Summary Prospectus May 1, 2010
[DWS INVESTMENTS LOGO]
Deutsche Bank Group
DWS MONEY MARKET SERIES
CLASS/Ticker INSTITUTIONAL SHARES ICAXX
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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.moneyfunds.deam-us.db.com/fundinfo. You
can also get this information at no cost by e-mailing a request to
inquiry.info@dws.com, calling (800) 730-1313 or asking your financial advisor.
The prospectus and SAI, both dated May 1, 2010, as may be supplemented from
time to time, are incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE
The fund seeks a high level of current income consistent with liquidity and the
preservation of capital.
The fund is a feeder fund that invests substantially all of its assets in a
"master portfolio," the Cash Management Portfolio (the "Portfolio"), which will
invest directly in securities and other instruments. The Portfolio has the same
investment objective as the fund. References to the fund may refer to actions
undertaken by the Portfolio.
FEES AND EXPENSES OF THE FUND
These are the fees 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 0.12
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Distribution/service
(12b-1) fees None
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Other expenses (includes an administrative fee)(1) 0.16
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TOTAL ANNUAL FUND OPERATING EXPENSES(2) 0.28
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Less fee waiver/expense reimbursement 0.10
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NET ANNUAL OPERATING EXPENSES 0.18
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(1) Restated on an annualized basis to exclude the fees paid in connection
with the fund's participation in the U.S. Treasury Department's Temporary
Guarantee Program, which expired on September 18, 2009. If those fees had
been included, the fund's "Other expenses" and "Total annual fund
operating expenses" would have been higher.
(2) The table and Example below reflects the expenses of both the fund and
the Portfolio.
The Advisor has contractually agreed through April 30, 2011 to maintain the
fund's total annual operating expenses, excluding extraordinary expenses,
taxes, brokerage and interest expense at 0.18%. 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 for 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
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$18 $80 $147 $346
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PRINCIPAL INVESTMENT STRATEGY
MAIN INVESTMENTS. The fund is managed in accordance with Rule 2a-7 under the
Investment Company Act of 1940, as amended. Fund securities are denominated in
US dollars and have remaining maturities of 397 days (about 13 months) or less
at the time of purchase. The fund may also invest in securities that have
features that have the effect of reducing their maturities to 397 days or less
at the time of purchase. The fund maintains a dollar-weighted average maturity
of 90 days or less.
Although the fund seeks to maintain a stable $1.00 share price, you could lose
money by investing in the fund. All money market instruments can change in
value when interest rates or an issuer's creditworthiness change.
The fund invests in high quality, short-term, US dollar denominated money
market instruments paying a fixed, variable or floating interest rate. These
include:
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o Debt obligations issued by US and foreign banks, financial institutions,
corporations or other entities, including certificates of deposit,
euro-time deposits, commercial paper (including asset-backed commercial
paper), notes, funding agreements and US government securities. Securities
that do not satisfy the maturity restrictions for a money market fund may
be specifically structured so that they are eligible investments for money
market funds. For example, some securities have features which have the
effect of shortening the security's maturity.
o US government securities that are issued or guaranteed by the US Treasury,
or by agencies or instrumentalities of the US government.
o Repurchase agreements, which are agreements to buy securities at one price,
with a simultaneous agreement to sell back the securities at a future date
at an agreed-upon price.
o Asset-backed securities, which are generally participations in a pool of
assets whose payment is derived from the payments generated by the
underlying assets. Payments on the asset-backed security generally consist
of interest and/or principal.
The fund will invest more than 25% of total assets in the obligations of banks
and other financial institutions that satisfy the fund's eligibility
requirements.
The fund may invest up to 10% of total assets in other money market mutual
funds.
MANAGEMENT PROCESS. The fund pursues its objective by investing in high
quality, short-term securities, as well as repurchase agreements that are
backed by high-quality securities.
The fund buys US government debt obligations, money market instruments and
other debt obligations that at the time of purchase:
o have received one of the two highest short-term ratings from two nationally
recognized statistical rating organizations (NRSROs) or one NRSRO if that
NRSRO is the only NRSRO that rates such obligations;
o are unrated, but are deemed by the Advisor to be of comparable quality to
one of the two highest short-term ratings; or
o have no short-term rating, but are rated in one of the top three highest
long-term rating categories by a NRSRO or are deemed by the Advisor to be
of comparable quality.
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. Portfolio management may
adjust the fund's exposure to interest rate risk, typically seeking to take
advantage of possible rises in interest rates and to preserve yield when
interest rates appear likely to fall.
SECURITIES LENDING. The fund may lend securities (up to one-third of total
assets) to approved institutions.
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 is exposed to the risk factors below though the Portfolio, which
invests directly in the individual securities.
MONEY MARKET FUND RISK. An investment in the fund is not insured or guaranteed
by the FDIC or any other government agency. Although the fund seeks to preserve
the value of your investment at $1.00 per share, this share price isn't
guaranteed, and if it falls below $1.00 you would lose money. The Advisor is
not obligated to take any action to maintain the $1.00 share price. The share
price could fall below $1.00 as a result of the actions of one or more large
investors in the fund. The credit quality of the fund's holdings can change
rapidly in certain markets, and the default of a single holding could cause the
fund's share price to fall below $1.00, as could periods of high redemption
pressures and/or illiquid markets. The actions of a few large investors in the
fund may have a significant adverse effect on the share price of 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. Over time, the total return of a money market fund may not keep
pace with inflation, which would result in a net loss of purchasing power for
long-term investors.
CREDIT RISK. The fund's performance could be hurt if a money market instrument
declines in credit quality or goes into default, or if an issuer does not make
timely payments of interest or principal. For money market instruments that
rely on third-party guarantors to support their credit quality, the same risks
may apply if the financial condition of the guarantor deteriorates or the
guarantor ceases insuring money market instruments. Because guarantors may
insure many types of debt obligations, including subprime mortgage bonds and
other high-risk bonds, their financial condition could deteriorate as a result
of events that have little or no connection to securities owned by the fund.
Some securities issued by US government agencies or instrumentalities are
backed by the full faith and credit of the US government. Others are supported
only by the credit of that agency or instrumentality. For this latter group, if
there is a potential or actual loss of principal and interest of these
securities, the US government might provide financial support, but has no
obligation to do so.
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SUMMARY PROSPECTUS May 1, 2010 DWS Money Market Series
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 (such as trading or securities lending), 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.
CONCENTRATION RISK. Any fund that concentrates in a particular segment of the
market will generally be more volatile than a fund that invests more broadly.
Any market price movements, regulatory or technological changes, or economic
conditions affecting banks or financial institutions will have a significant
impact on the fund's performance. In particular, banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.
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. Prepayments could
also create capital gains tax liability in some instances. Any unexpected
behavior in interest rates could increase the volatility of the fund's yield
and could hurt fund performance.
FOREIGN INVESTMENT RISK. To the extent that the fund invests in money market
instruments of foreign issuers that are denominated in US dollars, it faces
some of the risks of foreign investing, such as unfavorable political and legal
developments, limited financial information, regulatory risk and economic and
financial instability.
SECURITIES LENDING RISK. Any decline in the value of a portfolio security that
occurs while the security is out on loan is borne by the fund, and will
adversely affect performance. Also, there may be delays in recovery of
securities loaned or even a loss of rights in the collateral should the
borrower of the securities fail financially while holding the security.
PAST PERFORMANCE
How a fund's returns vary from year to year can give an idea of its risk. Past
performance may not indicate future results. All performance figures below
assume that dividends were reinvested. 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.moneyfunds.deam-us.db.com (the Web
site does not form a part of this prospectus) or call the phone number for your
share class included in this prospectus.
Effective July 30, 2007, some of the fund's investment strategies changed. The
fund's past performance would have been different if the fund was managed using
the current strategies.
CALENDAR YEAR TOTAL RETURNS (%) (Institutional Shares)
[BAR GRAPHIC OMITTED HERE]
[BAR GRAPHIC DATA]
6.52 4.14 1.74 1.09 1.30 3.19 5.05 5.34 2.80 0.44
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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Best Quarter: 1.68%, Q4 2000 Worst Quarter: 0.05%, Q4 2009
Year-to-Date as of 3/31/10: 0.03%
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AVERAGE ANNUAL TOTAL RETURNS
(for periods ended 12/31/2009 expressed as a %)
1 5 10
YEAR YEARS YEARS
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0.44 3.35 3.14
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Total returns would have been lower if operating expenses hadn't been reduced.
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.
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SUMMARY PROSPECTUS May 1, 2010 DWS Money Market Series
For existing shareholders of the fund who owned the legacy Managed Shares (INST
MGD), Prime Reserve Class S Shares (INST PRS), Premium Class S Shares (INST
PS), the minimum additional investment is:
AUTOMATIC
UGMAS/ INVESTMENT
NON-IRA IRAS UTMAS PLANS
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INST MGD 1,000 100 1,000 500
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INST PRS 50 50 50 50
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INST PS 50 50 50 50
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TO PLACE ORDERS
MAIL First Investment DWS Investments, PO Box 219356
Kansas City, MO 64121-9356
Additional Investments DWS Investments, PO Box 219154
Kansas City, MO 64121-9154
Exchanges and DWS Investments, PO Box 219557
Redemptions Kansas City, MO 64121-9557
EXPEDITED MAIL DWS Investments, 210 West 10th Street
Kansas City, MO 64105-1614
WEB SITE Institutional Shares or INST MGD:
www.moneyfunds.deam-us.db.com
INST PRS or INST PS:
www.dws-investments.com
TELEPHONE Institutional Shares or INST MGD:
(800) 730-1313
M - F 8:30 a.m. - 6 p.m. ET
INST PRS or INST PS: (800) 728-3337
M - F 9 a.m. - 6 p.m. ET
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You can buy or sell shares of the fund on any business day at our web site, by
mail, or by telephone. The fund is generally open on days when the New York
Stock Exchange is open for regular trading.
TAX INFORMATION
The fund's distributions (distributions are declared daily and paid monthly)
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.
The fund may take into account capital gains and losses in its daily dividend
declaration. The fund may make additional distributions for tax purposes if
necessary.
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 affiliates 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.
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DWS Money Market Series
SUMMARY PROSPECTUS May 1, 2010 DMMS-SUM
Scudder Money Market Series: Ins (NASDAQ:ICAXX)
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