DWS Strategic High Yield Tax Free A LW  NOTAX.LW
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
High Yield Muni Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   8.70 Yrs
   Avg Credit Quality
   BBB
As of 2009-09-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 11.85
  
YTD Return % (2009-11-20)
33.02%
  
Total Assets ($ mil)
1,319
View Data Definitions
  Performance    
Growth of $10,000 Fund: DWS Strategic High Yield Tax Free A LW
(from 2000-05-01 to 2009-10-31) Category: High Yield Muni
Index: Barcap Municipal!
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2000-05-01 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 33.02 22.48 2.10 3.67 --- 5.24
+/- Category 3.54 6.22 4.13 2.08 --- ---
+/- Barcap Municipal! --- --- --- --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 37.65 16.28 3.58 4.59 --- 5.63
Month-End (as of 2009-10-31) 33.57 21.26 2.32 3.77 --- 5.24
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 21.27 2.31 3.76 --- ---
On Distribution & Sale of Shares --- 16.06 2.70 3.94 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 129 funds), (5 yrs : out of 107 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 12.46
Advance Refunded 0.81
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 2.52
Education 0.47
Health 25.07
Housing 0.90
Industrial 10.98
Transportation 4.79
Utilities 6.48
Water/Sewer 4.43
Misc. Revenue 31.08
Bond Quality % of Bonds
AAA 7.0
AA 13.0
A 18.0
BBB 31.0
BB 8.0
B 4.0
Below B 1.0
Not Rated 18.0
 
Asset Allocation
% of Net Assets
Cash 0.1
Stocks 0.0
Bonds 99.9
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 82
Total Number of Bond Holdings 293 30 Day SEC Yield % 4.10
% of Assets in Top 10 Holdings 16.37 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Buckeye Ohio Tob Settlement Fi To 5.875% 2030-06-01 37,505 35,840 2.90
Puerto Rico Comwlth Aqueduct & Rev Bd 6% 2038-07-01 25,750 26,905 2.18
California St Go Bds 5.75% 2031-04-01 23,360 25,185 2.04
Johnson City Tenn Health & Edl Hosp 5.5% 2036-07-01 18,795 18,856 1.53
North Tex Twy Auth 5.75% 2038-01-01 17,500 18,486 1.50
Lewisville Tex Combination Con Cap 6.75% 2032-10-01 16,900 17,617 1.43
Washington St Health Care Facs Re 6.125% 2037-08-15 16,000 16,314 1.32
Texas Mun Gas Acquisition & Su Sr 5.625% 2017-12-15 14,790 15,632 1.27
Tobacco Settlement Fing Corp N Asset 5% 2029-06-01 15,965 13,690 1.11
St John Baptist Parish La Rev Rev 5.125% 2037-06-01 14,000 13,486 1.09
Data through 2009-09-30
  Other Information
Fund Inception: 2000-05-01
Portfolio Manager  (Start Date)
Philip G. Condon  (1987-01-22)
Head of municipal bond portfolio management for retail and tax-exempt advisory clients: Boston Joined the Company in 1983, served as director of municipal bond department & director of Scudder's municipal bond research group, after 7 years of experience as fixed income analyst for Connecticut General Life Insurance Company (CIGNA) and analyst at Federal Reserve Bank of Boston BA & MBA from University of Massachusetts, Amherst
Rebecca L. Flinn  (1998-01-01)
Flinn is the Portfolio manager for Scudder High Yield Tax-Free Fund, Scudder Massachusetts Tax-Free Fund and Scudder Strategic Municipal Income Trust: Boston. He joined the Company in 1986 after a year of experience as transfer agent for Paine Webber Properties, Inc. BA from University of Redlands, California
Sales Charge %
(taken from prospectus dated 2009-10-01)
Front: None
Deferred: None
Expense Ratio % 0.94
based on net assets
(taken from annual report dated 2008-05-31)
Correspondence Information
345 Park Avenue

New York,  NY  10154-0004
USA
Telephone:
800-621-1048
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.