DWS Managed Municipal Bonds Instl  SMLIX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni National 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®
Style Box™
What is this?
   Avg Duration
   6.70 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 8.90
  
YTD Return % (2009-11-20)
15.88%
  
Total Assets ($ mil)
3,793
View Data Definitions
  Performance    
Growth of $10,000 Fund: DWS Managed Municipal Bonds Instl
(from 2002-08-19 to 2009-10-31) Category: Muni National Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2002-08-19 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 15.88 14.51 4.23 4.45 --- 4.41
+/- Category -0.31 0.29 2.19 1.61 --- ---
+/- BarCap Municipal TR USD 3.74 2.84 -0.02 0.09 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 18.98 17.12 5.41 5.08 --- 4.88
Month-End (as of 2009-10-31) 15.71 15.62 4.27 4.34 --- 4.41
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 15.54 4.19 4.29 --- ---
On Distribution & Sale of Shares --- 12.13 4.32 4.38 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 247 funds), (5 yrs : out of 228 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 17.24
Advance Refunded 3.17
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 4.03
Education 3.79
Health 7.76
Housing 0.44
Industrial 4.50
Transportation 15.58
Utilities 4.82
Water/Sewer 8.96
Misc. Revenue 29.70
Bond Quality % of Bonds
AAA 15.0
AA 50.0
A 20.0
BBB 6.0
BB 0.0
B 0.0
Below B 0.0
Not Rated 9.0
 
Asset Allocation
% of Net Assets
Cash 1.8
Stocks 0.0
Bonds 98.2
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 506 30 Day SEC Yield % 4.40
% of Assets in Top 10 Holdings 11.92 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
California St Go Bds 6.5% 2033-04-01 58,440 67,592 1.87
Chicago Ill Brd Ed General O 6% 2020-01-01 46,340 53,441 1.48
Massachusetts St Wtr Res Auth 5.5% 2020-08-01 34,315 43,097 1.20
Puerto Rico Sales Tax Fing Cor Rev Bds 2032-08-01 55,000 42,100 1.17
Golden St Tob Securitization C Tobacc 5% 2033-06-01 47,575 41,366 1.15
Puerto Rico Sales Tax Fing Cor Rev 6.5% 2044-08-01 35,000 39,855 1.11
Alabama St Pub Sch & College A Pub Sc 5% 2023-12-01 35,000 38,575 1.07
Pennsylvania St Tpk Commn Tpk Sub 5.75% 2039-06-01 32,000 36,535 1.01
Public Auth 6.5% 2038-11-15 30,000 33,995 0.94
Delaware Valley Pa Regl Fin Au Rev 5.75% 2032-07-01 28,000 33,218 0.92
Data through 2009-09-30
  Other Information
Fund Inception: 2002-08-19
Portfolio Manager  (Start Date)
Philip G. Condon  (1990-12-31)
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
Ashton P. Goodfield  (1990-12-31)
Head of Municipal Bond trading; co-lead portfolio manager for DWS Managed Municipal Bond Fund, DWS Short Term Municipal Bond Fund, DWS New Tax Free Income Fund and DWS Intermediate Tax / AMT Free Fund: Boston Joined the Company in 1986, managed municipal assets for individuals, insurance companies and other institutions as well as for mutual funds; served on the Finance Advisory Board of the Commonwealth of Massachusetts from 1990 to 2000 BA from Duke University
Eleanor R. Lynch  (1999-12-31)
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
Matthew Caggiano  (2005-01-01)
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 2009-10-01)
Front: None
Deferred: None
Expense Ratio % 0.89
based on net assets
(taken from annual report dated 2009-05-31)
Correspondence Information
345 Park Avenue

New York,  NY  10154-0004
USA
Telephone:
800-730-1313
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.