KCTAX Fees and Costs — DWS California Tax-Free Income Fund, Class A
Data updated: 2026-07-24
The net expense ratio is 0.81% (0.92% before fee waivers). This share class carries a maximum front-end sales load of 2.75%. In fiscal 2025 the fund paid $8K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 58%.
KCTAX Fees and Expenses
Annual operating expenses and sales charges of KCTAX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.23% |
| Other expenses | 0.27% |
| Gross expense ratio | 0.92% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | 2.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
KCTAX Costs Over Time
On $10,000 invested in KCTAX, assuming 5% a year before costs, total costs come to $847 over 5 years, cutting the return by 1.43% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $275 | $275 | $275 |
| Fund expenses (net expense ratio 0.81%) | $83 | $259 | $449 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $14 | $56 | $121 |
| Total costs | $372 | $591 | $847 |
| Value after costs | $10,128 | $10,986 | $11,916 |
| Impact on return, per year | 3.72% | 1.82% | 1.43% |
KCTAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $314.3M
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
KCTAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JonesTrading Institutional Services LLC | $8K | 100.00% |
KCTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $71.6M | 24.96% |
| BNY Capital Markets, LLC | $56.1M | 19.53% |
| Morgan Stanley & Co. LLC | $39.9M | 13.88% |
| J.P. Morgan Securities LLC | $35.6M | 12.40% |
| National Financial Services LLC | $24.7M | 8.61% |
| Wells Fargo Securities, LLC | $19.7M | 6.85% |
| RBC Capital Markets, LLC | $15.2M | 5.29% |
| Stifel, Nicolaus & Company, Incorporated | $12.4M | 4.34% |
| BofA Securities, Inc. | $6.8M | 2.36% |
| U.S. Bancorp Investments, Inc. | $5.1M | 1.78% |
DWS California Tax-Free Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DCLIX | Institutional Class | 0.56% | none |
| SDCSX | Class S | 0.56% | none |
| KCTAX | Class A | 0.81% | 2.75% |
| KCTCX | Class C | 1.56% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.