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Trending ETFs

DWS Short-Term Municipal Bond Fund

mutual fund
SRMSX
Payout Change
Pending
Price as of:
$9.78 +0.01 +0.1%
primary theme
Municipal Bond
SRMSX (Mutual Fund)

DWS Short-Term Municipal Bond Fund

Payout Change
Pending
Price as of:
$9.78 +0.01 +0.1%
primary theme
Municipal Bond
SRMSX (Mutual Fund)

DWS Short-Term Municipal Bond Fund

Payout Change
Pending
Price as of:
$9.78 +0.01 +0.1%
primary theme
Municipal Bond

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.78

$149 M

2.91%

$0.28

0.64%

Vitals

YTD Return

1.2%

1 yr return

3.8%

3 Yr Avg Return

0.6%

5 Yr Avg Return

1.2%

Net Assets

$149 M

Holdings in Top 10

18.4%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.64%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 105.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.78

$149 M

2.91%

$0.28

0.64%

SRMSX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.95%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DWS Short-Term Municipal Bond Fund
  • Fund Family Name
    DWS Funds
  • Inception Date
    Feb 28, 2005
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Caggiano

Fund Description

Main investments. Under normal market conditions, the fund invests at least 80% of its assets, determined at the time of purchase, in municipal securities that pay interest exempt from regular federal income tax. Municipal securities are debt securities issued by states and certain other municipal issuers, political subdivisions, agencies and public authorities that pay interest that is exempt from regular federal income tax. The fund may invest without limit in municipal securities that pay interest that is taxable under the federal alternative minimum tax (AMT). The fund invests in securities of varying maturities and intends to maintain a dollar-weighted average effective portfolio maturity of no longer than three years. In determining the dollar-weighted average effective portfolio maturity, portfolio management uses a security’s stated maturity or, if applicable, an earlier date on which portfolio management believes it is probable that the security will be repaid pursuant to a maturity-shortening feature of the security. Portfolio management might use a security’s effective maturity where, for example, market conditions favor a buyer exercising a put option (i.e., an option to sell a bond back to the issuer prior to its maturity) or an issuer exercising a call option (i.e., an option to redeem a bond prior to its maturity) or a principal prepayment provision (i.e., a provision allowing an issuer to repay principal before the stated maturity date). A security’s effective maturity can be substantially shorter than its stated maturity. As of December 31, 2023, the fund had a dollar-weighted average effective portfolio maturity of 2.15 years.The fund invests primarily in investment grade municipal securities (securities within the top four credit rating categories) and up to 20% of total assets in the fourth highest credit rating category or, if unrated, determined by the Advisor to be of similar quality. The fund may invest up to 20% of total assets in high yield debt securities (commonly referred to as junk bonds), which are those rated below the fourth highest rating category (i.e., grade BB/Ba and below), or, if unrated, determined by the Advisor to be of similar quality. 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. The fund may invest more than 25% of total assets in private activity and industrial development bonds if the interest paid on them is exempt from regular federal income tax. The fund may invest up to 20% of total assets in certain taxable securities to maintain liquidity. The fund may also purchase securities on a when-issued basis.The fund may use forward delivery bonds, which are bonds priced on a determined date but that are not issued and settled until a later period (ranging from several weeks to more than a year). Forward delivery bonds with settlement dates greater than 35 days are treated as derivatives by the fund and are subject to the fund's policies and procedures with respect to derivatives. Forward delivery bonds with settlement dates greater than 35 days generally are used for non-hedging purposes to seek to enhance potential gains.Management process. 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 changes in supply and demand within the municipal bond market. When evaluating any individual security and its issuer, portfolio management may consider a number of factors including the security’s credit quality and terms, such as coupon, maturity date and call date, as well as the issuer’s capital structure, leverage, and ability to meet its current obligations. In addition, portfolio management looks to exploit any inefficiencies between intrinsic value and trading price and focuses on identifying individual bonds that may add above-market value, with sector weightings as a secondary consideration. Portfolio management may also consider environmental, social, and governance (ESG) factors that it believes to be financially material. Such factors may include, but are not limited to, exposure to climate change risks, poverty and unemployment data, and an issuer’s governance structure and practices.
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SRMSX - Performance

Return Ranking - Trailing

Period SRMSX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -2.9% 17.0% 25.80%
1 Yr 3.8% -1.4% 29.0% 58.32%
3 Yr 0.6%* -11.1% 2.9% 5.22%
5 Yr 1.2%* -6.3% 1102.2% 21.51%
10 Yr 1.2%* -0.5% 248.4% 77.15%

* Annualized

Return Ranking - Calendar

Period SRMSX Return Category Return Low Category Return High Rank in Category (%)
2023 1.3% -1.4% 41.0% 90.81%
2022 -4.4% -39.7% 0.3% 6.74%
2021 -0.9% -5.6% 6.9% 68.75%
2020 0.9% -2.6% 310.0% 83.55%
2019 1.5% 0.0% 26.0% 94.76%

Total Return Ranking - Trailing

Period SRMSX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -2.9% 17.0% 25.80%
1 Yr 3.8% -1.4% 29.0% 58.32%
3 Yr 0.6%* -11.1% 2.9% 5.22%
5 Yr 1.2%* -6.3% 1102.2% 21.51%
10 Yr 1.2%* -0.5% 248.4% 77.15%

* Annualized

Total Return Ranking - Calendar

Period SRMSX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -1.3% 41.0% 83.19%
2022 -2.8% -39.7% 1.1% 5.48%
2021 0.3% -4.8% 23761504.0% 80.78%
2020 2.6% -1.5% 17057.9% 83.14%
2019 3.2% 0.2% 3514.6% 92.39%

NAV & Total Return History


SRMSX - Holdings

Concentration Analysis

SRMSX Category Low Category High SRMSX % Rank
Net Assets 149 M 3.22 M 71.9 B 78.61%
Number of Holdings 144 2 13067 72.84%
Net Assets in Top 10 28.2 M -317 M 3.56 B 80.05%
Weighting of Top 10 18.38% 2.0% 100.2% 48.70%

Top 10 Holdings

  1. CALIFORNIA PUBLIC FIN AUTH REVENUE 2.25%
  2. LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE 1.99%
  3. VIRGINIA ST HSG DEV AUTH CMWLTH MTGE 1.96%
  4. LAKE CHARLES LA HARBOR TERMINAL DIST 1.90%
  5. BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 1.88%
  6. KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE 1.80%
  7. LOUISVILLE JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE 1.78%
  8. HOUSTON TX ARPT SYS REVENUE 1.69%
  9. CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM 1.63%
  10. HILLSBOROUGH CNTY FL SOL WST RESOURCE RECOVERY REVENUE 1.50%

Asset Allocation

Weighting Return Low Return High SRMSX % Rank
Bonds
99.18% 0.00% 150.86% 35.06%
Cash
0.06% -50.86% 46.80% 85.19%
Stocks
0.00% 0.00% 99.81% 54.29%
Preferred Stocks
0.00% 0.00% 0.56% 47.50%
Other
0.00% -3.18% 33.35% 51.33%
Convertible Bonds
0.00% 0.00% 0.93% 47.49%

Bond Sector Breakdown

Weighting Return Low Return High SRMSX % Rank
Municipal
93.82% 44.39% 100.00% 85.84%
Cash & Equivalents
0.06% 0.00% 46.24% 50.88%
Derivative
0.00% -3.18% 19.67% 48.47%
Securitized
0.00% 0.00% 5.93% 47.88%
Corporate
0.00% 0.00% 9.41% 56.43%
Government
0.00% 0.00% 52.02% 51.73%

Bond Geographic Breakdown

Weighting Return Low Return High SRMSX % Rank
US
99.18% 0.00% 142.23% 33.14%
Non US
0.00% 0.00% 23.89% 49.97%

SRMSX - Expenses

Operational Fees

SRMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.64% 0.01% 20.65% 61.57%
Management Fee 0.30% 0.00% 1.20% 15.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.01% 0.44% 30.89%

Sales Fees

SRMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SRMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SRMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 105.00% 0.00% 283.00% 99.36%

SRMSX - Distributions

Dividend Yield Analysis

SRMSX Category Low Category High SRMSX % Rank
Dividend Yield 2.91% 0.00% 14.51% 55.65%

Dividend Distribution Analysis

SRMSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

SRMSX Category Low Category High SRMSX % Rank
Net Income Ratio 0.95% -0.53% 5.33% 88.10%

Capital Gain Distribution Analysis

SRMSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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SRMSX - Fund Manager Analysis

Managers

Matthew Caggiano


Start Date

Tenure

Tenure Rank

Apr 28, 2014

8.1

8.1%

Portfolio Manager for Municipal Bonds: Boston, MA Joined the Company in 1989. Prior to his current role, Matthew served as a Portfolio Manager and Trader for Insurance portfolios. Previously, Matthew served as an Assistant Trader for Tax Exempt Municipal Bond funds and as a Research Assistant for the Municipal Bond Group BS from Pennsylvania State University; MS from Boston College; CFA Charterholder

Patrick Gallagher


Start Date

Tenure

Tenure Rank

Nov 19, 2021

0.53

0.5%

Patrick Gallagher, Portfolio Manager Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2021. ■Joined DWS in 2003. Prior to his current role, he served as an Insurance Reporting Supervisor in the Insurance Asset Management business and as Investment Accountant in the Private Wealth Management Division. ■He went to Colby College for BA Education.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58