# EDGAR Filing Document

**Accession Number:** 0000711600
**File Stem:** 0000088053-23-000060
**Filing Date:** 2023-2
**Character Count:** 166187
**Document Hash:** 4a543a82f51b043bfe34d4afc48cc51f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000060.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0000088053-23-000060

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000711600
- **IRS NUMBER:** 042782118
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03632
- **FILM NUMBER:** 23584788

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW  YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW  YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS TAX FREE TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19930909

## Series and Classes Contracts Data

### DWS Intermediate Tax-Free Fund (Series ID: S000006133)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016867 | Class A             | SZMAX           |
| C000016870 | Class C             | SZMCX           |
| C000016871 | Class S             | SCMTX           |
| C000016872 | Institutional Class | SZMIX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-03632

<u>Deutsche DWS Tax Free Trust</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 5/31 <br>Date of reporting period: 11/30/2022

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| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 1.** | &nbsp;&nbsp;**REPORT TO STOCKHOLDERS** |
|  | &nbsp;&nbsp;(a) |

---

![](g416527img2acc947a1.jpg)

November 30, 2022

**Semiannual Report**

**to Shareholders**

**DWS Intermediate Tax-Free Fund**

![](g416527img6947d7902.jpg)

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<br>**Contents** 

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| | |
|:---|:---|
| **4** | [Letter to Shareholders](#xx_58932609-d57c-410f-b506-01006b81d1e7_lts-cc-financial-runningfooter-376_1) |
| **5** | [Performance Summary](#xx_58932609-d57c-410f-b506-01006b81d1e7_perfsum-cc-financial-runningfooter-376_1) |
| **9** | [Portfolio Management Team](#xx_58932609-d57c-410f-b506-01006b81d1e7_msnvip-cc-financial-runningfooter-376_1) |
| **10** | [Portfolio Summary](#xx_58932609-d57c-410f-b506-01006b81d1e7_portsum-cc-financial-runningfooter-376_1) |
| **11** | [Investment Portfolio](#xx_58932609-d57c-410f-b506-01006b81d1e7_soi-cc-financial-runningfooter-376_1) |
| **29** | [Statement of Assets and Liabilities](#xx_58932609-d57c-410f-b506-01006b81d1e7_fs-cc-financial-runningfooter-376_1) |
| **31** | [Statement of Operations](#xx_58932609-d57c-410f-b506-01006b81d1e7_fs-cc-financial-runningfooter-376_3) |
| **32** | [Statements of Changes in Net Assets](#xx_58932609-d57c-410f-b506-01006b81d1e7_fs-cc-financial-runningfooter-376_4) |
| **33** | [Financial Highlights](#xx_58932609-d57c-410f-b506-01006b81d1e7_fihi-cc-financial-runningfooter-376_1) |
| **37** | [Notes to Financial Statements](#xx_58932609-d57c-410f-b506-01006b81d1e7_ntf-cc-financial-runningfooter-376_1) |
| **47** | [Information About Your Fund's Expenses](#xx_58932609-d57c-410f-b506-01006b81d1e7_fexpti-cc-financial-runningfooter-376_1) |
| **49** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_58932609-d57c-410f-b506-01006b81d1e7_aabcf-cc-financial-runningfooter-376_1) |
| **53** | [Account Management Resources](#xx_58932609-d57c-410f-b506-01006b81d1e7_amr-cc-financial-runningfooter-376_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **2**  | \|  | DWS Intermediate Tax-Free Fund  |

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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. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund's distributions may be subject to federal, state and local taxes, including the alternative minimum tax. Please read the prospectus for details.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>3</sub> |

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**Letter to Shareholders**

Dear Shareholder:

Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and continued through the remainder of the year due to volatility in energy, a rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. The longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.

In periods such as this, real capital preservation becomes more challenging. Our portfolio managers continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation. Overall, we believe a diversified and balanced portfolio may help mitigate portfolio volatility during this uncertain economic and market cycle.

In our view, the current environment underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the "Insights" section of dws.com.

Best regards, <br> ![](g416527img0381fb953.jpg) ![](g416527imga3f0e8b04.jpg)

Hepsen Uzcan

President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

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| | | |
|:---|:---|:---|
| **4**  | \|  | DWS Intermediate Tax-Free Fund  |

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**Performance SummaryNovember 30, 2022 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **6-Month**<sup>‡</sup> <br>| **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 |
| Unadjusted for Sales Charge | –1.10% | &nbsp;&nbsp; –7.78% | &nbsp;&nbsp; 0.98% | 1.15% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 2.75% load)<br>| –3.82% | –10.32% | &nbsp;&nbsp; 0.42% | 0.87% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>| –0.40% | &nbsp;&nbsp; –6.25% | &nbsp;&nbsp; 1.51% | 1.80% |
| **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) |
| Unadjusted for Sales Charge |  | –10.23% | &nbsp;&nbsp; 0.22% | 1.02% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 2.75% load)<br>|  | –12.70% | –0.34% | 0.74% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>|  | &nbsp;&nbsp; –8.87% | &nbsp;&nbsp; 0.76% | 1.64% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **6-Month**<sup>‡</sup> <br>| **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 |
| Unadjusted for Sales Charge | –1.47% | &nbsp;&nbsp; –8.47% | &nbsp;&nbsp; 0.24% | 0.40% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 1.00% CDSC)<br>| –2.45% | &nbsp;&nbsp; –8.47% | &nbsp;&nbsp; 0.24% | 0.40% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>| –0.40% | &nbsp;&nbsp; –6.25% | &nbsp;&nbsp; 1.51% | 1.80% |
| **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) |
| Unadjusted for Sales Charge |  | –10.90% | –0.53% | 0.27% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 1.00% CDSC)<br>|  | –10.90% | –0.53% | 0.27% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>|  | &nbsp;&nbsp; –8.87% | &nbsp;&nbsp; 0.76% | 1.64% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class S** | **6-Month**<sup>‡</sup> <br>| **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 |
| No Sales Charges | –0.97% | &nbsp;&nbsp; –7.55% | 1.23% | 1.39% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>| –0.40% | &nbsp;&nbsp; –6.25% | 1.51% | 1.80% |
| **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) |
| No Sales Charges |  | –10.00% | 0.47% | 1.26% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>|  | &nbsp;&nbsp; –8.87% | 0.76% | 1.64% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>5</sub> |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **6-Month**<sup>‡</sup> <br>| **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 | **Average Annual Total Returns** as of 11/30/22 |
| No Sales Charges | –0.97% | &nbsp;&nbsp; –7.55% | 1.23% | 1.41% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>| –0.40% | &nbsp;&nbsp; –6.25% | 1.51% | 1.80% |
| **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) | **Average Annual Total Returns** as of 9/30/22 (most recent calendar quarter end) |
| No Sales Charges |  | –10.00% | 0.47% | 1.28% |
| &nbsp;&nbsp; Bloomberg Municipal Bond <br>1-15 Year Blend (1-17) Index<sup>†</sup> <br>|  | &nbsp;&nbsp; –8.87% | 0.76% | 1.64% |

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**Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.**

**The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated October 1, 2022 are 0.78%, 1.53%, 0.64% and 0.55% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.**

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

A portion of the Fund's distributions may be subject to federal, state and local taxes.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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| | | |
|:---|:---|:---|
| **6**  | \|  | DWS Intermediate Tax-Free Fund  |

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**Growth of an Assumed $10,000 Investment**

(Adjusted for Maximum Sales Charge)

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![](g416527img1c1ccde45.jpg)Yearly periods ended November 30

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**The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial investment of $9,725**.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

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| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp; Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a sub-index of the Bloomberg <br> Municipal Bond Index. It is a rules-based market value-weighted index of bonds with <br> maturities of one year to 17 years designed for the tax-exempt bond market.<br>|
| <sup>‡</sup> | &nbsp;&nbsp; Total returns shown for periods less than one year are not annualized.<br>|

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| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>7</sub> |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class S** | **Institutional** <br>**Class**<br>|
| **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** |
| 11/30/22 | $10.75 | $10.75 | $10.75 | $10.75 |
| 5/31/22 | $11.00 | $11.00 | $11.00 | $11.00 |
| **Distribution Information** as of 11/30/22 | **Distribution Information** as of 11/30/22 | **Distribution Information** as of 11/30/22 | **Distribution Information** as of 11/30/22 | **Distribution Information** as of 11/30/22 |
| Income Dividends, Six Months | $.13 | $.09 | $.14 | $.14 |
| November Income Dividend | $.0231 | $.0165 | $.0253 | $.0253 |
| SEC 30-day Yield<sup>‡</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 3.25% |
| Tax Equivalent Yield<sup>‡</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 5.51% | &nbsp;&nbsp; 5.49% |
| Current Annualized Distribution Rate<sup>‡</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.86% |

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| | |
|:---|:---|
| <sup>‡</sup><sup>‡</sup>  | &nbsp;&nbsp; The SEC yield is net investment income per share earned over the month ended <br> November 30, 2022, shown as an annualized percentage of the maximum offering price <br> per share on the last day of the period. The SEC yield is computed in accordance with a <br> standardized method prescribed by the Securities and Exchange Commission. The SEC <br> yields would have been 2.88%, 2.20%, 3.10% and 3.19% for Class A, Class C, Class S <br> and Institutional Class shares, respectively, had certain expenses not been reduced. Tax <br> equivalent yield is based on the Fund's yield and a marginal income tax rate of 40.8%. <br> Current annualized distribution rate is the latest monthly dividend shown as an <br> annualized percentage of net asset value on November 30, 2022. Distribution rate <br> simply measures the level of dividends and is not a complete measure of performance. <br> The current annualized distribution rates would have been 2.56%, 1.80%, 2.70% and <br> 2.80% for Class A, Class C, Class S and Institutional Class shares, respectively, had <br> certain expenses not been reduced. Yields and distribution rates are historical, not <br> guaranteed and will fluctuate.<br>|

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| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Intermediate Tax-Free Fund  |

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**Portfolio Management Team**

Matthew J. Caggiano, CFA, Head of Investment Strategy Fixed Income

Portfolio Manager of the Fund. Began managing the Fund in 2014.

<sup>—</sup>Joined DWS in 1989.

<sup>—</sup>Co-Head of Municipal Bond Department.

<sup>—</sup>BS, Pennsylvania State University; MS, Boston College.

Chad H. Farrington, CFA, Head of Investment Strategy Fixed Income

Portfolio Manager of the Fund. Began managing the Fund in 2021.

<sup>—</sup>Joined DWS in 2018 with 20 years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.

<sup>—</sup>Co-Head of Municipal Bond Department.

<sup>—</sup>BS, Montana State University.

Patrick Gallagher, Portfolio Manager Fixed Income

Portfolio Manager of the Fund. Began managing the Fund in 2021.

<sup>—</sup>Joined DWS in 2003. Prior to his current role, he served as a Municipal Quantitative Analyst in the Municipal Bond Department. Previously, he served as an Insurance Reporting Supervisor in the Insurance Asset Management business and as Investment Accountant in the Private Wealth Management Division.

<sup>—</sup>BA, Colby College.

Allyson McCann, Portfolio Manager Fixed Income.

Portfolio Manager of the Fund. Began managing the Fund in 2022.

<sup>—</sup>Joined DWS in 2022 with 14 years of industry experience.

<sup>—</sup>Prior to joining DWS, Allyson served as portfolio manager focused on separately managed accounts at Breckenridge Capital Advisors, Columbia Threadneedle Investments, and BNY Mellon.

<sup>—</sup>BSBA, Suffolk University; MBA, MsF, Northeastern University.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>9</sub> |

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**Portfolio Summary(Unaudited)** 

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| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding <br> Open-End Investment Companies)<br>| **11/30/22** | **5/31/22** |
| Revenue Bonds | 77% | 71% |
| General Obligation Bonds | 13% | 14% |
| Lease Obligations | 8% | 10% |
| Escrow to Maturity/Prerefunded Bonds | 2% | 3% |
| Other | 0% | 0% |
| Variable Rate Demand Notes | 0% | 2% |
| Variable Rate Demand Preferred Shares |  | 0% |
|  | 100% | 100% |

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| | | |
|:---|:---|:---|
| **Interest Rate Sensitivity** | **11/30/22** | **5/31/22** |
| Effective Maturity | 5.9 years | 5.3 years |
| Modified Duration | 4.8 years | 4.5 years |

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Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Modified duration is an approximate measure of a fund's sensitivity to movements in interest rates based on the current interest rate environment.

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| | | |
|:---|:---|:---|
| **Quality** (As a % of Investment Portfolio excluding Open-End <br> Investment Companies)<br>| **11/30/22** | **5/31/22** |
| AAA | 10% | 11% |
| AA | 43% | 41% |
| A | 29% | 31% |
| BBB | 12% | 10% |
| BB | 2% | 2% |
| B |  | 0% |
| Not Rated | 4% | 5% |
|  | 100% | 100% |

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The quality ratings represent the higher of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

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| | | |
|:---|:---|:---|
| **Top Five State Allocations** (As a % of Investment Portfolio <br> excluding Open-End Investment Companies)<br>| **11/30/22** | **5/31/22** |
| New York | 12% | 12% |
| California | 11% | 12% |
| Georgia | 8% | 8% |
| Pennsylvania | 7% | 7% |
| Texas | 7% | 9% |

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Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 11. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 53 for contact information.

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|:---|:---|:---|
| **10**  | \|  | DWS Intermediate Tax-Free Fund  |

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**Investment Portfolioas of November 30, 2022 (Unaudited)**

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| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Municipal Investments 99.2%** | **Municipal Investments 99.2%** |  |
| **Alabama 1.8%** | **Alabama 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Alabama, Black Belt Energy Gas District Gas <br> Project Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, <br> 7/1/2052, LIQ: Royal Bank of Canada<br>| 1335000 | 1340704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.0%, Mandatory Put 10/1/2027 @ <br> 100, 4/1/2053<br>| 2615000 | 2565840 |
| &nbsp;&nbsp;&nbsp; Jackson, Black Belt Energy Gas District Gas Project <br> Revenue, 4.0%, Mandatory Put 12/1/2026 @ <br> 100, 10/1/2052<br>| 7000000 | 6932352 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, Energy Authority A <br> Cooperative District, Series B-1, 5.0%, Mandatory Put <br> 8/1/2028 @ 100, 5/1/2053<br>| 3635000 | 3732662  |
|  |  | **14571558** |
| **Arizona 2.6%** | **Arizona 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Arizona, Industrial Development Authority, Authority <br> Hospital Revenue Bond, Phoenix Childrens Hospital:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/1/2030 | 600000 | 675860 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/1/2031 | 1200000 | 1368975 |
| &nbsp;&nbsp;&nbsp; Arizona, Salt River Project Agricultural Improvement and <br> Power District, Electric System Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2028 | 1160000 | 1290901 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2029 | 1605000 | 1817484 |
| &nbsp;&nbsp;&nbsp; Arizona, State Industrial Development Authority Revenue, <br> "A" , Series 2019-2, 3.625%, 5/20/2033<br>| 4728760 | 4554462 |
| &nbsp;&nbsp;&nbsp; Arizona, State Industrial Development Authority, Education <br> Revenue, Odyssey Preparatory Academy Project, 144A, <br> 4.375%, 7/1/2039<br>| 1500000 | 1288570 |
| &nbsp;&nbsp;&nbsp; Chandler, AZ, Industrial Development Authority, AMT, <br> 5.0%, Mandatory Put 6/3/2024 @ 100, 6/1/2049<br>| 7235000 | 7341804 |
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, Industrial Development Authority, <br> Education Revenue, Legency Traditional School Project, <br> Series B, 144A, 5.0%, 7/1/2039<br>| 1000000 | 966060 |
| &nbsp;&nbsp;&nbsp; Yavapai County, AZ, Industrial Development Authority, <br> Solid Waste Disposal Revenue, Waste Management, <br> Inc. Project, Series A-2, AMT, 2.2%, Mandatory Put <br> 6/3/2024 @ 100, 3/1/2028<br>| 1750000 | 1695340  |
|  |  | **20999456** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>11</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **California 11.2%** | **California 11.2%** |  |
| &nbsp;&nbsp;&nbsp; Anaheim, CA, Housing & Public Improvements Authority, <br> Electric Utility Distribution System:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E, 5.0%, 10/1/2028 | 1000000 | 1106550 |
| &nbsp;&nbsp;&nbsp; Series E, 5.0%, 10/1/2029 | 1000000 | 1106366 |
| &nbsp;&nbsp;&nbsp; California, Bay Area Water Supply & Conservation Agency, <br> Capital Cost Recovery Preparation:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2029 (a) | 1250000 | 1410447 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2030 (a) | 1285000 | 1470832 |
| California, Bay Area Toll Authority, Toll Bridge Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, MUNIPSA + 0.30%, 2.2% (b), Mandatory Put <br> 4/1/2027 @ 100, 4/1/2056<br>| 3000000 | 2926572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, MUNIPSA + 0.45%, 2.35% (b), Mandatory Put <br> 4/1/2026 @ 100, 4/1/2056<br>| 1000000 | 987868 |
| &nbsp;&nbsp;&nbsp; California, Federal Home Loan Mortgage Corp., <br> Multi-Family Variable Rate Certificates:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series M-049, 3.05%, 4/15/2034 | 2260000 | 1952972 |
| &nbsp;&nbsp;&nbsp; Series M-050, 144A, AMT, 3.05%, 6/15/2037 | 6870000 | 5920641 |
| &nbsp;&nbsp;&nbsp; "A", Series ML-05, 3.35%, 11/25/2033, GTY: Freddie Mac | 585291 | 549012 |
| &nbsp;&nbsp;&nbsp; California, Golden State Tobacco Securitization Corp., <br> Tobacco Settlement, Series A-1, Prerefunded <br> 6/1/2028 @ 100, 5.0%, 6/1/2032<br>| 5000000 | 5630074 |
| &nbsp;&nbsp;&nbsp; California, Infrastructure & Economic Development Bank, <br> California Academy of Science, Series A, MUNIPSA + <br> 0.35%, 2.25% (b), Mandatory Put 8/1/2024 @ <br> 100, 8/1/2047<br>| 1430000 | 1408999 |
| &nbsp;&nbsp;&nbsp; California, Metropolitan Water District of Southern <br> California, Series E, MUNIPSA + 0.14%, 2.04% (b), <br> Mandatory Put 5/21/2024 @100, 7/1/2037<br>| 2120000 | 2103198 |
| &nbsp;&nbsp;&nbsp; California, Municiple District Water & Waste Water <br> Revenue, Series B, MUNIPSA + 0.1%, 2.0% (b), <br> Mandatory Put 7/1/2024 @ 100, 7/1/2046<br>| 3910000 | 3881137 |
| &nbsp;&nbsp;&nbsp; California, Public Finance Authority Revenue, Enso VIillage <br> Project, Series A, 144A, 5.0%, 11/15/2036<br>| 1000000 | 910761 |
| &nbsp;&nbsp;&nbsp; California, State General Obligation, Various Purposes, <br> 5.0%, 4/1/2036<br>| 7000000 | 7739996 |
| &nbsp;&nbsp;&nbsp; California, State Housing Finance Agency, Multi-Family <br> Green Tax-Exempt Mortgage Backed Bonds, Noble <br> Towers Apartment, Series N, 2.35%, 12/1/2035<br>| 9530767 | 8379616 |
| &nbsp;&nbsp;&nbsp; California, State Pollution Control Finance Authority, Solid <br> Waste Disposal Revenue, Waste Management Project, <br> Series A, AMT, 2.5%, Mandatory Put 5/1/2024 @ <br> 100, 11/1/2038<br>| 5500000 | 5372103 |
| &nbsp;&nbsp;&nbsp; California, State Public Works Board Lease Revenue, A <br> Various Captial Projects, Series C, 5.0%, 8/1/2029<br>| 2400000 | 2744390 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; California, State Public Works Board, Lease Revenue, <br> Series A, 5.0%, 8/1/2033<br>| 3500000 | 4120558 |
| &nbsp;&nbsp;&nbsp; Los Angeles County, CA, Los Angeles County Public <br> Works Financing Authority, Lease Revenue, Series G, <br> 5.0%, 12/1/2031<br>| 1500000 | 1787695 |
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue, Los <br> Angeles International Airport:<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.5%, 5/15/2036 | 1820000 | 2046857 |
| &nbsp;&nbsp;&nbsp; AMT, 5.5%, 5/15/2037 | 4985000 | 5577706 |
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airports Commission, <br> International Airport Revenue, Series A, AMT, <br> 5.0%, 5/1/2035<br>| 7000000 | 7394521 |
| &nbsp;&nbsp;&nbsp; Santa Barbara County, CA, Solid Waste System Revenue, <br> Certificates of Participation:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.0%, 12/1/2034 | 5000000 | 5412572 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.0%, 12/1/2035 | 5000000 | 5392236 |
| Turlock, CA, Irrigation District Revenue, 5.0%, 1/1/2033 | 2620000 | 2971501  |
|  |  | **90305180** |
| **Colorado 2.1%** | **Colorado 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Colorado, General Obligation, Vauxmont Metropolitan <br> District, 3.25%, 12/15/2050, INS: AGMC<br>| 1643000 | 1357940 |
| &nbsp;&nbsp;&nbsp; Colorado, State Housing & Finance Authority, Series H, <br> 4.25%, 11/1/2049<br>| 1675000 | 1688013 |
| &nbsp;&nbsp;&nbsp; Denver City & County, CO, Airport Revenue, Series D, <br> AMT, 5.75%, 11/15/2037<br>| 1375000 | 1560940 |
| &nbsp;&nbsp;&nbsp; Denver City & County, CO, Airport Revenue System, <br> Series A, AMT, 5.0%, 12/1/2035<br>| 10000000 | 10459723 |
| Denver, CO, Convention Center Hotel Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2027 | 500000 | 514543 |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2033 | 500000 | 507136 |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2034 | 1000000 | 1009569  |
|  |  | **17097864** |
| **Connecticut 1.7%** | **Connecticut 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut, State General Obligation, Series B, <br> 3.0%, 6/1/2037<br>| 1075000 | 945237 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Housing Finance Program Authority <br> Revenue, Series A-1, 4.0%, 11/15/2047<br>| 1765000 | 1766722 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Special Tax Obligation Revenue, <br> Transportation Infrastructure Purpose:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2027 | 8000000 | 8149787 |
| &nbsp;&nbsp;&nbsp; Seies C, 5.0%, 1/1/2030 | 1000000 | 1140915 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2038 | 1565000 | 1765705  |
|  |  | **13768366** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Delaware 0.3%** | **Delaware 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Delaware, Delaware River & Bay Authority Revenue, <br> 5.0%, 1/1/2031<br>| 2000000 | **2313812** |
| **Florida 5.3%** | **Florida 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport Revenue System, Series A, <br> AMT, 5.0%, 10/1/2037<br>| 2365000 | 2478686 |
| &nbsp;&nbsp;&nbsp; Escambia County, FL, Housing Finance Authority Single <br> Family Mortgage Revenue, County Program, Series A, <br> 4.75%, 4/1/2050<br>| 2355000 | 2396078 |
| &nbsp;&nbsp;&nbsp; Florida, Capital Project Finance Authority, Student Housing <br> Revenue, Series A-1, 5.0%, 10/1/2029<br>| 1650000 | 1683360 |
| &nbsp;&nbsp;&nbsp; Florida, Capital Trust Agency, Educational Growth Fund, <br> Charter Educational Foundation Project, Seies A-1, <br> 144A, 3.375%, 7/1/2031<br>| 2100000 | 1846698 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., Educational Facilities <br> Revenue, Mater Academy Projects:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 11/15/2030 | 1000000 | 917856 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 6/15/2035 | 1000000 | 1022612 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., Brightline Florida <br> Passenger Rail Expansion Project, Series A, 144A, AMT, <br> 7.25%, Mandatory Put 10/3/2023 @ 104, 7/1/2057<br>| 1000000 | 993813 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., Surface <br> Transportation Facilities Revenue, Virgin Trains USA <br> Passenger Rail Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 144A, AMT, 6.375%, Mandatory Put <br> 1/1/2026 @ 100, 1/1/2049<br>| 2000000 | 1827281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 144A, AMT, 6.5%, Mandatory Put 1/1/2029 @ <br> 100, 1/1/2049<br>| 1685000 | 1517027 |
| &nbsp;&nbsp;&nbsp; Florida, Reedy Creek Improvement District, Series A, <br> 4.0%, 6/1/2032<br>| 1500000 | 1564829 |
| &nbsp;&nbsp;&nbsp; Florida, State Department of Transportation, Florida <br> Right-of-Way Acquisition & Bridge Construction, <br> Series A, 4.0%, 7/1/2034<br>| 5000000 | 5197949 |
| &nbsp;&nbsp;&nbsp; Florida, Tohopekaliga Water Utility System Revenue, <br> 4.0%, 10/1/2032<br>| 2145000 | 2250692 |
| &nbsp;&nbsp;&nbsp; Jacksonville, FL, Special Revenue, Series C, <br> 5.25%, 10/1/2036<br>| 5000000 | 5668316 |
| &nbsp;&nbsp;&nbsp; Lake County, FL, Educational Facilities Revenue, Imagine <br> South Lake Charter School Project, Series A, 144A, <br> 5.0%, 1/15/2029<br>| 680000 | 687530 |
| &nbsp;&nbsp;&nbsp; Lee County, FL, School Board Certificates of Participation, <br> Series A, 5.0%, 8/1/2027<br>| 4360000 | 4500703 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, School Board, Certificates of <br> Participation, Series D, 5.0%, 2/1/2029<br>| 7000000 | 7395754 |
| &nbsp;&nbsp;&nbsp; Village, FL, Community Development District No. 13, <br> Special Assessment Revenue, 3.0%, 5/1/2029<br>| 965000 | 843211 |
|  |  | **42792395** |
| **Georgia 7.9%** | **Georgia 7.9%** |  |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Water & Wastewater Revenue, Series B, <br> 5.25%, 11/1/2027, INS: AGMC<br>| 10000000 | 10903162 |
| &nbsp;&nbsp;&nbsp; Burke County, GA, Development Authority, Pollution <br> Control Revenue, Georgia Power Co., Plant Vogtle <br> Project, 2.25%, Mandatory Put 5/25/2023 @ <br> 100, 10/1/2032<br>| 1000000 | 992482 |
| &nbsp;&nbsp;&nbsp; Burke County, GA, Development Authority, Pollution <br> Control Revenue, Oglethorpe Power Corp., Series E, <br> 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045<br>| 8800000 | 8693893 |
| &nbsp;&nbsp;&nbsp; Cobb County, GA, Kennestone Hospital Authority, Wellstar <br> Health System, Inc. Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, 4/1/2032 | 200000 | 203571 |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, 4/1/2033 | 200000 | 202937 |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, 4/1/2034 | 250000 | 253139 |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, 4/1/2035 | 225000 | 226434 |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, 4/1/2036 | 250000 | 250548 |
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Water & Sewer Revenue, Series A, <br> 5.25%, 10/1/2029<br>| 10300000 | 10320116 |
| &nbsp;&nbsp;&nbsp; Georgia, George L Smith II World Congress Center <br> Authority, Convention Center Hotel Second Tier <br> Revenue, Series B, 144A, 5.0%, 1/1/2036<br>| 1250000 | 1169892 |
| &nbsp;&nbsp;&nbsp; Georgia, Main Street Natural Gas, Inc., Gas Project <br> Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch <br> & Co.<br>| 1705000 | 1759860 |
| &nbsp;&nbsp;&nbsp; Georgia, Main Street Natural Gas, Inc., Gas <br> Supply Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, <br> 8/1/2048, LIQ: Royal Bank of Canada<br>| 8250000 | 8280748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, <br> 8/1/2049, GTY: TD Bank NA<br>| 5000000 | 5033373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.0%, Mandatory Put 12/1/2029 @ <br> 100, 9/1/2052<br>| 10000000 | 9717019 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd. | 3135000 | 3247528 |
| &nbsp;&nbsp;&nbsp; Monroe County, GA, Development Authority, Pollution <br> Control Revenue, Georgia Power Co. Plant <br> Scherer Project, Series 1st, 2.25%, 7/1/2025<br>| 2295000 | 2181038  |
|  |  | **63435740** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **15**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Hawaii 0.6%** | **Hawaii 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Hawaii, State General Obligation, Series FK, <br> 4.0%, 5/1/2032<br>| 4400000 | **4569503** |
| **Illinois 6.2%** | **Illinois 6.2%** |  |
| Chicago, IL, Board of Education, Series B, 4.0%, 12/1/2038 | 5000000 | 4456112 |
| Chicago, IL, O'Hare International Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.0%, 1/1/2035 | 715000 | 762216 |
| &nbsp;&nbsp;&nbsp; AMT, 5.0%, 1/1/2036 | 500000 | 530263 |
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue, Senior <br> Lien, Series A, AMT, 5.0%, 1/1/2036<br>| 2500000 | 2607452 |
| Chicago, IL, Waterworks Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, 5.0%, 11/1/2023 | 650000 | 662498 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, 5.0%, 11/1/2024 | 1000000 | 1036053 |
| &nbsp;&nbsp;&nbsp; Illinois, Regional Transportation Authority, Series A, 5.5%, <br> 7/1/2024, INS: NATL<br>| 5000000 | 5211024 |
| &nbsp;&nbsp;&nbsp; Illinois, State Finance Authority Revenue, Series A, <br> 5.0%, 10/1/2032<br>| 1000000 | 1163744 |
| Illinois, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 8/1/2023 | 7150000 | 7227357 |
| &nbsp;&nbsp;&nbsp; 5.0%, 11/1/2024 | 5325000 | 5466131 |
| &nbsp;&nbsp;&nbsp; 5.0%, 3/1/2031 | 2500000 | 2659828 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 10/1/2037 | 2000000 | 2118848 |
| &nbsp;&nbsp;&nbsp; 5.5%, 5/1/2024 | 500000 | 513893 |
| &nbsp;&nbsp;&nbsp; 5.5%, 5/1/2025 | 1500000 | 1561843 |
| &nbsp;&nbsp;&nbsp; Series C, 5.5%, 10/1/2039 | 2000000 | 2139977 |
| &nbsp;&nbsp;&nbsp; Illinois, State Municipal Electric Agency, Power Supply <br> Revenue, Series A, 5.0%, 2/1/2028<br>| 6500000 | 6837847 |
| &nbsp;&nbsp;&nbsp; Illinois, State Toll Highway Authority Revenue, Series A, <br> 5.0%, 1/1/2028<br>| 1250000 | 1252148 |
| &nbsp;&nbsp;&nbsp; Springfield, IL, Electric Revenue, Senior Lien, <br> 5.0%, 3/1/2029<br>| 3500000 | 3631939  |
|  |  | **49839173** |
| **Indiana 1.0%** | **Indiana 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Indiana, Finance Authority Revenue, Deaconess Health <br> System, Series B, MUNIPSA + 0.3%, 2.2% (b), <br> Mandatory Put 3/1/2027 @ 100, 3/1/2039<br>| 2450000 | 2387774 |
| &nbsp;&nbsp;&nbsp; Indiana, Rockport Pollution Control Revenue, Michigan <br> Power Co. Project, Series A, 3.05%, 6/1/2025<br>| 3700000 | 3712306 |
| &nbsp;&nbsp;&nbsp; Indiana, State Finance Authority Revenue, BHI Senior <br> Living Obligated Group, 5.0%, 11/15/2033<br>| 2000000 | 2001986  |
|  |  | **8102066** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Iowa 0.5%** | **Iowa 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Iowa, State Student Loan Liquidity Corp., Senior Revenue, <br> Series B, AMT, 3.0%, 12/1/2039<br>| 455000 | 427997 |
| &nbsp;&nbsp;&nbsp; Iowa, Tobacco Settlement Authority Revenue, Series B-1, <br> 4.0%, 6/1/2049<br>| 3410000 | 3391230  |
|  |  | **3819227** |
| **Louisiana 0.2%** | **Louisiana 0.2%** |  |
| &nbsp;&nbsp;&nbsp; New Orleans, LA, Aviation Board Special Facility Revenue, <br> Parking Facilities Corp., Consol Garage System, <br> Series A, 5.0%, 10/1/2035, INS: AGMC<br>| 1250000 | **1336167** |
| **Maryland 1.7%** | **Maryland 1.7%** |  |
| Maryland, General Obligation, 5.0%, 6/1/2029 | 10000000 | 11410218 |
| &nbsp;&nbsp;&nbsp; Maryland, State General Obligation, Series D, <br> 4.0%, 8/1/2029<br>| 1250000 | 1350270 |
| &nbsp;&nbsp;&nbsp; Maryland, State of Maryland Department of <br> Transportation, Series 2022B, 5.0%, 12/1/2029<br>| 1000000 | 1148392  |
|  |  | **13908880** |
| **Massachusetts 1.9%** | **Massachusetts 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency <br> Revenue, CareGroup Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series J-2, 5.0%, 7/1/2033 | 1000000 | 1069884 |
| &nbsp;&nbsp;&nbsp; Series J-2, 5.0%, 7/1/2034 | 2000000 | 2130073 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency <br> Revenue, Northeastern University, 5.0%, 10/1/2037<br>| 1250000 | 1391267 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Educational Financing Authority, <br> Series B, AMT, 3.0%, 7/1/2035<br>| 450000 | 449978 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Educational Financing Authority, <br> Educational Loan Revenue Bonds, Issue M, Series B, <br> AMT, 2.0%, 7/1/2037<br>| 545000 | 448194 |
| Massachusetts, State Port Authority: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 7/1/2035 | 5000000 | 5332298 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 7/1/2036 | 4000000 | 4251204  |
|  |  | **15072898** |
| **Michigan 2.2%** | **Michigan 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Michigan, State Finance Authority Revenue, Henry Ford <br> Health System, 5.0%, 11/15/2031<br>| 10700000 | 11209351 |
| &nbsp;&nbsp;&nbsp; Michigan, State Strategic Fund Ltd., Obligation Revenue, <br> Graphic International LLC, Coated Recycled Board <br> Machine Project, AMT, 4.0%, Mandatory Put <br> 10/1/2026 @ 100, 10/1/2061<br>| 265000 | 256299 |
| &nbsp;&nbsp;&nbsp; Michigan, State Strategic Fund Ltd., Obligation Revenue, <br> Improvement Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series I-75, AMT, 5.0%, 6/30/2032 | 1320000 | 1349184 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **17**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Series I-75, AMT, 5.0%, 12/31/2032 | 700000 | 715397 |
| &nbsp;&nbsp;&nbsp; Series I-75, AMT, 5.0%, 12/31/2033 | 1600000 | 1631504 |
| &nbsp;&nbsp;&nbsp; Michigan, Trunk Line Revenue, Rebuilding Michigan <br> Program, Series A, 4.0%, 11/15/2036<br>| 2500000 | 2576726  |
|  |  | **17738461** |
| **Minnesota 0.2%** | **Minnesota 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Minnesota, State Office of Higher Education Revenue, <br> AMT, 2.65%, 11/1/2038<br>| 2290000 | **1873905** |
| **Mississippi 1.1%** | **Mississippi 1.1%** |  |
| Mississippi, State Gaming Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 5.0%, 10/15/2028 | 4755000 | 4990869 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/15/2036 | 4000000 | 4282085  |
|  |  | **9272954** |
| **Missouri 0.7%** | **Missouri 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Missouri, Higher Education Loan Authority Revenue, <br> Taxable Student Loan Asset Back Notes, Series 2021-1, <br> 1.53%, 1/25/2061<br>| 5977336 | 5163229 |
| &nbsp;&nbsp;&nbsp; Missouri, Plaza At Noah's Ark Community Improvement <br> District, 3.0%, 5/1/2030<br>| 725000 | 640207 |
|  |  | **5803436** |
| **Montana 0.5%** | **Montana 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Montana, Montana Facility Finance Authority, Billings <br> Clinic Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2029 | 1200000 | 1337926 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2030 | 1275000 | 1440882 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2031 | 1000000 | 1137951  |
|  |  | **3916759** |
| **Nebraska 1.0%** | **Nebraska 1.0%** |  |
| Nebraska, Public Power District Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2035 | 1410000 | 1574481 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2037 | 2750000 | 3041612 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2038 | 3000000 | 3300891  |
|  |  | **7916984** |
| **Nevada 0.5%** | **Nevada 0.5%** |  |
| Clark County, NV, General Obligation, 4.0%, 12/1/2035 | 3000000 | 3074499 |
| &nbsp;&nbsp;&nbsp; Sparks, NV, Tourism Improvement District #1 Revenue, <br> Sales Tax, Series A, 144A, 2.75%, 6/15/2028<br>| 1500000 | 1330416  |
|  |  | **4404915** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **New Hampshire 0.8%** | **New Hampshire 0.8%** |  |
| New Hampshire, Business Finance Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, 4.0%, 10/20/2036 | 2994003 | 2760987 |
| &nbsp;&nbsp;&nbsp; 4.375%, 9/20/2036 | 3979443 | 3811413  |
|  |  | **6572400** |
| **New Jersey 3.3%** | **New Jersey 3.3%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey, State Covid-19 General Obligation <br> Emergency Bonds:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 6/1/2030 | 1035000 | 1091023 |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 6/1/2031 | 1530000 | 1621640 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Economic Development Authority <br> Revenue, White Horse HMT Urban Renewal LLC <br> Project, 144A, 5.0%, 1/1/2040<br>| 1505000 | 1141124 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Economic Development Authority, <br> Motor Vehicle Surcharge Revenue, Series A, <br> 3.125%, 7/1/2029<br>| 915000 | 897289 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Higher Education Assistance Authority, <br> Student Loan Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 2.5%, 12/1/2040 | 830000 | 676027 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 3.25%, 12/1/2039 | 1500000 | 1351835 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 3.5%, 12/1/2039 | 2000000 | 1936791 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.0%, 12/1/2041 | 5000000 | 4905930 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Transportation Trust Fund Authority <br> Revenue, Federal Highway Reimbursement Notes, <br> Series A, 5.0%, 6/15/2029<br>| 970000 | 1022428 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Transportation Trust Fund Authority, <br> Transportation Systems:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 6/15/2033 | 2500000 | 2779765 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 6/15/2034 | 1700000 | 1864129 |
| &nbsp;&nbsp;&nbsp; 5.0%, 6/15/2036 | 2000000 | 2126982 |
| &nbsp;&nbsp;&nbsp; 5.0%, 6/15/2038 (a) | 2000000 | 2117935 |
| &nbsp;&nbsp;&nbsp; New Jersey, Tobacco Settlement Financing Corp., Series A, <br> 5.0%, 6/1/2030<br>| 3000000 | 3130719  |
|  |  | **26663617** |
| **New Mexico 0.3%** | **New Mexico 0.3%** |  |
| &nbsp;&nbsp;&nbsp; New Mexico, State Mortgage Finance Authority, Series C, <br> 4.0%, 1/1/2050<br>| 2575000 | **2577005** |
| **New York 12.0%** | **New York 12.0%** |  |
| &nbsp;&nbsp;&nbsp; Broome County, NY, Local Development Corp., Revenue, <br> United Health Services Hospitals, Inc., Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.0%, 4/1/2035, INS: AGMC | 1820000 | 1558252 |
| &nbsp;&nbsp;&nbsp; 3.0%, 4/1/2036, INS: AGMC | 1750000 | 1472988 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **19**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| New York, Metropolitan Transportation Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 11/15/2028 | 3170000 | 3311269 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.0%, 11/15/2028 | 1200000 | 1246327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.0%, Mandatory Put <br> 5/15/2030 @100, 11/15/2045<br>| 5335000 | 5647716 |
| &nbsp;&nbsp;&nbsp; New York, State Dormitory Authority Revenues, Non-State <br> Supported Debt, North Shore-Long Island Jewish <br> Obligated Group, Series A, 5.0%, 5/1/2028<br>| 8820000 | 9136114 |
| &nbsp;&nbsp;&nbsp; New York, State Liberty Development Corp. Revenue, A <br> World Trade Center Project, Series A, 1.9%, 11/15/2031<br>| 800000 | 639649 |
| &nbsp;&nbsp;&nbsp; New York, State Liberty Development Corporation, Second <br> Priority Liberty Revenue, "1" , 2.45%, 9/15/2069<br>| 5000000 | 4586566 |
| &nbsp;&nbsp;&nbsp; New York, State Thruway Authority, Series J, <br> 5.0%, 1/1/2028<br>| 10000000 | 10222585 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp., Special <br> Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport <br> Terminals C&D Redevelopment Project, AMT, <br> 5.0%, 1/1/2026<br>| 3970000 | 4023317 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp., Special <br> Facility Revenue, Terminal 4 John F. Kennedy <br> International Airport Project, AMT, 5.0%, 12/1/2030<br>| 5000000 | 5223930 |
| &nbsp;&nbsp;&nbsp; New York, State Urban Development Corp., Personal <br> Income Tax Revenue, Series C, 5.0%, 3/15/2036<br>| 5000000 | 5531349 |
| &nbsp;&nbsp;&nbsp; New York, Utility Debt Securitization Authority, <br> Restructuring Revenue, Series TE, 5.0%, 12/15/2038<br>| 7000000 | 8067522 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, <br> Water & Sewer Systems Revenue, Series FF-2, <br> 4.0%, 6/15/2036<br>| 3000000 | 3050805 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Revenue, <br> Future Tax Secured:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 11/1/2034 | 2500000 | 2577774 |
| &nbsp;&nbsp;&nbsp; Series B1, 5.0%, 11/1/2027 | 750000 | 772548 |
| &nbsp;&nbsp;&nbsp; Series B1, 5.0%, 11/1/2028 | 1175000 | 1208674 |
| &nbsp;&nbsp;&nbsp; Series B1, 5.0%, 11/1/2029 | 935000 | 961665 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority, Building <br> Aid Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series S-2, 5.0%, 7/15/2028 | 6750000 | 7125144 |
| &nbsp;&nbsp;&nbsp; Series S-3, 5.0%, 7/15/2035 | 5000000 | 5390097 |
| New York, NY, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series B-3, 1.96% (c), 12/1/2022 | 450000 | 450000 |
| &nbsp;&nbsp;&nbsp; Series C, 4.0%, 8/1/2037 | 1000000 | 1005087 |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.0%, 8/1/2029 | 8620000 | 8742138 |
| &nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp. Revenue, Rensselaer <br> Polytechnic Institute:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2030 | 1345000 | 1479946 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2031 | 2020000 | 2197528 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2032 | 1250000 | 1354572  |
|  |  | **96983562** |
| **North Carolina 0.5%** | **North Carolina 0.5%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina, State Turnpike Authority, Monroe <br> Expressway System:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2035 | 820000 | 932823 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2036 | 1000000 | 1132669 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2037 | 1000000 | 1127491 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2038 | 500000 | 561850 |
|  |  | **3754833** |
| **North Dakota 0.4%** | **North Dakota 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota, State Housing Finance Agency, Home <br> Mortgage Program, Series B, MUNIPSA + 0.2%, 2.1% <br> (b), Mandatory Put 7/1/2024 @100, 1/1/2043<br>| 3075000 | **3075000** |
| **Ohio 2.9%** | **Ohio 2.9%** |  |
| City of Akron, OH, City of Akron, Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 12/1/2029 | 1500000 | 1600356 |
| &nbsp;&nbsp;&nbsp; 4.0%, 12/1/2030 | 1210000 | 1285999 |
| &nbsp;&nbsp;&nbsp; 4.0%, 12/1/2031 | 1105000 | 1167340 |
| &nbsp;&nbsp;&nbsp; Ohio, Air Quality Development Authority, Series A, AMT, <br> 4.25%, Mandatory Put 6/1/2027 @ 100, 11/1/2039<br>| 1000000 | 996039 |
| &nbsp;&nbsp;&nbsp; Ohio, Akron, Bath & Copley Joint Township Hospital <br> District Revenue, Summa Health System, <br> 4.0%, 11/15/2035<br>| 1665000 | 1532989 |
| &nbsp;&nbsp;&nbsp; Ohio, Higher Educational Facility Commission, University <br> of Daytona:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 2/1/2029 | 1100000 | 1201522 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 2/1/2030 | 1810000 | 1993499 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 2/1/2031 | 2420000 | 2683194 |
| &nbsp;&nbsp;&nbsp; Ohio, Hospital Facility Revenue, Cleveland Clinic Health <br> System Obligated Group, Series B, 5.0%, 1/1/2029<br>| 1715000 | 1917509 |
| &nbsp;&nbsp;&nbsp; Ohio, State Hospital Revenue, Aultman Health Foundation, <br> 144A, 5.0%, 12/1/2028<br>| 5000000 | 4959604 |
| Ohio, State Turnpike Commission, Infrastructure Projects: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/15/2029 | 1155000 | 1302143 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/15/2030 | 1155000 | 1325044 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 2/15/2029 | 1310000 | 1317454  |
|  |  | **23282692** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **21**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Oregon 0.3%** | **Oregon 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Oregon, State Housing & Community Services <br> Department, Mortgage Revenue, Series A, <br> 4.5%, 1/1/2049<br>| 2780000 | **2805036** |
| **Pennsylvania 7.3%** | **Pennsylvania 7.3%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, Hospital Development Authority, <br> Allegheny Health Network Obligated Group, Series A, <br> 5.0%, 4/1/2034<br>| 5000000 | 5298823 |
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, Higher Education & Health <br> Authority, State Presbyterian Homes, Inc. Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2027 | 2735000 | 2779541 |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2032 | 2745000 | 2771560 |
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, Industrial Development <br> Authority, Meadowood Senior Living Project, Series A, <br> 5.0%, 12/1/2033<br>| 8435000 | 8527819 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, Higher Education Assistance Agency <br> Education Loan Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 2.45%, 6/1/2041 | 4240000 | 3506708 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 2.625%, 6/1/2042 | 610000 | 506140 |
| Pennsylvania, State Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2029 | 300000 | 328689 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2031 | 850000 | 933362 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Economic Development Financing <br> Authority Revenue, UPMC Obligated Group, Series A, <br> 5.0%, 2/1/2028<br>| 3000000 | 3083518 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Economic Development Financing <br> Authority, Solid Waste Disposal Revenue, Waste <br> Management, Inc. Project, AMT, 2.15%, Mandatory Put <br> 7/1/2024 @ 100, 7/1/2041, GTY: Waste <br> Management, Inc.<br>| 1250000 | 1208041 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Housing Finance Agency, Single <br> Family Mortgage Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 119, AMT, 3.5%, 10/1/2041 | 965000 | 961560 |
| &nbsp;&nbsp;&nbsp; Series 122, AMT, 4.0%, 10/1/2046 | 2860000 | 2862862 |
| Pennsylvania, State Turnpike Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.0%, 12/1/2028 | 2950000 | 3079403 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 6/1/2029 | 5000000 | 5298098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Prerefunded 12/1/2023 @ 100, <br> 5.5%, 12/1/2026<br>| 2120000 | 2181466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Prerefunded 12/1/2023 @ 100, <br> 5.5%, 12/1/2027<br>| 2820000 | 2901761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Prerefunded 12/1/2023 @ 100, <br> 5.5%, 12/1/2028<br>| 1000000 | 1028993 |
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for Industrial Development <br> Charter School Revenue Bond, 144A, 5.0%, 6/15/2040<br>| 900000 | 844940 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Philadelphia, PA, School District: |  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.0%, 9/1/2030 | 8970000 | 9504096 |
| &nbsp;&nbsp;&nbsp; Series F, Prerefunded 9/1/2026 @ 100, 5.0%, 9/1/2030 | 30000 | 32457 |
| &nbsp;&nbsp;&nbsp; Pittsburgh, PA, Water & Sewer System Revenue, First <br> Lien, Series C, MUNIPSA + 0.65%, 2.55% (b), <br> Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC<br>| 1000000 | 999006 |
|  |  | **58638843** |
| **Rhode Island 0.4%** | **Rhode Island 0.4%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey, Tobacco Settlement Financing Corp., Series B, <br> 4.5%, 6/1/2045<br>| 3000000 | **2979010** |
| **South Carolina 0.0%** | **South Carolina 0.0%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina, State Housing Finance & Development <br> Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050<br>| 280000 | **280146** |
| **Tennessee 1.2%** | **Tennessee 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Greeneville, TN, Health & Educational Facilities Board, <br> Hospital Revenue, Ballad Health Obligation Group, <br> Series A, 5.0%, 7/1/2035<br>| 2500000 | 2591360 |
| &nbsp;&nbsp;&nbsp; Memphis & Shelby County, TN, New Memphis Arena <br> Public Building Authority, City of Memphis Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2029 | 1100000 | 976861 |
| &nbsp;&nbsp;&nbsp; Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2030 | 750000 | 664424 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville, TN, Airport Authority Revenue, <br> Series B, AMT, 5.5%, 7/1/2038 (a)<br>| 1625000 | 1783213 |
| &nbsp;&nbsp;&nbsp; Shelby County, TN, State General Obligation, Series B, <br> 4.0%, 4/1/2034<br>| 3330000 | 3481168 |
| &nbsp;&nbsp;&nbsp; Tennessee, Housing Development Agency, Residential <br> Financing Program Revenue, Series 1C, AMT, <br> 3.0%, 7/1/2038<br>| 110000 | 109833 |
|  |  | **9606859** |
| **Texas 6.5%** | **Texas 6.5%** |  |
| &nbsp;&nbsp;&nbsp; Austin, TX, Water & Wastewater System Revenue, 5.0%, <br> 11/15/2038 (a)<br>| 3500000 | 3971223 |
| &nbsp;&nbsp;&nbsp; Central Texas, Regional Mobility Authority Revenue, Senior <br> Lien, Series E, 4.0%, 1/1/2037<br>| 1500000 | 1496331 |
| &nbsp;&nbsp;&nbsp; City of Austin, Tx, City of Austin, Airport System Revenue, <br> AMT, 5.0%, 11/15/2033<br>| 1250000 | 1362284 |
| &nbsp;&nbsp;&nbsp; Dallas, Fort Worth International Airport, Series B, <br> 5.0%, 11/1/2037<br>| 1200000 | 1335539 |
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport Revenue System, Series A, AMT, <br> 4.0%, 7/1/2038<br>| 2000000 | 1919065 |
| &nbsp;&nbsp;&nbsp; Houston, TX, Hotel Occupancy Tax And Special Revenue, <br> Convention And Entertainment Facilities Department:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 9/1/2027 | 1590000 | 1724537 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **23**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; 5.0%, 9/1/2028 | 1350000 | 1477752 |
| &nbsp;&nbsp;&nbsp; Houston, TX, Utility Systems Revenue, First Lien, Series A, <br> 5.0%, 11/15/2033<br>| 1525000 | 1727589 |
| &nbsp;&nbsp;&nbsp; Lower Colorado, TX, Lower Colorado River Authority, <br> 5.0%, 5/15/2032, INS: AGMC<br>| 2685000 | 3078164 |
| &nbsp;&nbsp;&nbsp; North Texas, Tollway Authority Revenue, Series A, <br> 5.25%, 1/1/2038<br>| 2500000 | 2790282 |
| &nbsp;&nbsp;&nbsp; Northside, TX, Independent School District, 1.6%, <br> Mandatory Put 8/1/2024 @ 100, 8/1/2049<br>| 2940000 | 2849281 |
| &nbsp;&nbsp;&nbsp; San Antonio, TX, Water Systems Revenue, Junior Lien, <br> Series E, 5.0%, 5/15/2027<br>| 1900000 | 1919941 |
| &nbsp;&nbsp;&nbsp; Texas, Aldine Independent School District, <br> 4.0%, 2/15/2032<br>| 3000000 | 3114697 |
| &nbsp;&nbsp;&nbsp; Texas, New Hope Cultural Education Facilities Finance <br> Corp., Education Revenue, Cumberland Academy <br> Project, Series A, 144A, 5.0%, 8/15/2040<br>| 6000000 | 5630509 |
| &nbsp;&nbsp;&nbsp; Texas, State Department of Housing & Community Affairs, <br> 2.17%, 5/1/2038<br>| 5862311 | 4702576 |
| &nbsp;&nbsp;&nbsp; Texas, State Municipal Gas Acquisition & Supply Corp. I, <br> Gas Supply Revenue, Series D, 6.25%, 12/15/2026, <br> GTY: Merrill Lynch & Co.<br>| 5755000 | 6014289 |
| &nbsp;&nbsp;&nbsp; Texas, State Private Activity Bond, Surface Transportation <br> Corp. Revenue, Senior Lien Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 12/31/2035 | 500000 | 473513 |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 12/31/2036 | 2000000 | 1877836 |
| &nbsp;&nbsp;&nbsp; Texas, State Water Development Board, Series A, <br> 4.0%, 10/15/2032<br>| 5000000 | 5222538  |
|  |  | **52687946** |
| **Utah 0.7%** | **Utah 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Series A, AMT, <br> 5.0%, 7/1/2035<br>| 5000000 | 5218050 |
| &nbsp;&nbsp;&nbsp; Utah, State Telecommunication Open Infrastructure <br> Agency Sales Tax and Telecommunications Revenue, <br> 5.25%, 6/1/2037 (a)<br>| 250000 | 279463 |
|  |  | **5497513** |
| **Virginia 4.4%** | **Virginia 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Hampton Roads, VA, Transportation Accountability <br> Commission Revenue, Senior Lien Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 7/1/2036 | 2070000 | 2102569 |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 7/1/2038 | 4370000 | 4426155 |
| Virginia, Small Business Financing Authority: |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.0%, 1/1/2030 | 1500000 | 1496075 |
| &nbsp;&nbsp;&nbsp; AMT, 4.0%, 7/1/2030 | 1000000 | 996914 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Virginia, State College Building Authority, Educational <br> Facilities Revenue, 21st Century College, Series B, <br> 4.0%, 2/1/2029<br>| 18755000 | 19500348 |
| &nbsp;&nbsp;&nbsp; Virginia, State Public School Authority, School Financing, <br> Series B, 4.0%, 8/1/2029<br>| 7060000 | 7326090  |
|  |  | **35848151** |
| **Washington 4.4%** | **Washington 4.4%** |  |
| &nbsp;&nbsp;&nbsp; King County, WA, Junior Lien Sewer Revenue, Series A, <br> MUNIPSA + 0.23%, 2.13% (b), Mandatory Put <br> 1/1/2027 @ 100, 1/1/2040<br>| 3845000 | 3742579 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.0%, 8/1/2036 | 3570000 | 3817485 |
| &nbsp;&nbsp;&nbsp; AMT, 5.0%, 8/1/2037 | 5000000 | 5321854 |
| &nbsp;&nbsp;&nbsp; Washington, Central Puget Sound Regional Transit <br> Authority Sales & Use Taxes Revenue, Motor Vehicle <br> Excise Tax Improvement, Green Bond, Series 2A, <br> MUNIPSA + 0.2%, 2.1% (b), Mandatory Put <br> 11/1/2026 @ 100, 11/1/2045<br>| 5385000 | 5237463 |
| &nbsp;&nbsp;&nbsp; Washington, Seattle Municipal Light & Power Revenue, <br> Series B, MUNIPSA + 0.25%, 2.15% (b), Mandatory Put <br> 11/1/2026 @ 100, 5/1/2045<br>| 895000 | 874406 |
| &nbsp;&nbsp;&nbsp; Washington, State Convention Center Public <br> Facilities District:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.0%, 7/1/2036 | 5185000 | 4159059 |
| &nbsp;&nbsp;&nbsp; 4.0%, 7/1/2031 | 3000000 | 2711153 |
| Washington, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series R-2021A, 5.0%, 6/1/2030 | 1000000 | 1155420 |
| &nbsp;&nbsp;&nbsp; Series R-2021A, 5.0%, 6/1/2031 | 750000 | 862327 |
| &nbsp;&nbsp;&nbsp; Series R-2021A, 5.0%, 6/1/2032 | 1000000 | 1146731 |
| &nbsp;&nbsp;&nbsp; Washington, State Health Care Facilities Authority <br> Revenue, Virginia Mason Medical Center, <br> 5.0%, 8/15/2029<br>| 2300000 | 2415918 |
| &nbsp;&nbsp;&nbsp; Washington, State Housing Finance Commission, Horizon <br> House Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 1/1/2028 | 750000 | 766493 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 1/1/2029 | 840000 | 856562 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 1/1/2031 | 1030000 | 1045641 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 1/1/2033 | 1050000 | 1061213  |
|  |  | **35174304** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **25**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **West Virginia 0.5%** | **West Virginia 0.5%** |  |
| &nbsp;&nbsp;&nbsp; West Virginia, State Economic Development Authority, <br> Solid Waste Disposal Facility, Arch Resources Project, <br> Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ <br> 100, 7/1/2045<br>| 1250000 | 1219362 |
| &nbsp;&nbsp;&nbsp; West Virginia, State Hospital Finance Authority Revenue, <br> State University Health System Obligated Group, <br> Series A, 5.0%, 6/1/2032<br>| 2400000 | 2518500  |
|  |  | **3737862** |
| **Wisconsin 0.3%** | **Wisconsin 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin, General Obligation, Series 1, 5.0%, <br> 5/1/2028 (a)<br>| 2310000 | **2577020** |
| **Puerto Rico 0.6%** | **Puerto Rico 0.6%** |  |
| Puerto Rico, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2033 | 1000000 | 871340 |
| &nbsp;&nbsp;&nbsp; Series A1, 5.75%, 7/1/2031 | 1910000 | 1961925 |
| &nbsp;&nbsp;&nbsp; Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, <br> Series A-1, Zero Coupon, 7/1/2031<br>| 3000000 | 1948347  |
|  |  | **4781612** |
| **Other 1.2%** | **Other 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., Multi-Family Variable <br> Rate Certificates:<br>|  |  |
| &nbsp;&nbsp;&nbsp; "A" , Series M-024, AMT, 2.304%, 5/15/2027 | 375000 | 349448 |
| &nbsp;&nbsp;&nbsp; "A" , Series M-051, 144A, 2.65%, 6/15/2035 | 7700000 | 6307102 |
| &nbsp;&nbsp;&nbsp; Freddie Mac, Multi-Family, "Class A" , 3.4%, 1/25/2036, <br> GTY: Freddie Mac<br>| 1415701 | 1314989 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multi-Family ML Certificates, "A-CA" , <br> Series 2020-ML08, 1.896%, 11/25/2037, GTY: <br> Freddie Mac<br>| 2750871 | 2148715  |
|  |  | **10120254** |
| **Total Municipal Investments** (Cost $831,101,845) | **Total Municipal Investments** (Cost $831,101,845) | **800503364** |
| **Government & Agency Obligations 0.4%** | **Government & Agency Obligations 0.4%** |  |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |  |
| U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $3,706,648) | 3800000 | **3087649** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Open-End Investment Companies 0.8%** | **Open-End Investment Companies 0.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds MuniCash Portfolio, Institutional <br> Shares, 1.8% (d) (Cost $6,193,442)<br>| 6192960 | **6193579** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $841,001,935) | 100.4 | **809784592** |
| **Other Assets and Liabilities, Net** | &nbsp;&nbsp;&nbsp; (0.4) | **(3293572)** |
| **Net Assets** | 100.0 | **806491020** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. These securities are shown at their current rate as of November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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, 2022. Date shown reflects the earlier of demand date or stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Current yield; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally to <br> qualified institutional buyers.<br>|
| AGMC: Assured Guaranty Municipal Corp. |
| AMT: Subject to alternative minimum tax. |
| GTY: Guaranty Agreement |
| INS: Insured |
| LIQ: Liquidity Facility |
| MUNIPSA: SIFMA Municipal Swap Index Yield |
| NATL: National Public Finance Guarantee Corp. |
| Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury <br> securities which are held in escrow and used to pay principal and interest on tax-exempt <br> issues and to retire the bonds in full at the earliest refunding date.<br>|
| SIFMA: Securities Industry and Financial Markets Association |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **27**  |

---

------

**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, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | $— | $800503364 | $— | $800503364 |
| Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 3087649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3087649 |
| Open-End Investment Companies | &nbsp;&nbsp; 6193579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6193579 |
| **Total** | **$6193579** | **$803591013** | **$**—  | **$809784592** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See
Investment Portfolio for additional detailed categorizations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Statement of Assets and Liabilities**

as of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investment in securities, at value (cost $841,001,935) | $809784592 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 1841576 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1517785 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 10186464 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp; 78236 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 823408653 |
| **Liabilities** |  |
| Payable for investments purchased — when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp; 13640257 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 2369340 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp; 376527 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp; 142691 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 9227 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp; 379591 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 16917633 |
| **Net assets, at value** | **$806491020** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (37932998) |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 844424018 |
| **Net assets, at value** | **$806491020** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **29**  |

---

------

**Statement of Assets and Liabilities** as of November 30, 2022 (Unaudited) (continued)

------

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value** and redemption price per share <br>($109,647,441 ÷ 10,201,427 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$10.75** |
| Maximum offering price per share (100 ÷ 97.25 of $10.75) | **$11.05** |
| **Class C** |  |
| **Net Asset Value,** offering and redemption price <br>(subject to contingent deferred sales charge) per share <br>($2,656,206 ÷ 247,179 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$10.75** |
| **Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br>($285,081,081 ÷ 26,518,136 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$10.75** |
| **Institutional Class** |  |
| **Net Asset Value,** offering and redemption price per share <br>($409,106,292 ÷ 38,064,978 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$10.75** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **30**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Statement of Operations**

for the six months ended November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $13215183 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329587 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409428 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538481 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159908 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41114 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24766 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39345 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18483 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25119 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2591416 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330868) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260548 |
| **Net investment income** | **10954635** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6078580) |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (15180509) |
| **Net gain (loss)** | **(21259089)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(10304454)** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **31**  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**November 30, 2022**<br>| **Year Ended** <br>**May 31,**<br>|
| **Increase (Decrease) in Net Assets** | **(Unaudited)** | **2022** |
| Operations: |  |  |
| Net investment income | $10954635 | $20464050 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6078580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (860455) |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15180509) | &nbsp;&nbsp;&nbsp;&nbsp; (80027679) |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10304454) | &nbsp;&nbsp;&nbsp;&nbsp; (60424084) |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1400383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3228085) |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77277) |
| &nbsp;&nbsp;&nbsp; Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3947636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8775933) |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5548812) | &nbsp;&nbsp;&nbsp;&nbsp; (11380469) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (10921595) | &nbsp;&nbsp;&nbsp;&nbsp; (23461764) |
| Fund share transactions: |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 153244297 | &nbsp;&nbsp;&nbsp; 241513647 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500935 | &nbsp;&nbsp;&nbsp;&nbsp; 18363318 |
| Payments for shares redeemed | &nbsp;&nbsp; (220596667) | &nbsp;&nbsp; (266344420) |
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58851435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6467455) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (80077484) | &nbsp;&nbsp;&nbsp;&nbsp; (90353303) |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 886568504 | &nbsp;&nbsp;&nbsp; 976921807 |
| **Net assets at end of period** | **$806491020** | **$886568504** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **32**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** | **DWS Intermediate Tax-Free Fund** — **Class A** |
|  | **Six Months** <br>**Ended 11/30/22**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.60** | **$11.93** |
| *Income (loss) from* <br> *investment operations:*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; (.33) |
| **Total from investment** <br> **operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp;&nbsp; (.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp; (.04) |
| *Less distributions from:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.13) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp;&nbsp; (.28) | &nbsp;&nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.29) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.04) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>|
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.13) | &nbsp;&nbsp;&nbsp;&nbsp; (.26) | &nbsp;&nbsp;&nbsp;&nbsp; (.35) | &nbsp;&nbsp;&nbsp;&nbsp; (.40) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.29) |
| **Net asset value, end** <br> **of period**<br>| **$10.75** | **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.60** |
| Total Return (%)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp; (1.10)<sup>b\*\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6.42)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.81<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| Ratio of expenses before<br> expense reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of expenses after<br> expense reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .75<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net investment <br> income (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return does not reflect the effect of any sales charges. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **33**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** | **DWS Intermediate Tax-Free Fund** — **Class C** |
|  | **Six Months** <br>**Ended 11/30/22**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.59** | **$11.93** |
| *Income (loss) from* <br> *investment operations:*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; (.34) |
| **Total from investment** <br> **operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.16) | &nbsp;&nbsp;&nbsp;&nbsp; (.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; (.14) |
| *Less distributions from:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.09) | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp; (.23) | &nbsp;&nbsp;&nbsp;&nbsp; (.20) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.04) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>|
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.09) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp;&nbsp; (.26) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.23) | &nbsp;&nbsp;&nbsp;&nbsp; (.20) |
| **Net asset value, end** <br> **of period**<br>| **$10.75** | **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.59** |
| Total Return (%)<sup>a,b</sup> <br>| &nbsp;&nbsp;&nbsp; (1.47)<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp; (7.12) | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp; 4.56 | &nbsp;&nbsp;&nbsp; (1.15) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Ratio of expenses before<br> expense reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 |
| Ratio of expenses after<br> expense reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 |
| Ratio of net investment <br> income (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return does not reflect the effect of any sales charges. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **34**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** | **DWS Intermediate Tax-Free Fund** — **Class S** |
|  | **Six Months** <br>**Ended 11/30/22**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$11.00** | **$12.03** | **$11.80** | **$11.88** | **$11.60** | **$11.93** |
| *Income (loss) from* <br> *investment operations:*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; (.33) |
| **Total from investment** <br> **operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.11) | &nbsp;&nbsp;&nbsp;&nbsp; (.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp; (.01) |
| *Less distributions from:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.33) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.32) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.04) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>|
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.29) | &nbsp;&nbsp;&nbsp;&nbsp; (.38) | &nbsp;&nbsp;&nbsp;&nbsp; (.43) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.32) |
| **Net asset value, end** <br> **of period**<br>| **$10.75** | **$11.00** | **$12.03** | **$11.80** | **$11.88** | **$11.60** |
| Total Return (%)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.97)<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6.26) | &nbsp;&nbsp;&nbsp;&nbsp; 5.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.99 | &nbsp;&nbsp;&nbsp;&nbsp; 5.51 | &nbsp;&nbsp;&nbsp;&nbsp; (.07) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
| Ratio of expenses before expense<br> reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .63<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 |
| Ratio of expenses after expense<br> reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 |
| Ratio of net investment <br> income (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2.58 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **35**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** | **DWS Intermediate Tax-Free Fund** — **Institutional Class** |
|  | **Six Months** <br>**Ended 11/30/22**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.60** | **$11.93** |
| *Income (loss) from* <br> *investment operations:*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; (.33) |
| **Total from investment** <br> **operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.11) | &nbsp;&nbsp;&nbsp;&nbsp; (.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp; (.01) |
| *Less distributions from:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.33) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.32) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.04) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>|
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.29) | &nbsp;&nbsp;&nbsp;&nbsp; (.38) | &nbsp;&nbsp;&nbsp;&nbsp; (.43) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.32) |
| **Net asset value, end** <br> **of period**<br>| **$10.75** | **$11.00** | **$12.02** | **$11.80** | **$11.88** | **$11.60** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp; (.97)<sup>a\*\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6.18)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.06) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| Ratio of expenses before expense<br> reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Ratio of expenses after expense<br> reductions (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Ratio of net investment <br> income (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2.57 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.93 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<sup>\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **36**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **37**  |

---

------

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **38**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

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.

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

**When-Issued/Delayed Delivery Securities.** The Fund may purchase 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 a security, the transaction is recorded and the value of the security 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. No interest accrues to the Fund until payment takes place.

Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

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

From November 1, 2021 through May 31, 2022, the Fund elects to defer qualified late year losses of approximately $1,479,000 of net long-term realized capital losses and $615,000 of net short-term realized capital losses and treat them as arising in the fiscal year ending May 31, 2023.

At November 30, 2022, the aggregate cost of investments for federal income tax purposes was $840,411,186. The net unrealized depreciation for all investments based on tax cost was $30,626,594. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $5,774,030 and aggregate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **39**  |

---

------

gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $36,400,624.

The Fund has reviewed the tax positions for the open tax years as of May 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Distribution of Income and Gains.** Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

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 post-October loss deferrals and restructuring of debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **40**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B.** **Purchases and Sales of Securities**

During the six months ended November 30, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $194,821,955 and $270,420,352, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.315%.

For the period from June 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .75% |
| Class C | 1.50% |
| Class S | &nbsp;&nbsp; .50% |
| Institutional Class | &nbsp;&nbsp; .50% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .74% |
| Class C | 1.49% |
| Class S | &nbsp;&nbsp; .49% |
| Institutional Class | &nbsp;&nbsp; .49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **41**  |

---

------

For the six months ended November 30, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $16628 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 200267 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 112706 |
|  | **$330868** |

---

**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, 2022, the Administration Fee was $409,428, of which $63,982 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended November 30, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2022**<br>|
| Class A | $1403 | $499 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 16287 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
|  | **$18626** | **$6475** |

---

In addition, for the six months ended November 30, 2022, the amounts charged to the Fund for recordkeeping and other administrative services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **42**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

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

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| Class A | $45864 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 254629 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 211188 |
|  | **$513511** |

---

**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, 2022, the Distribution Fee was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2022**<br>|
| Class C | $11529 | $1595 |

---

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, 2022, the Service Fee was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2022**<br>| **Annualized** <br>**Rate**<br>|
| Class A | $144562 | $44210 | .25% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | .25% |
|  | **$148379** | **$44740** |  |

---

**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, 2022 aggregated $108.

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, 2022, the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **43**  |

---

------

CDSC for Class C shares aggregated $778. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended November 30, 2022, DDI received $884 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, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,160, of which $810 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, 2022, the Fund engaged in securities purchases of $82,240,000 and securities sales of $96,810,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

**D.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $375 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 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **44**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Fund Share Transactions**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2022** | **Six Months Ended** <br>**November 30, 2022** | **Year Ended** <br>**May 31, 2022** | **Year Ended** <br>**May 31, 2022** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Class A | 1180128 | $12617741 | 1010213 | $11471271 |
| Class C | 18374 | &nbsp;&nbsp;&nbsp;&nbsp; 196954 | 71273 | &nbsp;&nbsp;&nbsp;&nbsp; 845661 |
| Class S | 3985511 | &nbsp;&nbsp;&nbsp;&nbsp; 42895579 | 6591510 | &nbsp;&nbsp;&nbsp;&nbsp; 75341187 |
| Institutional Class | 9090152 | &nbsp;&nbsp;&nbsp;&nbsp; 97534023 | 13326586 | &nbsp;&nbsp;&nbsp;&nbsp; 153855528 |
|  |  | **$153244297** |  | **$241513647** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| Class A | 109827 | $1175222 | 233503 | $2735516 |
| Class C | 2064 | &nbsp;&nbsp;&nbsp;&nbsp; 22093 | 5994 | &nbsp;&nbsp;&nbsp;&nbsp; 70361 |
| Class S | 341263 | &nbsp;&nbsp;&nbsp;&nbsp; 3652083 | 693476 | &nbsp;&nbsp;&nbsp;&nbsp; 8116645 |
| Institutional Class | 341422 | &nbsp;&nbsp;&nbsp;&nbsp; 3651537 | 636564 | &nbsp;&nbsp;&nbsp;&nbsp; 7440796 |
|  |  | **$8500935** |  | **$18363318** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Class A | (2269009) | $(24140599) | (2995996) | $(34318469) |
| Class C | (127914) | &nbsp;&nbsp;&nbsp; (1377325) | (290760) | &nbsp;&nbsp;&nbsp; (3419132) |
| Class S | (6908944) | &nbsp;&nbsp;&nbsp; (73945012) | (8291040) | &nbsp;&nbsp;&nbsp; (94735787) |
| Institutional Class | (11331373) | &nbsp;&nbsp;&nbsp; (121133731) | (11641042) | &nbsp;&nbsp;&nbsp; (133871032) |
|  |  | **$(220596667)** |  | **$(266344420)** |
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Class A | (979054) | $(10347636) | (1752280) | $(20111682) |
| Class C | (107476) | &nbsp;&nbsp;&nbsp; (1158278) | (213493) | &nbsp;&nbsp;&nbsp; (2503110) |
| Class S | (2582170) | &nbsp;&nbsp;&nbsp; (27397350) | (1006054) | &nbsp;&nbsp;&nbsp; (11277955) |
| Institutional Class | (1899799) | &nbsp;&nbsp;&nbsp; (19948171) | 2322108 | &nbsp;&nbsp;&nbsp;&nbsp; 27425292 |
|  |  | **$(58851435)**  |  | **$(6467455)**  |

---

**F.** **Other** — **COVID-19 Pandemic**

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **45**  |

---

------

surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **46**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Information About Your Fund's Expenses**

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses

with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done

so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2022 to November 30, 2022).

The tables illustrate your Fund's expenses in two ways:

—

**Actual Fund Return**. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—

**Hypothetical 5% Fund Return**. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the

relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **47**  |

---

------

**Expenses and Value of a $1,000 Investment**

for the six months ended November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Actual Fund Return** | **Class A** | **Class C** | **Class S** | **Institutional** <br>**Class**<br>|
| Beginning Account Value 6/1/22 | $1000.00 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 11/30/22 | $989.00  | $985.30  | $990.30  | $990.30 |
| Expenses Paid per $1,000\* | $3.74  | $7.47  | $2.49  | $2.49 |
| **Hypothetical 5% Fund Return** | **Class A** | **Class C** | **Class S** | **Institutional** <br>**Class**<br>|
| Beginning Account Value 6/1/22 | $1000.00 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 11/30/22 | $1021.31 | $1017.55 | $1022.56 | $1022.56 |
| Expenses Paid per $1,000\* | $3.80  | $7.59  | $2.54  | $2.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annualized Expense Ratios** | **Class A** | **Class C** | **Class S** | **Institutional** <br>**Class**<br>|
| DWS Intermediate Tax-Free Fund | .75% | 1.50% | .50% | .50% |

---

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **48**  | \|  | DWS Intermediate 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 Intermediate Tax-Free Fund's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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 addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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 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. In 2018, approximately 20% of DWS Group's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **49**  |

---

------

shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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.

While shareholders may focus primarily on fund performance and fees, the Fund's 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, 2021, the Fund's performance (Class A shares) was in the 3rd quartile 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 three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2021.

**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") and the Fee Consultant regarding investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **50**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

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 lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). 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, 2021, 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 and the Fee Consultant 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **51**  |

---

------

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 lower than 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 Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, 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 in recent years. 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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **52**  | \|  | DWS Intermediate Tax-Free Fund  |

---

------

**Account Management Resources**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For More** <br> **Information** | &nbsp;&nbsp; The automated telephone system allows you to access personalized <br> account information and obtain information on other DWS funds <br> using either your voice or your telephone keypad. Certain account <br> types within Classes A, C and S also have the ability to purchase, <br> exchange or redeem shares using this system.<br>|
| **For More** <br> **Information** | &nbsp;&nbsp; For more information, contact your financial representative. You may <br> also access our automated telephone system or speak with a <br> Shareholder Service representative by calling:<br> **(800) 728-3337**<br>|
| **Web Site** | &nbsp;&nbsp; **dws.com**<br> View your account transactions and balances, trade shares, monitor <br> your asset allocation, subscribe to fund and account updates by <br> e-mail, and change your address, 24 hours a day.<br>|
| **Web Site** | &nbsp;&nbsp; **Obtain prospectuses and applications,** news about DWS funds, <br> insight from DWS economists and investment specialists and access <br> to DWS fund account information.<br>|
| **Written** <br> **Correspondence**<br>| &nbsp;&nbsp; **DWS**<br> PO Box 219151<br> Kansas City, MO 64121-9151<br>|
| **Proxy Voting** | &nbsp;&nbsp; The Fund's policies and procedures for voting proxies for portfolio <br> securities and information about how the Fund voted proxies related <br> to its portfolio securities during the most recent 12-month period <br> ended June 30 are available on our Web site — <br> dws.com/en-us/resources/proxy-voting — or on the SEC's Web site <br> — sec.gov. To obtain a written copy of the Fund's policies and <br> procedures without charge, upon request, call us toll free at <br> (800) 728-3337.<br>|
| **Portfolio Holdings** | &nbsp;&nbsp; Following the Fund's fiscal first and third quarter-end, a complete <br> portfolio holdings listing is posted on dws.com, and is available free <br> of charge by contacting your financial intermediary, or if you are a <br> direct investor, by calling (800) 728-3337. In addition, the portfolio <br> holdings listing is filed with SEC on the Fund's Form N-PORT and will <br> be available on the SEC's Web site at sec.gov. Additional portfolio <br> holdings for the Fund are also posted on dws.com from time to time. <br> Please see the Fund's current prospectus for more information.<br>|
| **Principal** <br> **Underwriter**<br>| &nbsp;&nbsp; If you have questions, comments or complaints, contact:<br> **DWS Distributors, Inc.**<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br> (800) 621-1148<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| DWS Intermediate Tax-Free Fund  | \|  | **53**  |

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| | |
|:---|:---|
| **Investment** <br> **Management**<br>| &nbsp;&nbsp; DWS Investment Management Americas, Inc. ("DIMA" or the <br> "Advisor"), which is part of the DWS Group GmbH & Co. KGaA <br> ("DWS Group"), is the investment advisor for the Fund. DIMA and its <br> predecessors have more than 90 years of experience managing <br> mutual funds and DIMA provides a full range of investment advisory <br> services to both institutional and retail clients. DIMA is an indirect, <br> wholly owned subsidiary of DWS Group.<br>|
|  | &nbsp;&nbsp; DWS Group is a global organization that offers a wide range of <br> investing expertise and resources, including hundreds of portfolio <br> managers and analysts and an office network that reaches the <br> world's major investment centers. This well-resourced global <br> investment platform brings together a wide variety of experience and <br> investment insight across industries, regions, asset classes and <br> investing styles.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class S** | **Institutional** <br> **Class**<br>|
| **Nasdaq Symbol** | SZMAX | SZMCX | SCMTX | SZMIX |
| **CUSIP Number** | 25159H 108 | 25159H 306 | 25159H 405 | 25159H 504 |
| **Fund Number** | 445 | 745 | 2045 | 1445 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **54**  | \|  | DWS Intermediate Tax-Free Fund  |

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------

**Notes**

------

**DITFF-3** <br>(R-025435-12 1/23)

![](g416527imgac9e6c4b6.jpg)

------

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**ITEM 2.** | &nbsp;&nbsp;**CODE OF ETHICS** |
|  | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;**ITEM 3.** | &nbsp;&nbsp;**AUDIT COMMITTEE FINANCIAL EXPERT** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 4.** | &nbsp;&nbsp;**PRINCIPAL ACCOUNTANT FEES AND SERVICES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 5.** | &nbsp;&nbsp;**AUDIT COMMITTEE OF LISTED REGISTRANTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 6.** | &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 7.** | &nbsp;&nbsp;**DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 8.** | &nbsp;&nbsp;**PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 9.** | &nbsp;&nbsp;**PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 10.** | &nbsp;&nbsp;**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS** |
|  | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**ITEM 11.** | &nbsp;&nbsp;**CONTROLS AND PROCEDURES** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**ITEM 12.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 13.** | &nbsp;&nbsp;**EXHIBITS** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[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.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[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.](ex99906cert.htm) |

---

**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/27/2023 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/27/2023 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/27/2023 |

---

## Ex-99.Cert

**President**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1) I have reviewed this report, filed on behalf of DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust, on Form N-CSRS;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change 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 control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1) I have reviewed this report, filed on behalf of DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust, on Form N-CSRS;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change 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 control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**President**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---