UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03657
Deutsche DWS State Tax-Free Income Series
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
| Date of fiscal year end: | 8/31 |
| Date of reporting period: | 2/28/2026 |
| Item 1. | Reports to Stockholders. |
| (a) |
| (b) Not applicable | |
| Item 2. | Code of Ethics. |
| Not applicable | |
| Item 3. | Audit Committee Financial Expert. |
| Not applicable | |
| Item 4. | Principal Accountant Fees and Services. |
| Not applicable | |
| Item 5. | Audit Committee of Listed Registrants. |
| Not applicable | |
| Item 6. | Investments. |
| Not applicable | |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| (a) |
February 28, 2026
Semiannual Financial Statements and Other Information
DWS New York Tax-Free Income Fund
Contents
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.
|
2 |
| |
DWS New York Tax-Free Income Fund |
Investment Portfolioas of February 28, 2026 (Unaudited)
|
|
Principal
Amount ($) |
Value ($) | |
|
Municipal Investments 96.3% |
| ||
|
New York 93.6% |
| ||
|
Albany, NY, Capital Resource Corp. Revenue, Albany
Medical Center Hospital Obligated Group, Series A,
5.5%, 5/1/2055 |
|
1,500,000 |
1,606,828 |
|
Albany, NY, Capital Resource Corp., National Charter School
Revenue, Equitable School Revolving Fund LLC, Series D,
4.0%, 11/1/2046 |
|
2,500,000 |
2,351,558 |
|
Broome County, NY, Local Development Corp. Revenue,
United Health Services Hospitals, Inc., Project, 4.0%,
4/1/2050, INS: AG |
|
1,250,000 |
1,138,563 |
|
Broome County, NY, Local Development Corp., Revenue,
Good Shepherd Village at Endwell Obligated Group,
4.0%, 7/1/2041 |
|
1,000,000 |
971,172 |
|
Buffalo & Erie County, NY, Industrial Land Development
Corp., D’Youville College Project, Series A, 4.0%,
11/1/2040 |
|
1,980,000 |
1,777,027 |
|
City of Long Beach, NY, General Obligation, Series B,
5.25%, 7/15/2042, INS: BAM |
|
650,000 |
694,938 |
|
Clinton County, NY, State Capital Resource Corp. Revenue,
Clinton-Essex-Warren-Washington Board of Cooperative
Educational Services, 144A, 5.0%, 7/1/2046 |
|
800,000 |
832,893 |
|
Dutchess County, NY, Local Development Corp. Revenue,
Culinary Institute Of America Project: |
|
|
|
|
4.0%, 7/1/2036 |
|
200,000 |
205,272 |
|
4.0%, 7/1/2037 |
|
200,000 |
204,002 |
|
4.0%, 7/1/2038 |
|
200,000 |
202,696 |
|
Liberty, NY, Development Corp. Revenue, Goldman Sachs
Headquarters, 5.25%, 10/1/2035, GTY: Goldman Sachs
Group, Inc. |
|
5,000,000 |
5,998,267 |
|
Long Island, NY, Electric System Revenue, Power Authority: |
|
|
|
|
Series E, 5.0%, 9/1/2053 |
|
1,000,000 |
1,047,827 |
|
Series A, 5.25%, 9/1/2054 |
|
500,000 |
532,539 |
|
Monroe County, NY, Industrial Development Corp. Revenue,
Rochester Regional Health Projects, Series A, 4.0%,
12/1/2046 |
|
1,000,000 |
886,922 |
|
Monroe County, NY, Industrial Development Corp. Revenue,
St. Ann’s Community Project, 5.0%, 1/1/2050 |
|
1,500,000 |
1,348,027 |
|
Monroe County, NY, Industrial Development Corp. Revenue,
True North Rochester Preparatory Charter School Project,
Series A, 144A, 5.0%, 6/1/2050 |
|
1,000,000 |
982,592 |
|
Monroe County, NY, Industrial Development Corp. Revenue,
University of Rochester, Series A, 4.0%, 7/1/2050 |
|
1,000,000 |
934,802 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
3 |
|
|
Principal
Amount ($) |
Value ($) | |
|
New York, Battery Park City Authority Revenue, 5.25%,
11/1/2055 |
|
1,000,000 |
1,080,313 |
|
New York, Brookhaven Local Development Corp., Revenue,
Jefferson’s Ferry Project, 5.25%, 11/1/2036 |
|
1,200,000 |
1,214,140 |
|
New York, Buffalo & Fort Erie Public Bridge Authority, 5.0%,
1/1/2042 |
|
1,490,000 |
1,509,305 |
|
New York, Build New York City Resource Corp. Revenue,
Academic Leadership Charter School Project, 4.0%,
6/15/2036 |
|
720,000 |
711,093 |
|
New York, Build New York City Resource Corp. Revenue,
Classical Charter School Project, Series A, 4.75%,
6/15/2053 |
|
850,000 |
769,101 |
|
New York, Build New York City Resource Corp. Revenue,
KIPP NYC Public School Facilities, 5.25%, 7/1/2052 |
|
1,000,000 |
1,013,385 |
|
New York, Build New York City Resource Corp. Revenue,
The Children’s Aid Society Project, 4.0%, 7/1/2049 |
|
1,000,000 |
901,689 |
|
New York, Build New York City Resource Corp. Revenue,
TrlPs Obligated Group, AMT, 5.5%, 7/1/2055 |
|
1,000,000 |
1,048,383 |
|
New York, Build New York City Resource Corp., Solid Waste
Disposal Revenue, Pratt Paper, Inc. Project, 144A, AMT,
5.0%, 1/1/2035 |
|
690,000 |
691,224 |
|
New York, Genesee County Funding Corp., Rochester
Regional Health Obligation, Series A, 5.25%, 12/1/2052 |
|
1,500,000 |
1,517,759 |
|
New York, Liberty Development Corp. Revenue, Second
Priority, Bank of America Tower at One Bryant Park LLC,
“3” , 2.8%, 9/15/2069 |
|
2,750,000 |
2,592,644 |
|
New York, Metropolitan Transportation Authority Revenue: |
|
|
|
|
Series D1, 5.0%, 11/15/2043 |
|
1,000,000 |
1,052,952 |
|
Series A2, 5.0% (a), 11/15/2045 |
|
2,665,000 |
2,888,449 |
|
New York, State Dormitory Authority Revenue, Institute of
Technology, 5.25%, 7/1/2054 |
|
750,000 |
766,961 |
|
New York, State Dormitory Authority Revenue, Memorial
Sloan-Kettering Cancer Center, Series 1, 5.25%,
7/1/2054, GTY: S.K.I. Realty, Inc. |
|
1,000,000 |
1,074,324 |
|
New York, State Dormitory Authority Revenue, Montefiore
Obligated Group, Series A, 4.0%, 9/1/2050 |
|
1,000,000 |
864,011 |
|
New York, State Dormitory Authority Revenue, Non State
Supported Debt, St. Joseph’s College: |
|
|
|
|
Series A, 4.0%, 7/1/2031 |
|
500,000 |
490,638 |
|
Series A, 4.0%, 7/1/2032 |
|
500,000 |
486,526 |
|
Series A, 4.0%, 7/1/2033 |
|
500,000 |
481,761 |
|
Series A, 4.0%, 7/1/2035 |
|
500,000 |
470,620 |
|
Series A, 5.0%, 7/1/2030 |
|
500,000 |
513,821 |
|
New York, State Dormitory Authority Revenue, Non-State
Supported Debt, Iona College, Series A, 5.0%, 7/1/2051 |
|
500,000 |
502,515 |
The accompanying notes are an integral part of the financial statements.
|
4 |
| |
DWS New York Tax-Free Income Fund |
|
|
Principal
Amount ($) |
Value ($) | |
|
New York, State Dormitory Authority Revenue,
Non-Supported Debt, Columbia University, Series A,
5.0%, 10/1/2047 |
|
2,400,000 |
2,731,211 |
|
New York, State Dormitory Authority Revenue, State
University, Series A, 5.0%, 7/1/2053 |
|
835,000 |
869,093 |
|
New York, State Dormitory Authority Revenue, Wagner
College, 5.0%, 7/1/2047 |
|
2,000,000 |
1,724,311 |
|
New York, State Dormitory Authority Revenue, White Plains
Hospital Obligated Group, 5.5%, 10/1/2054, INS: AG |
|
1,250,000 |
1,338,588 |
|
New York, State Dormitory Authority Revenue, Yeshiva
University, Series A, 5.0%, 7/15/2037 |
|
1,500,000 |
1,595,861 |
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, North Shore-Long Island Jewish
Obligated Group, Series A, 5.25%, 5/1/2054 |
|
1,500,000 |
1,561,967 |
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, Northwell Health Obligated Group,
Series A, 5.0%, 5/1/2043 |
|
1,000,000 |
1,079,009 |
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, Northwell Health System, Series A,
5.0%, 5/1/2052 |
|
1,000,000 |
1,019,056 |
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, School Districts Financing Program,
Series C, 5.0%, 10/1/2031, INS: AG |
|
20,000 |
20,041 |
|
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, The New School, Series A, 4.0%,
7/1/2052 |
|
1,500,000 |
1,303,897 |
|
New York, State Dormitory Authority, New York University: |
|
|
|
|
Series A, 5.25%, 7/1/2055 |
|
1,000,000 |
1,062,192 |
|
Series A, 5.75%, 7/1/2027, INS: NATL |
|
980,000 |
1,008,330 |
|
New York, State Dormitory Authority, Non-State Supported
Debt, Series A, 5.25%, 10/1/2050, INS: AG |
|
1,100,000 |
1,158,221 |
|
New York, State Dormitory Authority, Personal Income Tax
Revenue, Series A, 5.25%, 3/15/2052 |
|
1,500,000 |
1,590,702 |
|
New York, State Dormitory Authority, Sales Tax Revenue,
Series B, 5.0%, 3/15/2049 |
|
1,000,000 |
1,058,170 |
|
New York, State Dormitory Authority, State Personal Income
Tax Revenue, Series A, 4.0%, 3/15/2049 |
|
1,500,000 |
1,417,654 |
|
New York, State Environmental Facilities Corp. Revenue,
Clean Water & Drinking Water: |
|
|
|
|
Series A, 5.0%, 9/15/2054 |
|
1,000,000 |
1,061,871 |
|
Series A, 5.25%, 6/15/2053 |
|
1,000,000 |
1,080,358 |
|
New York, State Environmental Facilities Corp., Casella
Waste Systems Inc., Series R-2, 144A, AMT, 5.125% (a),
9/1/2050, GTY: Casella Waste Systems, Inc. |
|
250,000 |
263,953 |
|
New York, State Housing Finance Agency Revenue,
15 Hudson Yards Housing, Series A, 1.65%, 5/15/2039 |
|
1,526,581 |
1,306,401 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
5 |
|
|
Principal
Amount ($) |
Value ($) | |
|
New York, State Housing Finance Agency Revenue, West
38th Street LLC, Series A, 3.57% (a), 5/1/2042 |
|
1,000,000 |
1,024,965 |
|
New York, State Housing Finance Agency Revenue, West
62nd Street LLC, Series A-2, 3.6% (a), 11/1/2044, GTY:
Federal Home Loan Mortgage |
|
560,000 |
576,658 |
|
New York, State Liberty Development Corp. Revenue, A
World Trade Center Project: |
|
|
|
|
Series A, 1.9%, 11/15/2031 |
|
200,000 |
183,503 |
|
“1", Series A, 3.0%, 9/15/2043 |
|
2,000,000 |
1,749,350 |
|
“3", Series A, 3.5%, 9/15/2052 |
|
1,000,000 |
803,317 |
|
New York, State Mortgage Agency, Homeowner Mortgage
Revenue, Series 221, AMT, 3.5%, 10/1/2032 |
|
370,000 |
370,000 |
|
New York, State Power Authority Revenue, Series A, 4.0%,
11/15/2055 |
|
865,000 |
812,017 |
|
New York, State Power Authority Revenue, Green
Transmission Project: |
|
|
|
|
Series A, 5.25%, 11/15/2040, INS: AG |
|
450,000 |
526,026 |
|
Series A, 5.25%, 11/15/2041, INS: AG |
|
400,000 |
462,178 |
|
Series A, 5.25%, 11/15/2043, INS: AG |
|
500,000 |
565,023 |
|
New York, State Thruway Authority, Series P, 5.25%,
1/1/2054 |
|
2,000,000 |
2,134,277 |
|
New York, State Transportation Development Corp. Exempt
Facility Revenue, State Thruway Services Area Project,
AMT, 4.0%, 10/31/2041 |
|
500,000 |
494,034 |
|
New York, State Transportation Development Corp.
Revenue, JFK Millennium Partners LLC, Series A, AMT,
5.25%, 12/31/2054, INS: AG |
|
1,500,000 |
1,540,957 |
|
New York, State Transportation Development Corp., Special
Facilities Revenue, Delta Air Lines, Inc., LaGuardia
Airport Terminal: |
|
|
|
|
AMT, 4.0%, 10/1/2030 |
|
1,000,000 |
1,026,685 |
|
AMT, 6.0%, 4/1/2035 |
|
600,000 |
669,835 |
|
New York, State Transportation Development Corp., Special
Facilities Revenue, John F. Kennedy International
Airport Project: |
|
|
|
|
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc. |
|
1,000,000 |
964,766 |
|
AMT, 6.0%, 6/30/2054 |
|
3,000,000 |
3,149,299 |
|
AMT, 6.0%, 6/30/2059 |
|
1,000,000 |
1,067,319 |
|
New York, State Transportation Development Corp., Special
Facilities Revenue, LaGuardia Airport C & D
Redevelopment, AMT, 4.375%, 10/1/2045 |
|
1,700,000 |
1,640,489 |
|
New York, State Transportation Development Corp., Special
Facilities Revenue, Terminal 4 John F. Kennedy,
International Project: |
|
|
|
|
Series A, AMT, 5.0%, 12/1/2034 |
|
105,000 |
113,199 |
|
Series A, AMT, 5.0%, 12/1/2036 |
|
275,000 |
293,557 |
The accompanying notes are an integral part of the financial statements.
|
6 |
| |
DWS New York Tax-Free Income Fund |
|
|
Principal
Amount ($) |
Value ($) | |
|
AMT, 5.0%, 12/1/2041 |
|
1,525,000 |
1,625,110 |
|
New York, State Urban Development Corp., Personal
Income Tax Revenue, Series E4, 3.0%, 3/15/2048 |
|
2,000,000 |
1,531,250 |
|
New York, State Urban Development, Empire State
Development Corp., Sales Tax Revenue, Series A, 5.0%,
3/15/2054 |
|
2,000,000 |
2,082,350 |
|
New York, Suffolk Regional Off-Track Betting Co., 6.0%,
12/1/2053 |
|
1,000,000 |
1,023,476 |
|
New York, Transportation Development Corp. Special Facility
Revenue, Series C, 5.0%, 12/1/2035 |
|
575,000 |
627,830 |
|
New York, Triborough Bridge & Tunnel Authority Real Estate
Transfer Tax Revenue, Series A, 5.25%, 12/1/2054 |
|
2,000,000 |
2,134,919 |
|
New York, Triborough Bridge & Tunnel Authority Revenue,
MTA Bridges & Tunnels: |
|
|
|
|
Series C, 5.0%, 5/15/2047 |
|
2,500,000 |
2,624,304 |
|
Series A-1, 5.25%, 11/15/2051 |
|
2,000,000 |
2,138,991 |
|
Series B, 5.25%, 5/15/2054 |
|
1,000,000 |
1,060,917 |
|
Series A, 5.5%, 11/15/2053 |
|
3,000,000 |
3,295,022 |
|
New York City, NY, General Obligation: |
|
|
|
|
Series A-4, 1.9% (b), 3/2/2026, SPA: State Street B&T Co. |
|
200,000 |
200,000 |
|
Series L-4, 1.95% (b), 3/2/2026, LOC: U.S. Bank NA |
|
300,000 |
300,000 |
|
Series A, 5.0%, 8/1/2051 |
|
2,000,000 |
2,069,994 |
|
Series G-1, 5.25%, 2/1/2053 |
|
250,000 |
265,203 |
|
Series D, 5.25%, 4/1/2054 |
|
1,500,000 |
1,579,101 |
|
Series A-1, 5.5%, 8/1/2050 |
|
1,000,000 |
1,092,981 |
|
New York City, NY, Industrial Development Agency, Pilot
Revenue, Yankee Stadium Project, Series A, 4.0%,
3/1/2045, INS: AG |
|
1,000,000 |
983,203 |
|
New York City, NY, Municipal Water Finance Authority
Revenue, Series CC, 1.9% (b), 3/2/2026, SPA: TD Bank
NA |
|
1,300,000 |
1,300,000 |
|
New York City, NY, Municipal Water Finance Authority, Water
& Sewer Systems Revenue: |
|
|
|
|
Series AA, 5.0%, 6/15/2051 |
|
1,200,000 |
1,259,414 |
|
Series DD, 5.25%, 6/15/2047 |
|
2,000,000 |
2,157,826 |
|
Series AA-1, 5.25%, 6/15/2053 |
|
1,000,000 |
1,057,984 |
|
Series BB-1, 5.25%, 6/15/2054 |
|
2,000,000 |
2,113,763 |
|
Series BB, 5.25%, 6/15/2055 |
|
1,000,000 |
1,065,867 |
|
New York City, NY, State Thruway Authority Revenue,
Series A, 5.25%, 1/1/2056 |
|
500,000 |
535,298 |
|
New York City, NY, Transitional Finance Authority Revenue,
Future Tax Secured: |
|
|
|
|
Series A3, 3.0%, 5/1/2045 |
|
3,000,000 |
2,435,909 |
|
Series E, 5.0%, 11/1/2053 |
|
1,000,000 |
1,041,271 |
|
Series D, 5.25%, 5/1/2048 |
|
1,500,000 |
1,608,377 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
7 |
|
|
Principal
Amount ($) |
Value ($) | |
|
Series C, 5.25%, 5/1/2049 |
|
1,000,000 |
1,070,503 |
|
Series G-1, 5.25%, 5/1/2051 |
|
1,000,000 |
1,062,261 |
|
Series F-1, 5.25%, 2/1/2053 |
|
2,000,000 |
2,116,508 |
|
Series E, 5.5%, 11/1/2049 |
|
2,000,000 |
2,182,437 |
|
New York Counties, NY, Tobacco Trust IV, Series A, 5.0%,
6/1/2051 |
|
2,000,000 |
1,702,333 |
|
New York, NY, General Obligation: |
|
|
|
|
Series B-1, 5.25%, 10/1/2043 |
|
1,000,000 |
1,093,448 |
|
Series C-1, 5.25%, 9/1/2050 |
|
1,000,000 |
1,062,221 |
|
Series D-1, 5.5%, 5/1/2044 |
|
285,000 |
311,723 |
|
Niagara County, NY, Frontier Transportation Authority,
Buffalo Niagara International Airport: |
|
|
|
|
Series A, AMT, 5.0%, 4/1/2037 |
|
335,000 |
349,087 |
|
Series A, AMT, 5.0%, 4/1/2038 |
|
600,000 |
623,301 |
|
Onondaga, NY, Civic Development Corp. Revenue, Le
Moyne College Project, Series B, 4.0%, 7/1/2039 |
|
325,000 |
324,962 |
|
Orange County, NY, Senior Care Revenue, Industrial
Development Agency, The Glen Arden Project, Series A,
5.7%, 1/1/2028 * (c) |
|
1,400,000 |
700,000 |
|
Port Authority of New York & New Jersey: |
|
|
|
|
Series 242, AMT, 5.0%, 12/1/2044 |
|
1,695,000 |
1,793,915 |
|
Series 248, 5.0%, 1/15/2055 |
|
2,000,000 |
2,100,998 |
|
Triborough, NY, Bridge & Tunnel Authority Sales Tax
Revenue, Series A, 5.5%, 5/15/2063 |
|
1,885,000 |
2,004,443 |
|
Westchester County, NY, Local Development Corp.
Revenue, QSH LLC, Series A, 144A, 6.375%,
12/1/2055 (d) |
|
1,000,000 |
1,028,906 |
|
Westchester County, NY, Local Development Corp.,
Westchester Medical Center Obligated Revenue, 5.75%,
11/1/2048, INS: AG |
|
1,000,000 |
1,091,285 |
|
Western Nassau County, NY, Water Authority: |
|
|
|
|
Series A, 4.0%, 4/1/2046 |
|
300,000 |
287,239 |
|
Series A, 4.0%, 4/1/2051 |
|
600,000 |
551,138 |
|
Yonkers, NY, Economic Development Corp., Educational
Revenue, Charter School of Educational
Excellence Project: |
|
|
|
|
Series A, 5.0%, 10/15/2049 |
|
640,000 |
597,245 |
|
Series A, 5.0%, 10/15/2050 |
|
325,000 |
307,070 |
|
Series A, 5.0%, 10/15/2054 |
|
465,000 |
424,583 |
|
Yonkers, NY, General Obligation, Series F, 5.0%,
11/15/2038, INS: BAM |
|
600,000 |
674,267 |
|
Yonkers, NY, Industrial Development Agency, New
Community School Project, 4.0%, 5/1/2046 |
|
2,655,000 |
2,584,935 |
|
|
|
|
154,031,047 |
The accompanying notes are an integral part of the financial statements.
|
8 |
| |
DWS New York Tax-Free Income Fund |
|
|
Principal
Amount ($) |
Value ($) | |
|
Guam 1.3% |
| ||
|
Guam, Antonio B. Won Pat International Airport Authority
Revenue, Series A, AMT, 5.25%, 10/1/2042 |
|
400,000 |
428,941 |
|
Guam, Government Waterworks Authority, Water &
Wastewater System Revenue: |
|
|
|
|
Series A, 5.0%, 7/1/2045 |
|
1,000,000 |
1,042,339 |
|
Series A, 5.0%, 1/1/2050 |
|
145,000 |
147,996 |
|
Guam, Power Authority Revenue: |
|
|
|
|
Series A, 5.0%, 10/1/2037 |
|
210,000 |
214,579 |
|
Series A, 5.0%, 10/1/2038 |
|
190,000 |
193,848 |
|
Series A, 5.0%, 10/1/2040 |
|
135,000 |
137,327 |
|
|
|
|
2,165,030 |
|
Puerto Rico 1.4% |
| ||
|
Puerto Rico, General Obligation: |
|
|
|
|
Series A1, 4.0%, 7/1/2041 |
|
415,135 |
402,919 |
|
Series A1, 4.0%, 7/1/2046 |
|
515,217 |
465,163 |
|
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue,
Series A-1, Zero Coupon, 7/1/2046 |
|
4,000,000 |
1,438,842 |
|
|
|
|
2,306,924 |
|
Total Municipal Investments (Cost $162,322,910) |
158,503,001 | ||
|
Underlying Municipal Bonds of Inverse Floaters
(e) 3.3% |
| ||
|
New York |
| ||
|
New York, State Dormitory Authority, 5.5%, 3/15/2053 (f)
(Cost $5,262,704) |
|
5,000,000 |
5,441,246 |
|
Trust: New York, State Dormitory Authority,
Series 2025-XM1316, 144A, 15.22%, 3/15/2033,
Leverage Factor at purchase date: 4 to 1 |
|
|
|
|
|
Shares |
Value ($) | |
|
Closed-End Investment Companies 1.7% |
| ||
|
Nuveen New York AMT-Free Quality Municipal Income Fund
(Cost $2,592,923) |
|
275,267 |
2,890,304 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
9 |
|
|
|
% of Net
Assets |
Value ($) |
|
Total Investment Portfolio (Cost $170,178,537) |
101.3 |
166,834,551 | |
|
Floating Rate Notes (e) |
(2.3
) |
(3,750,000
) | |
|
Other Assets and Liabilities, Net |
1.0 |
1,557,051 | |
|
Net Assets |
100.0 |
164,641,602 | |
|
* |
Non-income producing security. |
|
(a) |
Variable or floating rate security. These securities are shown at their current rate as of
February 28, 2026. For securities based on a published reference rate and spread, the
reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions, prepayment of underlying positions
and/or other variables. Securities with a floor or ceiling feature are disclosed at the
inherent rate, where applicable. |
|
(b) |
Variable rate demand notes are securities whose interest rates are reset periodically
(usually daily mode or weekly mode) by remarketing agents based on current market
levels, and are not directly set as a fixed spread to a reference rate. These securities
may be redeemed at par by the holder through a put or tender feature, and are shown
at their current rates as of February 28, 2026. Date shown reflects the earlier of
demand date or stated maturity date. |
|
(c) |
Defaulted security or security for which income has been deemed uncollectible. |
|
(d) |
When-issued security. |
|
(e) |
Securities represent the underlying municipal obligations of inverse floating rate
obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund
and is the amount owed to the floating rate note holders. |
|
(f) |
Security forms part of the below inverse floater. The Fund accounts for these inverse
floaters as a form of secured borrowing, by reflecting the value of the underlying bond
in the investments of the Fund and the amount owed to the floating rate note holder as
a liability. |
|
144A: Security exempt from registration under Rule 144A under the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers. |
|
AG: Assured Guaranty, Inc. |
|
AMT: Subject to alternative minimum tax. |
|
BAM: Build America Mutual |
|
GTY: Guaranty Agreement |
|
INS: Insured |
|
LOC: Letter of Credit |
|
NATL: National Public Finance Guarantee Corp. |
|
SPA: Standby Bond Purchase Agreement |
The accompanying notes are an integral part of the financial statements.
|
10 |
| |
DWS New York Tax-Free Income Fund |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may
not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Municipal Investments (a) |
$— |
$163,944,247 |
$— |
$163,944,247 |
|
Closed-End Investment Companies |
2,890,304 |
— |
— |
2,890,304 |
|
Total |
$2,890,304 |
$163,944,247 |
$— |
$166,834,551 |
|
(a) |
See Investment Portfolio for additional detailed categorizations. |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
11 |
Statement of Assets and Liabilities
as of February 28, 2026 (Unaudited)
|
Assets |
|
|
Investment in securities, at value (cost $170,178,537) |
$166,834,551 |
|
Cash |
32,257 |
|
Receivable for investments sold |
600,083 |
|
Receivable for Fund shares sold |
729 |
|
Dividends receivable |
28,170 |
|
Interest receivable |
2,136,190 |
|
Other assets |
39,957 |
|
Total assets |
169,671,937 |
|
Liabilities |
|
|
Payable for investments purchased — when-issued securities |
990,000 |
|
Payable for Fund shares redeemed |
41,218 |
|
Payable for floating rate notes issued |
3,750,000 |
|
Distributions payable |
88,772 |
|
Accrued management fee |
18,208 |
|
Accrued Trustees' fees |
2,507 |
|
Other accrued expenses and payables |
139,630 |
|
Total liabilities |
5,030,335 |
|
Net assets, at value |
$164,641,602 |
|
Net Assets Consist of |
|
|
Distributable earnings (loss) |
(12,889,133
) |
|
Paid-in capital |
177,530,735 |
|
Net assets, at value |
$164,641,602 |
The accompanying notes are an integral part of the financial statements.
|
12 |
| |
DWS New York Tax-Free Income Fund |
Statement of Assets and Liabilities as of February 28, 2026 (Unaudited) (continued)
|
Net Asset Value |
|
|
Class A |
|
|
Net Asset Value and redemption price per share
($69,356,022 ÷ 6,992,407 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$9.92 |
|
Maximum offering price per share (100 ÷ 97.25 of $9.92) |
$10.20 |
|
Class C |
|
|
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($590,773 ÷ 59,551 outstanding shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$9.92 |
|
Class S |
|
|
Net Asset Value, offering and redemption price per share
($85,263,993 ÷ 8,599,814 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$9.91 |
|
Institutional Class |
|
|
Net Asset Value, offering and redemption price per share
($9,430,814 ÷ 951,638 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$9.91 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
13 |
Statement of Operations
for the six months ended February 28, 2026 (Unaudited)
|
Investment Income |
|
|
Income: |
|
|
Interest |
$3,445,742 |
|
Dividends |
186,274 |
|
Total income |
3,632,016 |
|
Expenses: |
|
|
Management fee |
334,301 |
|
Administration fee |
81,068 |
|
Services to shareholders |
88,991 |
|
Distribution and service fees |
87,590 |
|
Custodian fee |
1,708 |
|
Professional fees |
58,172 |
|
Reports to shareholders |
15,051 |
|
Registration fees |
27,425 |
|
Trustees' fees and expenses |
3,676 |
|
Interest expense on floating rate notes issued |
49,414 |
|
Other |
9,472 |
|
Total expenses before expense reductions |
756,868 |
|
Expense reductions |
(160,750
) |
|
Total expenses after expense reductions |
596,118 |
|
Net investment income |
3,035,898 |
|
Realized and Unrealized Gain (Loss) |
|
|
Net realized gain (loss) from investments |
(239,618
) |
|
Change in net unrealized appreciation (depreciation) on investments |
9,141,112 |
|
Net gain (loss) |
8,901,494 |
|
Net increase (decrease) in net assets resulting from operations |
$11,937,392 |
The accompanying notes are an integral part of the financial statements.
|
14 |
| |
DWS New York Tax-Free Income Fund |
Statements of Changes in Net Assets
|
|
Six Months
Ended
February 28, 2026 |
Year Ended
August 31, |
|
Increase (Decrease) in Net Assets |
(Unaudited) |
2025 |
|
Operations: |
|
|
|
Net investment income |
$3,035,898 |
$6,390,047 |
|
Net realized gain (loss) |
(239,618
) |
(2,215,457
) |
|
Change in net unrealized appreciation
(depreciation) |
9,141,112 |
(9,762,699
) |
|
Net increase (decrease) in net assets resulting
from operations |
11,937,392 |
(5,588,109
) |
|
Distributions to shareholders: |
|
|
|
Class A |
(1,246,868
) |
(2,669,842
) |
|
Class C |
(8,631
) |
(24,845
) |
|
Class S |
(1,564,378
) |
(3,164,761
) |
|
Institutional Class |
(174,242
) |
(470,575
) |
|
Total distributions |
(2,994,119
) |
(6,330,023
) |
|
Fund share transactions: |
|
|
|
Proceeds from shares sold |
3,370,506 |
23,131,685 |
|
Reinvestment of distributions |
2,620,143 |
5,518,692 |
|
Payments for shares redeemed |
(20,440,356
) |
(48,497,179
) |
|
Net increase (decrease) in net assets from Fund
share transactions |
(14,449,707
) |
(19,846,802
) |
|
Increase (decrease) in net assets |
(5,506,434
) |
(31,764,934
) |
|
Net assets at beginning of period |
170,148,036 |
201,912,970 |
|
Net assets at end of period |
$164,641,602 |
$170,148,036 |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
15 |
Financial Highlights
|
DWS New York Tax-Free Income Fund — Class A | ||||||
|
|
Six Months
Ended 2/28/26 |
Years Ended August 31, | ||||
|
|
(Unaudited) |
2025 |
2024 |
2023 |
2022 |
2021 |
|
Selected Per Share Data | ||||||
|
Net asset value, beginning
of period |
$9.41 |
$10.01 |
$9.61 |
$9.72 |
$11.15 |
$10.86 |
|
Income (loss) from investment
operations: |
|
|
|
|
|
|
|
Net investment incomea
|
.17 |
.31 |
.29 |
.27 |
.25 |
.26 |
|
Net realized and unrealized
gain (loss) |
.51 |
(.60
) |
.40 |
(.11
) |
(1.43
) |
.29 |
|
Total from investment
operations |
.68 |
(.29
) |
.69 |
.16 |
(1.18
) |
.55 |
|
Less distributions from: |
|
|
|
|
|
|
|
Net investment income |
(.17
) |
(.31
) |
(.29
) |
(.27
) |
(.25
) |
(.26
) |
|
Net realized gains |
— |
— |
— |
(.00
)* |
— |
— |
|
Total distributions |
(.17
) |
(.31
) |
(.29
) |
(.27
) |
(.25
) |
(.26
) |
|
Net asset value, end of period |
$9.92 |
$9.41 |
$10.01 |
$9.61 |
$9.72 |
$11.15 |
|
Total Return (%)b,c
|
7.23
** |
(2.98
) |
7.25 |
1.64 |
(10.73
) |
5.13 |
|
Ratios to Average Net Assets and Supplemental Data | ||||||
|
Net assets, end of period
($ millions) |
69 |
75 |
88 |
76 |
85 |
112 |
|
Ratio of expenses before
expense reductions (including
interest expense) (%) |
1.03
d*** |
.94 |
.92 |
.91 |
.90 |
.92 |
|
Ratio of expenses after
expense reductions (including
interest expense) (%) |
.85
d*** |
.80 |
.80 |
.78 |
.79 |
.78 |
|
Ratio of expenses after
expense reductions (excluding
interest expense) (%) |
.79
*** |
.80 |
.80 |
.78 |
.79 |
.78 |
|
Ratio of net investment
income (%) |
3.49
*** |
3.18 |
3.00 |
2.77 |
2.36 |
2.37 |
|
Portfolio turnover rate (%) |
19
** |
52 |
46 |
58 |
49 |
31 |
|
a |
Based on average shares outstanding during the period. |
|
b |
Total return does not reflect the effect of any sales charges. |
|
c |
Total return would have been lower had certain expenses not been reduced. |
|
d |
Interest expense represents interest and fees on short-term floating rate notes issued
in conjunction with inverse floating rate securities. Interest income from such
transactions is included in income from investment operations. |
|
* |
Amount is less than $.005. |
|
** |
Not annualized |
|
*** |
Annualized |
The accompanying notes are an integral part of the financial statements.
|
16 |
| |
DWS New York Tax-Free Income Fund |
|
DWS New York Tax-Free Income Fund — Class C | ||||||
|
|
Six Months
Ended 2/28/26 |
Years Ended August 31, | ||||
|
|
(Unaudited) |
2025 |
2024 |
2023 |
2022 |
2021 |
|
Selected Per Share Data | ||||||
|
Net asset value, beginning
of period |
$9.41 |
$10.01 |
$9.61 |
$9.72 |
$11.15 |
$10.85 |
|
Income (loss) from investment
operations: |
|
|
|
|
|
|
|
Net investment incomea
|
.13 |
.24 |
.22 |
.19 |
.17 |
.18 |
|
Net realized and unrealized
gain (loss) |
.51 |
(.61
) |
.39 |
(.11
) |
(1.43
) |
.30 |
|
Total from investment
operations |
.64 |
(.37
) |
.61 |
.08 |
(1.26
) |
.48 |
|
Less distributions from: |
|
|
|
|
|
|
|
Net investment income |
(.13
) |
(.23
) |
(.21
) |
(.19
) |
(.17
) |
(.18
) |
|
Net realized gains |
— |
— |
— |
(.00
)* |
— |
— |
|
Total distributions |
(.13
) |
(.23
) |
(.21
) |
(.19
) |
(.17
) |
(.18
) |
|
Net asset value, end of period |
$9.92 |
$9.41 |
$10.01 |
$9.61 |
$9.72 |
$11.15 |
|
Total Return (%)b,c
|
6.83
** |
(3.70
) |
6.42 |
.88 |
(11.40
) |
4.44 |
|
Ratios to Average Net Assets and Supplemental Data | ||||||
|
Net assets, end of period
($ millions) |
1 |
1 |
1 |
2 |
3 |
4 |
|
Ratio of expenses before
expense reductions (including
interest expense) (%) |
1.84
d*** |
1.75 |
1.72 |
1.72 |
1.69 |
1.71 |
|
Ratio of expenses after
expense reductions (including
interest expense) (%) |
1.60
d*** |
1.55 |
1.54 |
1.53 |
1.54 |
1.53 |
|
Ratio of expenses after
expense reductions (excluding
interest expense) (%) |
1.54
*** |
1.55 |
1.54 |
1.53 |
1.54 |
1.53 |
|
Ratio of net investment
income (%) |
2.73
*** |
2.42 |
2.25 |
2.02 |
1.61 |
1.64 |
|
Portfolio turnover rate (%) |
19
** |
52 |
46 |
58 |
49 |
31 |
|
a |
Based on average shares outstanding during the period. |
|
b |
Total return does not reflect the effect of any sales charges. |
|
c |
Total return would have been lower had certain expenses not been reduced. |
|
d |
Interest expense represents interest and fees on short-term floating rate notes issued
in conjunction with inverse floating rate securities. Interest income from such
transactions is included in income from investment operations. |
|
* |
Amount is less than $.005. |
|
** |
Not annualized |
|
*** |
Annualized |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
17 |
|
DWS New York Tax-Free Income Fund — Class S | ||||||
|
|
Six Months
Ended 2/28/26 |
Years Ended August 31, | ||||
|
|
(Unaudited) |
2025 |
2024 |
2023 |
2022 |
2021 |
|
Selected Per Share Data | ||||||
|
Net asset value, beginning
of period |
$9.41 |
$10.00 |
$9.60 |
$9.71 |
$11.15 |
$10.85 |
|
Income (loss) from investment
operations: |
|
|
|
|
|
|
|
Net investment incomea
|
.18 |
.33 |
.32 |
.29 |
.27 |
.29 |
|
Net realized and unrealized
gain (loss) |
.50 |
(.59
) |
.39 |
(.11
) |
(1.44
) |
.30 |
|
Total from investment
operations |
.68 |
(.26
) |
.71 |
.18 |
(1.17
) |
.59 |
|
Less distributions from: |
|
|
|
|
|
|
|
Net investment income |
(.18
) |
(.33
) |
(.31
) |
(.29
) |
(.27
) |
(.29
) |
|
Net realized gains |
— |
— |
— |
(.00
)* |
— |
— |
|
Total distributions |
(.18
) |
(.33
) |
(.31
) |
(.29
) |
(.27
) |
(.29
) |
|
Net asset value, end of period |
$9.91 |
$9.41 |
$10.00 |
$9.60 |
$9.71 |
$11.15 |
|
Total Return (%)b
|
7.25
** |
(2.64
) |
7.54 |
1.89 |
(10.60
) |
5.49 |
|
Ratios to Average Net Assets and Supplemental Data | ||||||
|
Net assets, end of period
($ millions) |
85 |
85 |
99 |
98 |
125 |
153 |
|
Ratio of expenses before
expense reductions (including
interest expense) (%) |
.80
c*** |
.72 |
.71 |
.70 |
.73 |
.75 |
|
Ratio of expenses after
expense reductions (including
interest expense) (%) |
.60
c*** |
.55 |
.55 |
.53 |
.54 |
.53 |
|
Ratio of expenses after
expense reductions (excluding
interest expense) (%) |
.54
*** |
.55 |
.55 |
.53 |
.54 |
.53 |
|
Ratio of net investment
income (%) |
3.75
*** |
3.44 |
3.25 |
3.02 |
2.62 |
2.63 |
|
Portfolio turnover rate (%) |
19
** |
52 |
46 |
58 |
49 |
31 |
|
a |
Based on average shares outstanding during the period. |
|
b |
Total return would have been lower had certain expenses not been reduced. |
|
c |
Interest expense represents interest and fees on short-term floating rate notes issued
in conjunction with inverse floating rate securities. Interest income from such
transactions is included in income from investment operations. |
|
* |
Amount is less than $.005. |
|
** |
Not annualized |
|
*** |
Annualized |
The accompanying notes are an integral part of the financial statements.
|
18 |
| |
DWS New York Tax-Free Income Fund |
|
DWS New York Tax-Free Income Fund — Institutional Class | ||||||
|
|
Six Months
Ended 2/28/26 |
Years Ended August 31, |
Period
Ended | |||
|
|
(Unaudited) |
2025 |
2024 |
2023 |
2022 |
8/31/21a
|
|
Selected Per Share Data | ||||||
|
Net asset value, beginning
of period |
$9.40 |
$10.00 |
$9.60 |
$9.71 |
$11.14 |
$10.96 |
|
Income (loss) from
investment operations: |
|
|
|
|
|
|
|
Net investment incomeb
|
.18 |
.33 |
.32 |
.29 |
.27 |
.21 |
|
Net realized and unrealized
gain (loss) |
.51 |
(.60
) |
.39 |
(.11
) |
(1.43
) |
.18 |
|
Total from investment
operations |
.69 |
(.27
) |
.71 |
.18 |
(1.16
) |
.39 |
|
Less distributions from: |
|
|
|
|
|
|
|
Net investment income |
(.18
) |
(.33
) |
(.31
) |
(.29
) |
(.27
) |
(.21
) |
|
Net realized gains |
— |
— |
— |
(.00
)* |
— |
— |
|
Total distributions |
(.18
) |
(.33
) |
(.31
) |
(.29
) |
(.27
) |
(.21
) |
|
Net asset value, end
of period |
$9.91 |
$9.40 |
$10.00 |
$9.60 |
$9.71 |
$11.14 |
|
Total Return (%)c
|
7.37
** |
(2.74
) |
7.54 |
1.90 |
(10.51
) |
3.62
** |
|
Ratios to Average Net Assets and Supplemental Data | ||||||
|
Net assets, end of period
($ millions) |
9 |
10 |
14 |
8 |
8 |
5 |
|
Ratio of expenses before
expense reductions
(including interest
expense) (%) |
.81
d*** |
.73 |
.69 |
.68 |
.68 |
.74
*** |
|
Ratio of expenses after
expense reductions
(including interest
expense) (%) |
.60
d*** |
.55 |
.55 |
.53 |
.55 |
.53
*** |
|
Ratio of expenses after
expense reductions
(excluding interest
expense) (%) |
.54
*** |
.55 |
.55 |
.53 |
.55 |
.53
*** |
|
Ratio of net investment
income (%) |
3.75
*** |
3.42 |
3.25 |
3.02 |
2.62 |
2.56
*** |
|
Portfolio turnover rate (%) |
19
** |
52 |
46 |
58 |
49 |
31
e |
|
a |
For the period from December 1, 2020 (commencement of operations) to
August 31, 2021. |
|
b |
Based on average shares outstanding during the period. |
|
c |
Total return would have been lower had certain expenses not been reduced. |
|
d |
Interest expense represents interest and fees on short-term floating rate notes issued
in conjunction with inverse floating rate securities. Interest income from such
transactions is included in income from investment operations. |
|
e |
Represents the Fund’s portfolio turnover rate for the year ended August 31, 2021. |
|
* |
Amount is less than $.005. |
|
** |
Not annualized |
|
*** |
Annualized |
The accompanying notes are an integral part of the financial statements.
|
DWS New York Tax-Free Income Fund |
| |
19 |
Notes to Financial Statements (Unaudited)
A.
Organization and Significant Accounting Policies
DWS New York Tax-Free Income Fund (the “Fund” ) is a non-diversified series of Deutsche DWS State Tax-Free Income Series (the “Series” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ),
as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the
financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges
and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class.
All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Operating Segment. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07” ). ASU 2023-07 impacts
|
20 |
| |
DWS New York Tax-Free Income Fund |
financial statement disclosures only and does not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the
segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund’s portfolio managers as a team. The financial
information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations
or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
|
DWS New York Tax-Free Income Fund |
| |
21 |
Closed-end investment companies are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Closed-end investment companies for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Closed-end investment companies are generally
categorized as Level 1.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities
are valued at the mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type
of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial
statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal
|
22 |
| |
DWS New York Tax-Free Income Fund |
bond into a special purpose Tender Option Bond trust (the “TOB Trust” ). In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond’s par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the proceeds
from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying long-term fixed-rate
bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.
By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the
amount owed to the floating rate note holder as a liability under the caption “Payable for floating rate notes issued” in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense on floating rate notes issued”
in the Statement of Operations. For the six months ended February 28, 2026, interest expense related to floaters amounted to $49,414. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended February 28, 2026 was $3,522,099, with a weighted average interest rate of 2.81%.
The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund’s inverse floater investments. In addition, when interest rates increase,
the interest payment to the inverse floater will generally decrease and the value of inverse floaters may decrease significantly. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund’s control, resulting in a reduction of leverage and disposal of portfolio
|
DWS New York Tax-Free Income Fund |
| |
23 |
investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.
When-Issued and Delayed-Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security
will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.
Certain risks may arise upon entering into when-issued and delayed-delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.
Tax Information. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.
At August 31, 2025, the Fund had net tax basis capital loss carryforwards of $9,749,174, including short-term losses ($937,946) and long-term losses ($8,811,228), which may be applied against realized net taxable capital gains indefinitely.
At February 28, 2026, the aggregate cost of investments for federal income tax purposes was $169,966,529. The net unrealized depreciation for all investments based on tax cost was $3,131,978. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $4,011,081 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $7,143,059.
The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended August 31, 2025, remains subject to examination by taxing authorities.
Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions
for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax
|
24 |
| |
DWS New York Tax-Free Income Fund |
regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to premium amortization on debt securities, interest income on defaulted securities and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during
such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Series arising in connection with a specific fund are allocated to that fund. Other Series expenses which cannot be directly attributed to a fund are apportioned among the funds in the Series based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted
for financial reporting purposes.
B.
Purchases and Sales of Securities
During the six months ended February 28, 2026, purchases and sales of investment securities (excluding short-term investments) aggregated $31,890,270 and $41,685,468, respectively.
C.
Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ),
the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
|
DWS New York Tax-Free Income Fund |
| |
25 |
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
|
First $250 million of the Fund’s average daily net assets |
.40% |
|
Next $750 million of such net assets |
.37% |
|
Next $1.5 billion of such net assets |
.35% |
|
Next $2.5 billion of such net assets |
.33% |
|
Next $2.5 billion of such net assets |
.30% |
|
Next $2.5 billion of such net assets |
.28% |
|
Next $2.5 billion of such net assets |
.26% |
|
Over $12.5 billion of such net assets |
.25% |
Accordingly, for the six months ended February 28, 2026, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.40% of the Fund’s average daily net assets.
For the period from September 1, 2025 through September 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:
|
Class A |
.80% |
|
Class C |
1.55% |
|
Class S |
.55% |
|
Institutional Class |
.55% |
Effective October 1, 2025 through November 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:
|
Class A |
|
.79% |
|
Class C |
|
1.54% |
|
Class S |
|
.54% |
|
Institutional Class |
|
.54% |
|
26 |
| |
DWS New York Tax-Free Income Fund |
For the six months ended February 28, 2026, fees waived and/or expenses reimbursed for each class are as follows:
|
Class A |
$64,805 |
|
Class C |
775 |
|
Class S |
85,248 |
|
Institutional Class |
9,922 |
|
|
$160,750 |
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets,
computed and accrued daily and payable monthly. For the six months ended February 28, 2026, the Administration Fee was $81,068, of which $12,228 is unpaid.
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ),
DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended February 28, 2026, the amounts charged to the Fund by DSC were as follows:
|
Services to Shareholders |
Total
Aggregated |
Unpaid at
February 28, 2026 |
|
Class A |
$5,541 |
$1,897 |
|
Class C |
125 |
71 |
|
Class S |
8,404 |
2,922 |
|
Institutional Class |
96 |
39 |
|
|
$14,166 |
$4,929 |
In addition, for the six months ended February 28, 2026, the amounts charged to the Fund for recordkeeping and other administrative services
|
DWS New York Tax-Free Income Fund |
| |
27 |
provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:
|
Sub-Recordkeeping |
Total
Aggregated |
|
Class A |
$29,392 |
|
Class C |
336 |
|
Class S |
34,486 |
|
Institutional Class |
5,102 |
|
|
$69,316 |
Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares.
In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended February 28, 2026, the Distribution Fee was as follows:
|
Distribution Fee |
Total
Aggregated |
Unpaid at
February 28, 2026 |
|
Class C |
$2,410 |
$336 |
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months
ended February 28, 2026, the Service Fee was as follows:
|
Service Fee |
Total
Aggregated |
Unpaid at
February 28, 2026 |
Annualized
Rate |
|
Class A |
$84,379 |
$29,485 |
.23% |
|
Class C |
801 |
241 |
.25% |
|
|
$85,180 |
$29,726 |
|
Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended February 28, 2026 aggregated $860.
In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended February 28, 2026, there
|
28 |
| |
DWS New York Tax-Free Income Fund |
was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended February 28, 2026, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $523, of which $225
is unpaid.
Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended February 28, 2026, the Fund engaged in securities purchases of $8,675,000 and securities sales of $6,720,000 with a net gain (loss) on securities sales of
$0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.
D.
Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net
assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at February 28, 2026.
E.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
|
|
Six Months Ended
February 28, 2026 |
Year Ended
August 31, 2025 | ||
|
|
Shares |
Dollars |
Shares |
Dollars |
|
Shares sold | ||||
|
Class A |
78,757 |
$769,379 |
1,140,279 |
$11,297,034 |
|
Class C |
1,987 |
19,301 |
20,702 |
205,627 |
|
Class S |
72,662 |
708,276 |
648,474 |
6,406,624 |
|
Institutional Class |
193,237 |
1,873,550 |
529,527 |
5,222,400 |
|
|
|
$3,370,506 |
|
$23,131,685 |
|
DWS New York Tax-Free Income Fund |
| |
29 |
|
|
Six Months Ended
February 28, 2026 |
Year Ended
August 31, 2025 | ||
|
|
Shares |
Dollars |
Shares |
Dollars |
|
Shares issued to shareholders in reinvestment of distributions | ||||
|
Class A |
115,245 |
$1,126,358 |
249,125 |
$2,413,040 |
|
Class C |
892 |
8,720 |
2,561 |
24,859 |
|
Class S |
134,393 |
1,312,943 |
275,315 |
2,665,789 |
|
Institutional Class |
17,625 |
172,122 |
42,837 |
415,004 |
|
|
|
$2,620,143 |
|
$5,518,692 |
|
Shares redeemed | ||||
|
Class A |
(1,149,108
) |
$(11,226,303
) |
(2,200,234
) |
$(21,283,671
) |
|
Class C |
(25,720
) |
(251,288
) |
(69,106
) |
(674,298
) |
|
Class S |
(638,064
) |
(6,225,213
) |
(1,783,183
) |
(17,340,018
) |
|
Institutional Class |
(281,564
) |
(2,737,552
) |
(951,758
) |
(9,199,192
) |
|
|
|
$(20,440,356
) |
|
$(48,497,179
) |
|
Net increase (decrease) | ||||
|
Class A |
(955,106
) |
$(9,330,566
) |
(810,830
) |
$(7,573,597
) |
|
Class C |
(22,841
) |
(223,267
) |
(45,843
) |
(443,812
) |
|
Class S |
(431,009
) |
(4,203,994
) |
(859,394
) |
(8,267,605
) |
|
Institutional Class |
(70,702
) |
(691,880
) |
(379,394
) |
(3,561,788
) |
|
|
|
$(14,449,707
) |
|
$(19,846,802
) |
|
30 |
| |
DWS New York Tax-Free Income Fund |
Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS New York Tax-Free Income Fund’s (the “Fund” ) investment management agreement (the “Agreement” )
with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2025.
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
—
During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).
—
The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund’s performance, fees and expenses, profitability, economies of scale and fall-out
benefits.
—
The Board also received extensive information throughout the year regarding performance of the Fund.
—
The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.
—
In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of
DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.
|
DWS New York Tax-Free Income Fund |
| |
31 |
While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the
experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures,
including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA
regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund’s performance (Class A shares) was in the 3rd quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers
and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2024.
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) regarding investment management fee rates paid to other investment advisors by similar
funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of
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December 31, 2024). The Board noted that, effective October 1, 2021, in connection with the 2021 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.05%. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of
December 31, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net)
operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised
funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability
of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while
information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.
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Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund
and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer
agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling
opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing
efforts to enhance the compliance program.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course
of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present.
DNYTF-BFE2025
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DNYTF-NCSRS
| (b) The Financial Highlights are included with the Financial Statements under Item 7(a). | ||
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. | |
| Not applicable | ||
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. | |
| Not applicable | ||
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. | |
| See Item 7(a) | ||
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. | |
| See Item 7(a) | ||
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | |
| Not applicable | ||
| Item 15. | Submission of Matters to a Vote of Security Holders. | |
| There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
| Item 16. | Controls and Procedures. | |
| (a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
| (b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 18. | Recovery of Erroneously Awarded Compensation. | |
| Not applicable | ||
| Item 19. | Exhibits | |
| (a)(1) | Not applicable | |
| (a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant: | DWS New York Tax-Free Income Fund, a series of Deutsche DWS State Tax-Free Income Series |
| By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
| Date: | 4/29/2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
| Date: | 4/29/2026 |
| By: |
/s/Diane Kenneally Diane Kenneally Principal Financial Officer |
| Date: | 4/29/2026 |