Fact sheet - DWS Managed Municipal Bond Fund - DWS Investments

Eligible for $250,000
NAV purchase privilege †
TAX-FREE INCOME FUND
DWS Managed Municipal Bond Fund
SHARE CLASS: A I SMLAX C I SMLCX INST I SMLIX S I SCMBX
The fund seeks to provide income exempt from regular federal income tax.
Q 4 2 0 1 2
Regardless of market conditions, fund managers use a risk-focused management style and seek to preserve principal. They don't seek additional
yield if doing so would, in their opinion, put investor capital at risk. Unlike some competitors, managers don't try to predict the direction of interest
rates.
All data (as of 12/31/12)
M O R N I N G S T A R ® R A T I N G
Overall rating: Class S shares (as of 12/31/12)
Source: Morningstar, Inc. Ratings are
historical and do not guarantee future
results. There were 220, 220, 203 and 171
funds in the Muni National Long category
during the Overall, three-year, five-year and
10-year periods. Ratings are based on riskadjusted
performance. The Overall rating for
a fund is a weighted average of the ratings
for the time periods indicated. Ratings are 4
stars for 3-year, 5 stars for 5-year and 5 stars
for the 10-year periods.
M O R N I N G S T A R R A N K I N G S —
C L A S S S
M U N I N A T I O N A L L O N G
1-year
3-year
5-year
10-year
#81 of 237 funds
#107 of 220 funds
#33 of 203 funds
#27 of 171 funds
Top 34%
Top 48%
Top 16%
Top 16%
Source: Morningstar, Inc. Rankings are
historical and do not guarantee future
results. Rankings are based on the fund's
total returns, unadjusted for sales charges,
with distributions reinvested. If sales
charges had been included, rankings may
have been less favorable. Rankings of other
classes may vary.
† If you're investing $250,000 or more, you
may be eligible to purchase Class A shares
of this fund without a sales charge.
However, redemptions within 12 months
may be subject to sales charges. See the
prospectus for details
Portfolio management/industry experience
Philip G. Condon
Ashton P. Goodfield CFA
Matthew J. Caggiano CFA
Michael J. Generazo
Top States
California
Texas
Illinois
Florida
New York
Sector composition
36 years
26 years
23 years
18 years
16%
11%
10%
7%
5%
Portfolio characteristics
Number of holdings
Total net assets
Effective maturity
Effective duration
Turnover rate (%) §
Credit quality breakdown*
AAA
AA
A
BBB
Not Rated
Revenue bonds
General obligation bonds
ETM/Prerefunded
Cash equivalents
561
$5.50 billion
6.59 years
6.24 years
Effective maturity is the weighted average of the bonds held by the fund taking into consideration any available maturity
shortening features. Effective duration is an approximate measure of the fund's sensitivity to interest rate changes
taking into consideration any maturity shortening features.Turnover rate is the rate of trading activity in a fund’s portfolio
of investments, equal to the lesser of purchases or sales, for a year, divided by average total assets for that year.
§ Source: Morningstar, Inc.
* Credit quality represents the higher rating of either Moody’s Investors Service or Standard & Poor’s
and is their opinion as to the quality of the securities they rate. Credit quality does not remove market risk and is subject
to change.
©2013 Morningstar, Inc. All rights reserved. Morningstar, shall not be responsible for investment decisions, damages or
other losses resulting from use of this rating. For each fund with at least a 3-year history, Morningstar calculates a Rating
based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects
of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3
stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one
fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Loadwaived
ratings for A shares should only be considered by investors who are not subject to a front end sales charge.
Contact your investment professional regarding eligibility to purchase load-waived Class A shares.
No bank guarantee I Not FDIC insured I May lose value
Lease
27.00
8%
33%
47%
9%
3%
70%
16%
7%
4%
3%

DWS Managed Municipal Bond Fund
Fund risks
Bond investments are subject to interestrate
and credit risks. When interest rates
rise, bond prices generally fall. Credit risk
refers to the ability of an issuer to make
timely payments of principal and interest.
Investments in lower-quality ("junk bonds")
and non-rated securities present greater risk
of loss than investments in higher-quality
securities. The fund invests in inverse
floaters, which are derivatives that involve
leverage and could magnify the fund's gains
or losses. Although the fund seeks income
that is federally tax-free, a portion of the
fund’s distributions may be subject to
federal, state and local taxes, including the
alternative minimum tax. See the prospectus
for details.
Consider the investment objective, risks,
charges and expenses carefully before
investing. For a summary prospectus, or
prospectus that contains this and other
information, download one from
www.dws-investments.com or talk to your
financial representative. Read the
prospectus carefully before investing.
DWS Investments is part of Deutsche
Bank's Asset Management division and,
within the US, represents the retail asset
management activities of Deutsche Bank
AG, Deutsche Bank Trust Company
Americas, Deutsche Investment
Management Americas Inc. and DWS Trust
Company.
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
www.dws-investments.com
service@dws.com
Tel (800) 621-1148 TDD (800) 972-3006
© 2013 DWS Investments Distributors, Inc.
All rights reserved.
(1/13) R-3071-12 DMMBF-FACT
(in thousands)
Growth of a $10,000 investment in Class S shares from 12/31/02 to 12/31/12
$20
$15
$10
$5
12/02 12/04
12/06
12/08
12/10
12/12
DWS Managed Municipal Bond Fund $16,598 Barclays Municipal Bond Index $16,451
Source: Deutsche Asset Management.
Average annual total returns (as of 12/31/12)*
Share class
YTD
1-year
Unadjusted for sales charge (would be lower if adjusted)
A
C
Adjusted for maximum sales charge
A (max 2.75% load)
C (max 1.00% CDSC)
Other share classes
INST
S
Barclays Municipal Bond
Index 1
9.52%
8.68%
6.51%
8.68%
9.78%
9.70%
6.78%
Historical total returns (as of 12/31/12)
S
2012
9.70%
2011
9.89%
2010
1.50%
2009
17.53%
9.52%
8.68%
6.51%
8.68%
9.78%
9.70%
6.78%
2008
-5.72%
3-year
6.77%
5.96%
5.78%
5.96%
7.04%
6.96%
6.57%
2007
3.47%
5-year
6.08%
5.28%
5.49%
5.28%
6.34%
6.28%
5.91%
2006
5.05%
10-year
4.98%
4.19%
4.69%
4.19%
5.23%
5.20%
5.10%
2005
3.85%
Life of fund
n/a
n/a
n/a
n/a
5.27%
n/a
n/a
2004
3.10%
Inception
6/11/01
6/11/01
6/11/01
6/11/01
8/19/02
10/14/76
n/a
2003
5.20%
Performance is historical and does not guarantee future results. Investment returns and principal fluctuate so your
shares may be worth more or less when redeemed. Current performance may differ from the data shown. Please
visit www.dws-investments.com for the fund’s most recent month-end performance. Fund performance includes
reinvestment of all distributions. Index returns do not reflect fees or expenses and it is not possible to invest directly in an
index. Not all share classes are available to all investors.
*The fund's performance prior to inception reflects that of Class S. Returns prior to inception reflect the original share
class performance, adjusted for higher operating expenses and/or the maximum sales charge.
The gross expense ratio is 0.82% for A shares, 1.59% for C shares, 0.64% for S shares and 0.56% for INST shares. The
net expense ratio is 0.82% for A shares, 1.59% for C shares, 0.64% for S shares and 0.56% for INST shares. The net
expense charge for this fund does not include any fee waivers.
1 Barclays Municipal Bond Index tracks the performance of investment-grade, fixed-rate municipal bonds with maturities
greater than two years.