# EDGAR Filing Document

**Accession Number:** 0000711600
**File Stem:** 0000088053-26-000079
**Filing Date:** 2026-2
**Character Count:** 152680
**Document Hash:** 99ae9459b7b4b13ff0f8e99beda225ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000079.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0000088053-26-000079

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000711600

**ORGANIZATION NAME:**
- **EIN:** 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:** 26586706

**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           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03632

<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: 11/30/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS Intermediate Tax-Free Fund

# Class A: SZMAX

## Semi-Annual Shareholder Report — November 30, 2025
![Image](i105d2f5797609c442c30b3bb.jpg)

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

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.80%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 712260627 |
| Number of Portfolio Holdings | 314 |
| Portfolio Turnover Rate (%) | 15 |
| Total Net Advisory Fees Paid ($) | 1120056 |
| Modified Duration to Worst | 5.2 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
Holdings-based data is subject to change.

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Revenue Bonds | 82% |
| General Obligation Bonds | 11% |
| Lease Obligations | 4% |
| Variable Rate Demand Notes | 2% |
| Escrow to Maturity/Prerefunded Bonds | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 12% |
| AA | 46% |
| A | 19% |
| BBB | 12% |
| BB | 2% |
| B | 1% |
| Not Rated | 6% |

---

### **Top Five State Allocations** 

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Texas | 16% |
| New York | 12% |
| California | 6% |
| Pennsylvania | 6% |
| Georgia | 5% |

---

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

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

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

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

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

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

## **DITFF** - **TSRS** - **A** 

## R-103929-2 (01/26)

# DWS Intermediate Tax-Free Fund

# Class C: SZMCX

## Semi-Annual Shareholder Report — November 30, 2025
![Image](i105d2f5797609c442c30b3bb.jpg)

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

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $76 | 1.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.58%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 712260627 |
| Number of Portfolio Holdings | 314 |
| Portfolio Turnover Rate (%) | 15 |
| Total Net Advisory Fees Paid ($) | 1120056 |
| Modified Duration to Worst | 5.2 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
Holdings-based data is subject to change.

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Revenue Bonds | 82% |
| General Obligation Bonds | 11% |
| Lease Obligations | 4% |
| Variable Rate Demand Notes | 2% |
| Escrow to Maturity/Prerefunded Bonds | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 12% |
| AA | 46% |
| A | 19% |
| BBB | 12% |
| BB | 2% |
| B | 1% |
| Not Rated | 6% |

---

### **Top Five State Allocations** 

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Texas | 16% |
| New York | 12% |
| California | 6% |
| Pennsylvania | 6% |
| Georgia | 5% |

---

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

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

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

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

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

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

## **DITFF** - **TSRS** - **C** 

## R-103929-2 (01/26)

# DWS Intermediate Tax-Free Fund

# Class S: SCMTX

## Semi-Annual Shareholder Report — November 30, 2025
![Image](i105d2f5797609c442c30b3bb.jpg)

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

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class S | $27 | 0.52%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.61%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 712260627 |
| Number of Portfolio Holdings | 314 |
| Portfolio Turnover Rate (%) | 15 |
| Total Net Advisory Fees Paid ($) | 1120056 |
| Modified Duration to Worst | 5.2 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
Holdings-based data is subject to change.

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Revenue Bonds | 82% |
| General Obligation Bonds | 11% |
| Lease Obligations | 4% |
| Variable Rate Demand Notes | 2% |
| Escrow to Maturity/Prerefunded Bonds | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 12% |
| AA | 46% |
| A | 19% |
| BBB | 12% |
| BB | 2% |
| B | 1% |
| Not Rated | 6% |

---

### **Top Five State Allocations** 

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Texas | 16% |
| New York | 12% |
| California | 6% |
| Pennsylvania | 6% |
| Georgia | 5% |

---

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

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

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

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

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

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

## **DITFF** - **TSRS** - **S** 

## R-103929-2 (01/26)

# DWS Intermediate Tax-Free Fund

# Institutional Class: SZMIX

## Semi-Annual Shareholder Report — November 30, 2025
![Image](i105d2f5797609c442c30b3bb.jpg)

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

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.55%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 712260627 |
| Number of Portfolio Holdings | 314 |
| Portfolio Turnover Rate (%) | 15 |
| Total Net Advisory Fees Paid ($) | 1120056 |
| Modified Duration to Worst | 5.2 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
Holdings-based data is subject to change.

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Revenue Bonds | 82% |
| General Obligation Bonds | 11% |
| Lease Obligations | 4% |
| Variable Rate Demand Notes | 2% |
| Escrow to Maturity/Prerefunded Bonds | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 12% |
| AA | 46% |
| A | 19% |
| BBB | 12% |
| BB | 2% |
| B | 1% |
| Not Rated | 6% |

---

### **Top Five State Allocations** 

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Texas | 16% |
| New York | 12% |
| California | 6% |
| Pennsylvania | 6% |
| Georgia | 5% |

---

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

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

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

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

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

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

## **DITFF** - **TSRS** - **I** 

## R-103929-2 (01/26)

---

| | |
|:---|:---|
|  | &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;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

![](imgdc08232d1.jpg)

November 30, 2025

**Semiannual Financial Statements and Other Information**

**DWS Intermediate Tax-Free Fund**

![](img641b6d022.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_SOI-CC-Financial-RunningFooter-376_1) |
| **22** | [Statement of Assets and Liabilities](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_FS-CC-Financial-RunningFooter-376_1) |
| **24** | [Statement of Operations](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_FS-CC-Financial-RunningFooter-376_3) |
| **25** | [Statements of Changes in Net Assets](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_FS-CC-Financial-RunningFooter-376_4) |
| **26** | [Financial Highlights](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_FIHI-CC-Financial-RunningFooter-376_1) |
| **30** | [Notes to Financial Statements](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_NTF-CC-Financial-RunningFooter-376_1) |
| **39** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_10a18b7f-9380-44eb-ba2b-8a8b5a2fed04_AABCF-CC-Financial-RunningFooter-376_1) |

---

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.

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

---

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

---

------

**Investment Portfolioas of November 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Municipal Investments 98.8%** | **Municipal Investments 98.8%** |  |
| **Alabama 4.4%** | **Alabama 4.4%** |  |
| Alabama, Black Belt Energy Gas District Gas <br> Project Revenue:<br>|  |  |
| Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, <br> 7/1/2052, GTY: Royal Bank of Canada, LIQ: Royal Bank <br> of Canada<br>| 1335000 | &nbsp;&nbsp; 1348286 |
| Series D, 5.0%, Mandatory Put 11/1/2034 @ 100, <br> 3/1/2055, GTY: BP PLC<br>| 3000000 | &nbsp;&nbsp; 3256420 |
| Alabama, Energy Authority Commodity Supply Revenue <br> Project 4, Series F, 5.25%, Mandatory Put 11/1/2035 @ <br> 100, 11/1/2055, GTY: BP PLC<br>| 2500000 | &nbsp;&nbsp; 2775382 |
| Jefferson County, AL, Sewer Revenue: |  |  |
| 5.25%, 10/1/2040 | 3000000 | &nbsp;&nbsp; 3295278 |
| 5.25%, 10/1/2041 | 1500000 | &nbsp;&nbsp; 1634303 |
| Southeast Alabama, Energy Authority A <br> Cooperative District:<br>|  |  |
| Series B-1, 5.0%, Mandatory Put 8/1/2028 @ 100, <br> 5/1/2053, GTY: Goldman Sachs Group, Inc.<br>| 3635000 | &nbsp;&nbsp; 3781947 |
| Series B, 5.0%, Mandatory Put 6/1/2030 @ 100, <br> 1/1/2054, GTY: Royal Bank of Canada, LIQ: Royal Bank <br> of Canada<br>| 8490000 | &nbsp;&nbsp; 9030182 |
| Series A-1, 5.5%, Mandatory Put 1/1/2031 @ 100, <br> 11/1/2053, GTY: Morgan Stanley<br>| 6000000 | &nbsp;&nbsp; 6560632 |
|  |  | &nbsp;&nbsp; **31682430** |
| **Alaska 0.2%** | **Alaska 0.2%** |  |
| Alaska, Alaska Railroad Corp., Revenue, AMT, 5.5%, <br> 10/1/2042, INS: AG<br>| 1000000 | &nbsp;&nbsp; **1081705** |
| **Arizona 3.6%** | **Arizona 3.6%** |  |
| Arizona, Chandler Industrial Development Authority, Intel <br> Corp., 3.8%, Mandatory Put 6/15/2028 @ 100, <br> 12/1/2035<br>| 3000000 | &nbsp;&nbsp; 3013611 |
| Arizona, Industrial Development Authority, Authority <br> Hospital Revenue Bond, Phoenix Childrens Hospital, <br> Series A, 5.0%, 2/1/2030<br>| 600000 | &nbsp;&nbsp; 650985 |
| Arizona, Salt River Project Agricultural Improvement and <br> Power District, Electric System Revenue, Series A, <br> 5.0%, 1/1/2042<br>| 2640000 | &nbsp;&nbsp; 2916896 |
| Arizona, State Industrial Development Authority Revenue, <br> "A" , Series 2019-2, 3.625%, 5/20/2033<br>| 3923361 | &nbsp;&nbsp; 3885055 |
| Arizona, State Industrial Development Authority, Education <br> Revenue, Odyssey Preparatory Academy Project, 144A, <br> 4.375%, 7/1/2039<br>| 1500000 | &nbsp;&nbsp; 1373235 |

---

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>3</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Arizona, Yuma Industrial Development Authority Revenue, <br> Regional Medical Center Obligated Group:<br>|  |  |
| Series A, 5.25%, 8/1/2042, INS: AG | 1500000 | &nbsp;&nbsp; 1653142 |
| Series A, 5.25%, 8/1/2044, INS: AG | 3000000 | &nbsp;&nbsp; 3247025 |
| Maricopa County, AZ, Industrial Development Authority, <br> Education Revenue, Legacy Traditional Schools Project:<br>|  |  |
| 4.0%, 7/1/2034 | 3635000 | &nbsp;&nbsp; 3604807 |
| Series B, 144A, 5.0%, 7/1/2039 | 1000000 | &nbsp;&nbsp; 1018102 |
| Maricopa County, AZ, Industrial Development Authority, <br> Hospital Revenue:<br>|  |  |
| Series D, 5.0%, 12/1/2039 | 1445000 | &nbsp;&nbsp; 1585041 |
| Series D, 5.0%, 12/1/2040 | 1500000 | &nbsp;&nbsp; 1631075 |
| Series D, 5.0%, 12/1/2041 | 1000000 | &nbsp;&nbsp; 1076861 |
|  |  | &nbsp;&nbsp; **25655835** |
| **California 6.5%** | **California 6.5%** |  |
| Anaheim, CA, Housing & Public Improvements Authority, <br> Electric Utility Distribution System:<br>|  |  |
| Series E, 5.0%, 10/1/2028 | 1000000 | &nbsp;&nbsp; 1050084 |
| Series E, 5.0%, 10/1/2029 | 1000000 | &nbsp;&nbsp; 1049298 |
| California, Antelope Valley Community College District, <br> General Obligation, 5.0%, 8/1/2044 (a)<br>| 1675000 | &nbsp;&nbsp; 1787130 |
| California, Bay Area Toll Authority, Toll Bridge Revenue: |  |  |
| Series D, SIFMA Municipal Swap Index + 0.3%, <br> 3.09% (b), Mandatory Put 4/1/2027 @ 100, 4/1/2056<br>| 3000000 | &nbsp;&nbsp; 2973376 |
| Series C, SIFMA Municipal Swap Index + 0.45%, <br> 3.24% (b), Mandatory Put 4/1/2026 @ 100, 4/1/2056<br>| 1000000 | &nbsp;&nbsp; 998197 |
| California, Federal Home Loan Mortgage Corp., <br> Multi-Family Variable Rate Certificates, "A" , <br> Series M-050, 144A, AMT, 3.05%, 6/15/2037<br>| 5800000 | &nbsp;&nbsp; 5479517 |
| California, Golden State Tobacco Securitization Corp., <br> Tobacco Settlement, Series A-1, Prerefunded, 5.0%, <br> 6/1/2032<br>| 5000000 | &nbsp;&nbsp; 5337398 |
| 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>| 9000633 | &nbsp;&nbsp; 8034109 |
| California, University of California Revenue, Series BS, <br> 5.0%, 5/15/2041<br>| 2000000 | &nbsp;&nbsp; 2255921 |
| Los Angeles, CA, Department of Water & Power Revenue: |  |  |
| Series A, 5.0%, 7/1/2041 | 2750000 | &nbsp;&nbsp; 2988441 |
| Series A, 5.25%, 7/1/2044, INS: BAM | 1000000 | &nbsp;&nbsp; 1090670 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Los Angeles, CA, Department of Airports Revenue, Los <br> Angeles International Airport, Series H, AMT, 5.5%, <br> 5/15/2037<br>| 4985000 | &nbsp;&nbsp; 5569759 |
| San Francisco City & County, CA, Airports Commission, <br> International Airport Revenue, Series A, AMT, 5.0%, <br> 5/1/2035<br>| 7000000 | &nbsp;&nbsp; 7384826 |
|  |  | &nbsp;&nbsp; **45998726** |
| **Colorado 3.5%** | **Colorado 3.5%** |  |
| Colorado, Bridge & Tunnel Enterprise Revenue: |  |  |
| Series A, 5.0%, 12/1/2041, INS: AG | 1075000 | &nbsp;&nbsp; 1190900 |
| Series A, 5.0%, 12/1/2042, INS: AG | 1525000 | &nbsp;&nbsp; 1671344 |
| Series A, 5.25%, 12/1/2044, INS: AG | 1000000 | &nbsp;&nbsp; 1092338 |
| Colorado, General Obligation, Vauxmont Metropolitan <br> District, 3.25%, 12/15/2050, INS: AG<br>| 938000 | &nbsp;&nbsp; 800912 |
| Colorado, Health Facilities Authority Revenue, <br> AdventHealth Obligated Group, Series A, 5.0%, <br> Mandatory Put 11/15/2029 @ 100, 11/15/2059<br>| 1000000 | &nbsp;&nbsp; 1074529 |
| Colorado, State Housing & Finance Authority Revenue: |  |  |
| "III", Series H, 4.25%, 11/1/2049 | 745000 | &nbsp;&nbsp; 752220 |
| "III", Series L, 5.75%, 11/1/2053 | 4060000 | &nbsp;&nbsp; 4324890 |
| Denver City & County, CO, Airport System Revenue: |  |  |
| Series A, AMT, 5.0%, 12/1/2035 | 10000000 | &nbsp;&nbsp; 10410094 |
| Series D, AMT, 5.75%, 11/15/2037 | 1375000 | &nbsp;&nbsp; 1563577 |
| Denver, CO, Convention Center Hotel Authority Revenue: |  |  |
| 5.0%, 12/1/2027 | 500000 | &nbsp;&nbsp; 507023 |
| 5.0%, 12/1/2033 | 500000 | &nbsp;&nbsp; 505977 |
| 5.0%, 12/1/2034 | 1000000 | &nbsp;&nbsp; 1010972 |
|  |  | &nbsp;&nbsp; **24904776** |
| **Connecticut 1.1%** | **Connecticut 1.1%** |  |
| Connecticut, State General Obligation, Series B, 3.0%, <br> 6/1/2037<br>| 1075000 | &nbsp;&nbsp; 1010484 |
| Connecticut, State Health & Educational Facilities <br> Authority Revenue, Yale University, Series V-2, 2.5% (c), <br> 12/1/2025<br>| 1900000 | &nbsp;&nbsp; 1900000 |
| Connecticut, State Health & Educational Facilities <br> Authority Revenue, Yale-New Haven Health Obligated <br> Group, Series B, 5.0%, Mandatory Put 7/1/2029 @ 100, <br> 7/1/2049<br>| 1000000 | &nbsp;&nbsp; 1063774 |
| Connecticut, State Housing Finance Program <br> Authority Revenue:<br>|  |  |
| Series A-1, 4.0%, 11/15/2047 | 375000 | &nbsp;&nbsp; 375920 |

---

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>5</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Series D, 6.25%, 5/15/2054 | 1765000 | &nbsp;&nbsp; 1915267 |
| Connecticut, State Special Tax Obligation Revenue, <br> Transportation Infrastructure Purpose, Series A, 5.0%, <br> 7/1/2038<br>| 1565000 | &nbsp;&nbsp; 1743252 |
|  |  | &nbsp;&nbsp; **8008697** |
| **Florida 4.8%** | **Florida 4.8%** |  |
| Broward County, FL, Airport System Revenue, Series A, <br> AMT, 5.0%, 10/1/2037<br>| 2365000 | &nbsp;&nbsp; 2485391 |
| Central Florida, Tourism Oversight District, Reedy Creek <br> Improvement District, Series A, 4.0%, 6/1/2032<br>| 1500000 | &nbsp;&nbsp; 1523326 |
| Escambia County, FL, Housing Finance Authority Single <br> Family Mortgage Revenue, County Program, Series A, <br> 4.75%, 4/1/2050<br>| 1465000 | &nbsp;&nbsp; 1479191 |
| Florida, Capital Project Finance Authority, Student Housing <br> Revenue, Series A-1, 5.0%, 10/1/2029<br>| 1650000 | &nbsp;&nbsp; 1738671 |
| Florida, Capital Trust Agency, Educational Growth Fund, <br> Charter Educational Foundation Project, Series A-1, <br> 144A, 3.375%, 7/1/2031<br>| 1650000 | &nbsp;&nbsp; 1599004 |
| Florida, Development Finance Corp., Educational Facilities <br> Revenue, Mater Academy Projects:<br>|  |  |
| Series A, 144A, 5.0%, 11/15/2030 | 645000 | &nbsp;&nbsp; 611854 |
| Series A, 5.0%, 6/15/2035 | 1000000 | &nbsp;&nbsp; 1014492 |
| Florida, Development Finance Corp., AAF Operations <br> Holdings LLC, 144A, AMT, 12.0% (d), Mandatory Put <br> 7/15/2028 @ 109, 7/15/2032<br>| 2085000 | &nbsp;&nbsp; 677625 |
| Florida, Development Finance Corp., Brightline Trains <br> Florida LLC, AMT, 5.0%, 7/1/2041<br>| 6000000 | &nbsp;&nbsp; 4980000 |
| Florida, Development Finance Corp., Health <br> Sciences Center Inc. Obligated Group, Series A, 5.0%, <br> 8/1/2041<br>| 1000000 | &nbsp;&nbsp; 1057422 |
| Florida, Higher Educational Facilities Financial Authority <br> Revenue, Keiser University Obligated Group, 144A, <br> 5.0%, 7/1/2035<br>| 4000000 | &nbsp;&nbsp; 4009782 |
| Florida, Village Community Development District No. 15, <br> Special Assessment Revenue:<br>|  |  |
| 144A, 4.2%, 5/1/2039 | 2245000 | &nbsp;&nbsp; 2234288 |
| 144A, 4.85%, 5/1/2038 | 980000 | &nbsp;&nbsp; 1013341 |
| Jacksonville, FL, Special Revenue, Series C, 5.25%, <br> 10/1/2036<br>| 5000000 | &nbsp;&nbsp; 5692873 |
| Lake County, FL, Educational Facilities Revenue, Imagine <br> South Lake Charter School Project, Series A, 144A, <br> 5.0%, 1/15/2029<br>| 435000 | &nbsp;&nbsp; 431005 |
| Miami-Dade County, FL, Seaport Revenue, Series A, AMT, <br> 5.0%, 10/1/2040<br>| 2250000 | &nbsp;&nbsp; 2374022 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Miami-Dade County, FL, Water & Sewer System Revenue, <br> Series A, 5.0%, 10/1/2048<br>| 750000 | &nbsp;&nbsp; 793057 |
| Village, FL, Community Development District No. 13, <br> Special Assessment Revenue, 3.0%, 5/1/2029<br>| 760000 | &nbsp;&nbsp; 749612 |
|  |  | &nbsp;&nbsp; **34464956** |
| **Georgia 5.2%** | **Georgia 5.2%** |  |
| Atlanta, GA, Development Authority Tax Allocation, <br> Series A, 144A, 5.0%, 4/1/2034<br>| 1000000 | &nbsp;&nbsp; 1019995 |
| Atlanta, GA, Water & Wastewater Revenue, Series B, <br> 5.25%, 11/1/2027, INS: AG<br>| 6815000 | &nbsp;&nbsp; 7060151 |
| Carroll City & County, GA, State Hospital Authority <br> Revenue, Tanner Medical Center Obligated Group, 5.0%, <br> 7/1/2041<br>| 1400000 | &nbsp;&nbsp; 1538999 |
| Cobb County, GA, Kennestone Hospital Authority, Wellstar <br> Health System, Inc. Project:<br>|  |  |
| Series B, 4.0%, 4/1/2032 | 200000 | &nbsp;&nbsp; 207186 |
| Series B, 4.0%, 4/1/2033 | 200000 | &nbsp;&nbsp; 206846 |
| Series B, 4.0%, 4/1/2034 | 250000 | &nbsp;&nbsp; 256792 |
| Series B, 4.0%, 4/1/2035 | 225000 | &nbsp;&nbsp; 230239 |
| Series B, 4.0%, 4/1/2036 | 250000 | &nbsp;&nbsp; 254354 |
| Georgia, Gainesville & Hall County Hospital Authority <br> Revenue, Northeast Georgia Health System Obligated <br> Group, 5.0%, 10/15/2030<br>| 1375000 | &nbsp;&nbsp; 1514228 |
| 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 | &nbsp;&nbsp; 1279880 |
| Georgia, Main Street Natural Gas, Inc., Gas <br> Project Revenue:<br>|  |  |
| Series C, 4.0%, Mandatory Put 12/1/2028 @ 100, <br> 5/1/2052, GTY: Citigroup, Inc.<br>| 10000000 | &nbsp;&nbsp; 10201472 |
| Series C, 5.0%, Mandatory Put 9/1/2030 @ 100, <br> 9/1/2053, GTY: Royal Bank of Canada<br>| 1155000 | &nbsp;&nbsp; 1233096 |
| Series D, 5.0%, Mandatory Put 4/1/2031 @ 100, <br> 4/1/2054, GTY: TD Bank NA<br>| 2000000 | &nbsp;&nbsp; 2159692 |
| Series A, 5.0%, Mandatory Put 6/1/2032 @ 100, <br> 6/1/2055, GTY: TD Bank NA<br>| 1500000 | &nbsp;&nbsp; 1633577 |
| Georgia, Main Street Natural Gas, Inc., Gas Supply <br> Revenue, Series A, 5.0%, 5/15/2035, GTY: Macquarie <br> Group Ltd.<br>| 3135000 | &nbsp;&nbsp; 3439468 |
| Georgia, Metropolitan Atlanta Rapid Transit Authority <br> Revenue, Series A, 5.0%, 7/1/2043<br>| 2665000 | &nbsp;&nbsp; 2911964 |
| Georgia, Paulding County Hospital Authority Revenue, <br> WellStar Health System Obligated Group, Series A, <br> 5.0%, 4/1/2043<br>| 2065000 | &nbsp;&nbsp; 2173316 |
|  |  | &nbsp;&nbsp; **37321255** |

---

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>7</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Idaho 0.5%** | **Idaho 0.5%** |  |
| Idaho, State Health Facilities Authority Revenue, St. Luke's <br> Health System, Series C, 2.9% (c), 12/1/2025, LOC: <br> U.S. Bank NA<br>| 3400000 | &nbsp;&nbsp; **3400000** |
| **Illinois 4.9%** | **Illinois 4.9%** |  |
| Chicago, IL, Midway International Airport Revenue, <br> Series A, AMT, 5.75%, 1/1/2041, INS: BAM<br>| 1000000 | &nbsp;&nbsp; 1108521 |
| Chicago, IL, O'Hare International Airport Revenue: |  |  |
| Series C, AMT, 5.0%, 1/1/2035 | 715000 | &nbsp;&nbsp; 773305 |
| Series C, AMT, 5.0%, 1/1/2036 | 500000 | &nbsp;&nbsp; 539157 |
| 5.25%, 1/1/2039, INS: BAM | 825000 | &nbsp;&nbsp; 915738 |
| 5.25%, 1/1/2040, INS: BAM | 1130000 | &nbsp;&nbsp; 1236989 |
| Chicago, IL, O'Hare International Airport Revenue, Senior <br> Lien, Series A, AMT, 5.0%, 1/1/2036<br>| 2500000 | &nbsp;&nbsp; 2600730 |
| Dupage County, IL, School District No. 58 Downers Grove, <br> General Obligation, 5.5%, 12/15/2042<br>| 3000000 | &nbsp;&nbsp; 3386162 |
| Illinois, Elmhurst Park District, General Obligation: |  |  |
| 5.0%, 12/15/2043 | 1000000 | &nbsp;&nbsp; 1071727 |
| 5.0%, 12/15/2044 | 1250000 | &nbsp;&nbsp; 1332615 |
| Illinois, Housing Development Authority Revenue, <br> Series K, 6.25%, 10/1/2053<br>| 4395000 | &nbsp;&nbsp; 4885007 |
| Illinois, Metropolitan Water Reclamation District of Greater <br> Chicago, General Obligation, Series A, 5.0%, 12/1/2042<br>| 2500000 | &nbsp;&nbsp; 2720208 |
| Illinois, Sales Tax Securitization Corp. Revenue, Series A, <br> 5.0%, 1/1/2042 (a)<br>| 2000000 | &nbsp;&nbsp; 2120021 |
| Illinois, State Development Authority Revenue, Madison <br> County Community Unit School District No. 2 Triad, <br> Series B, 5.5%, 4/1/2043, INS: BAM<br>| 3910000 | &nbsp;&nbsp; 4314255 |
| Illinois, State Finance Authority Revenue, University of <br> Chicago, Series A, 5.25%, 4/1/2045<br>| 1000000 | &nbsp;&nbsp; 1073884 |
| Illinois, State General Obligation: |  |  |
| Series B, 5.0%, 5/1/2028 | 1000000 | &nbsp;&nbsp; 1049124 |
| Series B, 5.25%, 10/1/2037 | 2000000 | &nbsp;&nbsp; 2191525 |
| Series C, 5.5%, 10/1/2039 | 2000000 | &nbsp;&nbsp; 2198946 |
| Illinois, State O'Hare International Airport Revenue, TrIPs <br> Obligated Group, AMT, 5.5%, 7/1/2041<br>| 1600000 | &nbsp;&nbsp; 1745981 |
|  |  | &nbsp;&nbsp; **35263895** |
| **Indiana 2.1%** | **Indiana 2.1%** |  |
| Indiana, Finance Authority Revenue, Deaconess Health <br> System, Series B, SIFMA Municipal Swap Index + 0.3%, <br> 3.09% (b), Mandatory Put 3/1/2027 @ 100, 3/1/2039<br>| 2135000 | &nbsp;&nbsp; 2125342 |
| Indiana, State Finance Authority Revenue, BHI Senior <br> Living Obligated Group, 5.0%, 11/15/2033<br>| 2000000 | &nbsp;&nbsp; 2057606 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Indiana, State Finance Authority Revenue, Methodist <br> Hospitals, Inc. Obligated Group, Series A, 5.5%, <br> 9/15/2039<br>| 1070000 | &nbsp;&nbsp; 1161885 |
| Indiana, State Finance Authority, CWA <br> Authority Inc., Revenue:<br>|  |  |
| Series A, 5.0%, 10/1/2040 | 1000000 | &nbsp;&nbsp; 1103743 |
| Series A, 5.0%, 10/1/2041 | 1000000 | &nbsp;&nbsp; 1092705 |
| Indiana, Westfield-Washington Multi-School Building Corp. <br> Revenue, Series A, 5.25%, 7/15/2041, INS: BAM<br>| 1700000 | &nbsp;&nbsp; 1892091 |
| Indianapolis, IN, Local Public Improvement Bond Bank, <br> Airport Authority Project:<br>|  |  |
| Series I2, AMT, 5.0%, 1/1/2030 | 1500000 | &nbsp;&nbsp; 1612941 |
| Series G-2, AMT, 5.25%, 1/1/2037 | 1700000 | &nbsp;&nbsp; 1863598 |
| Series E, 5.5%, 3/1/2038 | 2000000 | &nbsp;&nbsp; 2172242 |
|  |  | &nbsp;&nbsp; **15082153** |
| **Iowa 0.5%** | **Iowa 0.5%** |  |
| Iowa, State Finance Authority Revenue, Lifespace <br> Communities, Inc. Obligated Group:<br>|  |  |
| Series A, 5.0%, 5/15/2039 | 2000000 | &nbsp;&nbsp; 2041342 |
| Series B, 6.6%, 5/15/2028 | 1220000 | &nbsp;&nbsp; 1268366 |
| Iowa, State Student Loan Liquidity Corp., Senior Revenue, <br> Series B, AMT, 3.0%, 12/1/2039<br>| 110000 | &nbsp;&nbsp; 107120 |
|  |  | &nbsp;&nbsp; **3416828** |
| **Kentucky 1.0%** | **Kentucky 1.0%** |  |
| Kentucky, State Municipal Energy Agency Revenue, 5.0%, <br> 1/1/2042<br>| 4245000 | &nbsp;&nbsp; 4544295 |
| Kentucky, State Public Energy Authority Revenue, <br> Series B, 5.0%, 12/1/2033, GTY: Jefferies Financial <br> Group<br>| 2220000 | &nbsp;&nbsp; 2323853 |
|  |  | &nbsp;&nbsp; **6868148** |
| **Louisiana 1.0%** | **Louisiana 1.0%** |  |
| Louisiana, State Gasoline & Fuels Tax Revenue, Series A, <br> 5.0%, 5/1/2040<br>| 5000000 | &nbsp;&nbsp; 5572985 |
| New Orleans, LA, Aviation Board Special Facility Revenue, <br> Parking Facilities Corp., Consol Garage System, <br> Series A, 5.0%, 10/1/2035, INS: AG<br>| 1250000 | &nbsp;&nbsp; 1306369 |
|  |  | &nbsp;&nbsp; **6879354** |
| **Massachusetts 0.6%** | **Massachusetts 0.6%** |  |
| Massachusetts, Development Finance Agency Revenue, <br> PRG Medford Properties, Inc.:<br>|  |  |
| 5.25%, 6/1/2044 | 500000 | &nbsp;&nbsp; 536457 |
| 5.25%, 6/1/2045 | 400000 | &nbsp;&nbsp; 427329 |

---

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>9</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Massachusetts, State Development Finance Agency <br> Revenue, CareGroup Obligated Group:<br>|  |  |
| Series J2, 5.0%, 7/1/2033 | 1000000 | &nbsp;&nbsp; 1051536 |
| Series J2, 5.0%, 7/1/2034 | 2000000 | &nbsp;&nbsp; 2099617 |
| Massachusetts, State Educational Financing Authority, <br> Series B, AMT, 3.0%, 7/1/2035<br>| 45000 | &nbsp;&nbsp; 44745 |
|  |  | &nbsp;&nbsp; **4159684** |
| **Michigan 1.4%** | **Michigan 1.4%** |  |
| Michigan, State Strategic Fund Ltd., Obligation Revenue, <br> Improvement Project:<br>|  |  |
| AMT, 5.0%, 6/30/2032 | 1320000 | &nbsp;&nbsp; 1371319 |
| AMT, 5.0%, 12/31/2032 | 700000 | &nbsp;&nbsp; 726290 |
| AMT, 5.0%, 12/31/2033 | 1600000 | &nbsp;&nbsp; 1655478 |
| Michigan, Trunk Line Revenue, Rebuilding <br> Michigan Program:<br>|  |  |
| Series A, 4.0%, 11/15/2038 | 2500000 | &nbsp;&nbsp; 2571812 |
| 5.5%, 11/15/2044 | 3000000 | &nbsp;&nbsp; 3309844 |
|  |  | &nbsp;&nbsp; **9634743** |
| **Minnesota 0.5%** | **Minnesota 0.5%** |  |
| Minnesota, State Office of Higher Education Revenue, <br> AMT, 2.65%, 11/1/2038<br>| 2070000 | &nbsp;&nbsp; 1919682 |
| St. Cloud, MN, CentraCare Health System Obligated <br> Group Revenue, 5.0%, 5/1/2041<br>| 1500000 | &nbsp;&nbsp; 1617804 |
|  |  | &nbsp;&nbsp; **3537486** |
| **Mississippi 0.5%** | **Mississippi 0.5%** |  |
| Mississippi, State University Educational Building Corp. <br> Revenue, Institutions of Higher Learning:<br>|  |  |
| Series B, 5.0%, 8/1/2042 | 1465000 | &nbsp;&nbsp; 1588562 |
| Series B, 5.0%, 8/1/2043 | 1540000 | &nbsp;&nbsp; 1654264 |
|  |  | &nbsp;&nbsp; **3242826** |
| **Missouri 0.9%** | **Missouri 0.9%** |  |
| Missouri, Higher Education Loan Authority Revenue, <br> Taxable Student Loan Asset Back Notes, "A1A" , <br> Series 2021-1, 1.53%, 1/25/2061<br>| 2820213 | &nbsp;&nbsp; 2588727 |
| Missouri, Plaza At Noah's Ark Community Improvement <br> District, 3.0%, 5/1/2030<br>| 725000 | &nbsp;&nbsp; 692693 |
| Missouri, State Housing Development Commission, Single <br> Family Mortgage Revenue, First Homeownership Loan <br> Program, Series C, 6.0%, 5/1/2053<br>| 3020000 | &nbsp;&nbsp; 3323768 |
|  |  | &nbsp;&nbsp; **6605188** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Nevada 0.3%** | **Nevada 0.3%** |  |
| Nevada, Department of Business & Industry Revenue, <br> Brightline West Passenger Rail Project, Series B, AMT, <br> 12.0%, Mandatory Put 11/2/2026 @ 120, 1/1/2065<br>| 1805000 | &nbsp;&nbsp; 1534250 |
| Sparks, NV, Tourism Improvement District #1 Revenue, <br> Sales Tax, Series A, 144A, 2.75%, 6/15/2028<br>| 410000 | &nbsp;&nbsp; 410008 |
|  |  | &nbsp;&nbsp; **1944258** |
| **New Hampshire 1.1%** | **New Hampshire 1.1%** |  |
| New Hampshire, Business Finance Authority Revenue: |  |  |
| "A", Series 2, 4.0%, 10/20/2036 | 2871317 | &nbsp;&nbsp; 2844018 |
| Series 2022-1, 4.375%, 9/20/2036 | 3818703 | &nbsp;&nbsp; 3886853 |
| New Hampshire, State Health and Education Facilities <br> Authority Act Revenue, Trustees of Dartmouth College, <br> Series A, 3.3%, Mandatory Put 8/3/2027 @ 100, <br> 6/1/2040<br>| 815000 | &nbsp;&nbsp; 817550 |
|  |  | &nbsp;&nbsp; **7548421** |
| **New Jersey 2.6%** | **New Jersey 2.6%** |  |
| New Jersey, State Economic Development Authority, <br> Motor Vehicle Surcharge Revenue, Series A, 3.125%, <br> 7/1/2029<br>| 915000 | &nbsp;&nbsp; 899158 |
| New Jersey, State Higher Education Assistance Authority, <br> Student Loan Revenue:<br>|  |  |
| Series B, AMT, 3.25%, 12/1/2039 | 270000 | &nbsp;&nbsp; 262118 |
| Series B, AMT, 3.5%, 12/1/2039 | 975000 | &nbsp;&nbsp; 942856 |
| Series B, AMT, 4.0%, 12/1/2041 | 3480000 | &nbsp;&nbsp; 3458425 |
| New Jersey, State Transportation Trust Fund Authority, <br> Transportation Systems:<br>|  |  |
| Series CC, 5.0%, 6/15/2038 | 2000000 | &nbsp;&nbsp; 2199838 |
| Series AA, 5.25%, 6/15/2041 | 1000000 | &nbsp;&nbsp; 1111940 |
| New Jersey, State Turnpike Authority Revenue: |  |  |
| Series A, 4.0%, 1/1/2035 | 2000000 | &nbsp;&nbsp; 2158020 |
| Series C, 5.0%, 1/1/2035 | 1000000 | &nbsp;&nbsp; 1171883 |
| Series C, 5.0%, 1/1/2045 | 3000000 | &nbsp;&nbsp; 3194095 |
| New Jersey, Tobacco Settlement Financing Corp., Series A, <br> 5.0%, 6/1/2030<br>| 3000000 | &nbsp;&nbsp; 3145696 |
|  |  | &nbsp;&nbsp; **18544029** |
| **New Mexico 0.2%** | **New Mexico 0.2%** |  |
| New Mexico, State Mortgage Finance Authority, "I" , <br> Series C, 4.0%, 1/1/2050<br>| 1210000 | &nbsp;&nbsp; **1215225** |

---

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 ($)** | **Value ($)** |
| **New York 11.5%** | **New York 11.5%** |  |
| Broome County, NY, Local Development Corp., Revenue, <br> United Health Services Hospitals, Inc., Project:<br>|  |  |
| 3.0%, 4/1/2035, INS: AG | 1820000 | &nbsp;&nbsp; 1737805 |
| 3.0%, 4/1/2036, INS: AG | 1750000 | &nbsp;&nbsp; 1644341 |
| Long Island, NY, Electric System Revenue, Power <br> Authority, Series B, 3.0%, Mandatory Put 9/1/2029 @ <br> 100, 9/1/2049<br>| 1250000 | &nbsp;&nbsp; 1271638 |
| New York, Metropolitan Transportation Authority Revenue: |  |  |
| Series B, 5.0%, 11/15/2028 | 3170000 | &nbsp;&nbsp; 3379050 |
| Series C1, 5.0%, 11/15/2028 | 1200000 | &nbsp;&nbsp; 1265884 |
| Series A2, 5.0%, Mandatory Put 5/15/2030 @ 100, <br> 11/15/2045<br>| 5335000 | &nbsp;&nbsp; 5775965 |
| New York, State Dormitory Authority, Personal Income <br> Tax Revenue:<br>|  |  |
| Series A, 5.0%, 3/15/2041 | 5000000 | &nbsp;&nbsp; 5533130 |
| Series C, 5.25%, 3/15/2046 | 1175000 | &nbsp;&nbsp; 1275180 |
| Series C, 5.25%, 3/15/2047 | 2000000 | &nbsp;&nbsp; 2147959 |
| New York, State Liberty Development Corp. Revenue, A <br> World Trade Center Project, Series A, 1.9%, 11/15/2031<br>| 800000 | &nbsp;&nbsp; 719398 |
| New York, State Liberty Development Corp., Second <br> Priority Liberty Revenue, "1" , 2.45%, 9/15/2069<br>| 5000000 | &nbsp;&nbsp; 4738450 |
| New York, State Transportation Development Corp., Special <br> Facilities Revenue, Delta Air Lines, Inc., LaGuardia <br> Airport Terminal, AMT, 6.0%, 4/1/2035<br>| 2400000 | &nbsp;&nbsp; 2649841 |
| New York, State Transportation Development Corp., Special <br> Facilities Revenue, John F. Kennedy International Airport <br> Project, AMT, 6.0%, 6/30/2042<br>| 1250000 | &nbsp;&nbsp; 1388440 |
| New York, State Transportation Development Corp., Special <br> Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport <br> Terminals C&D Redevelopment Project, AMT, 5.0%, <br> 1/1/2026<br>| 3970000 | &nbsp;&nbsp; 3974558 |
| 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 | &nbsp;&nbsp; 5388674 |
| New York, Triborough Bridge & Tunnel Authority Real Estate <br> Transfer Tax Revenue, Series A, 5.0%, 12/1/2043<br>| 750000 | &nbsp;&nbsp; 820871 |
| New York, Triborough Bridge & Tunnel Authority Revenue, <br> MTA Bridges & Tunnels, Series B-1, 5.0%, 5/15/2045<br>| 1000000 | &nbsp;&nbsp; 1060231 |
| New York, Utility Debt Securitization Authority, <br> Restructuring Revenue, Series TE, 5.0%, 12/15/2038<br>| 7000000 | &nbsp;&nbsp; 7849213 |
| New York City, NY, General Obligation: |  |  |
| Series G-1, 5.0%, 2/1/2042 | 1500000 | &nbsp;&nbsp; 1625017 |
| Series D, 5.0%, 4/1/2043 | 1000000 | &nbsp;&nbsp; 1064063 |

---

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 ($)** | **Value ($)** |
| New York City, NY, Housing Development Corp., <br> Multi-Family Housing Revenue, Series A-2, 3.73%, <br> Mandatory Put 12/29/2028 @ 100, 5/1/2063<br>| 4000000 | &nbsp;&nbsp; 4011465 |
| New York City, NY, Municipal Water Finance Authority, <br> Water & Sewer System Revenue, Series DD-2, <br> 2.85% (c), 12/1/2025, SPA: JPMorgan Chase Bank NA<br>| 800000 | &nbsp;&nbsp; 800000 |
| New York City, NY, Municipal Water Finance Authority, <br> Water & Sewer Systems Revenue, <br> Series CC-SUBSERIES CC-2, 5.0%, 6/15/2046<br>| 1250000 | &nbsp;&nbsp; 1320641 |
| New York City, NY, Transitional Finance Authority Revenue, <br> Future Tax Secured:<br>|  |  |
| Series A4, 2.85% (c), 12/1/2025, SPA: JPMorgan Chase <br> Bank NA<br>| 1540000 | &nbsp;&nbsp; 1540000 |
| Series A-4, 2.85% (c), 12/1/2025, SPA: Barclays Bank <br> PLC<br>| 3200000 | &nbsp;&nbsp; 3200000 |
| Series C-4, 2.85% (c), 12/1/2025, SPA: JPMorgan Chase <br> Bank NA<br>| 2500000 | &nbsp;&nbsp; 2500000 |
| Series F-1, 5.0%, 2/1/2042 | 1500000 | &nbsp;&nbsp; 1616321 |
| Series H, 5.0%, 11/1/2043 | 1000000 | &nbsp;&nbsp; 1075803 |
| Series D, 5.25%, 5/1/2043 | 5000000 | &nbsp;&nbsp; 5466881 |
| Series G-1, 5.25%, 5/1/2048 | 2750000 | &nbsp;&nbsp; 2921667 |
| New York, NY, General Obligation: |  |  |
| Series C, 4.0%, 8/1/2037 | 1000000 | &nbsp;&nbsp; 1011126 |
| Series E1, 5.0%, 4/1/2039 | 1250000 | &nbsp;&nbsp; 1373232 |
|  |  | &nbsp;&nbsp; **82146844** |
| **North Carolina 0.8%** | **North Carolina 0.8%** |  |
| County of Wake, NC, State Revenue: |  |  |
| Series A, 5.0%, 5/1/2043 | 2300000 | &nbsp;&nbsp; 2513948 |
| Series A, 5.0%, 5/1/2044 | 1400000 | &nbsp;&nbsp; 1516143 |
| North Carolina, Charlotte-Mecklenburg Hospital Authority, <br> Atrium Health Obligated Group, Series E, 2.85% (c), <br> 12/1/2025, LOC: Royal Bank of Canada<br>| 195000 | &nbsp;&nbsp; 195000 |
| North Carolina, Greater Asheville Regional Airport Authority <br> Revenue, AMT, 5.25%, 7/1/2042, INS: AG<br>| 1150000 | &nbsp;&nbsp; 1218222 |
| North Carolina, State Education Assistance Authority <br> Revenue, Series A, AMT, 5.0%, 6/1/2043<br>| 420000 | &nbsp;&nbsp; 437441 |
|  |  | &nbsp;&nbsp; **5880754** |
| **North Dakota 0.7%** | **North Dakota 0.7%** |  |
| North Dakota, State Housing Finance Agency, Home <br> Mortgage Housing Finance Program, Series A, 6.0%, <br> 7/1/2054<br>| 4610000 | &nbsp;&nbsp; **4970178** |
| **Ohio 2.9%** | **Ohio 2.9%** |  |
| Cincinnati, OH, University of Cincinnati, Revenue: |  |  |
| Series D, 5.0%, 6/1/2039 | 1070000 | &nbsp;&nbsp; 1183540 |

---

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 ($)** | **Value ($)** |
| Series D, 5.0%, 6/1/2040 | 1120000 | &nbsp;&nbsp; 1226091 |
| Series D, 5.0%, 6/1/2041 | 1180000 | &nbsp;&nbsp; 1278781 |
| City of Akron, OH, City of Akron, Income Tax Revenue: |  |  |
| 4.0%, 12/1/2029 | 1500000 | &nbsp;&nbsp; 1567811 |
| 4.0%, 12/1/2030 | 1210000 | &nbsp;&nbsp; 1261254 |
| 4.0%, 12/1/2031 | 1105000 | &nbsp;&nbsp; 1147877 |
| Hamilton County, OH, Sewer System Revenue, Series B, <br> 5.0%, 12/1/2030<br>| 1180000 | &nbsp;&nbsp; 1317216 |
| Ohio, Air Quality Development Authority Revenue, Duke <br> Enery Corp., Series A, AMT, 4.25%, Mandatory Put <br> 6/1/2027 @ 100, 11/1/2039<br>| 1000000 | &nbsp;&nbsp; 1016150 |
| Ohio, Akron, Bath & Copley Joint Township Hospital <br> District Revenue, Summa Health System, Prerefunded, <br> 4.0%, 11/15/2035<br>| 1665000 | &nbsp;&nbsp; 1784527 |
| Ohio, State General Obligation, Series A, 5.0%, 6/15/2043 | 5000000 | &nbsp;&nbsp; 5516473 |
| Ohio, State Hospital Revenue, Aultman Health Foundation, <br> 144A, 5.0%, 12/1/2028<br>| 3100000 | &nbsp;&nbsp; 3126099 |
|  |  | &nbsp;&nbsp; **20425819** |
| **Oklahoma 0.4%** | **Oklahoma 0.4%** |  |
| Oklahoma, State Municipal Airport Trust Trustees Revenue, <br> American Airlines, Inc., AMT, 6.25%, 12/1/2035<br>| 1000000 | &nbsp;&nbsp; 1153996 |
| Oklahoma, State Turnpike Authority Revenue, Series B, <br> 5.0%, 1/1/2042<br>| 1500000 | &nbsp;&nbsp; 1669033 |
|  |  | &nbsp;&nbsp; **2823029** |
| **Oregon 0.8%** | **Oregon 0.8%** |  |
| Oregon, State Facilities Authority Revenue, Peacehealth <br> Systems, Series B, 2.85% (c), 12/1/2025, LOC: TD Bank <br> NA<br>| 715000 | &nbsp;&nbsp; 715000 |
| Oregon, State Housing & Community Services <br> Department, Mortgage Revenue, Series A, 4.5%, <br> 1/1/2049<br>| 1170000 | &nbsp;&nbsp; 1172663 |
| Oregon, State Lottery Revenue: |  |  |
| Series A, 5.25%, 4/1/2042 | 1000000 | &nbsp;&nbsp; 1129468 |
| Series A, 5.25%, 4/1/2043 | 2500000 | &nbsp;&nbsp; 2796138 |
|  |  | &nbsp;&nbsp; **5813269** |
| **Pennsylvania 6.2%** | **Pennsylvania 6.2%** |  |
| Allegheny County, PA, Hospital Development Authority, <br> Allegheny Health Network Obligated Group, Series A, <br> 5.0%, 4/1/2034<br>| 5000000 | &nbsp;&nbsp; 5188714 |
| Montgomery County, PA, Higher Education & Health <br> Authority, State Presbyterian Homes, Inc. Project:<br>|  |  |
| 5.0%, 12/1/2027 | 1175000 | &nbsp;&nbsp; 1186549 |
| 5.0%, 12/1/2032 | 2745000 | &nbsp;&nbsp; 2800900 |

---

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 ($)** | **Value ($)** |
| Montgomery County, PA, Industrial Development <br> Authority, Meadowood Senior Living Project, Series A, <br> 5.0%, 12/1/2033<br>| 8435000 | &nbsp;&nbsp; 8608844 |
| Pennsylvania, Bucks County Water and Sewer Authority, <br> Sewer System Revenue:<br>|  |  |
| Series A, 5.0%, 12/1/2038, INS: AG | 1025000 | &nbsp;&nbsp; 1134016 |
| Series A, 5.0%, 12/1/2040, INS: AG | 1625000 | &nbsp;&nbsp; 1777499 |
| Pennsylvania, Higher Education Assistance Agency <br> Education Loan Revenue:<br>|  |  |
| Series A, AMT, 2.45%, 6/1/2041 | 1945000 | &nbsp;&nbsp; 1779140 |
| Series A, 2.625%, 6/1/2042 | 365000 | &nbsp;&nbsp; 330186 |
| Pennsylvania, State Certificates of Participation: |  |  |
| Series A, 5.0%, 7/1/2029 | 300000 | &nbsp;&nbsp; 313777 |
| Series A, 5.0%, 7/1/2031 | 850000 | &nbsp;&nbsp; 888719 |
| Pennsylvania, State Economic Development Financing <br> Authority Revenue, UPMC Obligated Group, Series A-2, <br> 5.0%, 5/15/2039<br>| 1200000 | &nbsp;&nbsp; 1302338 |
| Pennsylvania, State Economic Development Financing <br> Authority Tax-Exempt Private Activity Revenue, Major <br> Bridges Package One Project:<br>|  |  |
| AMT, 5.5%, 6/30/2037 | 2400000 | &nbsp;&nbsp; 2628126 |
| AMT, 5.5%, 6/30/2038 | 3000000 | &nbsp;&nbsp; 3252980 |
| AMT, 5.5%, 6/30/2039 | 4000000 | &nbsp;&nbsp; 4291000 |
| Pennsylvania, State Housing Finance Agency, Single <br> Family Mortgage Revenue:<br>|  |  |
| Series 119, AMT, 3.5%, 10/1/2041 | 200000 | &nbsp;&nbsp; 199819 |
| Series 122, AMT, 4.0%, 10/1/2046 | 1370000 | &nbsp;&nbsp; 1371004 |
| Series 143A, 6.25%, 10/1/2053 | 1835000 | &nbsp;&nbsp; 1986712 |
| Pennsylvania, State Turnpike Commission Revenue: |  |  |
| Series FIRST, 5.0%, 12/1/2039 | 860000 | &nbsp;&nbsp; 953854 |
| Series FIRST, 5.0%, 12/1/2040 | 855000 | &nbsp;&nbsp; 942041 |
| Series FIRST, 5.0%, 12/1/2041 | 855000 | &nbsp;&nbsp; 933791 |
| Philadelphia, PA, Authority for Industrial Development <br> Revenue, Series A, 5.0%, 12/1/2044<br>| 2145000 | &nbsp;&nbsp; 2317202 |
| Philadelphia, PA, School District, Series F, Prerefunded, <br> 5.0%, 9/1/2030<br>| 30000 | &nbsp;&nbsp; 30535 |
|  |  | &nbsp;&nbsp; **44217746** |
| **Rhode Island 0.4%** | **Rhode Island 0.4%** |  |
| Rhode Island, Health and Educational Building Corp. <br> Revenue, Providence College, 5.0%, 11/1/2041<br>| 1500000 | &nbsp;&nbsp; 1606567 |
| Rhode Island, Tobacco Settlement Financing Corp., <br> Series B, 4.5%, 6/1/2045<br>| 1455000 | &nbsp;&nbsp; 1453126 |
|  |  | &nbsp;&nbsp; **3059693** |

---

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 ($)** | **Value ($)** |
| **South Carolina 0.8%** | **South Carolina 0.8%** |  |
| South Carolina, Public Service Authority Revenue, <br> Series A, 5.0%, 12/1/2044<br>| 1300000 | &nbsp;&nbsp; 1377991 |
| South Carolina, State Housing Finance & Development <br> Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050<br>| 165000 | &nbsp;&nbsp; 166128 |
| South Carolina, State Jobs-Economic Development <br> Authority Revenue, Bon Secours Mercy Health, Inc., <br> Series A, 5.25%, 11/1/2043<br>| 1000000 | &nbsp;&nbsp; 1096840 |
| South Carolina, State Jobs-Economic Development <br> Authority Revenue, Novant Health Obligated Group, <br> Series A, 5.5%, 11/1/2046<br>| 3000000 | &nbsp;&nbsp; 3259791 |
|  |  | &nbsp;&nbsp; **5900750** |
| **Tennessee 0.7%** | **Tennessee 0.7%** |  |
| Greeneville, TN, Health & Educational Facilities Board, <br> Hospital Revenue, Ballad Health Obligation Group, <br> Series A, 5.0%, 7/1/2035<br>| 2500000 | &nbsp;&nbsp; 2595008 |
| Metropolitan Nashville, TN, Airport Authority Revenue, <br> Series B, AMT, 5.5%, 7/1/2038<br>| 1625000 | &nbsp;&nbsp; 1805049 |
| Nashville & Davidson County, TN, Metropolitan <br> Government Health & Education Facilities Board <br> Revenue, Belmont University, 5.0%, 5/1/2039<br>| 500000 | &nbsp;&nbsp; 541531 |
|  |  | &nbsp;&nbsp; **4941588** |
| **Texas 16.2%** | **Texas 16.2%** |  |
| Austin, TX, Independent School District, General <br> Obligation, 5.0%, 8/1/2042<br>| 2000000 | &nbsp;&nbsp; 2134524 |
| Austin, TX, Water & Wastewater System Revenue: |  |  |
| 5.0%, 11/15/2038 | 3500000 | &nbsp;&nbsp; 3884850 |
| 5.0%, 11/15/2049 | 1000000 | &nbsp;&nbsp; 1059514 |
| Central Texas, Regional Mobility Authority Revenue, Senior <br> Lien, Series E, 4.0%, 1/1/2037<br>| 1500000 | &nbsp;&nbsp; 1530538 |
| City of Corpus Christi, TX, Utility System Revenue, 5.0%, <br> 7/15/2049<br>| 1665000 | &nbsp;&nbsp; 1720782 |
| Conroe, TX, Independent School District, General <br> Obligation, 5.0%, 2/15/2043<br>| 2500000 | &nbsp;&nbsp; 2694610 |
| Dallas, TX, Fort Worth International Airport: |  |  |
| Series B, 5.0%, 11/1/2037 | 1200000 | &nbsp;&nbsp; 1331818 |
| Series B, 5.0%, 11/1/2040 | 3500000 | &nbsp;&nbsp; 3850826 |
| El Paso, TX, Water & Sewer Revenue Revenue, 5.0%, <br> 3/1/2044<br>| 2000000 | &nbsp;&nbsp; 2119522 |
| Harris County, TX, Cultural Education Facilities Finance <br> Corp. Revenue, Memorial Hermann Health System <br> Obligated Group, Series C, 5.0%, Mandatory Put <br> 7/1/2029 @ 100, 7/1/2054<br>| 2000000 | &nbsp;&nbsp; 2126822 |

---

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 ($)** | **Value ($)** |
| Harris County, TX, Industrial Development Corp. Revenue, <br> Energy Transfer LP, 4.05%, Mandatory Put 6/1/2033 @ <br> 100, 11/1/2050<br>| 1275000 | &nbsp;&nbsp; 1319573 |
| Harris County, TX, Toll Road Revenue, Series A, 5.25%, <br> 8/15/2049<br>| 2400000 | &nbsp;&nbsp; 2570140 |
| Houston, TX, Airport System Revenue, United Airlines, <br> Inc., Series B, AMT, 5.5%, 7/15/2039<br>| 2815000 | &nbsp;&nbsp; 3026676 |
| Houston, TX, Hotel Occupancy Tax And Special Revenue, <br> Convention And Entertainment Facilities Department:<br>|  |  |
| 5.0%, 9/1/2027 | 1590000 | &nbsp;&nbsp; 1652218 |
| 5.0%, 9/1/2028 | 1350000 | &nbsp;&nbsp; 1432547 |
| Lower Colorado, TX, State Transmission Contract Authority <br> Revenue, LCRA Transmission Services Corp., Project, <br> 5.0%, 5/15/2041, INS: AG<br>| 5000000 | &nbsp;&nbsp; 5345933 |
| North Texas, Tollway Authority Revenue, Series A, 5.25%, <br> 1/1/2038<br>| 2500000 | &nbsp;&nbsp; 2771814 |
| Prosper, TX, Independent School District, General <br> Obligation, 5.0%, 2/15/2041<br>| 4000000 | &nbsp;&nbsp; 4380473 |
| Texas, Aldine Independent School District: |  |  |
| 4.0%, 2/15/2032 | 3000000 | &nbsp;&nbsp; 3036416 |
| 5.0%, 2/15/2044 | 2750000 | &nbsp;&nbsp; 2937266 |
| Texas, Arlington Independent School District, General <br> Obligation, 5.0%, 2/15/2042<br>| 4000000 | &nbsp;&nbsp; 4338764 |
| Texas, Fort Worth International Airport Revenue: |  |  |
| Series A-1, AMT, 5.25%, 11/1/2042 | 1000000 | &nbsp;&nbsp; 1083303 |
| Series A-1, AMT, 5.25%, 11/1/2043 | 1000000 | &nbsp;&nbsp; 1071664 |
| Texas, Hurst-Euless-Bedford Independent School District, <br> General Obligation, 5.0%, 8/15/2043<br>| 1500000 | &nbsp;&nbsp; 1607313 |
| Texas, Kerrville Public Utility Board Public Facility <br> Corp., Revenue:<br>|  |  |
| Series A, 5.25%, 4/15/2043, INS: BAM | 1320000 | &nbsp;&nbsp; 1422749 |
| Series A, 5.25%, 4/15/2044, INS: BAM | 1220000 | &nbsp;&nbsp; 1307916 |
| Texas, Lamar Consolidated Independent School District: |  |  |
| 5.0%, 2/15/2041 | 2530000 | &nbsp;&nbsp; 2725039 |
| 5.0%, 2/15/2042 | 3045000 | &nbsp;&nbsp; 3259657 |
| 5.0%, 2/15/2043 | 2625000 | &nbsp;&nbsp; 2797164 |
| Texas, Municipal Gas Acquisition & Supply Corp. V <br> Revenue, 5.0%, Mandatory Put 1/1/2034 @ 100, <br> 1/1/2055, GTY: Bank of America Corp.<br>| 4500000 | &nbsp;&nbsp; 4965203 |
| 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 | &nbsp;&nbsp; 5557807 |
| Texas, North East Regional Mobility Authority Revenue, <br> Series A, 5.25%, 1/1/2046<br>| 1000000 | &nbsp;&nbsp; 1065434 |

---

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 ($)** | **Value ($)** |
| Texas, Private Activity Bond, Surface Transportation Corp. <br> Revenue, Senior Lien, North Mobility Partners <br> Segments 3 LLC, AMT, 5.5%, 6/30/2040<br>| 1000000 | &nbsp;&nbsp; 1055432 |
| Texas, Round Rock Independent School District, General <br> Obligation, Series B, 5.0%, 8/1/2043<br>| 4185000 | &nbsp;&nbsp; 4551007 |
| Texas, San Antonio Water System Revenue, Series C, <br> 5.0%, 5/15/2043<br>| 4655000 | &nbsp;&nbsp; 5047241 |
| Texas, State Department of Housing & Community Affairs, <br> 2.17%, 5/1/2038<br>| 5564733 | &nbsp;&nbsp; 4563802 |
| Texas, State Tech University System Revenue, Series A, <br> 5.0%, 2/15/2045<br>| 1200000 | &nbsp;&nbsp; 1281691 |
| Texas, State Transportation Commission, Turnpike Systems <br> Revenue, Series B, 5.0%, Mandatory Put 8/15/2030 @ <br> 100, 8/15/2042<br>| 1500000 | &nbsp;&nbsp; 1616110 |
| Texas, State Water Development Board, Series A, 4.0%, <br> 10/15/2032<br>| 5000000 | &nbsp;&nbsp; 5077212 |
| Texas, Tollway Authority Revenue, Series A, 5.0%, <br> 1/1/2041<br>| 2500000 | &nbsp;&nbsp; 2735006 |
| Texas, Transmission Contract Authority Revenue, LCRA <br> Transmission Services Corp. Project:<br>|  |  |
| Series A, 5.0%, 5/15/2042, INS: AG | 2770000 | &nbsp;&nbsp; 2988971 |
| 5.0%, 5/15/2043, INS: AG | 3790000 | &nbsp;&nbsp; 4033572 |
|  |  | &nbsp;&nbsp; **115078919** |
| **Utah 1.3%** | **Utah 1.3%** |  |
| Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, <br> 7/1/2035<br>| 5000000 | &nbsp;&nbsp; 5190759 |
| Utah, Mida Mountain Village Public Infrastructure District, <br> Tax Allocation, Series 1, 144A, 5.125%, 6/15/2054<br>| 3000000 | &nbsp;&nbsp; 2995680 |
| Utah, State Housing Corp. Revenue, Series A, 6.5%, <br> 1/1/2054<br>| 775000 | &nbsp;&nbsp; 843570 |
| Utah, State Telecommunication Open Infrastructure <br> Agency Sales Tax and Telecommunications Revenue, <br> 5.25%, 6/1/2037<br>| 250000 | &nbsp;&nbsp; 279738 |
|  |  | &nbsp;&nbsp; **9309747** |
| **Vermont 0.2%** | **Vermont 0.2%** |  |
| Vermont, State Educational & Health Buildings Financing <br> Agency Revenue, St. Michael's College, 144A, 5.0%, <br> 10/1/2033<br>| 1500000 | &nbsp;&nbsp; **1481026** |
| **Virginia 1.2%** | **Virginia 1.2%** |  |
| Hampton Roads, VA, Transportation Accountability <br> Commission Revenue, Senior Lien Revenue, Series A, <br> 4.0%, 7/1/2038<br>| 4370000 | &nbsp;&nbsp; 4485095 |
| Virginia, Small Business Financing Authority: |  |  |
| AMT, 4.0%, 1/1/2030 | 1500000 | &nbsp;&nbsp; 1527971 |

---

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 ($)** | **Value ($)** |
| AMT, 4.0%, 7/1/2030 | 1000000 | &nbsp;&nbsp; 1021338 |
| Virginia, State Small Business Financing Authority <br> Revenue, Mary Washington Healthcare Obligated <br> Group, Series A, 5.0%, 6/15/2043<br>| 1300000 | &nbsp;&nbsp; 1378819 |
|  |  | &nbsp;&nbsp; **8413223** |
| **Washington 5.0%** | **Washington 5.0%** |  |
| Pierce County, WA, Pierce County School District No. <br> 403 Bethel, General Obligation, 5.0%, 12/1/2043<br>| 1725000 | &nbsp;&nbsp; 1870865 |
| Port of Seattle, WA, Revenue Bonds: |  |  |
| Series B, AMT, 5.0%, 8/1/2038 | 5000000 | &nbsp;&nbsp; 5402251 |
| Series B, AMT, 5.25%, 10/1/2044 | 7000000 | &nbsp;&nbsp; 7501178 |
| Seattle, WA, Seattle Municipal Light & Power Revenue, <br> Series B, SIFMA Municipal Swap Index + 0.25%, <br> 3.04% (b), Mandatory Put 11/1/2026 @ 100, 5/1/2045<br>| 895000 | &nbsp;&nbsp; 889979 |
| Washington, State Convention Center Public <br> Facilities District:<br>|  |  |
| Series B, 3.0%, 7/1/2036 | 5185000 | &nbsp;&nbsp; 4815351 |
| 4.0%, 7/1/2031 | 3000000 | &nbsp;&nbsp; 3092671 |
| Washington, State General Obligation, Series C, 5.0%, <br> 2/1/2046<br>| 3000000 | &nbsp;&nbsp; 3211763 |
| Washington, State Health Care Facilities Authority <br> Revenue, Virginia Mason Medical Center, 5.0%, <br> 8/15/2029<br>| 2300000 | &nbsp;&nbsp; 2365007 |
| Washington, State Housing Finance Commission, Horizon <br> House Project:<br>|  |  |
| 144A, 5.0%, 1/1/2028 | 750000 | &nbsp;&nbsp; 757782 |
| 144A, 5.0%, 1/1/2029 | 840000 | &nbsp;&nbsp; 849083 |
| 144A, 5.0%, 1/1/2031 | 1030000 | &nbsp;&nbsp; 1040987 |
| 144A, 5.0%, 1/1/2033 | 1050000 | &nbsp;&nbsp; 1058239 |
| Washington, State University Revenue, 5.0%, 4/1/2039 | 2695000 | &nbsp;&nbsp; 3036034 |
|  |  | &nbsp;&nbsp; **35891190** |
| **West Virginia 0.3%** | **West Virginia 0.3%** |  |
| West Virginia, State Hospital Finance Authority Revenue, <br> State University Health System Obligated Group, <br> Series A, 5.0%, 6/1/2032<br>| 2400000 | &nbsp;&nbsp; **2472654** |
| **Wisconsin 0.2%** | **Wisconsin 0.2%** |  |
| Wisconsin, State University of Wisconsin Hospitals & <br> Clinics Revenue, Series B, 5.0%, Mandatory Put <br> 10/1/2031 @ 100, 4/1/2054<br>| 1500000 | &nbsp;&nbsp; **1650987** |
| **Puerto Rico 0.8%** | **Puerto Rico 0.8%** |  |
| Puerto Rico, General Obligation: |  |  |
| Series A1, 4.0%, 7/1/2033 | 1000000 | &nbsp;&nbsp; 999389 |

---

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 ($)** | **Value ($)** |
| Series A1, 5.75%, 7/1/2031 | 1910000 | &nbsp;&nbsp; 2104030 |
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, <br> Series A-1, Zero Coupon, 7/1/2031<br>| 3000000 | &nbsp;&nbsp; 2462494 |
|  |  | &nbsp;&nbsp; **5565913** |
| **Other 1.0%** | **Other 1.0%** |  |
| Federal Home Loan Mortgage Corp., Multi-Family Variable <br> Rate Certificates, "A" , Series M-051, 144A, <br> 2.65%, 6/15/2035<br>| 7345000 | &nbsp;&nbsp; 6410770 |
| Freddie Mac Multi-Family ML Certificates, "A-CA" , <br> Series 2019-ML05, 3.35%, 11/25/2033, GTY: <br> Freddie Mac<br>| 553677 | &nbsp;&nbsp; 537656 |
|  |  | &nbsp;&nbsp; **6948426** |
| **Total Municipal Investments** (Cost $702,632,832) | **Total Municipal Investments** (Cost $702,632,832) | &nbsp;&nbsp; **703452373** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Open-End Investment Companies 0.0%** | **Open-End Investment Companies 0.0%** |  |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional <br> Shares, 2.61% (e) (Cost $42,744)<br>| 42740 | &nbsp;&nbsp; **42744** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| BL Train Holdings West LLC, Expiration Date 11/26/2035\* <br> (f) (Cost $0)<br>| 15000 | &nbsp;&nbsp; **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $702,675,576) | 98.8 | &nbsp;&nbsp; **703495117** |
| **Other Assets and Liabilities, Net** | 1.2 | &nbsp;&nbsp; **8765510** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **712260627** |

---

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

\* Non-income producing security.

(a) When-issued or delayed delivery securities included.

(b) Variable or floating rate security. These securities are shown at their current rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

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  |

---

------

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

&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, 2025. Date shown reflects the earlier of demand date or stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest coupon payment as of July 15, 2025 has been deferred by the issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment was valued using significant unobservable inputs.

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally to <br> qualified institutional buyers.<br>|
| AG: Assured Guaranty, Inc. |
| AMT: Subject to alternative minimum tax. |
| BAM: Build America Mutual |
| GTY: Guaranty Agreement |
| INS: Insured |
| LIQ: Liquidity Facility |
| LOC: Letter of Credit |
| 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 |
| SPA: Standby Bond Purchase Agreement |

---

**Fair Value Measurements**

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

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $703452373 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $703452373 |
| Open-End Investment Companies | &nbsp;&nbsp; 42744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42744 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Total** | &nbsp;&nbsp; **$42744** | &nbsp;&nbsp; **$703452373** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$703495117** |

---

&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;

---

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

---

------

**Statement of Assets and Liabilities**

as of November 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investment in securities, at value (cost $702,675,576) | $703495117 |
| Cash | 1006359 |
| Receivable for investments sold | 2843049 |
| Receivable for Fund shares sold | 676117 |
| Interest receivable | 9213698 |
| Other assets | 67644 |
| Total assets | 717301984 |
| **Liabilities** |  |
| Payable for investments purchased | 195352 |
| Payable for investments purchased — when-issued securities | 3861499 |
| Payable for Fund shares redeemed | 77640 |
| Distributions payable | 465497 |
| Accrued management fee | 140997 |
| Accrued Trustees' fees | 7581 |
| Other accrued expenses and payables | 292791 |
| Total liabilities | 5041357 |
| **Net assets, at value** | **$712260627** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (17966359)<br>|
| Paid-in capital | 730226986 |
| **Net assets, at value** | **$712260627** |

---

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  |

---

------

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

------

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value** and redemption price per share <br>($96,368,884 ÷ 8,713,945 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$11.06** |
| Maximum offering price per share (100 ÷ 97.25 of $11.06) | **$11.37** |
| **Class C** |  |
| **Net Asset Value,** offering and redemption price <br>(subject to contingent deferred sales charge) per share <br>($1,910,823 ÷ 172,812 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$11.06** |
| **Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br>($137,123,418 ÷ 12,397,671 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$11.06** |
| **Institutional Class** |  |
| **Net Asset Value,** offering and redemption price per share <br>($476,857,502 ÷ 43,121,611 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$11.06** |

---

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**  |

---

------

**Statement of Operations**

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

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $13874416 |
| Expenses: |  |
| Management fee | 1120056 |
| Administration fee | 344906 |
| Services to shareholders | 380038 |
| Distribution and service fees | 128265 |
| Custodian fee | 4392 |
| Professional fees | 36844 |
| Reports to shareholders | 21411 |
| Registration fees | 44103 |
| Trustees' fees and expenses | 13054 |
| Other | 23049 |
| Total expenses before expense reductions | 2116118 |
| Expense reductions | (232016)<br>|
| Total expenses after expense reductions | 1884102 |
| **Net investment income** | **11990314** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | (1189226)<br>|
| Change in net unrealized appreciation (depreciation) on investments | 21189328 |
| **Net gain (loss)** | **20000102** |
| **Net increase (decrease) in net assets resulting from operations** | **$31990416** |

---

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  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**November 30, 2025**<br>| **Year Ended** <br>**May 31,**<br>|
| **Increase (Decrease) in Net Assets** | **(Unaudited)** | **2025** |
| Operations: |  |  |
| Net investment income | $11990314 | $23915905 |
| Net realized gain (loss) | (1189226)<br>| (3495561)<br>|
| Change in net unrealized appreciation <br>(depreciation)<br>| 21189328 | (2033580)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| 31990416 | 18386764 |
| Distributions to shareholders: |  |  |
| Class A | (1499183)<br>| (2871942)<br>|
| Class C | (26823)<br>| (54370)<br>|
| Class S | (2316335)<br>| (5560587)<br>|
| Institutional Class | (8094223)<br>| (15343607)<br>|
| Total distributions | (11936564)<br>| (23830506)<br>|
| Fund share transactions: |  |  |
| Proceeds from shares sold | 62782495 | 261197702 |
| Reinvestment of distributions | 8890426 | 17802335 |
| Payments for shares redeemed | (106615224)<br>| (280515652)<br>|
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| (34942303)<br>| (1515615)<br>|
| **Increase (decrease) in net assets** | (14888451)<br>| (6959357)<br>|
| Net assets at beginning of period | 727149078 | 734108435 |
| **Net assets at end of period** | **$712260627** | **$727149078** |

---

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**  |

---

------

**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 11/30/25**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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>| **$10.75** | **$10.82** | **$10.79** | **$11.00** | **$12.02** | **$11.80** |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |
| Net investment income | .17 | .32 | .30 | .27 | .22 | .28 |
| Net realized and unrealized <br> gain (loss)<br>| .31 | (.07)<br>| .03 | (.21)<br>| (.98)<br>| .29 |
| **Total from investment** <br> **operations**<br>| .48 | .25 | .33 | .06 | (.76)<br>| .57 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.17)<br>| (.32)<br>| (.30)<br>| (.27)<br>| (.22)<br>| (.28)<br>|
| Net realized gains |  |  |  |  | (.04)<br>| (.07)<br>|
| **Total distributions** | (.17)<br>| (.32)<br>| (.30)<br>| (.27)<br>| (.26)<br>| (.35)<br>|
| **Net asset value, end** <br> **of period**<br>| **$11.06** | **$10.75** | **$10.82** | **$10.79** | **$11.00** | **$12.02** |
| Total Return (%)<sup>a,b</sup> <br>| 4.52 <br><sup>\*</sup><br>| 2.32 | 3.14 | .57 | (6.42)<br>| 4.81 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 96 | 95 | 99 | 107 | 123 | 155 |
| Ratio of expenses before<br> expense reductions (%)<br>| .79 <br><sup>\*\*</sup><br>| .80 | .79 | .78 | .78 | .78 |
| Ratio of expenses after<br> expense reductions (%)<br>| .74 <br><sup>\*\*</sup><br>| .74 | .74 | .74 | .73 | .72 |
| Ratio of net investment <br> income (%)<br>| 3.16 <br><sup>\*\*</sup><br>| 2.96 | 2.83 | 2.50 | 1.92 | 2.33 |
| Portfolio turnover rate (%) | 15 <br><sup>\*</sup><br>| 48 | 47 | 47 | 47 | 38 |

---

&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> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

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  |

---

------

&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 11/30/25**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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>| **$10.75** | **$10.81** | **$10.79** | **$11.00** | **$12.02** | **$11.80** |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |
| Net investment income | .13 | .24 | .22 | .19 | .14 | .19 |
| Net realized and unrealized <br> gain (loss)<br>| .31 | (.06)<br>| .02 | (.21)<br>| (.98)<br>| .29 |
| **Total from investment** <br> **operations**<br>| .44 | .18 | .24 | (.02)<br>| (.84)<br>| .48 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.13)<br>| (.24)<br>| (.22)<br>| (.19)<br>| (.14)<br>| (.19)<br>|
| Net realized gains |  |  |  |  | (.04)<br>| (.07)<br>|
| **Total distributions** | (.13)<br>| (.24)<br>| (.22)<br>| (.19)<br>| (.18)<br>| (.26)<br>|
| **Net asset value, end** <br> **of period**<br>| **$11.06** | **$10.75** | **$10.81** | **$10.79** | **$11.00** | **$12.02** |
| Total Return (%)<sup>a,b</sup> <br>| 4.12 <br><sup>\*</sup><br>| 1.65 | 2.27 | (.18)<br>| (7.12)<br>| 4.03 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 2 | 2 | 3 | 2 | 4 | 7 |
| Ratio of expenses before<br> expense reductions (%)<br>| 1.59 <br><sup>\*\*</sup><br>| 1.58 | 1.57 | 1.56 | 1.53 | 1.53 |
| Ratio of expenses after<br> expense reductions (%)<br>| 1.49 <br><sup>\*\*</sup><br>| 1.49 | 1.49 | 1.49 | 1.48 | 1.48 |
| Ratio of net investment <br> income (%)<br>| 2.41 <br><sup>\*\*</sup><br>| 2.21 | 2.09 | 1.72 | 1.17 | 1.60 |
| Portfolio turnover rate (%) | 15 <br><sup>\*</sup><br>| 48 | 47 | 47 | 47 | 38 |

---

&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> | 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  | \|  | **27**  |

---

------

&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 11/30/25**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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>| **$10.75** | **$10.82** | **$10.80** | **$11.00** | **$12.03** | **$11.80** |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |
| Net investment income | .18 | .35 | .33 | .30 | .25 | .31 |
| Net realized and unrealized <br> gain (loss)<br>| .31 | (.07)<br>| .02 | (.20)<br>| (.99)<br>| .30 |
| **Total from investment** <br> **operations**<br>| .49 | .28 | .35 | .10 | (.74)<br>| .61 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.18)<br>| (.35)<br>| (.33)<br>| (.30)<br>| (.25)<br>| (.31)<br>|
| Net realized gains |  |  |  |  | (.04)<br>| (.07)<br>|
| **Total distributions** | (.18)<br>| (.35)<br>| (.33)<br>| (.30)<br>| (.29)<br>| (.38)<br>|
| **Net asset value, end** <br> **of period**<br>| **$11.06** | **$10.75** | **$10.82** | **$10.80** | **$11.00** | **$12.03** |
| Total Return (%)<sup>a</sup> <br>| 4.63 <br><sup>\*</sup><br>| 2.54 | 3.30 | .92 | (6.26)<br>| 5.16 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 137 | 145 | 218 | 248 | 320 | 362 |
| Ratio of expenses before expense<br> reductions (%)<br>| .60 <br><sup>\*\*</sup><br>| .61 | .63 | .63 | .64 | .61 |
| Ratio of expenses after expense<br> reductions (%)<br>| .52 <br><sup>\*\*</sup><br>| .52 | .49 | .49 | .48 | .48 |
| Ratio of net investment <br> income (%)<br>| 3.38 <br><sup>\*\*</sup><br>| 3.17 | 3.08 | 2.74 | 2.17 | 2.58 |
| Portfolio turnover rate (%) | 15 <br><sup>\*</sup><br>| 48 | 47 | 47 | 47 | 38 |

---

&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> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

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  |

---

------

&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 11/30/25**<br>| **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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>| **$10.75** | **$10.81** | **$10.79** | **$11.00** | **$12.02** | **$11.80** |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |
| Net investment income | .19 | .35 | .33 | .30 | .25 | .31 |
| Net realized and unrealized <br> gain (loss)<br>| .31 | (.06)<br>| .02 | (.21)<br>| (.98)<br>| .29 |
| **Total from investment** <br> **operations**<br>| .50 | .29 | .35 | .09 | (.73)<br>| .60 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.19)<br>| (.35)<br>| (.33)<br>| (.30)<br>| (.25)<br>| (.31)<br>|
| Net realized gains |  |  |  |  | (.04)<br>| (.07)<br>|
| **Total distributions** | (.19)<br>| (.35)<br>| (.33)<br>| (.30)<br>| (.29)<br>| (.38)<br>|
| **Net asset value, end** <br> **of period**<br>| **$11.06** | **$10.75** | **$10.81** | **$10.79** | **$11.00** | **$12.02** |
| Total Return (%)<sup>a</sup> <br>| 4.65 <br><sup>\*</sup><br>| 2.67 | 3.30 | .82 | (6.18)<br>| 5.07 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 477 | 485 | 415 | 404 | 440 | 453 |
| Ratio of expenses before expense<br> reductions (%)<br>| .55 <br><sup>\*\*</sup><br>| .55 | .55 | .55 | .55 | .54 |
| Ratio of expenses after expense<br> reductions (%)<br>| .49 <br><sup>\*\*</sup><br>| .49 | .49 | .49 | .48 | .47 |
| Ratio of net investment <br> income (%)<br>| 3.42 <br><sup>\*\*</sup><br>| 3.21 | 3.08 | 2.75 | 2.17 | 2.57 |
| Portfolio turnover rate (%) | 15 <br><sup>\*</sup><br>| 48 | 47 | 47 | 47 | 38 |

---

&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> | 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  | \|  | **29**  |

---

------

**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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts

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

---

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

---

------

financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

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.

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

---

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

---

------

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 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.

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

---

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

---

------

**When-Issued and Delayed-Delivery Securities.** The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.

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

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

At May 31, 2025, the Fund had net tax basis capital loss carryforwards of $19,291,917, including short-term losses ($4,191,759) and long-term losses ($15,100,158), which may be applied against realized net taxable capital gains indefinitely.

At November 30, 2025, the aggregate cost of investments for federal income tax purposes was $701,953,158. The net unrealized appreciation for all investments based on tax cost was $1,541,959. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,343,010 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $11,801,051.

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

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to premium amortization on debt securities and income related to restructuring of certain securities. As a result, net investment income

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

---

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

---

------

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

(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.

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

During the six months ended November 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $109,555,865 and $154,551,900, 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%.

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

---

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

---

------

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

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .74% |
| Class C | &nbsp;&nbsp; 1.49% |
| Class S | &nbsp;&nbsp; .54% |
| Institutional Class | &nbsp;&nbsp; .49% |

---

Effective October 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .73% |
| Class C | &nbsp;&nbsp; 1.48% |
| Class S | &nbsp;&nbsp; .48% |
| Institutional Class | &nbsp;&nbsp; .48% |

---

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

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $24635 |
| Class C | &nbsp;&nbsp; 1184 |
| Class S | &nbsp;&nbsp; 53318 |
| Institutional Class | &nbsp;&nbsp; 152879 |
|  | &nbsp;&nbsp; **$232016** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended November 30, 2025, the Administration Fee was $344,906, of which $56,670 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

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

---

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

---

------

between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended November 30, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2025**<br>|
| Class A | &nbsp;&nbsp; $1098 | &nbsp;&nbsp; $336 |
| Class C | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 44 |
| Class S | &nbsp;&nbsp; 13481 | &nbsp;&nbsp; 4602 |
| Institutional Class | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp; **$15445** | &nbsp;&nbsp; **$5231** |

---

In addition, for the six months ended November 30, 2025, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| Class A | &nbsp;&nbsp; $41054 |
| Class C | &nbsp;&nbsp; 1416 |
| Class S | &nbsp;&nbsp; 85398 |
| Institutional Class | &nbsp;&nbsp; 230198 |
|  | &nbsp;&nbsp; **$358066** |

---

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

---

| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2025**<br>|
| Class C | &nbsp;&nbsp; $8384 | &nbsp;&nbsp; $1253 |

---

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

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

---

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

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**November 30, 2025**<br>| **Annualized** <br>**Rate**<br>|
| Class A | &nbsp;&nbsp; $117087 | &nbsp;&nbsp; $40568 | &nbsp;&nbsp; .25% |
| Class C | &nbsp;&nbsp; 2794 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; .25% |
|  | &nbsp;&nbsp; **$119881** | &nbsp;&nbsp; **$40878** |  |

---

**Underwriting Agreement and Contingent Deferred Sales Charge.** DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended November 30, 2025 aggregated $381.

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

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended November 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $703, of which $360 is unpaid.

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

**Transactions with Affiliates.** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended November 30, 2025, the Fund engaged in securities purchases of $15,445,000 and securities sales of $21,050,000 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 $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum

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

---

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

---

------

equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at November 30, 2025.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** | **Six Months Ended** <br>**November 30, 2025** | **Year Ended** <br>**May 31, 2025** | **Year Ended** <br>**May 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Class A | &nbsp;&nbsp; 464194 | &nbsp;&nbsp; $5049717 | &nbsp;&nbsp; 1606710 | &nbsp;&nbsp; $17599722 |
| Class C | &nbsp;&nbsp; 5462 | &nbsp;&nbsp; 59689 | &nbsp;&nbsp; 30982 | &nbsp;&nbsp; 336930 |
| Class S | &nbsp;&nbsp; 675011 | &nbsp;&nbsp; 7378344 | &nbsp;&nbsp; 1644957 | &nbsp;&nbsp; 18018853 |
| Institutional Class | &nbsp;&nbsp; 4616903 | &nbsp;&nbsp; 50294745 | &nbsp;&nbsp; 20522036 | &nbsp;&nbsp; 225242197 |
|  |  | &nbsp;&nbsp; **$62782495** |  | &nbsp;&nbsp; **$261197702** |
| **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 | &nbsp;&nbsp; 118340 | &nbsp;&nbsp; $1288770 | &nbsp;&nbsp; 226606 | &nbsp;&nbsp; $2479012 |
| Class C | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; 23368 | &nbsp;&nbsp; 4321 | &nbsp;&nbsp; 47256 |
| Class S | &nbsp;&nbsp; 186762 | &nbsp;&nbsp; 2033806 | &nbsp;&nbsp; 458107 | &nbsp;&nbsp; 5017960 |
| Institutional Class | &nbsp;&nbsp; 509163 | &nbsp;&nbsp; 5544482 | &nbsp;&nbsp; 938483 | &nbsp;&nbsp; 10258107 |
|  |  | &nbsp;&nbsp; **$8890426** |  | &nbsp;&nbsp; **$17802335** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Class A | &nbsp;&nbsp; (687876)<br>| &nbsp;&nbsp; $(7451542)<br>| &nbsp;&nbsp; (2188726)<br>| &nbsp;&nbsp; $(23961829)<br>|
| Class C | &nbsp;&nbsp; (54008)<br>| &nbsp;&nbsp; (592739)<br>| &nbsp;&nbsp; (56312)<br>| &nbsp;&nbsp; (616788)<br>|
| Class S | &nbsp;&nbsp; (1974828)<br>| &nbsp;&nbsp; (21373603)<br>| &nbsp;&nbsp; (8705277)<br>| &nbsp;&nbsp; (95808467)<br>|
| Institutional Class | &nbsp;&nbsp; (7102678)<br>| &nbsp;&nbsp; (77197340)<br>| &nbsp;&nbsp; (14710483)<br>| &nbsp;&nbsp; (160128568)<br>|
|  |  | &nbsp;&nbsp; **$(106615224)**<br>|  | &nbsp;&nbsp; **$(280515652)**<br>|
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Class A | &nbsp;&nbsp; (105342)<br>| &nbsp;&nbsp; $(1113055)<br>| &nbsp;&nbsp; (355410)<br>| &nbsp;&nbsp; $(3883095)<br>|
| Class C | &nbsp;&nbsp; (46400)<br>| &nbsp;&nbsp; (509682)<br>| &nbsp;&nbsp; (21009)<br>| &nbsp;&nbsp; (232602)<br>|
| Class S | &nbsp;&nbsp; (1113055)<br>| &nbsp;&nbsp; (11961453)<br>| &nbsp;&nbsp; (6602213)<br>| &nbsp;&nbsp; (72771654)<br>|
| Institutional Class | &nbsp;&nbsp; (1976612)<br>| &nbsp;&nbsp; (21358113)<br>| &nbsp;&nbsp; 6750036 | &nbsp;&nbsp; 75371736 |
|  |  | &nbsp;&nbsp; **$(34942303)**<br>|  | &nbsp;&nbsp; **$(1515615)**<br>|

---

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

---

| | | |
|:---|:---|:---|
| **38**  | \|  | 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 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

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

---

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

---

------

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

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

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of

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

---

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

---

------

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

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

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

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

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

---

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

---

------

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

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

DITFF-BFE2025

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

---

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

---

------

![](img641b6d022.jpg)

DITFF-NCSRS

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &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 16.** | &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 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &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> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/29/2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/29/2026 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;1/29/2026 |

---

## Ex-99.Cert

**Principal Executive Officer**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;1/29/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;1/29/2026 | &nbsp;&nbsp;<u>/s/ Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**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;1/29/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**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;1/29/2026 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---