Muni Minute | June 2025

Certain DIMA Advised Funds, other pooled investment vehicles and separately managed account strategies advised by DIMA are labeled as ESG and/or otherwise incorporate specific ESG considerations into their investment objectives, strategies, and/or processes (collectively, “ESG-dedicated Strategies”), in each instance, as described in the offering documents for such DIMA Advised Funds or pooled investment vehicle or the strategy’s investment guidelines (in the case of SMAs, as dictated by the Client).

Investing in securities that meet specific  ESG criteria may result in foregoing otherwise attractive opportunities, which may result in underperformance when compared to products that don’t restrict investment based on ESG factors.  Environmental, social, and governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers, and communities); Governance (company's leadership, executive pay, shareholder rights, etc.). The approach to incorporating ESG is tailored specifically to different strategies in accordance with client investment objectives and may require different tools to be utilized in consideration of ESG in the investment process.

Coupon is the interest rate, expressed as an annual percentage of face value, which a bond issuer promises to pay until maturity. Credit risk refers to the risk that a borrower will default on any type of debt by failing to make payments which it is obligated to do. Maturity is the date on which a debt becomes due for payment. Inverse floaters are bonds or other debt securities whose coupon rates have an inverse relationship to short-term interest rates. A floating rate note is a debt instrument with a variable interest rate. No assurance can be given that investment objectives will be achieved. Investments are subject to risk, including possible loss of invested capital.

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.

Index performance is shown for illustrative purposes only and is not intended to represent historical or to predict future performance of any specific investment or DWS’s. DWS products may have experienced negative performance over these time periods. Past performance is not indicative of future results. Investments are subject to risk, including possible loss of investment capital.

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DWS does not render legal or tax advice, and the information contained in this communication should not be regarded as such. The comments, opinions and estimates contained herein are based on or derived from publicly available information from sources that we believe to be reliable. We do not guarantee their accuracy. This material is for informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice.

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

Past performance is not indicative of future returns. No assurance can be made that investment objectives will be achieved.

To obtain a summary prospectus, if available, or prospectus, for Institutional money market funds distributed by DWS Distributors, Inc., download one now or call Institutional Investor Services at (800) 730-1313, Monday through Friday, 8:30 am to 6:00 pm ET. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this information and other important information about the investment product, including management fees and expenses. Please read the prospectus carefully before you invest or send money.

Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Investments come with risk. The value of an investment can fall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time.

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