DWS California Tax-Free Income S  SDCSX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni California Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
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What is this?
   Avg Duration
   7.90 Yrs
   Avg Credit Quality
   A
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 7.14
  
YTD Return % (2009-11-20)
13.76%
  
Total Assets ($ mil)
776
View Data Definitions
  Performance    
Growth of $10,000 Fund: DWS California Tax-Free Income S
(from 2001-06-18 to 2009-10-31) Category: Muni California Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2001-06-18 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 13.76 12.28 3.34 3.88 --- 4.57
+/- Category -2.97 -1.38 1.75 1.12 --- ---
+/- BarCap Municipal TR USD 1.62 0.61 -0.91 -0.48 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 17.46 15.82 4.69 4.59 --- 5.01
Month-End (as of 2009-10-31) 13.81 13.44 3.47 3.77 --- 4.57
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 13.20 3.39 3.72 --- ---
On Distribution & Sale of Shares --- 10.80 3.62 3.88 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 152 funds), (5 yrs : out of 141 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 30.96
Advance Refunded 3.40
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 2.33
Education 3.07
Health 5.52
Housing 0.00
Industrial ---
Transportation 13.05
Utilities 2.56
Water/Sewer 15.70
Misc. Revenue 23.41
Bond Quality % of Bonds
AAA 4.0
AA 36.0
A 29.0
BBB 28.0
BB 0.0
B 0.0
Below B 0.0
Not Rated 3.0
 
Asset Allocation
% of Net Assets
Cash 0.8
Stocks 0.0
Bonds 99.2
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 % 77
Total Number of Bond Holdings 177 30 Day SEC Yield % 4.10
% of Assets in Top 10 Holdings 19.47 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Puerto Rico Comwlth Pub Impt 5.5% 2019-07-01 22,650 24,551 3.39
California St Go Bds 6.5% 2033-04-01 14,610 16,898 2.33
Big Bear Lake Calif Wtr Rev Wtr Rev R 6% 2022-04-01 13,500 15,994 2.21
RANCHO CALIF WTR DIST FING AUT REV BDS 2027-08-01 14,100 14,721 2.03
Sacramento Cnty Calif Wtr Fing Wtr Re 5% 2026-06-01 11,435 12,083 1.67
Long Beach Calif Hbr Rev Rev Ref B 6% 2019-05-15 10,600 12,023 1.66
Puerto Rico Sales Tax Fing Cor Rev 6.5% 2044-08-01 10,000 11,387 1.57
San Francisco Calif City & Cnt Wa 5.125% 2039-11-01 10,400 11,309 1.56
Pittsburg Calif Redev Agy Tax Tax A 6.5% 2028-09-01 10,000 11,129 1.54
San Diego Calif Cmnty College Go C 5.25% 2033-08-01 10,000 10,965 1.51
Data through 2009-09-30
  Other Information
Fund Inception: 2001-06-18
Portfolio Manager  (Start Date)
Eleanor R. Lynch  (1999-12-30)
Lynch is the co-lead portfolio manager for Scudder Managed Municipal Bond Tax Fund, Scudder California Tax-Free Income Fund and Scudder Municipal Income Trust: Boston. He joined the Company in 1995 after 8 years of experience as assistant portfolio manager and trader for Vanguard Group of Investment Companies. BS from Ursinus College; MS from Drexel University
Philip G. Condon  (2000-12-30)
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
Matthew Caggiano  (1999-04-01)
Lead Municipal portfolio manager for insurance portfolios since 2003; portfolio manager for Scudder Managed Municipal Bond Tax Fund, Scudder California Tax-Free Income Fund and Scudder New York Tax-Free Income Fund: Boston Caggiano Joined the Company in 1989, with experience managing and trading for Insurance portfolios since 1995; previously serving as assistant trader for tax exempt Municipal Bond funds and research assistant for Municipal Bond group BS from Pennsylvania State University; MS from Boston College
Sales Charge %
(taken from prospectus dated 2009-08-31)
Front: None
Deferred: None
Expense Ratio % 0.62
based on net assets
(taken from annual report dated 2009-08-31)
Correspondence Information
345 Park Avenue

New York,  NY  10154-0004
USA
Telephone:
800-728-3337
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.