Summary Prospectus December 1, 2012
[Deutsche Asset Management LOGO]
A Member of the Deutsche Bank Group
DWS VARIABLE NAV MONEY FUND
Before you invest, you may want to review the fund's prospectus, which contains
more information about the fund and its risks.
You can find the fund's prospectus, Statement of Additional Information (SAI)
and other information about the fund online at
https://www.dbadvisorsliquidity.com/US/products/fund_facts_prospectus l2.jsp.
You can also get this information at no cost by
e-mailing a request to service@dws.com, calling (800) 730-1313 or asking your
financial advisor. The prospectus and SAI, both
dated December 1, 2012, as supplemented, are incorporated by reference into
this Summary Prospectus.
INVESTMENT OBJECTIVE
The fund seeks to provide a high level of current income consistent with
liquidity and the preservation of capital.
FEES AND EXPENSES OF THE FUND
These are the fees and expenses you may pay when you buy and hold shares.
SHAREHOLDER FEES
(paid directly from your investment) None
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a % of the value of your investment)
Management fee 0.15
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Distribution/service
(12b-1) fees None
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Other expenses(1) 1.29
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TOTAL ANNUAL FUND OPERATING EXPENSES 1.44
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Less fee waiver/expense reimbursement 1.29
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NET ANNUAL FUND OPERATING EXPENSES (after fee waiver
and/or
expense reimbursement) 0.15
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(1) Restated on an annualized basis to exclude the fees and expenses paid in
connection with the organization of the fund. If those fees and expenses
had been included, the fund's "Other expenses" would have been 1.49% and
"Total annual fund operating expenses" would have been 1.64%.
The Advisor has contractually agreed through November 30, 2013 to maintain the
fund's total annual operating expenses, excluding extraordinary expenses,
taxes, brokerage and interest expense at a ratio no higher than 0.15%. The
agreement may only be terminated with the consent of the fund's Board.
EXAMPLE
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 in each period) remain the same.
Although your actual costs may be higher or lower, based on these assumptions
your costs would be:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- --------- --------- ---------
$15 $328 $664 $1,613
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PRINCIPAL INVESTMENT STRATEGY
The fund is managed in accordance with Rule 2a-7 under the Investment Company
Act of 1940, as amended, which governs the quality, maturity, diversity and
liquidity of instruments in which a money market fund may invest.
The fund is a money market fund that is designed to serve as a complementary
product to traditional stable value money market funds. UNLIKE A TRADITIONAL
MONEY MARKET FUND, THE FUND WILL NOT USE THE AMORTIZED COST METHOD OF VALUATION
AND DOES NOT SEEK TO MAINTAIN A STABLE SHARE PRICE OF $1.00. AS A RESULT, THE
FUND'S SHARE PRICE, WHICH IS ITS NET ASSET VALUE PER SHARE (NAV), WILL VARY AND
REFLECT THE EFFECTS OF UNREALIZED APPRECIATION AND DEPRECIATION AND REALIZED
LOSSES AND GAINS. Because the fund will not use the amortized cost method of
valuation, the Advisor believes that the likelihood of redemptions by
shareholders solely to avoid unrealized depreciation or realized losses will be
mitigated, but there is no guarantee that the fund will not experience
redemptions based upon unrealized depreciation, realized losses or other
factors.
The fund invests in high quality, short-term, US dollar denominated money
market instruments, including obligations of US and foreign banks, corporate
obligations, US government securities, repurchase agreements and asset backed
securities, paying a fixed, variable or floating interest rate.
Working in consultation with portfolio management, a credit team screens
potential securities and develops a list of those that the fund may buy.
Portfolio management, looking for attractive yield and weighing considerations
such as credit quality, economic outlooks and possible interest rate movements,
then decides which securities on this list to buy.
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MAIN RISKS
There are several risk factors that could reduce the yield you get from the
fund, cause the fund's performance to trail that of other investments, or cause
you to lose money.
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 insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. Although the fund seeks preservation of capital, the net
asset value per share of the fund will fluctuate, and you could lose money by
investing in the fund.
INTEREST RATE RISK. Rising interest rates could cause the value of the fund's
investments - and therefore its share price as well - to decline. Conversely,
any decline in interest rates is likely to cause the fund's yield to decline,
and during periods of unusually low interest rates, the fund's yield may
approach zero. A low interest rate environment may prevent the fund from
providing a positive yield or paying fund expenses out of current income. Over
time, the total return of a money market fund may not keep pace with inflation,
which could result in a net loss of purchasing power for long-term investors.
CREDIT RISK. The fund's performance could be hurt if an issuer of a money
market instrument suffers an adverse change in financial condition that results
in a payment default, security downgrade or inability to meet a financial
obligation.
MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.
PRICING RISK. Any time the fund uses any valuation methodology other than
market prices, 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 market value when buying fund shares or receive less than market value
when selling fund shares.
LIQUIDITY RISK. The liquidity of portfolio securities can deteriorate rapidly
due to credit events affecting issuers or guarantors or due to general market
conditions and a lack of willing buyers. When there are no willing buyers and
an instrument cannot be readily sold at a desired time or price, the fund may
have to accept a lower price or may not be able to sell the instrument at all.
An inability to sell one or more portfolio securities can prevent the fund from
being able to take advantage of other investment opportunities.
Unusual market conditions, an unusually high volume of redemption requests, or
other similar conditions, could cause the fund to be unable to pay redemption
proceeds within a short period of time.
SECURITY SELECTION RISK. Although short-term securities are relatively stable
investments, it is possible that the securities in which the fund invests will
not perform as expected. This could cause the fund's returns to lag behind
those of similar money market mutual funds and could result in a decline in
share price.
REPURCHASE AGREEMENT RISK. If the party that sells the securities to the fund
defaults on its obligation to repurchase them at the agreed-upon time and
price, the fund could lose money.
COUNTERPARTY RISK. 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.
PREPAYMENT AND EXTENSION RISK. 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 yield and could hurt fund performance. Prepayments could also create
capital gains tax liability in some instances.
FOREIGN INVESTMENT RISK. Foreign investments include certain special risks,
such as unfavorable political and legal developments, limited financial
information, regulatory risk and economic and financial instability.
PAST PERFORMANCE
Past performance information is not available for a full calendar year. Past
performance may not indicate future results. The 7-DAY YIELD, which is often
referred to as the "current yield," is the income generated by the fund over a
seven-day period. This amount is then annualized, which means that we assume
the fund generates the same income every week for a year. For more recent
performance figures and the current yield, go to www.dbadvisorsliquidity.com/US
(the Web site does not form a part of this prospectus) or call (800) 730-1313.
MANAGEMENT
INVESTMENT ADVISOR
Deutsche Investment Management Americas Inc.
PURCHASE AND SALE OF FUND SHARES
MINIMUM INITIAL INVESTMENT
The minimum initial investment is $1,000,000, and there is no minimum
additional investment.
The fund reserves the right to modify the investment minimum.
2
DWS Variable NAV Money Fund
SUMMARY PROSPECTUS December 1, 2012
TO PLACE ORDERS
The fund is primarily offered to institutional investors. Your account cannot
become activated until we receive a completed account application. To purchase
shares of the fund, please contact your sales representative or call (800)
730-1313 to be put into contact with a sales representative who can assist you.
TAX INFORMATION
The fund's distributions are generally taxable to you as ordinary income or
capital gains, except when your investment is in an IRA, 401(k), or other
tax-deferred investment plan.
PAYMENTS TO BROKER-DEALERS AND
OTHER FINANCIAL INTERMEDIARIES
If you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank), the fund and its related companies may pay the intermediary
for the sale of fund shares and related services. These payments may create a
conflict of interest by influencing the broker-dealer or other intermediary and
your salesperson to recommend the fund over another investment. Ask your
salesperson or visit your financial intermediary's web site for more
information.
3
DWS Variable NAV Money Fund
SUMMARY PROSPECTUS December 1, 2012 DVNMF-SUM
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