CRISIL has assigned ‘AA+f’, ‘AAAf’ and ‘AAf’ rating to DWS Money Plus Fund, DWS Liquid Plus Fund and DWS Credit Opportunities Cash Fund respectively. CRISIL has upgraded the rating to DWS Money Plus Fund to ‘AA+f’ from ‘AAf’, indicating that fund’s portfolio holding, as also that of DWS Liquid Plus Fund and DWS Credit Opportunities Cash Fund provide ‘strong’ protection against losses due to credit default.

CRISIL’s assessment of a bond fund’s credit quality is based on the creditworthiness of the fund’s portfolio. CRISIL has developed a credit quality matrix to assess the aggregate credit quality of a fund’s underlying portfolio. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates of CRISIL’s long-term ratings. The credit factors reflect the expected default behaviour of the respective securities in the portfolio, and the expected deterioration in their credit quality. The lower the credit factor for each security, the higher its inherent credit quality would be. The credit factors are applied to the proportion of securities in each rating category, to arrive at the credit score for the portfolio. The rating on the fund is assigned based on the credit score given to the fund.

Mr Suresh Soni, CEO of DeAM India, commented: “Maintaining a judicious mix of fixed and floating rate securities, superior portfolio and constant value add through higher-quality credit identification has resulted in the three funds offering returns that are significantly higher compared to the benchmark – CRISIL Liquid Fund Index.”

A Focus on Performance:

DWS Money Plus Fund (Regular plan) has consistently beaten the benchmark, the Crisil Liquid Fund index, offering superior returns as at June 30, 2008 – one-month return of 8.71% (against 5.78% for CRISIL Liquid Fund Index for the same period), three-month return of 8.40% (against 7.19%), six-month return of 8.56% (against 7.13%), one-year return of 8.50% (against 6.80%) and since-inception (March 13, 2006) return of 8.21% (against 6.99%).

DWS Money Plus Fund (Institutional Plan) too has consistently delivered superior returns, beating the benchmark, CRISIL Liquid Fund Index with – one-month return of 8.84% (against 5.78%), three-month return of 8.35% (against 7.19%), six-month return of 8.74% (against 7.13%), one-year return of 8.70% (against 6.80%) and since-inception (November 7, 2006) return of 8.73% (against 7.29%). The fund, with an asset base of Rs. 2,372.24 crore as at June 30, 2008, has allocated 51.05% to Corporate Debt, 36.26% to Money Market instruments, and 1.32% to PSU Bonds. Cash Equivalents and Cash & Current Assets are at 7.59% and 3.79% respectively.

DWS Liquid Plus Fund (Regular Plan) has consistently beaten the benchmark, the CRISIL Liquid Fund Index, offering superior returns as at June 30, 2008 – six-month return of 4.35% (against 3.52%), one-year return of 8.56% (against 6.80%), three-year CAGR of 7.29% (against 6.46%), and since-inception (October 21, 2003) CAGR of 6.45% (against 5.65%). The fund, with asset base of Rs 402.20 crore as at June 30, 2008, has allocated 41.69% to Corporate Debt, 30.45% to Money Market instruments, and 3.62% to PSU Bonds. Cash Equivalents and Cash & Current Assets are at 23.62% and 0.62% respectively.

DWS Credit Opportunities Cash Fund (Regular plan) has consistently beaten the benchmark, the CRISIL Liquid Fund Index, offering superior returns as at June 30, 2008 – one-month return of 9.12% (against 5.78% for CRISIL Liquid Fund Index for the same period), three-month return of 8.80% (against 7.19%), six-month return of 9.14% (against 7.13%), one-year return of 9.19% (against 6.80%) and since-inception (June 22, 2007) return of 9.19% (against 6.71%).

DWS Credit Opportunities Cash Fund (90-day plan) too has delivered superior returns consistently beating the benchmark index with one-month return of 0.76% (against 0.48%), three-month return of 2.21% (against 1.77%), and since inception (January 11, 2008) return of 4.32% (against 3.33%). The fund with asset base of Rs. 1,710.72 crore as at June 30, 2008, has allocated 60.48% to Corporate Debt, 26.21% to Money Market instruments, 0.40% to PSU Bonds and 0.57% to Collateralized Borrowing & Lending Obligation. Cash Equivalents and Cash & Current Assets are at 6.90% and 5.44% respectively.

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