DWS Massachusetts Tax-Free Fund

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DWS Massachusetts Tax-Free Fund - Class S

How to invest

Ticker:

SCMAX

NAV / change (as of: 10/06/2026): $12.35 -0.32%

DWS Massachusetts Tax-Free Fund - Class S

Ticker: SCMAX
CUSIP: 25158X856

Income exempt from Massachusetts and federal taxes

A municipal bond fund strategy that seeks to provide investors with income free from Massachusetts personal and federal income taxes.
A portfolio of high-quality bonds that has a 20% limit on purchasing bonds rated BB or below; a 20% limit on securities subject to AMT. [Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change.]
A history of long-term performance delivered by an experienced municipal investment team.

How to invest

Important objectives and risk information

NAV, As of: 10/06/2026: $12.35
-0.32%
Total net assets, As of: 06/30/2026: $179 million

Share class: S
S
Asset class: Tax-Free Income
Gross / net expense ratio: 0.78% / 0.62%
Morningstar rating, As of: 06/30/2026
Number of holdings, As of: 06/30/2026: 117

Performance

Distribution rates

as of 08/31/2026

Type	MOP	NAV
Annualized	--	3.20%
Tax equivalent	--	5.69%

Yield information

as of 08/31/2026

Type	Yield
SEC 30-day subsidized	3.46%
SEC 30-day non-subsidized	3.30%
Tax equivalent	6.15%

Current annualized distribution rate based upon NAV is the latest monthly dividend shown as an annualized percentage of net asset value as of 8/31/26. 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 8/31/26. 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 49.8% combined marginal federal and state of Massachusetts tax rate.

Yields are historical, will fluctuate and are not guaranteed. The 30-day SEC yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for a fairer comparison among funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. 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.

Portfolio06/30/2026

AA55.00%
A20.00%
AAA11.00%
Not Rated6.00%
BBB4.00%
BB4.00%

Revenue bonds78.00%
General obligation bonds14.00%
Lease7.00%
ETM / Prerefunded1.00%

Credit quality represents the higher rating of either Moody’s Investors Service, Fitch Ratings or Standard & Poor’s and is their opinion as to the quality of the securities they rate. Credit quality does not remove market risk and is subject to change. Junk bonds are any bond that carries a rating lower than BB is said to be speculative or a ’junk bond’.

Full portfolio holdings

Download latest (8/31/2026)

Management

Matthew J. Caggiano CFA

37 years experience

Chad Farrington CFA

27 years experience

Documents

Risk considerations
Investments in mutual funds involve risk. Stocks may decline in value. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. There are additional risks associated with investing in commodities, high-yield bonds, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses. Please read the prospectus for more information.

This website is intended to be a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

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 investment.

Obtain a prospectus
Carefully consider the fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the fund's prospectus. To obtain a mutual fund summary prospectus, if available, or prospectus, call (800) 728-3337 or download one here. To obtain an ETF prospectus call (844) 851-4255 or download one here. Read the prospectus carefully before investing.

Investing involves risk including loss of principal. Stocks may decline in value. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. You cannot invest directly in an index. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a fund may diverge from that of an underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. There are additional risks associated with investing in high-yield bonds, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the applicable prospectus for more information.

Shares of exchange traded funds (ETFs) are bought and sold at market price (not NAV) throughout the day on the Fund’s Primary Listing Exchange. There can be no assurance that an active trading market for shares of a fund will develop or be maintained. Transactions in shares of ETFs will result in Brokerage commissions and will generate tax consequences. There are risks associated with investing, including possible loss of principal.

Shares of ETFs may be sold throughout the day on the exchange through any brokerage account. However, shares may only be purchased and redeemed directly from the funds by authorized participants in very large creation/redemption units. There is no assurance that an active trading market for shares of an ETF will develop or be maintained.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

Xtrackers ETFs ("ETFs") are managed by DBX Advisors LLC (the "Adviser"), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS.

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DWS Massachusetts Tax-Free Fund - Class S

DWS Massachusetts Tax-Free Fund - Class S

DWS Massachusetts Tax-Free Fund - Class S

Ticker:

SCMAX

CUSIP:

25158X856

Income exempt from Massachusetts and federal taxes

Performance

Distribution rates

as of 08/31/2026

Yield information

as of 08/31/2026

Portfolio06/30/2026

Credit quality

Securities types

Credit quality

Securities types

Full portfolio holdings

Fund facts

Ratings

Morningstar rating

Key facts

Characteristics

Investment Minimum

Management

Matthew J. Caggiano CFA

Chad Farrington CFA

Documents

Related funds

DWS Intermediate Tax-Free Fund

DWS Managed Municipal Bond Fund

DWS Short-Term Municipal Bond Fund

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