Summary Prospectus February 1, 2012
TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
CLASS/Ticker PREMIER SHARES TXCXX
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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.dws-investments.com/moneypros. 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 February 1, 2012, as supplemented, are
incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE
The fund seeks maximum current income that is exempt from federal and state of
California income taxes to the extent consistent with stability 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 0.12
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Distribution/service
(12b-1) fees 0.33
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Other expenses 0.49
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TOTAL ANNUAL FUND OPERATING EXPENSES 0.94
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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
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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$96 $300 $520 $1,155
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PRINCIPAL INVESTMENT STRATEGY
To pursue its goal, the fund normally invests at least 80% of net assets, plus
the amount of any borrowings for investment purposes, in municipal securities
and other securities whose income is exempt from state of California and
federal income tax and from the federal alternative minimum tax (AMT).
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 fund may invest.
The fund may invest in municipal trust receipts (MTRs), general obligation and
revenue notes and bonds, municipal obligations backed by third parties and
other municipal instruments paying a fixed, variable or floating interest rate.
This fund is designed for investors in a moderate to high income tax bracket
who are interested in income exempt from state of California and federal income
tax and AMT along with the liquidity and stability that a money fund is
designed to offer.
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.
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.
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
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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.
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 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.
FOCUS RISK - CALIFORNIA MUNICIPAL SECURITIES. Because the fund focuses its
investments in California municipal securities, its performance can be more
volatile than that of a fund that invests more broadly, and it has a relatively
large exposure to financial stresses affecting California. For example, the
State of California relies heavily on income tax revenues and these revenues
are likely to drop during economic downturns, but covering any shortfall by
increasing taxes could be difficult due to California law regarding the
imposition of new taxes. Examples of other factors include the costs and
disruption caused by natural disasters, a fiscal crisis brought on by a
national or regional economic downturn, and costs of maintaining certain
government programs. California could also face severe fiscal difficulties, for
example, from an economic downturn, increased costs for domestic security and
reduced monetary support from the federal government. Over time, these issues
may impair the state's ability to repay its obligations.
The deterioration of California's fiscal situation as a result of the economic
downturn that began in the first quarter of 2008 increases the risk of
investing in California municipal securities, including the risk of potential
issuer default, and also heightens the risk that the prices of California
municipal securities will experience greater volatility. A default or credit
rating downgrade of a small number of municipal security issuers could affect
the market values and marketability of all California municipal securities and
adversely impact the fund's performance.
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.
MUNICIPAL TRUST RECEIPTS RISK. The fund's investment in MTRs is subject to
similar risks as other investments in debt obligations, including interest rate
risk, credit risk and security selection risk. Additionally, investments in
MTRs raise certain tax issues that may not be presented by direct investments
in municipal bonds. There is some risk that certain issues could be resolved in
a manner that could adversely impact the performance of the fund.
TAX RISK. Any distributions to shareholders that represent income from taxable
securities will generally be taxable as ordinary income at both the state and
federal levels, while other distributions, such as capital gains, are taxable
to the same extent they would be for any mutual fund. New federal or state
governmental action could adversely affect the tax-exempt status of securities
held by the fund, resulting in higher tax liability for shareholders and
potentially hurting fund performance as well.
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, which
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.
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.dws-investments.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.
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Tax-Exempt California Money Market Fund
SUMMARY PROSPECTUS February 1, 2012
CALENDAR YEAR TOTAL RETURNS (%) (Premier Shares)
Returns for other classes were different and are not shown here.
[BAR GRAPHIC OMITTED HERE]
[BAR GRAPHIC DATA]
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0.54 0.33 0.54 1.67 2.39 2.70 1.44 0.11 0.10 0.01
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Best Quarter: 0.69%, Q3 2007 Worst Quarter: 0.00%, Q1 2011
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AVERAGE ANNUAL TOTAL RETURNS
(for periods ended 12/31/2011 expressed as a %)
CLASS 1 5 10
INCEPTION YEAR YEARS YEARS
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12/13/1990 0.01 0.87 1.01
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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 or $50 with an automatic investment
plan. The minimum additional investment is $100. However, your financial
advisor may set its own minimum investments.
TO PLACE ORDERS
The fund is available only through a financial advisor, such as a broker or
financial institution. You should contact a representative of your financial
advisor for instructions on how to buy or sell fund shares. However, if your
shares are registered directly with the fund's transfer agent, you can sell
them by sending a written request (with a signature guarantee) to:
TYPE ADDRESS
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REGULAR MAIL
Exchanges and DWS Investments
Redemptions Attn: Transaction Processing
P.O. Box 219151
Kansas City, MO 64121-9151
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TAX INFORMATION
The fund's distributions are generally exempt from regular federal and state
income tax. A portion of the fund's dividends may be subject to federal income
tax, including the federal alternative minimum tax.
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.
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Tax-Exempt California Money Market Fund
SUMMARY PROSPECTUS February 1, 2012 TECP-SUM
Tax-Exempt California Money Mark (NASDAQ:TXCXX)
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