0000088053-12-001097.txt : 20121016 0000088053-12-001097.hdr.sgml : 20121016 20121016142105 ACCESSION NUMBER: 0000088053-12-001097 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121016 DATE AS OF CHANGE: 20121016 EFFECTIVENESS DATE: 20121016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-57139 FILM NUMBER: 121145984 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MANAGED MUNICIPAL BONDS DATE OF NAME CHANGE: 19880302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02671 FILM NUMBER: 121145985 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MANAGED MUNICIPAL BONDS DATE OF NAME CHANGE: 19880302 0000203142 S000006094 DWS Strategic High Yield Tax-Free Fund C000016734 Class A NOTAX C000016736 Class B NOTBX C000016737 Class C NOTCX C000016738 Class S SHYTX C000016739 Institutional Class NOTIX 0000203142 S000006095 DWS Managed Municipal Bond Fund C000016740 Class A SMLAX C000016742 Class B SMLBX C000016743 Class C SMLCX C000016744 Class S SCMBX C000016745 Institutional Class SMLIX 485BPOS 1 xb100112dmt.htm 485B XBRL FILING - DWS MUNICIPAL TRUST xb100112dmt.htm
Filed electronically with the Securities and Exchange Commission on October 16, 2012.

                       File No. 002-57139
                       File No. 811-02671

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment
Post-Effective Amendment No. 77
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940

Amendment No. 68


DWS Municipal Trust
(Exact Name of Registrant as Specified in Charter)

345 Park Avenue, New York, NY  10154
 (Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, including Area Code:  (617) 295-1000

John Millette, Vice President and Secretary
One Beacon Street
Boston, MA  02108
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

/X/
Immediately upon filing pursuant to paragraph (b)
/___/
On _______________pursuant to paragraph (b)
/___/
60 days after filing pursuant to paragraph (a)(1)
/___/
On _______________pursuant to paragraph (a)(1)
/___/
75 days after filing pursuant to paragraph (a)(2)
/___/
On _______________ pursuant to paragraph (a) (2) of Rule 485
   
 
If appropriate, check the following box:
 
/___/
This post-effective amendment designates a new effective date for a previously filed post-effective amendment


 
 

 

This filing relates solely to the following Funds, each a series of the Registrant:

·  
DWS Strategic High Yield Tax-Free Fund — Class A, Class B, Class C, Institutional Class and Class S
·  
DWS Managed Municipal Bond Fund — Class A, Class B, Class C, Institutional Class and Class S



 
 

 


 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York on the 15th day of October 2012.


  DWS MUNICIPAL TRUST

 
By:  /s/W. Douglas Beck
W. Douglas Beck*
President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

SIGNATURE
TITLE
DATE
 
     
/s/W. Douglas Beck
   
W. Douglas Beck*
President
October 15, 2012
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
October 15, 2012
     
/s/John W. Ballantine
   
John W. Ballantine*
Trustee
October 15, 2012
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
October 15, 2012
     
/s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
October 15, 2012
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
October 15, 2012
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Chairperson and Trustee
October 15, 2012
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Trustee
October 15, 2012
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
October 15, 2012
     
/s/William McClayton
   
William McClayton*
Trustee
October 15, 2012
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
October 15, 2012
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
October 15, 2012
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
October 15, 2012
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
October 15, 2012
     

*By:           
/s/Caroline Pearson
Caroline Pearson**
Chief Legal Officer

** Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registration Statement as filed on September 28, 2011; and as filed on July 25, 2008 in Post-Effective Amendment No. 62 to the Registration Statement.



 
 

 

EXHIBIT INDEX

Index No.
 
Description of Exhibit
   
EX-101.INS
  
XBRL Instance Document
   
EX-101.SCH
  
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
  
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase



EX-101.INS 2 dmt-20120926.xml XBRL INSTANCE DOCUMENT 0000203142 dmt:S000006095Member dmt:C000016740Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:C000016742Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:C000016743Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:C000016745Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:C000016744Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:C000016734Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:C000016736Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:C000016737Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:C000016739Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:C000016738Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member 2011-10-02 2012-10-01 0000203142 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxesMember dmt:C000016740Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxesMember dmt:C000016742Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxesMember dmt:C000016743Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BeforeTaxesMember dmt:C000016744Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxesMember dmt:C000016734Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxesMember dmt:C000016736Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxesMember dmt:C000016737Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BeforeTaxesMember dmt:C000016738Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member rr:AfterTaxesOnDistributionsMember dmt:C000016740Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member rr:AfterTaxesOnDistributionsAndSalesMember dmt:C000016740Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BarclaysMunicipalBondIndexMember dmt:C000016744Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member rr:AfterTaxesOnDistributionsMember dmt:C000016734Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member rr:AfterTaxesOnDistributionsAndSalesMember dmt:C000016734Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BarclaysMunicipalBondIndexMember dmt:C000016738Member 2011-10-02 2012-10-01 0000203142 dmt:S000006095Member dmt:BarclaysMunicipalBondIndexMember dmt:C000016745Member 2011-10-02 2012-10-01 0000203142 dmt:S000006094Member dmt:BarclaysMunicipalBondIndexMember dmt:C000016739Member 2011-10-02 2012-10-01 pure iso4217:USD 718 887 866 313 357 823 2012-06-30 968 956 433 482 2012-06-30 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSStrategicHighYieldTaxFreeFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSManagedMunicipalBondFund column period compact * ~</div> 0.0019 0.0024 718 1087 866 313 357 0.0503 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>EXAMPLE</b></font> 956 1168 823 433 482 0.0626 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>EXAMPLE</b></font> 0.0275 0 0 0 0 0.002 0.0017 0.0025 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>DWS Strategic High Yield Tax-Free Fund</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>SHAREHOLDER FEES</b> (paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.<br/><br/>Portfolio turnover rate for fiscal year 2012: 29%.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">www.dws-investments.com</font> 0.0713 0.0275 0 0 0 0 0.0022 0.0033 0.002 0.0023 0.0021 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>DWS MANAGED MUNICIPAL BOND FUND</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>SHAREHOLDER FEES</b> (paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.</font><br/><br/><font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Portfolio turnover rate for fiscal year 2012: 27%.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">www.dws-investments.com</font> 0.053 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSStrategicHighYieldTaxFreeFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSManagedMunicipalBondFund column period compact * ~</div> 0 0.04 0.01 0 0 485BPOS DWS MUNICIPAL TRUST 356 566 262 57 65 1261 1517 1889 701 798 2001-06-11 2001-06-11 2001-06-11 1976-10-14 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the<br/> value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">You would pay the following expenses if you did not redeem your shares:</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PRINCIPAL INVESTMENT STRATEGY</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended 12/31/2011 expressed as a %)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 21) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses for each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Best Quarter: 13.52%, Q3 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: -15.52%, Q4 2008<br/>Year-to-Date as of 6/30/2012: 7.13%</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Index comparison for Institutional Class shares began on 8/31/2002.</font> 100000 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index).</font> -0.0007 -0.0005 -0.0004 -0.0006 -0.0017 372 576 276 75 75 1092 972 2081 1722 1495 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 21) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the<br/> value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">You would pay the following expenses if you did not redeem your shares:</font> 2000-05-01 2000-05-01 2000-05-01 1987-01-22 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PRINCIPAL INVESTMENT STRATEGY</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Best Quarter: 9.03%, Q3 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: -4.74%, Q4 2010<br/>Year-to-Date as of 6/30/2012: 5.30%</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended 12/31/2011 expressed as a %)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Index comparison for Institutional Class shares began on 8/31/2002.</font> 100000 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index).</font> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSStrategicHighYieldTax-FreeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSManagedMunicipalBondFundBarChart column period compact * ~</div> 2002-08-19 2002-08-19 0000203142 2012-09-26 0.0006 0.0006 0.0006 0.0006 0.0006 false 0.0082 0.0163 0.0159 0.0056 0.0064 2012-05-31 530 814 502 179 205 356 166 162 57 65 530 514 502 179 0.0985 0.036 -0.0593 0.097 0.0668 0.0667 0.0562 0.0581 0.0887 0.0989 0.107 0.0472 0.0469 0.0466 0.0419 0.0421 0.0524 0.0538 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>FEES AND EXPENSES OF THE FUND</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PORTFOLIO TURNOVER</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>MAIN INVESTMENTS. </b>Under normal circumstances, the fund invests at least 80% of net assets in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT).<br/><br/>The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein.<br/><br/>The fund normally invests at least 50% of total assets in municipal securities of the top four grades of credit quality. The fund may invest up to 50% of total assets in high yield debt securities (commonly referred to as "junk" bonds), which are those below the fourth credit grade (i.e., grade BB/Ba and below) and may include debt securities not currently paying interest and debt securities in default. Compared to investment-grade debt securities, junk bonds generally pay higher yields, have higher volatility and higher risk of default on payments of interest or principal.<br/><br/><b>MANAGEMENT PROCESS. </b>Portfolio management looks for securities that appear to offer the best opportunity to meet the fund's objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market.<br/><br/>Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years.<br/><br/><b>DERIVATIVES. </b>Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund's portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains.<br/><br/>The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">September 30, 2013</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.</font> 2009-09-30 0.1352 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Worst Quarter:</font> 2008-12-31 0 0 0.01 0.04 0 0.0007 0.0007 0.0007 0.0007 0.0007 0.0103 0.018 0.0177 0.0079 0.009 860 589 553 246 270 372 176 176 75 75 0.0908 0.0534 -0.2207 0.0978 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>FEES AND EXPENSES OF THE FUND</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PORTFOLIO TURNOVER</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion.</font> 0.0675 0.0676 0.058 0.0596 0.0905 0.1005 0.107 0.0431 0.0482 0.0482 0.0482 0.0432 0.0529 0.0538 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>MAIN INVESTMENTS.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT).</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer's ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund normally invests at least 65% of total assets in municipal securities of the top three grades of credit quality. The fund may invest up to 10% of total assets in high yield debt securities (commonly referred to as "junk" bonds) of the fifth and sixth credit grades (i.e., as low as grade B). Compared to investment-grade debt securities, junk bonds generally pay higher yields, have higher volatility and higher risk of default on payments of interest or principal.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>MANAGEMENT PROCESS.</b> Portfolio management looks for securities that appear to offer the best opportunity to meet the fund's objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>DERIVATIVES.</b> Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund's portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>INTEREST RATE RISK.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>CREDIT RISK.</b> The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news or even the expectation of bad news, than investment-grade debt securities.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>FOCUS RISK.</b> To the extent that the fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal government could over time impair a states, region or sector's ability to repay its obligations.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>MUNICIPAL SECURITIES RISK.</b> The fund will be impacted by events in the municipal securities market. Negative events, such as severe fiscal difficulties, an economic downturn, unfavorable legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>MARKET RISK.</b> Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>INVERSE FLOATING RATE SECURITIES RISK.</b> The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>DERIVATIVES RISK.</b> Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>SECURITY SELECTION RISK.</b> The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>COUNTERPARTY RISK.</b> A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>TAX RISK.</b> Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>LIQUIDITY RISK.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>PREPAYMENT AND EXTENSION RISK.</b> When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3"><b>PRICING RISK.</b> If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Worst Quarter</font> 2009-09-30 0.0903 2010-12-31 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.<br/><br/><b>INTEREST RATE RISK. </b>When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)<br/><br/><b>CREDIT RISK. </b>The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.<br/><br/>Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news or even the expectation of bad news, than investment-grade debt securities.<br/><br/><b>FOCUS RISK. </b>To the extent that the fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal government could over time impair a states, region or sector's ability to repay its obligations.<br/><br/><b>MUNICIPAL SECURITIES RISK. </b>The fund will be impacted by events in the municipal securities market. Negative events, such as severe fiscal difficulties, an economic downturn, unfavorable legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance.<br/><br/><b>MARKET RISK. </b>Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well.<br/><br/><b>INVERSE FLOATING RATE SECURITIES RISK. </b>The interest payment received on inverse floating rate securities ("inverse floaters") generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund's gains or losses.<br/><br/><b>DERIVATIVES RISK. </b>Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses.<br/><br/><b>SECURITY SELECTION RISK. </b>The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters.<br/><br/><b>COUNTERPARTY RISK. </b>A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.<br/><br/><b>TAX RISK. </b>Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund's otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT.<br/><br/><b>LIQUIDITY RISK. </b>In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.<br/><br/><b>PREPAYMENT AND EXTENSION RISK. </b>When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.<br/><br/><b>PRICING RISK. </b>If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments.</font> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSStrategicHighYieldTaxFreeFundSupplement column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSManagedMunicipalBondFundSupplement column period compact * ~</div> 0.107 0.1 0.1008 0.107 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSManagedMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSStrategicHighYieldTaxFreeFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Prior to December 31, 2011, the returns in the bar chart and the after-tax returns in the performance table below were shown for Class S shares. The bar chart and the after-tax returns below are shown for Class A shares because the shares now have 10 or more years of annual returns and are available to most investors.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Prior to December 31, 2011, the returns in the bar chart and the after-tax returns in the performance table below were shown for Class S shares. The bar chart and the after-tax returns below are shown for Class A shares because the shares now have 10 or more years of annual returns and are available to most investors.</font> 2012-10-01 0.0033 0.0033 0.0033 0.0033 0.0033 0.0024 0.01 0.01 0 0 0.0025 0.003 0.0026 0.0023 0.0031 2012-10-01 1261 1517 1889 701 798 205 0.0284 0.0481 0.0324 0.1731 0.0131 0.0425 0.0422 0.0421 0.0381 0.0405 0.0504 0.0522 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>MAIN RISKS</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PAST PERFORMANCE</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund seeks to provide a high level of income exempt from regular federal income tax.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 0.91%,1.66%, 1.66%, 0.66% and 0.66% for Class A, Class B, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number for your share class included in this prospectus.<br/><br/>Prior to December 31, 2011, the returns in the bar chart and the after-tax returns in the performance table below were shown for Class S shares. The bar chart and the after-tax returns below are shown for Class A shares because the shares now have 10 or more years of annual returns and are available to most investors.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.</font> 0.29 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Past performance may not indicate future results.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">These year-by-year returns do not include sales charges, if any, and would be lower if they did.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">After-tax returns (which are shown only for Class A and would be different for other classes)</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Year-to-Date</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Best Quarter:</font> -0.1552 0.005 0.005 0.005 0.005 0.005 0.01 0.0025 0.01 0 0 0.004 0.0029 0.0027 0.003 0.0028 0.0173 0.0073 0.0073 0.0173 0.0098 972 1092 2081 1722 1495 270 246 553 560 589 0.0488 0.0588 0.0247 0.354 0.0232 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">The fund seeks to provide income exempt from regular federal income tax.</font> 0.0351 0.0338 0.0338 0.0319 0.03 0.0422 0.0522 <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>MAIN RISKS</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="4"><b>PAST PERFORMANCE</b></font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number for your share class included in this prospectus.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">Prior to December 31, 2011, the returns in the bar chart and the after-tax returns in the performance table below were shown for Class S shares. The bar chart and the after-tax returns below are shown for Class A shares because the shares now have 10 or more years of annual returns and are available to most investors.</font> <font style="FONT-FAMILY: Times New Roman, Helvetica" size="3">These year-by-year returns do not include sales charges, if any, and would be lower if they did. 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