N-CSR 1 ar103122stm.htm DWS SHORT-TERM MUNICIPAL BOND FUND

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: 10/31
   
Date of reporting period: 10/31/2022

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)

October 31, 2022
Annual Report
to Shareholders
DWS Short-Term Municipal Bond Fund

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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DWS Short-Term Municipal Bond Fund

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds” ) and non-rated securities present greater risk of loss than investments in higher-quality securities. Although the fund seeks income that is exempt from federal income taxes, a portion of the fund’s distributions may be subject to federal, state, and local taxes, including the alternative minimum tax. Please read the prospectus for details.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
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Letter to Shareholders
Dear Shareholder:
Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and have continued through the second quarter due to volatility in energy, a rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. The longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.
In periods such as this, real capital preservation becomes more challenging. Our portfolio managers continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation. Overall, we believe a diversified and balanced portfolio may help mitigate portfolio volatility during this uncertain economic and market cycle.
In our view, the current environment underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights”  section of dws.com.
Best regards,
Hepsen Uzcan
President, DWS Funds
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
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DWS Short-Term Municipal Bond Fund

Portfolio Management Review(Unaudited)
Market Overview and Fund Performance
All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10through 12for more complete performance information.
Investment Process
Under normal market conditions, the Fund invests at least 80% of its assets, determined at the time of purchase, in municipal securities that pay interest exempt from regular federal income tax. The Fund invests in securities of varying maturities and intends to maintain a dollar-weighted average effective portfolio maturity of no longer than three years. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to changes in supply and demand within the municipal bond market. When evaluating any individual security and its issuer, portfolio management may consider a number of factors including the security’s credit quality and terms, such as coupon, maturity date and call date, as well as the issuer’s capital structure, leverage, and ability to meet its current obligations.
DWS Short-Term Municipal Bond Fund posted a total return for the 12 months ended October 31, 2022 of –4.72%. This compared to a return of –2.20% for the unmanaged Bloomberg 1-Year G.O. Index and –5.35% for the unmanaged Bloomberg 3-Year (2–4) Municipal Bond Index.
All major segments of the fixed-income market experienced steeply negative returns over the 12-month period ended October 31, 2022. Inflation, which had already been well above the 2% target of the U.S. Federal Reserve (Fed), spiked following Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to soaring commodity prices. Consumer price inflation rose 7.5% or more on a year-over-year basis in each of the first nine months of 2022, hitting a high of 9.1% in June. The Fed responded by aggressively raising its benchmark overnight lending rate, bringing the fed funds target to a range of 3.0% to 3.25% as of October 31, 2022, versus 0% to 0.25% at
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the start of 2022. As the period drew to a close, the market was anticipating that the fed funds rate would reach at least 4.5% in 2023.
The U.S. Treasury yield curve moved higher in response to the Fed’s policy tightening, with the two-year yield rising from 0.48% to 4.51% over the 12 months. Longer-term Treasury yields, which are less directly influenced by changes in the overnight reference rate, rose to a lesser extent, with the bellwether 10-year note yield climbing from 1.55% to 4.10%. As a result, the yield curve displayed a significant inversion at the end of the period (meaning that short-term yields were higher than long-term yields), heightening concerns that the economy was on the verge of recession. The rise in interest rates and deteriorating economic outlook led to spread widening and weak performance for credit-sensitive sectors of the bond market as investors sought safer assets.
“As the period progressed, municipal market prices were pressured by historically strong outflows from tax-free mutual funds.” 
As the period progressed, municipal market prices were pressured by historically strong outflows from tax-free mutual funds. Within the municipal market, lower-quality issues underperformed as investors sought safety and liquidity against an uncertain economic and geopolitical backdrop.
For the full 12 months ended October 31, 2021, the yield curve for AAA-rated municipal bonds flattened between 2 and 10 years. Specifically, the yield on two-year issues rose by 293 basis points from 0.25% to 3.18%, while the 10-year yield rose 218 basis points from 1.21% to 3.39%. (100 basis points equals one percentage point. See the accompanying graph for a depiction of municipal bond yield changes between the beginning and end of the period.) period.
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DWS Short-Term Municipal Bond Fund

Municipal Bond Yield Curve (as of 10/31/22 and 10/31/21)

Source: Refinitiv TM3.
Chart is for illustrative purposes only and does not represent any DWS product.
Positive and Negative Contributors to Performance
The Fund’s positioning across bond maturities as the municipal yield curve flattened between 2 and 10 years was the leading positive contributor to relative performance for the 12 months. Specifically, an overweight to maturities beyond 4 years proved additive as rate increases were more modest farther out on the curve.
In an attempt to remain neutrally positioned vs. its peer group with respect to interest rate sensitivity, the Fund maintained an overall portfolio duration shorter than the Bloomberg 3-year (2–4) Municipal Bond Index and longer than the Bloomberg 1-year G.O. Index. As municipal yields rose for the 12 months, this positioning added to performance vs. the 3-year index and detracted from performance vs. the 1-year index.
The Fund’s overweight to issues rated BBB and lower had a negative impact on relative performance as lower quality issues underperformed over the period. In sector terms, overweight exposure to healthcare, including hospitals and continuing care retirement communities, detracted, as did overweights to airport revenue and student loans.
Outlook and Positioning
At the end of October 2022, the two-year municipal yield of 3.18% was 70.8% of the 4.49% yield on the comparable maturity U.S. Treasury as compared to 50.0% twelve months earlier. The five-year municipal yield of 3.24% was 76.6% of the 4.23% yield on the comparable maturity U.S. Treasury vs. 53.8% twelve months earlier. The 10-year municipal bond
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yield of 3.39% was 83.7% of the 4.05% comparable-maturity U.S. Treasury bond yield, as compared to 77.6% 12 months earlier.
Municipal yields remain attractive as credit spreads have widened for lower quality bonds and look compelling in certain sectors when considering that credit fundamentals generally remain sound.
We have been focused on maintaining liquidity in the portfolio to meet redemptions while also taking advantage of new issues, which are coming at much wider spreads.
The municipal curve flattened during the year and is now at below average levels of steepness by historical standards, particularly between two and ten years. As a result, we have been unwinding the Fund’s barbelled position and increasing the allocation in two- and three-year maturities, as with the flat curve there is less incremental yield available in longer maturities compared to historical averages.
Portfolio Management Team
Matthew J. Caggiano, CFA, Head of Investment Strategy Fixed Income
Portfolio Manager of the Fund. Began managing the Fund in 2014.
Joined DWS in 1989.
Co-Head of Municipal Bond Department.
BS, Pennsylvania State University; MS, Boston College.
Patrick Gallagher, Portfolio Manager Fixed Income
Portfolio Manager of the Fund. Began managing the Fund in 2021.
Joined DWS in 2003. Prior to his current role, he served as an Insurance Reporting Supervisor in the Insurance Asset Management business and as Investment Accountant in the Private Wealth Management Division.
BA, Colby College.
Allyson McCann, Portfolio Manager Fixed Income.
Portfolio Manager of the Fund. Began managing the Fund in 2022.
Joined DWS in 2022 with 14 years of industry experience.
Prior to joining DWS, Allyson served as portfolio manager focused on separately managed accounts at Breckenridge Capital Advisors, Columbia Threadneedle Investments, and BNY Mellon.
BSBA, Suffolk University; MBA, MsF, Northeastern University.
The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
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DWS Short-Term Municipal Bond Fund

Terms to Know
Bloomberg 1-Year G.O. Index is an unmanaged index including bonds with a minimum credit rating of Baa3, issued as part of a deal of at least $50 million, having an amount outstanding of at least $5 million, a maturity of one to two years, backed by the full faith and credit of an issuer with taxing power.
Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the Bloomberg Barclays Municipal Bond Index. It includes maturities of two to four years.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
The yield curve is a graphic representation of how yields on bonds of different maturities compare. Normally, yield curves slant upward, as bonds with longer maturities typically offer higher yields than short-term bonds.
Credit quality is the ability of an issuer of fixed-income securities to repay interest and principal in a timely manner. Credit quality is measured using credit ratings, i.e., assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency. Letter grades of “BBB”  and above indicate that the rated borrower is considered “investment grade”  by a particular ratings agency.
Overweight means that a fund holds a higher weighting in a given sector or security than its benchmark index. Underweight means that a fund holds a lower weighting.
Duration, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.
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Performance SummaryOctober 31, 2022 (Unaudited)
Class A
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 10/31/22
Unadjusted for Sales Charge
–4.72%
0.34%
0.45%
Adjusted for the Maximum Sales Charge
(max 2.25% load)
–6.87%
–0.11%
0.22%
Bloomberg 1-Year G.O. Index
–2.20%
0.72%
0.71%
Bloomberg 3-Year (2–4) Municipal
Bond Index
–5.35%
0.48%
0.85%
Class C
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 10/31/22
Unadjusted for Sales Charge
–5.54%
–0.43%
–0.30%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
–5.54%
–0.43%
–0.30%
Bloomberg 1-Year G.O. Index
–2.20%
0.72%
0.71%
Bloomberg 3-Year (2–4) Municipal
Bond Index
–5.35%
0.48%
0.85%
Class S
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 10/31/22
No Sales Charges
–4.59%
0.49%
0.61%
Bloomberg 1-Year G.O. Index
–2.20%
0.72%
0.71%
Bloomberg 3-Year (2–4) Municipal
Bond Index
–5.35%
0.48%
0.85%
Institutional Class
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 10/31/22
No Sales Charges
–4.49%
0.59%
0.70%
Bloomberg 1-Year G.O. Index
–2.20%
0.72%
0.71%
Bloomberg 3-Year (2–4) Municipal
Bond Index
–5.35%
0.48%
0.85%
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
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DWS Short-Term Municipal Bond Fund

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2022 are 0.79%, 1.55%, 0.60% and 0.56% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
A portion of the Fund’s distributions may be subject to federal, state and local tax and the alternative minimum tax.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
 Yearly periods ended October 31

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.25%. This results in a net initial investment of $9,775.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
The Bloomberg 1-Year General Obligation Index is an unmanaged index including bonds
with a minimum credit rating of Baa3, issued as part of a deal of at least $50 million,
having an amount outstanding of at least $5 million, a maturity of one to two years,
backed by the full faith and credit of an issuer with taxing power.
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The Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the
Bloomberg Municipal Bond Index. It includes maturities of two to four years.
 
Class A
Class C
Class S
Institutional
Class
Net Asset Value
10/31/22
$9.54
$9.53
$9.53
$9.54
10/31/21
$10.16
$10.16
$10.15
$10.16
Distribution Information as of 10/31/22
Income Dividends, Twelve Months
$.12
$.04
$.13
$.14
Capital Gain Distributions
$.0245
$.0245
$.0245
$.0245
October Income Dividend
$.0167
$.0106
$.0179
$.0188
SEC 30-day Yield
2.54%
1.85%
2.75%
2.85%
Tax Equivalent Yield
4.29%
3.13%
4.65%
4.81%
Current Annualized Distribution Rate
2.06%
1.31%
2.21%
2.32%
The SEC yield is net investment income per share earned over the month ended
October 31, 2022, shown as an annualized percentage of the maximum offering price
per share on the last day of the period. The SEC yield is computed in accordance with a
standardized method prescribed by the Securities and Exchange Commission. The SEC
yields would have been 2.38%, 1.76%, 2.66% and 2.68% for Class A, Class C, Class S
and Institutional Class shares, respectively, had certain expenses not been reduced. Tax
equivalent yield is based on the Fund’s yield and a marginal income tax rate of 40.8%.
Current annualized distribution rate is the latest monthly dividend shown as an
annualized percentage of net asset value on October 31, 2022. Distribution rate simply
measures the level of dividends and is not a complete measure of performance. The
current annualized distribution rates would have been 1.90%, 1.22%, 2.12% and 2.15%
for Class A, Class C, Class S and Institutional Class shares, respectively, had certain
expenses not been reduced. Yields and distribution rates are historical, not guaranteed
and will fluctuate.
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DWS Short-Term Municipal Bond Fund

Portfolio Summary(Unaudited)
Asset Allocation(As a % of Investment Portfolio excluding
Open-End Investment Companies)
10/31/22
10/31/21
Revenue Bonds
80%
64%
General Obligation Bonds
12%
13%
Lease Obligations
3%
3%
Escrow to Maturity/Prerefunded Bonds
3%
2%
Variable Rate Demand Notes
1%
17%
Variable Rate Demand Preferred Shares
1%
1%
 
100%
100%
Interest Rate Sensitivity
10/31/22
10/31/21
Effective Maturity
2.6 years
2.4 years
Modified Duration
2.0 years
2.0 years
Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current interest rate environment.
Quality(As a % of Investment Portfolio excluding Open-End
Investment Companies)
10/31/22
10/31/21
AAA
13%
27%
AA
36%
35%
A
25%
16%
BBB
14%
11%
BB
2%
2%
B
0%
Not Rated
10%
9%
 
100%
100%
The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s” ), Fitch Ratings, Inc. (“Fitch” ) or S&P Global Ratings (“S&P” ) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Top Five State Allocations(As a % of Investment Portfolio
excluding Open-End Investment Companies)
10/31/22
10/31/21
California
14%
19%
New York
13%
20%
Texas
9%
9%
Ohio
6%
3%
Pennsylvania
5%
3%
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 14. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 59for contact information.
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Investment Portfolioas of October 31, 2022
 
Principal
Amount ($)
Value ($)
Municipal Investments 102.3%
 
Alabama 4.1%
 
Alabama, Black Belt Energy Gas District Prepay Revenue:
 
         
           
Series A, 4.0%, Mandatory Put 12/1/2023 @ 100,
12/1/2048, GTY: Goldman Sachs Group, Inc.
 
2,200,000
  2,187,121
Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100,
7/1/2052, GTY: Royal Bank of Canada
 
  665,000
    644,288
Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100,
4/1/2053, GTY: Goldman Sachs Group, Inc.
 
2,885,000
  2,738,367
Southeast Alabama, Energy Authority Commodity Supply
Revenue Project 4, Series B-1, 5.0%, Mandatory Put
8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs & Co.
 
1,365,000
  1,344,555
Southeast Alabama, State Gas Supply District Revenue
Project, Series A, 4.0%, Mandatory Put 6/1/2024 @ 100,
6/1/2049, GTY: Morgan Stanley
 
1,200,000
  1,183,775
 
 
 
8,098,106
Alaska 0.0%
 
Alaska, Northern Tobacco Securitization Corp. Tobacco
Settlement Revenue, “2” , Series B-1, 0.5%, 6/1/2031
 
   80,000
     78,749
Arizona 2.9%
 
Arizona, Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children Hospital:
 
         
           
Series A, 5.0%, 2/1/2027
 
  200,000
    209,927
Series A, 5.0%, 2/1/2028
 
1,300,000
  1,383,570
Series A, 5.0%, 2/1/2029
 
1,300,000
  1,396,342
Arizona, Tempe Industrial Development Authority, Tempe
Life Care Village Inc., Series C-2, 1.125%, 12/1/2026
 
2,000,000
  1,698,478
Coconino County, AZ, Pollution Control Corp. Revenue,
Nevada Power Co., Series A, AMT, 1.875%, Mandatory
Put 3/31/2023 @ 100, 9/1/2032
 
1,000,000
    991,886
 
 
 
5,680,203
California 14.4%
 
California, Bay Area Toll Authority, Toll Bridge Revenue, San
Francisco Bay Area:
 
         
           
Series B-1, MUNIPSA + 1.1%, 3.34% (a), Mandatory Put
4/1/2024 @ 100, 4/1/2045
 
1,900,000
  1,906,557
Series A, MUNIPSA + 1.25%, 3.49% (a), Mandatory Put
4/1/2027 @ 100, 4/1/2036
 
3,940,000
  3,985,353
California, Community Choice Financing Authority Clean
Energy Project Revenue, Series A-1, 4.0%, Mandatory
Put 8/1/2028 @ 100,5/1/2053, GTY: Morgan Stanley
 
2,000,000
  1,921,890
The accompanying notes are an integral part of the financial statements.
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DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
California, Eastern Municipal Water District, Series B,
MUNIPSA + 0.1%, 2.34% (a), Mandatory Put 7/1/2024 @
100, 7/1/2046
 
1,630,000
  1,617,285
California, Metropolitan Water District Revenue, Series E,
MUNIPSA + 0.14%, 2.38% (a), Mandatory Put
5/21/2024 @100, 7/1/2037
 
  880,000
    875,818
California, Municipal Finance Authority, Waste Disposal
Revenue, Series A, AMT, 4.125%, Mandatory Put
10/1/2025 @ 100, 10/1/2041
 
  320,000
    316,748
California, Nuveen AMT-Free Municipal Credit Income Fund,
Series C, 2.69% (b), 12/1/2031
 
1,800,000
  1,800,000
California, Pollution Control Financing Authority, Solid Waste
Disposal Revenue, Republic Services, Inc.,
Series 2017 A-2, 144A, AMT, 3.875%, Mandatory Put
1/17/2023 @ 100, 11/1/2042
 
1,000,000
    999,606
California, Public Finance Authority Revenue, Enso Village
Project, Series B-3, 144A, 2.125%, 11/15/2027
 
1,500,000
  1,368,986
California, San Diego Association of Governments, Capital
Grant Receipts Revenue, Mid-Coast Corridor Transit
Project, Series B, 1.8%, 11/15/2027
 
1,500,000
  1,324,199
California, State General Obligation, Series E-REMK,
MUNIPSA + 0.43%, 2.67% (a), Mandatory Put
12/1/2023 @ 100, 12/1/2029
 
1,250,000
  1,249,777
California, State Infrastructure & Economic Development
Bank Revenue:
 
         
           
1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055
 
1,100,000
    995,464
Series A, MUNIPSA + 0.35%, 2.59% (a), Mandatory Put
8/1/2024 @ 100, 8/1/2047
 
  570,000
    562,404
California, State Municipal Finance Authority Revenue, LAX
Integrated Express Solutions LLC, APM Project:
 
         
           
Series A, AMT, 5.0%, 12/31/2025
 
1,000,000
  1,022,657
Series A, AMT, 5.0%, 6/30/2026
 
  500,000
    510,282
California, Transbay Joint Powers Authority, Series B,
2.4%, 10/1/2049
 
  110,000
    102,156
Los Angeles County, CA, Community College District,
General Obligation, Series C-1, 5.0%, 8/1/2024
 
2,000,000
  2,065,605
Port Oakland, CA, Intermediate Lien Revenue Bonds:
 
         
           
Series H, AMT, 5.0%, 5/1/2028
 
  500,000
    523,281
Series H, AMT, 5.0%, 11/1/2029
 
  250,000
    263,961
San Bernardino County, CA, Flood Control District
Judgment Obligation, 1.95% (b), 11/7/2022, LOC: Bank of
America NA
 
  550,000
    550,000
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
15

 
Principal
Amount ($)
Value ($)
San Diego Country, CA, Unified School District, General
Obligation, Series O-2, 5.0%, 7/1/2024
 
3,000,000
  3,091,564
San Francisco City & County, CA, Multi Family Housing
Revenue, Eastern Park Apartments, Series K, 1.3%,
Mandatory Put 1/1/2023 @ 100, 7/1/2023
 
1,250,000
  1,245,277
 
 
 
28,298,870
Colorado 3.2%
 
Cherry Creek, CO, School District No. 5, Series C,
5.0%, 12/15/2031
 
2,000,000
  2,133,687
Denver City & County, CO, Airport System Revenue:
 
         
           
Series A, AMT, 5.0%, 12/1/2026
 
2,000,000
  2,057,750
Series D, 5.0%, Mandatory Put 11/15/2022 @
100, 11/15/2031
 
2,000,000
  2,000,743
 
 
 
6,192,180
Connecticut 3.2%
 
Connecticut, State General Obligation, Series A,
5.0%, 3/15/2029
 
2,000,000
  2,069,256
Connecticut, State Housing Finance Authority, Housing
Finance Mortgage Program:
 
         
           
Series E-E3, 1.625%, Mandatory Put 11/15/2022 @
100, 11/15/2059
 
  130,000
    129,923
Series A-4, MUNIPSA + 0.3%, 2.54% (a), Mandatory Put
11/15/2024 @ 100, 11/15/2050
 
2,500,000
  2,487,941
Series C-1, 4.0%, 11/15/2047
 
  635,000
    628,062
Connecticut, State Housing Finance Program Authority
Revenue, Series A-1, 4.0%, 11/15/2047
 
  495,000
    489,526
Connecticut, State Special Tax Obligation Revenue,
Series B, 5.0%, 7/1/2025 (c)
 
  500,000
    521,028
 
 
 
6,325,736
Florida 4.0%
 
Florida, Capital Projects Finance Authority, Student Housing
Revenue, Capital Project Loan Program, Series A-1,
5.0%, 10/1/2026
 
  500,000
    501,916
Florida, Development Finance Corp., Brightline Florida
Passenger Rail Expansion Project, Series A, 144A, AMT,
7.25%, Mandatory Put 10/3/2023 @ 100, 7/1/2057
 
  500,000
    489,459
Florida, Development Finance Corp., The Mayflower
Retirement Community Project, Series B, 144A,
1.75%, 6/1/2026
 
1,020,000
    902,066
Florida, Development Finance Corp., Transportation Facility
Revenue, Virgin Trains U.S.A. Passenger Rail Project,
Series A, 144A, AMT, 6.375%, Mandatory Put 1/1/2026 @
100, 1/1/2049
 
1,000,000
    901,155
The accompanying notes are an integral part of the financial statements.
16
|
DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
Hillsborough Countey, FL, Solid Waste & Resource
Recovery Revenue, Series A, AMT, 5.0%, 9/1/2025
 
2,250,000
  2,307,718
Lee County, FL, Industrial Development Authority, Health
Care Facilities Revenue, Cypress Cove At Healthpark
Florida, Inc., Series B2, 3.25%, 10/1/2026
 
1,000,000
    946,969
Miami-dade County, FL, Industrial Development Authority,
Solid Waste Disposal Revenue, Waste
Management Inc., Project:
 
         
           
0.32%, Mandatory Put 11/1/2022 @ 100, 9/1/2027
 
  575,000
    575,079
AMT, 0.4%, Mandatory Put 11/1/2022 @ 100, 11/1/2041
 
  925,000
    925,081
Village, FL, Community Development District No. 13,
Special Assessment Revenue, 2.625%, 5/1/2024
 
  245,000
    235,753
 
 
 
7,785,196
Georgia 3.3%
 
Burke County, GA, Development Authority, Pollution Control
Revenue, Oglethorpe Power Corp., Series E, 3.25%,
Mandatory Put 2/3/2025 @ 100, 11/1/2045
 
1,200,000
  1,168,388
Georgia, Geo L Smith II Congress Center Authority,
Convention Center Hotel First Tier Revenue, Series A,
2.375%, 1/1/2031
 
  750,000
    627,363
Georgia, Main Street Natural Gas, Inc., Gas
Supply Revenue:
 
         
           
Series A, 4.0%, Mandatory Put 9/1/2023 @ 100,
4/1/2048, LIQ: Royal Bank of Canada
 
1,865,000
  1,861,170
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100,
8/1/2048, LIQ: Royal Bank of Canada
 
  750,000
    748,031
Series B, 5.0%, Mandatory Put 6/1/2029 @
100,12/1/2052, GTY: Citi Group, Inc.
 
2,000,000
  1,963,235
 
 
 
6,368,187
Illinois 2.8%
 
Chicago, O’Hare International Airport Revenue, Series C,
AMT, 5.0%, 1/1/2025
 
  850,000
    865,834
Illinois, State Development Finance Authority, Solid Waste
Disposal Revenue, Waste Management, Inc. Project,
Series A, AMT, 0.4%, Mandatory Put 11/1/2022 @ 100,
11/1/2044, GTY: Waste Management Holdings
 
1,155,000
  1,155,213
Illinois, State General Obligation:
 
         
           
5.0%, 8/1/2023
 
1,000,000
  1,006,808
Series B, 5.0%, 3/1/2025
 
  770,000
    776,177
Series A, 5.0%, 3/1/2028
 
  750,000
    752,384
5.375%, 5/1/2023
 
1,000,000
  1,006,897
 
 
 
5,563,313
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
17

 
Principal
Amount ($)
Value ($)
Indiana 1.4%
 
Indiana, Finance Authority Revenue, Deaconess Health
System, Series B, MUNIPSA + 0.3%, 2.54% (a),
Mandatory Put 3/1/2027 @ 100, 3/1/2039
 
  735,000
    715,995
Indiana, State Finance Authority, Economic Development
Revenue, Republic Sevices, Inc., Project, AMT, 2.95%,
Mandatory Put 12/1/2022 @ 100, 12/1/2037
 
2,000,000
  1,999,115
 
 
 
2,715,110
Kansas 0.2%
 
Manhattan, KS, Health Care Facilities Revenue Bonds,
Meadowlark Hills Retirement, Series B-1,
2.875%, 6/1/2028
 
  375,000
    325,443
Kentucky 2.7%
 
Boone County, KY, Pollution Control Revenue, Duke Energy
Kentucky, Inc., Project, Series A, 3.7%, 8/1/2027
 
  750,000
    721,694
Kentucky, Higher Education Student Loan Corp. Revenue,
Taxable Asset Back Notes, “A1A” , Series 2021-1,
1.65%, 3/25/2051
 
  801,396
    726,325
Kentucky, State Public Energy Authority, Gas Supply
Revenue, Series B, 4.0%, Mandatory Put 1/1/2025 @
100, 1/1/2049, GTY: BP Corp. North America, Inc.
 
1,435,000
  1,412,541
Louisville & Jefferson County, KY, Metropolitan Government
Control Revenue, Louisville Gas & Celectric Co., Series B,
AMT, 1.35%, 11/1/2027
 
3,000,000
  2,501,830
 
 
 
5,362,390
Louisiana 1.9%
 
Lake Charles, LA, Harbor & Terminal District Revenue, Big
Lake Fuels LLC Project, AMT, 1.0%, Mandatory Put
12/1/2024 @ 100, 12/1/2051
 
3,000,000
  2,789,433
Louisiana, Stadium & Exposition District, Bond Anticipation
Notes, 5.0%, 7/3/2023
 
1,000,000
  1,001,317
 
 
 
3,790,750
Maryland 0.5%
 
Maryland, State Health & Higher Educational Facilities
Authority Revenue, University of Maryland Medical
System Obligated Group, Series B-2, 5.0%, Mandatory
Put 7/1/2027 @ 100, 7/1/2045
 
1,000,000
  1,042,524
Massachusetts 0.3%
 
Massachusetts, Educational Financing Authority Education
Loan Revenue:
 
         
           
Series B, AMT, 2.0%, 7/1/2037
 
  170,000
    132,101
The accompanying notes are an integral part of the financial statements.
18
|
DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
Series B, AMT, 2.625%, 7/1/2036
 
  260,000
    242,597
Massachusetts, State Health & Higher Educational Facilities
Authority Revenue, Series J-2, 2.12% (b), 11/7/2022
 
  300,000
    300,000
 
 
 
674,698
Michigan 2.4%
 
Michigan, State Finance Authority Revenue:
 
         
           
“A1A", Series A, 1.3%, 7/25/2061
 
1,319,467
  1,184,658
Series A-1, 5.0%, 7/20/2023
 
  750,000
    757,425
Michigan, State Finance Authority Revenue,
Beaumont-Spectrum, MUNIPSA + 0.75%, 2.99% (a),
Mandatory Put 4/15/2027 @ 100, 4/15/2047
 
1,750,000
  1,735,987
Michigan, State Finance Authority Revenue, Hospital
McLaren Health Care Corp., Series D-2, 1.2%, Mandatory
Put 4/13/2028 @ 100, 10/15/2038
 
1,250,000
  1,066,562
 
 
 
4,744,632
Minnesota 2.9%
 
Minnesota, Municipal Gas Agency Commodity Supply
Revenue, Series A, 4.0%, Mandatory Put 12/1/2027 @
100,12/1/2052, LIQ: Royal Bank of Canada
 
1,500,000
  1,444,837
Minnesota, State Housing Finance Agency, Residential
Holding Finance, Series H, MUNIPSA + 0.55%, 2.79%
(a), Mandatory Put 12/12/2023 @ 100, 7/1/2041
 
4,205,000
  4,208,718
 
 
 
5,653,555
Mississippi 0.2%
 
Lowndes County, MS, Solid Waste Disposal And Pollution
Control Refunding Revenue bonds, International
Company Project, 2.65%, Mandatory Put 4/1/2027 @
100,4/1/2037, GTY: International Paper Co.
 
  500,000
    462,763
Missouri 1.1%
 
Missouri, Higher Education Loan Authority Revenue, Taxable
Student Loan Asset Back Notes, “A1A” , Series 2021-1,
1.53%, 1/25/2061
 
1,851,751
  1,569,833
Missouri, Plaza At Noah’s Ark Community
Improvement District:
 
         
           
3.0%, 5/1/2023
 
  150,000
    148,595
3.0%, 5/1/2024
 
  200,000
    194,102
3.0%, 5/1/2025
 
  225,000
    213,814
 
 
 
2,126,344
Nevada 0.1%
 
Sparks, NV, Tourism Improvement District No. 1 Revenue,
Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024
 
  230,000
    220,586
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
19

 
Principal
Amount ($)
Value ($)
New Jersey 3.2%
 
New Jersey, State Economic Development Authority, Motor
Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029
 
  195,000
    179,288
New Jersey, State Transportation Trust Fund Authority,
Federal Highway Reimbursement Notes, Series A,
5.0%, 6/15/2024
 
1,000,000
  1,020,382
New Jersey, Tobacco Settlement Financing Corp., Series A,
5.0%, 6/1/2025
 
1,955,000
  2,004,727
Newark City, NJ, General Obligation, Series C,
3.75%, 2/17/2023
 
3,000,000
  2,998,716
 
 
 
6,203,113
New Mexico 0.3%
 
New Mexico, Mortgage Finance Authority, Single Family
Mortgage, “I” , Series A-1, 4.0%, 1/1/2049
 
  525,000
    516,090
New York 13.0%
 
Chautauqua County, NY, Capital Resource Corp., Exempt
Facilities Revenue, NRG Energy, Inc. Project, 1.3%,
Mandatory Put 4/3/2023 @ 100, 4/1/2042
 
2,000,000
  1,966,307
New York, Amherst Industrial Development Agency, Multi
Family Housing Revenue, 3.9%, Mandatory Put
4/1/2025 @ 100, 4/1/2026
 
2,000,000
  1,990,247
New York, Long Island Power Authority, Series C, MUNIPSA
+ 0.45%, 2.69% (a), Mandatory Put 9/1/2025 @
100, 9/1/2038
 
1,000,000
    986,263
New York, Metropolitan Transportation Authority, Series F,
5.0%, 11/15/2022
 
5,390,000
  5,393,237
New York, Metropolitan Transportation Authority Revenue,
Series G-1, 2.21% (b), 11/7/2022, LOC: TD Bank NA
 
  150,000
    150,000
New York, State Mortgage Agency, Homeowner Mortgage
Revenue, Series 195, 4.0%, 10/1/2046
 
  930,000
    921,548
New York, State Transportation Development Corp., Special
Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport
Terminals C&D Redevelopment, AMT, 5.0%, 1/1/2024
 
2,500,000
  2,499,808
New York, State Transportation Development Corp., Special
Facility Revenue, Terminal 4 John F. Kennedy International
Airport Project, AMT, 5.0%, 12/1/2028
 
1,500,000
  1,507,110
New York, Triborough Bridge & Tunnel Authority Revenue,
Series A, 5.0%, 8/15/2024
 
3,000,000
  3,092,522
New York & New Jersey, Port Authority:
 
         
           
Series 226, AMT, 5.0%, 10/15/2027
 
  750,000
    778,731
Series 226, AMT, 5.0%, 10/15/2028
 
  660,000
    688,751
New York City, NY, Housing Development Corp.,
Multi-Family Mortgage Revenue, Series A, 1.125%,
Mandatory Put 11/1/2024 @ 100, 5/1/2060
 
1,000,000
    943,390
The accompanying notes are an integral part of the financial statements.
20
|
DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
New York, NY, General Obligation:
 
         
           
Series B-3, 2.53% (b), 11/1/2022
 
1,600,000
  1,600,000
Series 3, 2.53% (b), 11/7/2022
 
  185,000
    185,000
Oyster Bay, NY, Public Improvement Refunding Bonds,
4.0%, 11/1/2027, INS: BAM
 
  315,000
    322,058
Troy, NY, Capital Resource Corp. Revenue, Rensselaer
Polytechnic Institute:
 
         
           
Series A, 5.0%, 9/1/2025
 
  300,000
    307,857
Series A, 5.0%, 9/1/2027
 
  500,000
    520,756
5.0%, 8/1/2028
 
1,000,000
  1,030,979
Series A, 5.0%, 9/1/2028
 
  500,000
    522,748
 
 
 
25,407,312
North Carolina 0.7%
 
North Carolina, Charlotte-Mecklenburg Hospital Health Care
Authorirty Revenue, Series C, 5.0%, Mandatory Put
12/1/2028 @ 100, 1/15/2050
 
1,000,000
  1,056,893
North Carolina, State Housing Finance Agency, Home
Ownership Revenue, Series 38-B, 4.0%, 7/1/2047
 
  400,000
    395,202
 
 
 
1,452,095
North Dakota 0.8%
 
North Dakota, State Housing Finance Agency, Home
Mortgage Housing Finance Program:
 
         
           
Series B, MUNIPSA + 0.2%, 2.44% (a), Mandatory Put
7/1/2024 @100, 1/1/2043
 
  925,000
    925,000
Series A, 4.0%, 7/1/2047
 
  595,000
    588,576
 
 
 
1,513,576
Ohio 6.5%
 
Akron, OH, Income Tax Revenue, 4.0%, 12/1/2028
 
1,380,000
  1,415,631
Allen Country, OH, Hospital Facilities Revenue:
 
         
           
Series A, 5.0%, 12/1/2022
 
  600,000
    600,845
Series A, 5.0%, 12/1/2023
 
1,000,000
  1,017,932
Cleveland, OH, Airport System Revenue:
 
         
           
Series A, 5.0%, 1/1/2023, INS: AGMC
 
1,810,000
  1,815,022
Series A, AMT, 5.0%, 1/1/2025
 
1,000,000
  1,018,422
Ohio, Higher Educational Facilities Commission, University
of Dayton:
 
         
           
Series B, 5.0%, 2/1/2027
 
  995,000
  1,038,821
Series B, 5.0%, 2/1/2028
 
1,045,000
  1,098,410
Ohio, Port of Greater Cincinnati Development Authority
Revenue, Convention Center Hotel Acquisition And
Demolition Project, Series A, 3.0%, 5/1/2023
 
1,500,000
  1,487,236
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
21

 
Principal
Amount ($)
Value ($)
Ohio, State Turnpike Commission, Infrastructure Projects:
 
         
           
Series A, 5.0%, 2/15/2024 (c)
 
2,500,000
  2,550,842
Series A, 5.0%, 2/15/2029 (c)
 
  345,000
    374,148
Series A, 5.0%, 2/15/2030 (c)
 
  345,000
    377,203
 
 
 
12,794,512
Oklahoma 1.1%
 
Oklahoma, State Development Finance Authority, Gilcrease
Expressway West Project, Series A, AMT,
1.625%, 7/6/2023
 
2,000,000
  1,951,866
Oklahoma, State Municipal Power Authority, SIFMA Index,
Series A, MUNIPSA + 0.39%, 2.63% (a), 1/1/2023
 
  220,000
    220,002
 
 
 
2,171,868
Oregon 0.9%
 
Oregon, State Housing & Community Services Department,
Mortgage Revenue, Series A, 3.5%, 7/1/2036
 
  595,000
    588,946
Washington Multnomah & Yamhill Counties, OR, Hillsboro
School District No. 1J, 5.0%, 6/15/2031
 
1,180,000
  1,248,111
 
 
 
1,837,057
Pennsylvania 4.9%
 
Geisinger, PA, Authority Health System Revenue, Series B,
5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043
 
1,000,000
  1,034,884
Pennsylvania, Commonwealth Financing Authority, Tobacco
Master Settlement Payment Revenue Bonds,
5.0%, 6/1/2026
 
2,000,000
  2,065,859
Pennsylvania, Economic Development Financing Authority,
Solid Waste Disposal Revenue, AMT, 2.25%, Mandatory
Put 2/1/2023 @ 100, 8/1/2045
 
3,000,000
  2,999,640
Pennsylvania, State Housing Finance Agency, Single Family
Mortgage Revenue:
 
         
           
Series 119, AMT, 3.5%, 10/1/2041
 
  390,000
    385,761
Series 122, AMT, 4.0%, 10/1/2046
 
1,625,000
  1,607,396
Pittsburgh & Allegheny Counties, PA, Sports & Exhibition
Authority Revenue, Series B, 5.0%, 2/1/2029, INS: AGMC
 
  875,000
    930,797
Pittsburgh, PA, Water & Sewer Authority Systems Revenue,
Series C, MUNIPSA + 0.65%, 2.89% (a), Mandatory Put
12/1/2023 @ 100, 9/1/2040, INS: AGMC
 
  500,000
    500,167
 
 
 
9,524,504
South Dakota 0.5%
 
South Dakota, Housing Development Authority,
Homeownership Mortgage, Series B, 4.0%, 11/1/2047
 
1,015,000
  1,004,137
The accompanying notes are an integral part of the financial statements.
22
|
DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
Tennessee 1.2%
 
Tennessee, Housing Development Agency, Residential
Financing Program Revenue, Series 1C, AMT,
3.0%, 7/1/2038
 
   40,000
     39,833
Tennessee, State Energy Acquisition Corp., Gas Revenue,
Series A, 4.0%, Mandatory Put 5/1/2023 @ 100,
5/1/2048, GTY: Goldman Sachs Group, Inc.
 
2,250,000
  2,245,196
 
 
 
2,285,029
Texas 9.2%
 
Austin, TX, Water & Wastewater System Revenue,
5.0%, 11/15/2024
 
1,000,000
  1,031,865
Fort Bend, TX, Independent School District Variable Rate,
Unlimited Tax Building and Refunding Bonds:
 
         
           
Series B, 0.875%, Mandatory Put 8/1/2025 @
100, 8/1/2050
 
  390,000
    353,104
Series B, 3.0%, Mandatory Put 8/1/2023 @ 100, 8/1/2052
 
1,000,000
    992,741
Harris County, TX, Spring Branch Independent School
District, 5.0%, 2/1/2025
 
1,500,000
  1,556,030
Houston, TX, Airport Systems Revenue:
 
         
           
Series A, AMT, 5.0%, 7/1/2025
 
  500,000
    511,256
Series A, AMT, 5.0%, 7/1/2026
 
1,000,000
  1,026,367
Series C, AMT, 5.0%, 7/1/2026
 
2,500,000
  2,565,917
Houston, TX, Hotel Occupancy Tax And Special Revenue,
Convention and Entertainment Facilities Department,
5.0%, 9/1/2026
 
1,735,000
  1,818,762
Houston, TX, Independent School District, 4.0%, Mandatory
Put 6/1/2023 @ 100, 6/1/2029
 
1,000,000
  1,002,085
New Hope, TX, Cultural Education Facilities Finance
Corporation, Retirement Facility Revenue, Outlook at
Windhaven Project, Series B3, 4.25%, 10/1/2026
 
2,000,000
  1,942,361
North Texas, Tollway Authority Revenue, Series B,
5.0%, 1/1/2025
 
3,000,000
  3,099,887
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023
 
1,040,000
  1,043,590
Texas, State Municipal Gas Acquisition & Supply Corp., III
Gas Supply Revenue, 5.0%, 12/15/2029, GTY: Macquarie
Group Ltd.
 
  500,000
    506,540
Texas, State Water Implementation Revenue,
5.0%, 10/15/2024
 
  500,000
    515,994
 
 
 
17,966,499
Virginia 2.0%
 
Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First
Tier General Resolution, 5.0%, 11/1/2023
 
1,250,000
  1,264,166
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
23

 
Principal
Amount ($)
Value ($)
Louisa, VA, Industrial Development Authority, Pollution
Control Revenue, Virginia Electric And Power Company
Project, Series C, 1.65%, Mandatory Put 5/31/2024 @
100, 11/1/2035
 
  950,000
    916,442
Peninsula, VA, Ports Authority, Coal Terminal Revenue,
Dominion Terminal Associates Project, Series 2003, 3.8%,
Mandatory Put 10/1/2024 @ 100, 10/1/2033
 
  750,000
    744,755
Virginia, Small Business Financing Authority Revenue,
Elizabeth River Crossings OpCo., LLC Project, AMT,
4.0%, 7/1/2029
 
1,000,000
    955,957
 
 
 
3,881,320
Washington 3.5%
 
King County, WA, Industrial Development Authority, Health
Care Facilities Revenue, Cypress Cove At Healthpark
Florida, Inc., Series A, MUNIPSA + 0.23%, 2.47% (a),
Mandatory Put 1/1/2027 @ 100, 1/1/2040
 
1,155,000
  1,123,654
Seattle, WA, Municipal Light & Power Revenue:
 
         
           
Series B, MUNIPSA + 0.25%, 2.49% (a), Mandatory Put
11/1/2026 @ 100, 5/1/2045
 
  355,000
    346,190
Series C-1, MUNIPSA + 0.49%, 2.73% (a), Mandatory
Put 11/1/2023 @ 100, 11/1/2046
 
2,000,000
  2,000,041
Washington, Central Puget Sound Regional Transit Authority
Sales & Use Taxes Revenue, Motor Vehicle Excise Tax
Improvement, Green Bond, Series 2A, MUNIPSA + 0.2%,
2.44% (a), Mandatory Put 11/1/2026 @ 100, 11/1/2045
 
1,615,000
  1,575,181
Washington, Economic Development Finance Authority,
Mura Cascade ELP LLC Project, 144A, AMT, 0.33%,
Mandatory Put 12/8/2022 @ 100, 12/1/2041
 
1,910,000
  1,902,357
 
 
 
6,947,423
West Virginia 0.5%
 
West Virginia, State Economic Development Authority, Solid
Waste Disposal Facilities Revenue, Arch Resources
Project, Series A, AMT, 4.125%, Mandatory Put
7/1/2025 @ 100, 7/1/2045
 
1,000,000
    965,575
Wisconsin 2.3%
 
Wisconsin, General Obligation, Series 1, 5.0%, Mandatory
Put 11/1/2025 @ 100, 5/1/2028 (c)
 
  690,000
    731,523
Wisconsin, State Health & Educational Facilities Authority
Revenue, Advocate Aurora Health Credit Group,
Series C-4, MUNIPSA + 0.65%, 2.89% (a), Mandatory
Put 7/31/2024 @ 100, 8/15/2054
 
1,000,000
    997,826
The accompanying notes are an integral part of the financial statements.
24
|
DWS Short-Term Municipal Bond Fund

 
Principal
Amount ($)
Value ($)
Wisconsin, State Housing & Economic Development
Authority, Series B, 4.0%, Mandatory Put 11/1/2025 @
100, 11/1/2053
 
2,000,000
  1,989,811
Wisconsin, State Housing & Economic Development
Authority, Home Ownership Revenue, Series A, AMT,
3.5%, 3/1/2046
 
  900,000
    881,695
 
 
 
4,600,855
Other 0.1%
 
Federal Home Loan Mortgage Corp., Multi-Family Variable
Rate Certificates, “A” , Series M-024, AMT,
2.304%, 5/15/2027
 
  115,000
    106,166
Total Municipal Investments (Cost $209,037,999)
200,686,466
 
Shares
Value ($)
Open-End Investment Companies 0.3%
 
BlackRock Liquidity Funds MuniCash Portfolio, Institutional
Shares, 1.83% (d) (Cost $508,952)
 
  508,756
    508,705
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $209,546,951)
102.6
201,195,171
Other Assets and Liabilities, Net
(2.6)
(5,109,767)
Net Assets
100.0
196,085,404
(a)
Variable or floating rate security. These securities are shown at their current rate as of
October 31, 2022. 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 and variable rate demand preferred shares 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 October 31,
2022. Date shown reflects the earlier of demand date or stated maturity date.
(c)
When-issued security.
(d)
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.
AMT: Subject to alternative minimum tax.
BAM: Build America Mutual
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
25

GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
MUNIPSA: SIFMA Municipal Swap Index Yield
SIFMA: Securities Industry and Financial Markets Association
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$     
$200,686,466
$
$200,686,466
Open-End Investment Companies
508,705
         
    508,705
Total
$508,705
$200,686,466
$
$201,195,171
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
26
|
DWS Short-Term Municipal Bond Fund

Statement of Assets and Liabilities
as of October 31, 2022
Assets
 
Investment in securities, at value (cost $209,546,951)
$201,195,171
Receivable for investments sold
    227,467
Receivable for Fund shares sold
  1,017,274
Interest receivable
  1,751,616
Other assets
     26,883
Total assets
204,218,411
Liabilities
 
Payable for investments purchased when-issued securities
  7,681,821
Payable for Fund shares redeemed
    175,205
Distributions payable
     69,901
Accrued management fee
     23,893
Accrued Trustees' fees
      2,902
Other accrued expenses and payables
    179,285
Total liabilities
8,133,007
Net assets, at value
$196,085,404
Net Assets Consist of
 
Distributable earnings (loss)
(10,910,898)
Paid-in capital
206,996,302
Net assets, at value
$196,085,404
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
27

Statement of Assets and Liabilities as of October 31, 2022 (continued)
Net Asset Value
 
Class A
 
Net Asset Value and redemption price per share
($88,431,154 ÷ 9,270,863 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        9.54
Maximum offering price per share (100 ÷ 97.75 of $9.54)
$        9.76
Class C
 
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($1,269,979 ÷ 133,209 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        9.53
Class S
 
Net Asset Value, offering and redemption price per share
($24,333,780 ÷ 2,554,561 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        9.53
Institutional Class
 
Net Asset Value, offering and redemption price per share
($82,050,491 ÷ 8,599,647 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        9.54
The accompanying notes are an integral part of the financial statements.
28
|
DWS Short-Term Municipal Bond Fund

Statement of Operations
for the year ended October 31, 2022
Investment Income
 
Income:
 
Interest
$4,341,284
Expenses:
 
Management fee
740,710
Administration fee
239,496
Services to shareholders
224,884
Distribution and service fees
280,837
Custodian fee
4,979
Professional fees
74,072
Reports to shareholders
30,336
Registration fees
78,270
Trustees' fees and expenses
12,557
Other
17,412
Total expenses before expense reductions
1,703,553
Expense reductions
(302,114)
Total expenses after expense reductions
1,401,439
Net investment income
2,939,845
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from investments
(1,665,029)
Change in net unrealized appreciation (depreciation) on investments
(12,982,055)
Net gain (loss)
(14,647,084)
Net increase (decrease) in net assets resulting from operations
$(11,707,239)
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
29

Statements of Changes in Net Assets
 
Years Ended October 31,
Increase (Decrease) in Net Assets
2022
2021
Operations:
 
 
Net investment income
$2,939,845
$2,816,854
Net realized gain (loss)
(1,665,029)
687,189
Change in net unrealized appreciation
(depreciation)
(12,982,055)
(273,233)
Net increase (decrease) in net assets resulting
from operations
(11,707,239)
3,230,810
Distributions to shareholders:
 
 
Class A
(1,547,175)
(1,847,945)
Class C
(10,489)
(19,191)
Class S
(549,430)
(747,681)
Institutional Class
(1,765,663)
(1,924,198)
Total distributions
(3,872,757)
(4,539,015)
Fund share transactions:
 
 
Proceeds from shares sold
74,329,214
122,168,999
Reinvestment of distributions
3,497,234
4,235,656
Payments for shares redeemed
(152,015,082)
(161,369,078)
Net increase (decrease) in net assets from Fund
share transactions
(74,188,634)
(34,964,423)
Increase (decrease) in net assets
(89,768,630)
(36,272,628)
Net assets at beginning of period
285,854,034
322,126,662
Net assets at end of period
$196,085,404
$285,854,034
The accompanying notes are an integral part of the financial statements.
30
|
DWS Short-Term Municipal Bond Fund

Financial Highlights
DWS Short-Term Municipal Bond Fund Class A
 
Years Ended October 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$10.16
$10.21
$10.15
$9.93
$10.10
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
.11
.08
.11
.15
.17
Net realized and unrealized gain (loss)
(.59)
.01
.09
.23
(.17)
Total from investment operations
(.48)
.09
.20
.38
Less distributions from:
 
 
 
 
 
Net investment income
(.12)
(.09)
(.12)
(.16)
(.17)
Net realized gains
(.02)
(.05)
(.02)
Total distributions
(.14)
(.14)
(.14)
(.16)
(.17)
Net asset value, end of period
$9.54
$10.16
$10.21
$10.15
$9.93
Total Return (%)b,c
(4.72)
.84
2.00
3.83
(.02)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
88
126
145
180
104
Ratio of expenses before expense reductions(%)
.82
.79
.79
.91
.94
Ratio of expenses after expense reductions(%)
.69
.74
.72
.72
.71
Ratio of net investment income (%)
1.07
.79
1.13
1.54
1.67
Portfolio turnover rate (%)
112
105
88
109
117
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
c
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
31

DWS Short-Term Municipal Bond Fund Class C
 
Years Ended October 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$10.16
$10.21
$10.15
$9.93
$10.10
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
.03
.01
.04
.08
.09
Net realized and unrealized gain (loss)
(.60)
.00*
.09
.22
(.17)
Total from investment operations
(.57)
.01
.13
.30
(.08)
Less distributions from:
 
 
 
 
 
Net investment income
(.04)
(.01)
(.05)
(.08)
(.09)
Net realized gains
(.02)
(.05)
(.02)
Total distributions
(.06)
(.06)
(.07)
(.08)
(.09)
Net asset value, end of period
$9.53
$10.16
$10.21
$10.15
$9.93
Total Return (%)b,c
(5.54)
.10
1.24
3.05
(.77)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
1
2
3
5
8
Ratio of expenses before expense reductions(%)
1.55
1.55
1.55
1.70
1.70
Ratio of expenses after expense reductions(%)
1.44
1.49
1.47
1.47
1.46
Ratio of net investment income (%)
.30
.07
.38
.85
.90
Portfolio turnover rate (%)
112
105
88
109
117
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
c
Total return would have been lower had certain expenses not been reduced.
*
Amount is less than $.005.
The accompanying notes are an integral part of the financial statements.
32
|
DWS Short-Term Municipal Bond Fund

DWS Short-Term Municipal Bond Fund Class S
 
Years Ended October 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$10.15
$10.19
$10.13
$9.92
$10.09
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
.12
.10
.13
.17
.18
Net realized and unrealized gain (loss)
(.59)
.02
.09
.21
(.17)
Total from investment operations
(.47)
.12
.22
.38
.01
Less distributions from:
 
 
 
 
 
Net investment income
(.13)
(.11)
(.14)
(.17)
(.18)
Net realized gains
(.02)
(.05)
(.02)
Total distributions
(.15)
(.16)
(.16)
(.17)
(.18)
Net asset value, end of period
$9.53
$10.15
$10.19
$10.13
$9.92
Total Return (%)b
(4.59)
1.10
2.15
3.88
.12
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
24
48
49
51
46
Ratio of expenses before expense reductions(%)
.61
.60
.65
.75
.81
Ratio of expenses after expense reductions(%)
.54
.58
.57
.57
.56
Ratio of net investment income (%)
1.19
.95
1.27
1.72
1.78
Portfolio turnover rate (%)
112
105
88
109
117
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
DWS Short-Term Municipal Bond Fund
|
33

DWS Short-Term Municipal Bond Fund Institutional Class
 
Years Ended October 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$10.16
$10.21
$10.15
$9.93
$10.10
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
.13
.11
.14
.18
.19
Net realized and unrealized gain (loss)
(.59)
.01
.09
.22
(.17)
Total from investment operations
(.46)
.12
.23
.40
.02
Less distributions from:
 
 
 
 
 
Net investment income
(.14)
(.12)
(.15)
(.18)
(.19)
Net realized gains
(.02)
(.05)
(.02)
Total distributions
(.16)
(.17)
(.17)
(.18)
(.19)
Net asset value, end of period
$9.54
$10.16
$10.21
$10.15
$9.93
Total Return (%)b
(4.49)
1.09
2.26
4.09
.23
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
82
111
125
94
67
Ratio of expenses before expense reductions(%)
.57
.56
.55
.69
.72
Ratio of expenses after expense reductions(%)
.44
.49
.47
.48
.46
Ratio of net investment income (%)
1.33
1.04
1.37
1.79
1.95
Portfolio turnover rate (%)
112
105
88
109
117
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
34
|
DWS Short-Term Municipal Bond Fund

Notes to Financial Statements
A.
Organization and Significant Accounting Policies
DWS Short-Term Municipal Bond Fund (the “Fund” ) is a diversified series of Deutsche DWS Municipal Trust (the “Trust” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation.Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
DWS Short-Term Municipal Bond Fund
|
35

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Preferred shares of closed-end investment companies held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or
36
|
DWS Short-Term Municipal Bond Fund

pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
When-Issued/Delayed Delivery Securities.The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.
Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.
Federal Income Taxes.The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.
At October 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $1,911,000, including short-term losses ($645,000) and long-term losses ($1,266,000), which may be applied against realized net taxable capital gains indefinitely.
The Fund has reviewed the tax positions for the open tax years as of October 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains.Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
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The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to premium amortization on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At October 31, 2022, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:
Undistributed tax-exempt income
$17,593
Capital loss carryforwards
$(1,911,000)
Net unrealized appreciation (depreciation) on investments
$(8,948,317)
At October 31, 2022, the aggregate cost of investments for federal income tax purposes was $210,143,488. The net unrealized depreciation for all investments based on tax cost was $8,948,317. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $774,671 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $9,722,988.
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
 
Years Ended October 31,
 
2022
2021
Distributions from tax-exempt income
$ 3,125,299
$3,028,439
Distributions from ordinary income*
$547,988
$634,409
Distributions from long-term capital gains
$199,470
$876,167
*
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
Expenses.Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies.In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against
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the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other.Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes with the exception of securities in default of principal.
B.
Purchases and Sales of Securities
During the year ended October 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $286,241,699 and $378,646,225, respectively.
C.
Related Parties
Management Agreement.Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Fund’s average daily net assets
.300%
Next $500 million of such net assets
.285%
Next $1.0 billion of such net assets
.270%
Over $2.0 billion of such net assets
.255%
Accordingly, for the year ended October 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.30% of the Fund’s average daily net assets.
For the period from November 1, 2021 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses
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such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A
.69%
Class C
1.44%
Class S
.54%
Institutional Class
.44%
Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A
 
.68%
Class C
 
1.43%
Class S
 
.53%
Institutional Class
 
.43%
For the year ended October 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:
Class A
$143,435
Class C
1,672
Class S
23,023
Institutional Class
133,984
 
$302,114
Administration Fee.Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2022, the Administration Fee was $239,496, of which $16,630 is unpaid.
Service Provider Fees.DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing
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DWS Short-Term Municipal Bond Fund

fee it receives from the Fund. For the year ended October 31, 2022, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders
Total
Aggregated
Unpaid at
October 31, 2022
Class A
$ 1,926
$320
Class C
251
41
Class S
2,272
372
Institutional Class
571
103
 
$5,020
$836
In addition, for the year ended October 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping
Total
Aggregated
Class A
$92,913
Class C
847
Class S
39,227
Institutional Class
84,489
 
$217,476
Distribution and Service Fees.Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended October 31, 2022, the Distribution Fee was as follows:
Distribution Fee
Total
Aggregated
Unpaid at
October 31, 2022
Class C
$ 11,132
$754
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder
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accounts the firms service. For the year ended October 31, 2022, the Service Fee was as follows:
Service Fee
Total
Aggregated
Unpaid at
October 31, 2022
Annual
Rate
Class A
$ 266,105
$ 32,916
.25%
Class C
3,600
957
.24%
 
$269,705
$33,873