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Announcing Fee Reductions Across More Than $3 Billion in Assets
Supporting more cost‑efficient access to our investment solutions.
DWS has reduced expense ratios on more than $3 billion of mutual fund assets, which could potentially save investors more than $2 million in fees annually over time.[1] The fee reductions are effective as of April 21.
- Hepsen Uzcan | CEO, Americas Division
The five funds affected are within DWS’s Fixed Income and Alternatives platforms—core capabilities for DWS Americas. The firm’s U.S. Fixed Income platform manages more than $150 billion in assets and spans a broad range of taxable and municipal investment strategies. DWS’s Alternatives platform manages more than $128 billion in assets and provides investors access to diversified investment solutions across liquid, semiliquid, and illiquid structures.
DWS regularly evaluates fund expenses as part of its broader investment oversight process. As a result of these reviews, more than half of DWS’s traditional open‑end mutual funds are priced at or below the median of their peer group, and nearly two‑thirds of four‑ and five‑star share class offerings are priced at or below the peer median.[2]
The table below outlines the funds and share classes impacted by the recent fee reductions, along with updated expense ratio information.
Alternative Funds
| Fund Name | Ticker | Net Expense Ratio (12/31/25) | Gross Expense Ratio (12/31/25) | New Net Expense Ratio (4/21/26) | Contractual Waiver |
|---|---|---|---|---|---|
| DWS RREEF Global Infrastructure Fund | TOLLX | 1.260% | 1.300% | 1.190% | 09/30/2027 |
| DWS RREEF Global Infrastructure Fund | TOLCX | 2.010% | 2.070% | 1.940% | 09/30/2027 |
| DWS RREEF Global Infrastructure Fund | TOLIX | 1.010% | 1.030% | 0.940% | 09/30/2027 |
| DWS RREEF Global Infrastructure Fund | TOLZX | 1.010% | 0.950% | 0.940% | 09/30/2027 |
| DWS RREEF Global Infrastructure Fund | TOLSX | 1.110% | 1.110% | 1.040% | 09/30/2027 |
| DWS RREEF Global Real Estate Securities Fund | RRGAX | 1.200% | 1.390% | 1.050% | 09/30/2027 |
| DWS RREEF Global Real Estate Securities Fund | RRGCX | 1.950% | 2.110% | 1.800% | 09/30/2027 |
| DWS RREEF Global Real Estate Securities Fund | RRGIX | 0.950% | 1.030% | 0.800% | 09/30/2027 |
| DWS RREEF Global Real Estate Securities Fund | RRGRX | 0.790% | 0.950% | 0.790% | 09/30/2027 |
| DWS RREEF Global Real Estate Securities Fund | RRGTX | 1.050% | 1.180% | 0.900% | 09/30/2027 |
Fixed Income Funds
| Fund Name | Ticker | Net Expense Ratio (12/31/25) | Gross Expense Ratio (12/31/25) | New Net Expense Ratio (4/21/26) | Contractual Waiver |
|---|---|---|---|---|---|
| DWS Short Duration Fund | PPIAX | 0.750% | 0.870% | 0.590% | 09/30/2027 |
| DWS Short Duration Fund | PPLCX | 1.500% | 1.620% | 1.340% | 09/30/2027 |
| DWS Short Duration Fund | PPILX | 0.380% | 0.610% | 0.340% | 09/30/2027 |
| DWS Short Duration Fund | PPLZX | 0.380% | 0.500% | 0.340% | 09/30/2027 |
| DWS Short Duration Fund | DBPIX | 0.500% | 0.660% | 0.340% | 09/30/2027 |
| DWS Short-Term Municipal Bond Fund | SRMAX | 0.670% | 0.880% | 0.590% | 09/30/2027 |
| DWS Short-Term Municipal Bond Fund | SRMCX | 1.420% | 1.640% | 1.340% | 09/30/2027 |
| DWS Short-Term Municipal Bond Fund | MGSMX | 0.420% | 0.640% | 0.340% | 09/30/2027 |
| DWS Short-Term Municipal Bond Fund | SRMSX | 0.470% | 0.650% | 0.390% | 09/30/2027 |
| DWS Intermediate Tax-Free Fund | SZMAX | 0.730% | 0.800% | 0.630% | 09/30/2027 |
| DWS Intermediate Tax-Free Fund | SZMCX | 1.480% | 1.580% | 1.380% | 09/30/2027 |
| DWS Intermediate Tax-Free Fund | SZMIX | 0.480% | 0.550% | 0.380% | 09/30/2027 |
| DWS Intermediate Tax-Free Fund | SCMTX | 0.480% | 0.610% | 0.380% | 09/30/2027 |
DWS manages more than $1 trillion globally on behalf of institutional and retail investors. The firm offers a broad range of active investment solutions across asset classes and investment structures.
Fee reductions apply only to select funds and share classes. Investors should consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other information, please view the fund’s prospectus. Expense ratios and pricing are subject to change.