Summary Prospectus April 29, 2011
[DWS INVESTMENTS LOGO]
Deutsche Bank Group
DWS EQUITY 500 INDEX FUND
CLASS/Ticker INST BTIIX S BTIEX
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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/mutualpros. You can
also get this information at no cost by e-mailing a request to
inquiry.info@dws.com, calling (800) 730-1313 (INST) and (800) 728-3337 (S) or
asking your financial advisor. The prospectus and SAI, both dated April 29,
2011, as may be supplemented from time to time, are incorporated by reference
into this Summary Prospectus.
INVESTMENT OBJECTIVE
The fund seeks to provide investment results that, before expenses, correspond
to the total return of common stocks publicly traded in the United States, as
represented by the Standard & Poor's 500 Composite Stock Price Index (S&P 500
Index).
The fund invests for capital appreciation, not income; any dividend and
interest income is incidental to the pursuit of its objective.
The fund is a feeder fund that invests substantially all of its assets in a
"master portfolio," the DWS Equity 500 Index Portfolio ("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 and expenses you may pay when you buy and hold shares.
SHAREHOLDER FEES (paid directly from your investment)
INST S
------ -----
Maximum sales charge (load) imposed on purchases, as
% of offering price None None
------------------------------------------------------ ------ -----
Maximum deferred sales charge (load), as % of redemp-
tion proceeds None None
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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the
value of your investment)
INST S
---------- ----------
Management fee 0.05 0.05
---------------------------------------- ---- ----
Distribution/service
(12b-1) fees None None
---------------------------------------- ----- -----
Other expenses 0.18 0.26
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TOTAL ANNUAL FUND OPERATING EXPENSES(1) 0.23 0.31
---------------------------------------- ----- -----
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(1) The table and the Example below reflect the expenses of both the fund and
the Portfolio.
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:
YEARS INST S
------- ------ ------
1 $24 $32
-- --- ---
3 74 100
-- --- ---
5 130 174
-- --- ---
10 293 393
-- --- ---
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You would pay the following expenses if you did not redeem your shares:
YEARS INST S
------- ------ ------
1 $24 $32
-- --- ---
3 74 100
-- --- ---
5 130 174
-- --- ---
10 293 393
-- --- ---
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PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may mean higher taxes if you are
investing in a taxable account. These costs are not reflected in annual fund
operating expenses or in the expense example, and can affect the fund's
performance.
Portfolio turnover rate for fiscal year 2010: 5%.
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PRINCIPAL INVESTMENT STRATEGY
MAIN INVESTMENTS. Under normal circumstances, the Portfolio intends to invest
at least 80% of assets, determined at the time of purchase, in stocks of
companies included in the S&P 500 (Reg. TM) Index and in derivative
instruments, such as futures contracts and options, that provide exposure to
the stocks of companies in the index. The Portfolio's securities are weighted
to attempt to make the Portfolio's total investment characteristics similar to
those of the index as a whole. The Portfolio may also hold short-term debt
securities and money market instruments.
The S&P 500 (Reg. TM) INDEX is a well-known stock market index that includes
common stocks of 500 companies from several industrial sectors representing a
significant portion of the market value of all stocks publicly traded in the
US. Stocks in the S&P 500 (Reg. TM) Index are weighted according to their total
market value. The fund is not sponsored, endorsed, sold or promoted by the
Standard & Poor's (S&P) Division of The McGraw-Hill Companies, Inc.
MANAGEMENT PROCESS. Portfolio management uses quantitative analysis techniques
to structure the Portfolio to seek to obtain a high correlation to the index
while seeking to keep the Portfolio as fully invested as possible in all market
environments. Portfolio management seeks a long-term correlation between
Portfolio performance, before expenses, and the index of 98% or better (perfect
correlation being 100%). The Portfolio uses an optimization strategy, buying
the largest stocks in the index in approximately the same proportion they
represent in the index, then investing in a statistically selected sample of
the smaller securities found in the index.
DERIVATIVES. Portfolio management generally may use futures contracts, which
are a type of derivative (a contract whose value is based on, for example,
indices, currencies or securities), as a substitute for direct investment in a
particular asset class or to keep cash on hand to meet shareholder redemptions.
The fund may also use various types of derivatives (i) for hedging purposes;
(ii) for risk management; (iii) for non-hedging purposes to seek to enhance
potential gains; or (iv) as a substitute for direct investment in a particular
asset class or to keep cash on hand to meet shareholder redemptions.
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 hurt the fund's performance, cause
you to lose money or cause the fund's performance to trail that of other
investments. 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
a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. The fund is exposed to
the risk factors below even if it does not invest directly in individual
securities.
STOCK MARKET RISK. The fund is affected by how the stock market performs. When
stock prices fall, you should expect the value of your investment to fall as
well.
INDEXING RISK. An index fund's performance may not exactly replicate the
performance of its target index, for several reasons. For example, the fund
incurs fees, administrative expenses and transaction costs that the index
itself does not. The fund may use sampling techniques (investing in a
representative selection of securities included in the index rather than all
securities in the index), or the composition of its portfolio may diverge from
that of the index. Also, while the exposure of the index to its component
securities is by definition 100%, the fund's effective exposure to index
securities may be greater or lesser than 100%, and may vary over time.
Because an index fund is designed to maintain a high level of exposure to its
target index at all times, it will not take any steps to invest defensively or
otherwise reduce the risk of loss during market downturns.
DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the fund will be unable to sell the derivative
because of an illiquid secondary market; the risk that a counterparty is
unwilling or unable to meet its obligation; and the risk that the derivative
transaction could expose the fund to the effects of leverage, which could
increase the fund's exposure to the market and magnify potential losses.
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.
LIQUIDITY RISK. In certain situations, it may be difficult or impossible to
sell an investment in an orderly fashion at an acceptable price.
PRICING RISK. If market conditions make it difficult to value some investments,
the fund may value these investments using more subjective methods, such as
fair value pricing. In such cases, 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 the market value when buying fund shares or receive
less than the market value when selling fund shares.
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.
2
DWS Equity 500 Index Fund
SUMMARY PROSPECTUS April 29, 2011
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; so
can comparing fund performance to overall market performance (as measured by an
appropriate market index). Past performance may not indicate future results.
All performance figures below assume that dividends were reinvested. For more
recent performance figures, 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.
Investment Class shares were renamed Class S shares on May 19, 2003.
CALENDAR YEAR TOTAL RETURNS (%) (Class S)
These year-by-year returns do not include sales charges, and would be lower if
they did. Returns for other classes were different and are not shown here.
[BAR GRAPHIC OMITTED HERE]
[BAR GRAPHIC DATA]
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-12.17 -22.25 28.34 10.57 4.70 15.58 5.39 -37.12 26.35 14.89
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Best Quarter: 15.92%, Q2 2009 Worst Quarter: -21.94%, Q4 2008
Year-to-Date as of 3/31/2011: 5.85%
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AVERAGE ANNUAL TOTAL RETURNS
(For periods ended 12/31/2010 expressed as a %)
After-tax returns (which are shown only for Class S and would be different for
other classes) reflect the highest historical individual federal income tax
rates, but do not reflect any state or local taxes. Your actual after-tax
returns may be different. After-tax returns are not relevant to shares held in
an IRA, 401(k) or other tax-advantaged investment plan.
CLASS 1 5 10
INCEPTION YEAR YEARS YEARS
------------ ---------- --------- ---------
INST CLASS before tax 12/31/1992 15.01 2.25 1.33
--------------------------- ---------- ----- ---- ----
CLASS S before tax 12/31/1992 14.89 2.14 1.21
--------------------------- ---------- ----- ---- ----
After tax on
distributions 14.89 1.96 0.92
After tax on distribu-
tions and sale of fund
shares 10.36 1.91 0.99
--------------------------- ---------- ----- ---- ----
STANDARD & POOR'S
(S&P) 500 INDEX
(reflects no deduction for
fees, expenses or taxes) 15.06 2.29 1.41
--------------------------- ---------- ----- ---- ----
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MANAGEMENT
INVESTMENT ADVISOR
Deutsche Investment Management Americas Inc.
SUBADVISOR
Northern Trust Investments, Inc.
PORTFOLIO MANAGER(S)
BRENT REEDER. Senior Vice President of Northern Trust Investments, Inc.
Portfolio Manager of the fund. Joined the fund in 2007.
PURCHASE AND SALE OF FUND SHARES
MINIMUM INITIAL INVESTMENT ($)
AUTOMATIC
UGMAS/ INVESTMENT
NON-IRA IRAS UTMAS PLANS
----------- ------- -------- -----------
INST 1,000,000 N/A N/A N/A
------ --------- ----- ----- -----
S 2,500 1,000 1,000 1,000
------ --------- ----- ----- -----
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For participants in certain fee-based and wrap programs offered through certain
financial intermediaries approved by the Advisor, there is no minimum initial
investment and no minimum additional investment for Class S shares.
Institutional Class shares also have no additional investment minimum. The
minimum additional investment for all other instances is $50.
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 www.dws-investments.com
TELEPHONE Class S shares: (800) 728-3337
M - F 8 a.m. - 8 p.m. ET
Institutional Class shares: (800) 730-1313
M - F 8 a.m. - 6 p.m. ET
TDD LINE (800) 972-3006, M - F 8 a.m. - 8 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.
Institutional Class shares are generally available only to qualified
institutions. Class S shares are only available to a limited group of
investors.
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.
3
DWS Equity 500 Index Fund
SUMMARY PROSPECTUS April 29, 2011
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.
4
DWS Equity 500 Index Fund
SUMMARY PROSPECTUS April 29, 2011 DE500F-SUM
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