0000088053-13-001157.txt : 20131009 0000088053-13-001157.hdr.sgml : 20131009 20131009113211 ACCESSION NUMBER: 0000088053-13-001157 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131009 DATE AS OF CHANGE: 20131009 EFFECTIVENESS DATE: 20131009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-57139 FILM NUMBER: 131142785 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MANAGED MUNICIPAL BONDS DATE OF NAME CHANGE: 19880302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02671 FILM NUMBER: 131142786 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MANAGED MUNICIPAL BONDS DATE OF NAME CHANGE: 19880302 0000203142 S000006094 DWS Strategic High Yield Tax-Free Fund C000016734 Class A NOTAX C000016736 Class B NOTBX C000016737 Class C NOTCX C000016738 Class S SHYTX C000016739 Institutional Class NOTIX 0000203142 S000006095 DWS Managed Municipal Bond Fund C000016740 Class A SMLAX C000016742 Class B SMLBX C000016743 Class C SMLCX C000016744 Class S SCMBX C000016745 Institutional Class SMLIX 485BPOS 1 xb100113dmt.htm 485B XBRL FILING - DWS MUNICIPAL TRUST xb100113dmt.htm
Filed electronically with the Securities and Exchange Commission on October 9, 2013

File No. 002-57139
File No. 811-02671

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. 81
| X |
and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
| X |
   
Amendment No. 72
 
   
DWS Municipal Trust
(Exact Name of Registrant as Specified in Charter)
 
   
345 Park Avenue, New York, NY  10154
(Address of Principal Executive Offices)   (Zip Code)
 
   
Registrant’s Telephone Number, including Area Code:  (617) 295-1000
 
   
John Millette
Vice President and Secretary
One Beacon Street
Boston, MA 02108
(Name and Address of Agent for Service)
 


It is proposed that this filing will become effective (check appropriate box):

/X/
Immediately upon filing pursuant to paragraph (b)
/___/
On _______________pursuant to paragraph (b)
/___/
60 days after filing pursuant to paragraph (a)(1)
/___/
On _______________pursuant to paragraph (a)(1)
/___/
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


 
 

 

This filing relates solely to the following Funds, each  a series of the Registrant:

·  
DWS Strategic High Yield Tax-Free Fund — Class A, Class B, Class C, Institutional Class and Class S
·  
DWS Managed Municipal Bond Fund — Class A, Class B, Class C, Institutional Class and Class S



 
 

 


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 7th day of October 2013.

  DWS MUNICIPAL TRUST

 
By:  /s/Robert Kendall
Robert Kendall*
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/Robert Kendall
   
Robert Kendall*
President
October 7, 2013
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
October 7, 2013
     
/s/John W. Ballantine
   
John W. Ballantine*
Trustee
October 7, 2013
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
October 7, 2013
     
 /s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
October 7, 2013
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
October 7, 2013
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Trustee
October 7, 2013
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Chairperson and Trustee
October 7, 2013
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
October 7, 2013
     
/s/William McClayton
   
William McClayton*
Vice Chairperson and Trustee
October 7, 2013
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
October 7, 2013
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
October 7, 2013
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
October 7, 2013
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
October 7, 2013


*By:           
/s/Caroline Pearson
Caroline Pearson **
Chief Legal Officer

**
Attorney-in-fact pursuant to the powers of attorney as filed herein; and that are incorporated herein by reference to Post-Effective Amendment No. 62 to the Registration Statement as filed on July 25, 2008.



 
 

 


 
Cash Account Trust
 
Cash Management Portfolio
 
Cash Reserve Fund, Inc.
 
DWS Equity 500 Index Portfolio
 
DWS Global High Income Fund, Inc.
 
DWS Global/International Fund, Inc.
 
DWS High Income Opportunities Fund, Inc.
 
DWS High Income Trust
 
DWS Income Trust
 
DWS Institutional Funds
 
DWS International Fund, Inc.
 
DWS Investment Trust
 
DWS Investments VIT Funds
 
DWS Market Trust
 
DWS Money Funds
 
DWS Money Market Trust
 
DWS Multi-Market Income Trust
 
DWS Municipal Income Trust
 
DWS Municipal Trust
 
DWS Portfolio Trust
 
DWS Securities Trust
 
DWS State Tax-Free Income Series
 
DWS Strategic Income Trust
 
DWS Strategic Municipal Income Trust
 
DWS Target Date Series
 
DWS Target Fund
 
DWS Tax Free Trust
 
DWS Value Series, Inc.
 
DWS Variable Series I
 
DWS Variable Series II
 
Investors Cash Trust
 
Tax-Exempt California Money Market Fund

(each a “Fund”)

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the following person, whose signature appears below, does hereby constitute and appoint Scott Hogan, John Millette and Caroline Pearson, and each of them, severally, with full powers of substitution, his true and lawful attorney and agent to execute in his name, place and stead (in such capacity) any and all amendments to enable the Fund 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 Fund’s Registration Statement 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 President of the 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 may substitute or substitutes therefor, shall lawfully do or cause to be done by virtue hereof.

SIGNATURE
TITLE
DATE
/s/Robert Kendall
Robert Kendall
President
October 3, 2013


 
 

 
DWS FUNDS BOARD

CERTIFICATE OF THE SECRETARY

I, John Millette, do hereby certify as follows:

1.  
That I am the duly elected Secretary of the Funds listed on the attached Appendix A, (each a “Fund,” and each Fund’s underlying portfolios, if applicable, a “Series”);
 
2.  
I further certify that the following is a complete and correct copy of resolutions adopted by all of the members of the Board of Directors/Trustees of the Funds by written consent effective October 3, 2013, and that such resolutions have not been amended and are in full force and effect:
 
WHEREAS, the President of the Fund, Robert Kendall, desires to execute a Power of Attorney and thereby delegate legal authority to the below-designated individuals to sign Registration Statements, including any amendments, on his behalf:
 
NOW THEREFORE BE IT:
 
RESOLVED, that the following individuals be, and they hereby are, and each of them hereby is, given a Power of Attorney in substantially the form presented to the Board, with such changes as the officers, with the advice of counsel, shall recommend, to sign the Fund’s Registration Statements, including any amendments:
 
Scott Hogan
John Millette
Caroline Pearson; and
 
FURTHER RESOLVED, that any Registration Statement signed pursuant to such Power of Attorney shall comply with Rule 483 (b) of the Securities Act of 1933 as amended, including, but not limited to the inclusion of: (1) a copy of the authorizing Power of Attorney; and (2) a certified copy of the resolutions of the Board authorizing such delegation as Exhibits thereto.

 
IN WITNESS WHEREOF, I hereunto set my hand this third day of October, 2013.

 
                       /s/John Millette
John Millette
Secretary

 
 

 

APPENDIX A

CASH ACCOUNT TRUST, and its series:
Government & Agency Securities Portfolio
Money Market Portfolio
Tax-Exempt Portfolio
 
CASH MANAGEMENT PORTFOLIO
 
CASH RESERVE FUND, INC., and its
series:
Prime Series
 
DWS EQUITY 500 INDEX PORTFOLIO
 
DWS GLOBAL HIGH INCOME FUND,
INC.
 
DWS GLOBAL/INTERNATIONAL
FUND, INC., and its series:
DWS Enhanced Emerging Markets Fixed
Income Fund
DWS Enhanced Global Bond Fund
DWS Global Growth Fund
DWS Global Small Cap Growth Fund
DWS RREEF Global Infrastructure Fund
 
DWS HIGH INCOME OPPORTUNITIES
FUND, INC.
 
DWS HIGH INCOME TRUST
 
DWS INCOME TRUST, and its series:
DWS Core Fixed Income Fund
DWS Global High Income Fund
DWS Global Inflation Fund
DWS GNMA Fund
DWS High Income Fund
DWS Short Duration Fund
DWS Strategic Government Securities Fund
DWS Ultra-Short Duration Fund
DWS Unconstrained Income Fund
 
DWS INSTITUTIONAL FUNDS, and its
series:
DWS EAFE Equity Index Fund
DWS Equity 500 Index Fund
DWS S&P 500 Index Fund
DWS U.S. Bond Index Fund
 
DWS PORTFOLIO TRUST, and its series:
DWS Core Plus Income Fund
DWS Floating Rate Fund
 
 
 
 
 
DWS INTERNATIONAL FUND, INC., and
its series:
DWS Emerging Markets Equity Fund
DWS Global Equity Fund
DWS International Fund
DWS International Value Fund
DWS Latin America Equity Fund
DWS World Dividend Fund
 
DWS INVESTMENT TRUST, and its
series:
DWS Capital Growth Fund
DWS Core Equity Fund
DWS Large Cap Focus Growth Fund
DWS Mid Cap Growth Fund
DWS Small Cap Core Fund
DWS Small Cap Growth Fund
 
DWS INVESTMENTS VIT FUNDS, and its
series:
DWS Equity 500 Index VIP
DWS Small Cap Index VIP
 
DWS MARKET TRUST, and its series:
DWS Alternative Asset Allocation Fund
DWS Diversified Market Neutral Fund
DWS Global Income Builder Fund
DWS Select Alternative Allocation Fund
 
DWS MONEY FUNDS, and its series:
DWS Money Market Prime Series
 
DWS MONEY MARKET TRUST, and its
series
Cash Management Fund
Cash Reserve Fund Institutional
Daily Assets Fund Institutional
DWS Money Market Series
NY Tax Free Money Fund
Tax Free Money Fund Investment
 
DWS MULTI-MARKET INCOME
TRUST
 
DWS MUNICIPAL INCOME TRUST
 
DWS MUNICIPAL TRUST, and its series:
DWS Managed Municipal Bond Fund
DWS Short-Term Municipal Bond Fund
DWS Strategic High Yield Tax-Free Fund
 
DWS TAX FREE TRUST, and its series
DWS Intermediate Tax/AMT Free Fund
 
 
 
 
 
 
 

 

 
DWS SECURITIES TRUST, and its series:
DWS Communications Fund
DWS Enhanced Commodity Strategy Fund
DWS Gold & Precious Metals Fund
DWS Health Care Fund
DWS RREEF Global Real Estate Securities
Fund
DWS RREEF Real Estate Securities Fund
DWS RREEF Real Estate Securities Income Fund
DWS Technology Fund
 
DWS STATE TAX-FREE INCOME
SERIES, and its series:
DWS California Tax-Free Income Fund
DWS Massachusetts Tax-Free Fund
DWS New York Tax-Free Income Fund
 
DWS STRATEGIC INCOME TRUST
 
DWS STRATEGIC MUNICIPAL
INCOME TRUST
 
DWS TARGET DATE SERIES, and its
series:
DWS LifeCompass 2015 Fund
DWS LifeCompass 2020 Fund
DWS LifeCompass 2030 Fund
DWS LifeCompass 2040 Fund
DWS LifeCompass Retirement Fund
 
DWS TARGET FUND, and its series:
DWS Target 2014 Fund
DWS VALUE SERIES, INC. and its series:
DWS Equity Dividend Fund
DWS Large Cap Value Fund
DWS Mid Cap Value Fund
DWS Small Cap Value Fund
 
DWS VARIABLE SERIES I, and its series
DWS Bond VIP
DWS Capital Growth VIP
DWS Core Equity VIP
DWS Global Small Cap Growth VIP
DWS International VIP
 
DWS VARIABLE SERIES II, and its series
DWS Alternative Asset Allocation VIP
DWS Global Equity VIP
DWS Global Growth VIP
DWS Global Income Builder VIP
DWS Government & Agency Securities VIP
DWS High Income VIP
DWS Large Cap Value VIP
DWS Money Market VIP
DWS Small Mid Cap Growth VIP
DWS Small Mid Cap Value VIP
DWS Unconstrained Income VIP
 
INVESTORS CASH TRUST, and its series:
Central Cash Management Fund
DWS Variable NAV Money Fund
Treasury Portfolio
 
TAX-EXEMPT CALIFORNIA MONEY
MARKET FUND
 

 
 

 


EXHIBIT INDEX

Index No.
  
Description of Exhibit
   
EX-101.INS
  
XBRL Instance Document
   
EX-101.SCH
  
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
  
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase


EX-101.INS 2 dmt-20130926.xml XBRL INSTANCE DOCUMENT 0000203142 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:C000016734Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:C000016736Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:C000016737Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:C000016739Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:C000016738Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:C000016740Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:C000016742Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:C000016743Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:C000016745Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:C000016744Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member rr:AfterTaxesOnDistributionsMember dmt:C000016734Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxMember dmt:C000016734Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member rr:AfterTaxesOnDistributionsAndSalesMember dmt:C000016734Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxMember dmt:C000016736Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxMember dmt:C000016737Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxMember dmt:C000016739Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxMember dmt:C000016738Member 2012-10-02 2013-10-01 0000203142 dmt:S000006094Member dmt:BarclaysMunicipalBondIndexMember 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxMember dmt:C000016740Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member rr:AfterTaxesOnDistributionsMember dmt:C000016740Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member rr:AfterTaxesOnDistributionsAndSalesMember dmt:C000016740Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxMember dmt:C000016742Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxMember dmt:C000016743Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxMember dmt:C000016745Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxMember dmt:C000016744Member 2012-10-02 2013-10-01 0000203142 dmt:S000006095Member dmt:BarclaysMunicipalBondIndexMember 2012-10-02 2013-10-01 pure iso4217:USD 2013-10-01 485BPOS DWS MUNICIPAL TRUST 0000203142 2013-09-26 2013-10-01 false <b>DWS Strategic High Yield Tax-Free Fund</b> <b>Investment Objective</b> The fund seeks to provide a high level of income exempt from regular federal income tax. <b>Fees and Expenses of the Fund</b> These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts 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 is available from your financial professional and in Choosing a Share Class (p. 22) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). <b>SHAREHOLDER FEES (paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) </b> 0.0275 0 0 0 0 0 0.04 0.01 0 0 20 20 20 0 20 0.0049 0.0049 0.0049 0.0049 0.0049 0.0024 0.01 0.01 0 0 0.0006 0.0006 0.0006 0.0006 0.0006 0.003 0.003 0.0029 0.003 0.004 0.0103 0.0179 0.0178 0.0089 0.0079 0.0092 0.0167 0.0167 0.0067 0.0067 0.0024 0.0023 0.0024 0.0034 0.0024 The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 0.86%, 1.61%, 1.61%, 0.61% and 0.61% for Class A, Class B, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. <b>EXAMPLE</b> 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 for each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 366 570 270 68 68 583 852 550 240 262 818 1158 427 472 954 1490 1711 2086 967 1076 You would pay the following expenses if you did not redeem your shares: 366 170 170 68 68 583 552 550 240 262 958 954 427 472 818 1490 1711 2086 967 1076 <b>DWS Managed Municipal Bond Fund</b> <b>Investment Objective</b> The fund seeks to provide income exempt from regular federal income tax. <b>Fees and Expenses of the Fund</b> These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts 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 is available from your financial professional and in Choosing a Share Class (p. 22) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>PORTFOLIO TURNOVER </b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> 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.<br/><br/>Portfolio turnover rate for fiscal year 2013: 21%. <b>SHAREHOLDER FEES (paid directly from your investment)</b> <b>Principal Investment Strategy </b> 0.0275 0 0 0 0 0 0.04 0.01 0 0 20 20 20 0 20 <b>Main investments.</b> Under normal circumstances, the fund invests at least 80% of net assets in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT).<br/><br/>The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein.<br/><br/>The fund normally invests at least 50% of total assets in municipal securities of the top four grades of credit quality. The fund may invest up to 50% of total assets in high yield debt securities (commonly referred to as "junk" bonds), which are those below the fourth credit grade (i.e., grade BB/Ba and below) and may include debt securities not currently paying interest and debt securities in default. 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.<br/><br/><b>Management process.</b> 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 characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market.<br/><br/>Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years.<br/><br/><b>Derivatives.</b> Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund's portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains.<br/><br/>The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. <b>Main Risks </b> 0.0032 0.0032 0.0032 0.0032 0.0032 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.<br/><br/><b>Interest rate risk.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it 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.) <br /><br /><b>Credit risk.</b> The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities. <br /><br />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. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities. <br /><br /><b>Focus risk.</b> 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. <br /><br /><b>Municipal securities risk.</b> The fund will be impacted by events in the municipal securities market. 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. <br /><br /><b>Market risk.</b> Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well. <br /><br /><b>Inverse floating rate securities risk.</b> The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses. <br /><br /><b>Derivatives risk.</b> Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. <br /><br /><b>Security selection risk.</b> 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, the relative attractiveness of different securities or other matters. <br /><br /><b>Counterparty risk.</b> 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. <br /><br /><b>Tax risk.</b> Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. <br /><br /><b>Liquidity risk.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br /><br /><b>Prepayment and extension risk.</b> 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. <br /><br /><b>Pricing risk.</b> 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 than 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. 0.0024 0.01 0.01 0 0 <b>Past Performance </b> 0.0005 0.0005 0.0005 0.0005 0.0005 0.0019 0.0026 0.0021 0.002 0.0025 354 564 261 58 62 0.0024 0.0031 0.0026 0.0025 0.003 523 812 499 183 198 0.008 0.0163 0.0158 0.0057 0.0062 707 1085 860 318 345 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 were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A) </b> 1238 1505 1878 714 773 0 -0.0002 0 0 -0.0001 0.0626 0.0488 0.0534 0.0588 0.0247 -0.2207 0.354 0.0232 0.0978 0.1218 0.008 0.0161 0.0158 0.0057 0.0061 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. 354 164 161 58 62 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. 523 512 499 183 198 707 885 860 318 345 1238 1505 1878 714 773 0.091 0.091 0.0737 0.0834 0.1135 0.1246 0.1245 0.0678 0.0527 0.0527 0.0518 0.0489 0.0508 0.0614 0.0612 0.0591 0.0511 0.0511 0.0506 0.046 0.0462 0.0566 0.0561 0.051 The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.56% and 0.56% for Class B and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. <b>EXAMPLE</b> 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 for Class B and Class S) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>PORTFOLIO TURNOVER</b> 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.<br/><br/>Portfolio turnover rate for fiscal year 2013: 34%. <b>Principal Investment Strategy</b> 2000-05-01 2000-05-01 2000-05-01 2002-08-19 1987-01-22 <b>Main investments.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT).<br/><br/>The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein.<br/><br/>The fund normally invests at least 65% of total assets in municipal securities of the top three grades of credit quality. The fund may invest up to 10% of total assets in high yield debt securities (commonly referred to as "junk" bonds) of the fifth and sixth credit grades (i.e., as low as grade B). 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.<br/><br/><b>Management process.</b> 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 characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market.<br/><br/>Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years.<br/><br/><b>Derivatives. </b>Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund's portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains.<br/><br/>The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. <b>Main Risks</b> 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.<br/><br/><b>Interest rate risk.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it 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.)<br/><br/><b>Credit risk. </b>The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.<br/><br/>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. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.<br/><br/><b>Focus risk.</b> 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.<br/><br/><b>Municipal securities risk. </b>The fund will be impacted by events in the municipal securities market. 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.<br/><br/><b>Market risk.</b> Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well.<br/><br/><b>Inverse floating rate securities risk.</b> The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses.<br/><br/><b>Derivatives risk.</b> Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses.<br/><br/><b>Security selection risk. </b>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, the relative attractiveness of different securities or other matters.<br/><br/><b>Counterparty risk.</b> 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.<br/><br/><b>Tax risk. </b>Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. <br/><br/><b>Liquidity risk. </b>In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.<br/><br/><b>Prepayment and extension risk.</b> 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.<br/><br/><b>Pricing risk.</b> 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 than 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. <b>Past Performance</b> 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 were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b> 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. 0.0503 0.0284 0.036 You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. 100000 0.0481 0.0324 -0.0593 0.1731 0.0131 0.097 0.0952 <b>Average Annual Total Returns<br/>(For periods ended 12/31/2012 expressed as a %)</b> 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. September 30, 2014 Best Quarter: 2009-09-30 0.0903 Worst Quarter: 0.21 2010-12-31 -0.0474 Year-to-Date 2013-06-30 -0.0366 0.0651 0.065 0.056 0.0558 0.0868 0.0978 0.097 0.0678 0.0549 0.0546 0.0532 0.0505 0.0528 0.0634 0.0628 0.0591 0.0469 0.0466 0.0463 0.0416 0.0419 0.0523 0.052 0.051 2001-06-11 2001-06-11 2001-06-11 2002-08-19 1976-10-14 September 30, 2014 0.34 You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. 100000 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. 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. 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. 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). 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. www.dws-investments.com 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. www.dws-investments.com Past performance may not indicate future results. These year-by-year returns do not include sales charges, if any, and would be lower if they did. These year-by-year returns do not include sales charges, if any, and would be lower if they did. 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. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 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. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 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