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DWS Managed Municipal Bond Inst SMLIX

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The Upcoming Retirement of DWS' Muni Head Doesn't Change the Ratings on DWS Managed Municipal Bond

Analyst Note

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Ashton Goodfield, head of DWS' municipal platform and a lead portfolio manager on several of its municipal-bond offerings, announced her retirement from the firm effective Sept. 30, 2021. Ashton joined the firm in 1986 and has been a comanager on DWS Managed Municipal Bond SCMBX since 1998 and lead manager since 2016. Chad Farrington and Matthew Caggiano, named on this strategy in 2018 and 1999, respectively, will succeed her as co-heads of DWS' U.S. municipal-bond team. Michael Generazo, who has also been a comanager on this strategy since 2010, will continue to contribute to its operations. Two of the three remaining portfolio managers have managed this strategy for more than a decade. The trio is backed by an experienced research team sufficient for this mandate, though the group has seen some turnover in the recent years. Therefore, this change does not impact the current ratings on DWS Managed Municipal Bond. The strategy maintains a People Pillar rating of Average, while its overall Morningstar Analyst Rating remains Neutral.

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