DWS (CH) Money Market Umbrella Fund

Transcription

1 DWS (CH) Money Market Umbrella Fund Simplified Prospectus Umbrella fund under Swiss law (Type Other funds for traditional investments ) June 2012

2 Simplified prospectus as of June 2012 Simplified prospectus Umbrella fund under Swiss law (Type "Other funds for traditional investments") Currently with subfunds DWS (CH) Money Market (Euro) DWS (CH) Money Market (CHF) DWS (CH) Money Market (US Dollar) Fund management company: State Street Fondsleitung AG, Zurich Custodian bank: State Street Bank GmbH, Munich, Zurich branch 1. Note This simplified prospectus contains a summary of the key information on the umbrella fund DWS (CH) Money Market Umbrella Fund with subfunds DWS (CH) Money Market (Euro), DWS (CH) Money Market (CHF) and DWS (CH) Money Market (US Dollar). The legal and financial issues are covered definitively in the full prospectus and fund agreement, which govern among other matters the rights of investors, the responsibilities of the fund management company and the custodian bank and the investment policy of the collective investment scheme. The investor is recommended to consult the full prospectus with integrated fund agreement. The annual and semiannual reports provide information on the fund's assets and income statement. These documents can be obtained free of charge from the fund management company, the custodian bank and all sales agents.

3 2. Investment information 2.1 Investment objective of the subfunds Simplified prospectus The investment objective of the subfunds of this umbrella fund is primarily to preserve the capital and retain value, combined with appropriate returns and high liquidity. 2.2 Investment strategy (investment policy) The fund management company invests primarily in money market instruments issued by governments, other public entities and private debtors denominated in a freely convertible currency, in bank deposits in a freely convertible currency, and bonds (excluding convertible bonds, convertible notes and bonds with options), notes and other fixed or variablerate debt securities and rights issued by private or public borrowers issued in a freely convertible currency. Derivative instruments may be used in the interests of efficient management of the assets of the subfunds. The use of derivatives forms part of the investment strategy and not solely to hedge investment positions. The subfunds do not use a benchmark. The subfunds use the following reference currencies: DWS (CH) Money Market (Euro): Euro DWS (CH) Money Market (CHF): Swiss franc DWS (CH) Money Market (US Dollar): US Dollar The currency stated in the name of the subfund (CHF, EUR or USD) is the reference currency of the relevant subfund and not necessarily the currency in which direct or indirect investments of the subfund are made. 2.3 Risk profile of the subfunds More detailed information on the risks outlined here is contained in the full prospectus. The main risks for the subfunds are changes in the value of investments as well as changes in the exchange rate for investments not issued in the reference currency or not hedged against the reference currency. The value of the investments can go down as well as cup and the investor may not receive back the amount originally invested. Due to the proposed use of derivatives the subfunds qualify as a "simple investment fund". Commitment approach II (advanced procedure) will be applied for the assessment of risk. The fund management company will ensure that even under extreme market conditions the use of derivatives will not have a financial impact which leads to a divergence from the investment objectives set out in this simplified prospectus, the fund agreement and the prospectus, and that it does not change the investment characteristics of the subfunds. The use of derivatives may have a leverage effect on the fund assets or correspond to a short sale. The exposure to derivatives may be up to 100% of the net fund assets and the overall exposure of the fund may

4 Simplified prospectus be up to 200% of the net fund assets. In addition to market risk, derivatives are also subject to counterparty risk, i.e. the risk that the counterparty cannot meet its obligations and thereby causes a financial loss. 2.4 Performance of the collective investment scheme (change in the net asset value with income reinvested) DWS (CH) Money Market (Euro) DWS (CH) Money Market (Euro) 1M EUR LIBID less costs from Average annual return DWS (CH) Money Market (Euro) Last 3 years +1.14% Last 5 years +1.88% Since launch +2.32% All information on EUR basis. As of DWS (CH) Money Market (CHF) DWS (CH) Money Market (CHF) Average annual return DWS (CH) Money Market (CHF) Last 3 years +0.93% Last 5 years +1.12% Since launch +1.09% All information on CHF basis. As of DWS (CH) Money Market (US Dollar) Due to the launch of the subfund DWS (CH) Money Market (US Dollar) on August 22, 2012 performance figures are not yet available. Past performance is not a guide to future performance of the fund units of the subfunds of the umbrella fund. Future performance will depend on market developments and the success of the fund manager at implementing the investment policy.

5 2.5 Profile of the typical investor Simplified prospectus The subfunds are suitable for investors who wish to invest in a broadly diversified portfolio comprising firstclass money market instruments and securities with short residual maturities or variable yields with high liquidity. 2.6 Income distribution policy The net income of the subfunds shall be distributed annually to investors at the latest within four months of the end of the financial year in the applicable reference currency. 2.7 Unit classes The subfunds are not divided into unit classes. 3. Financial information 3.1 Fees and costs Fees and incidental costs charged directly to investors on purchase and redemption Max. issuing commission 1% 1% 1% Max. redemption commission None None None Max. commission for conversion within the same umbrella fund Fees and incidental costs charged to the collective investment scheme on an ongoing basis None None None Max. fixed management fee p.a. 0.70% 0.70% 0.70% Custodian bank fee None None None Total expense ratio (TER) (excluding security transaction costs) DWS (CH) Money Market (Euro): DWS (CH) Money Market (CHF): DWS (CH) Money Market (US Dollar) Portfolio turnover rate (PTR) under EU Norm DWS (CH) Money Market (Euro): DWS (CH) Money Market (CHF): DWS (CH) Money Market (US Dollar): 0.70% 0.50% 56.88% % * The AllinFee was changed to 0.2% p.a. as of June 1 st % 0.33%* % % 0.70% 0.20%* % % 3.2 Fee splitting agreements and soft commissions There are no fee splitting agreements. No agreements have been made regarding retrocessions in the form of soft commissions.

6 Simplified prospectus 3.3 Tax information (collective investment scheme) This openended collective investment scheme is subject to Swiss law. It is therefore not subject to tax on either income or capital. The Swiss federal withholding tax deducted from the Swissbased income earned by the collective investment scheme is reclaimed in full by the fund management company for the collective investment scheme. Income and capital gains realized outside Switzerland may be subject to withholding tax deduction in the country of investment. As far as possible and financially reasonable, these taxes are reclaimed by the fund management company on the basis of double taxation or similar agreements for investors resident in Switzerland. 3.3 Tax information (investors who are resident for tax purposes in Switzerland) The income distributions of the collective investment scheme to investors domiciled in Switzerland are subject to Swiss withholding tax (at source) of 35%. Any capital gains distributed in separate coupons are not subject to withholding tax. Investors domiciled in Switzerland can reclaim the withholding tax by declaring it in their tax return or by submitting a separate refund application. 3.4 Tax information (investors who are resident for tax purposes outside Switzerland) The income distributions to investors domiciled outside Switzerland are exempt from Swiss withholding tax, provided at least 80% of the collective investment scheme s income derives from foreign sources. In order for the payments to be made without deduction of withholding tax, the investor must provide confirmation from a bank that it holds the relevant units in a custody account on behalf of an investor domiciled outside Switzerland and that the income shall be credited to this account (bank declaration/affidavit). No guarantee can be provided that a minimum of 80% of the income will derive from foreign sources. Income distributed and/or interest realised on the sale or redemption of units may be subject to the EU savings tax in Switzerland. The taxation and other tax implications for the investor from holding, purchasing or selling units in collective investment schemes are based on the tax legislation in the investor's country of residence. 4. Information relating to trading 4.1 Publication of prices The net asset value per unit will be published on the electronic platform on a daily basis. The official publications for notifications to investors are the Swiss Official Gazette of Commerce [Schweizerisches Handelsamtsblatt] and the electronic platform

7 Simplified prospectus 4.2 Method of purchasing and redeeming units Subscriptions and redemptions of units are accepted at net asset value on every banking business day. Orders for subscription or redemption which have been received by the custodian by 18:00 on a banking business day (order day) will be processed on the next bank working day (valuation day) on the basis of the net asset value calculated on this day (forward pricing). 5. Brief profile of the collective investment scheme Launch date of the collective investment scheme Financial year Swiss securities no.: DWS (CH) Money Market (Euro) DWS (CH) Money Market (CHF) DWS (CH) Money Market (US Dollar) 11 February January 31 December ISIN: DWS (CH) Money Market (Euro) DWS (CH) Money Market (CHF) DWS (CH) Money Market (US Dollar) Term of the collective investment scheme Fund management company Custodian bank Asset manager Audit firm Supervisory authority Contact details and main distributor CH CH CH Unlimited State Street Fondsleitung AG Beethovenstrasse 19 CH8027 Zurich State Street Bank GmbH, Munich, Zurich branch Beethovenstrasse 19 CH8027 Zurich DWS Investment GmbH, Frankfurt am Main Mainzer Landstrasse D60327 Frankfurt am Main Ernst & Young AG Maagplatz 1 CH8005 Zurich Swiss Financial Market Supervisory Authority (FINMA) DWS Schweiz GmbH Hardstrasse 201 CH8005 Zurich Postal address: PO Box, CH8021 Zurich Tel. +41 (0) Fax +41 (0) Internet:

8 Simplified prospectus 6. Selling restrictions The units of this investment fund that have been issued may be offered for sale or sold to the public only in countries where such an offer or such a sale is permissible. Unless the Management Company, or a third party authorized by it, has obtained permission to do so from the local regulatory authorities and such permission can be presented by the Management Company, this prospectus does not constitute a solicitation to purchase investment fund units, nor may the prospectus be used for the purpose of soliciting the purchase of investment fund units. The information contained herein and the units of the investment fund are not intended for distribution in the United States of America or to U.S. persons (individuals who are U.S. citizens or whose permanent place of residence is in the United States of America and partnerships or corporations established in accordance with the laws of the United States of America or of any state, territory or possession of the United States). Accordingly, units will not be offered or sold in the United States or to or for the account of U.S. persons. Subsequent transfers of units in or into the United States or to U.S. persons are prohibited. This prospectus may not be distributed in the United States of America. The distribution of this prospectus and the offering of the units may also be restricted in other jurisdictions. Investors that are considered restricted persons as defined in Rule 2790 of the National Association of Securities Dealers in the United States (NASD Rule 2790) must report their holdings in the investment fund to the Management Company without delay. This prospectus may be used for sales purposes only by persons who have express written authorization from the Management Company (granted directly or indirectly via authorized sales agents) to do so. Declarations or representations by third parties that are not contained in this sales prospectus or in the documentation have not been authorized by the Management Company. The documents are available to the public at the registered office of the Management Company. In the event of any inconsistency between the original German language version of the sales prospectus and its English translation, the German language version shall prevail. The Management Company may, on behalf of itself and the fund, declare translations into particular languages as legally binding versions with respect to those units of the fund sold to investors in countrieswhere the fund s units may be offered for sale to the public.

9 Promoter: DWS Schweiz GmbH Hardstrasse 201 Postfach CH8021 Zürich Tel.: +41 (0) Fax: +41 (0) Management company: State Street Fondsleitung AG Beethovenstrasse 19 CH8027 Zürich Tel.: +41 (0) Fax: +41 (0)