UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number | 811-02527 |
DWS Money Funds
(Exact Name of Registrant as Specified in Charter)
345 Park Avenue
New York, NY 10154-0004
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (201) 593-6408
Paul Schubert
100 Plaza One
Jersey City, NJ 07311
(Name and Address of Agent for Service)
Date of fiscal year end: | 7/31 |
Date of reporting period: | 7/31/2010 |
ITEM 1. | REPORT TO STOCKHOLDERS |
JULY 31, 2010 Annual Report
to Shareholders |
|
DWS Money Market Prime Series |
 |
Contents
4 Portfolio Management Review 8 Information About Your Fund's Expenses 10 Portfolio Summary 11 Investment Portfolio 17 Statement of Assets and Liabilities 19 Statement of Operations 20 Statement of Changes in Net Assets 21 Financial Highlights 26 Notes to Financial Statements 34 Report of Independent Registered Public Accounting Firm 35 Tax Information 36 Summary of Management Fee Evaluation by Independent Fee Consultant 41 Board Members and Officers 45 Account Management Resources |
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Portfolio Management Review
DWS Money Market Prime Series: A Team Approach to Investing
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Money Market Prime Series. DIMA and its predecessors has more than 80 years of experience managing mutual funds and provides a full range of investment advisory services to both institutional and retail clients.
DWS Investments is part of Deutsche Asset Management's global asset management organization, offering a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.
Portfolio Management Team
A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.
Market Overview
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
In the fall of 2009, liquidity was gradually restored in the short end of the money market yield curve as yield spreads returned to more accustomed levels and credit markets functioned more efficiently.1,2 In 2010, the money market yield curve began to change configuration as — for the first time in 12 months — short-term money market rates rose somewhat. The slight increase in rates came in response to several market dynamics, including Congress' raising of the nation's debt ceiling and political and budgetary concerns within the Eurozone, especially in Greece.3 In the second quarter, a significant flight to quality ensued in US government bonds — and money market rates rose — as the sovereign debt crisis in Europe deepened and the oil spill disaster in the Gulf of Mexico unfolded. In addition, with government stimulus winding down, US economic recovery slowed. The European crisis caused money market investors to reassess risk on many fronts. A general squeeze on liquidity sent rates for LIBOR, an industry standard for measuring taxable money market rates, significantly higher.4
By mid-June 2010, however, the crisis in Europe had eased as the European Central Bank and the International Monetary Fund collaborated in order to offer loans and liquidity facilities to banks in fiscally troubled countries such as Greece, Spain and Italy. An additional boost to market confidence came from a series of austerity measures announced by a number of European governments. In response, money market activity picked up significantly, and market participants began to look to slightly longer-maturity investments in order to procure additional yield.
Positive Contributors to Fund Performance
We were able to maintain a competitive yield for the fund during the period. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
Through the turbulent markets of the past two years, our principal goals have been to maintain very high levels of portfolio diversification, liquidity and credit quality within the fund.5 Over the 12-month period, we continued to hold a large percentage of fixed-rate, short-maturity investments. The fund also held a smaller percentage in floating-rate securities (whose yields adjust periodically in response to changes in interest rates) to track any increases in LIBOR rate levels. Lastly, any investments the fund has made in slightly longer maturities have been in Treasury, agency and top-quality corporate money market securities. The fund holds a significant amount of its short-term liquidity in overnight and seven-day investments. These strategies enabled us to maintain a competitive yield as well as stability of principal for the fund.
Negative Contributors to Fund Performance
The types of securities that we were investing in tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.
Outlook and Positioning
As pressures on European countries and their banks continue to ease, we are seeing downward pressure on LIBOR and other money market interest rates. With US economic recovery sputtering and unemployment in the United States still very high, we believe that the US Federal Reserve Board (the Fed) will not raise short-term rates for the foreseeable future. Another factor that should influence yield levels going forward is the amendments to the money market rules (Rule 2a-7) by the Securities & Exchange Commission (SEC) being phased in from now through December 2010. The amendments cover a number of areas including fund average maturity, liquidity requirements and fund operations. We believe that these regulations may tend to steepen the money market yield curve (i.e., steadily higher yields for longer maturities) as more funds maintain shorter average maturity in line with the amendments.
We will continue to monitor labor and housing market statistics to gauge the rate of the ongoing recovery. We do not expect a "double-dip" recession, but rather for a continuance of a slow-growth environment. Given that outlook, we anticipate that the fund's strategy will be to remain in relatively short-maturity investments and to maintain a high degree of portfolio liquidity.
We continue our insistence on the highest credit quality within the fund. We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing and to seek competitive yield for our shareholders.
Fund Performance (as of July 31, 2010)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.
DWS Money Market Prime Series 7-Day Current Yield |
DWS Cash Investment Trust Class A | .01%* |
DWS Cash Investment Trust Class B | .01%* |
DWS Cash Investment Trust Class C | .01%* |
DWS Cash Investment Trust Class S | .01%* |
DWS Money Market Fund | .01%* |
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Without such voluntary fee waiver/expense reimbursement, the 7-day current yield would have been -.54%, - -1.30%, -1.27%, -.11% and -.03,%, respectively, for DWS Cash Investment Trust Class A, DWS Cash Investment Trust Class B, DWS Cash Investment Trust Class C shares, DWS Cash Investment Trust Class S and DWS Money Market Fund, as of July 31, 2010.
Yields are historical, will fluctuate, and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolios over a 7-day period expressed as an annual percentage rate. For the most current yield information, visit our Web site at www.dws-investments.com.
Lipper Ranking — Money Market Fund Category as of 7/31/10 (DWS Money Market Prime Series — DWS Money Market Fund) |
Period | Rank | | Number of Funds Tracked | Percentile Ranking (%) |
1-Year | 84 | of | 287 | 30 |
3-Year | 27 | of | 274 | 10 |
5-Year | 17 | of | 250 | 7 |
10-Year | 20 | of | 201 | 10 |
Lipper Inc. rankings are based upon changes in net asset value with all dividends reinvested for the periods indicated as of July 31, 2010. Rankings are historical and do not guarantee future performance. The fund is compared to the Lipper Money Market Fund category. Rankings are for DWS Money Market Prime Series — DWS Money Market Fund; other share classes may vary.
Source: Lipper Inc.
1 "Spread" refers to the excess yield various fixed-income or money market securities or sectors offer over each other at similar maturities. When spreads widen, yield differences are increasing between securities in the two sectors being compared. When spreads narrow, the opposite is true.
2 The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.
3 The Eurozone refers to a currency union among the European Union member states that have adopted the euro as their sole currency.
4 LIBOR, or the London Interbank Offered Rate, is the most widely used benchmark or reference rate for short-term interest rates. LIBOR is the rate of interest at which banks borrow funds from other banks, in large volume, in the international market.
5 Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default.
Information About Your Fund's Expenses
As an investor, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (February 1, 2010 to July 31, 2010).
The tables illustrate your Fund's expenses in two ways:
• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for DWS Cash Investment Trust Class S may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for DWS Cash Investment Trust Class S during the period would be higher, and account value during the period would be lower, by this amount.
Expenses and Value of a $1,000 Investment for the six months ended July 31, 2010 |
Actual Fund Return | DWS Cash Investment Trust Class A | DWS Cash Investment Trust Class B | DWS Cash Investment Trust Class C | DWS Cash Investment Trust Class S | DWS Money Market Fund |
Beginning Account Value 2/1/10 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 7/31/10 | $ 1,000.05 | $ 1,000.05 | $ 1,000.05 | $ 1,000.05 | $ 1,000.05 |
Expenses Paid per $1,000* | $ 1.59 | $ 1.59 | $ 1.59 | $ 1.59 | $ 1.59 |
Hypothetical 5% Fund Return | DWS Cash Investment Trust Class A | DWS Cash Investment Trust Class B | DWS Cash Investment Trust Class C | DWS Cash Investment Trust Class S | DWS Money Market Fund |
Beginning Account Value 2/1/10 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 7/31/10 | $ 1,023.21 | $ 1,023.21 | $ 1,023.21 | $ 1,023.21 | $ 1,023.21 |
Expenses Paid per $1,000* | $ 1.61 | $ 1.61 | $ 1.61 | $ 1.61 | $ 1.61 |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios | DWS Cash Investment Trust Class A | DWS Cash Investment Trust Class B | DWS Cash Investment Trust Class C | DWS Cash Investment Trust Class S | DWS Money Market Fund |
DWS Money Market Prime Series | .32% | .32% | .32% | .32% | .32% |
For more information, please refer to the Fund's prospectus.
Portfolio Summary
Asset Allocation (As a % of Investment Portfolio) | 7/31/10 | 7/31/09 |
| | |
Commercial Paper | 36% | 48% |
Short-Term Notes | 19% | 13% |
Repurchase Agreements | 17% | 7% |
Certificates of Deposit and Bank Notes | 15% | 17% |
Government & Agency Obligations | 12% | 13% |
Supranational | 1% | — |
Time Deposits | — | 2% |
| 100% | 100% |
Weighted Average Maturity | | |
| | |
DWS Money Market Prime Series | 43 days | 64 days |
First Tier Retail Money Fund Average* | 37 days | 48 days |
* The Fund is compared to its respective iMoneyNet Category: First Tier Retail Money Fund Average — Category includes a widely recognized composite of money market funds that invest in only first tier (highest rating) securities. Portfolio Holdings of First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed Commercial Paper.
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any maturity shortening features.
Asset allocation and weighted average maturity are subjected to change.
For more complete details about the Fund's holdings, see pages 11-16. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for more contact information.
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. A complete list of the Fund's portfolio holdings is also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
Investment Portfolio as of July 31, 2010
| Principal Amount ($) | Value ($) |
| |
Certificates of Deposit and Bank Notes 15.2% |
Banco Santander SA, 0.9%, 10/26/2010 | 20,000,000 | 20,000,000 |
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.46%, 10/13/2010 | 30,000,000 | 30,000,000 |
BNP Paribas, 0.63%, 1/27/2011 | 15,000,000 | 15,000,000 |
Credit Agricole SA, 0.35%, 8/2/2010 | 15,000,000 | 15,000,000 |
Dexia Credit Local, 0.43%, 8/5/2010 | 19,900,000 | 19,900,000 |
DnB NOR Bank ASA: |
| 0.46%, 8/24/2010 | 20,000,000 | 20,000,000 |
| 0.5%, 9/27/2010 | 8,500,000 | 8,500,000 |
European Investment Bank: |
| 4.125%, 9/15/2010 | 8,458,000 | 8,497,609 |
| 4.625%, 9/15/2010 | 1,000,000 | 1,005,293 |
KBC Bank NV: |
| 0.47%, 8/23/2010 | 20,000,000 | 20,000,122 |
| 0.66%, 8/17/2010 | 18,500,000 | 18,500,000 |
Mizuho Corporate Bank Ltd., 0.5%, 10/4/2010 | 21,000,000 | 21,000,000 |
Natixis: |
| 0.43%, 8/17/2010 | 14,000,000 | 14,000,000 |
| 0.53%, 8/2/2010 | 25,000,000 | 25,000,000 |
Nordea Bank Finland PLC: |
| 0.45%, 8/24/2010 | 12,500,000 | 12,500,000 |
| 0.48%, 10/22/2010 | 15,000,000 | 15,000,170 |
| 0.6%, 2/8/2011 | 8,500,000 | 8,503,145 |
| 0.75%, 9/23/2010 | 13,000,000 | 13,000,000 |
Rabobank Nederland NV: |
| 0.46%, 11/1/2010 | 9,000,000 | 9,000,115 |
| 0.51%, 12/23/2010 | 12,000,000 | 12,000,239 |
Skandinaviska Enskilda Banken AB, 0.4%, 9/7/2010 | 25,000,000 | 25,000,000 |
Sumitomo Mitsui Banking Corp., 0.38%, 8/3/2010 | 12,500,000 | 12,500,000 |
Svenska Handelsbanken AB, 0.46%, 8/24/2010 | 30,000,000 | 30,000,000 |
UBS AG, 0.56%, 10/1/2010 | 13,000,000 | 13,000,000 |
Total Certificates of Deposit and Bank Notes (Cost $386,906,693) | 386,906,693 |
|
Commercial Paper 35.4% |
Issued at Discount** |
Abbey National North America LLC, 0.9%, 1/19/2011 | 24,000,000 | 23,897,400 |
Amstel Funding Corp.: |
| 0.49%, 9/27/2010 | 12,000,000 | 11,990,690 |
| 0.55%, 8/11/2010 | 10,000,000 | 9,998,472 |
| 0.57%, 8/23/2010 | 15,000,000 | 14,994,775 |
Antalis US Funding Corp., 144A, 0.35%, 8/13/2010 | 4,000,000 | 3,999,533 |
Argento Variable Funding: |
| 144A, 0.39%, 8/24/2010 | 13,000,000 | 12,996,761 |
| 144A, 0.49%, 8/2/2010 | 16,500,000 | 16,499,775 |
| 144A, 0.52%, 8/3/2010 | 17,400,000 | 17,399,497 |
BNZ International Funding Ltd., 144A, 0.52%, 1/21/2011 | 20,000,000 | 19,950,022 |
BPCE SA, 0.61%, 11/22/2010 | 20,000,000 | 19,961,706 |
Cancara Asset Securitisation LLC: |
| 144A, 0.5%, 10/18/2010 | 14,500,000 | 14,484,292 |
| 144A, 0.56%, 9/7/2010 | 18,800,000 | 18,789,180 |
Coca-Cola Co.: |
| 0.25%, 8/16/2010 | 14,000,000 | 13,998,542 |
| 0.45%, 12/17/2010 | 10,000,000 | 9,982,750 |
Danske Corp.: |
| 144A, 0.475%, 9/30/2010 | 12,000,000 | 11,990,500 |
| 144A, 0.585%, 9/30/2010 | 21,000,000 | 20,979,525 |
General Electric Capital Corp.: |
| 0.48%, 9/8/2010 | 25,000,000 | 24,987,333 |
| 0.52%, 10/14/2010 | 20,000,000 | 19,978,622 |
Grampian Funding LLC: |
| 144A, 0.49%, 8/2/2010 | 21,500,000 | 21,499,707 |
| 144A, 0.53%, 10/14/2010 | 2,500,000 | 2,497,276 |
Hannover Funding Co., LLC: |
| 0.52%, 8/3/2010 | 13,000,000 | 12,999,624 |
| 0.55%, 9/20/2010 | 11,500,000 | 11,491,215 |
KBC Financial Products International Ltd.: |
| 144A, 0.58%, 9/21/2010 | 13,300,000 | 13,289,072 |
| 144A, 0.6%, 9/7/2010 | 12,000,000 | 11,992,600 |
LMA Americas LLC: |
| 144A, 0.34%, 8/18/2010 | 18,500,000 | 18,497,030 |
| 144A, 0.35%, 8/23/2010 | 27,500,000 | 27,494,118 |
Nestle Finance International Ltd.: |
| 0.27%, 8/25/2010 | 14,000,000 | 13,997,480 |
| 0.32%, 10/12/2010 | 12,000,000 | 11,992,320 |
Nieuw Amsterdam Receivables Corp.: |
| 144A, 0.36%, 8/11/2010 | 24,000,000 | 23,997,600 |
| 144A, 0.45%, 8/2/2010 | 40,000,000 | 39,999,500 |
Nissan Motor Acceptance Corp., 0.4%, 8/5/2010 | 10,000,000 | 9,999,556 |
NRW.Bank: |
| 0.4%, 9/14/2010 | 13,500,000 | 13,493,400 |
| 0.42%, 10/6/2010 | 12,500,000 | 12,490,375 |
| 0.5%, 10/15/2010 | 30,000,000 | 29,968,750 |
| 0.53%, 10/4/2010 | 13,000,000 | 12,987,751 |
Pacific Gas & Electric Co., 144A, 0.39%, 8/10/2010 | 5,000,000 | 4,999,513 |
Rabobank USA Financial Corp., 0.43%, 12/13/2010 | 12,750,000 | 12,729,593 |
Romulus Funding Corp.: |
| 144A, 0.5%, 8/2/2010 | 13,000,000 | 12,999,819 |
| 144A, 0.56%, 9/14/2010 | 12,000,000 | 11,991,787 |
Scaldis Capital LLC: |
| 0.33%, 8/16/2010 | 25,000,000 | 24,996,563 |
| 0.49%, 8/5/2010 | 13,000,000 | 12,999,292 |
Shell International Finance BV, 0.5%, 2/4/2011 | 8,000,000 | 7,979,222 |
Skandinaviska Enskilda Banken AB: |
| 0.38%, 8/6/2010 | 26,000,000 | 25,998,628 |
| 0.46%, 9/10/2010 | 16,500,000 | 16,491,567 |
Standard Chartered Bank: |
| 0.6%, 10/1/2010 | 25,000,000 | 24,974,583 |
| 0.62%, 9/10/2010 | 7,000,000 | 6,995,178 |
Starbird Funding Corp., 144A, 0.58%, 9/23/2010 | 25,000,000 | 24,978,653 |
Straight-A Funding LLC: |
| 144A, 0.34%, 9/21/2010 | 13,000,000 | 12,993,738 |
| 144A, 0.35%, 8/24/2010 | 10,500,000 | 10,497,652 |
| 144A, 0.43%, 9/1/2010 | 13,500,000 | 13,495,001 |
Swiss Re Treasury US Corp., 0.4%, 8/9/2010 | 10,000,000 | 9,999,111 |
Tasman Funding, Inc., 144A, 0.42%, 9/10/2010 | 24,000,000 | 23,988,800 |
Total Capital Canada Ltd., 144A, 0.44%, 9/3/2010 | 21,000,000 | 20,991,530 |
Toyota Motor Credit Corp., 0.58%, 9/2/2010 | 13,000,000 | 12,993,298 |
Victory Receivables Corp., 144A, 0.37%, 8/2/2010 | 15,000,000 | 14,999,846 |
Wal-Mart Stores, Inc., 0.2%, 8/5/2010 | 20,000,000 | 19,999,556 |
Total Commercial Paper (Cost $903,659,679) | 903,659,679 |
|
Short-Term Notes* 18.8% |
ANZ National International Ltd., 144A, 0.624%, 10/19/2010 | 15,000,000 | 15,000,000 |
ASB Finance Ltd.: |
| 144A, 0.476%, 12/8/2010 | 13,500,000 | 13,500,927 |
| 144A, 0.477%, 12/3/2010 | 5,000,000 | 5,000,139 |
Bank of Nova Scotia, 0.34%, 11/23/2010 | 25,000,000 | 25,000,000 |
Barclays Bank PLC: |
| 0.502%, 10/22/2010 | 25,000,000 | 25,000,000 |
| 0.72%, 4/21/2011 | 22,300,000 | 22,300,000 |
BNP Paribas, 0.747%, 4/26/2011 | 18,000,000 | 18,000,000 |
Canadian Imperial Bank of Commerce: |
| 0.27%, 8/25/2010 | 14,000,000 | 14,000,000 |
| 0.34%, 10/15/2010 | 14,000,000 | 14,000,000 |
| 0.46%, 4/26/2011 | 20,000,000 | 20,000,000 |
Commonwealth Bank of Australia, 144A, 0.557%, 1/3/2011 | 15,000,000 | 15,000,000 |
Intesa Sanpaolo SpA: |
| 0.315%, 9/24/2010 | 16,500,000 | 16,500,000 |
| 0.315%, 10/18/2010 | 13,000,000 | 12,999,575 |
JPMorgan Chase Bank NA, 0.325%, 5/31/2011 | 14,500,000 | 14,500,000 |
National Australia Bank Ltd., 144A, 0.356%, 1/27/2011 | 10,000,000 | 10,000,000 |
Natixis: |
| 0.39%, 12/14/2010 | 10,000,000 | 10,000,000 |
| 0.575%, 11/1/2010 | 21,100,000 | 21,100,000 |
Rabobank Nederland NV: |
| 0.322%, 11/22/2010 | 12,000,000 | 12,000,000 |
| 0.342%, 3/11/2011 | 19,700,000 | 19,700,000 |
| 144A, 0.435%, 6/16/2011 | 12,000,000 | 12,000,000 |
| 144A, 1.781%, 4/7/2011 | 40,000,000 | 40,000,000 |
Royal Bank of Canada: |
| 0.328%, 2/24/2011 | 6,000,000 | 6,000,000 |
| 0.465%, 11/24/2010 | 13,000,000 | 13,000,000 |
Standard Chartered Bank, 0.44%, 10/28/2010 | 25,000,000 | 25,000,000 |
Toronto-Dominion Bank, 0.347%, 2/4/2011 | 15,000,000 | 15,000,000 |
Westpac Banking Corp.: |
| 0.3%, 1/10/2011 | 14,000,000 | 14,000,000 |
| 0.38%, 3/15/2011 | 4,500,000 | 4,499,424 |
| 144A, 0.39%, 12/13/2010 | 28,000,000 | 28,000,000 |
| 0.507%, 4/14/2011 | 18,000,000 | 18,000,000 |
Total Short-Term Notes (Cost $479,100,065) | 479,100,065 |
|
Supranational 0.6% |
Inter-American Development Bank, 0.34%**, 8/16/2010 (Cost $15,247,840) | 15,250,000 | 15,247,840 |
|
Government & Agency Obligations 12.5% |
Other Government Related 0.6% |
General Electric Capital Corp., FDIC Guaranteed, 1.167%*, 12/9/2010 | 16,000,000 | 16,045,905 |
US Government Sponsored Agencies 9.5% |
Federal Home Loan Bank: |
| 0.27%, 10/29/2010 | 8,250,000 | 8,249,318 |
| 0.4%, 1/4/2011 | 7,000,000 | 6,999,540 |
| 0.43%, 2/22/2011 | 6,200,000 | 6,200,046 |
| 0.5%, 10/18/2010 | 8,000,000 | 8,002,153 |
| 0.54%, 5/24/2011 | 9,200,000 | 9,200,597 |
Federal Home Loan Mortgage Corp.: |
| 0.185%**, 8/16/2010 | 22,000,000 | 21,998,213 |
| 0.188%**, 8/17/2010 | 10,000,000 | 9,999,111 |
| 0.233%**, 9/1/2010 | 13,958,000 | 13,955,115 |
| 0.277%**, 10/26/2010 | 14,500,000 | 14,490,301 |
| 0.328%**, 12/7/2010 | 8,000,000 | 7,990,613 |
| 0.376%**, 10/25/2010 | 8,000,000 | 7,992,822 |
Federal National Mortgage Association: |
| 0.108%**, 8/2/2010 | 24,000,000 | 23,999,860 |
| 0.218%**, 11/15/2010 | 13,000,000 | 12,991,579 |
| 0.248%**, 12/13/2010 | 24,000,000 | 23,977,667 |
| 0.277%**, 11/1/2010 | 10,000,000 | 9,992,844 |
| 0.298%**, 1/18/2011 | 10,000,000 | 9,985,833 |
| 0.345%**, 10/1/2010 | 10,000,000 | 9,994,070 |
| 0.367%**, 12/1/2010 | 21,620,000 | 21,592,891 |
| 0.446%**, 8/5/2010 | 15,000,000 | 14,999,083 |
| 242,611,656 |
US Treasury Obligations 2.4% |
US Treasury Notes: |
| 1.125%, 6/30/2011 | 25,000,000 | 25,159,595 |
| 1.5%, 10/31/2010 | 10,000,000 | 10,028,322 |
| 2.375%, 8/31/2010 | 10,000,000 | 10,016,413 |
| 4.5%, 11/15/2010 | 7,000,000 | 7,083,824 |
| 4.5%, 2/28/2011 | 7,500,000 | 7,677,921 |
| 59,966,075 |
Total Government & Agency Obligations (Cost $318,623,636) | 318,623,636 |
|
Repurchase Agreements 16.9% |
Banc of America Securities LLC, 0.21%, dated 7/30/2010, to be repurchased at $91,675,497 on 8/2/2010 (a) | 91,673,893 | 91,673,893 |
BNP Paribas, 0.21%, dated 7/30/2010, to be repurchased at $47,579,833 on 8/2/2010 (b) | 47,579,000 | 47,579,000 |
JPMorgan Securities, Inc., 0.20%, dated 7/30/2010, to be repurchased at $206,998,049 on 8/2/2010 (c) | 206,994,599 | 206,994,599 |
The Goldman Sachs & Co., 0.21%, dated 7/30/2010, to be repurchased at $85,001,487 on 8/2/2010 (d) | 85,000,000 | 85,000,000 |
Total Repurchase Agreements (Cost $431,247,492) | 431,247,492 |
| % of Net Assets | Value ($) |
| |
Total Investment Portfolio (Cost $2,534,785,405)+ | 99.4 | 2,534,785,405 |
Other Assets and Liabilities, Net | 0.6 | 14,357,167 |
Net Assets | 100.0 | 2,549,142,572 |
* Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of July 31, 2010.
** Annualized yield at time of purchase; not a coupon rate.
+ The cost for federal income tax purposes was $2,534,785,405.
(a) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
69,540,000 | Federal Home Loan Bank | Zero Coupon | 8/25/2010 | 69,533,046 |
21,620,000 | Federal National Mortgage Association | 4.125 | 4/15/2014 | 23,974,553 |
Total Collateral Value | 93,507,599 |
(b) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
18,515,000 | Federal Home Loan Bank | 0.375-4.875 | 3/8/2011-6/12/2020 | 19,178,364 |
6,934,595 | Federal Home Loan Mortgage Corp. | 4.0-6.5 | 4/1/2018-7/1/2040 | 7,486,253 |
21,013,182 | Federal National Mortgage Association | 1.0-7.0 | 10/13/2010-7/1/2040 | 21,866,263 |
Total Collateral Value | 48,530,880 |
(c) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
128,418,936 | Federal Home Loan Mortgage Corp. | Zero Coupon-6.0 | 3/15/2025-1/15/2037 | 136,481,128 |
15,139,217 | Federal Home Loan Mortgage Corp. — Principal Only | Zero Coupon | 3/15/2034-5/15/2037 | 14,172,356 |
58,623,457 | Federal National Mortgage Association | 0.629-28.618 | 12/25/2033-6/25/2037 | 60,484,376 |
Total Collateral Value | 211,137,860 |
(d) Collateralized by $87,080,018 Federal National Mortgage Association, 4.5%, maturing on 3/25/2036 with a value of $86,700,001.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
FDIC: Federal Deposit Insurance Corp.
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Securities held by a money market fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
The following is a summary of the inputs used as of July 31, 2010 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total |
|
Investments in Securities (e) | $ — | $ 2,103,537,913 | $ — | $ 2,103,537,913 |
Repurchase Agreements | $ — | $ 431,247,492 | $ — | $ 431,247,492 |
Total | $ — | $ 2,534,785,405 | $ — | $ 2,534,785,405 |
There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the year ended July 31, 2010.
(e) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities
as of July 31, 2010 |
Assets |
Investments: Investment in securities, at value (cost $2,103,537,913) | $ 2,103,537,913 |
Repurchase agreements, at value (cost $431,247,492) | 431,247,492 |
Total investments in securities, at value (cost $2,534,785,405) | 2,534,785,405 |
Cash | 131,774 |
Receivable for investments sold | 17,000,000 |
Receivable for Fund shares sold | 2,816,244 |
Interest receivable | 1,240,882 |
Due from Advisor | 20,088 |
Other assets | 85,825 |
Total assets | 2,556,080,218 |
Liabilities |
Payable for Fund shares redeemed | 5,777,427 |
Distributions payable | 3,696 |
Accrued management fee | 374,934 |
Other accrued expenses and payables | 781,589 |
Total liabilities | 6,937,646 |
Net assets, at value | $ 2,549,142,572 |
Net Assets Consist of |
Undistributed net investment income | 90,922 |
Accumulated net realized gain (loss) | (3,658) |
Paid-in capital | 2,549,055,308 |
Net assets, at value | $ 2,549,142,572 |
Statement of Assets and Liabilities as of July 31, 2010 (continued) |
Net Asset Value |
DWS Cash Investment Trust Class A Net Asset Value, offering and redemption price per share ($223,135,840 ÷ 223,157,538 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Cash Investment Trust Class B Net Asset Value, offering and redemption price per share ($10,698,188 ÷ 10,699,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Cash Investment Trust Class C Net Asset Value, offering and redemption price per share ($30,602,789 ÷ 30,605,771 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Cash Investment Trust Class S Net Asset Value, offering and redemption price per share ($463,916,395 ÷ 463,961,602 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Money Market Fund Net Asset Value, offering and redemption price per share ($1,820,789,360 ÷ 1,820,971,527 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
The accompanying notes are an integral part of the financial statements.
Statement of Operations
for the year ended July 31, 2010 |
Investment Income |
Income: Interest | $ 10,680,773 |
Expenses: Management fee | 5,279,452 |
Services to shareholders | 4,793,084 |
Administration fee | 2,923,311 |
Distribution and service fees | 1,050,322 |
Custodian fee | 138,887 |
Trustees' fees and expenses | 81,075 |
Reports to shareholders | 217,846 |
Registration fees | 169,616 |
Professional fees | 133,545 |
Temporary guarantee program participation fee | 214,279 |
Other | 12,801 |
Total expenses before expense reductions | 15,014,218 |
Expense reductions | (4,564,794) |
Total expenses after expense reductions | 10,449,424 |
Net investment income | 231,349 |
Net realized gain (loss) | 111,899 |
Net increase (decrease) in net assets resulting from operations | $ 343,248 |
The accompanying notes are an integral part of the financial statements.
Statement of Changes in Net Assets
Increase (Decrease) in Net Assets | Years Ended July 31, |
2010 | 2009 |
Operations: Net investment income | $ 231,349 | $ 47,058,811 |
Net realized gain (loss) | 111,899 | 786,003 |
Net increase (decrease) in net assets resulting from operations | 343,248 | 47,844,814 |
Distributions to shareholders from: Net investment income: DWS Cash Investment Trust Class A | (19,570) | (1,639,320) |
DWS Cash Investment Trust Class B | (1,133) | (141,551) |
DWS Cash Investment Trust Class C | (3,041) | (219,032) |
DWS Cash Investment Trust Class S | (42,810) | (6,824,480) |
DWS Money Market Fund | (210,571) | (38,336,659) |
Net realized gains: DWS Cash Investment Trust Class A | (33,727) | — |
DWS Cash Investment Trust Class B | (3,185) | — |
DWS Cash Investment Trust Class C | (5,960) | — |
DWS Cash Investment Trust Class S | (84,105) | — |
DWS Money Market Fund | (385,197) | — |
Total distributions | (789,299) | (47,161,042) |
Fund share transactions: Proceeds from shares sold | 1,066,690,243 | 1,847,435,655 |
Reinvestment of distributions | 808,166 | 46,957,372 |
Cost of shares redeemed | (1,933,274,634) | (2,717,367,837) |
Net increase (decrease) in net assets from Fund share transactions | (865,776,225) | (822,974,810) |
Increase (decrease) in net assets | (866,222,276) | (822,291,038) |
Net assets at beginning of period | 3,415,364,848 | 4,237,655,886 |
Net assets at end of period (including undistributed net investment income of $90,922 and $161, respectively) | $ 2,549,142,572 | $ 3,415,364,848 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights
DWS Cash Investment Trust Class A |
Years Ended July 31, | 2010 | 2009 | 2008 | 2007a |
Selected Per Share Data |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income (loss) from investment operations: Net investment income | .000*** | .009 | .034 | .018 |
Net realized gain (loss) | .000*** | .000*** | (.000)*** | (.000)*** |
Total from investment operations | .000*** | .009 | .034 | .018 |
Less distributions from: Net investment income | (.000)*** | (.009) | (.034) | (.018) |
Net realized gains | (.000)*** | — | — | — |
Total distributions | (.000)*** | (.009) | (.034) | (.018) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%) | .03b | .91b | 3.41b | 1.77** |
Ratios to Average Net Assets and Supplemental Data |
Net assets, end of period ($ millions) | 223 | 218 | 156 | 116 |
Ratio of expenses before expense reductions (%) | .86 | .81 | .85 | .86* |
Ratio of expenses after expense reductions (%) | .35 | .77 | .84 | .86* |
Ratio of net investment income (%) | .01 | .96 | 3.37 | 4.51* |
a For the period from March 12, 2007 (commencement of operations) to July 31, 2007. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.0005. |
DWS Cash Investment Trust Class B |
Years Ended July 31, | 2010 | 2009 | 2008 | 2007a |
Selected Per Share Data |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income (loss) from investment operations: Net investment income | .000*** | .004 | .026 | .014 |
Net realized gain (loss) | .000*** | .000*** | (.000)*** | (.000)*** |
Total from investment operations | .000*** | .004 | .026 | .014 |
Less distributions from: Net investment income | (.000)*** | (.004) | (.026) | (.014) |
Net realized gains | (.000)*** | — | — | — |
Total distributions | (.000)*** | (.004) | (.026) | (.014) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)b | .03 | .45 | 2.62 | 1.45** |
Ratios to Average Net Assets and Supplemental Data |
Net assets, end of period ($ millions) | 11 | 23 | 30 | 36 |
Ratio of expenses before expense reductions (%) | 1.68 | 1.56 | 1.62 | 1.69* |
Ratio of expenses after expense reductions (%) | .37 | 1.28 | 1.61 | 1.67* |
Ratio of net investment income (%) | .01 | .45 | 2.60 | 3.70* |
a For the period from March 12, 2007 (commencement of operations) to July 31, 2007. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.0005. |
DWS Cash Investment Trust Class C |
Years Ended July 31, | 2010 | 2009 | 2008 | 2007a |
Selected Per Share Data |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income (loss) from investment operations: Net investment income | .000*** | .005 | .027 | .015 |
Net realized gain (loss) | .000*** | .000*** | (.000)*** | (.000)*** |
Total from investment operations | .000*** | .005 | .027 | .015 |
Less distributions from: Net investment income | (.000)*** | (.005) | (.027) | (.015) |
Net realized gains | (.000)*** | — | — | — |
Total distributions | (.000)*** | (.005) | (.027) | (.015) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)b | .03 | .48 | 2.69 | 1.48** |
Ratios to Average Net Assets and Supplemental Data |
Net assets, end of period ($ millions) | 31 | 42 | 42 | 39 |
Ratio of expenses before expense reductions (%) | 1.59 | 1.52 | 1.54 | 1.60* |
Ratio of expenses after expense reductions (%) | .36 | 1.22 | 1.53 | 1.60* |
Ratio of net investment income (%) | .01 | .51 | 2.68 | 3.77* |
a For the period from March 12, 2007 (commencement of operations) to July 31, 2007. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.0005. |
DWS Cash Investment Trust Class S |
Years Ended July 31, | 2010 | 2009 | 2008 | 2007a |
Selected Per Share Data |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income (loss) from investment operations: Net investment income | .000*** | .012 | .037 | .019 |
Net realized gain (loss) | .000*** | .000*** | (.000)*** | (.000)*** |
Total from investment operations | .000*** | .012 | .037 | .019 |
Less distributions from: Net investment income | (.000)*** | (.012) | (.037) | (.019) |
Net realized gains | (.000)*** | — | — | — |
Total distributions | (.000)*** | (.012) | (.037) | (.019) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%) | .03b | 1.20 | 3.73b | 1.89** |
Ratios to Average Net Assets and Supplemental Data |
Net assets, end of period ($ millions) | 464 | 541 | 579 | 602 |
Ratio of expenses before expense reductions (%) | .52 | .49 | .53 | .56* |
Ratio of expenses after expense reductions (%) | .36 | .49 | .53 | .56* |
Ratio of net investment income (%) | .01 | 1.24 | 3.68 | 4.81* |
a For the period from March 12, 2007 (commencement of operations) to July 31, 2007. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.0005. |
DWS Money Market Fund |
Years Ended July 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per Share Data |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income (loss) from investment operations: Net investment income | .000* | .013 | .038 | .050 | .040 |
Net realized gain (loss) | .000* | .000* | (.000)* | (.000)* | .000* |
Total from investment operations | .000* | .013 | .038 | .050 | .040 |
Less distributions from: Net investment income | (.000)* | (.013) | (.038) | (.050) | (.040) |
Net realized gains | (.000)* | — | — | — | — |
Total distributions | (.000)* | (.013) | (.038) | (.050) | (.040) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%) | .03a | 1.26 | 3.84a | 5.09 | 4.04 |
Ratios to Average Net Assets and Supplemental Data |
Net assets, end of period ($ millions) | 1,821 | 2,591 | 3,430 | 3,596 | 3,399 |
Ratio of expenses before expense reductions (%) | .45 | .44 | .43 | .40 | .44 |
Ratio of expenses after expense reductions (%) | .36 | .44 | .42 | .40 | .44 |
Ratio of net investment income (%) | .01 | 1.29 | 3.79 | 4.98 | 3.97 |
a Total return would have been lower had certain expenses not been reduced. * Amount is less than $.0005. |
Notes to Financial Statements
A. Organization and Significant Accounting Policies
DWS Money Market Prime Series (the "Fund") is a diversified series of DWS Money Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options: DWS Cash Investment Trust Class A shares are offered to investors without an initial sales charge but are subject to the applicable sales charge if exchanged into Class A shares of another DWS Investments Fund. DWS Cash Investment Trust Class B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. DWS Cash Investment Trust Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than DWS Cash Investment Trust Class A shares and a contingent deferred sales charge payable upon certain redemptions. DWS Cash Investment Trust Class B shares automatically convert to DWS Cash Investment Trust Class A shares six years after issuance. DWS Cash Investment Trust Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than DWS Cash Investment Trust Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. DWS Cash Investment Trust Class C shares do not automatically convert into another class. DWS Money Market Fund and DWS Cash Investment Trust Class S shares are not subject to initial or contingent deferred sales charges. DWS Cash Investment Trust Class S shares are generally not available to new investors except under certain circumstances.
Investment income, realized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of their financial statements.
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization rate to maturity of any discount or premium. Securities held by a money market portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.
Repurchase Agreements. The Fund may enter into repurchase agreements with certain banks and broker/dealers whereby the Fund, through its custodian or sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings.
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
From November 1, 2009 though July 31, 2010, the Fund incurred approximately $3,700 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended July 31, 2011.
The Fund has reviewed the tax positions for the open tax years as of July 31, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.
At July 31, 2010, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:
Undistributed ordinary income* | $ 182,486 |
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
| Years Ended July 31, |
| 2010 | 2009 |
Distributions from ordinary income* | $ 789,299 | $ 47,161,042 |
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.
B. Related Parties
Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with their investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $215,000,000 of the Fund's average daily net assets | .400% |
Next $335,000,000 of such net assets | .275% |
Next $250,000,000 of such net assets | .200% |
Next $800,000,000 of such net assets | .150% |
Next $800,000,000 of such net assets | .140% |
Next $800,000,000 of such net assets | .130% |
Over $3,200,000,000 of such net assets | .120% |
Accordingly, for the year ended July 31, 2010, the fee pursuant to the Investment Management Agreement was equivalent to an annual effective rate of 0.18% of the Fund's average daily net assets.
For the period from August 1, 2009 through March 9, 2010, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:
DWS Cash Investment Trust Class A | .96% |
DWS Cash Investment Trust Class B | 1.67% |
DWS Money Market Fund | .47% |
For the period from August 1, 2009 (effective March 10, 2010 for DWS DWS Cash Investment Trust Class A, DWS Cash Investment Trust Class B and DWS Money Market Fund) through September 30, 2010, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
DWS Cash Investment Trust Class A | .85% |
DWS Cash Investment Trust Class B | 1.60% |
DWS Cash Investment Trust Class C | 1.60% |
DWS Cash Investment Trust Class S | .67% |
DWS Money Market Fund | .59% |
In addition, the Advisor has agreed to voluntarily waive additional expenses. This waiver may be changed or terminated at any time without notice. Under this arrangement, the Advisor waived certain expenses on DWS Cash Investment Trust Class A, DWS Cash Investment Trust Class B, DWS Cash Investment Trust Class C, DWS Cash Investment Trust Class S and DWS Money Market Fund shares of the Fund.
Further, for the year ended July 31, 2010, the Advisor reimbursed the Fund $1,832 of sub-recordkeeping expenses for Class B shares.
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended July 31, 2010, the Administration Fee was $2,923,311, of which $219,194 is unpaid.
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement among DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended July 31, 2010, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders | Total Aggregated | Waived | Unpaid at July 31, 2010 |
DWS Cash Investment Trust Class A | $ 585,469 | $ 564,809 | $ — |
DWS Cash Investment Trust Class B | 47,946 | 47,946 | — |
DWS Cash Investment Trust Class C | 82,812 | 79,674 | — |
DWS Cash Investment Trust Class S | 917,798 | 825,093 | 13,262 |
DWS Money Market Fund | 2,342,817 | 1,995,118 | 114,433 |
| $ 3,976,842 | $ 3,512,640 | $ 127,695 |
Distribution and Service Fees. Under the Fund's DWS Cash Investment Trust Class B and DWS Cash Investment Trust Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of DWS Cash Investment Trust Class B and DWS Cash Investment Trust Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of DWS Cash Investment Trust Class B and DWS Cash Investment Trust Class C shares. For the year ended July 31, 2010, the Distribution Fee was as follows:
Distribution Fee | Total Aggregated | Waived |
DWS Cash Investment Trust Class B | $ 120,016 | $ 120,016 |
DWS Cash Investment Trust Class C | 258,444 | 258,444 |
| $ 378,460 | $ 378,460 |
In addition, DIDI provides information and administrative services for a fee ("Service Fee") to DWS Cash Investment Trust Class A, DWS Cash Investment Trust Class B, and DWS Cash Investment Trust Class C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended July 31, 2010, the Service Fee was as follows:
Service Fee | Total Aggregated | Waived | Annual Effective Rate |
DWS Cash Investment Trust Class A | $ 545,709 | $ 545,709 | .00% |
DWS Cash Investment Trust Class B | 40,005 | 40,005 | .00% |
DWS Cash Investment Trust Class C | 86,148 | 86,148 | .00% |
| $ 671,862 | $ 671,862 | |
Contingent Deferred Sales Charge. DIDI receives any contingent deferred sales charge ("CDSC") from DWS Cash Investment Trust Class B share redemptions occurring within six years of purchase and DWS Cash Investment Trust Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for DWS Cash Investment Trust Class B and 1% for DWS Cash Investment Trust Class C, of the value of the shares redeemed. For the year ended July 31, 2010, the CDSC for DWS Cash Investment Trust Class B and DWS Cash Investment Trust Class C shares aggregated $78,966 and $2,569, respectively. A deferred sales charge of up to 0.85% is assessed on certain redemptions of DWS Cash Investment Trust Class A shares.
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended July 31, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $25,938, of which $5,347 is unpaid.
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
C. Line of Credit
The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
D. Share Transactions
The following table summarizes share and dollar activity in the Fund:
| Year Ended July 31, 2010 | Year Ended July 31, 2009 |
| Shares | Dollars | Shares | Dollars |
Shares sold |
DWS Cash Investment Trust Class A | 164,692,412 | $ 164,692,412 | 258,849,269 | $ 258,849,269 |
DWS Cash Investment Trust Class B | 4,897,928 | 4,897,928 | 20,062,162 | 20,062,162 |
DWS Cash Investment Trust Class C | 15,976,012 | 15,976,012 | 38,707,246 | 38,707,246 |
DWS Cash Investment Trust Class S | 167,059,047 | 167,059,047 | 246,395,232 | 246,395,232 |
DWS Money Market Fund | 714,064,844 | 714,064,844 | 1,283,421,746 | 1,283,421,746 |
| | $ 1,066,690,243 | | $ 1,847,435,655 |
Shares issued to shareholders in reinvestment of distributions |
DWS Cash Investment Trust Class A | 52,437 | $ 52,437 | 1,613,395 | $ 1,613,395 |
DWS Cash Investment Trust Class B | 4,081 | 4,081 | 137,600 | 137,600 |
DWS Cash Investment Trust Class C | 8,605 | 8,605 | 211,121 | 211,121 |
DWS Cash Investment Trust Class S | 126,266 | 126,266 | 6,701,122 | 6,701,122 |
DWS Money Market Fund | 616,777 | 616,777 | 38,294,134 | 38,294,134 |
| | $ 808,166 | | $ 46,957,372 |
Shares redeemed |
DWS Cash Investment Trust Class A | (159,923,530) | $ (159,923,530) | (198,638,058) | $ (198,638,058) |
DWS Cash Investment Trust Class B | (17,282,778) | (17,282,778) | (27,114,812) | (27,114,812) |
DWS Cash Investment Trust Class C | (26,928,279) | (26,928,279) | (39,825,984) | (39,825,984) |
DWS Cash Investment Trust Class S | (245,123,282) | (245,123,282) | (290,903,774) | (290,903,774) |
DWS Money Market Fund | (1,484,031,690) | (1,484,016,765) | (2,160,885,209) | (2,160,885,209) |
| | $ (1,933,274,634) | | $ (2,717,367,837) |
Net increase (decrease) |
DWS Cash Investment Trust Class A | 4,821,319 | $ 4,821,319 | 61,824,606 | $ 61,824,606 |
DWS Cash Investment Trust Class B | (12,380,769) | (12,380,769) | (6,915,050) | (6,915,050) |
DWS Cash Investment Trust Class C | (10,943,662) | (10,943,662) | (907,617) | (907,617) |
DWS Cash Investment Trust Class S | (77,937,969) | (77,937,969) | (37,807,420) | (37,807,420) |
DWS Money Market Fund | (769,350,069) | (769,335,144) | (839,169,329) | (839,169,329) |
| | $ (865,776,225) | | $ (822,974,810) |
E. Participation in the Treasury's Temporary Guarantee Program
The Fund participated in the Temporary Guarantee Program for Money Market Funds (the "Program") established by the U.S. Department of the Treasury (the ''Treasury''). The Program was terminated on September 18, 2009.
The Fund paid the expenses of participating in the Program. The expense was determined by the product of (i) the number of shares outstanding of each class as of September 19, 2008 valued at $1.00; and (ii) the applicable Program participation fee rate, which was based upon the market-based net asset value outstanding of each share class as of September 19, 2008. For the initial period ending December 18, 2008, the Program participation fee was equal to 0.010%. For the coverage under the Program beginning on December 19, 2008 and ending on April 30, 2009, the Program participation fee was equal to 0.015%. For the coverage under the Program beginning on May 1, 2009 and ending September 18, 2009, the Program participation fee was equal to 0.015%. This expense was amortized over the length of the participation in the Program and is included in "Temporary guarantee program participation fee" on the Statement of Operations. For the period from August 1, 2009 through September 18, 2009, the Fund accrued $214,279. This expense was borne by the Fund without regard to any expense limitation currently in effect for the Fund.
Neither the Fund nor Deutsche Investment Management Americas Inc., the Fund's investment advisor, are in any manner approved, endorsed, sponsored or authorized by the Treasury.
F. Review for Subsequent Events
Management has evaluated the events and transactions subsequent to year end through the date the financial statements were available to be issued, and has determined that there were no material events that would require disclosure in the Fund's financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of DWS Money Funds and Shareholders of DWS Money Market Prime Series:
We have audited the accompanying statement of assets and liabilities of DWS Money Market Prime Series (the "Fund"), a series of DWS Money Funds (the "Trust"), including the portfolio of investments, as of July 31, 2010, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2010, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of DWS Money Market Prime Series at July 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
September 24, 2010 | |  |
Tax Information (Unaudited)
A total of 4% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 621-1048.
Summary of Management Fee Evaluation by Independent Fee Consultant
October 9, 2009, As Revised November 20, 2009
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2009, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007 and 2008.
Qualifications
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and serve in various leadership and financial oversight capacities with non-profit organizations.
Evaluation of Fees for each DWS Fund
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 124 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
Fees and Expenses Compared with Other Funds
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
DeAM's Fees for Similar Services to Others
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
Costs and Profit Margins
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
Economies of Scale
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
Quality of Service — Performance
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
Complex-Level Considerations
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
Findings
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
Thomas H. Mack
Board Members and Officers
The following table presents certain information regarding the Board Members and Officers of the Trust as of July 31, 2010. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.
Independent Board Members |
Name, Year of Birth, Position with the Fund and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen |
Paul K. Freeman (1950) Chairperson since 2009 Board Member since 1993 | Consultant, World Bank/Inter-American Development Bank; Governing Council of the Independent Directors Council (governance, education committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998) | 124 |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International | 124 |
Henry P. Becton, Jr. (1943) Board Member since 1990 | Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company3 (medical technology company); Lead Director, Belo Corporation3 (media company); Public Radio International; Public Radio Exchange (PRX); The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service | 124 |
Dawn-Marie Driscoll (1946) Board Member since 1987 | President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 20 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 124 |
Keith R. Fox (1954) Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive Holding Corporation (kitchen goods importer and distributor); Box Top Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies | 124 |
Kenneth C. Froewiss (1945) Board Member since 2001 | Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996) | 124 |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006) | 124 |
William McClayton (1944) Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival | 124 |
Rebecca W. Rimel (1951) Board Member since 1995 | President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Trustee, Pro Publica (2007-present) (charitable organization); Director, CardioNet, Inc.2 (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care2 (January 2007-June 2007) | 124 |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; Trustee of 20 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003) | 124 |
Jean Gleason Stromberg (1943) Board Member since 1997 | Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996) | 124 |
Robert H. Wadsworth (1940) Board Member since 1999 | President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association | 127 |
Interested Board Member and Officer4 |
Name, Year of Birth, Position with the Trust/
Corporation and Length of Time Served1,5 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen |
Ingo Gefeke7 (1967) Board Member since 2010 Executive Vice President since 2010 | Managing Director3, Deutsche Asset Management; Global Head of Distribution and Product Management, DWS Global Head of Trading and Securities Lending. Member of the Board of Directors of DWS Investment GmbH Frankfurt (since July 2009) and DWS Holding & Service GmbH Frankfurt (since January 2010); formerly, Global Chief Administrative Officer, Deutsche Asset Management (2004-2009); Global Chief Operating Officer, Global Transaction Banking, Deutsche Bank AG, New York (2001-2004); Chief Operating Officer, Global Banking Division Americas, Deutsche Bank AG, New York (1999-2001); Central Management, Global Banking Services, Deutsche Bank AG, Frankfurt (1998-1999); Relationship Management, Deutsche Bank AG, Tokyo, Japan (1997-1998) | 56 |
Officers4 |
Name, Year of Birth, Position with the Fund and Length of Time Served5 | Principal Occupation(s) During Past 5 Years and Other Directorships Held |
Michael G. Clark6 (1965) President, 2006-present | Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000) |
John Millette8 (1962) Vice President and Secretary, 1999-present | Director3, Deutsche Asset Management |
Paul H. Schubert6 (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present | Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998) |
Caroline Pearson8 (1962) Chief Legal Officer, April 2010-present | Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010) |
Rita Rubin9 (1970) Assistant Secretary, 2009-present | Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007) |
Paul Antosca8 (1957) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006) |
Jack Clark8 (1967) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007) |
Diane Kenneally8 (1966) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management |
John Caruso10 (1965) Anti-Money Laundering Compliance Officer, 2010-present | Managing Director3, Deutsche Asset Management |
Robert Kloby9 (1962) Chief Compliance Officer, 2006-present | Managing Director3, Deutsche Asset Management |
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
3 Executive title, not a board directorship.
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
6 Address: 100 Plaza One, Jersey City, NJ 07311.
7 The mailing address of Mr. Gefeke is 345 Park Avenue, New York, New York 10154. In addition, Mr. Gefeke is an interested Board Member of certain DWS funds by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Gefeke receives no compensation from the fund.
8 Address: One Beacon Street, Boston, MA 02108.
9 Address: 280 Park Avenue, New York, New York 10017.
10 Address: 60 Wall Street, New York, New York 10005.
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
Account Management Resources
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For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within DWS Cash Investment Trust Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of DWS Cash Investment Trust Classes A, B and C and DWS Money Market Fund: (800) 621-1048 For shareholders of DWS Cash Investment Trust Class S: (800) 728-3337 |
Web Site | www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more. |
Written Correspondence | DWS Investments PO Box 219151
Kansas City, MO 64121-9151 |
Proxy Voting | The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza
Chicago, IL 60606-5808 (800) 621-1148 |
| Nasdaq
Symbol | CUSIP
Number | Fund
Number |
DWS Money Market Fund | KMMXX | 23339A 101 | 6 |
DWS Cash Investment Trust Class A | DOAXX | 23339A 408 | 421 |
DWS Cash Investment Trust Class B | DOBXX | 23339A 507 | 621 |
DWS Cash Investment Trust Class C | DOCXX | 23339A 606 | 721 |
DWS Cash Investment Trust Class S | DOSXX | 23339A 705 | 2021 |
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ITEM 2. | CODE OF ETHICS |
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| As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
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ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
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| The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
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ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
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DWS MONEY MARKET PRIME SERIES
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“E&Y”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year
Ended
July 31, | Audit Fees Billed to Fund | Audit-Related
Fees Billed to Fund | Tax Fees Billed to Fund | All
Other Fees Billed to Fund |
2010 | $72,349 | $0 | $10,445 | $0 |
2009 | $57,621 | $0 | $7,487 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax return preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year
Ended
July 31, | Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All
Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2010 | $0 | $307,930 | $0 |
2009 | $0 | $420,000 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that E&Y billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y’s independence.
Fiscal Year
Ended
July 31, | Total
Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B)
and (C) |
2010 | $10,445 | $307,930 | $558,859 | $877,234 |
2009 | $7,487 | $420,000 | $664,000 | $1,091,487 |
All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2009 and 2010 financial statements, the Fund entered into an engagement letter with E&Y. The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.
***
E&Y advised the Fund’s Audit Committee that E&Y had identified three matters that it determined to be inconsistent with the SEC’s auditor independence rules.
First, E&Y advised the Fund’s Audit Committee that, in 2007 and 2008, Deutsche Bank AG (“DB”) provided standard overdraft protection on a depository account to the E&Y member firm in India (“E&Y India”). DB is within the “Investment Company Complex” (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund. E&Y advised the Audit Committee that E&Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the arrangement did not create a mutual or conflicting interest between E&Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company Complex. E&Y informed the Audit Committee that E&Y India has cancelled the overdraft arrangement.
Second, E&Y advised the Fund’s Audit Committee that, in 2008, an E&Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&Y. Subsequent to the purchase, the E&Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company Complex. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund. E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.
Finally, E&Y advised the Fund’s Audit Committee that, in 2008, an E&Y professional whose spouse owned interests in two DWS Funds that are not audited by E&Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund. E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.
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ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
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| Not Applicable |
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ITEM 6. | SCHEDULE OF INVESTMENTS |
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| Not Applicable |
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ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
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| Not applicable. |
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ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
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| Not applicable. |
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ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
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| Not Applicable. |
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ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
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| There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833. |
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ITEM 11. | CONTROLS AND PROCEDURES |
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| (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
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| (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
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ITEM 12. | EXHIBITS |
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| (a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
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| (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
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| (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
Form N-CSR Item F
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Money Market Prime Series, a series of DWS Money Funds |
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By: | /s/Michael G. Clark Michael G. Clark President |
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Date: | September 30, 2010 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Michael G. Clark Michael G. Clark President |
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Date: | September 30, 2010 |
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By: | /s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
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Date: | September 30, 2010 |
