Income exempt from California and federal taxes
A municipal bond fund strategy that seeks to provide investors with income free from California personal and federal income taxes.
A portfolio of high-quality bonds that has a 10% limit on purchasing bonds rated BB or below; a 20% limit on securities subject to an alternative minimum tax.
A history of long-term performance delivered by an experienced municipal investment team.
Any voluntary waivers may be discontinued at any time. Without a waiver, returns would have been lower and any rankings/ratings might have been less favorable. The fund’s net expense ratio excludes operating expenses related to dividends on short positions. See the prospectus for complete expense information.
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 10/31/19. 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 50.36% combined marginal federal and state of California 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.
Ashton P. Goodfield CFA
33 years experience
Michael J. Generazo
26 years experience
Matthew J. Caggiano CFA
30 years experience
Fund Inception Date
Share Class Inception Date
Total Net Assets
Number of Holdings
Turnover Rate %
Minimum Initial Investment
Subsequent Investment Amount
Minimum Initial IRA Investment
Subsequent IRA Investment
Class A and T 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, R, R6 and S share classes are not subject to a sales charge.
Class T shares are closed to new purchases, except in connection with the reinvestment of dividends or other distributions where Class T shares have been issued.
Class R shares are generally available only to certain retirement plans, which may have their own policies or instructions for buying and selling fund shares.
Class R6 shares are generally available only to certain qualifying plans and programs, which may have their own policies or instructions for buying and selling fund shares.
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 basison brokerage platforms.
Institutional Class shares are generally available only to qualified institutions.