Fund Evaluator:
DWS Managed Municipal Bond S (SCMBX)
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Best Performing in Muni National Long Over the Last Year
| 7.5% | Victory Tax Exempt Long-Term (USTEX) |
| 7.3% | Vanguard High-Yield Tax-Exempt Adm (VWALX) |
| 7.2% | Vanguard High-Yield Tax-Exempt (VWAHX) |
| 7.1% | Thrivent Municipal Bond S (TMBIX) |
| 7.0% | T. Rowe Price Core Municipal Bond (PRTAX) |
Fund Details
DWS Managed Municipal Bond S Overview
DWS Managed Municipal Bond S (SCMBX) is an actively managed Municipal Bond Muni National Long fund. DWS launched the fund in 1976.
The investment seeks to provide income exempt from regular federal income tax. 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. It may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). The fund normally invests at least 65% of total assets in municipal securities rated in the three highest credit rating categories, or if unrated, determined by the Advisor to be of similar quality.
About DWS Managed Municipal Bond S (SCMBX)
There are 2 members of the management team with an average tenure of 17.12 years: Chad Farrington (2018), Matthew Caggiano (1999). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. DWS Managed Municipal Bond S has 383 securities in its portfolio. The top 10 holdings constitute 11.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS Managed Municipal Bond S is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DWS Managed Municipal Bond S has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.8% (99.2% domestic bond, 0.6% foreign bond and 0.0% convertible bond). DWS Managed Municipal Bond S has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $883 million in total assets, which is below the $1 billion average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SCMBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DWS Managed Municipal Bond S expense ratio is average compared to funds in the Muni National Long category. DWS Managed Municipal Bond S has an expense ratio of 0.57%, which is 27% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DWS Managed Municipal Bond S has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.
Recently, in the month of July 2026, DWS Managed Municipal Bond S returned -1.8%, which earned it a grade of B, as the Muni National Long category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DWS Managed Municipal Bond S has a trailing yield of 4.20%, which is above the 3.72% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DWS Managed Municipal Bond S Grades
Year to date, the fund has returned 1.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 6.3% over the past year (grade of C), 3.4% over the past three years (grade of B) and 0.2% per year over the past five years (grade of C) and 1.7% per year over the past 10 years (grade of C).
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SCMBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SCMBX Return (NAV) | -1.8% | -0.1% | 6.3% | 3.4% | 0.2% | 1.7% |
| SCMBX Grade | B | B | C | B | C | C |
| +/- Category | 0.1% | 0.2% | 0.0% | 0.2% | 0.2% | -0.0% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| SCMBX Tax Cost Ratio | na | na | -0.0% | 0.0% | 0.1% | 0.0% |
SCMBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SCMBX Return (NAV) | 1.1% | 2.9% | 2.8% | 7.6% | -11.9% | 2.6% | 4.1% | 7.9% | 0.1% | 5.6% | 0.1% |
| SCMBX Grade | B | C | B | A | D | C | D | C | F | C | D |
| +/- Category | 0.3% | -0.1% | 0.3% | 0.8% | -0.3% | -0.3% | -0.6% | -0.2% | -0.6% | -0.2% | -0.1% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.2% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 0.95 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 1.06 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1590 Mil |
| Fund Total Assets: | $ 883 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 26.6 years | |||
| Average Tenure: 17.1 years | |||
| Managers (Year): Caggiano Matthew (1999), Farrington Chad (2018) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 383 |
| % in Top 10 Holdings: | 11.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.2% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | October 14, 1976 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.57% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | DWS Managed Municipal Bond S |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
