DWS Liquidity Management Zurich August 2012

Transcription

1 DWS Liquidity Management Zurich August 2012

2 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definiton 3 DWS (CH) - Money Market funds 4 DWS Money Market linked funds 5 Appendix 1

3 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definition 3 DWS (CH) - Money Market funds 4 DWS Money Market linked funds 5 Appendix 2

4 Our Investment t Philosophy h Active portfolio management Inefficient capital markets offer opportunities for active management Discretionary management and modular approach In-depth economic and market research Information advantages through proprietary macro and micro research Trend recognition and security selection as key drivers Disciplined and transparent investment process Accountability on research & construction level Stringent risk control and exposure management as well as in-depth performance review 3

5 Profile DWS Investments Number 1 mutual fund company in Germany with 24% market share One of the leading mutual fund companies across Europe (No 3) Within the top 10 globally Numerous awards from Morningstar, Lipper, Feri, Sauren, etc. Expertise in all capital markets Excellent performance Long track record in innovation Globally present Subsidiary of Deutsche Bank (Aa3/A+/A+) Worlwide Presence No 3 in the European Retail Market 4

6 Recognized as a leader in liquidityidit management Deutsche Asset Management Best Provider of Money Market Funds Western Europe (2011; 2012) Deutsche Asset Management Best Money Market Fund in Europe

7 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definition 3 DWS (CH) - Money Market funds 4 Money Market linked funds 5 Appendix 6

8 ESMA definiton it for money market funds ESMA = European Securities und Markets Authority Since January 2012 ESMA common guideline for money market funds Two groups of money market funds remaining: 1. Short-Term Money Market Funds 2. Money Market Funds Main definition criteria's: Interest rate duration Credit duration of portfolio Single security maturity Credit quality of single securities Since 1st July 2012 also applicable for Swiss domiciled funds! 7

9 New ESMA definition iti for money market funds Interest rate risk Credit risk Single security restrictions Portfolio- restrictions Portfolio- restrictions Single security restrictions Short-Term Money Market Funds WAM (Max. portfolio interest rate duration): 60 days Required max. residual maturity: 397 days WAL (Max. Portfolio Credit Spread duration) 120 days Max. required security maturity 397 days Rating: must hold one of the two highest short-term credit ratings 1) WAM (Max. Max. required WAL (Max. Max. required portfolio interest rate duration): security maturity 2 years, provided Portfolio Credit Spread duration) security maturity 2 years next interest reset Rating: must hold date is in: 12 months one of the two Funds 6 months highest short-term 397 days credit ratings 1) Money Market Funds Source: Committee of European Securities Regulators 19 May 2010 Ref.: ) Ratings by each recognised credit rating agency that has rated the instrument or, if the instrument is not rated, it is of an equivalent quality as determined by the management company s internal rating process 8

10 DWS product offering for liquidity idit management ESMA-categorization ESMA-compliant Money Market funds non ESMA-compliant Money Market- linked funds ESMA: Short-Term Money Market ESMA: Money Market EUR DWS (CH) Money Market Euro DWS Rendite Optima Four Seasons DWS Rendite Optima USD DWS (CH) - Money Market (US Dollar) DWS (US Dollar) Reserve Launch date CHF DWS (CH) Money Market (CHF) 9

11 DWS product offering for liquidityidit management Launch date Fund name DWS (CH) Money Market (Euro) DWS (CH) Money Market (US Dollar) DWS (CH) Money Market (CHF) Description Invests in a broad range of money market instruments, mainly floating rate notes, supplemented by securities with a short residual term to maturity, commercial papers and time deposits. The short fixed interest period at an average allows for a constant increase in value. There is no front-end load and the capital invested remains available on a daily basis. ESMA-compliant Yes Yes Yes ISIN CH CH CH WKN A1J0N Valor Target yield 1M EUR LIBID 1M USD LIBID 1M CHF LIBID Interest rate duration Value date T+1 (Order+2) T+1 (Order+2) T+1 (Order+2) Volatility/ Return p.a. (3Y) 0.23% / 1.00% n.a. 0.30% / 0.83% Fees 0.40% p.a. 0.30% p.a. 0.20% p.a. 10 As of: July 31, 2012

12 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definition 3 DWS (CH) - Money Market funds 4 DWS Money Market linked funds 5 Appendix 11

13 Money Market Funds Interest rate risk Credit risk Single security restrictions Portfoliorestrictions Portfoliorestrictions Single security restrictions Money Market Funds WAM (Max. Max. required WAL (Max. Max. required portfolio interest Portfolio Credit rate duration): Spread duration) 6 months security maturity 2 years, provided next interest reset date is in: 397 days 12 months security maturity 2 years Rating: must hold one of the two highest shortterm credit ratings 1) DWS (CH) Money Market (Euro) DWS (CH) Money Market (US Dollar) DWS (CH) Money Market (CHF) Source: Committee of European Securities Regulators 19 May 2010 Ref.: ) Ratings by each recognised credit rating agency that has rated the instrument or, if the instrument is not rated, it is of an equivalent quality as determined by the management company s internal rating process 12

14 Executive Summary These money market funds represent an excellent alternative for sophisticated investors to replace bank and other short-term deposits with an investment offering the following benefits: Competitive returns compared with fixed-term deposits, with no increase in risk Low volatility Maximum possible liquidity of T+1 Experienced fund management and credit research monitors the liquidity and quality of the securities Overall Morningstar Rating DWS (CH) Money Market (Euro) DWS (CH) Money Market (US Dollar) n.a. DWS (CH) Money Market (CHF) 13 [2012] Morningstar Inc. All rights reserved. The information contained herein (1) is copyright protected for Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers are responsible for any damages or losses that may arise from use of this information. Past performance does not guarantee future performance.

15 Concept Why Invest in DWS Money Market Funds? DWS money market funds are ideal instruments for investors, as they offer the following advantages over fixed-term deposits: Attractive return Diversification of risk Greater degree of liquidity and flexibility Daily tradability 14

16 Concept Investment Concept Performance-target: Average risk-adjusted return above the target yield of 1M EUR LIBID or 1M CHF LIBID Investment universe: Money market instruments as fixed- and variable interest bearing short-term bonds with a good to excellent credit rating and time deposits. Duration: Active management of the portfolio interest rate duration in the range between 0 6 months as well as a portfolio credit duration in the range between 0 12 months Currency: Non-portfolio currency positions i are hedged d Portfolio diversification: Flexible allocation and diversification Rating: 100% investment-grade bonds Distribution of earnings 15

17 Concept and Market Order settlement process (forward pricing) Order date Od Order cut-off time 18:00 CET Trade date (T) Calculation l of NAV (published around 2 pm) Order confirmation on same day Settlement date Delivery of units against payment (Value date = T+1) Day 1 Day 2 Day 3 Order date Valuation date Settlement date The order date must be a trading day in Zurich The trade date must be a trading day in Zurich The settlement date must be a trading day in Switzerland (CHF), in the United States (USD) or Euroland (EUR) as appropriate 16

18 DWS (CH) Money Market (Euro) Zurich August 2012

19 DWS (CH) Money Market (Euro) Risk-Return-Profile and Performance (in EUR) Risk-Return-Profile* Performance Return 2,0% 1,8% 30% 1,6% 20% 1,4% 1,2% 10% 1,0% 0,8% 0,36% 0,38% 0,40% 0,42% 0,44% 0,46% 0,48% Risk DWS (CH)-Money Market (Euro) 0% CY 1 Y 3 Y 5 Y 10 Y DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 18 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. *) 5 years p.a As of: July 31, 2012 Source: DWS

20 DWS (CH) Money Market (Euro) Portfolio structure Portfolio structure Structure by modified Duration 64.9% Floating Rate Notes 84.7% Rating structure* Commercial Papers 9.5% Fixed Rate Bonds 3.9% Cash 1.8% 25.4% 7.3% 2.4% To 1 month 1 to 3 months 3 to 6 months more than 6 months 89% 8.9% 32.1% 56.6% 6% 24% 2.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AAA AA A BBB As of: July 31, 2012 Source: DWS * in % of bond portfolio 19

21 DWS (CH) Money Market (Euro) Portfolio structure Country structure Sector structure Finland 4.6% Netherlands 13.8% Eurozone 4.4% Belgium 2.4% Norway 1.9% Other countries 4.9% Germany 20.8% Covered Bonds 59% 5.9% ABS 2.4% Corporate Bonds 3.3% Government Bonds 11.2% Cash 1.8% Great Britain France 14.3% 18.2% Financial Bonds Sweden 14.7% 75.4% 20 As of: July 31, 2012 Source: DWS

22 DWS (CH) Money Market (Euro) Performance within the past 12-month-periods 30% 20% 10% 0% CY 1 Y 3 Y 5 Y 10 Y DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. 21 As of: July 31, 2012 Source: DWS

23 DWS (CH) Money Market (Euro) Performance in the Last 5 Years (in EUR) % (1.8% p.a.) + 5.7% (1.1% p.a.) /07 07/08 07/09 07/10 07/11 07/12 DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 22 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns = 100 As of: July 31, 2012 Source: DWS

24 Peer Group Percentile Report Money Market (Euro) Lipper 1 year 3 years 5 years Source: Lipper As of: July 31, Quartile Percentile

25 DWS (CH) Money Market (US Dollar) Zurich August 2012

26 DWS (CH) Money Market (US Dollar) Risk-Return-Profile and Performance (in USD) Risk-Return-Profile* Performance Return 2,0% 1,8% 30% 1,6% 20% 1,4% 1,2% 10% 1,0% 0,8% 0,36% 0,38% 0,40% 0,42% 0,44% 0,46% 0,48% Risk DWS (CH)-Money Market (Euro) 0% CY 1 Y 3 Y 5 Y 10 Y DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 25 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. *) 5 years p.a As of: July 31, 2012 Source: DWS

27 DWS (CH) Money Market (US Dollar) Portfolio structure Portfolio structure Structure by modified Duration 75.0% Floating Rate Notes 21.5% Commercial Papers 68.5% Cash 10.0% 10.0% 12.0% 3.0% Rating structure* To 1 month 1 to 3 months 3 to 6 months more than 6 months 13.4% 33.6% 53.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AAA AA A As of: July 31, 2012 Source: DWS * in % of bond portfolio 26

28 DWS (CH) Money Market (US Dollar) Portfolio structure Country structure Sector structure Switzerland 1.0% Supranational 2.7% Japan 3.0% France 30.5% Germany 20.0% Government Bonds 26.2% 2% Cash 10.0% Canada 3.6% Australia 4.5% Corporate Bonds 2.5% Financial Bonds 61.3% Netherlands 7.2% USA 75% 7.5% Great Britain 9.0% Sweden 11.0% 27 As of: July 31, 2012 Source: DWS

29 DWS (CH) Money Market (US Dollar) Performance within the past 12-month-periods 30% 20% 10% 0% CY 1 Y 3 Y 5 Y 10 Y DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. 28 As of: July 31, 2012 Source: DWS

30 DWS (CH) Money Market (US Dollar) Performance since inception (in USD) % (1.8% p.a.) + 5.7% (1.1% p.a.) /07 07/08 07/09 07/10 07/11 07/12 DWS (CH)-Money Market (Euro) 1M EUR LIBID abzgl. Kosten ab (BM CH-Money Market) 29 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns = 100 As of: July 31, 2012 Source: DWS

31 DWS (CH) Money Market (CHF) Zurich July 2012

32 DWS (CH) Money Market (CHF) Risk-Return-Profile and Performance (in CHF) Risk-Return-Profile* R Performance Return in % p.a. 1.4% 1.3% DWS (CH) - Money Market (CHF) 10,0% 7,5% 1.2% 5,0% 1.1% 2,5% 1.0% 0.26% 0.28% 0.30% 0.32% 0.34% 0.36% 0.38% Volatility in % p.a. 0,0% CY 1 Y 3 Y 5 Y 10 Y DWS (CH)-Money Market (CHF) 31 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. *) 5 years p.a As of: July 31, 2012 Source: DWS

33 DWS (CH) Money Market (CHF) Portfolio structure Portfolio structure Structure by modified Duration Floating Rate Notes 66.8% Commercial Papers 7.0% 61.0% Fixed Rate Bonds 12.6% 28.7% Rating structure* Cash 13.6% 7.0% 3.3% To 1 month 1 to 3 months 3 to 6 months more than 6 months 12.4% 21.0% 64.3% 23% 2.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AAA AA A BBB As of: July 31, 2012 Source: DWS * in % of bond portfolio 32

34 DWS (CH) Money Market (CHF) Portfolio structure Country structure Sector structure Sweden 8.3% Eurozone 3.4% Finland 3.9% USA 3.3% Other countries 8.1% France 19.7% Government Bonds 16.7% Cash 13.6% Netherlands 11.2% Corporate Bonds 1.6% Switzerland 13.6% Great Britain 14.2% Germany 14.3% Financial Bonds 68.1% 33 As of: July 31, 2012 Source: DWS

35 DWS (CH) Money Market (CHF) Performance within the past 12-month-periods 2,0% 1,5% 1,0% 0,5% 0,0% 07/07-07/08 07/08-07/09 07/09-07/10 07/10-07/11 07/11-07/12 DWS (CH)-Money Market (CHF) Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. 34 As of: July 31, 2012 Source: DWS

36 DWS (CH) Money Market (CHF) Performance in the Last 5 Years (in CHF) % (1.1% p.a.) /07 07/08 07/09 07/10 07/11 07/12 DWS (CH)-Money Market (CHF) 35 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns = 100 As of: July 31, 2012 Source: DWS

37 Peer Group Percentile Report Money Market (CHF) Lipper 1 year 3 years 5 years Source: Lipper As of: July 31, Quartile Percentile

38 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definition 3 DWS (CH) - Money Market funds 4 DWS Money Market linked funds 5 Appendix 37

39 DWS Rendite Optima Frankfurt August 2012

40 DWS Rendite Optima Investment-Guidelines Ultra short-term bond fund Performance-target: medium-term average risk-adjusted return above the benchmark 3M EUR LIBID Targets a capital gain oriented return. Investment universe: Money market instruments, fixed- and variable interest bearing short-term term bonds with a good to excellent credit rating and time deposits. Duration: active management of the portfolio interest rate duration in the range between 0-6 months as well as a portfolio credit duration in the range between 0-12 months Currency: Any non-euro positions are hedged. Portfolio diversification: Flexible allocation and diversification. Rating:100% investment-grade bonds Portfolio concentration: generally not more than 5% of the portfolio should be held in securities from a single issuer. In order to ensure sufficient diversification, the positions are generally smaller. Liquidity: Daily liquidity with value date = T+2 39

41 DWS Rendite Optima Portfolio structure Portfolio structure Structure by modified Duration Floating Rate Notes 76.2% 57.2% Commercial Papers 9.0% 42.2% Fixed Rate Bonds 0.6% Cash 14.2% 0.6% Rating structure* to 1 month 1 to 3 months more than 12 months % 30.5% 32.9% 13.8% 12% 0.1% 1.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AAA AA A BBB B N.R. As of: End July 2012 Source: DWS * in % of bond portfolio 40

42 DWS Rendite Optima Portfolio structure Country structure Sector structure Great Britain 3.7% Netherlands 7.0% Sweden 8.4% Eurozone 3.0% Italy Luxembourg 2.2% 2.2% Other countries 5.0% Germany 42.2% Corporate Bonds 08% 0.8% Cash 14.2% ABS 0.4% Government Bonds and Agencies 5.7% Covered Bonds 16.7% Japan 9.2% France 17.2% Financial Bonds 62.2% As of: End July 2012 Source: DWS 41

43 DWS Rendite Optima Performance within the past 12-month-periods 6% 4% 2% 0% 07/07-07/08 07/08-07/09 07/09-07/10 07/10-07/11 07/11-07/12 DWS Rendite Optima 3M EUR LIBID ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. 42 As of: End July 2012 Source: DWS

44 DWS Rendite Optima Performance over the last 3 years % (0.9% p.a.) + 2.1% (0.7% p.a.) /09 01/10 07/10 01/11 07/11 01/12 07/12 DWS Rendite Optima 3M EUR LIBID ab Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns = 100 As of: July 31, 2012 Source: DWS

45 DWS (US Dollar) Reserve Frankfurt August 2012

46 DWS (US Dollar) Reserve Executive Summary Performance-target: Fund aims to generate U.S. Dollar-denominated returns in line with the money markets that are largely independent of interest-rate and currency movements Investment universe: Invests mainly in floating rate notes and short-term bonds with investment- grade ratings as well as time deposits Active duration management in the short end of the yield curve. Interest rate duration in the range between 0-6 months. Fund currency: US-Dollar Portfolio diversification: Flexible allocation and diversification. Portfolio concentration: generally not more than 5% of the portfolio should be held in securities from a single issuer. In order to ensure sufficient i diversification, ifi the positions are generally smaller. Average Rating: AA-A Liquidity: Daily liquidity with value date = T+2 Distribution of earnings 45

47 DWS (US Dollar) Reserve Portfolio structure Portfolio structure Structure by modified Duration Floating Rate Notes 75.9% 62.7% Commercial Papers 11.2% 36.5% Cash 12.9% 0.8% Rating structure* to 1 month 1 to 3 months 3 to 6 months % 37.2% 44.2% 50% 5.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AAA AA A BBB As of: End July 2012 Source: DWS * in % of bond portfolio 46

48 DWS (US Dollar) Reserve Portfolio structure Country structure Sector structure Australia 2.1% Netherlands 6.0% Belgium 1.9% Austria 1.7% Others countries 6.9% Corporate Bonds 2.7% Cash 12.9% ABS 0.4% Government Bonds and Agencies 14.2% Great Britain 7.3% Sweden 7.4% France 10.6% USA 11.8% Germany 44.3% Financial Bonds 56.9% Covered Bonds 12.9% As of: End July 2012 Source: DWS 47

49 DWS (US Dollar) Reserve Performance within the past 12-month-periods 4% 3% 2% 1% 0% 07/07-07/08 07/08-07/09 07/09-07/10 07/10-07/11 07/11-07/12 DWS (US Dollar) Reserve Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. 48 As of: End July 2012 Source: DWS

50 DWS (US Dollar) Reserve Performance over the last 3 years % (0.5% p.a.) /09 01/10 07/10 01/11 07/11 01/12 07/12 DWS (US Dollar) Reserve 49 Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns = 100 As of: July 31, 2012 Source: DWS

51 Content t 1 Portfoliomanagement 2 Money Market funds ESMA definition 3 DWS (CH) - Money Market funds 4 DWS Money Market linked funds 5 Appendix 50

52 DWS Money-Market M enhanced funds Price information Daily on and Reuters-pages menu: Bloomberg: Internet: DWS01 ff. Equity TK DWS Telephone-service: (+41) Fax: (+41)

53 Portfolio Management Frankfurt

54 Portfolio Management Frankfurt 53 Stefan Kreuzkamp, Managing Director Head of Fixed Income Europe. Joined DWS Investment S.A. in Luxembourg in 1998 as fund manager for Money Market funds and Fund of Funds. Previously he worked 3 years for Dekabank GmbH in Frankfurt. In 2002 he became head of the Luxembourg Money Market team, in 2009 head of DWS Money Market business for Europe and Asia. In 2011 he was appointed head of DWS Fixed Income Europe. Master's degree in economics ("Diplom-Kaufmann") from the University of Trier; completed bank training program ("Bankkaufmann") at Sparkasse Trier Funds: DWS Institutional Money Plus Holger Kindsgrab, Managing Director Head of Money Market Enhanced. Joined the Company in 1996 as a fund manager in the Luxembourg office. In 2002 he became head of tax-efficient products. He moved to the Money Markets and Structured Products Frankfurt team in April Since 2011, he is Head of Enhanced Money Market Funds. Master's degree in business administration / financial economics ("Diplom Kaufmann") from the University of Trier; completed bank training program ("Bankkaufmann") at Deutsche Bank, Bielefeld Harm Carstens, CFA, Director Head of Short-Term Money Market Funds. Joined the Company in February 1999; from 1999 to 2001 worked for Deutsche Bank Global Markets Research in Frankfurt and London covering European economics and ECB watching. He was also member of Deutsche Bank's Sovereign Debt Restructuring team. Prior to that worked a year for the Kiel Institute of World Economics. Masters degree in economics ("Diplom-Volkswirt") from University of Kiel. Bianka Arens, Director Senior Portfolio Manager Money Market. Joined the Company in November 1999; after 3 years in the fund of funds management at DWS Luxembourg she became member of the Money Market fund team. Masters degree in business studies and mathematics ("Diplom Wirtschaftsmathematiker") from University of Trier Funds: DWS Institutional USD Money Plus Deputy: DWS Invest Government Liquidity

55 Portfolio Management Frankfurt Christian Reiter, Director Senior Portfolio Manager Money Market. Joined the Company in July After working for three years in Guaranteed Fund Products department he changed to the Tax Efficient Products group. Master's degree in business studies ("Diplom- Kaufmann") from the University of Trier Funds: DWS Rendite Optima Four Seasons, DWS (US-Dollar) Reserve, DWS Floating Rate Notes Deputy: DWS Institutional Money Plus, DB Portfolio Euro Liquidity, DWS Rendite Optima Torsten Haas, Director Senior Portfolio Manager Money Market. Joined the Company in 2001 in the tax efficient bond & portfolio funds group. He is a fund manager for enhanced money market and capital-gain-oriented medium-term bond funds. Masters degree in business studies ("Diplom-Kaufmann") ") from University it of Trier Funds: DB Portfolio Euro Liquidity, DWS Rendite Optima Deputy: DWS Instit. Money Plus DWS, Rendite Optima Four Seasons, DWS Floating Rate Notes, DWS (US Dollar) Reserve Marco Neto, Vice President Portfolio Manager Money Market. Joined the Company in January 2008 after 8 years of experience, mostly at CCR Gestion, where he managed money market portfolios, and earlier at PriceWaterhouseCoopers. Masters degree in Management and DESS Financial Management degree from University Paris X. Funds: DWS Institutional Cash Plus, DWS Invest Government Liquidity Deputy: DWS Institutional USD Money Plus Dirk Schiefer, Assistant Vice President Portfolio Manager Money Market. Joined the Company in January Degree in Business Administration ("Diplom- Kaufmann") from Otto-Friedrich University of Bamberg; PhD ( Dr. rer. pol. ) in Finance from Otto-Friedrich University Bamberg Funds: DWS (CH) Money Market (Euro), DWS (CH) Money Market (CHF) 54

56 Disclaimer i Important information DWS Investments is the brand name of DWS Switzerland LLC. The information contained in this document neither constitutes investment advice nor an offer nor a solicitation for an offer but is intended solely for information purposes. This document has been prepared in good faith, however, we cannot assume any warranty, as to or in relation to the completeness or accuracy of this document. The information and views herein do not consider specific investment objectives, individual requirements, fiscal aspects or financial resources, and are subject to change without prior notification; it cannot be excluded that the collective investment scheme described herein may not be appropriate or available for all investors. The sales prospectus currently in effect or the respective simplified prospectus (as the case may be) and, where available, the applicable annual or semi-annual reports shall form the sole binding legal basis for the purchase of units of the collective investment scheme described herein. Past performance is not a reliable indicator of future returns. The contained performance data do not take account of the commissions and costs incurred on the issue and redemption of units. If the performance is calculated on the basis of net asset values that are not denominated in the accounting currency of the collective investment scheme, its value and returns may rise or fall as a result of currency fluctuations. The collective investment schemes referred to in this document are collective investment schemes under Swiss law or investment shemes which are licensed for public distribution in Switzerland. Prospective investors may obtain the current sales prospectus including fund regulations or the respective simplified prospectus as well as the latest last annual and semi-annual report free of charge from the fund management company, State Street Fondsleitung AG, Beethovenstrasse 19, 8027 Zurich, from the custodian bank, State Street Bank GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich as well as from the main distributor, DWS Schweiz GmbH, Hardstrasse 201, 8005 Zurich. The collective investment schemes which are licensed for public distribution in Switzerland are published on our website: The collective investment scheme referred to in this document may be offered or sold solely in countries where such offer or sale is permitted. This is not the case in the United States of America ( US ), for example. Accordingly, units of the collective investment scheme may neither be offered nor sold in the US or to or for the account of US persons (as defined for the purposes p of US federal securities, commodities and tax legislation, including Regulation S under the United States Securities Act of 1933). No subsequent transfers of units to the US or to US persons shall be permitted. This document may not be distributed in the US. 55