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:
SIGNATURE |
TITLE |
DATE |
/s/Hepsen Uzcan | ||
Hepsen Uzcan* | President | January 23, 2023 |
/s/Diane Kenneally | ||
Diane Kenneally | Chief Financial Officer and Treasurer | January 23, 2023 |
/s/John W. Ballantine | ||
John W. Ballantine* | Trustee | January 23, 2023 |
/s/Dawn-Marie Driscoll | ||
Dawn-Marie Driscoll* | Trustee | January 23, 2023 |
/s/Keith R. Fox | ||
Keith R. Fox* | Chairperson and Trustee | January 23, 2023 |
/s/Richard J. Herring | ||
Richard J. Herring* | Trustee | January 23, 2023 |
/s/Rebecca W. Rimel | ||
Rebecca W. Rimel* | Trustee | January 23, 2023 |
/s/Catherine Schrand | ||
Catherine Schrand* | Trustee | January 23, 2023 |
/s/William N. Searcy, Jr. | ||
William N. Searcy, Jr.* | Trustee | January 23, 2023 |
*By:
/s/Caroline Pearson
Caroline Pearson**
Chief Legal Officer
** | Attorney-in-fact pursuant to the power of attorney as filed herein; and Attorney-in-fact pursuant to the power of attorney that is incorporated herein by reference to Post-Effective Amendment No. 103, as filed on September 27, 2018 to the Registration Statement. |
Power of Attorney
We, the undersigned Trustees or Directors, as the case may be, of the following investment companies:
Cash Account Trust
Deutsche DWS Asset Allocation Trust
Deutsche DWS Equity 500 Index Portfolio
Deutsche DWS Global/International Fund, Inc.
Deutsche DWS Income Trust
Deutsche DWS Institutional Funds
Deutsche DWS International Fund, Inc.
Deutsche DWS Investment Trust
Deutsche DWS Investments VIT Funds
Deutsche DWS Market Trust
Deutsche DWS Money Funds
Deutsche DWS Money Market Trust
Deutsche DWS Municipal Trust
Deutsche DWS Portfolio Trust
Deutsche DWS Securities Trust
Deutsche DWS State Tax-Free Income Series
Deutsche DWS Tax Free Trust
Deutsche DWS Variable Series I
Deutsche DWS Variable Series II
DWS Municipal Income Trust
DWS Strategic Municipal Income Trust
Government Cash Management Portfolio
Investors Cash Trust
hereby constitute and appoint John Millette, Caroline Pearson and James M. Wall, and each of them, severally, with full powers of substitution, or if more than one acts, a majority of them, our true and lawful attorneys and agents to execute in our names, place and stead (in such capacity) any and all amendments to enable each Trust or Corporation (collectively, the "Funds") to comply with the Securities Act of 1933, as amended (the "1933 Act") and/or the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the Funds' Registration Statements on Form N-1A pursuant to the 1933 Act and/or the 1940 Act, together with any and all pre- and post-effective amendments thereto, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Trustee or Director of a Fund such Registration Statement and any and all such pre- and post-effective amendments filed with the Securities and Exchange Commission under the 1933 Act and/or the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that each said attorney-in-fact and agent, or substitute or substitutes therefor, shall lawfully do or cause to be done by virtue hereof.
This power of attorney is effective for all documents filed on or after January 1, 2023
SIGNATURE | TITLE | DATE |
/s/John W. Ballantine | ||
John W. Ballantine |
Trustee/Director | January 3, 2023 |
/s/Dawn-Marie Driscoll | ||
Dawn-Marie Driscoll | Trustee/Director | January 3, 2023 |
/s/Keith R. Fox | ||
Keith R. Fox | Trustee/Director | January 3, 2023 |
/s/Richard J. Herring | ||
Richard J. Herring | Trustee/Director | January 3, 2023 |
/s/Rebecca W. Rimel | ||
Rebecca W. Rimel | Trustee/Director | January 3, 2023 |
/s/Catherine Schrand | ||
Catherine Schrand | Trustee/Director | January 3, 2023 |
/s/William N. Searcy, Jr. | ||
William N. Searcy, Jr. | Trustee/Director | January 3, 2023 |
DEUTSCHE DWS MUNICIPAL TRUST
EXHIBIT INDEX
EXHIBIT LIST FOR INTERACTIVE DATA FILES
Ex. Number | Description | |
EX-101.INS | XBRL Instance Document – the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
EX-101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Exhibit (a)(14)
DEUTSCHE DWS MUNICIPAL TRUST
Amended and Restated Establishment and Designation of Series and
Classes of Shares of Beneficial Interest, With $0.01 Par Value
WHEREAS, the Trustees of Deutsche DWS Municipal Trust (the “Trust”), acting pursuant to the Trust’s Amended and Restated Declaration of Trust (the “Declaration”), dated June 2, 2008, as amended, had previously established and designated one or more series of shares of beneficial interest in the Trust (each, a “Series” composed of “Shares”) pursuant to one or more designations of series (the “Prior Series Designations”) and had previously established and designated one or more classes of Shares (each, a “Class”) for some or all of the Series pursuant to one or more designations of classes (the “Prior Class Designations,” such Prior Series Designations and Prior Class Designations referred to herein collectively as the “Prior Designations”);
WHEREAS, the Trustees of the Trust, effective July 2, 2018, amended and restated the Trust’s Prior Designations, the terms of the amended and restated designation to supersede any terms set forth in the Prior Designations; and
WHEREAS, pursuant to Article V, Section 5.11 and Article VIII, Section 8.2 of the Declaration, the Trustees, at a meeting held on July 19, 2022, authorized the termination of the Class of Shares designated as “Class T” shares of each of DWS Managed Municipal Bond Fund, DWS Short-Term Municipal Bond Fund and DWS Strategic High Yield Tax-Free Fund, each a Series of the Trust.
NOW, THEREFORE, pursuant to Article V, Section 5.12 and Article VIII, Sections 8.2 and 8.3 of the Declaration, the Trustees of the Trust, effective September 30, 2022, hereby amend and restate the Trust’s Prior Designations, the terms of which are to supersede any terms set forth in the Prior Designations:
1. The following Series of Shares and Classes thereof are established and designated, the Shares, with $0.01 par value, of such Series and Classes to be subject to the terms of, and entitled to all the rights and preferences accorded to Shares of a Series, and, if applicable, a Class under, the Declaration and this amended and restated designation:
DWS Managed Municipal Bond Fund | Class A |
Class C | |
Class S | |
Institutional Class | |
DWS Short-Term Municipal Bond Fund | Class A |
Class C | |
Class S | |
Institutional Class | |
DWS Strategic High Yield Tax-Free Fund | Class A |
Class C |
1 |
Class S | |
Institutional Class |
2. For Shares of a Class of a Series, the relative rights and preferences of such Class shall be as determined by the Trustees of the Trust from time to time in accordance with the Declaration and set forth in the Trust’s Multi-Distribution System Plan adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended, as such Plan may be amended from time to time, or as otherwise required by applicable law. The Shares of a Class of a Series shall have such other terms, features and qualifications as may be determined by the Trustees of the Trust from time to time in accordance with the Declaration and set forth in the current prospectus and statement of additional information of the Series relating to such Class, contained in the Trust’s registration statement under the Securities Act of 1933, as amended, (if applicable) as such prospectus or statement of additional information may be further supplemented from time to time.
3. The designation of the Series and Classes hereby shall not impair the power of the Trustees from time to time to designate additional Series and Classes of Shares of the Trust.
[The remainder of this page is intentionally blank.]
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IN WITNESS WHEREOF, the undersigned, being at least a majority of the Trustees of the Trust, have executed this instrument as of this 22nd day of September 2022.
/s/John W. Ballantine | /s/William McClayton | |
John W. Ballantine, Trustee | William McClayton, Trustee | |
/s/Dawn-Marie Driscoll | /s/Rebecca W. Rimel | |
Dawn-Marie Driscoll, Trustee | Rebecca W. Rimel, Trustee | |
/s/Keith R. Fox | /s/William N. Searcy, Jr. | |
Keith R. Fox, Trustee | William N. Searcy, Jr., Trustee | |
/s/Richard J. Herring | ||
Richard J. Herring, Trustee |
3
Exhibit (e)(3)
SELLING GROUP AGREEMENT – DWS Distributors, Inc.
222 South Riverside Plaza, Chicago, Illinois 60606
Dear Financial Services Firm:
As principal underwriter and distributor, we invite you to join a Selling Group for the distribution of Shares (as defined below) of the DWS Funds (“Funds”), subject to the terms of this Selling Group Agreement (“Agreement”). For purposes of this Agreement, the Funds shall include Class A, Class C, Class R, Class R6, Class S and Institutional Class shares of the Funds and such additional classes as we may from time to time specify by supplement hereto (the “Shares”). In our capacity as exclusive agent of each Fund, we offer to sell to you Shares of the Funds subject to the following terms:
1. | In all offers and sales of these Shares to the public, you shall act as dealer for your own account, and you are not authorized to act as broker or agent for, or employee of, us, any Fund or any other dealer, and shall not represent to any third party that you have such authority or are acting in such capacity. Rather, you agree that you are acting as principal for your own account or as agent on behalf of your customers in all transactions in Shares. |
2. | Orders to purchase shares of a Fund received from you will be accepted by us only at the public offering price applicable to each order, as established by the terms of the applicable then-current Prospectus and Statement of Additional Information, each as amended and supplemented (collectively, the “Prospectus”) of each Fund, subject to the discount, commission or other concession, if any, as provided in such Prospectus. Upon receipt from you of any order to purchase Shares, we shall send a confirmation to you. Additional instructions may be forwarded to you from time to time. All purchase orders are subject to acceptance or rejection by us in our sole discretion and become effective only upon confirmation by us. |
3. | You may offer and sell Shares to your customers only at the public offering price applicable to such Shares in effect at the time of such transaction as determined in the manner described in the applicable Prospectus. The procedures relating to all orders and the handling of each order (including the manner of computing the public offering price of Shares and the effective time of orders received from you) are subject to: (i) the terms of the applicable Prospectus and (ii) written instructions and the Shares’ pricing procedures and guidelines, if any, as provided to you. |
4. | (a) In return for providing the services set forth in this Agreement, you shall be entitled to any concessions and/or sales charges (collectively, “Concessions”) with respect to Shares sold by you set forth in the Prospectus of the applicable Fund. You may receive distribution and/or service fees with respect to certain Shares of the Funds as provided in the applicable Prospectus, which fees shall be payable with respect to such assets, for such periods and at such intervals as are from time to time specified by us. You acknowledge and agree that, as applicable depending on the class of Shares sold, certain compensation to you may be paid pursuant to a “Rule 12b-1 Plan” adopted by the applicable Fund pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and that, to the extent we waive any payments payable to us under such Rule 12b-1 Plan, the amounts payable to you may, at our option, be reduced accordingly. In determining the amount payable to you hereunder, we reserve the right to exclude any sales which we reasonably determine are not made in accordance with the terms of the Prospectus and provisions of this Agreement. |
(b) The Concessions to which you may be entitled in connection with sales to your customers pursuant to any special features of a Fund (such as combined purchases, cumulative discounts, letters of intent, etc.) shall be in accordance with the terms of such features, as described in the applicable Prospectus and related forms and it is your responsibility to inform us, at the time specified in paragraph 26(a) hereof, of the applicability of any such special features.
(c) You agree that each Fund may, without prior notice, suspend or eliminate the payment of any compensation, including distribution or service fees, by supplement to the Prospectus for such Fund. We shall have no obligation to pay any distribution or service fees to you with respect to the Shares of a Fund until we receive the related compensation from the Fund, and our liability to you for such payments is limited solely to the related compensation that we receive from such Fund. You agree to monitor compensation you receive and to notify us in writing of any underpayment promptly, but, in any event, no later than 180 days after payment is due hereunder. In the event that you fail to notify us in writing of any underpayment within such period, you will be deemed to have waived your right to compensation for such underpayment.
5. | By accepting this Agreement, you agree: |
(a) | To purchase Shares only from us or from your customers. |
(b) | That you will purchase Shares from us only for the purpose of covering purchase orders already received from your customers, or for your own bona fide investment. |
(c) | Not to repurchase any Shares from your customers at a price below that next quoted by a Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Fund’s Prospectus. You shall, however, be permitted to sell Shares for the account of your customer to us as agent of the Funds at the repurchase price then currently in effect for such Shares and may charge your customer a fair service fee or commission for handling the transaction, provided you disclose the fee or commission to the customer in accordance with applicable law. Nevertheless, you agree that you shall not maintain a secondary market in such repurchased Shares. |
6. | You agree not to make any conditional orders for the purchase or redemption of Shares. |
7. | You agree that, if any Shares confirmed to you under the terms of this Agreement are repurchased by the issuing Fund or by us as agent for the Fund, or are tendered for repurchase, within seven business days after the date of our confirmation of the original purchase order from you, you shall forfeit your right to any compensation with respect to such Shares and shall forthwith refund to us any Concessions paid to you on such Shares. |
8. | Unless otherwise agreed to by us, you agree that payment for Shares ordered from us shall be by wire transfer of Fed funds (or other immediately available funds) and such funds must be received by the appropriate Fund’s shareholder service agent by the earlier of: (a) the end of the third (3rd) business day following our acceptance of your order to purchase such Shares; or (b) such shorter time period as may be required by applicable regulations; including the settlement date established in accordance with Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the “1934 Act”). If such payment is not received by such date, you shall forfeit your right to any compensation with respect to such order and we reserve the right, without notice, forthwith to cancel the sale or, at our option, to sell the Shares ordered back to the Fund, in which case we may hold you responsible for any loss, including loss of profit suffered by us resulting from your failure to make such payment. |
9. | We agree to accept from you orders electronically transmitted via the NSCC’s Fund/SERV Networking program and you are permitted to maintain records via the NSCC’s Networking program, provided that appropriate documentation thereof and agreements relating thereto are executed, including in particular a Fund/SERV Agreement and other related agreements between us (or our affiliate) and you deemed appropriate by us (collectively, “NSCC Related Agreements”), and that all accounts opened and established pursuant to such program will be governed by applicable NSCC rules and procedures. If the NSCC Fund/SERV Networking program is used to place orders, the NSCC Related Agreements will control insofar as there is any conflict between any provision of this Agreement and the NSCC Related Agreements. The foregoing agreements are available on request. |
10. | You agree to date and time stamp all orders for the purchase or sale of Shares received by you, and to promptly forward such orders to us. Such orders will be processed at the public offering price next determined after receipt of such orders by you, in each case as described in the applicable Prospectus, provided that we receive such orders from you in good order prior to the close of our business on that date, or at such earlier time as may be required by the applicable Prospectus or by Rule 22c-1 under the 1940 Act and any related Securities and Exchange Commission (“SEC”) staff positions. You represent that you have procedures in place reasonably designed to ensure that orders received by you are handled in a manner consistent with Rule 22c-1 under the 1940 Act, and any related SEC staff positions. You agree not to withhold placing orders for Shares with us so as to profit yourself as a result of such inaction. |
11. | You agree that you shall assume responsibility for any loss to the Fund caused by a correction to any order placed by you that is made subsequent to the trade date for the order, to the extent such order correction was not based on any negligence on our part. You further agree that you will immediately pay such loss to the Fund upon notification. |
12. | All sales will be made subject to our receipt of Shares from the Funds. We reserve the right, in our discretion and at any time, without notice, to suspend sale of Shares or withdraw the offering of Shares entirely or limit the offering of Shares. |
13. | (a) We reserve the right to modify the terms of or terminate this Agreement, upon 15 days prior written notice to you. Your placing
of an order or accepting payment of any kind after the effective date of such modification shall constitute your acceptance of such modification.
You may terminate this Agreement upon 15 days prior written notice to us. (b) The termination of this Agreement shall have no effect upon transactions entered into prior to the effective date of termination and shall not relieve you of your obligations, duties and indemnities specified in this Agreement. A trade placed by you subsequent to termination of this Agreement will not serve to reinstate the Agreement. Reinstatement will only be effective upon written notification by us. (c) This Agreement is not assignable by you without our written consent. |
14. | All communications to us regarding this Agreement should be sent to the address in the heading above. Any notice to you regarding this Agreement shall be duly given if mailed to you at the address specified by you below. |
3 |
15. | This Agreement shall be construed in accordance with the laws of Illinois without reference to the conflicts of law provisions thereof. This Agreement is subject to the Prospectuses of the Funds, and, in the event of a conflict, the terms of the Prospectuses shall control. Any changes, modifications or additions reflected in any such Prospectus shall be effective on the date of such Prospectus (or supplement thereto) unless specified otherwise. |
16. | This Agreement is subject to the Additional Stipulations and Conditions set forth below, all of which are a part of this Agreement. In addition, any supplements attached hereto, or sent to you pursuant to paragraph 13(a) above, shall be a part of this Agreement. |
DWS DISTRIBUTORS, INC.
By: ______________________________
Name: Michael B. Hughes
Title: President and Chief Executive Officer
By: ______________________________
Name: Cynthia P. Nestle
Title: Chief Operating Officer
Intermediary Firm: ___________________________
By: _______________________________________
Name: _____________________________________
Title: ______________________________________
Firm Home Office Address: _____________________
___________________________________________
___________________________________________
Firm CRD Number: ____________________________
We accept and agree to the terms and conditions of this Agreement, including the Additional Stipulations and Conditions set forth below and, if applicable, any attached supplements.
Date: _______________________
DWS-SGA (10/2022)
4 |
Additional Stipulations and Conditions
17. | You agree to maintain records of all purchases and sales of Shares made through you and to furnish us or regulatory authorities with copies of such records upon request. You further agree that, unless you hold Shares as nominee for your customers or participate in the NSCC Fund/SERV Networking program, at certain matrix levels, you will provide us with all necessary information to comply properly with all applicable federal, state and local reporting requirements, including, without limitation, backup and nonresident alien withholding requirements for your customer accounts. You represent and agree that all Taxpayer Identification Numbers (“TINs”) provided are certified, and that no account that requires a certified TIN will be established without such certified TIN. With respect to all other accounts, including Shares held by you in omnibus accounts and Shares purchased or sold through the NSCC Fund/SERV Networking program, at certain matrix levels, you agree to perform all federal, state and local tax reporting with respect to such accounts. |
18. | You agree to distribute or cause to be delivered to your customers Prospectuses, proxy solicitation materials, shareholder reports and other materials in compliance with applicable legal requirements, except to the extent that we undertake to do so. |
19. | You represent and warrant that: |
(a) | You will not offer Shares of any Fund for sale in any state or jurisdiction where such Shares may not be legally sold or where you are not qualified to act as a broker-dealer. |
(b) | There are no impediments, prior or existing, regulatory, self-regulatory, administrative, civil or criminal matters adversely affecting your ability to perform under this Agreement. |
(c) | You are not subject to any enforcement or other proceeding with respect to your activities under state or federal securities laws, rules or regulations. |
(d) | You have, and will maintain during the term of this Agreement, appropriate broker’s blanket bond insurance policies adequate to reasonably protect and indemnify us and the Funds against any loss which any party may suffer or incur as a result of any action or omission by you or your partners, directors, officers, employees, and agents. |
(e) | You are a “financial institution” as defined in 31 U.S.C. 5312(a)(2) or (c)(1) and are regulated by a “Federal functional regulator” as defined in 31 CFR §103.120(a)(2). |
(f) | If any of the representations set forth in this paragraph 19 at any time ceases to be true, you shall promptly notify us of this fact. |
20. | No person is authorized to make any representations concerning Shares of any Fund except those contained in the Prospectus of such Fund or in printed information issued by the Fund or by us as information supplemental to such Prospectus. If you wish to use your own advertising or sales literature with respect to a Fund, all such materials must be approved by us prior to use. You shall be responsible for the content of and any required filing of materials. |
5 |
21. | Your acceptance of this Agreement constitutes a representation that (i) you are a registered broker dealer with the SEC; (ii) you are a member in good standing of the Financial Industry Regulatory Authority (“FINRA,” f/k/a “NASD”); (iii) you are licensed by the appropriate regulatory agency of each state or other jurisdiction in which you will offer and sell Shares of the Funds; and (iv) you agree to comply with all state and federal laws, rules and regulations applicable to transactions hereunder and to the FINRA rules. Termination or suspension of your registration with the SEC, membership with FINRA or license to do business by any state or other jurisdiction shall immediately cause the termination of this Agreement and you will notify us promptly in writing of any such action or event. |
22. | You represent and warrant to us and the Funds: |
(a) | You have in place an anti-money laundering program and related processes addressing compliance with Office of Foreign Assets Control (“OFAC”) trade and economic sanctions programs (collectively, “AML program”) that does now and will continue to comply with applicable laws and regulations, including the relevant provisions of the USA PATRIOT Act (Pub. L. No. 107-56 (2001)) and the regulations issued thereunder by the U.S. Treasury Department and the rules of FINRA and NYSE Regulation, as applicable. |
(b) | You have in place – and have conducted due diligence pursuant to – policies, procedures and internal controls (i) reasonably designed to verify the identity of the customers that you introduce to the Funds or on whose behalf you purchase Fund Shares, and to identify those customers’ sources of funds, and (ii) that include the implementation of special categories of clients, including, but not limited to, senior foreign political figures, on whom you perform enhanced due diligence, and have no reason to believe that any of the invested funds were derived from illegal activities; and that you have recorded the evidence establishing the identity and source of funds of such customer and will retain or procure the retention of such evidence for no less than the period of time required by applicable law. |
(c) | You have, after undertaking reasonable inquiry, no information or knowledge that (i) any customer that you introduce to the Funds or on whose behalf you purchase Fund Shares, or (ii) any person or entity controlling, controlled by or under common control with such customer or having a significant beneficial interest in such customer, or for whom such customer is acting as agent or nominee in connection with the investment in the Funds, is an individual or entity or in a country or territory that is on an OFAC list or similar list of sanctioned or prohibited persons maintained by a U.S. governmental or regulatory body. |
You further agree promptly to notify us should you become aware of any change in the above representations and warranties. In addition, we on our own behalf and on behalf of the Funds hereby provide notice to you that we and/or the Funds reserve the right to make inquiries of and request additional information from you regarding your AML program, and you agree that you will obtain and forward to us and/or the Funds all information and documents requested of you with respect to the financial condition or other matters relating to the customers referred by you to the extent that such information and documents are in your possession, custody or control; in no event shall the information and documents retained by you be less than as required by applicable law.
6 |
23. | You shall make available an investment management account for your customers through the Funds and shall provide such office space and equipment, telephone facilities, personnel and literature distribution as is necessary or appropriate for providing information and services to your customers. Such services and assistance may include, but not be limited to, establishment and maintenance of shareholder accounts and records, processing purchase and redemption transactions, answering routine inquiries regarding the Funds, and such other services as may be agreed upon from time to time and as may be permitted by applicable statute, rule, or regulation. You shall prepare such periodic reports for us as shall reasonably be requested by us. You shall immediately inform the Funds or us of all written complaints received by you from Fund shareholders relating to the maintenance of their accounts and shall promptly answer all such complaints and other similar correspondence. You shall provide the Funds and us on a timely basis with such information as may be required to complete various regulatory forms. |
24. | You agree to indemnify and hold harmless the Funds, us and both of our respective affiliates, representatives and agents, successors and assigns, officers and directors, and each person who controls either us or the Funds within the meaning of Section 15 of the Securities Act of 1933, as amended, from and against any and all direct or indirect costs, claims, expenses, liabilities or losses, including attorney’s fees resulting from (i) any alleged violation of any statute or regulation (including, without limitation, the securities laws and regulations of the United States or any state or jurisdiction) or any alleged tort or breach of contract, related to the offer or sale by you of Shares of the Funds pursuant to this Agreement (except to the extent that our negligence or failure to follow correct instructions received from you is the cause of such loss, claim, liability, cost or expense); (ii) requests, directions, actions or inactions of or by you, your officers, employees or agents regarding the purchase, redemption or transfer of registration of Shares of the Funds for your accounts, your customers and other shareholders or from any unauthorized or improper use of any online computer facilities; (iii) incorrect investment instructions received by us from you; or (iv) the breach by you of any of your representations and warranties specified herein or your failure to comply with the terms and conditions of this Agreement. |
We agree to indemnify you and hold you harmless from and against any and all liabilities and losses resulting directly from (i) any misstatement of a material fact in the Prospectus of a Fund or the omission of any material fact required to be stated in the Prospectus of a Fund or necessary to make the statements in the Prospectus not misleading; or (ii) our failure to comply with the terms and conditions of this Agreement. The foregoing indemnification provisions shall survive termination of this Agreement.
25. | As a result of the necessity to compute the amount of any contingent deferred sales charge or redemption charge due with respect to the redemption of Shares, you may not hold Shares of a Fund imposing such a charge in a “street name” account except with our prior written consent and, in such event, you shall be responsible for computation, collection and payment to us of such charges. Except as otherwise permitted by us, Shares owned by a shareholder must be in a separate identifiable account for such shareholder. |
7 |
26. | (a) In accordance with the terms of each applicable Prospectus, you acknowledge that a reduced sales charge or no sales charge (collectively, “discounts”) may be available to purchasers of Shares. You represent that you have, and will maintain during the term of this Agreement, adequate written supervisory procedures and internal controls to ensure that your customers receive all available discounts, and you agree: (i) to inform your customers of applicable discount opportunities and to inquire about other qualifying holdings that might entitle customers to receive discounts; (ii) to advise us, contemporaneously with each purchase order you forward to us as agent for your customers, of the availability of any discounts; and (iii) that in the event that you fail to provide us with information concerning the availability of discounts as provided in (ii) above, you, and not us or the Funds, shall be responsible for reimbursing your customer any applicable discount amount. |
(b) Shares of certain Funds have been divided into separate classes. Please see the appropriate Prospectuses for a more complete description of the distinctions between the classes of shares. It is important to investors not only to choose Funds appropriate for their investment objectives, but also to choose the appropriate distribution arrangement. Decisions to purchase a specific class should be made in light of the relevant facts and circumstances, including: the specific purchase order dollar amount; the length of time the investor expects to hold the Shares; and any other relevant circumstances such as the availability of purchases under a letter of intent, combined purchases or cumulative discount privilege, as described in the Prospectus.
Since there are instances when one pricing structure may be more appropriate than another, appropriate supervisory personnel within your organization must ensure that all employees receiving investor inquiries about the purchase of Shares advise the investor of the available pricing structures offered by the Funds and the impact of choosing one method over another, including breakpoints and the availability of letters of intent, combined purchases and cumulative discounts. In some instances, it may be appropriate for a supervisory person to discuss a purchase with the investor.
Without limiting the generality of the foregoing, you acknowledge that you are solely responsible for all suitability determinations with respect to offers and sales of Shares to your customers and that we have no responsibility for the manner of your performance of, or for your acts or omissions in connection with, the duties and activities you perform under this Agreement.
27. | You represent that you have adopted and implemented procedures to safeguard customer information and records that are reasonably designed to ensure the security and confidentiality of customer records and information and to ensure your compliance with the SEC’s Regulation S-P. Both of us agree on behalf of ourselves, our affiliates and employees that the terms of this Agreement, information exchanged hereunder and information about our respective customers and potential customers is confidential and as such shall not be disclosed, sold or used in any way except to carry out the terms of this Agreement. Notwithstanding the foregoing, such confidential information may be disclosed on a “need to know” basis as set forth in applicable privacy rules and regulations. The obligations regarding confidentiality hereunder shall not apply to any information which is (i) otherwise publicly available, (ii) already possessed by the entity to whom the information was disclosed prior to disclosure hereunder, (iii) independently developed by the entity, or (iv) disclosed pursuant to law, rule, regulation or court or administrative order. The provisions of this paragraph shall survive termination of this Agreement. |
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28. | From time to time, the Funds or we may implement policies, procedures or charges in an effort to avoid the potential adverse effects on the Funds of short-term trading by market timers. You agree to cooperate in good faith with us in the implementation of any such policies, procedures and/or charges and agree that you will comply with any restrictions and limitations on exchanges described in each Fund’s Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e., market timing). In this regard, you agree that we may reject or cancel any purchase or exchange order, particularly when there appears to be a pattern of market timing or other frequent purchases and sales. |
29. | This Agreement shall be in substitution of and supersedes all prior selling group agreements between you and us regarding these Shares. |
9
Exhibit (h)(10)
DWS Distributors, Inc. | ||
222 South Riverside Plaza | ||
Dear Financial Services Firm (“you” or “Intermediary”),
As principal underwriter of the DWS Funds, we (or a predecessor firm) or our affiliate have entered into a selling group or other agreement or agreements (the "Agreement") with you to permit you, as applicable, to sell, service, or facilitate trading in shares of the DWS Funds (collectively, the "Shares").
This amendment to the Agreement is entered into as of the date indicated in the signature block below, with an effective date of October 16, 2007, or such earlier date as of which you begin providing the Shareholder information described below, and includes the following provisions:
1. Agreement to Provide Information. Intermediary agrees to provide the Fund, upon written request, the taxpayer identification number (“TIN”), the Individual Taxpayer Identification Number (“ITIN”), or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the account and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through each account maintained by the Intermediary during the period covered by the request.
2. Period Covered by Request. Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.
3. Form and Timing of Response.
(a) Intermediary agrees to provide, promptly upon request of the Fund or its designee, the requested information specified in paragraph 1 above. If requested by the Fund or its designee, Intermediary agrees to use best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in paragraph 1 is itself a financial intermediary (“indirect intermediary”) and, upon further request of the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in paragraph 1 for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund.
(b) | Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. |
(c) | To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format |
4. Limitations on Use of Information. The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Intermediary.
5. Agreement to Restrict Trading. Intermediary agrees to execute written
instructions from the Fund to restrict or prohibit further purchases or exchanges of
Shares by a Shareholder that has been identified by the Fund as having engaged in
transactions of the Fund’s Shares (directly or indirectly through the Intermediary’s account) that violate policies established or utilized by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.
6. Form of Instructions. Instructions to restrict or prohibit trading must include the TIN, ITIN, or GII, if known, and the specific restriction(s) to be executed. If the TIN, ITIN, or GII is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.
7. Timing of Response. Intermediary agrees to execute instructions from the Fund to restrict or prohibit trading as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Intermediary.
8. Confirmation by Intermediary. Intermediary must provide written confirmation to the Fund that instructions from the Fund to restrict or prohibit trading have been executed. Intermediary agrees to provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.
9. Definitions. For purposes of this amendment:
9.1 The term “Fund” includes the fund’s principal underwriter and transfer agent. The term does not include any “excepted funds” as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940.*
9.2 The term “Shares” means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the Investment Company Act of 1940 that are held by the Intermediary.
9.3 Except as otherwise provided in this paragraph 9.3, the term “Shareholder” means the beneficial owner of Shares, whether the Shares are held directly or by the Intermediary in nominee name. If you are a retirement plan recordkeeper, the term “Shareholder” means each retirement plan participant notwithstanding that the retirement plan may be deemed to be the beneficial owner of Shares. If you are an insurance company, the term “Shareholder” means the holder of interests in a variable annuity or variable life insurance contract issued by the Intermediary.
9.4 | The term “written” includes electronic writings and facsimile transmissions. |
9.5 | The term “Intermediary” shall mean a “financial institution” as defined in SEC Rule 22c-2. |
9.6 | The term “purchase” does not include the automatic reinvestment of dividends. |
9.7 | The term “promptly” as used in paragraph 3(a) shall mean as soon as practicable but in no event later than ten business days from the Intermediary’s receipt of the request for information from the Fund or its designee. |
DWS DISTRIBUTORS, INC.
By:____________________________________
Name:
Title:
By:_____________________________________
Name:
Title:
FIRM: __________________________________
By:______________________________________
Name: ___________________________________
Title: ____________________________________
Date: ____________________________________
* As defined in SEC Rule 22c-2(b), the term “excepted fund” means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.
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. Clients will be provided DWS products or services by one or more
legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation
relevant to such products or services.
..
Investment Product. No Bank Guarantee. Not FDIC Insured. May Lose Value. R-______ (8/18)
Exhibit (h)(11)
EXPENSE LIMITATION AGREEMENT
THIS EXPENSE LIMITATION AGREEMENT (“Expense Limitation Agreement”) is made as of the 1st day of October, 2007 by and between each of the funds listed on Exhibit A hereto (as may be amended from time to time), each of which is a Massachusetts business trust, a Maryland corporation or a New York trust (each, a “Fund” and collectively, the “Funds”), and DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC., a Delaware corporation (the “Advisor”), with respect to the following:
WHEREAS, each Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), with such series (each a “Series”) and classes (each a “Class”) as listed on Exhibit A; and
WHEREAS, the Advisor serves as Investment Advisor to each Series pursuant to an Investment Advisory Agreement;
NOW, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows:
1. The Advisor agrees to waive its fees and/or reimburse expenses (or to cause its affiliates to waive their fees and/or reimburse expenses) to the extent necessary so that the “total annual fund operating expenses” for each Series or Class, as applicable, do not exceed the percentage of average daily net assets set forth on Exhibit A. For the purposes of this Expense Limitation Agreement, “total annual fund operating expenses” for a Series or Class shall consist of all expenses and costs of a Fund not specifically borne by the Advisor or a Series’ principal underwriter, including investment advisory fees, administration fees, distribution and shareholder service fees, fees for necessary professional services, and costs associated with regulatory compliance and maintaining legal existence and shareholder relations, but excluding the following: (a) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities (but not commitment fees on credit facilities), prime broker fees and expenses, interest expense, dividend expenses related to short sales and “Acquired Fund Fees and Expenses” (as defined in Form N-1A)); (b) taxes; and (c) extraordinary expenses. For purposes of this agreement, “extraordinary expenses” mean any unusual, unexpected and/or nonrecurring expenses that are approved as such by the Board(s) of Trustees/Directors of the applicable Fund(s).
2. Notwithstanding the foregoing, organizational expenses and offering costs related to certain Funds, Series or Classes as indicated on Exhibit A and that commenced operations prior to October 1, 2007 are excluded from the limit on “total annual fund operating expenses,” but such organizational expenses and offering costs shall be subject to a separate limit of 10 basis points.
3. This Expense Limitation Agreement shall be effective as to each Fund, Series or Class, as applicable, for the period set forth in Exhibit A. Upon the termination of the Agreement, this Expense Limitation Agreement shall automatically terminate with respect to the affected Fund. The obligation of the Advisor under Paragraph 1 hereof shall survive the
termination of the Investment Advisory Agreement solely as to expenses and obligations incurred prior to the date of such termination.
4. Any question of interpretation of any term or provision of this Expense Limitation Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by the parties hereto, taking into consideration and assigning such weight as they may determine on a case-by-case basis, by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission (“SEC”) issued pursuant to said Act. Otherwise the provisions of this Expense Limitation Agreement shall be interpreted in accordance with the laws of Delaware.
5. Amendments. This Expense Limitation Agreement and the exhibits hereto may be amended by agreement of the affected Fund and the Advisor. Additional Funds, Series or Classes may be added to this Expense Limitation Agreement by written agreement of such Fund and the Advisor. The Advisor may unilaterally amend Exhibit A to extend or lower any expense limitation and any such amendment shall be subject to the terms of this Agreement. In addition, the Advisor shall be contractually bound hereunder by the disclosure of expense limitations contained in the Fund’s prospectus or any supplements thereto as if such limitations were set forth in Exhibit A.
6. For each Fund that is a Massachusetts business trust, a copy of the Fund’s Declaration of Trust, together with all amendments thereto, is on file in the Office of the Secretary of the Commonwealth of Massachusetts. For each Fund that is a Massachusetts business trust, the Advisor is hereby expressly put on notice of the limitation of liability as set forth in the Fund’s Declaration of Trust and it agrees that the obligations assumed by the Fund on behalf of each Series pursuant to this Expense Limitation Agreement will be limited in all cases to the Series and its assets, and it will not seek satisfaction of any such obligation from the shareholders or any shareholder of the Series or any other series of the Fund, or from any Trustee, officer, employee or agent of the Fund. The Advisor understands that the rights and obligations of each Series under the Declaration of Trust are separate and distinct from those of any and all other Series.
7. This Agreement and all the exhibits attached hereto constitute the entire agreement of the parties with respect to the subject matter of this Agreement and supersede all prior negotiations, agreements and understandings with respect thereto.
IN WITNESS WHEREOF, the parties hereto have caused this Expense Limitation Agreement to be executed in duplicate by their respective officers as of the day and year first above written.
Attest:_____________________________
|
DWS FUNDS
By: _______________________
|
Attest:_____________________________
|
DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.
By: _______________________
By: _______________________
|
EXHIBIT A
Fund
|
Cap on Total Annual Fund Operating Expenses (as a percentage of average daily net assets)
|
[PLEASE SEE ATTACHED EXHIBIT MATRIX]
Exhibit (j)
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the references to our firm under the captions “Financial Highlights” in the Prospectus and “Independent Registered Public Accounting Firm, Reports to Shareholders and Financial Statements” in the Statement of Additional Information, each dated February 1, 2023, and each included in this Post-Effective Amendment No. 118 to the Registration Statement (Form N-1A, File No. 002-57139) of Deutsche DWS Municipal Trust (the “Registration Statement”).
We also consent to the incorporation by reference of our report dated December 20, 2022, with respect to the financial statements and financial highlights of DWS Short-Term Municipal Bond Fund (one of the funds constituting Deutsche DWS Municipal Trust) included in the Annual Report to Shareholders (Form N-CSR) for the year ended October 31, 2022, into this Registration Statement, filed with the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 25, 2023
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Label | Element | Value |
---|---|---|
Risk Return Abstract | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Period End Date | dei_DocumentPeriodEndDate | Oct. 31, 2022 |
Registrant Name | dei_EntityRegistrantName | DEUTSCHE DWS MUNICIPAL TRUST |
CIK | dei_EntityCentralIndexKey | 0000203142 |
Amendment Flag | dei_AmendmentFlag | false |
Document Created Date | dei_DocumentCreationDate | Jan. 30, 2023 |
Effective Date | dei_DocumentEffectiveDate | Feb. 01, 2023 |
Prospectus Date | rr_ProspectusDate | Feb. 01, 2023 |
Entity Inv Company Type | dei_EntityInvCompanyType | N-1A |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Registrant Name | dei_EntityRegistrantName | DEUTSCHE DWS MUNICIPAL TRUST | ||||
Prospectus Date | rr_ProspectusDate | Feb. 01, 2023 | ||||
DWS Short-Term Municipal Bond Fund | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | <span style="color:#000000;font-family:Arial;font-size:14pt;">DWS Short-Term Municipal Bond Fund</span> | ||||
Objective [Heading] | rr_ObjectiveHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The fund seeks a high level of income exempt from regular federal income tax, consistent with the preservation of capital. | ||||
Expense [Heading] | rr_ExpenseHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses</span> | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | These are the fees and expenses you may pay when you buy, hold and sell shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts in Class A shares if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds.More information about these and other discounts and waivers is available from your financial representative and in Choosing a Share Class (p.16), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 41) and Purchase and Redemption of Shares in the fund’s Statement of Additional Information (SAI) (p. II-15). | ||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | <span style="color:#000000;font-family:Arial;font-size:10pt;text-transform:uppercase;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(paid directly from your investment)</span> | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | <span style="color:#000000;font-family:Arial;font-size:10pt;text-transform:uppercase;">ANNUAL FUND OPERATING EXPENSES</span> <br/><span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0%;">(expenses that you pay each year as a % of the value of your investment)</span> | ||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | <span style="font-family:Arial;font-size:10pt;">January 31, </span><span style="font-family:Arial;font-size:10pt;">2024</span> | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;text-transform:uppercase;">PORTFOLIO TURNOVER </span> | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 112% of the average value of its portfolio. | ||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 112.00% | ||||
Expense Footnotes [Text Block] | rr_ExpenseFootnotesTextBlock | The Advisor has contractually agreed through January 31, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 0.68%, 1.43%, 0.43% and 0.53% for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board. | ||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | Investments of $250,000 or more may be eligible to buy Class A shares without a sales charge (load), but may be subject to a contingent deferred sales charge of 0.75% if redeemed within 12 months of the original purchase date. | ||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | <span style="font-family:Arial;font-size:10pt;">You may qualify for sales charge </span><span style="font-family:Arial;font-size:10pt;">discounts in Class A shares if you and your immediate family invest, or agree to invest in the future, at least </span><span style="font-family:Arial;font-size:10pt;">$100,000 </span><span style="font-family:Arial;font-size:10pt;"> in DWS funds.</span> | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;text-transform:uppercase;">EXAMPLE</span> | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period) remain the same. Class C shares generally convert automatically to Class A shares after 8 years. The information presented in the Example for Class C reflects the conversion of Class C shares to Class A shares after 8 years. See “Class C Shares” in the “Choosing a Share Class” section of the prospectus for more information. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||
Expense Example, No Redemption Narrative [Text Block] | rr_ExpenseExampleNoRedemptionNarrativeTextBlock | You would pay the following expenses if you did not redeem your shares: | ||||
Strategy [Heading] | rr_StrategyHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Main investments. Under normal market conditions, the fund invests at least 80% of its assets, determined at the time of purchase, in municipal securities that pay interest exempt from regular federal income tax. Municipal securities are debt securities issued by states and certain other municipal issuers, political subdivisions, agencies and public authorities that pay interest that is exempt from regular federal income tax. The fund may invest without limit in municipal securities that pay interest that is taxable under the federal alternative minimum tax (AMT). The fund invests in securities of varying maturities and intends to maintain a dollar-weighted average effective portfolio maturity of no longer than three years. In determining the dollar-weighted average effective portfolio maturity, portfolio management uses a security’s stated maturity or, if applicable, an earlier date on which portfolio management believes it is probable that the security will be repaid pursuant to a maturity-shortening feature of the security. Portfolio management might use a security’s effective maturity where, for example, market conditions favor a buyer exercising a put option (i.e., an option to sell a bond back to the issuer prior to its maturity) or an issuer exercising a call option (i.e., an option to redeem a bond prior to its maturity) or a principal prepayment provision (i.e., a provision allowing an issuer to repay principal before the stated maturity date). A security’s effective maturity can be substantially shorter than its stated maturity. As of December 31, 2022, the fund had a dollar-weighted average effective portfolio maturity of 2.47 years.The fund invests primarily in investment grade municipal securities (securities within the top four credit rating categories) and up to 20% of total assets in the fourth highest credit rating category or, if unrated, determined by the Advisor to be of similar quality. The fund may invest up to 20% of total assets in high yield debt securities (commonly referred to as junk bonds), which are those rated below the fourth highest rating category (i.e., grade BB/Ba and below), or, if unrated, determined by the Advisor to be of similar quality. Compared to investment-grade debt securities, junk bonds generally pay higher yields, have higher volatility and higher risk of default on payments of interest or principal. The fund may invest more than 25% of total assets in private activity and industrial development bonds if the interest paid on them is exempt from regular federal income tax. The fund may invest up to 20% of total assets in certain taxable securities to maintain liquidity. The fund may also purchase securities on a when-issued basis.The fund may use forward delivery bonds, which are bonds priced on a determined date but that are not issued and settled until a later period (ranging from several weeks to more than a year). Forward delivery bonds with settlement dates greater than 35 days are treated as derivatives by the fund and are subject to the fund's policies and procedures with respect to derivatives. Forward delivery bonds with settlement dates greater than 35 days generally are used for non-hedging purposes to seek to enhance potential gains.Management process. Portfolio management looks for securities that appear to offer the best opportunity to meet the fund's objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to changes in supply and demand within the municipal bond market. When evaluating any individual security and its issuer, portfolio management may consider a number of factors including the security’s credit quality and terms, such as coupon, maturity date and call date, as well as the issuer’s capital structure, leverage, and ability to meet its current obligations. In addition, portfolio management looks to exploit any inefficiencies between intrinsic value and trading price and focuses on identifying individual bonds that may add above-market value, with sector weightings as a secondary consideration. Portfolio management may also consider environmental, social, and governance (ESG) factors that it believes to be financially material. Such factors may include, but are not limited to, exposure to climate change risks, poverty and unemployment data, and an issuer’s governance structure and practices.Active trading. The fund may trade securities actively and this may lead to high portfolio turnover. | ||||
Risk [Heading] | rr_RiskHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Main Risks</span> | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | There are several risk factors that could hurt the fund’s performance, cause you to lose money or cause the fund’s performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.Municipal securities risk. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of many or all municipal obligations of issuers in a state, US territory, or possession. For example, the COVID-19 pandemic has significantly stressed the financial resources of somemunicipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund. The fund could also be impacted by events in the municipal securities market, including the supply and demand for municipal securities. Negative events, such as severe fiscal difficulties, bankruptcy of one or more issuers, an economic downturn, unfavorable legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance. The municipal securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates).Municipal securities may include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from a municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The value of municipal securities is strongly influenced by the value of tax-exempt income to investors. Changes in tax and other laws, including changes to individual or corporate tax rates, could alter the attractiveness and overall demand for municipal securities.Certain sectors of the municipal securities market such as hospitals, airports and mass transit providers may be disproportionately impacted by COVID-19 related cost increases and revenue declines, potentially resulting in heightened credit risk for issuers in these sectors.Market disruption risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets, including the investments held by the fund. In addition, geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the fund and its investments. Adverse market conditions or disruptions could cause the fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by adverse market conditions or a particular market disruption, the duration and effects may not be the same for all types of assets.Russia's recent military incursions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursions and the resulting sanctions could adversely affect global energy, commodities and financial markets and thus could affect the value of the fund's investments. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.Other market disruption events include the pandemic spread of the novel coronavirus known as COVID-19, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain disruptions. 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 including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to 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.Adverse market conditions or particular market disruptions, such as those caused by Russian military action and the COVID-19 pandemic, may magnify the impact of each of the other risks described in this “MAIN RISKS” section and may increase volatility in one or more markets in which the fund invests leading to the potential for greater losses for the fund.Inflation risk. Inflation risk is the risk that the real value of certain assets or real income from investments (the value of such assets or income after accounting for inflation) will be less in the future as inflation decreases the value of money. Inflation, and investors’ expectation of future inflation, can impact the current value of the fund's portfolio, resulting in lower asset values and losses to shareholders. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment.Interest rate risk. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund’s debt securities, the more sensitive the fund will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from fund performance to the extent the fund is exposed to such interest rates and/or volatility. Rising interest rates could cause the value of the fund’s investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the fund.Increased redemptions from the fund may force the fund to sell investments at a time when it is not advantageous to do so, which could result in losses. Recently, there have been signs of inflationary price movements. As such, fixed-incomeand related markets may experience heightened levels of interest rate volatility and liquidity risk. A sharp rise in interest rates could cause the value of the fund’s investments to decline.London Interbank Offered Rate (LIBOR), the benchmark rate for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to continue to be published through June 2023 to assist with the transition. The transition process from LIBOR towards its expected replacement reference rate with the Secured Overnight Financing Rate (SOFR) for US Dollar LIBOR rates has become increasingly well defined, especially following the signing of the federal Adjustable Interest Rate (LIBOR) Act in March 2022, and the adoption of implementing regulations in December 2022, which will replace LIBOR-based benchmark rates in instruments with no, or insufficient, alternative rate-setting provisions with a SOFR-based rate following the cessation of LIBOR. However, the fund or the instruments in which the fund invests may be adversely affected by the transition from LIBOR to SOFR by, among other things, increased volatility or illiquidity.Prepayment and extension risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund’s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.Credit risk. 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. Credit risk is greater for lower-rated securities.Because the issuers of high yield debt securities, or junk bonds (debt securities rated below the fourth highest credit rating category), may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. Credit risk for high yield securities is greater than for higher-rated securities.Because securities in default generally have missed one or more payments of interest and/or principal, an investment in such securities has an increased risk of loss. Issuers of securities in default have an increased likelihood of entering bankruptcy or beginning liquidation procedures which could impact the fund's ability to recoup its investment. Securities in default may be illiquid or trade in low volumes and thus may be difficult to value.For securities that rely on third-party guarantors to support their credit quality, the same risks may apply if the financial condition of the guarantor deteriorates or the guarantor ceases to insure securities. Because guarantors may insure many types of securities, including subprime mortgage bonds and other high-risk bonds, their financial condition could deteriorate as a result of events that have little or no connection to securities owned by the fund.Focus risk. To the extent that the fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal government could over time impair a state, region or sector's ability to repay its obligations.Private activity and industrial development bond risk. The payment of principal and interest on these bonds is generally dependent solely on the ability of the facility’s user to meet its financial obligations and the pledge, if any, of property financed as security for such payment.Tax risk. With respect to federal income taxes, any distributions to shareholders that represent income from taxable securities will generally be taxable as ordinary income, while other distributions, such as capital gains, are taxable to the same extent they would be for any mutual fund. In addition, a portion of the fund’s otherwise exempt interest distributions may be taxable to those shareholders subject to the federal AMT. Distributions also are generally subject to state taxes with certain exceptions (e.g., some states may have an exception for a portion of the fund's income that is attributable to municipal securities issued in the state in which you reside). New federal or state governmental action could adversely affect the tax-exempt status of securities held by the fund, resulting in a higher tax liability for shareholders and potentially hurting fund performance as well.Security selection risk. The securities in the fund’s portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, ESG factors, the relative attractiveness of different securities or other matters.Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and/or the fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the fund, and in extreme conditions, the fund could have difficulty meeting redemption requests.Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.When-issued and delayed delivery securities risk. The fund may purchase or sell a security at a future date for a predetermined price. The market value of the securities may change before delivery.Forward commitment risk. When the fund engages in forward or delayed delivery transactions, the fund relies on the counterparty to consummate the transaction. Failure to do so may result in the fund missing the opportunity to obtain a price or yield considered to be advantageous. Such transactions may also have the effect of leverage on the fund and may cause the fund to be more volatile.Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.Operational and technology risk. Cyber-attacks, disruptions or failures that affect the fund’s service providers or counterparties, issuers of securities held by the fund, or other market participants may adversely affect the fund and its shareholders, including by causing losses for the fund or impairing fund operations. For example, the fund’s or its service providers’ assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential fund information, interfere with the processing of shareholder transactions, impact the ability to calculate the fund’s net asset value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the fund’s operations.While the fund and its service providers may establish business continuity and other plans and processes that seek to address the possibility of and fallout from cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as fund counterparties, issuers of securities held by the fund or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no assurance that such plans and processes will be effective. Among other situations, disruptions (for example, pandemics or health crises) that cause prolonged periods of remote work or significant employee absences at the fund’s service providers could impact the ability to conduct the fund’s operations. In addition, the fund cannot directly control any cybersecurity plans and systems put in place by its service providers, fund counterparties, issuers of securities held by the fund or other market participants.Active trading risk. Active securities trading could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates. | ||||
Risk Lose Money [Text] | rr_RiskLoseMoney | <span style="color:#000000;font-family:Arial;font-size:10pt;">There are several risk factors that could hurt the fund’s performance, cause you to lose money or cause the fund’s performance to trail that of other investments.</span> | ||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Past Performance</span> | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index).Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to dws.com (the Web site does not form a part of this prospectus) or call the telephone number included in this prospectus. | ||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | <span style="color:#000000;font-family:Arial;font-size:10pt;">How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index).</span> | ||||
Performance Additional Market Index [Text] | rr_PerformanceAdditionalMarketIndex | <span style="font-family:Arial;font-size:10pt;">The information above shows how the fund's performance compares to Bloomberg 1-Year General Obligation Index and Bloomberg 3-Year (2-4) Municipal Bond Index, broad-based securities indexes that reflect the investment strategy of the fund.</span> | ||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | <span style="color:#000000;font-family:Arial;font-size:10pt;">dws.com</span><span style="font-family:Arial;font-size:10pt;">dws.com</span> | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | <span style="color:#000000;font-family:Arial;font-size:10pt;">Past performance may not indicate </span><span style="color:#000000;font-family:Arial;font-size:10pt;">future results.</span> | ||||
Bar Chart [Heading] | rr_BarChartHeading | <span style="color:#000000;font-family:Arial;font-size:10pt;text-transform:uppercase;">CALENDAR YEAR TOTAL RETURNS </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(%) (Class A)</span> | ||||
Bar Chart Narrative [Text Block] | rr_BarChartNarrativeTextBlock | These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. | ||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | <span style="color:#000000;font-family:Arial;font-size:10pt;">These year-by-year returns do not include sales charges, if any, and would be lower if they did.</span> | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | ReturnsPeriod endingBest Quarter1.91%June 30, 2020Worst Quarter-2.75%March 31, 2022 | ||||
Performance Table Heading | rr_PerformanceTableHeading | <span style="font-family:Arial;font-size:10pt;text-transform:uppercase;">Average Annual Total Returns</span> <br/><span style="font-family:Arial;font-size:8pt;margin-left:0%;">(For periods ended 12/31/</span><span style="font-family:Arial;font-size:8pt;">2022 expressed as a %)</span> | ||||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | <span style="color:#000000;font-family:Arial;font-size:8pt;">Performance data for Class A is calculated based on the current maximum sales load of 2.25%. From February 11, 2019 until July 14, 2020 the sales load was 0.00%. Prior to February 11, 2019 the sales load was 2.00%.</span> | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns (which are shown only for Class A and would be different for other classes)</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> reflect the historical </span><span style="color:#000000;font-family:Arial;font-size:10pt;">highest individual federal income tax rates, but do not reflect any state or local taxes.</span> | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">shares held in an IRA, 401(k) or other tax-advantaged investment plan.</span> | ||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns (which are shown only for Class A and would be different for other classes)</span> | ||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. | ||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | The information above shows how the fund's performance compares to Bloomberg 1-Year General Obligation Index and Bloomberg 3-Year (2-4) Municipal Bond Index, broad-based securities indexes that reflect the investment strategy of the fund. | ||||
DWS Short-Term Municipal Bond Fund | Class A | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Maximum sales charge (load) imposed on purchases, as % of offering price | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 2.25% | ||||
Maximum deferred sales charge (load), as % of redemption proceeds | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||
Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) | rr_MaximumAccountFee | $ 20 | ||||
Management fee | rr_ManagementFeesOverAssets | 0.30% | ||||
Distribution/service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other expenses | rr_OtherExpensesOverAssets | 0.27% | ||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.82% | ||||
Fee waiver/expense reimbursement | rr_FeeWaiverOrReimbursementOverAssets | 0.14% | ||||
Total annual fund operating expenses after fee waiver/expense reimbursement | rr_NetExpensesOverAssets | 0.68% | ||||
1 Year | rr_ExpenseExampleYear01 | $ 293 | ||||
3 Years | rr_ExpenseExampleYear03 | 467 | ||||
5 Years | rr_ExpenseExampleYear05 | 656 | ||||
10 Years | rr_ExpenseExampleYear10 | 1,203 | ||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 293 | ||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 467 | ||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 656 | ||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,203 | ||||
2013 | rr_AnnualReturn2013 | (0.45%) | ||||
2014 | rr_AnnualReturn2014 | 1.36% | ||||
2015 | rr_AnnualReturn2015 | 0.57% | ||||
2016 | rr_AnnualReturn2016 | (0.13%) | ||||
2017 | rr_AnnualReturn2017 | 1.11% | ||||
2018 | rr_AnnualReturn2018 | 1.16% | ||||
2019 | rr_AnnualReturn2019 | 3.29% | ||||
2020 | rr_AnnualReturn2020 | 2.53% | ||||
2021 | rr_AnnualReturn2021 | 0.20% | ||||
Annual Return 2022 | rr_AnnualReturn2022 | (3.14%) | ||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | <span style="font-family:Arial;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2020 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 1.91% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | <span style="font-family:Arial;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Mar. 31, 2022 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.75%) | ||||
DWS Short-Term Municipal Bond Fund | Class C | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Maximum sales charge (load) imposed on purchases, as % of offering price | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum deferred sales charge (load), as % of redemption proceeds | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | |||
Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) | rr_MaximumAccountFee | $ 20 | ||||
Management fee | rr_ManagementFeesOverAssets | 0.30% | ||||
Distribution/service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.99% | ||||
Other expenses | rr_OtherExpensesOverAssets | 0.26% | ||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.55% | ||||
Fee waiver/expense reimbursement | rr_FeeWaiverOrReimbursementOverAssets | 0.12% | ||||
Total annual fund operating expenses after fee waiver/expense reimbursement | rr_NetExpensesOverAssets | 1.43% | ||||
1 Year | rr_ExpenseExampleYear01 | $ 246 | ||||
3 Years | rr_ExpenseExampleYear03 | 478 | ||||
5 Years | rr_ExpenseExampleYear05 | 833 | ||||
10 Years | rr_ExpenseExampleYear10 | 1,638 | ||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 146 | ||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 478 | ||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 833 | ||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,638 | ||||
DWS Short-Term Municipal Bond Fund | INST Class | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Maximum sales charge (load) imposed on purchases, as % of offering price | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum deferred sales charge (load), as % of redemption proceeds | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||
Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) | rr_MaximumAccountFee | none | ||||
Management fee | rr_ManagementFeesOverAssets | 0.30% | ||||
Distribution/service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 0.27% | ||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.57% | ||||
Fee waiver/expense reimbursement | rr_FeeWaiverOrReimbursementOverAssets | 0.14% | ||||
Total annual fund operating expenses after fee waiver/expense reimbursement | rr_NetExpensesOverAssets | 0.43% | ||||
1 Year | rr_ExpenseExampleYear01 | $ 44 | ||||
3 Years | rr_ExpenseExampleYear03 | 169 | ||||
5 Years | rr_ExpenseExampleYear05 | 304 | ||||
10 Years | rr_ExpenseExampleYear10 | 700 | ||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 44 | ||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 169 | ||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 304 | ||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 700 | ||||
DWS Short-Term Municipal Bond Fund | Class S | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
Maximum sales charge (load) imposed on purchases, as % of offering price | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum deferred sales charge (load), as % of redemption proceeds | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||
Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) | rr_MaximumAccountFee | $ 20 | ||||
Management fee | rr_ManagementFeesOverAssets | 0.30% | ||||
Distribution/service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 0.31% | ||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.61% | ||||
Fee waiver/expense reimbursement | rr_FeeWaiverOrReimbursementOverAssets | 0.08% | ||||
Total annual fund operating expenses after fee waiver/expense reimbursement | rr_NetExpensesOverAssets | 0.53% | ||||
1 Year | rr_ExpenseExampleYear01 | $ 54 | ||||
3 Years | rr_ExpenseExampleYear03 | 187 | ||||
5 Years | rr_ExpenseExampleYear05 | 332 | ||||
10 Years | rr_ExpenseExampleYear10 | 755 | ||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 54 | ||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 187 | ||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 332 | ||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 755 | ||||
DWS Short-Term Municipal Bond Fund | before tax | Class A | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (5.32%) | [2] | |||
5 Years | rr_AverageAnnualReturnYear05 | 0.33% | [2] | |||
10 Years | rr_AverageAnnualReturnYear10 | 0.41% | [2] | |||
Class Inception | rr_AverageAnnualReturnInceptionDate | Feb. 28, 2003 | [2] | |||
DWS Short-Term Municipal Bond Fund | before tax | Class C | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (3.77%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 0.03% | ||||
10 Years | rr_AverageAnnualReturnYear10 | (0.12%) | ||||
Class Inception | rr_AverageAnnualReturnInceptionDate | Feb. 28, 2003 | ||||
DWS Short-Term Municipal Bond Fund | before tax | INST Class | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (2.89%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 1.04% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 0.89% | ||||
Class Inception | rr_AverageAnnualReturnInceptionDate | Mar. 06, 1995 | ||||
DWS Short-Term Municipal Bond Fund | before tax | Class S | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (2.90%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 0.93% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 0.79% | ||||
Class Inception | rr_AverageAnnualReturnInceptionDate | Feb. 28, 2005 | ||||
DWS Short-Term Municipal Bond Fund | After tax on distributions | Class A | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (5.32%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 0.27% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 0.38% | ||||
DWS Short-Term Municipal Bond Fund | After tax on distributions and sale of fund shares | Class A | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (2.77%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 0.51% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 0.56% | ||||
DWS Short-Term Municipal Bond Fund | Bloomberg 1-Year General Obligation Index (reflects no deduction for fees, expenses or taxes) | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (1.15%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 1.03% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 0.82% | ||||
DWS Short-Term Municipal Bond Fund | Bloomberg 3-Year (2-4) Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | ||||||
Risk Return Abstract | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | (3.39%) | ||||
5 Years | rr_AverageAnnualReturnYear05 | 1.05% | ||||
10 Years | rr_AverageAnnualReturnYear10 | 1.06% | ||||
|
Label | Element | Value |
---|---|---|
Risk Return Abstract | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | DEUTSCHE DWS MUNICIPAL TRUST |
Prospectus Date | rr_ProspectusDate | Feb. 01, 2023 |
Document Creation Date | dei_DocumentCreationDate | Jan. 30, 2023 |
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