Capitalize on the interest-rate benefits of short-term bonds with the tax benefits of munis
Short-term municipal bonds seek to allow investors to capitalize on rising-rate benefits of short-term bonds with the tax benefits of munis.
A history of relative NAV stability through various market conditions.
A history of long-term performance delivered by an experienced municipal bond team.
Effective 7/15/20, for Class A shares, there is a front-end sales charge of 2.25%. There are related sales charge discountsand contingent deferred sales charges (CDSC) which may apply to new fund share purchases for Class A shares. Between 2/11/19 and 7/15/20, there were no sales charges to purchase Class A shares and no CDSC charges apply to shares of the fund acquired directly. However, Class A shares acquired in an exchange from shares of another DWS fund that were subject to a CDSC at the time of the exchange will continue to be subject to the CDSC schedule of the shares of the fund you originally purchased. Investments of $250,000 or more made on or after July 15, 2020 may be eligible to buy Class A shares without a sales charge (load), but may be subject to a contingent deferred sales charge of 0.75% if redeemed within 12 months of the original purchase date. See the prospectus for details.
Without a waiver, returns would have been lower and any rankings/ratings might have been less favorable.
Current annualized distribution rate based upon NAV is the latest monthly dividend shown as an annualized percentage of net asset value as of . Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest monthly dividend shown as an annualized percentage of maximum offering price as of 9/30/21. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The tax-equivalent distribution rate is calculated using a 43.4% marginal federal income tax rate.
Yields are historical, will fluctuate and are not guaranteed. The nonsubsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown.
Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on the fund’s total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, where applicable, results might have been less favorable.
Matthew J. Caggiano CFA
32 years experience
Peter Aloisi CFA
15 years experience
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Class A shares are subject to a maximum front-end sales charge. Class C shares include a deferred sales charge which declines to zero after first year. The Institutional and S share classes are not subject to a sales charge.
Class S shares are only available to a limited group of investors as well as through firms that have an agreement with DWS Distributors, Inc. to offer the shares on an agency basis on brokerage platforms.
Institutional Class shares are generally available only to qualified institutions.