UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-02671
Deutsche DWS Municipal Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 5/31 |
Date of reporting period: | 5/31/2024 |
Item 1. | Reports to Stockholders. |
(a) |
(b) Not applicable | |
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
Item 3. | Audit Committee Financial Expert. |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
Item 4. | Principal Accountant Fees and Services. |
DWS strategic high yield tax free Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended May 31, |
Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2024 | $53,136 | $0 | $7,629 | $0 |
2023 | $53,136 | $0 | $7,880 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended May 31, |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2024 | $0 | $0 | $0 |
2023 | $0 | $572,355 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended May 31, |
Total Non-Audit Fees Billed to Fund (A) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) |
Total of (A), (B) and (C) |
2024 | $7,629 | $0 | $0 | $7,629 |
2023 | $7,880 | $572,355 | $0 | $580,235 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Item 5. | Audit Committee of Listed Registrants |
Not applicable | |
Item 6. | Investments. |
Not applicable | |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
3
|
|
22
|
|
24
|
|
25
|
|
26
|
|
30
|
|
42
|
|
44
|
|
45
|
2
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Municipal Investments 96.2%
|
|
||
Alabama 0.4%
|
|
||
Alabama, Black Belt Energy Gas District, Gas Project
Revenue, Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman
Sachs Group, Inc.
|
|
800,000
|
844,583
|
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053
|
|
1,165,000
|
1,257,099
|
|
|
|
2,101,682
|
Arizona 3.0%
|
|
||
Arizona, State Health Facilities Authority Revenue, Banner
Health Obligated Group:
|
|
|
|
Series B, MUNIPSA + 0.25%, 3.61% (a), 1/1/2046
|
|
1,730,000
|
1,709,759
|
Series B, Prerefunded, MUNIPSA + 0.25%, 3.61% (a),
1/1/2046
|
|
320,000
|
320,305
|
Arizona, State Industrial Development Authority, Education
Facility Revenue, Odyssey Preparatory Academy Project,
144A, 5.0%, 7/1/2049
|
|
2,760,000
|
2,479,464
|
Arizona, State Industrial Development Authority, Education
Revenue, BASIS School Projects:
|
|
|
|
Series G, 144A, 5.0%, 7/1/2047
|
|
1,000,000
|
960,272
|
Series D, 144A, 5.0%, 7/1/2051
|
|
1,035,000
|
980,610
|
Series G, 144A, 5.0%, 7/1/2051
|
|
550,000
|
521,097
|
Series A, 144A, 5.25%, 7/1/2047
|
|
1,000,000
|
993,342
|
Maricopa County, AZ, Industrial Development Authority,
Education Revenue, Benjamin Franklin Charter School
Project, Series A, 144A, 6.0%, 7/1/2052
|
|
1,000,000
|
1,021,280
|
Phoenix, AZ, Industrial Development Authority, Student
Housing Revenue, Downtown Phoenix Student Housing
LLC, Series A, 5.0%, 7/1/2037
|
|
2,000,000
|
2,012,415
|
Pima County, AZ, Industrial Development Authority,
Education Revenue, American Leadership
Academy Project:
|
|
|
|
Series 2022, 144A, 4.0%, 6/15/2057
|
|
2,060,000
|
1,546,416
|
144A, 5.0%, 6/15/2049
|
|
1,030,000
|
957,840
|
144A, 5.0%, 6/15/2052
|
|
710,000
|
660,476
|
|
|
|
14,163,276
|
California 7.0%
|
|
||
California, Community Housing Agency, Essential Housing
Revenue, Verdant at Green Valley Project, Series A,
144A, 5.0%, 8/1/2049
|
|
1,135,000
|
1,075,815
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
3
|
|
Principal
Amount ($)
|
Value ($)
|
|
California, CSCDA Community Improvement Authority,
Essential Housing Revenue:
|
|
|
|
Series A-1, 144A, 3.5%, 10/1/2046
|
|
4,500,000
|
3,592,782
|
Series A, 144A, 5.0%, 7/1/2051
|
|
750,000
|
716,206
|
California, Golden State Tobacco Securitization Corp.,
Tobacco Settlement Revenue:
|
|
|
|
Series B-2, Zero Coupon, 6/1/2066
|
|
5,000,000
|
546,812
|
Series B-1, 3.85%, 6/1/2050
|
|
2,225,000
|
2,069,176
|
California, Morongo Band of Mission Indians Revenue,
Series B, 144A, 5.0%, 10/1/2042
|
|
1,145,000
|
1,148,011
|
California, M-S-R Energy Authority, Series B, 7.0%,
11/1/2034, GTY: Citigroup Global Markets
|
|
5,750,000
|
6,928,875
|
California, Municipal Finance Authority, Barlow Respiratory
Hospital Obligated Group, Series A, 4.0%, 9/1/2040
|
|
1,635,000
|
1,448,650
|
California, River Islands Public Financing Authority, Special
Tax, Community Facilities District No. 2019-1, Phase
2 Public Improvements:
|
|
|
|
3.875%, 9/1/2049
|
|
2,630,000
|
2,069,717
|
4.0%, 9/1/2046
|
|
3,825,000
|
3,177,346
|
California, State Municipal Finance Authority Revenue,
Catalyst Impact Fund 1 LLC, “II” , 144A, 7.0%, 1/1/2039
|
|
3,365,000
|
3,529,772
|
California, State Public Finance Authority Revenue, ENSO
Village Project, Series A, 144A, 5.0%, 11/15/2046
|
|
270,000
|
245,904
|
California, Statewide Communities Development Authority
Revenue, Loma Linda University Medical Center,
Series A, 5.5%, 12/1/2054
|
|
1,900,000
|
1,905,024
|
California, Statewide Communities Development Authority,
Multi-Family Housing Revenue, Foxwood Apartments
Project, Series J, 3.13% (b), 6/7/2024, LOC: Wells Fargo
Bank NA
|
|
350,000
|
350,000
|
California, University of California Revenue, Series Z-2,
5.37% (b), 6/7/2024
|
|
800,000
|
800,000
|
Long Beach, CA, Carnival Cruise Terminal Financing, 144A,
7.282%, 11/1/2030, GTY: Carnival Corp.
|
|
1,310,000
|
1,217,887
|
Los Angeles, CA, Department of Airports Revenue,
Series A, AMT, 5.0%, 5/15/2037
|
|
2,375,000
|
2,567,171
|
|
|
|
33,389,148
|
Colorado 4.9%
|
|
||
Colorado, Aurora Highlands Community Authority Board,
Special Tax Revenue, Series A, 5.75%, 12/1/2051
|
|
5,000,000
|
4,501,414
|
Colorado, Broadway Station Metropolitan District No. 3,
Series B, 0%–7.5% 12/1/2049 (c)
|
|
2,000,000
|
1,303,064
|
Colorado, North Range Metropolitan District No. 3,
Series A, 5.25%, 12/1/2050
|
|
1,667,000
|
1,640,313
|
Colorado, Public Energy Authority, Natural Gas Purchased
Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.
|
|
6,365,000
|
6,646,630
|
4
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Colorado, State Health Facilities Authority, Hospital
Revenue, CommonSpirit Health Obligation Group,
Series A-1, 4.0%, 8/1/2037
|
|
1,695,000
|
1,632,913
|
Colorado, Sterling Ranch Community Authority Board
Revenue, Metropolitan District No. 4 Subdistrict A,
Series A, 6.5%, 12/1/2054
|
|
1,000,000
|
1,019,276
|
Colorado, Trails At Crowfoot Metropolitan District No. 3,
Series A, 5.0%, 12/1/2049
|
|
1,000,000
|
933,465
|
Denver City & County, CO, Airport System Revenue:
|
|
|
|
Series B, AMT, 5.5%, 11/15/2040
|
|
365,000
|
405,146
|
Series B, AMT, 5.5%, 11/15/2042
|
|
335,000
|
369,062
|
Series B, AMT, 5.5%, 11/15/2043
|
|
335,000
|
367,553
|
Denver, CO, Convention Center Hotel Authority Revenue:
|
|
|
|
5.0%, 12/1/2033
|
|
500,000
|
508,103
|
5.0%, 12/1/2034
|
|
1,000,000
|
1,015,912
|
Denver, CO, Urban Renewal Authority, Tax Increment
Revenue, 9th Urban Redevelopment Area, Series A,
144A, 5.25%, 12/1/2039
|
|
1,695,000
|
1,697,550
|
Douglas County, CO, Rampart Range Metropolitan District
No. 5:
|
|
|
|
4.0%, 12/1/2041
|
|
560,000
|
463,207
|
4.0%, 12/1/2051
|
|
1,590,000
|
1,182,022
|
|
|
|
23,685,630
|
District of Columbia 2.3%
|
|
||
District of Columbia, Latin American Montessori Bilingual
Public Charter School, 5.0%, 6/1/2050
|
|
3,370,000
|
3,173,879
|
District of Columbia, Two Rivers Public Charter School,
Inc., 5.0%, 6/1/2040
|
|
1,000,000
|
928,658
|
Metropolitan Washington, DC, Airport Authority, Dulles Toll
Road Revenue:
|
|
|
|
Series B, 3.0%, 10/1/2050, INS: AGMC
|
|
1,395,000
|
1,014,581
|
Series B, 5.0%, 10/1/2047
|
|
5,600,000
|
5,740,258
|
|
|
|
10,857,376
|
Florida 10.9%
|
|
||
Charlotte County, FL, Industrial Development Authority,
Utility System Revenue, Town & Country Utilities
Project, Series A, 144A, AMT, 4.0%, 10/1/2051, GTY:
Babcock Ranch IRR LLC
|
|
750,000
|
613,037
|
Collier County, FL, Industrial Development Authority,
Continuing Care Community Revenue, Arlington of
Naples Project, Series A, 144A, 8.125%, 5/15/2044 * (d)
|
|
1,722,553
|
46,509
|
Collier County, FL, State Educational Facilities Authority
Revenue, Ave Maria University Inc., 5.25%, 6/1/2038
|
|
1,315,000
|
1,312,724
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
5
|
|
Principal
Amount ($)
|
Value ($)
|
|
Florida, Capital Project Finance Authority, Student Housing
Revenue, Loan Program:
|
|
|
|
Series A-1, 5.0%, 10/1/2032
|
|
230,000
|
234,289
|
Series A-1, 5.0%, 10/1/2033
|
|
230,000
|
233,759
|
Series A-1, 5.0%, 10/1/2034
|
|
230,000
|
233,098
|
Series A-1, 5.0%, 10/1/2035
|
|
115,000
|
116,463
|
Florida, Capital Projects Finance Authority Revenue,
Provident Group - Continuum Properties LLC:
|
|
|
|
Series A-1, 5.0%, 11/1/2053
|
|
185,000
|
178,528
|
Series A-1, 5.0%, 11/1/2058
|
|
295,000
|
281,019
|
Florida, Capital Trust Agency, Educational Facilities
Authority, Charter Educational Foundation Project,
Series A, 144A, 5.375%, 6/15/2048
|
|
1,840,000
|
1,730,180
|
Florida, Capital Trust Agency, Educational Growth Fund
LLC, Charter School Portfolio Project, Series A-1, 144A,
5.0%, 7/1/2056
|
|
1,190,000
|
1,100,744
|
Florida, Capital Trust Agency, Southeastern University
Obligated Group Project:
|
|
|
|
Series A, 144A, 6.25%, 5/1/2048
|
|
2,000,000
|
2,018,886
|
Series A, 144A, 6.375%, 5/1/2053
|
|
800,000
|
809,965
|
Florida, Development Finance Corp., AAF Operations
Holdings LLC, 144A, AMT, 12.0% (a), 7/15/2032
|
|
4,860,000
|
5,054,400
|
Florida, Development Finance Corp., Brightline Trains
Florida LLC, AMT, 5.5%, 7/1/2053
|
|
1,750,000
|
1,821,160
|
Florida, Development Finance Corp., Educational Facilities
Revenue, River City Science Academy Project:
|
|
|
|
Series A-1, 5.0%, 7/1/2042
|
|
75,000
|
75,862
|
Series B, 5.0%, 7/1/2042
|
|
80,000
|
80,920
|
Series A-1, 5.0%, 7/1/2051
|
|
70,000
|
68,896
|
Series B, 5.0%, 7/1/2051
|
|
115,000
|
113,187
|
Series A-1, 5.0%, 2/1/2057
|
|
100,000
|
97,162
|
Series B, 5.0%, 7/1/2057
|
|
120,000
|
116,581
|
Florida, State Development Finance Corp., Learning Gate
Community School Project:
|
|
|
|
Series A, 5.0%, 2/15/2038
|
|
500,000
|
489,626
|
Series A, 5.0%, 2/15/2048
|
|
1,150,000
|
1,064,412
|
Florida, State Development Finance Corp., Senior Living
Revenue, The Cabana at Jensen Dunes Project:
|
|
|
|
Series A, 144A, 5.0%, 11/15/2056
|
|
1,000,000
|
731,982
|
Series A, 144A, 5.25%, 11/15/2056
|
|
9,000,000
|
6,870,893
|
Florida, State Higher Educational Facilities Financial
Authority Revenue, Florida Institute of Technology:
|
|
|
|
4.0%, 10/1/2044
|
|
1,395,000
|
1,164,501
|
4.0%, 10/1/2049
|
|
1,905,000
|
1,517,763
|
6
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Florida, State Higher Educational Facilities Financial
Authority Revenue, Jacksonville University Project,
Series A-1, 144A, 4.75%, 6/1/2038
|
|
1,750,000
|
1,682,479
|
Florida, Village Community Development District No. 12,
Special Assessment Revenue:
|
|
|
|
4.25%, 5/1/2043
|
|
2,255,000
|
2,140,512
|
4.375%, 5/1/2050
|
|
1,890,000
|
1,772,089
|
Florida, Village Community Development District No. 13,
Special Assessment Revenue, 3.25%, 5/1/2052
|
|
1,675,000
|
1,260,229
|
Florida, Village Community Development District No. 14,
5.5%, 5/1/2053
|
|
2,605,000
|
2,689,303
|
Florida, Village Community Development District No. 15,
Special Assessment Revenue, 144A, 5.25%, 5/1/2054
|
|
720,000
|
735,045
|
Jacksonville, FL, Educational Facilities Revenue,
Jacksonville University Project, Series B, 144A, 5.0%,
6/1/2053
|
|
3,250,000
|
2,946,139
|
Lake County, FL, Educational Facilities Revenue, Imagine
South Lake Charter School Project, Series A, 144A,
5.0%, 1/15/2054
|
|
2,070,000
|
1,852,937
|
Miami-Dade County, FL, Seaport Revenue, Series A, AMT,
5.0%, 10/1/2040
|
|
1,500,000
|
1,582,803
|
Osceola County, FL, Transportation Revenue:
|
|
|
|
Series A2, Zero Coupon, 10/1/2049
|
|
3,400,000
|
856,097
|
Series A2, Zero Coupon, 10/1/2051
|
|
4,775,000
|
1,066,845
|
Series A2, Zero Coupon, 10/1/2054
|
|
4,570,000
|
863,597
|
Palm Beach County, FL, Health Facilities Authority
Revenue, Lifespace Communities, Inc. Obligated Group:
|
|
|
|
Series C, 7.5%, 5/15/2053
|
|
340,000
|
371,647
|
Series C, 7.625%, 5/15/2058
|
|
455,000
|
497,758
|
Seminole County, FL, Industrial Development Authority,
Legacy Pointe At UCF Project:
|
|
|
|
Series A, 5.25%, 11/15/2039
|
|
445,000
|
401,297
|
Series A, 5.5%, 11/15/2049
|
|
3,935,000
|
3,357,542
|
|
|
|
52,252,865
|
Georgia 1.8%
|
|
||
George L Smith II, GA, Congress Center Authority,
Convention Center Hotel First Tier, Series A, 4.0%,
1/1/2054
|
|
1,420,000
|
1,213,428
|
George L Smith II, GA, Congress Center Authority,
Convention Center Hotel Second Tier, Series B, 144A,
5.0%, 1/1/2054
|
|
3,365,000
|
2,998,992
|
Georgia, Main Street Natural Gas, Inc., Gas Supply
Revenue, Series B, 5.0% (a), 7/1/2053, GTY: Royal Bank
of Canada
|
|
4,110,000
|
4,320,099
|
|
|
|
8,532,519
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
7
|
|
Principal
Amount ($)
|
Value ($)
|
|
Illinois 5.2%
|
|
||
Chicago, IL, Board of Education:
|
|
|
|
Series B, 4.0%, 12/1/2035
|
|
2,500,000
|
2,387,636
|
Series A, 5.0%, 12/1/2033
|
|
740,000
|
763,611
|
Series A, 6.0%, 12/1/2049
|
|
1,400,000
|
1,534,733
|
Chicago, IL, General Obligation:
|
|
|
|
Series B, 4.0%, 1/1/2036
|
|
950,000
|
944,484
|
Series A, 6.0%, 1/1/2038
|
|
2,180,000
|
2,266,192
|
Illinois, Finance Authority Revenue, The Carle Foundation,
Series C, 3.37% (b), 6/7/2024, LOC: Barclays Bank PLC
|
|
300,000
|
300,000
|
Illinois, Housing Development Authority Revenue:
|
|
|
|
Series B, 3.0%, 4/1/2051
|
|
2,925,000
|
2,796,688
|
Series E, 5.25%, 10/1/2052
|
|
3,645,000
|
3,746,526
|
Illinois, State Finance Authority Revenue, Friendship Village
of Schaumburg, 5.125%, 2/15/2045 * (d)
|
|
7,935,000
|
1,825,050
|
Illinois, State General Obligation:
|
|
|
|
5.0%, 11/1/2034
|
|
1,500,000
|
1,529,359
|
Series A, 5.0%, 12/1/2042
|
|
3,610,000
|
3,677,156
|
5.5%, 5/1/2039
|
|
1,535,000
|
1,662,255
|
5.75%, 5/1/2045
|
|
1,470,000
|
1,588,935
|
|
|
|
25,022,625
|
Indiana 1.6%
|
|
||
Indiana, State Finance Authority Revenue, Educational
Facilities, Rock Creek Community Academy Inc., Project,
Series A, 144A, 6.125%, 7/1/2048
|
|
3,660,000
|
3,661,733
|
Indiana, State Housing & Community Development
Authority, Single Family Mortgage Revenue, Series C-1,
5.0%, 7/1/2053
|
|
690,000
|
695,971
|
Indianapolis, IN, Local Public Improvement Bond Bank,
Airport Authority Project:
|
|
|
|
Series E, 6.0%, 3/1/2053
|
|
595,000
|
645,269
|
Series E, 6.125%, 3/1/2057
|
|
300,000
|
325,398
|
Series F, 7.75%, 3/1/2067
|
|
2,000,000
|
2,124,652
|
|
|
|
7,453,023
|
Iowa 1.2%
|
|
||
Iowa, State Finance Authority Revenue, Lifespace
Communities, Inc. Obligated Group, Series B, 7.5%,
5/15/2053
|
|
455,000
|
497,351
|
Iowa, State Higher Education Loan Authority Revenue,
Des Moines University Project, 4.0%, 10/1/2050
|
|
5,210,000
|
4,404,406
|
Iowa, State Student Loan Liquidity Corp., Senior Revenue,
Series B, AMT, 3.0%, 12/1/2039
|
|
210,000
|
195,955
|
8
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Iowa, Tobacco Settlement Authority Revenue:
|
|
|
|
“2", Series B-2, Zero Coupon, 6/1/2065
|
|
3,555,000
|
433,391
|
“2", Series B1, 4.0%, 6/1/2049
|
|
210,000
|
204,390
|
|
|
|
5,735,493
|
Kansas 0.2%
|
|
||
Wyandotte County, KS, Unified Government, Legends
Apartments Garage & West Lawn Project, 4.5%,
6/1/2040
|
|
1,125,000
|
1,072,467
|
Kentucky 0.5%
|
|
||
Kentucky, State Economic Development Finance Authority,
Owensboro Health, Inc., Obligated Group, Series A,
5.25%, 6/1/2041
|
|
1,275,000
|
1,283,446
|
Louisville & Jefferson County, KY, Metropolitan
Government Health System Revenue, Norton
Healthcare, Inc., Series B, 4.05% (b), 6/3/2024, LOC:
PNC Bank NA
|
|
920,000
|
920,000
|
|
|
|
2,203,446
|
Louisiana 0.3%
|
|
||
Louisiana, Public Facilities Authority Revenue, Ochsner
Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047
|
|
10,000
|
10,253
|
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2,
4.0% (b), 6/3/2024, LOC: Toronto-Dominion Bank
|
|
1,300,000
|
1,300,000
|
|
|
|
1,310,253
|
Maryland 0.1%
|
|
||
Maryland, State Community Development Administration,
Series B, 5.35% (b), 6/7/2024, SPA: TD Bank NA
|
|
300,000
|
300,000
|
Massachusetts 1.6%
|
|
||
Massachusetts, Educational Financing Authority Education
Loan Revenue, Series B, AMT, 2.0%, 7/1/2037
|
|
1,000,000
|
843,341
|
Massachusetts, State Department of Transportation,
Metropolitan Highway Systems Revenue, Series A-2,
3.25% (b), 6/7/2024, LOC: TD Bank NA
|
|
400,000
|
400,000
|
Massachusetts, State Development Finance Agency
Revenue, Springfield College, Series A, 4.0%, 6/1/2056
|
|
450,000
|
358,538
|
Massachusetts, State Development Financing Agency,
College of the Holy Cross, Series A, 3.95% (b),
6/3/2024, LOC: Bank of America NA
|
|
100,000
|
100,000
|
Massachusetts, State Educational Financing Authority:
|
|
|
|
Series B, AMT, 3.0%, 7/1/2035
|
|
90,000
|
89,117
|
Series B, AMT, 4.25%, 7/1/2044
|
|
3,800,000
|
3,607,379
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
9
|
|
Principal
Amount ($)
|
Value ($)
|
|
Massachusetts, State Health & Educational Facilities
Authority Revenue, Baystate Medical Center:
|
|
|
|
Series J-2-R, 4.0% (b), 6/3/2024, LOC: TD Bank NA
|
|
600,000
|
600,000
|
Series K, 4.0% (b), 6/3/2024, LOC: TD Bank NA
|
|
1,450,000
|
1,450,000
|
|
|
|
7,448,375
|
Michigan 1.7%
|
|
||
Kentwood, MI, Economic Development Corp., Holland
Home Obligated Group, Series 2022, 4.0%, 11/15/2043
|
|
1,500,000
|
1,228,595
|
Michigan, Finance Authority Higher Facilities, Ltd.
Obligation Revenue, Kettering University Project:
|
|
|
|
4.0%, 9/1/2045
|
|
1,775,000
|
1,605,769
|
4.0%, 9/1/2050
|
|
1,660,000
|
1,459,494
|
Michigan, State Finance Authority Revenue, Detroit Water
& Sewer Department, Series C, 5.0%, 7/1/2035
|
|
910,000
|
918,530
|
Michigan, State Finance Authority Revenue, Tobacco
Settlement Revenue:
|
|
|
|
“1", Series A, 4.0%, 6/1/2049
|
|
1,000,000
|
889,977
|
Series A2, 5.0%, 6/1/2040
|
|
1,770,000
|
1,833,469
|
|
|
|
7,935,834
|
Minnesota 1.1%
|
|
||
Minnesota, State Housing Finance Agency, Series I, 5.0%,
7/1/2053
|
|
3,805,000
|
3,838,769
|
Minnesota, State Office of Higher Education Revenue,
AMT, 2.65%, 11/1/2038
|
|
1,895,000
|
1,605,959
|
|
|
|
5,444,728
|
Missouri 2.2%
|
|
||
Kansas City, MO, Land Clearance Redevelopment
Authority Project Revenue, Convention Center Hotel
Project, Series A, 144A, 6.25%, 4/15/2049
|
|
3,750,000
|
3,205,316
|
Missouri, State Health & Educational Facilities Authority
Revenue, Medical Research, Lutheran Senior Services:
|
|
|
|
4.0%, 2/1/2042
|
|
1,450,000
|
1,274,934
|
Series A, 5.0%, 2/1/2046
|
|
665,000
|
641,924
|
Missouri, State Health & Educational Facilities Authority
Revenue, St Louis University:
|
|
|
|
Series B-1, 3.95% (b), 6/3/2024, LOC: Barclays Bank
PLC
|
|
300,000
|
300,000
|
Series B, 4.1% (b), 6/3/2024, LOC: U.S. Bank NA
|
|
1,000,000
|
1,000,000
|
10
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Nodaway County, MO, Industrial Development Authority,
Educational Facilities Revenue, North West Foundation,
Inc., 3.32% (b), 6/7/2024, LOC: U.S. Bank NA
|
|
1,120,000
|
1,120,000
|
St. Louis, MO, Industrial Development Authority Financing
Revenue, Ballpark Village Development Project, Series A,
4.75%, 11/15/2047
|
|
3,875,000
|
2,930,267
|
|
|
|
10,472,441
|
Nevada 1.1%
|
|
||
Nevada, Tahoe Douglas Visitors Authority,
Stateline Revenue:
|
|
|
|
5.0%, 7/1/2040
|
|
1,000,000
|
1,013,816
|
5.0%, 7/1/2045
|
|
1,000,000
|
1,001,476
|
5.0%, 7/1/2051
|
|
1,000,000
|
982,791
|
Reno, NV, Sales Tax Revenue, Transportation Rail Access,
Series C, 144A, Zero Coupon, 7/1/2058
|
|
16,000,000
|
2,056,967
|
|
|
|
5,055,050
|
New Hampshire 0.0%
|
|
||
New Hampshire, State Health & Educational Facilities
Authority Revenue, Hillside Village:
|
|
|
|
Series A, 144A, 6.125%, 7/1/2037 * (d)
|
|
562,713
|
56
|
Series A, 144A, 6.25%, 7/1/2042 * (d)
|
|
681,507
|
68
|
|
|
|
124
|
New Jersey 2.9%
|
|
||
New Jersey, State Covid-19 General Obligation Emergency
Bonds, Series A, 4.0%, 6/1/2031
|
|
415,000
|
430,591
|
New Jersey, State Economic Development Authority
Revenue, Series SSS, 5.25%, 6/15/2038
|
|
400,000
|
450,147
|
New Jersey, State Economic Development Authority
Revenue, Black Horse EHT Urban Renewal LLC Project,
Series A, 144A, 5.0%, 10/1/2039 * (d)
|
|
3,795,000
|
2,423,573
|
New Jersey, State Economic Development Authority
Revenue, White Horse HMT Urban Renewal LLC
Project, 144A, 5.0%, 1/1/2040 * (d)
|
|
1,625,000
|
1,112,455
|
New Jersey, State Economic Development Authority,
Special Facilities Revenue, Continental Airlines, Inc.
Project, Series B, AMT, 5.625%, 11/15/2030
|
|
2,500,000
|
2,521,210
|
New Jersey, State Higher Education Assistance Authority,
Student Loan Revenue:
|
|
|
|
Series B, AMT, 3.25%, 12/1/2039
|
|
780,000
|
715,612
|
Series B, AMT, 3.5%, 12/1/2039
|
|
1,175,000
|
1,109,530
|
Series B, AMT, 4.25%, 12/1/2045
|
|
1,450,000
|
1,402,182
|
Series C, AMT, 5.0%, 12/1/2053
|
|
605,000
|
579,456
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
11
|
|
Principal
Amount ($)
|
Value ($)
|
|
New Jersey, State Housing & Mortgage Finance Agency,
Single Family Housing Revenue, Series I, 5.0%,
10/1/2053
|
|
1,120,000
|
1,141,262
|
New Jersey, Transportation Trust Fund Authority, Series BB,
4.0%, 6/15/2040
|
|
2,025,000
|
1,981,738
|
|
|
|
13,867,756
|
New Mexico 0.4%
|
|
||
New Mexico, State Mortgage Finance Authority, “I” ,
Series D, 3.25%, 7/1/2044
|
|
2,460,000
|
2,016,530
|
New York 6.2%
|
|
||
Buffalo & Erie County, NY, Industrial Land Development
Corp., D’Youville College Project:
|
|
|
|
Series A, 4.0%, 11/1/2040
|
|
1,200,000
|
1,016,855
|
Series A, 4.0%, 11/1/2050
|
|
2,500,000
|
1,931,735
|
Monroe County, NY, Industrial Development Corp.
Revenue, St. Ann’s Community Project, 5.0%, 1/1/2050
|
|
4,750,000
|
3,695,975
|
New York, Metropolitan Transportation Authority Revenue:
|
|
|
|
Series G-1, 3.41% (b), 6/7/2024, LOC: TD Bank NA
|
|
100,000
|
100,000
|
Series 2012-G1, 4.0% (b), 6/3/2024, LOC: Barclays Bank
PLC
|
|
1,340,000
|
1,340,000
|
Series E-1, 4.0% (b), 6/3/2024, LOC: Barclays Bank PLC
|
|
170,000
|
170,000
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, The New School:
|
|
|
|
Series A, 4.0%, 7/1/2047
|
|
500,000
|
456,390
|
Series A, 4.0%, 7/1/2052
|
|
590,000
|
524,994
|
New York, State Transportation Development Corp., Special
Facilities Revenue, Delta Air Lines, Inc., LaGuardia
Airport C&D Redevelopment, AMT, 5.625%, 4/1/2040
|
|
1,290,000
|
1,407,361
|
New York, State Transportation Development Corp., Special
Facilities Revenue, John F. Kennedy International
Airport Project:
|
|
|
|
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group,
Inc.
|
|
500,000
|
467,384
|
AMT, 4.0%, 12/1/2042
|
|
1,200,000
|
1,118,655
|
AMT, 5.375%, 8/1/2036
|
|
900,000
|
950,511
|
AMT, 5.375%, 6/30/2060
|
|
2,085,000
|
2,162,366
|
AMT, 6.0%, 6/30/2054
|
|
250,000
|
274,232
|
New York, Triborough Bridge & Tunnel Authority Revenue:
|
|
|
|
Series B, 4.0% (b), 6/3/2024, LOC: TD Bank NA
|
|
400,000
|
400,000
|
Series B-4C, 4.15% (b), 6/3/2024, LOC: U.S. Bank NA
|
|
600,000
|
600,000
|
New York, TSASC, Inc.:
|
|
|
|
Series A, 5.0%, 6/1/2041
|
|
595,000
|
603,412
|
Series B, 5.0%, 6/1/2048
|
|
2,800,000
|
2,370,953
|
12
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
New York City, NY, Housing Development Corp.,
Multi-Family Housing Revenue:
|
|
|
|
Series E-1, 2.8%, 11/1/2034
|
|
4,340,000
|
3,657,623
|
Series E-1, 3.0%, 11/1/2039
|
|
2,355,000
|
1,935,914
|
New York Counties, NY, Tobacco Trust IV, Series F, Zero
Coupon, 6/1/2060
|
|
35,000,000
|
2,022,093
|
Orange County, NY, Senior Care Revenue, Industrial
Development Agency, The Glen Arden Project, Series A,
5.7%, 1/1/2028 * (d)
|
|
2,125,000
|
1,275,000
|
Westchester County, NY, Local Development Corp., Health
Care Corp. Obligated Group Revenue, 5.75%,
11/1/2053, INS: AGMC
|
|
1,000,000
|
1,121,572
|
|
|
|
29,603,025
|
North Carolina 0.4%
|
|
||
North Carolina, State Education Assistance Authority
Revenue, Series A, AMT, 5.0%, 6/1/2043
|
|
625,000
|
609,224
|
North Carolina, State Housing Finance Agency, Series 42,
4.0%, 1/1/2050
|
|
1,155,000
|
1,143,277
|
|
|
|
1,752,501
|
North Dakota 0.1%
|
|
||
City of Grand Forks, ND, Altru Health System Obligated
Group Revenue, Series A, 5.0%, 12/1/2053, INS: AGMC
|
|
315,000
|
320,863
|
Ohio 3.0%
|
|
||
Buckeye, OH, Tobacco Settlement Financing Authority:
|
|
|
|
“2", Series B-3, Zero Coupon, 6/1/2057
|
|
15,000,000
|
1,342,643
|
“2", Series B-2, 5.0%, 6/1/2055
|
|
4,300,000
|
3,852,969
|
Hamilton County, OH, Health Care Revenue, Life Enriching
Communities Project:
|
|
|
|
5.0%, 1/1/2051
|
|
1,270,000
|
1,165,223
|
Series A, 5.0%, 1/1/2052
|
|
1,000,000
|
914,864
|
Series A, 5.75%, 1/1/2053
|
|
380,000
|
391,118
|
Ohio, Akron, Bath & Copley Joint Township Hospital
District Revenue, 5.25%, 11/15/2046
|
|
1,575,000
|
1,588,074
|
Ohio, State Hospital Revenue, Aultman Health Foundation,
144A, 5.0%, 12/1/2048
|
|
6,000,000
|
5,312,998
|
|
|
|
14,567,889
|
Oklahoma 0.9%
|
|
||
Oklahoma, State Development Finance Authority, Health
System Revenue, OU Medicine Project:
|
|
|
|
Series B, 5.25%, 8/15/2048
|
|
1,545,000
|
1,568,189
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
13
|
|
Principal
Amount ($)
|
Value ($)
|
|
Series A, 5.5%, 8/15/2041
|
|
1,360,000
|
1,368,000
|
Series A, 5.5%, 8/15/2044
|
|
1,445,000
|
1,470,447
|
|
|
|
4,406,636
|
Pennsylvania 2.2%
|
|
||
Chester County, PA, Industrial Development Authority,
Special Obligation Revenue, Woodlands at Graystone
Neighborhood Improvement Project, 144A, 5.125%,
3/1/2048
|
|
403,000
|
370,543
|
Lancaster County, PA, Hospital Authority, Brethren
Village Project:
|
|
|
|
5.125%, 7/1/2037
|
|
900,000
|
865,532
|
5.25%, 7/1/2041
|
|
900,000
|
854,232
|
Pennsylvania, Higher Education Assistance Agency
Education Loan Revenue:
|
|
|
|
Series A, AMT, 2.45%, 6/1/2041
|
|
2,700,000
|
2,224,146
|
AMT, 4.125%, 6/1/2045
|
|
3,000,000
|
2,825,667
|
Pennsylvania, State Economic Development Financing
Authority Revenue, UPMC Obligated Group, Series A-2,
4.0%, 5/15/2043
|
|
875,000
|
830,452
|
Pennsylvania, State Housing Finance Agency, Single
Family Mortgage Revenue:
|
|
|
|
Series 132A, 3.5%, 4/1/2051
|
|
820,000
|
806,902
|
Series 145A, 6.0%, 10/1/2054 (e)
|
|
1,000,000
|
1,076,224
|
Pennsylvania, State Turnpike Commission Revenue,
Series A-1, 5.0%, 12/1/2041
|
|
20,000
|
20,200
|
Philadelphia, PA, Authority For Industrial Development,
Philadelphia Electrical and Technology Charter High
School Project, Series A, 4.0%, 6/1/2051
|
|
875,000
|
684,337
|
|
|
|
10,558,235
|
Rhode Island 0.6%
|
|
||
Rhode Island, Student Loan Authority Revenue, Series A,
AMT, 4.125%, 12/1/2043
|
|
3,200,000
|
2,997,526
|
South Carolina 1.0%
|
|
||
South Carolina, Public Service Authority Revenue,
Series A, 4.0%, 12/1/2055
|
|
1,000,000
|
880,154
|
South Carolina, State Jobs-Economic Development
Authority Revenue, Novant Health Obligated Group,
Series A, 5.5%, 11/1/2054
|
|
500,000
|
543,329
|
South Carolina, State Public Service Authority Revenue:
|
|
|
|
Series B, 4.0%, 12/1/2047
|
|
1,820,000
|
1,674,596
|
Series A, 4.0%, 12/1/2052
|
|
2,160,000
|
1,924,773
|
|
|
|
5,022,852
|
14
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
South Dakota 0.3%
|
|
||
Lincon County, SD, Economic Development Revenue,
Augustana College Association Project, Series A, 4.0%,
8/1/2056
|
|
2,050,000
|
1,595,925
|
Tennessee 1.8%
|
|
||
Greeneville, TN, Health & Educational Facilities Board
Hospital Revenue, Series B, 3.35% (b), 6/7/2024, LOC:
U.S. Bank NA
|
|
1,500,000
|
1,500,000
|
Metropolitan Nashville, TN, Airport Authority Revenue:
|
|
|
|
Series B, AMT, 4.0%, 7/1/2049
|
|
1,000,000
|
900,809
|
Series B, AMT, 4.0%, 7/1/2054
|
|
500,000
|
438,776
|
Nashville & Davidson County, TN, Metropolitan
Development & Housing Agency, Tax Increment
Revenue, Fifth Broadway Development District, 144A,
5.125%, 6/1/2036
|
|
900,000
|
904,720
|
Nashville & Davidson County, TN, Metropolitan
Government Health & Education Facilities Board
Revenue, Blakeford At Green Hills Corp., Series A,
4.0%, 11/1/2055
|
|
4,000,000
|
2,822,793
|
Tennessee, New Memphis Arena Public Building Authority,
City of Memphis Project, 0%–4.0% 4/1/2031 (c)
|
|
750,000
|
669,602
|
Tennessee, State Energy Acquisition Corporation Revenue,
Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs
Group, Inc.
|
|
1,200,000
|
1,258,535
|
|
|
|
8,495,235
|
Texas 8.7%
|
|
||
Central Texas, Regional Mobility Authority Revenue,
Capital Appreciation:
|
|
|
|
Zero Coupon, 1/1/2030
|
|
5,000,000
|
4,001,201
|
Zero Coupon, 1/1/2032
|
|
3,500,000
|
2,570,774
|
Clifton, TX, Higher Education Finance Corp., Education
Revenue, Series D, 6.125%, 8/15/2048
|
|
4,485,000
|
4,553,177
|
Dallas, TX, Kay Bailey Hutchison Convention Center
Project, Senior Lien, Special Tax, 144A, 6.0% (a),
8/15/2053
|
|
3,015,000
|
3,039,867
|
Harris County, TX, Industrial Development Corp. Revenue,
Energy Transfer LP, 4.05% (a), 11/1/2050
|
|
1,275,000
|
1,271,189
|
Matagorda County, TX, Navigation District No. 1, Pollution
Control Revenue, AEP Texas Central Co. Project,
Series A, 4.4%, 5/1/2030, INS: AMBAC
|
|
4,000,000
|
4,004,830
|
Newark, TX, Higher Education Finance Corp., Texas
Revenue, Abilene Christian University Project, Series A,
4.0%, 4/1/2057
|
|
3,715,000
|
3,163,715
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
15
|
|
Principal
Amount ($)
|
Value ($)
|
|
San Antonio, TX, Education Facilities Corp., Higher
Education Revenue, Hallmark University Project:
|
|
|
|
Series A, 5.0%, 10/1/2041
|
|
450,000
|
381,638
|
Series A, 5.0%, 10/1/2051
|
|
735,000
|
580,770
|
Tarrant County, TX, Cultural Education Facilities Finance
Corp., Christus Health Obligated Group, Series C-2,
3.43% (b), 6/7/2024, LOC: Bank of NY Mellon
|
|
1,700,000
|
1,700,000
|
Temple, TX, Tax Increment, Reinvestment Zone No. 1:
|
|
|
|
Series A, 4.0%, 8/1/2039, INS: BAM
|
|
170,000
|
168,667
|
Series A, 4.0%, 8/1/2041, INS: BAM
|
|
235,000
|
228,856
|
Series A, 5.0%, 8/1/2038
|
|
2,830,000
|
2,762,856
|
Texas, New Hope Cultural Education Facilities Finance
Corp. Revenue, Bridgemoor Plano Project:
|
|
|
|
Series A-2, Zero Coupon, 12/31/2030
|
|
1,172,249
|
712,251
|
Series A-1, 7.25%, 12/31/2030
|
|
5,450,000
|
5,421,502
|
Texas, New Hope Cultural Education Facilities Finance
Corp., Educational Revenue, Cumberland Academy
Project, Series A, 144A, 5.0%, 8/15/2050
|
|
3,550,000
|
3,361,369
|
Texas, Private Activity Bond, Surface Transportation Corp.
Revenue, North Tarrant Express, AMT, 5.5%, 12/31/2058
|
|
1,485,000
|
1,586,271
|
Texas, State Municipal Gas Acquisition & Supply Corp. I,
Gas Supply Revenue, Series D, 6.25%, 12/15/2026,
GTY: Merrill Lynch & Co.
|
|
2,360,000
|
2,425,081
|
|
|
|
41,934,014
|
Utah 1.3%
|
|
||
Utah, Infrastructure Agency Telecommunication Revenue:
|
|
|
|
Series A, 4.0%, 10/15/2036
|
|
1,565,000
|
1,483,346
|
Series A, 4.0%, 10/15/2041
|
|
600,000
|
538,032
|
Series A, 4.0%, 10/15/2042
|
|
785,000
|
696,908
|
Utah, State Charter School Financing Authority Revenue,
Freedom Academy Foundation Project, 144A, 5.375%,
6/15/2048
|
|
3,990,000
|
3,610,548
|
|
|
|
6,328,834
|
Vermont 0.6%
|
|
||
Vermont, State Educational & Health Buildings Financing
Agency Revenue, Landmark College Project, Series A,
4.01% (b), 6/3/2024, LOC: TD Bank NA
|
|
1,115,000
|
1,115,000
|
Vermont, State Educational & Health Buildings Financing
Agency Revenue, St Michael’s College Inc., 144A, 5.5%,
10/1/2043
|
|
2,000,000
|
1,999,621
|
|
|
|
3,114,621
|
16
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Virginia 3.6%
|
|
||
Prince William County, VA, Industrial Development
Authority, Residential Care Facilities, Westminster at
Lake Ridge:
|
|
|
|
5.0%, 1/1/2037
|
|
1,000,000
|
925,008
|
5.0%, 1/1/2046
|
|
1,530,000
|
1,295,412
|
Roanoke County, VA, Economic Development Authority
Revenue, Richfield Living, Series A, 5.25%, 9/1/2049
|
|
790,000
|
736,263
|
Roanoke County, VA, Economic Development Authority,
RSDL Care Facilities Revenue, Richfield Living, Series A,
5.375%, 9/1/2054
|
|
685,000
|
638,405
|
Virginia, Marquis Community Development
Authority Revenue:
|
|
|
|
Series C, 9/1/2041*
|
|
11,070,000
|
27,675
|
Series B, 5.625%, 9/1/2041 (d) (f)
|
|
7,416,000
|
2,595,600
|
144A, 7.5%, 9/1/2045 (d) (f)
|
|
2,284,000
|
799,400
|
Virginia, Peninsula Town Center, Community Development
Authority Revenue, Special Obligation:
|
|
|
|
144A, 5.0%, 9/1/2037
|
|
1,400,000
|
1,350,418
|
144A, 5.0%, 9/1/2045
|
|
4,650,000
|
4,267,977
|
Virginia, Small Business Financing Authority Revenue,
95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048
|
|
1,205,000
|
1,069,965
|
Virginia, Small Business Financing Authority Revenue,
Elizabeth River Crossings OpCo LLC, AMT, 4.0%,
1/1/2038
|
|
1,000,000
|
976,189
|
Virginia, Small Business Financing Authority, Elizabeth
River Crossings OPCO LLC Project, AMT, 4.0%,
1/1/2039
|
|
1,500,000
|
1,446,249
|
Virginia, Small Business Financing Authority, Private
Activity Revenue, Transform 66 P3 Project, AMT, 5.0%,
12/31/2049
|
|
870,000
|
876,370
|
Virginia Beach, VA, State Beach Development Authority
Residential Care Facility, Westminster-Canterbury on
Chesapeake Bay Obligated Group, Series B-3, 5.375%,
9/1/2029
|
|
430,000
|
445,820
|
|
|
|
17,450,751
|
Washington 2.8%
|
|
||
Skagit County, WA, Public Hospital District No. 1 Revenue,
5.5%, 12/1/2054
|
|
360,000
|
377,617
|
Washington, State Convention Center Public
Facilities District:
|
|
|
|
Series B, 3.0%, 7/1/2048, INS: AGMC
|
|
4,120,000
|
3,092,809
|
Series B, 3.0%, 7/1/2058
|
|
2,080,000
|
1,374,795
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
17
|
|
Principal
Amount ($)
|
Value ($)
|
|
Washington, State Housing Finance Commission,
Emerald Heights:
|
|
|
|
Series B-2, 4.0%, 7/1/2026
|
|
265,000
|
264,996
|
Series B-1, 4.75%, 7/1/2027
|
|
305,000
|
305,030
|
Washington, State Housing Finance Commission,
Panorama Project, 3.35% (b), 6/7/2024, LOC: Wells
Fargo Bank NA
|
|
5,435,000
|
5,435,000
|
Washington, State Housing Finance Commission, The
Hearthstone Project:
|
|
|
|
Series A, 144A, 5.0%, 7/1/2038
|
|
775,000
|
640,620
|
Series A, 144A, 5.0%, 7/1/2048
|
|
1,735,000
|
1,291,799
|
Series A, 144A, 5.0%, 7/1/2053
|
|
1,125,000
|
813,502
|
|
|
|
13,596,168
|
Wisconsin 7.0%
|
|
||
Wisconsin, Health Educational Facilities Authority,
Covenant Communities, Inc. Project:
|
|
|
|
Series A-1, 5.0%, 7/1/2043
|
|
4,150,000
|
3,869,406
|
Series B, 5.0%, 7/1/2048
|
|
1,910,000
|
1,471,936
|
Series B, 5.0%, 7/1/2053
|
|
2,875,000
|
2,136,307
|
Wisconsin, Public Finance Authority Educational Facility
Revenue, Noorba College of Osteopathic Media Project,
Series B, 144A, 6.5%, 6/1/2045
|
|
6,000,000
|
5,193,264
|
Wisconsin, Public Finance Authority, Education Revenue,
Mountain Island Charter School Ltd.:
|
|
|
|
5.0%, 7/1/2047
|
|
2,000,000
|
1,866,304
|
5.0%, 7/1/2052
|
|
910,000
|
834,832
|
Wisconsin, Public Finance Authority, Education Revenue,
North Carolina Leadership Academy, Series A, 144A,
5.0%, 6/15/2049
|
|
520,000
|
481,546
|
Wisconsin, Public Finance Authority, Fargo-Moorhead
Metropolitan Area Flood Risk Management Project,
AMT, 4.0%, 9/30/2051
|
|
3,000,000
|
2,467,217
|
Wisconsin, Public Finance Authority, Hospital Revenue,
Carson Valley Medical Center, Series A, 144A, 4.0%,
12/1/2051
|
|
1,290,000
|
999,479
|
Wisconsin, Public Finance Authority, Pollution Control
Revenue, Duke Energy Progress Project, Series A-2,
3.7% (a), 10/1/2046
|
|
2,700,000
|
2,628,512
|
Wisconsin, Public Finance Authority, Roseman University
of Health Sciences Project:
|
|
|
|
144A, 4.0%, 4/1/2042
|
|
250,000
|
224,542
|
144A, Prerefunded, 4.0%, 4/1/2042
|
|
5,000
|
5,256
|
144A, Prerefunded, 4.0%, 4/1/2052
|
|
15,000
|
15,767
|
18
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Principal
Amount ($)
|
Value ($)
|
|
Wisconsin, Public Finance Authority, Senior Living
Community First Mortgage Revenue, Cedars
Obligated Group:
|
|
|
|
144A, 5.5%, 5/1/2039
|
|
635,000
|
560,520
|
144A, 5.75%, 5/1/2054
|
|
3,490,000
|
2,942,328
|
Wisconsin, Public Finance Authority, Wisconsin Hotel
Revenue, Senior Lien Grand Hyatt San Antonio Hotel,
Series B, 144A, 6.0%, 2/1/2062
|
|
5,000,000
|
5,091,410
|
Wisconsin, Public Financing Authority, Retirement
Facilities Revenue, Southminster, Inc., 144A, 5.0%,
10/1/2053
|
|
1,000,000
|
882,671
|
Wisconsin, State Health & Educational Facilities Authority
Revenue, Froedtert Health Inc., Obligated Group,
Series A, 4.0%, 4/1/2039
|
|
1,135,000
|
1,094,293
|
Wisconsin, State Health & Educational Facilities Authority
Revenue, Marshfield Clinic Health System, Inc.,
Series A, 4.0% (b), 6/3/2024, LOC: Barclays Bank Plc
|
|
600,000
|
600,000
|
|
|
|
33,365,590
|
Guam 0.1%
|
|
||
Guam, Government Waterworks Authority, Water &
Wastewater System Revenue, Series A, 5.0%, 1/1/2050
|
|
655,000
|
666,991
|
Puerto Rico 4.7%
|
|
||
Puerto Rico, Commonwealth Aqueduct and Sewer
Authority, Series A, 144A, 4.0%, 7/1/2042
|
|
2,000,000
|
1,851,398
|
Puerto Rico, General Obligation:
|
|
|
|
Series A, Zero Coupon, 7/1/2024
|
|
41,737
|
41,590
|
Series A, Zero Coupon, 7/1/2033
|
|
3,602,431
|
2,392,480
|
Series A1, 4.0%, 7/1/2033
|
|
1,255,987
|
1,255,954
|
Series A1, 4.0%, 7/1/2035
|
|
230,098
|
226,049
|
Series A1, 4.0%, 7/1/2037
|
|
2,007,160
|
1,947,348
|
Series A1, 4.0%, 7/1/2041
|
|
2,098,773
|
1,950,865
|
Series A1, 5.375%, 7/1/2025
|
|
285,097
|
287,592
|
Series A1, 5.625%, 7/1/2027
|
|
282,516
|
295,427
|
Series A1, 5.75%, 7/1/2031
|
|
269,953
|
300,926
|
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
|
|
|
|
Series A-1, 4.75%, 7/1/2053
|
|
6,800,000
|
6,757,301
|
Series A-1, 5.0%, 7/1/2058
|
|
1,000,000
|
1,000,324
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement
Revenue, Series A, Zero Coupon, 5/15/2057
|
|
50,000,000
|
4,017,500
|
|
|
|
22,324,754
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
19
|
|
Principal
Amount ($)
|
Value ($)
|
|
Other 0.5%
|
|
||
Freddie Mac Multi-Family ML Certificates, “A-CA” ,
Series 2021-ML10, 2.046%, 6/25/2038
|
|
3,312,817
|
2,553,891
|
Total Municipal Investments (Cost $493,462,121)
|
460,976,942
|
||
Corporate Bonds 1.0%
|
|
||
Consumer Discretionary
|
|
||
Grand Canyon University:
|
|
|
|
4.125%, 10/1/2024
|
|
3,000,000
|
2,947,500
|
5.125%, 10/1/2028
|
|
2,165,000
|
1,944,993
|
Total Corporate Bonds (Cost $5,051,812)
|
4,892,493
|
|
Shares
|
Value ($)
|
|
Closed-End Investment Companies 1.0%
|
|
||
Nuveen Quality Municipal Income Fund (Cost $5,256,881)
|
|
412,000
|
4,630,880
|
Open-End Investment Companies 0.0%
|
|
||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional
Shares, 3.23% (g) (Cost $8,584)
|
|
8,583
|
8,584
|
|
|
% of Net
Assets
|
Value ($)
|
Total Investment Portfolio (Cost $503,779,398)
|
98.2
|
470,508,899
|
|
Other Assets and Liabilities, Net
|
1.8
|
8,827,353
|
|
Net Assets
|
100.0
|
479,336,252
|
*
|
Non-income producing security.
|
(a)
|
Variable or floating rate security. These securities are shown at their current rate
as of
May 31, 2024. For securities based on a published reference rate and spread, the
reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions, prepayment of underlying positions
and/or other variables. Securities with a floor or ceiling feature are disclosed at
the
inherent rate, where applicable.
|
(b)
|
Variable rate demand notes are securities whose interest rates are reset periodically
(usually daily mode or weekly mode) by remarketing agents based on current market
levels, and are not directly set as a fixed spread to a reference rate. These securities
may be redeemed at par by the holder through a put or tender feature, and are shown
at their current rates as of May 31, 2024. Date shown reflects the earlier of demand
date or stated maturity date.
|
20
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
(c)
|
Security is a “step-up” bond where the coupon increases or steps-up at a
predetermined date. The range of rates shown is the current coupon rate through the
final coupon rate, date shown is the final maturity date.
|
(d)
|
Defaulted security or security for which income has been deemed uncollectible.
|
(e)
|
When-issued or delayed delivery securities included.
|
(f)
|
Security currently paying partial interest. The rate shown represents 50% of the original
coupon rate.
|
(g)
|
Current yield; not a coupon rate.
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to
qualified institutional buyers.
|
AGMC: Assured Guaranty Municipal Corp.
|
AMBAC: Ambac Financial Group, Inc.
|
AMT: Subject to alternative minimum tax.
|
BAM: Build America Mutual
|
GTY: Guaranty Agreement
|
INS: Insured
|
LOC: Letter of Credit
|
MUNIPSA: SIFMA Municipal Swap Index Yield
|
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury
securities which are held in escrow and used to pay principal and interest on tax-exempt
issues and to retire the bonds in full at the earliest refunding date.
|
SIFMA: Securities Industry and Financial Markets Association
|
SPA: Standby Bond Purchase Agreement
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Municipal Investments (a)
|
$—
|
$460,976,942
|
$—
|
$460,976,942
|
Corporate Bonds
|
—
|
4,892,493
|
—
|
4,892,493
|
Closed-End Investment Companies
|
4,630,880
|
—
|
—
|
4,630,880
|
Open-End Investment Companies
|
8,584
|
—
|
—
|
8,584
|
Total
|
$4,639,464
|
$465,869,435
|
$—
|
$470,508,899
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
21
|
Assets
|
|
Investment in securities, at value (cost $503,779,398)
|
$470,508,899
|
Receivable for investments sold
|
3,064,271
|
Receivable for Fund shares sold
|
583,540
|
Dividends receivable
|
21,424
|
Interest receivable
|
7,018,948
|
Other assets
|
38,507
|
Total assets
|
481,235,589
|
Liabilities
|
|
Payable for investments purchased — when-issued/delayed-delivery
securities
|
1,082,340
|
Payable for Fund shares redeemed
|
165,001
|
Distributions payable
|
229,275
|
Accrued management fee
|
131,458
|
Accrued Trustees' fees
|
6,456
|
Other accrued expenses and payables
|
284,807
|
Total liabilities
|
1,899,337
|
Net assets, at value
|
$479,336,252
|
Net Assets Consist of
|
|
Distributable earnings (loss)
|
(156,643,189
)
|
Paid-in capital
|
635,979,441
|
Net assets, at value
|
$479,336,252
|
22
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
Net Asset Value
|
|
Class A
|
|
Net Asset Value and redemption price per share
($145,007,687 ÷ 13,874,656 outstanding shares of beneficial interest,
$.01 par value, unlimited shares authorized)
|
$10.45
|
Maximum offering price per share (100 ÷ 97.25 of $10.45)
|
$10.75
|
Class C
|
|
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($4,122,439 ÷ 394,035 outstanding shares of beneficial interest,
$.01 par value, unlimited shares authorized)
|
$10.46
|
Class S
|
|
Net Asset Value, offering and redemption price per share
($232,976,209 ÷ 22,273,313 outstanding shares of beneficial interest,
$.01 par value, unlimited shares authorized)
|
$10.46
|
Institutional Class
|
|
Net Asset Value, offering and redemption price per share
($97,229,917 ÷ 9,292,434 outstanding shares of beneficial interest,
$.01 par value, unlimited shares authorized)
|
$10.46
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
23
|
Investment Income
|
|
Income:
|
|
Interest
|
$23,861,932
|
Dividends
|
127,223
|
Total income
|
23,989,155
|
Expenses:
|
|
Management fee
|
2,085,842
|
Administration fee
|
463,854
|
Services to shareholders
|
509,764
|
Distribution and service fees
|
378,370
|
Custodian fee
|
5,277
|
Professional fees
|
83,134
|
Reports to shareholders
|
45,567
|
Registration fees
|
71,082
|
Trustees' fees and expenses
|
20,400
|
Other
|
33,607
|
Total expenses before expense reductions
|
3,696,897
|
Expense reductions
|
(538,214
)
|
Total expenses after expense reductions
|
3,158,683
|
Net investment income
|
20,830,472
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss) from:
|
|
Investments
|
(13,860,052
)
|
Futures
|
1,092,860
|
|
(12,767,192
)
|
Change in net unrealized appreciation (depreciation) on:
|
|
Investments
|
19,622,249
|
Futures
|
212,396
|
|
19,834,645
|
Net gain (loss)
|
7,067,453
|
Net increase (decrease) in net assets resulting from operations
|
$27,897,925
|
24
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Years Ended May 31,
|
|
Increase (Decrease) in Net Assets
|
2024
|
2023
|
Operations:
|
|
|
Net investment income
|
$20,830,472
|
$24,003,961
|
Net realized gain (loss)
|
(12,767,192
)
|
(23,901,024
)
|
Change in net unrealized appreciation
(depreciation)
|
19,834,645
|
(27,160,072
)
|
Net increase (decrease) in net assets resulting
from operations
|
27,897,925
|
(27,057,135
)
|
Distributions to shareholders:
|
|
|
Class A
|
(5,433,634
)
|
(6,129,000
)
|
Class C
|
(172,920
)
|
(241,732
)
|
Class S
|
(10,738,556
)
|
(12,803,544
)
|
Institutional Class
|
(4,141,076
)
|
(4,874,306
)
|
Total distributions
|
(20,486,186
)
|
(24,048,582
)
|
Fund share transactions:
|
|
|
Proceeds from shares sold
|
111,960,244
|
120,747,071
|
Reinvestment of distributions
|
17,341,866
|
19,312,081
|
Payments for shares redeemed
|
(177,426,819
)
|
(317,686,045
)
|
Net increase (decrease) in net assets from Fund
share transactions
|
(48,124,709
)
|
(177,626,893
)
|
Increase (decrease) in net assets
|
(40,712,970
)
|
(228,732,610
)
|
Net assets at beginning of period
|
520,049,222
|
748,781,832
|
Net assets at end of period
|
$479,336,252
|
$520,049,222
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
25
|
DWS Strategic High Yield Tax-Free Fund — Class A
|
|||||
|
Years Ended May 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$10.24
|
$11.02
|
$12.59
|
$11.37
|
$12.13
|
Income (loss) from investment operations:
|
|
|
|
|
|
Net investment income
|
.42
|
.41
|
.39
|
.42
|
.45
|
Net realized and unrealized gain (loss)
|
.21
|
(.78
)
|
(1.57
)
|
1.23
|
(.77
)
|
Total from investment operations
|
.63
|
(.37
)
|
(1.18
)
|
1.65
|
(.32
)
|
Less distributions from:
|
|
|
|
|
|
Net investment income
|
(.42
)
|
(.40
)
|
(.39
)
|
(.42
)
|
(.44
)
|
Net realized gains
|
(.00
)*
|
(.01
)
|
(.00
)*
|
(.01
)
|
(.00
)*
|
Total distributions
|
(.42
)
|
(.41
)
|
(.39
)
|
(.43
)
|
(.44
)
|
Net asset value, end of period
|
$10.45
|
$10.24
|
$11.02
|
$12.59
|
$11.37
|
Total Return (%)a,b
|
6.33
|
(3.27
)
|
(9.55
)
|
14.56
|
(2.74
)
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
145
|
137
|
182
|
216
|
181
|
Ratio of expenses before expense reductions
(including interest expense) (%)
|
.92
|
.95
c
|
.90
c
|
.90
c
|
.95
c
|
Ratio of expenses after expense reductions
(including interest expense) (%)
|
.83
|
.89
c
|
.87
c
|
.87
c
|
.91
c
|
Ratio of expenses after expense reductions
(excluding interest expense) (%)
|
.83
|
.85
|
.84
|
.84
|
.85
|
Ratio of net investment income (%)
|
4.19
|
3.97
|
3.21
|
3.51
|
3.72
|
Portfolio turnover rate (%)
|
58
|
70
|
69
|
59
|
52
|
a
|
Total return does not reflect the effect of any sales charges.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
c
|
Interest expense represents interest and fees on short-term floating rate notes issued
in
conjunction with inverse floating rate securities. Interest income from such transactions
is included in income from investment operations.
|
*
|
Amount is less than $.005.
|
26
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund — Class C
|
|||||
|
Years Ended May 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$10.25
|
$11.03
|
$12.60
|
$11.38
|
$12.13
|
Income (loss) from investment operations:
|
|
|
|
|
|
Net investment income
|
.35
|
.34
|
.30
|
.33
|
.36
|
Net realized and unrealized gain (loss)
|
.20
|
(.79
)
|
(1.57
)
|
1.22
|
(.76
)
|
Total from investment operations
|
.55
|
(.45
)
|
(1.27
)
|
1.55
|
(.40
)
|
Less distributions from:
|
|
|
|
|
|
Net investment income
|
(.34
)
|
(.32
)
|
(.30
)
|
(.32
)
|
(.35
)
|
Net realized gains
|
(.00
)*
|
(.01
)
|
(.00
)*
|
(.01
)
|
(.00
)*
|
Total distributions
|
(.34
)
|
(.33
)
|
(.30
)
|
(.33
)
|
(.35
)
|
Net asset value, end of period
|
$10.46
|
$10.25
|
$11.03
|
$12.60
|
$11.38
|
Total Return (%)a,b
|
5.53
|
(4.00
)
|
(10.22
)
|
13.68
|
(3.39
)
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
4
|
6
|
9
|
14
|
33
|
Ratio of expenses before expense reductions
(including interest expense) (%)
|
1.69
|
1.71
c
|
1.66
c
|
1.66
c
|
1.71
c
|
Ratio of expenses after expense reductions
(including interest expense) (%)
|
1.58
|
1.64
c
|
1.62
c
|
1.62
c
|
1.66
c
|
Ratio of expenses after expense reductions
(excluding interest expense) (%)
|
1.58
|
1.60
|
1.59
|
1.59
|
1.60
|
Ratio of net investment income (%)
|
3.44
|
3.22
|
2.46
|
2.77
|
2.97
|
Portfolio turnover rate (%)
|
58
|
70
|
69
|
59
|
52
|
a
|
Total return does not reflect the effect of any sales charges.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
c
|
Interest expense represents interest and fees on short-term floating rate notes issued
in
conjunction with inverse floating rate securities. Interest income from such transactions
is included in income from investment operations.
|
*
|
Amount is less than $.005.
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
27
|
DWS Strategic High Yield Tax-Free Fund — Class S
|
|||||
|
Years Ended May 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$10.25
|
$11.03
|
$12.60
|
$11.38
|
$12.14
|
Income (loss) from investment operations:
|
|
|
|
|
|
Net investment income
|
.45
|
.44
|
.42
|
.45
|
.47
|
Net realized and unrealized gain (loss)
|
.21
|
(.78
)
|
(1.57
)
|
1.23
|
(.76
)
|
Total from investment operations
|
.66
|
(.34
)
|
(1.15
)
|
1.68
|
(.29
)
|
Less distributions from:
|
|
|
|
|
|
Net investment income
|
(.45
)
|
(.43
)
|
(.42
)
|
(.45
)
|
(.47
)
|
Net realized gains
|
(.00
)*
|
(.01
)
|
(.00
)*
|
(.01
)
|
(.00
)*
|
Total distributions
|
(.45
)
|
(.44
)
|
(.42
)
|
(.46
)
|
(.47
)
|
Net asset value, end of period
|
$10.46
|
$10.25
|
$11.03
|
$12.60
|
$11.38
|
Total Return (%)a
|
6.60
|
(3.01
)
|
(9.31
)
|
14.83
|
(2.49
)
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
233
|
268
|
405
|
567
|
576
|
Ratio of expenses before expense reductions
(including interest expense) (%)
|
.71
|
.74
b
|
.74
b
|
.73
b
|
.80
b
|
Ratio of expenses after expense reductions
(including interest expense) (%)
|
.58
|
.64
b
|
.62
b
|
.62
b
|
.66
b
|
Ratio of expenses after expense reductions
(excluding interest expense) (%)
|
.58
|
.60
|
.59
|
.59
|
.60
|
Ratio of net investment income (%)
|
4.44
|
4.22
|
3.46
|
3.76
|
3.97
|
Portfolio turnover rate (%)
|
58
|
70
|
69
|
59
|
52
|
a
|
Total return would have been lower had certain expenses not been reduced.
|
b
|
Interest expense represents interest and fees on short-term floating rate notes issued
in
conjunction with inverse floating rate securities. Interest income from such transactions
is included in income from investment operations.
|
*
|
Amount is less than $.005.
|
28
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund — Institutional Class
|
|||||
|
Years Ended May 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$10.25
|
$11.03
|
$12.60
|
$11.39
|
$12.14
|
Income (loss) from investment operations:
|
|
|
|
|
|
Net investment income
|
.45
|
.44
|
.43
|
.45
|
.49
|
Net realized and unrealized gain (loss)
|
.21
|
(.78
)
|
(1.58
)
|
1.22
|
(.77
)
|
Total from investment operations
|
.66
|
(.34
)
|
(1.15
)
|
1.67
|
(.28
)
|
Less distributions from:
|
|
|
|
|
|
Net investment income
|
(.45
)
|
(.43
)
|
(.42
)
|
(.45
)
|
(.47
)
|
Net realized gains
|
(.00
)*
|
(.01
)
|
(.00
)*
|
(.01
)
|
(.00
)*
|
Total distributions
|
(.45
)
|
(.44
)
|
(.42
)
|
(.46
)
|
(.47
)
|
Net asset value, end of period
|
$10.46
|
$10.25
|
$11.03
|
$12.60
|
$11.39
|
Total Return (%)a
|
6.61
|
(3.01
)
|
(9.38
)
|
14.82
|
(2.41
)
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
97
|
109
|
153
|
242
|
207
|
Ratio of expenses before expense reductions
(including interest expense) (%)
|
.69
|
.69
b
|
.68
b
|
.68
b
|
.74
b
|
Ratio of expenses after expense reductions
(including interest expense) (%)
|
.58
|
.64
b
|
.62
b
|
.62
b
|
.66
b
|
Ratio of expenses after expense reductions
(excluding interest expense) (%)
|
.58
|
.60
|
.59
|
.59
|
.60
|
Ratio of net investment income (%)
|
4.43
|
4.23
|
3.46
|
3.76
|
3.97
|
Portfolio turnover rate (%)
|
58
|
70
|
69
|
59
|
52
|
a
|
Total return would have been lower had certain expenses not been reduced.
|
b
|
Interest expense represents interest and fees on short-term floating rate notes issued
in
conjunction with inverse floating rate securities. Interest income from such transactions
is included in income from investment operations.
|
*
|
Amount is less than $.005.
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
29
|
30
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
31
|
32
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
33
|
Undistributed tax-exempt income
|
$15,182,894
|
Undistributed ordinary income*
|
$43,744
|
Capital loss carryforwards
|
$(139,010,070
)
|
Net unrealized appreciation (depreciation) on investments
|
$(30,393,742
)
|
34
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Years Ended May 31,
|
|
|
2024
|
2023
|
Distributions from tax-exempt income
|
$19,389,934
|
$22,075,351
|
Distributions from ordinary income*
|
$1,096,252
|
$1,973,231
|
*
|
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
35
|
Realized Gain (Loss)
|
Futures
Contracts
|
Interest Rate Contracts (a)
|
$1,092,860
|
The above derivative is located in the following Statement of Operations account:
|
(a)
|
Net realized gain (loss) from futures contracts
|
Change in Net Unrealized Appreciation (Depreciation)
|
Futures
Contracts
|
Interest Rate Contracts (a)
|
$212,396
|
The above derivative is located in the following Statement of Operations account:
|
(a)
|
Change in net unrealized appreciation (depreciation) on futures contracts
|
36
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
First $300 million of the Fund’s average daily net assets
|
.455%
|
Next $200 million of such net assets
|
.405%
|
Next $500 million of such net assets
|
.380%
|
Next $500 million of such net assets
|
.360%
|
Next $500 million of such net assets
|
.350%
|
Over $2 billion of such net assets
|
.340%
|
Class A
|
.85%
|
Class C
|
1.60%
|
Class S
|
.60%
|
Institutional Class
|
.60%
|
Class A
|
|
.82%
|
Class C
|
|
1.57%
|
Class S
|
|
.57%
|
Institutional Class
|
|
.57%
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
37
|
Class A
|
$118,225
|
Class C
|
5,610
|
Class S
|
308,802
|
Institutional Class
|
105,577
|
|
$538,214
|
Services to Shareholders
|
Total
Aggregated
|
Unpaid at
May 31, 2024
|
Class A
|
$6,337
|
$1,073
|
Class C
|
304
|
46
|
Class S
|
53,941
|
9,001
|
Institutional Class
|
732
|
126
|
|
$61,314
|
$10,246
|
38
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
Sub-Recordkeeping
|
Total
Aggregated
|
Class A
|
$99,632
|
Class C
|
4,800
|
Class S
|
228,021
|
Institutional Class
|
95,063
|
|
$427,516
|
Distribution Fee
|
Total
Aggregated
|
Unpaid at
May 31, 2024
|
Class C
|
$38,557
|
$2,678
|
Service Fee
|
Total
Aggregated
|
Unpaid at
May 31, 2024
|
Annual
Rate
|
Class A
|
$326,963
|
$58,673
|
.25%
|
Class C
|
12,850
|
1,717
|
.25%
|
|
$339,813
|
$60,390
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
39
|
40
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
|
Year Ended
May 31, 2024
|
Year Ended
May 31, 2023
|
||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Shares sold
|
||||
Class A
|
4,222,811
|
$44,108,048
|
2,260,857
|
$23,374,504
|
Class C
|
47,991
|
499,581
|
82,107
|
829,563
|
Class S
|
1,269,500
|
12,952,763
|
1,896,618
|
19,549,640
|
Institutional Class
|
5,239,769
|
54,399,852
|
7,500,594
|
76,993,364
|
|
|
$111,960,244
|
|
$120,747,071
|
Shares issued to shareholders in reinvestment of distributions
|
||||
Class A
|
480,540
|
$4,960,808
|
524,515
|
$5,389,721
|
Class C
|
15,976
|
164,787
|
21,636
|
222,505
|
Class S
|
862,386
|
8,903,002
|
1,042,827
|
10,735,471
|
Institutional Class
|
320,119
|
3,313,269
|
287,992
|
2,964,384
|
|
|
$17,341,866
|
|
$19,312,081
|
Shares redeemed
|
||||
Class A
|
(4,178,884
)
|
$(43,195,908
)
|
(5,930,606
)
|
$(61,044,993
)
|
Class C
|
(285,759
)
|
(2,943,803
)
|
(343,820
)
|
(3,567,125
)
|
Class S
|
(6,007,829
)
|
(61,215,763
)
|
(13,496,445
)
|
(139,333,290
)
|
Institutional Class
|
(6,914,501
)
|
(70,071,345
)
|
(11,001,548
)
|
(113,740,637
)
|
|
|
$(177,426,819
)
|
|
$(317,686,045
)
|
Net increase (decrease)
|
||||
Class A
|
524,467
|
$5,872,948
|
(3,145,234
)
|
$(32,280,768
)
|
Class C
|
(221,792
)
|
(2,279,435
)
|
(240,077
)
|
(2,515,057
)
|
Class S
|
(3,875,943
)
|
(39,359,998
)
|
(10,557,000
)
|
(109,048,179
)
|
Institutional Class
|
(1,354,613
)
|
(12,358,224
)
|
(3,212,962
)
|
(33,782,889
)
|
|
|
$(48,124,709
)
|
|
$(177,626,893
)
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
41
|
42
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
43
|
44
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
45
|
46
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
47
|
48
|
|
|
DWS Strategic High Yield Tax-Free Fund
|
DWS Strategic High Yield Tax-Free Fund
|
|
|
49
|
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. | |
Not applicable | ||
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. | |
Not applicable | ||
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. | |
See Item 7 | ||
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. | |
See Item 7 | ||
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. | |
Not applicable | ||
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | |
Not applicable | ||
Item 15. | Submission of Matters to a Vote of Security. | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
Item 16. | Controls and Procedures. | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 18. | Recovery of Erroneously Awarded Compensation. | |
Not applicable | ||
Item 19. | Exhibits | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust |
By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 7/30/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 7/30/2024 |
By: |
/s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 7/30/2024 |