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Deutsche Municipal Trust

02/02/2026 | Press release | Distributed by Public on 02/02/2026 12:25

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02671

Deutsche DWS Municipal Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	5/31

Date of reporting period:	11/30/2025

Item 1.	Reports to Stockholders.

	(a)

DWS Strategic High Yield Tax-Free Fund

Class A: NOTAX

Semi-Annual Shareholder Report - November 30, 2025

This semi-annual shareholder report contains important information about DWS Strategic High Yield Tax-Free Fund (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$48	0.93%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.98%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	431,196,267
Number of Portfolio Holdings	279
Portfolio Turnover Rate (%)	25
Total Net Advisory Fees Paid ($)	954,012
Modified Duration to Worst	8.4 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

The quality ratings represent the highest 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.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	90%
General Obligation Bonds	5%
Variable Rate Demand Notes	3%
Other	1%
Lease Obligations	0%
Escrow to Maturity/Prerefunded Bonds	0%
Other Assets and Liabilities, Net	1%
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	1%
AA	14%
A	10%
BBB	20%
BB	8%
B	1%
CCC	0%
Not Rated	42%

Top Five State Allocations

Holdings	% of Net Assets
Florida	12%
New York	10%
California	9%
Wisconsin	8%
Colorado	6%

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. The Fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the Fund's gains or losses. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund's distributions may be subject to federal, state and local taxes, including the alternative minimum tax. Please read the prospectus for details.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. 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.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DSHYTFF-TSRS-A

R-103931-2 (01/26)

DWS Strategic High Yield Tax-Free Fund

Class C: NOTCX

Semi-Annual Shareholder Report - November 30, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$86	1.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 1.73%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	431,196,267
Number of Portfolio Holdings	279
Portfolio Turnover Rate (%)	25
Total Net Advisory Fees Paid ($)	954,012
Modified Duration to Worst	8.4 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	90%
General Obligation Bonds	5%
Variable Rate Demand Notes	3%
Other	1%
Lease Obligations	0%
Escrow to Maturity/Prerefunded Bonds	0%
Other Assets and Liabilities, Net	1%
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	1%
AA	14%
A	10%
BBB	20%
BB	8%
B	1%
CCC	0%
Not Rated	42%

Top Five State Allocations

Holdings	% of Net Assets
Florida	12%
New York	10%
California	9%
Wisconsin	8%
Colorado	6%

Additional Information

Householding

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.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DSHYTFF-TSRS-C

R-103931-2 (01/26)

DWS Strategic High Yield Tax-Free Fund

Class S: SHYTX

Semi-Annual Shareholder Report - November 30, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$35	0.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.74%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	431,196,267
Number of Portfolio Holdings	279
Portfolio Turnover Rate (%)	25
Total Net Advisory Fees Paid ($)	954,012
Modified Duration to Worst	8.4 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	90%
General Obligation Bonds	5%
Variable Rate Demand Notes	3%
Other	1%
Lease Obligations	0%
Escrow to Maturity/Prerefunded Bonds	0%
Other Assets and Liabilities, Net	1%
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	1%
AA	14%
A	10%
BBB	20%
BB	8%
B	1%
CCC	0%
Not Rated	42%

Top Five State Allocations

Holdings	% of Net Assets
Florida	12%
New York	10%
California	9%
Wisconsin	8%
Colorado	6%

Additional Information

Householding

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.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DSHYTFF-TSRS-S

R-103931-2 (01/26)

DWS Strategic High Yield Tax-Free Fund

Institutional Class: NOTIX

Semi-Annual Shareholder Report - November 30, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$35	0.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.76%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	431,196,267
Number of Portfolio Holdings	279
Portfolio Turnover Rate (%)	25
Total Net Advisory Fees Paid ($)	954,012
Modified Duration to Worst	8.4 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	90%
General Obligation Bonds	5%
Variable Rate Demand Notes	3%
Other	1%
Lease Obligations	0%
Escrow to Maturity/Prerefunded Bonds	0%
Other Assets and Liabilities, Net	1%
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	1%
AA	14%
A	10%
BBB	20%
BB	8%
B	1%
CCC	0%
Not Rated	42%

Top Five State Allocations

Holdings	% of Net Assets
Florida	12%
New York	10%
California	9%
Wisconsin	8%
Colorado	6%

Additional Information

Householding

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.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DSHYTFF-TSRS-I

R-103931-2 (01/26)


	(b) Not applicable

Item 2.	Code of Ethics.

	Not applicable

Item 3.	Audit Committee Financial Expert.

	Not applicable

Item 4.	Principal Accountant Fees and Services.

	Not applicable

Item 5.	Audit Committee of Listed Registrants.

	Not applicable

Item 6.	Investments.

	Not applicable

Item 7.	Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	(a)

November 30, 2025

Semiannual Financial Statements and Other Information

DWS Strategic High Yield Tax-Free Fund

Contents

3	Investment Portfolio
22	Statement of Assets and Liabilities
24	Statement of Operations
25	Statements of Changes in Net Assets
26	Financial Highlights
30	Notes to Financial Statements
41	Advisory Agreement Board Considerations and Fee Evaluation

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.

DWS Strategic High Yield Tax-Free Fund

Investment Portfolioas of November 30, 2025 (Unaudited)

	Principal Amount ($)		Value ($)
Municipal Investments 96.2%
Alabama 0.5%
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc.		800,000	847,941
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053		1,165,000	1,227,956
			2,075,897
Alaska 0.1%
Alaska, Alaska Railroad Corp., Revenue, AMT, 6.0%, 10/1/2050, INS: AG		500,000	545,769
Arizona 5.0%
Arizona, Health Facilities Authority Revenue, Series B, SIFMA Municipal Swap Index + 0.25%, 3.04% (a), 1/1/2046		1,660,000	1,650,160
Arizona, Sierra Vista Industrial Development Authority Revenue, American Leadership Academy Inc., 144A, 5.0%, 6/15/2064		1,000,000	877,383
Arizona, State Industrial Development Authority Revenue, ISF Ativo Portfolio Obligated Group, Series 2025-A, 144A, 6.75%, 3/1/2065		4,570,000	4,578,941
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049		1,420,000	1,259,055
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects:
Series G, 144A, 5.0%, 7/1/2047		1,000,000	937,223
Series D, 144A, 5.0%, 7/1/2051		1,035,000	949,601
Series G, 144A, 5.0%, 7/1/2051		550,000	504,619
Series A, 144A, 5.25%, 7/1/2047		1,000,000	968,583
Arizona, Yuma Industrial Development Authority Revenue, Regional Medical Center Obligated Group, Series A, 5.25%, 8/1/2049		1,400,000	1,469,713
Maricopa County, AZ, Industrial Development Authority Revenue, Grand Canyon University Obligated Group, 144A, 7.375%, 10/1/2029		2,000,000	2,104,594
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052		1,000,000	1,008,839
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC, Series A, 5.0%, 7/1/2037		2,000,000	2,022,232

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
Series 2022, 144A, 4.0%, 6/15/2057		2,060,000	1,555,009
144A, 5.0%, 6/15/2049		1,060,000	969,040
144A, 5.0%, 6/15/2052		710,000	636,638
			21,491,630
California 7.6%
California, CSCDA Community Improvement Authority, Essential Housing Revenue:
Series A-1, 144A, 3.5%, 10/1/2046		4,485,000	3,883,257
Series A, 144A, 5.0%, 7/1/2051		750,000	710,509
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series B-1, 3.85%, 6/1/2050		1,775,000	1,628,683
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		1,145,000	1,160,042
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup, Inc.		5,750,000	7,020,553
California, Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Series A, 4.0%, 9/1/2040		1,635,000	1,508,075
California, Public Finance Authority Revenue, ISF Ativo Portfolio Obligated Group, Series 2025-A, 144A, 6.625%, 3/1/2065		945,000	951,738
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements:
3.875%, 9/1/2049		2,630,000	2,140,458
4.0%, 9/1/2046		3,825,000	3,308,029
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC, "II" , 144A, 7.0%, 1/1/2039		4,180,000	4,369,600
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 5.5%, 12/1/2054		4,615,000	4,625,561
California, University of California Revenue, Series AL-2, 2.4% (b), 12/1/2025		300,000	300,000
Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, GTY: Carnival Corp.		1,000,000	964,418
			32,570,923
Colorado 5.9%
Colorado, Aurora Highlands Community Authority Board, Special Tax Revenue, Series A, 5.75%, 12/1/2051		5,000,000	4,844,259
Colorado, Broadway Station Metropolitan District No. 3, Series B, 0%-7.5%, 12/1/2049 (c)		2,000,000	1,442,004

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Colorado, Denver Health & Hospital Authority Revenue, Series A, 6.0%, 12/1/2055		415,000	449,498
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050		1,667,000	1,675,284
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.		4,160,000	4,399,326
Colorado, St. Vrain Lakes Metropolitan District No. 4, General Obligation, Series A, 144A, 0%-6.75%, 9/20/2054 (c)		2,500,000	1,764,556
Colorado, State Educational & Cultural Facilities Authority Revenue, Stanley Partnership for Art Culture & Education LLC, Series A-1, 144A, 6.875%, 2/1/2059		1,500,000	1,579,548
Colorado, Sterling Ranch Community Authority Board Revenue, Metropolitan District No. 4 Subdistrict A, Series A, 6.5%, 12/1/2054		1,000,000	1,040,244
Colorado, Sterling Ranch Community Authority Board Revenue, Metropolitan District No. 4 Subdistrict B, Series A, 144A, 5.75%, 12/1/2054		2,000,000	2,018,418
Denver City & County, CO, Airport System Revenue:
Series B, AMT, 5.5%, 11/15/2040		365,000	406,011
Series B, AMT, 5.5%, 11/15/2042		335,000	364,813
Series B, AMT, 5.5%, 11/15/2043		335,000	361,732
Denver, CO, Convention Center Hotel Authority Revenue:
5.0%, 12/1/2033		500,000	505,977
5.0%, 12/1/2034		1,000,000	1,010,972
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039		1,575,000	1,581,949
Douglas County, CO, Rampart Range Metropolitan District No. 5:
4.0%, 12/1/2041		560,000	510,500
4.0%, 12/1/2051		1,590,000	1,329,745
			25,284,836
Connecticut 0.3%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series V-2, 2.5% (b), 12/1/2025		1,000,000	1,000,000
Connecticut, State Health & Educational Facilities Authority Revenue, Yale Universtiy, Series V-1, 2.5% (b), 12/1/2025		400,000	400,000
			1,400,000

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
District of Columbia 0.5%
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2040		1,000,000	1,004,523
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B, 3.0%, 10/1/2050, INS: AG		1,395,000	1,016,156
			2,020,679
Florida 12.2%
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town & Country Utilities Project:
Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC		1,500,000	1,259,536
AMT, 6.125%, 10/1/2055		2,550,000	2,657,074
City of South Miami, FL, Health Facilities Authority Inc., Revene, Baptist Health South Florida Obligated Group, 4.0%, 8/15/2042		3,000,000	2,895,291
Collier County, FL, State Educational Facilities Authority Revenue, Ave Maria University Inc., 5.25%, 6/1/2038		1,315,000	1,353,915
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:
Series A-1, 5.0%, 10/1/2032		230,000	244,053
Series A-1, 5.0%, 10/1/2033		230,000	243,032
Series A-1, 5.0%, 10/1/2034		230,000	242,170
Series A-1, 5.0%, 10/1/2035		115,000	120,470
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum Properties LLC:
Series A-1, 5.0%, 11/1/2053		185,000	177,501
Series A-1, 5.0%, 11/1/2058		295,000	279,990
Florida, Capital Projects Finance Authority Revenue, Trilogy Community Development Foundation, Inc. Obligated Group:
Series A, 144A, 7.125%, 1/1/2065		1,835,000	1,885,415
Series A, 144A, 7.25%, 1/1/2055		1,100,000	1,151,074
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048		1,840,000	1,699,103
Florida, Capital Trust Agency, Southeastern University Obligated Group Project:
Series A, 144A, 6.25%, 5/1/2048		2,000,000	2,029,981
Series A, 144A, 6.375%, 5/1/2053		800,000	812,757
Florida, Capital Trust Authority Revenue, Madrone Florida Tech Student Housing I LLC, Series A, 144A, 5.375%, 7/1/2065		750,000	732,637
Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT, 12.0% (a) (d), 7/15/2032		1,360,000	442,000

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Florida, Development Finance Corp., Brightline Trains Florida LLC:
AMT, 5.0%, 7/1/2041		1,000,000	830,000
AMT, 5.5%, 7/1/2053		2,750,000	2,282,500
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project:
Series A-1, 5.0%, 7/1/2042		75,000	75,024
Series B, 5.0%, 7/1/2042		80,000	80,025
Series A-1, 5.0%, 7/1/2051		70,000	67,176
Series B, 5.0%, 7/1/2051		115,000	110,360
Series A-1, 5.0%, 2/1/2057		100,000	95,015
Series B, 5.0%, 7/1/2057		120,000	113,990
Florida, State Development Finance Corp., Learning Gate Community School Project:
Series A, 5.0%, 2/15/2038		500,000	502,381
Series A, 5.0%, 2/15/2048		1,150,000	1,082,252
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project:
Series A, 144A, 5.0%, 11/15/2056		1,100,000	757,249
Series A, 144A, 5.25%, 11/15/2056		9,000,000	6,461,263
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology:
4.0%, 10/1/2044		1,395,000	1,251,714
4.0%, 10/1/2049		1,905,000	1,656,744
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038		1,300,000	1,227,185
Florida, Village Community Development District No. 14, Special Assessment Revenue, 5.5%, 5/1/2053		2,510,000	2,556,749
Florida, Village Community Development District No. 15, Special Assessment Revenue:
144A, 4.8%, 5/1/2055		200,000	192,273
144A, 5.25%, 5/1/2054		700,000	702,806
Hillsborough County, FL, Industrial Development Authority Revenue, BayCare Obligated Group, Series C, 5.5%, 11/15/2054		1,500,000	1,611,915
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053		3,250,000	2,763,189
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2054		2,070,000	1,671,158
Orange County, FL, State Health Facilities Authority Revenue, Orlando Health Obligated Group, Series 2025-A, 5.25%, 10/1/2056		2,665,000	2,791,117

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Osceola County, FL, Transportation Revenue, Series A2, Zero Coupon, 10/1/2052		3,400,000	809,745
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group:
Series C, 7.5%, 5/15/2053		340,000	377,642
Series C, 7.625%, 5/15/2058		455,000	506,728
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:
Series A, 5.25%, 11/15/2039		445,000	443,301
Series A, 5.5%, 11/15/2049		3,800,000	3,503,575
			52,749,075
Georgia 1.4%
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054		1,420,000	1,193,757
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054		3,365,000	3,208,864
Georgia, The Atlanta Development Authority Revenue, Capital Appreciation Convertible Economic Development Certificates, "A" , Series 1, 144A, 0%-6.5%, 12/15/2048 (c)		1,750,000	1,569,337
			5,971,958
Hawaii 0.0%
Hawaii, State Department of Budget & Finance Revenue, Queen's Health Systems Obligated Group, Series B, 2.45% (b), 12/1/2025, LOC: Barclays Bank PLC		100,000	100,000
Idaho 0.5%
Idaho, State Health Facilities Authority Revenue, St Luke's Health System Ltd. Obligated Group, Series 2025-A, 5.25%, 3/1/2050		1,945,000	2,068,729
Illinois 3.3%
Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2050		840,000	882,787
Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.5%, 1/1/2053		2,330,000	2,441,470
Illinois, Chicago Board of Education, General Obligation, Series C, 5.5%, 12/1/2045		1,000,000	971,173
Illinois, Housing Development Authority Revenue, Series E, 5.25%, 10/1/2052		2,830,000	2,953,987
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 * (e)		7,076,266	212,288
Illinois, State General Obligation:
Series A, 5.0%, 12/1/2042		3,610,000	3,654,011

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
5.5%, 5/1/2039		1,535,000	1,640,465
5.75%, 5/1/2045		1,470,000	1,549,370
			14,305,551
Indiana 1.6%
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project, Series A, 144A, 6.125%, 7/1/2048		3,660,000	3,587,508
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project:
Series E, 6.0%, 3/1/2053		595,000	622,961
Series E, 6.125%, 3/1/2057		300,000	316,015
Series F, 7.75%, 3/1/2067		2,000,000	2,215,532
			6,742,016
Iowa 1.7%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group:
Series 2024-B, 7.25%, 5/15/2035		2,085,000	2,136,701
Series B, 7.5%, 5/15/2053		455,000	505,373
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project, 4.0%, 10/1/2050		5,210,000	4,434,367
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039		110,000	107,120
			7,183,561
Kansas 0.2%
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040		920,000	921,065
Kentucky 1.0%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group, Series A, 5.25%, 6/1/2041		1,275,000	1,287,132
Kentucky, State Public Energy Authority Revenue, Series B, 5.0%, 12/1/2033, GTY: Jefferies Financial Group		2,780,000	2,910,049
			4,197,181
Louisiana 0.5%
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047		10,000	10,108
Louisiana, State Public Facilities Authority Revenue, Calcasieu Bridge Partners LLC, AMT, 5.75%, 9/1/2064		2,000,000	2,080,752
			2,090,860

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Maryland 1.3%
Maryland, Economic Development Corp. Revenue, University of Maryland, College Park Leonardtown Project, 5.0%, 7/1/2054, INS: AG		3,500,000	3,580,776
Maryland, State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System Obligated Group, Series 2025-A, 5.25%, 7/1/2052		2,000,000	2,111,639
			5,692,415
Massachusetts 2.4%
Massachusetts, Development Finance Agency Revenue Bond, NewBridge on the Charles, Inc., Obligated Group, 144A, 5.0%, 10/1/2057		3,000,000	2,902,743
Massachusetts, Development Finance Agency Revenue, Care Communities LLC Obligated Group, Series A-1, 144A, 6.5%, 7/15/2060		4,000,000	4,002,670
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 2.85% (b), 12/7/2025, LOC: TD Bank NA		500,000	500,000
Massachusetts, State Development Finance Agency Revenue, GingerCare Living, Inc., Obligated Group, Series A, 144A, 5.875%, 12/1/2060		2,000,000	1,843,826
Massachusetts, State Development Finance Agency Revenue, Springfield College, Series A, 4.0%, 6/1/2056		835,000	632,852
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035		30,000	29,830
Massachusetts, State Health & Educational Facilities Authority Revenue, Mass General Brigham, Inc., Series F-3, 2.5% (b), 12/7/2025, LOC: TD Bank NA		400,000	400,000
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 2.7% (b), 12/1/2025		100,000	100,000
			10,411,921
Minnesota 0.9%
Minnesota, State Housing Finance Agency, Series I, 5.0%, 7/1/2053		2,830,000	2,928,310
St. Cloud, MN, CentraCare Health System Obligated Group Revenue, 5.0%, 5/1/2054		1,110,000	1,141,963
			4,070,273

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Missouri 1.4%
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project, Series A, 144A, 6.25%, 4/15/2049		3,750,000	3,442,254
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 2.75% (b), 12/1/2025, LOC: Barclays Bank PLC		2,400,000	2,400,000
			5,842,254
Nebraska 0.1%
Douglas County, NE, State Hospital Authority No. 2 Revenue, Children's Hospital Obligated Group, Series A, 2.85% (b), 12/1/2025, LOC: U.S. Bank NA		640,000	640,000
Nevada 2.0%
Nevada, Department of Business & Industry Revenue, Brightline West Passenger Rail Project, Series B, AMT, 12.0% (a), 1/1/2065		3,005,000	2,554,250
Nevada, Reno-Tahoe Airport Authority Revenue:
Series A, AMT, 5.25%, 7/1/2049		500,000	521,888
Series A, AMT, 5.25%, 7/1/2054		400,000	414,542
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue:
5.0%, 7/1/2040		1,000,000	1,032,092
5.0%, 7/1/2045		1,000,000	1,008,491
5.0%, 7/1/2051		1,000,000	1,001,132
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		12,500,000	2,046,904
			8,579,299
New Jersey 2.4%
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2031		415,000	444,439
New Jersey, State Economic Development Authority Revenue, Series SSS, 5.25%, 6/15/2038		400,000	454,689
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039		3,795,000	2,964,430
New Jersey, State Economic Development Authority Revenue, DRP Urban Renewal 4 LLC, 144A, AMT, 6.625%, 1/1/2045		2,500,000	2,596,871
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
Series B, AMT, 3.25%, 12/1/2039		270,000	262,118
Series B, AMT, 3.5%, 12/1/2039		875,000	846,153
Series B, AMT, 4.25%, 12/1/2045		1,450,000	1,443,721

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Series C, AMT, 5.0%, 12/1/2053		605,000	593,482
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing Revenue, Series I, 5.0%, 10/1/2053		900,000	930,398
			10,536,301
New Mexico 0.5%
New Mexico, State Mortgage Finance Authority, "I" , Series D, 3.25%, 7/1/2044		2,460,000	2,199,902
New York 7.5%
Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College Project:
Series A, 4.0%, 11/1/2040		1,200,000	1,030,838
Series A, 4.0%, 11/1/2045		2,500,000	1,935,563
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050		2,750,000	2,437,409
New York, State Transportation Development Corp. Revenue, JFK Millennium Partners LLC, Series A, AMT, 5.5%, 12/31/2060		1,565,000	1,599,792
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment, AMT, 5.625%, 4/1/2040		1,290,000	1,355,634
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project:
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc.		500,000	474,264
AMT, 4.0%, 12/1/2042		1,200,000	1,121,980
AMT, 5.375%, 8/1/2036		900,000	940,459
AMT, 5.375%, 6/30/2060		2,085,000	2,092,450
AMT, 5.5%, 6/30/2054		2,000,000	2,029,702
AMT, 6.0%, 6/30/2054		250,000	260,069
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue:
Series E-1, 2.8%, 11/1/2034		4,340,000	4,010,108
Series E-1, 3.0%, 11/1/2039		2,355,000	2,136,486
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:
Series AA-6, 2.65% (b), 12/1/2025, SPA: Mizuho Bank Ltd.		900,000	900,000
Series DD-2, 2.85% (b), 12/1/2025, SPA: JPMorgan Chase Bank NA		600,000	600,000
New York City, NY, State Housing Development Corp. 8 Spruce St. Project, "F" , Series F, 5.25%, 12/15/2031		1,000,000	1,030,231

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series A4, 2.85% (b), 12/1/2025, SPA: JPMorgan Chase Bank NA		900,000	900,000
Series A-4, 2.85% (b), 12/1/2025, SPA: Barclays Bank PLC		2,000,000	2,000,000
Series C-4, 2.85% (b), 12/1/2025, SPA: JPMorgan Chase Bank NA		1,700,000	1,700,000
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060		35,000,000	1,662,161
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, Series A, 5.7%, 1/1/2028 * (e)		2,125,000	1,062,500
Westchester County, NY, Local Development Corp., Health Care Corp. Obligated Group Revenue, 5.75%, 11/1/2053, INS: AG		1,000,000	1,083,901
			32,363,547
North Carolina 0.1%
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%, 6/1/2043		420,000	437,441
North Dakota 0.1%
City of Grand Forks, ND, Altru Health System Obligated Group Revenue, Series A, 5.0%, 12/1/2053, INS: AG		315,000	322,320
Ohio 0.4%
Buckeye, OH, Tobacco Settlement Financing Authority, "2" , Series B-2, 5.0%, 6/1/2055		1,500,000	1,265,292
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project, Series A, 5.75%, 1/1/2053		380,000	392,685
			1,657,977
Oklahoma 1.2%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.25%, 8/15/2048		1,545,000	1,542,750
Series A, 5.5%, 8/15/2041		1,360,000	1,403,985
Series A, 5.5%, 8/15/2044		1,445,000	1,460,464
Oklahoma, State Municipal Airport Trust Trustees Revenue, American Airlines, Inc., AMT, 6.25%, 12/1/2040		500,000	561,697
			4,968,896
Oregon 0.0%
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 2.85% (b), 12/1/2025, LOC: TD Bank NA		100,000	100,000

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Pennsylvania 1.0%
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048		324,000	319,897
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, AMT, 4.125%, 6/1/2045		2,401,000	2,363,529
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 145A, 6.0%, 10/1/2054		970,000	1,050,628
Pennsylvania, State Turnpike Commission Revenue:
5.0%, 12/1/2041		15,000	15,000
Series A-1, 5.0%, 12/1/2041		5,000	5,005
Philadelphia, PA, Authority For Industrial Development, Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%, 6/1/2051		875,000	681,249
			4,435,308
Rhode Island 1.8%
Rhode Island, Health and Educational Building Corp. Revenue, PRG - RI Properties LLC, Series A, 5.0%, 7/1/2050, INS: AG		3,000,000	3,034,228
Rhode Island, Student Loan Authority Revenue:
Series A, AMT, 4.125%, 12/1/2043		2,680,000	2,613,418
Series A, AMT, 5.0%, 12/1/2044		2,070,000	2,086,311
			7,733,957
South Carolina 0.7%
South Carolina, Public Service Authority Revenue, Series A, 4.0%, 12/1/2055		1,000,000	885,207
South Carolina, State Jobs-Economic Development Authority Revenue, Novant Health Obligated Group, Series A, 5.5%, 11/1/2054		500,000	532,586
South Carolina, State Public Service Authority Revenue, Series B, 4.0%, 12/1/2047		1,820,000	1,675,913
			3,093,706
South Dakota 0.4%
Lincoln County, SD, Economic Development Revenue, Augustana College Association Project, Series A, 4.0%, 8/1/2056		2,050,000	1,648,356
Tennessee 1.9%
Chattanooga, TN, Health Educational & Housing Facility Board Revenue, Erlanger Health Obligated Group, 5.25%, 12/1/2049		2,500,000	2,638,280

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2049		1,000,000	897,449
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055		4,000,000	3,164,252
Shelby County, TN, Health & Educational Facilities Board Revenue, Madrone Memphis Student Housing I LLC, Series A1, 144A, 5.25%, 6/1/2056		615,000	588,085
Tennessee, New Memphis Arena Public Building Authority, City of Memphis Project, 0%-4.0%, 4/1/2031 (c)		750,000	744,008
			8,032,074
Texas 5.6%
Houston, TX, Airport System Revenue, United Airlines, Inc., Series B, AMT, 5.5%, 7/15/2039		2,340,000	2,515,958
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC		4,000,000	4,167,138
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057		3,715,000	3,127,119
San Antonio, TX, Education Facilities Corp., Higher Education Revenue, Hallmark University Project:
Series A, 5.0%, 10/1/2041		450,000	386,180
Series A, 5.0%, 10/1/2051		735,000	578,220
Texas, Arlington Higher Education Finance Corp. Revenue, BASIS Texas Charter Schools, Inc., 144A, 5.0%, 6/15/2064		500,000	449,959
Texas, Fort Worth International Airport Revenue, Series A-1, AMT, 5.25%, 11/1/2044		3,375,000	3,593,108
Texas, New Hope Cultural Education Facilities Finance Corp. Revenue, Bridgemoor Plano Project, Series A-1, 7.25%, 12/31/2030 * (e)		3,550,000	3,479,729
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050		3,550,000	3,018,700
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant Express, AMT, 5.5%, 12/31/2058		1,485,000	1,548,912
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, NTE Mobility Partners Segments 3 LLC, AMT, 5.0%, 6/30/2058		1,100,000	1,075,860
Texas, State General Obligation, 2.95% (b), 12/7/2025, SPA: JPMorgan Chase Bank NA		335,000	335,000
			24,275,883

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Utah 2.8%
Utah, Black Desert Public Infrastructure District Special Assessment, Public Infrastructure District Black Desert Assessment Area No. 1, 144A, 5.625%, 12/1/2053		2,000,000	2,023,418
Utah, Mida Mountain Village Public Infrastructure District, Tax Allocation:
Series 1, 144A, 5.125%, 6/15/2054		1,375,000	1,373,020
Series 2, 144A, 6.0%, 6/15/2054		1,810,000	1,865,756
Utah, Military Installation Development Authority Revenue, Recreation Fac Project Area, Series A-1, 4.0%, 6/1/2052		1,250,000	1,058,718
Utah, Point Phase 1 Public Infrastructure District No. 1 Revenue, Series A-1, 6.125%, 3/1/2055		2,165,000	2,260,030
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048		3,990,000	3,562,511
			12,143,453
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, St Michael's College Inc., 144A, 5.5%, 10/1/2043		2,000,000	1,839,003
Virginia 4.3%
Roanoke County, VA, Economic Development Authority Revenue, Richfield Living, 5.5% (a), 9/1/2058		1,475,000	1,466,079
Virginia, Marquis Community Development Authority Revenue:
Series C, 9/1/2041 *		11,070,000	27,675
Series B, 2.25%, 9/1/2041 (e) (f)		7,416,000	2,595,600
144A, 3.0%, 9/1/2045 (e) (f)		2,284,000	799,400
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation:
144A, 5.0%, 9/1/2037		1,400,000	1,413,809
144A, 5.0%, 9/1/2045		4,650,000	4,620,813
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2040		2,340,000	2,259,908
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project, AMT, 4.0%, 1/1/2039		4,400,000	4,336,432
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2049		870,000	850,233
			18,369,949
Washington 1.6%
Skagit County, WA, Public Hospital District No. 1 Revenue, 5.5%, 12/1/2054		360,000	371,052

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Washington, State Convention Center Public Facilities District:
Series B, 3.0%, 7/1/2048, INS: AG		4,120,000	3,076,267
Series B, 3.0%, 7/1/2058		2,080,000	1,394,593
Washington, State Health Care Facilities Authority Revenue, CommonSpirit Health Obligation Group, Series A, 5.5%, 9/1/2055		1,000,000	1,067,827
Washington, State Housing Finance Commission Revenue, Horizon House Project, Series A, 6.25%, 1/1/2061 (g)		1,000,000	991,616
Washington, State Housing Finance Commission, Panorama Project, 2.79% (b), 12/7/2025, LOC: Wells Fargo Bank NA		200,000	200,000
			7,101,355
Wisconsin 8.0%
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
Series A-1, 5.0%, 7/1/2043		4,150,000	3,914,771
Series B, 5.0%, 7/1/2048		1,910,000	1,683,945
Series B, 5.0%, 7/1/2053		1,875,000	1,606,800
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045		6,000,000	5,416,628
Wisconsin, Public Finance Authority Revenue, Million Air Three Obligated Group:
Series A, 144A, AMT, 6.25%, 9/1/2046		205,000	212,419
Series B, 144A, AMT, 7.0%, 9/1/2054		200,000	213,093
Wisconsin, Public Finance Authority Revenue, SR 400 Peach Partners LLC, Series 2025, AMT, 5.75%, 12/31/2065		3,000,000	3,114,129
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.:
5.0%, 7/1/2047		2,000,000	1,927,144
5.0%, 7/1/2052		1,000,000	946,646
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, Series A, 144A, 5.0%, 6/15/2049		520,000	477,909
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, AMT, 4.0%, 9/30/2051		3,000,000	2,491,643
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project:
144A, 4.0%, 4/1/2042		250,000	221,023
144A, Prerefunded, 4.0%, 4/1/2042		5,000	5,344
144A, Prerefunded, 4.0%, 4/1/2052		15,000	16,032

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		635,000	515,846
144A, 5.75%, 5/1/2054		3,490,000	2,383,916
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel, Series B, 144A, 6.0%, 2/1/2062		5,000,000	5,147,433
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc., 144A, 5.0%, 10/1/2053		1,000,000	936,204
Wisconsin, State Health & Educational Facilities Authority Revenue, Chiara Housing & Services, Inc. Obligated Group:
5.875%, 7/1/2055		660,000	662,603
6.0%, 7/1/2060		700,000	706,062
6.625%, 7/1/2060		1,910,000	1,993,052
			34,592,642
Guam 0.2%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050		655,000	660,608
Puerto Rico 4.9%
Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 4.0%, 7/1/2042		2,000,000	1,834,731
Puerto Rico, General Obligation:
Series A, Zero Coupon, 7/1/2033		3,602,431	2,597,251
Series A1, 4.0%, 7/1/2033		1,255,987	1,255,219
Series A1, 4.0%, 7/1/2035		230,098	228,571
Series A1, 4.0%, 7/1/2037		2,007,160	1,929,729
Series A1, 4.0%, 7/1/2041		2,098,773	1,940,741
Series A1, 5.625%, 7/1/2027		282,516	289,015
Series A1, 5.75%, 7/1/2031		269,953	297,376
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, Zero Coupon, 7/1/2046		4,000,000	1,363,991
Series A-1, Zero Coupon, 7/1/2051		4,207,000	1,048,455
Series A-1, 4.75%, 7/1/2053		6,800,000	6,473,609
Series A-1, 5.0%, 7/1/2058		2,000,000	1,949,931
			21,208,619
Total Municipal Investments(Cost $430,268,027)			414,677,189

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

DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Underlying Municipal Bonds of Inverse Floaters (h) 3.8%
California 1.3%
California, Water Utility Improvements, 5.0%, 3/1/2049 (i)		5,000,000	5,378,112
Trust: California, Water Utility Improvements, General Obligation, Series 2025-XM1227, 144A, 10.19%, 3/1/2033, Leverage Factor at purchase date: 4 to 1
New York 2.5%
New York City, NY, General Obligation, Series A-1, 5.5%, 8/1/2050 (i)		5,200,000	5,616,749
Trust: New York City, NY, General Obligation, Series 2025-XM1310, 144A, 11.17%, 8/1/2033, Leverage Factor at purchase date: 4 to 1
New York, New York City Transitional Finance Authority, 5.25%, 5/1/2048 (i)		5,000,000	5,336,051
Trust: New York, New York City Transitional Finance Authority, Series 2025-XM1262, 144A, 11.25%, 5/1/2033, Leverage Factor at purchase date: 4 to 1
			10,952,800
Total Underlying Municipal Bonds of Inverse Floaters(Cost $16,051,113)			16,330,912
Corporate Bonds 0.5%
Consumer Discretionary 0.3%
Grand Canyon University, 5.125%, 10/1/2028		1,570,000	1,552,730
Industrials 0.2%
Brightline East LLC, 144A, 11.0%, 1/31/2030		2,500,000	865,067
Total Corporate Bonds(Cost $3,881,688)			2,417,797

	Shares		Value ($)
Closed-End Investment Companies 0.3%
Nuveen Quality Municipal Income Fund (Cost $1,166,772)		102,188	1,230,343
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.61% (j) (Cost $19,008)		19,006	19,008

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

DWS Strategic High Yield Tax-Free Fund

	Shares		Value ($)
Warrants 0.0%
BL Train Holdings West LLC, Expiration Date 11/26/2035* (k) (Cost $0)		24,990	0

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $451,386,608)	100.8	434,675,249
Floating Rate Notes (h)	(2.6 )	(11,400,000 )
Other Assets and Liabilities, Net	1.8	7,921,018
Net Assets	100.0	431,196,267

*	Non-income producing security.
(a)	Variable or floating rate security. These securities are shown at their current rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable.
(b)	Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of November 30, 2025. Date shown reflects the earlier of demand date or stated maturity date.
(c)	Security is a "step-up" bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.
(d)	Interest coupon payment as of July 15, 2025 has been deferred by the issuer.
(e)	Defaulted security or security for which income has been deemed uncollectible.
(f)	Security currently paying partial interest. The rate shown represents 40% of the original coupon rate.
(g)	When-issued security.
(h)	Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.
(i)	Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.
(j)	Current yield; not a coupon rate.
(k)	Investment was valued using significant unobservable inputs.

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.

AG: Assured Guaranty, Inc.

AMBAC: Ambac Financial Group, Inc.

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

DWS Strategic High Yield Tax-Free Fund

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

INS: Insured

LOC: Letter of Credit

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury

securities which are held in escrow and used to pay principal and interest on tax-exempt

issues and to retire the bonds in full at the earliest refunding date.

SIFMA: Securities Industry and Financial Markets Association

SPA: Standby Bond Purchase Agreement

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 November 30, 2025 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)	$-	$431,008,101	$-	$431,008,101
Corporate Bonds (a)	-	2,417,797	-	2,417,797
Closed-End Investment Companies	1,230,343	-	-	1,230,343
Open-End Investment Companies	19,008	-	-	19,008
Warrants	-	-	0	0
Total	$1,249,351	$433,425,898	$0	$434,675,249

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Strategic High Yield Tax-Free Fund

Statement of Assets and Liabilities

as of November 30, 2025 (Unaudited)

Assets
Investment in securities, at value (cost $451,386,608)	$434,675,249
Cash	1,331,033
Receivable for investments sold	737,362
Receivable for Fund shares sold	36,118
Dividends receivable	7,204
Interest receivable	7,645,594
Other assets	44,063
Total assets	444,476,623
Liabilities
Payable for investments purchased -when-issued/delayed-delivery securities	970,920
Payable for Fund shares redeemed	165,422
Payable for floating rate notes issued	11,400,000
Distributions payable	381,285
Accrued management fee	121,704
Accrued Trustees' fees	4,577
Other accrued expenses and payables	236,448
Total liabilities	13,280,356
Net assets, at value	$431,196,267
Net Assets Consist of
Distributable earnings (loss)	(152,948,500 )
Paid-in capital	584,144,767
Net assets, at value	$431,196,267

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

DWS Strategic High Yield Tax-Free Fund

Statement of Assets and Liabilities as of November 30, 2025 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Valueand redemption price per share ($128,104,405 ÷ 12,143,314 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$10.55
Maximum offering price per share (100 ÷ 97.25 of $10.55)	$10.85
Class C
Net Asset Value,offering and redemption price (subject to contingent deferred sales charge) per share ($3,067,683 ÷ 290,536 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$10.56
Class S
Net Asset Value,offering and redemption price per share ($220,689,401 ÷ 20,903,471 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$10.56
Institutional Class
Net Asset Value,offering and redemption price per share ($79,334,778 ÷ 7,511,651 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$10.56

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

DWS Strategic High Yield Tax-Free Fund

Statement of Operations

for the six months ended November 30, 2025 (Unaudited)

Investment Income
Income:
Interest	$11,987,099
Dividends	76,440
Total income	12,063,539
Expenses:
Management fee	954,012
Administration fee	210,480
Services to shareholders	219,076
Distribution and service fees	176,117
Custodian fee	3,172
Professional fees	51,690
Reports to shareholders	19,459
Registration fees	31,141
Trustees' fees and expenses	6,485
Interest expense on floating rate notes issued	149,416
Other	13,302
Total expenses before expense reductions	1,834,350
Expense reductions	(190,749 )
Total expenses after expense reductions	1,643,601
Net investment income	10,419,938
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(5,387,477 )
Change in net unrealized appreciation (depreciation) on investments	17,075,862
Net gain (loss)	11,688,385
Net increase (decrease) in net assets resulting from operations	$22,108,323

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

DWS Strategic High Yield Tax-Free Fund

Statements of Changes in Net Assets

	Six Months Ended November 30, 2025	Year Ended May 31,
Increase (Decrease) in Net Assets	(Unaudited)	2025
Operations:
Net investment income	$10,419,938	$22,693,779
Net realized gain (loss)	(5,387,477 )	(8,238,313 )
Change in net unrealized appreciation (depreciation)	17,075,862	(516,722 )
Net increase (decrease) in net assets resulting from operations	22,108,323	13,938,744
Distributions to shareholders:
Class A	(2,898,859 )	(6,631,994 )
Class C	(61,328 )	(147,939 )
Class S	(5,172,357 )	(10,807,622 )
Institutional Class	(1,981,677 )	(4,650,602 )
Total distributions	(10,114,221 )	(22,238,157 )
Fund share transactions:
Proceeds from shares sold	31,595,798	113,023,315
Reinvestment of distributions	8,565,257	19,049,037
Payments for shares redeemed	(64,588,796 )	(159,479,285 )
Net increase (decrease) in net assets from Fund share transactions	(24,427,741 )	(27,406,933 )
Increase (decrease) in net assets	(12,433,639 )	(35,706,346 )
Net assets at beginning of period	443,629,906	479,336,252
Net assets at end of period	$431,196,267	$443,629,906

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

DWS Strategic High Yield Tax-Free Fund

Financial Highlights

DWS Strategic High Yield Tax-Free Fund -Class A
	Six Months Ended 11/30/25	Years Ended May 31,
	(Unaudited)	2025	2024	2023	2022	2021
Selected Per Share Data
Net asset value, beginning of period	$10.26	$10.45	$10.24	$11.02	$12.59	$11.37
Income (loss) from investment operations:
Net investment income	.24	.46	.42	.41	.39	.42
Net realized and unrealized gain (loss)	.28	(.20 )	.21	(.78 )	(1.57 )	1.23
Total from investment operations	.52	.26	.63	(.37 )	(1.18 )	1.65
Less distributions from:
Net investment income	(.23 )	(.45 )	(.42 )	(.40 )	(.39 )	(.42 )
Net realized gains	-	-	(.00 )*	(.01 )	(.00 )*	(.01 )
Total distributions	(.23 )	(.45 )	(.42 )	(.41 )	(.39 )	(.43 )
Net asset value, end of period	$10.55	$10.26	$10.45	$10.24	$11.02	$12.59
Total Return (%)a,b	5.06 **	2.60	6.33	(3.27 )	(9.55 )	14.56
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	128	134	145	137	182	216
Ratio of expenses before expense reductions (including interest expense) (%)	.99 c***	.94 c	.92	.95 c	.90 c	.90 c
Ratio of expenses after expense reductions (including interest expense) (%)	.93 c***	.85 c	.83	.89 c	.87 c	.87 c
Ratio of expenses after expense reductions (excluding interest expense) (%)	.86 ***	.85	.83	.85	.84	.84
Ratio of net investment income (%)	4.63 ***	4.51	4.19	3.97	3.21	3.51
Portfolio turnover rate (%)	25 **	69	58	70	69	59

a	Total return does not reflect the effect of any sales charges.
b	Total return would have been lower had certain expenses not been reduced.
c	Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
*	Amount is less than $.005.
**	Not annualized
***	Annualized

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

DWS Strategic High Yield Tax-Free Fund

DWS Strategic High Yield Tax-Free Fund -Class C
	Six Months Ended 11/30/25	Years Ended May 31,
	(Unaudited)	2025	2024	2023	2022	2021
Selected Per Share Data
Net asset value, beginning of period	$10.27	$10.46	$10.25	$11.03	$12.60	$11.38
Income (loss) from investment operations:
Net investment income	.20	.38	.35	.34	.30	.33
Net realized and unrealized gain (loss)	.28	(.20 )	.20	(.79 )	(1.57 )	1.22
Total from investment operations	.48	.18	.55	(.45 )	(1.27 )	1.55
Less distributions from:
Net investment income	(.19 )	(.37 )	(.34 )	(.32 )	(.30 )	(.32 )
Net realized gains	-	-	(.00 )*	(.01 )	(.00 )*	(.01 )
Total distributions	(.19 )	(.37 )	(.34 )	(.33 )	(.30 )	(.33 )
Net asset value, end of period	$10.56	$10.27	$10.46	$10.25	$11.03	$12.60
Total Return (%)a,b	4.67 **	1.86	5.53	(4.00 )	(10.22 )	13.68
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	4	6	9	14
Ratio of expenses before expense reductions (including interest expense) (%)	1.75 c***	1.69 c	1.69	1.71 c	1.66 c	1.66 c
Ratio of expenses after expense reductions (including interest expense) (%)	1.68 c***	1.60 c	1.58	1.64 c	1.62 c	1.62 c
Ratio of expenses after expense reductions (excluding interest expense) (%)	1.61 ***	1.60	1.58	1.60	1.59	1.59
Ratio of net investment income (%)	3.88 ***	3.76	3.44	3.22	2.46	2.77
Portfolio turnover rate (%)	25 **	69	58	70	69	59

a	Total return does not reflect the effect of any sales charges.
b	Total return would have been lower had certain expenses not been reduced.
c	Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
*	Amount is less than $.005.
**	Not annualized
***	Annualized

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

DWS Strategic High Yield Tax-Free Fund

DWS Strategic High Yield Tax-Free Fund -Class S
	Six Months Ended 11/30/25	Years Ended May 31,
	(Unaudited)	2025	2024	2023	2022	2021
Selected Per Share Data
Net asset value, beginning of period	$10.27	$10.46	$10.25	$11.03	$12.60	$11.38
Income (loss) from investment operations:
Net investment income	.26	.49	.45	.44	.42	.45
Net realized and unrealized gain (loss)	.28	(.20 )	.21	(.78 )	(1.57 )	1.23
Total from investment operations	.54	.29	.66	(.34 )	(1.15 )	1.68
Less distributions from:
Net investment income	(.25 )	(.48 )	(.45 )	(.43 )	(.42 )	(.45 )
Net realized gains	-	-	(.00 )*	(.01 )	(.00 )*	(.01 )
Total distributions	(.25 )	(.48 )	(.45 )	(.44 )	(.42 )	(.46 )
Net asset value, end of period	$10.56	$10.27	$10.46	$10.25	$11.03	$12.60
Total Return (%)a	5.19 **	2.87	6.60	(3.01 )	(9.31 )	14.83
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	221	216	233	268	405	567
Ratio of expenses before expense reductions (including interest expense) (%)	.77 b***	.70 b	.71	.74 b	.74 b	.73 b
Ratio of expenses after expense reductions (including interest expense) (%)	.68 b***	.60 b	.58	.64 b	.62 b	.62 b
Ratio of expenses after expense reductions (excluding interest expense) (%)	.61 ***	.60	.58	.60	.59	.59
Ratio of net investment income (%)	4.88 ***	4.75	4.44	4.22	3.46	3.76
Portfolio turnover rate (%)	25 **	69	58	70	69	59

a	Total return would have been lower had certain expenses not been reduced.
b	Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
*	Amount is less than $.005.
**	Not annualized
***	Annualized

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

DWS Strategic High Yield Tax-Free Fund

DWS Strategic High Yield Tax-Free Fund -Institutional Class
	Six Months Ended 11/30/25	Years Ended May 31,
	(Unaudited)	2025	2024	2023	2022	2021
Selected Per Share Data
Net asset value, beginning of period	$10.27	$10.46	$10.25	$11.03	$12.60	$11.39
Income (loss) from investment operations:
Net investment income	.26	.49	.45	.44	.43	.45
Net realized and unrealized gain (loss)	.28	(.20 )	.21	(.78 )	(1.58 )	1.22
Total from investment operations	.54	.29	.66	(.34 )	(1.15 )	1.67
Less distributions from:
Net investment income	(.25 )	(.48 )	(.45 )	(.43 )	(.42 )	(.45 )
Net realized gains	-	-	(.00 )*	(.01 )	(.00 )*	(.01 )
Total distributions	(.25 )	(.48 )	(.45 )	(.44 )	(.42 )	(.46 )
Net asset value, end of period	$10.56	$10.27	$10.46	$10.25	$11.03	$12.60
Total Return (%)a	5.29 **	2.86	6.61	(3.01 )	(9.38 )	14.82
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	79	90	97	109	153	242
Ratio of expenses before expense reductions (including interest expense) (%)	.78 b***	.72 b	.69	.69 b	.68 b	.68 b
Ratio of expenses after expense reductions (including interest expense) (%)	.68 b***	.60 b	.58	.64 b	.62 b	.62 b
Ratio of expenses after expense reductions (excluding interest expense) (%)	.61 ***	.60	.58	.60	.59	.59
Ratio of net investment income (%)	4.89 ***	4.75	4.43	4.23	3.46	3.76
Portfolio turnover rate (%)	25 **	69	58	70	69	59

a	Total return would have been lower had certain expenses not been reduced.
b	Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
*	Amount is less than $.005.
**	Not annualized
***	Annualized

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

DWS Strategic High Yield Tax-Free Fund

Notes to Financial Statements (Unaudited)

Organization and Significant Accounting Policies

DWS Strategic High Yield Tax-Free Fund (the "Fund" ) is a diversified series of Deutsche DWS Municipal Trust (the "Trust" ), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act" ), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

Operating Segment. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07" ). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's

DWS Strategic High Yield Tax-Free Fund

financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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.

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.

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

DWS Strategic High Yield Tax-Free Fund

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.

Other debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. 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, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Closed-end investment companies are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Closed-end investment companies for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Closed-end investment companies are generally categorized as Level 1.

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 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.

DWS Strategic High Yield Tax-Free Fund

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

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

By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption "Payable for floating rate notes issued" in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in "Interest expense and fees on floating rate notes issued" in the Statement of Operations. For the six months ended November 30, 2025, interest expense related to floaters amounted to $149,416. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended November 30, 2025 was $9,716,393, with a weighted average interest rate of 3.08%.

The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund's inverse floater investments. In addition, when interest rates increase, the interest payment to the inverse floater will generally decrease and the value of

DWS Strategic High Yield Tax-Free Fund

inverse floaters may decrease significantly. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund's control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

When-Issued and 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 and 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.

Tax Information. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.

At May 31, 2025, the Fund had net tax basis capital loss carryforwards of $148,523,042, including short-term losses ($111,742,226) and long-term losses ($36,780,816), which may be applied against realized net taxable capital gains indefinitely.

At November 30, 2025, the aggregate cost of investments for federal income tax purposes was $447,702,051. The net unrealized depreciation for all investments based on tax cost was $13,026,802. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $15,045,073 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $28,071,875.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended May 31, 2025, remains subject to examination by taxing authorities.

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.

DWS Strategic High Yield Tax-Free Fund

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

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

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

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

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

Purchases and Sales of Securities

During the six months ended November 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $109,011,116 and $131,495,757, respectively.

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.

DWS Strategic High Yield Tax-Free 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 $300 million of the Fund's average daily net assets	.455%
Next $200 million of such net assets	.405%
Next $500 million of such net assets	.380%
Next $500 million of such net assets	.360%
Next $500 million of such net assets	.350%
Over $2 billion of such net assets	.340%

Accordingly, for the six months ended November 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.44% of the Fund's average daily net assets.

For the period from June 1, 2025 through September 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A	.86%
Class C	1.61%
Class S	.61%
Institutional Class	.61%

Effective October 1, 2025 through September 30, 2026, 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, interest expense and acquired fund fees and expenses) of each class as follows:

Class A		.85%
Class C		1.60%
Class S		.60%
Institutional Class		.60%

DWS Strategic High Yield Tax-Free Fund

For the six months ended November 30, 2025, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$42,401
Class C	1,186
Class S	104,110
Institutional Class	43,052
	$190,749

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee" ) of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended November 30, 2025, the Administration Fee was $210,480, of which $34,477 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 SS&C GIDS, Inc. ("SS&C" ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended November 30, 2025, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at November 30, 2025
Class A	$2,881	$975
Class C	140	39
Class S	24,634	8,533
Institutional Class	243	91
	$27,898	$9,638

In addition, for the six months ended November 30, 2025, the amounts charged to the Fund for recordkeeping and other administrative services

DWS Strategic High Yield Tax-Free Fund

provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$46,274
Class C	1,182
Class S	88,236
Institutional Class	46,195
	$181,887

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan, DWS Distributors, Inc. ("DDI" ), an affiliate of the Advisor, receives a fee ("Distribution Fee" ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended November 30, 2025, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at November 30, 2025
Class C	$12,285	$1,928

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 accounts the firms service. For the six months ended November 30, 2025, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at November 30, 2025	Annualized Rate
Class A	$159,739	$54,029	.25%
Class C	4,093	1,317	.25%
	$163,832	$55,346

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended November 30, 2025 aggregated $1,113.

In addition, DDI receives any contingent deferred sales charge ("CDSC" ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended November 30, 2025, the CDSC for Class C shares aggregated $95. A deferred sales charge of up to

DWS Strategic High Yield Tax-Free Fund

1% is assessed on certain redemptions of Class A shares. For the six months ended November 30, 2025, DDI received $7,304 for Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended November 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $675, of which $308 is unpaid.

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

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended November 30, 2025, the Fund engaged in securities purchases of $13,680,000 and securities sales of $12,235,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

Investing in High-Yield Debt Securities

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

Line of Credit

The Fund and other affiliated funds (the "Participants" ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual

DWS Strategic High Yield Tax-Free Fund

commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at November 30, 2025.

Fund Share Transactions

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

	Six Months Ended November 30, 2025		Year Ended May 31, 2025
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	1,117,332	$11,527,192	3,426,901	$36,582,212
Class C	1,916	19,713	65,707	710,923
Class S	871,320	8,878,556	1,042,283	11,158,050
Institutional Class	1,076,132	11,170,337	6,010,208	64,572,130
		$31,595,798		$113,023,315
Shares issued to shareholders in reinvestment of distributions
Class A	254,989	$2,633,004	571,145	$6,088,004
Class C	5,584	57,689	13,160	140,436
Class S	389,071	4,021,234	811,851	8,660,939
Institutional Class	179,276	1,853,330	389,739	4,159,658
		$8,565,257		$19,049,037
Shares redeemed
Class A	(2,281,436 )	$(23,456,527 )	(4,820,273 )	$(51,034,085 )
Class C	(54,917 )	(566,232 )	(134,949 )	(1,439,320 )
Class S	(1,411,370 )	(14,618,207 )	(3,072,997 )	(32,863,433 )
Institutional Class	(2,505,932 )	(25,947,830 )	(6,930,206 )	(74,142,447 )
		$(64,588,796 )		$(159,479,285 )
Net increase (decrease)
Class A	(909,115 )	$(9,296,331 )	(822,227 )	$(8,363,869 )
Class C	(47,417 )	(488,830 )	(56,082 )	(587,961 )
Class S	(150,979 )	(1,718,417 )	(1,218,863 )	(13,044,444 )
Institutional Class	(1,250,524 )	(12,924,163 )	(530,259 )	(5,410,659 )
		$(24,427,741 )		$(27,406,933 )

DWS Strategic High Yield Tax-Free Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees" ) approved the renewal of DWS Strategic High Yield Tax-Free Fund's (the "Fund" ) investment management agreement (the "Agreement" ) with DWS Investment Management Americas, Inc. ("DIMA" ) in September 2025.

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

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees" ).

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

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

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group" ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

DWS Strategic High Yield Tax-Free Fund

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar" ), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund's performance (Class A shares) was in the 2nd quartile, 3rd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and five-year periods and has underperformed its benchmark in the three-year period ended December 31, 2024.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge" ) regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of

DWS Strategic High Yield Tax-Free Fund

December 31, 2024). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses" ). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds" ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds" ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the

DWS Strategic High Yield Tax-Free Fund

Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

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

DSHYTFF-BFE2025

DWS Strategic High Yield Tax-Free Fund

DSHYTFF-NCSRS


	(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8.	Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

	Not applicable

Item 9.	Proxy Disclosures for Open-End Management Investment Companies.

	Not applicable

Item 10.	Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	See Item 7(a)

Item 11.	Statement Regarding Basis for Approval of Investment Advisory Contract.

	See Item 7(a)

Item 12.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

	Not applicable

Item 13.	Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable

Item 14.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable

Item 15.	Submission of Matters to a Vote of Security Holders.

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

Item 16.	Controls and Procedures.

	(a)	The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.


Item 17.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable

Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

	(a)(1)	Not applicable

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Registrant:	DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	1/29/2026

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

By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	1/29/2026



By:	/s/Diane Kenneally Diane Kenneally Principal Financial Officer

Date:	1/29/2026

Deutsche Municipal Trust published this content on February 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 02, 2026 at 18:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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