DWS Intermediate Tax/AMT Free Inst  SZMIX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni National Interm 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
   4.90 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 11.35
  
YTD Return % (2009-11-20)
9.47%
  
Total Assets ($ mil)
914
View Data Definitions
  Performance    
Growth of $10,000 Fund: DWS Intermediate Tax/AMT Free Inst
(from 2004-12-20 to 2009-10-31) Category: Muni National Interm
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2004-12-20 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 9.47 10.10 4.82 --- --- 3.80
+/- Category -0.46 -0.98 1.40 --- --- ---
+/- BarCap Municipal TR USD -2.67 -1.57 0.57 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 10.82 13.28 5.45 --- --- 4.31
Month-End (as of 2009-10-31) 8.58 11.31 4.59 --- --- 3.80
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 11.27 4.57 --- --- ---
On Distribution & Sale of Shares --- 8.92 4.51 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 234 funds), (5 yrs : out of 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 19.13
Advance Refunded 2.07
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 2.21
Education 4.48
Health 7.39
Housing 2.54
Industrial 2.04
Transportation 3.23
Utilities 6.34
Water/Sewer 11.95
Misc. Revenue 38.62
Bond Quality % of Bonds
AAA 16.0
AA 42.0
A 33.0
BBB 8.0
BB 0.0
B 0.0
Below B 0.0
Not Rated 1.0
 
Asset Allocation
% of Net Assets
Cash 1.0
Stocks 0.0
Bonds 99.0
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 % 61
Total Number of Bond Holdings 246 30 Day SEC Yield % 2.70
% of Assets in Top 10 Holdings 13.69 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Puerto Rico Sales Tax Fing Cor Rev 5.25% 2027-08-01 11,965 12,878 1.55
Detroit Mich Sew Disp Rev Rev Ref B 7% 2027-07-01 10,000 12,709 1.53
Phoenix Ariz Var Purp 5% 2018-07-01 10,000 11,748 1.41
New York N Y City Mun Wtr Fin Rev Bds 5% 2021-06-15 10,000 11,504 1.38
California St Econ Recover Double 5.25% 2014-07-01 10,000 11,452 1.38
Bay Area Toll Auth 5% 2028-04-01 10,000 10,975 1.32
California St Dept Wtr Res Pwr Wtr 5.5% 2015-05-01 10,000 10,890 1.31
Texas St Dept Hsg & Cmnty Affa Re 5.375% 2039-01-01 10,000 10,660 1.28
Tobacco Settlement Fing Corp N Asse 5.5% 2018-06-01 10,000 10,639 1.28
Hawaii St Go Bds 5% 2021-05-01 9,000 10,379 1.25
Data through 2009-09-30
  Other Information
Fund Inception: 2004-12-20
Portfolio Manager  (Start Date)
Ashton P. Goodfield  (1990-11-01)
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
Philip G. Condon  (1998-01-01)
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
Shelly Deitert  (2002-04-05)
Portfolio manager for Scudder Short Term Municipal Bond Fund and Scudder Intermediate Tax / AMT Free Fund: Boston Joined the Company in 1997 as a portfolio assistant BA from Taylor University
Sales Charge %
(taken from prospectus dated 2009-10-01)
Front: None
Deferred: None
Expense Ratio % 0.55
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.