0000088053-12-001365.txt : 20121218 0000088053-12-001365.hdr.sgml : 20121218 20121218092925 ACCESSION NUMBER: 0000088053-12-001365 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121218 DATE AS OF CHANGE: 20121218 EFFECTIVENESS DATE: 20121218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STATE TAX-FREE INCOME SERIES CENTRAL INDEX KEY: 0000714287 IRS NUMBER: 363221104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-81549 FILM NUMBER: 121270129 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER STATE TAX-FREE INCOME SERIES DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER STATE TAX FREE INCOME SERIES DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19900815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STATE TAX-FREE INCOME SERIES CENTRAL INDEX KEY: 0000714287 IRS NUMBER: 363221104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03657 FILM NUMBER: 121270130 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER STATE TAX-FREE INCOME SERIES DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER STATE TAX FREE INCOME SERIES DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19900815 0000714287 S000006111 DWS California Tax-Free Income Fund C000016814 Class A KCTAX C000016815 Class B KCTBX C000016816 Class C KCTCX C000016817 Class S SDCSX 0000714287 S000006112 DWS New York Tax-Free Income Fund C000016818 Class A KNTAX C000016819 Class B KNTBX C000016820 Class C KNTCX C000016821 Class S SNWYX 485BPOS 1 xb120112stf.htm 485B XBRL FILING - DWS STATE TAX FREE INCOME SERIES xb120112stf.htm
Filed electronically with the Securities and Exchange Commission on December 18, 2012

             File No.  002-81549
             File No.  811-03657

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES
 
ACT OF 1933
|__|
Pre-Effective Amendment No. 
|__|
Post-Effective Amendment No. 59
|X|
and/or
 
REGISTRATION STATEMENT UNDER THE
 
INVESTMENT COMPANY ACT OF 1940
|__|
   
Amendment No. 59
|X|


DWS State Tax-Free Income Series
(Exact Name of Registrant as Specified in Charter)

345 Park Avenue, New York, NY  10154
 (Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (617) 295-1000

John Millette
One Beacon Street, Boston, MA  02108
(Name and Address of Agent for Service)

Copy to:  David A. Sturms
Vedder Price P.C.
222 N. LaSalle Street, Chicago, Illinois 60601

It is proposed that this filing will become effective (check appropriate box):

| X |
Immediately upon filing pursuant to paragraph (b)
|__|
On ________________ pursuant to paragraph (b)
|__|
60 days after filing pursuant to paragraph (a)(1)
|__|
On ________________ pursuant to paragraph (a)(1)
|__|
75 days after filing pursuant to paragraph (a)(2)
|__|
On ________________ pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

|__|
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


 
 

 

This filing relates solely to the following Funds, each a series of the Registrant:

·  
DWS California Tax-Free Income Fund – Classes A, B, C and S
·  
DWS New York Tax-Free Income Fund – Classes A, B, C and S


 
 

 


SIGNATURES


Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York on the 15th day of December 2012.

                 DWS STATE TAX-FREE INCOME SERIES
 
 
By:  /s/W. Douglas Beck
  W. Douglas Beck*
       President

 
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

SIGNATURE
TITLE
DATE
 
     
/s/W. Douglas Beck
   
W. Douglas Beck*
President
December 15, 2012
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
December 15, 2012
     
/s/John W. Ballantine
   
John W. Ballantine*
Trustee
December 15, 2012
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
December 15, 2012
     
/s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
December 15, 2012
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
December 15, 2012
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Chairperson and Trustee
December 15, 2012
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Trustee
December 15, 2012
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
December 15, 2012
     
/s/William McClayton
   
William McClayton*
Trustee
December 15, 2012
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
December 15, 2012
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
December 15, 2012
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
December 15, 2012
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
December 15, 2012
     

*By:           
/s/Caroline Pearson
Caroline Pearson**
Chief Legal Officer

**
Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to Post-Effective Amendment No. 52 to the Registration Statement, as filed on July 28, 2011; and as filed on November 26, 2008 in Post-Effective Amendment No. 45 to the Registration Statement.








 
 

 

EXHIBIT INDEX

Index No.
 
Description of Exhibit
   
EX-101.INS
  
XBRL Instance Document
   
EX-101.SCH
  
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
  
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 dstfis2-20121130.xml XBRL INSTANCE DOCUMENT 0000714287 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:C000016814Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:C000016815Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:C000016816Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:C000016817Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:BeforeTaxMember dstfis2:C000016814Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member rr:AfterTaxesOnDistributionsAndSalesMember dstfis2:C000016814Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member rr:AfterTaxesOnDistributionsMember dstfis2:C000016814Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:BeforeTaxMember dstfis2:C000016815Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:BeforeTaxMember dstfis2:C000016816Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:BeforeTaxMember dstfis2:C000016817Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member dstfis2:BarclaysMunicipalBondIndexMember 2011-12-02 2012-12-01 0000714287 dstfis2:S000006111Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:C000016818Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:C000016819Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:C000016820Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:C000016821Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:BeforeTaxMember dstfis2:C000016818Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member rr:AfterTaxesOnDistributionsMember dstfis2:C000016818Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member rr:AfterTaxesOnDistributionsAndSalesMember dstfis2:C000016818Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:BeforeTaxMember dstfis2:C000016819Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:BeforeTaxMember dstfis2:C000016820Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:BeforeTaxMember dstfis2:C000016821Member 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member dstfis2:BarclaysMunicipalBondIndexMember 2011-12-02 2012-12-01 0000714287 dstfis2:S000006112Member 2011-12-02 2012-12-01 pure iso4217:USD 2012-12-01 485BPOS DWS STATE TAX-FREE INCOME SERIES 0000714287 2012-11-30 2012-12-01 false 2012-08-31 0.0275 0 0 0 0.04 0.01 0 0 20 20 20 20 0.0043 0.0043 0.0043 0.0043 0.0022 0.0098 0.01 0 0.0008 0.0008 0.0008 0.0008 0.0018 0.0023 0.0019 0.0027 0.0026 0.0031 0.0027 0.0035 0.0091 0.0172 0.017 0.0078 -0.0003 -0.0001 0 0 0.0091 0.0169 0.0169 0.0078 365 572 272 80 557 839 535 249 765 1131 922 433 1364 1615 2008 966 365 172 172 80 557 539 535 249 765 931 922 433 1615 2008 966 1364 0.0765 0.0621 0.0765 0.0699 0.0986 0.1095 0.107 0.0388 0.0382 0.0386 0.0347 0.0362 0.0467 0.0522 0.0449 0.0447 0.0445 0.0399 0.0395 0.0499 0.0538 1983-02-17 1994-05-31 1994-05-31 2001-06-15 0.1 0.0416 0.0373 0.0348 0.0433 0.027 -0.059 0.148 0.0127 0.1069 Year-to-Date 2012-09-30 0.0978 Best Quarter: 2009-09-30 0.0941 Worst Quarter: 2010-12-31 -0.054 <b>DWS California Tax-Free Income Fund</b> <b>Investment Objective</b> <b>Fees and Expenses of the Fund</b> <b>SHAREHOLDER FEES (paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES<br />(expenses that you pay each year as a % of the value of your investment)</b> <b>EXAMPLE </b> <b>PORTFOLIO TURNOVER </b> <b>Principal Investment Strategy</b> <b>Main Risks</b> <b>Past Performance</b> <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b> <b>Average Annual Total Returns<br />(For periods ended 12/31/2011 expressed as a %) The fund seeks a high level of current income that is exempt from California state and federal income taxes. These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 16) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. <br /><br />Portfolio turnover rate for fiscal year 2012: 41%. This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same (including one year of capped expenses in each period for Class B and Class C). Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>Main investments.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities whose income is free from regular federal and California state income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). <br /><br /> The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenue from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). Municipal securities may also include industrial development bonds, municipal lease obligations and investments representing an interest in these. The fund can also invest in inverse floating rate securities. <br /><br /> Normally, at least 90% of the fund's municipal securities are in the top four grades of credit quality. Up to 10% of the fund's municipal securities may be high yield bonds (commonly referred to as "junk" bonds), which are those rated below the fourth highest rating category (i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds generally pay higher yields but have higher volatility and higher risk of default on payments. <br /><br /> <b>Management process.</b> Portfolio management looks for securities that appear to offer the best total return potential. In making buy and sell decisions, portfolio management typically weighs a number of factors, from economic outlooks and possible interest rate movements and yield levels across varying maturities to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market. <br /><br /> Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, which is generally between five and nine years. <br /><br /> <b>Derivatives.</b> Portfolio management generally may use interest rate swaps and treasury futures, which are types of derivatives (a contract whose value is based on, for example, indices, currencies or securities), to hedge interest rate risk by reducing the fund's duration. Portfolio management may also use inverse floating rate securities to seek to enhance potential gains. <br /><br /> The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <br /><br /> <b>Interest rate risk.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) <br /><br /> <b>Credit risk.</b> The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities. <br /><br /> <b>Focus risk &#8211; California municipal securities.</b> Because the fund focuses its investments in California municipal securities, its performance can be more volatile than that of a fund that invests more broadly, and it has a relatively large exposure to financial stresses affecting California. For example, the State of California relies heavily on income tax revenues and these revenues are likely to drop during economic downturns, but covering any shortfall by increasing taxes could be difficult due to California law regarding the imposition of new taxes. Examples of other factors include the costs and disruption caused by natural disasters, a fiscal crisis brought on by a national or regional economic downturn, and costs of maintaining certain government programs. California could also face severe fiscal difficulties, for example, from an economic downturn, increased costs for domestic security and reduced monetary support from the federal government. Over time, these issues may impair the state's ability to repay its obligations. <br /><br /> The deterioration of California's fiscal situation as a result of the recent economic downturn increases the risk of investing in California municipal securities, including the risk of potential issuer default, and also heightens the risk that the prices of California municipal securities will experience greater volatility. A default or credit rating downgrade of a small number of municipal security issuers could affect the market values and marketability of all California municipal securities and adversely impact the fund's performance. <br /><br /> <b>Private activity and industrial development bond risk.</b> The payment of principal and interest on these bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of property financed as security for such payment. <br /><br /> <b>Inverse floating rate securities risk.</b> The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses. <br /><br /> <b>Derivatives risk.</b> Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. <br /><br /> <b>Non-diversification risk.</b> The fund is classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. <br /><br /> <b>Security selection risk.</b> The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters. <br /><br /> <b>Counterparty risk.</b> A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. <br /><br /> <b>Tax risk.</b> Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. <br /><br /> <b>Liquidity risk.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br /><br /> <b>Prepayment and extension risk.</b> When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. <br /><br /> <b>Pricing risk.</b> If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Best Quarter: 9.41%, Q3 2009 Worst Quarter: -5.40%, Q4 2010<br /><br />Year-to-Date as of 9/30/2012: 9.78% After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. November 30, 2013 You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. 100000 There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. <b>Non-diversification risk.</b> The fund is classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). www.dws-investments.com Past performance may not indicate future results. These year-by-year returns do not include sales charges, if any, and would be lower if they did. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) 0.41 0.0275 0 0 0 0 0.04 0.01 0 20 20 20 20 0.0044 0.0044 0.0044 0.0044 0.0022 0.0099 0.01 0 0.0006 0.0006 0.0006 0.0006 0.0022 0.0028 0.0024 0.0029 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSCaliforniaTax-FreeIncomeFund column period compact * ~</div> 0.0028 0.0034 0.003 0.0035 0.0094 0.0177 0.0174 0.0079 -0.0003 -0.0011 -0.0008 -0.0003 0.0091 0.0166 0.0166 0.0076 569 269 78 365 563 847 540 249 778 1149 936 436 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSCaliforniaTax-FreeIncomeFund column period compact * ~</div> 1395 1654 2045 975 365 169 169 78 563 547 540 249 778 949 936 436 1395 1654 2045 975 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSCaliforniaTaxFreeIncomeFund column period compact * ~</div> 0.0625 0.0625 0.0515 0.0552 0.0844 0.0963 0.107 0.0393 0.0387 0.0385 0.0354 0.0372 0.0476 0.0522 0.044 0.0435 0.0431 0.0392 0.0392 0.0492 0.0538 2001-06-18 1994-05-31 1994-05-31 1985-12-31 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSCaliforniaTaxFreeIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSCaliforniaTax-FreeIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSCaliforniaTax-FreeIncomeFund column period compact * ~</div> 0.1011 0.0461 0.0269 0.0277 0.044 0.0267 -0.0671 0.1683 0.0198 0.0925 The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.59% and 1.59% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class B and Class C, respectively. In addition, the Advisor has contractually agreed, for the period October 1, 2013 through November 30, 2013, to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at ratios no higher than 1.61%, and 1.61% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class B and Class C, respectively. The agreement may only be terminated with the consent of the fund's Board. <b>DWS New York Tax-Free Income Fund</b> <b>Investment Objective</b> The fund seeks a high level of current income that is exempt from New York State and New York City personal income taxes and federal income taxes. <b>Fees and Expenses of the Fund</b> These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 16) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). <b>SHAREHOLDER FEES (paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES <br />(expenses that you pay each year as a % of the value of your investment)</b> <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.<br /><br />Portfolio turnover rate for fiscal year 2012: 35%. The Advisor has contractually agreed through November 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at ratios no higher than 0.85%, 1.60%, 1.60% and 0.70% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class B, Class C and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. <b>EXAMPLE</b> This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same (including one year of capped expenses in each period). Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>Principal Investment Strategy</b> <b>Main investments.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in municipal securities whose income is free from regular federal and New York State personal income tax. In addition, the fund invests at least 65% of net assets in municipal securities and other securities that are exempt from New York City personal income taxes. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). <br /><br /> The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenue from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). They may also include industrial development bonds, municipal lease obligations and investments representing an interest in these. The fund can also invest in inverse floating rate securities. <br /><br /> Normally, at least 90% of the fund's municipal securities are in the top four grades of credit quality. Up to 10% of the fund's municipal securities may be high yield bonds (commonly referred to as "junk" bonds), which are those rated below the fourth highest rating category (i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds generally pay higher yields but have higher volatility and higher risk of default on payments. <br /><br /> <b>Management process.</b> Portfolio management looks for securities that appear to offer the best total return potential. In making buy and sell decisions, portfolio management typically weighs a number of factors, from economic outlooks and possible interest rate movements and yield levels across varying maturities to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market. <br /><br /> Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, which is generally between five and nine years. <br /><br /> <b>Derivatives.</b> Portfolio management generally may use interest rate swaps and treasury futures, which are types of derivatives (a contract whose value is based on, for example, indices, currencies or securities), to hedge interest rate risk by reducing the fund's duration. Portfolio management may also use inverse floating rate securities to seek to enhance potential gains. <br /><br /> The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. <b>Main Risks</b> There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <br /><br /> <b>Interest rate risk. </b>When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) <br /><br /> <b>Credit risk.</b> The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities. <br /><br /> <b>Focus risk &#8211; New York municipal securities.</b> Because the fund focuses its investments in New York municipal securities, its performance can be more volatile than that of a fund that invests more broadly, and it has a relatively large exposure to financial stresses affecting both New York City and New York State. For example, a downturn in the financial industry could bring on a fiscal crisis in New York City, or a national or regional economic downturn could bring on such a crisis in New York State. Examples of other factors include increased costs for domestic security and reduced monetary support from the federal government. Over time, these issues may impair the state's or the city's ability to repay its obligations. <br /><br /> <b>Private activity and industrial development bond risk. </b>The payment of principal and interest on these bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of property financed as security for such payment. <br /><br /> <b>Inverse floating rate securities risk.</b> The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses. <br /><br /> <b>Derivatives risk.</b> Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. <br /><br /><b> Non-diversification risk.</b> The fund is classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. <br /><br /><b> Security selection risk. </b>The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters. <br /><br /> <b>Counterparty risk.</b> A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. <br /><br /> <b>Tax risk.</b> Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. <br /><br /><b> Liquidity risk.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br /><br /><b> Prepayment and extension risk.</b> When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. <br /><br /><b> Pricing risk. </b>If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. <b>Past Performance</b> How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b> These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Best Quarter: 8.58%, Q3 2009 Worst Quarter: -4.42%, Q4 2010<br /><br />Year-to-Date as of 9/30/2012: 7.34% <b>Average Annual Total Returns <br />(For periods ended 12/31/2011 expressed as a %)</b> After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. November 30, 2013 0.35 You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. 100000 There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. <b>Non-diversification risk.</b> The fund is classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). www.dws-investments.com Past performance may not indicate future results. These year-by-year returns do not include sales charges, if any, and would be lower if they did. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 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