-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DHWiF6p3H0qp8ptnm0BfrDB6DmxGWwscq9RIjsT+s3y56X9H8BGoN3tK7QR1ShOc DrcdnCAb184J7hXlEQV4kg== 0000088053-10-000705.txt : 20100527 0000088053-10-000705.hdr.sgml : 20100527 20100527155432 ACCESSION NUMBER: 0000088053-10-000705 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100527 DATE AS OF CHANGE: 20100527 EFFECTIVENESS DATE: 20100527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS ADVISOR FUNDS CENTRAL INDEX KEY: 0000797657 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-07404 FILM NUMBER: 10862582 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER ADVISOR FUNDS DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530 0000797657 S000005732 Tax Free Money Fund Investment C000015745 Premier Shares BTXXX C000070982 Institutional Shares 497K 1 sk052710af_tfminv.htm 497K - PROSPECTUS STICKER - TAX FREE MONEY FUND INVESTMENT sk052710af_tfminv.htm
 
 

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES
AND SUMMARY PROSPECTUSES
     
     
NY Tax Free Money Fund
Tax Free Money Fund Investment

 
Effective May 28, 2010, the second paragraph of the “Main investments” section under the heading “PRINCIPAL INVESTMENT STRATEGY” in the summary prospectuses and prospectuses of each of the above-listed funds will be replaced in its entirety by the following:
 
 
The fund is managed in accordance with Rule 2a–7 under the Investment Company Act of 1940, as amended. The fund follows policies designed to maintain a stable share price:
 
·  
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 invest in securities that have certain maturity shortening features (such as interest rate resets and demand 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 (i) 60 days or less and (ii) 120 days or less determined without regard to interest rate resets.
 
·  
The fund maintains certain minimum liquidity standards such that:
 
 
  –
the fund may not purchase a security other than a security offering weekly liquidity if, immediately after purchase, the fund would have invested less than 30% of its total assets in securities offering weekly liquidity (includes securities that mature or are subject to demand within five business days, cash, direct U.S. Government obligations and Government agency discount notes with remaining maturities of 60 days or less); and
 
 
  –
the fund may not purchase an illiquid security if, immediately after purchase, the fund would have invested more than 5% of its total assets in illiquid securities (securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the market value ascribed to them by the fund).
 
 
Effective May 28, 2010, the second paragraph of the “Management process” section under the heading “PRINCIPAL INVESTMENT STRATEGY” in the prospectuses of each of the above-listed funds will be replaced in its entirety by the following:
 
 
The fund buys short–term municipal obligations that the Advisor determines present minimal credit risks and that at the time of purchase:
 
  –
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; or
 
 
  –
have no short–term rating, but are deemed by the Advisor to be of comparable quality to a security that has received a rating in one of the two highest short–term categories; provided that, if the security has a long–term rating, it must be rated in one of the top three highest long–term rating categories by two NRSROs or one NRSRO if that NRSRO is the only NRSRO that rates such obligation; and
 
 
  –
do not result in the fund holding more than 3% of its total assets in second tier securities (which are otherwise eligible securities that do not have the requisite ratings in the highest short–term rating category or, if unrated, are not deemed by the Advisor to be comparable to that category), provided the fund will not purchase a second tier security with a remaining maturity greater than 45 days.
 
 
Please Retain This Supplement for Future Reference
 
 
 
 
May 27, 2010
st-NYTF and TFMF

 
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