WASHINGTON, D. C. 20549
Daily Assets Fund Institutional
Semiannual Report
to Shareholders
December 31, 2011
Contents
14 Statement of Assets and Liabilities 15 Statement of Operations 16 Statement of Changes in Net Assets 18 Notes to Financial Statements 22 Information About Your Fund's Expenses 24 Investment Management Agreement Approval 29 Summary of Management Fee Evaluation by Independent Fee Consultant 33 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 $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors of the fund may have a significant adverse effect on the share price of the fund. See the prospectus for specific details regarding the fund's risk profile.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the U.S., represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Investment Portfolio as of December 31, 2011 (Unaudited) | | | Principal Amount ($) | | | Value ($) | |
| | | | |
| Certificates of Deposit and Bank Notes 15.2% | |
| Banco del Estado de Chile: | |
| 0.5%, 1/3/2012 | | | 50,000,000 | | | | 50,000,000 | |
| 0.5%, 1/17/2012 | | | 25,000,000 | | | | 25,000,000 | |
| Bank Nederlandse Gemeenten, 6.0%, 3/26/2012 | | | 25,000,000 | | | | 25,325,274 | |
| Bank of Nova Scotia: | |
| 0.27%, 2/16/2012 | | | 81,500,000 | | | | 81,503,416 | |
| 0.31%, 1/31/2012 | | | 18,500,000 | | | | 18,500,308 | |
| China Construction Bank Corp., 0.3%, 1/3/2012 | | | 50,000,000 | | | | 50,000,000 | |
| Credit Suisse, 0.38%, 1/3/2012 | | | 15,000,000 | | | | 15,000,000 | |
| DnB Bank ASA, 0.35%, 1/17/2012 | | | 45,000,000 | | | | 45,000,000 | |
| Industrial & Commercial Bank of China: | |
| 0.7%, 1/6/2012 | | | 60,000,000 | | | | 60,000,000 | |
| 0.72%, 2/1/2012 | | | 25,000,000 | | | | 25,000,000 | |
| Mitsubishi UFJ Trust & Banking Corp., 0.44%, 1/23/2012 | | | 25,000,000 | | | | 25,000,000 | |
| Mizuho Corporate Bank Ltd., 0.42%, 2/2/2012 | | | 30,000,000 | | | | 30,001,862 | |
| Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012 | | | 32,000,000 | | | | 32,040,667 | |
| Nordea Bank Finland PLC: | |
| 0.35%, 1/13/2012 | | | 45,000,000 | | | | 45,000,000 | |
| 0.4%, 2/15/2012 | | | 20,000,000 | | | | 20,000,250 | |
| 0.5%, 2/29/2012 | | | 80,000,000 | | | | 80,000,654 | |
| 0.51%, 3/7/2012 | | | 75,000,000 | | | | 75,000,000 | |
| Rabobank Nederland NV: | |
| 0.4%, 2/15/2012 | | | 40,000,000 | | | | 40,000,000 | |
| 0.43%, 2/24/2012 | | | 40,000,000 | | | | 40,000,000 | |
| 0.43%, 3/2/2012 | | | 72,000,000 | | | | 72,000,000 | |
| Skandinaviska Enskilda Banken AB: | |
| 0.35%, 1/11/2012 | | | 35,000,000 | | | | 35,000,000 | |
| 0.36%, 1/6/2012 | | | 60,000,000 | | | | 60,000,000 | |
| 0.45%, 2/13/2012 | | | 50,000,000 | | | | 50,000,000 | |
| Sumitomo Mitsui Banking Corp., 0.35%, 1/13/2012 | | | 50,000,000 | | | | 50,000,332 | |
| Svenska Handelsbanken AB, 0.485%, 3/7/2012 | | | 65,000,000 | | | | 65,000,595 | |
Total Certificates of Deposit and Bank Notes (Cost $1,114,373,358) | | | | 1,114,373,358 | |
| | |
| Commercial Paper 26.8% | |
| Issued at Discount** 25.9% | |
| Barclays Bank PLC: | |
| 0.33%, 1/20/2012 | | | 57,000,000 | | | | 56,990,073 | |
| 0.36%, 1/6/2012 | | | 35,000,000 | | | | 34,998,250 | |
| 0.38%, 1/4/2012 | | | 50,000,000 | | | | 49,998,417 | |
| 0.46%, 2/1/2012 | | | 15,000,000 | | | | 14,994,058 | |
| 0.52%, 2/27/2012 | | | 33,000,000 | | | | 32,972,830 | |
| BHP Billiton Finance U.S.A. Ltd., 144A, 0.18%, 1/9/2012 | | | 30,000,000 | | | | 29,998,800 | |
| BNZ International Funding Ltd.: | |
| 144A, 0.49%, 3/8/2012 | | | 20,000,000 | | | | 19,981,761 | |
| 144A, 0.57%, 4/10/2012 | | | 15,000,000 | | | | 14,976,250 | |
| 144A, 0.58%, 4/10/2012 | | | 50,000,000 | | | | 49,919,444 | |
| Erste Abwicklungsanstalt: | |
| 0.35%, 1/30/2012 | | | 15,000,000 | | | | 14,995,771 | |
| 0.37%, 1/11/2012 | | | 50,000,000 | | | | 49,994,861 | |
| 0.39%, 2/16/2012 | | | 20,000,000 | | | | 19,990,033 | |
| 0.4%, 3/14/2012 | | | 5,000,000 | | | | 4,995,944 | |
| 0.42%, 1/3/2012 | | | 12,000,000 | | | | 11,999,720 | |
| 0.46%, 1/5/2012 | | | 32,000,000 | | | | 31,998,364 | |
| 0.6%, 1/3/2012 | | | 17,000,000 | | | | 16,999,433 | |
| 0.67%, 4/5/2012 | | | 60,000,000 | | | | 59,893,917 | |
| Erste Finance Delaware LLC, 0.16%, 1/3/2012 | | | 127,218,000 | | | | 127,216,869 | |
| General Electric Capital Corp., 0.25%, 2/14/2012 | | | 50,000,000 | | | | 49,984,722 | |
| General Electric Capital Services, Inc., 0.23%, 2/6/2012 | | | 15,500,000 | | | | 15,496,435 | |
| Hannover Funding Co., LLC: | |
| 0.5%, 1/10/2012 | | | 20,000,000 | | | | 19,997,500 | |
| 0.55%, 1/3/2012 | | | 14,000,000 | | | | 13,999,572 | |
| 0.55%, 1/6/2012 | | | 30,000,000 | | | | 29,997,708 | |
| 0.55%, 1/17/2012 | | | 12,000,000 | | | | 11,997,067 | |
| 0.65%, 2/3/2012 | | | 36,211,000 | | | | 36,189,424 | |
| HSBC Bank U.S.A., NA: | |
| 0.21%, 1/18/2012 | | | 22,375,000 | | | | 22,372,781 | |
| 0.215%, 2/6/2012 | | | 50,000,000 | | | | 49,989,250 | |
| Johnson & Johnson, 144A, 0.05%, 4/3/2012 | | | 10,000,000 | | | | 9,998,708 | |
| Kells Funding LLC: | |
| 144A, 0.305%, 1/27/2012 | | | 25,000,000 | | | | 24,994,493 | |
| 144A, 0.35%, 2/17/2012 | | | 20,000,000 | | | | 19,990,861 | |
| 144A, 0.37%, 1/3/2012 | | | 35,000,000 | | | | 34,999,281 | |
| 144A, 0.43%, 1/30/2012 | | | 54,000,000 | | | | 53,981,295 | |
| 144A, 0.45%, 1/20/2012 | | | 15,000,000 | | | | 14,996,438 | |
| 144A, 0.48%, 1/19/2012 | | | 12,000,000 | | | | 11,997,120 | |
| 144A, 0.52%, 2/1/2012 | | | 32,500,000 | | | | 32,485,447 | |
| 144A, 0.52%, 2/16/2012 | | | 25,000,000 | | | | 24,983,389 | |
| Mont Blanc Capital Corp., 144A, 0.37%, 1/3/2012 | | | 20,000,000 | | | | 19,999,589 | |
| NRW.Bank: | |
| 0.24%, 1/17/2012 | | | 15,000,000 | | | | 14,998,400 | |
| 0.4%, 1/6/2012 | | | 12,000,000 | | | | 11,999,333 | |
| 0.43%, 2/7/2012 | | | 30,000,000 | | | | 29,986,742 | |
| Oversea-Chinese Banking Corp., Ltd.: | |
| 0.47%, 2/15/2012 | | | 20,000,000 | | | | 19,988,250 | |
| 0.5%, 2/21/2012 | | | 22,000,000 | | | | 21,984,417 | |
| SBAB Bank AB: | |
| 144A, 0.5%, 1/4/2012 | | | 50,000,000 | | | | 49,997,917 | |
| 144A, 0.5%, 1/9/2012 | | | 95,000,000 | | | | 94,989,444 | |
| 144A, 0.55%, 1/13/2012 | | | 20,000,000 | | | | 19,996,333 | |
| 144A, 0.55%, 1/30/2012 | | | 8,000,000 | | | | 7,996,456 | |
| Sheffield Receivables Corp.: | |
| 144A, 0.3%, 1/27/2012 | | | 20,000,000 | | | | 19,995,667 | |
| 144A, 0.36%, 1/27/2012 | | | 20,000,000 | | | | 19,994,800 | |
| 144A, 0.4%, 2/7/2012 | | | 12,000,000 | | | | 11,995,067 | |
| Standard Chartered Bank, 0.38%, 2/7/2012 | | | 52,500,000 | | | | 52,479,496 | |
| Straight-A Funding LLC, 144A, 0.12%, 1/11/2012 | | | 30,000,000 | | | | 29,999,000 | |
| Sumitomo Mitsui Banking Corp.: | |
| 0.355%, 1/9/2012 | | | 32,000,000 | | | | 31,997,476 | |
| 0.36%, 1/6/2012 | | | 50,000,000 | | | | 49,997,500 | |
| Swedbank AB, 0.44%, 1/13/2012 | | | 30,000,000 | | | | 29,995,600 | |
| Sydney Capital Corp., 144A, 0.36%, 3/14/2012 | | | 39,000,000 | | | | 38,971,530 | |
| Toyota Credit de Puerto Rico, 0.21%, 2/13/2012 | | | 30,000,000 | | | | 29,992,475 | |
| Toyota Motor Credit Corp., 0.27%, 1/6/2012 | | | 35,000,000 | | | | 34,998,688 | |
| UOB Funding LLC: | |
| 0.41%, 2/21/2012 | | | 50,000,000 | | | | 49,970,958 | |
| 0.42%, 1/24/2012 | | | 66,000,000 | | | | 65,982,290 | |
| Victory Receivables Corp., 144A, 0.35%, 1/17/2012 | | | 20,051,000 | | | | 20,047,881 | |
| | | | | 1,899,721,595 | |
| Issued at Par 0.9% | |
| DnB Bank ASA, 144A, 0.43%*, 4/2/2012 | | | 66,700,000 | | | | 66,700,000 | |
Total Commercial Paper (Cost $1,966,421,595) | | | | 1,966,421,595 | |
| | |
| Short-Term Notes* 16.7% | |
| Australia & New Zealand Banking Group Ltd., 144A, 0.31%, 1/20/2012 | | | 107,300,000 | | | | 107,300,000 | |
| Bank of Nova Scotia: | |
| 0.35%, 4/2/2012 | | | 37,500,000 | | | | 37,500,000 | |
| 0.39%, 6/11/2012 | | | 85,000,000 | | | | 85,000,000 | |
| 0.492%, 1/10/2013 | | | 37,500,000 | | | | 37,500,000 | |
| Bayerische Landesbank, 0.353%, 11/23/2012 | | | 20,000,000 | | | | 20,000,000 | |
| Caisse d'Amortissement de la Dette Sociale, 144A, 0.431%, 5/25/2012 | | | 90,000,000 | | | | 89,996,048 | |
| Canadian Imperial Bank of Commerce, 0.373%, 4/26/2012 | | | 68,000,000 | | | | 68,000,000 | |
| Commonwealth Bank of Australia: | |
| 144A, 0.376%, 2/3/2012 | | | 68,000,000 | | | | 68,000,000 | |
| 144A, 0.499%, 5/11/2012 | | | 32,000,000 | | | | 32,000,000 | |
| JPMorgan Chase Bank NA, 0.57%, 1/8/2013 | | | 80,000,000 | | | | 80,000,000 | |
| Kells Funding LLC: | |
| 144A, 0.37%, 2/27/2012 | | | 15,000,000 | | | | 15,000,000 | |
| 144A, 0.377%, 1/9/2012 | | | 15,000,000 | | | | 14,999,973 | |
| 144A, 0.384%, 1/19/2012 | | | 35,000,000 | | | | 35,000,000 | |
| 144A, 0.423%, 2/24/2012 | | | 20,000,000 | | | | 20,000,000 | |
| Nordea Bank Finland PLC, 0.941%, 9/13/2012 | | | 32,500,000 | | | | 32,555,384 | |
| Queensland Treasury Corp., 0.42%, 11/19/2012 | | | 72,000,000 | | | | 72,000,000 | |
| Rabobank Nederland NV: | |
| 0.356%, 1/10/2012 | | | 38,000,000 | | | | 38,000,000 | |
| 0.388%, 4/24/2012 | | | 45,000,000 | | | | 44,999,607 | |
| 144A, 0.6%, 12/14/2012 | | | 26,000,000 | | | | 26,000,000 | |
| 144A, 0.668%, 2/29/2012 | | | 50,000,000 | | | | 50,007,960 | |
| Svenska Handelsbanken AB, 144A, 0.577%, 8/7/2012 | | | 40,000,000 | | | | 40,000,000 | |
| Westpac Banking Corp.: | |
| 0.34%, 1/10/2012 | | | 85,000,000 | | | | 85,000,000 | |
| 0.366%, 5/9/2012 | | | 75,000,000 | | | | 75,000,000 | |
| 0.366%, 7/11/2012 | | | 50,000,000 | | | | 50,000,000 | |
Total Short-Term Notes (Cost $1,223,858,972) | | | | 1,223,858,972 | |
| | |
| Supranational 0.5% | |
| International Bank For Reconstruction & Development, 0.22%*, 7/25/2012 (Cost $39,000,000) | | | 39,000,000 | | | | 39,000,000 | |
| | |
| Municipal Bonds and Notes 14.4% | |
| Alabama, Wells Fargo Stage Trust, Series 82C, 144A, 0.11%***, 9/1/2028, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 7,745,000 | | | | 7,745,000 | |
| Albemarle County, VA, Economic Development Authority, Hospital Revenue, Martha Jefferson Hospital, Series B, 0.1%***, 10/1/2048, LOC: Branch Banking & Trust | | | 5,500,000 | | | | 5,500,000 | |
| Arizona, State Health Facilities Authority, Catholic Healthcare West, Series B, 0.08%***, 7/1/2035, LOC: JPMorgan Chase Bank NA | | | 5,600,000 | | | | 5,600,000 | |
| Bay Area, CA, Toll Authority Bridge Revenue, San Francisco Bay Area, Series E-1, 0.04%***, 4/1/2045, LOC: Bank of Tokyo-Mitsubishi UFJ | | | 7,000,000 | | | | 7,000,000 | |
| BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-644, 144A, AMT, 0.3%***, 7/1/2041, LIQ: Bank of America NA | | | 14,400,000 | | | | 14,400,000 | |
| BlackRock New York Municipal Income Trust II, Series W-7-444, 144A, AMT, 0.26%***, 10/1/2041, LIQ: Morgan Stanley Bank | | | 16,800,000 | | | | 16,800,000 | |
| Blount County, TN, Public Building Authority, Local Government Public Improvement, City of Alcoa, Series E-5-B, 0.12%***, 6/1/2042, LOC: Branch Banking & Trust | | | 22,600,000 | | | | 22,600,000 | |
| California, State Health Facilities Financing Authority Revenue, Series 74C, 144A, 0.1%***, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 5,810,000 | | | | 5,810,000 | |
| California, State Health Facilities Financing Authority Revenue, Catholic Healthcare West: | | | | | | | | |
| Series C, 0.05%***, 3/1/2047, LOC: Bank of Montreal | | | 8,500,000 | | | | 8,500,000 | |
| Series B, 0.06%***, 3/1/2047, LOC: Bank of Montreal | | | 4,725,000 | | | | 4,725,000 | |
| California, State Kindergarten, Series A6, 0.07%***, 5/1/2034, LOC: Citibank NA & California State Teachers Retirement System | | | 9,650,000 | | | | 9,650,000 | |
| Chicago, IL, O'Hare International Airport Revenue, Series B, AMT, 0.15%***, 1/1/2018, LOC: Citibank NA | | | 14,250,000 | | | | 14,250,000 | |
| Colorado Springs, CO, Utilities Revenue, Series B, 0.1%***, 11/1/2026, SPA: Barclays Bank PLC | | | 9,175,000 | | | | 9,175,000 | |
| Denver, CO, Public Schools Certificates of Participation, Series A-1, 0.13%***, 12/15/2037, INS: AGMC, LOC: JPMorgan Chase Bank NA (a) | | | 7,720,000 | | | | 7,720,000 | |
| District of Columbia, Wells Fargo Stage Trust, Series 107C, 144A, AMT, 0.16%***, 10/1/2028, LIQ: Wells Fargo Bank NA | | | 9,905,000 | | | | 9,905,000 | |
| Florida, Higher Educational Facilities Financial Authority Revenue, Ringling College of Art & Design, Inc., 0.07%***, 3/1/2038, LOC: PNC Bank NA | | | 6,895,000 | | | | 6,895,000 | |
| Florida, University South Florida Research Foundation, Inc. Revenue, Series A, 0.2%***, 8/1/2034, LOC: Bank of America NA | | | 10,000,000 | | | | 10,000,000 | |
| Gwinnett County, GA, Development Authority Revenue, Nilhan Hospitality LLC, Recovery Zone Facility, 0.05%***, 1/1/2043, LOC: U.S. Bank NA | | | 7,000,000 | | | | 7,000,000 | |
| Harris County, TX, Cultural Education Facilities Finance Corp., Special Facilities Revenue, Texas Medical Center, Series B-2, 0.06%***, 9/1/2031, LOC: JPMorgan Chase & Co. | | | 5,140,000 | | | | 5,140,000 | |
| Hawaii, Wells Fargo Stage Trust, Series 6C, 144A, 0.11%***, 7/1/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 8,820,000 | | | | 8,820,000 | |
| Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.19%***, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International | | | 10,270,000 | | | | 10,270,000 | |
| Illinois, State Finance Authority Revenue, 0.17%, 3/5/2012 | | | 13,000,000 | | | | 13,000,000 | |
| Illinois, State Finance Authority Revenue, Provena Health, Series C, 144A, 0.06%***, 5/1/2045, LOC: JPMorgan Chase Bank NA | | | 7,955,000 | | | | 7,955,000 | |
| Illinois, State Toll Highway Authority, Series A-2, 0.09%***, 1/1/2031, INS: AGMC, SPA: JPMorgan Chase Bank NA | | | 80,600,000 | | | | 80,600,000 | |
| Indiana, State Finance Authority Hospital Revenue, Community Foundation of Northwest Indiana, Inc., 0.06%***, 8/1/2029, LOC: Harris NA | | | 6,195,000 | | | | 6,195,000 | |
| Indiana, State Finance Authority, Hospital Revenue, Indiana University Health, Series C, 0.06%***, 3/1/2033, LOC: Northern Trust Company | | | 11,000,000 | | | | 11,000,000 | |
| Indiana, Wells Fargo Stage Trust, Series 100C, 144A, 0.11%***, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 7,495,000 | | | | 7,495,000 | |
| Iowa, Finance Authority Health Facilities Revenue, Iowa Health Systems, Series A, 0.06%***, 2/15/2035, LOC: JPMorgan Chase Bank NA | | | 8,400,000 | | | | 8,400,000 | |
| Lansing, MI, Wells Fargo Stage Trust, Series 71C, 144A, 0.11%***, 7/1/2041, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 5,990,000 | | | | 5,990,000 | |
| Los Angeles, CA, Department of Water & Power Revenue, Power Systems, Series A-5, 0.05%***, 7/1/2035, SPA: Barclays Bank PLC | | | 22,300,000 | | | | 22,300,000 | |
| Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series R-12322, 144A, 0.07%***, 7/1/2015, INS: AGM, AMBAC, LIQ: Citibank NA | | | 10,000,000 | | | | 10,000,000 | |
| Louisiana, State Public Facilities Authority Revenue, Dynamic Fuels LLC Project, 0.07%***, 10/1/2033, LOC: JPMorgan Chase Bank NA | | | 24,535,000 | | | | 24,535,000 | |
| Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., Series B, 0.05%***, 10/1/2039, LOC: JPMorgan Chase Bank NA | | | 16,115,000 | | | | 16,115,000 | |
| Lower Neches Valley, TX, Industrial Development Corp., Series B-2, AMT, 0.03%***, 12/1/2039, GTY: Exxon Mobil Corp. | | | 7,400,000 | | | | 7,400,000 | |
| Manheim Township, PA, School District, Series E-28, 144A, 0.1%***, 12/12/2014, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada | | | 7,000,000 | | | | 7,000,000 | |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Suburban Hospital, 0.07%***, 7/1/2029, LOC: PNC Bank NA | | | 10,560,000 | | | | 10,560,000 | |
| Massachusetts, State General Obligation, Series B, 0.25%***, 8/1/2015, SPA: JPMorgan Chase Bank NA | | | 17,000,000 | | | | 17,000,000 | |
| Michigan, RBC Municipal Products, Inc. Trust, Series L-23, 144A, AMT, 0.13%***, 3/1/2028, INS: AMBAC, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada | | | 28,995,000 | | | | 28,995,000 | |
| Minnesota, State Office of Higher Education Revenue, Supplemental Student Loan Program: | | | | | | | | |
| Series B, AMT, 0.08%***, 12/1/2043, LOC: U.S. Bank NA | | | 7,500,000 | | | | 7,500,000 | |
| Series A, AMT, 0.08%***, 10/1/2046, LOC: U.S. Bank NA | | | 12,500,000 | | | | 12,500,000 | |
| Series B, AMT, 0.09%***, 10/1/2046, LOC: State Street Bank & Trust Co. | | | 17,000,000 | | | | 17,000,000 | |
| Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.: | | | | | | | | |
| Series H, 0.02%***, 11/1/2035, GTY: Chevron Corp. | | | 8,100,000 | | | | 8,100,000 | |
| Series A, 0.06%***, 12/1/2030, GTY: Chevron Corp. | | | 5,000,000 | | | | 5,000,000 | |
| Mississippi, State Development Bank Special Obligation, Series B, 0.25%***, 10/1/2031, LOC: Bank of America NA (a) | | | 5,000,000 | | | | 5,000,000 | |
| Missouri, State Health & Educational Facilities Authority, SSM Health Care Corp., Series E, 0.04%***, 6/1/2045, LOC: PNC Bank NA | | | 11,455,000 | | | | 11,455,000 | |
| Monroe County, PA, Hospital Authority, Stars-Pocono Medical Center, Series B, 0.1%***, 1/1/2032, INS: Radian, LOC: PNC Bank NA | | | 10,695,000 | | | | 10,695,000 | |
| New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | | | | | | | | |
| Series C, 0.07%***, 6/15/2032, LOC: Wells Fargo Bank NA | | | 8,100,000 | | | | 8,100,000 | |
| Series D, 0.07%***, 6/15/2032, LOC: Wells Fargo Bank NA | | | 10,000,000 | | | | 10,000,000 | |
| New York, State Housing Finance Agency Revenue, Series B, 0.34%***, 11/1/2036, LOC: Bank of America NA (a) | | | 15,400,000 | | | | 15,400,000 | |
| New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series B, 144A, 1.25%***, 11/1/2037, LOC: Landesbank Hessen-Thuringen (a) | | | 7,400,000 | | | | 7,400,000 | |
| New York, State Housing Finance Agency, Affordable Housing Revenue, Clinton Park Phase II, Series B, 0.18%***, 11/1/2049, LOC: Wells Fargo Bank NA | | | 10,000,000 | | | | 10,000,000 | |
| Nuveen Dividend Advantage Municipal Fund, Series T30016-I, 144A, 0.3%***, 8/1/2014, LIQ: Citibank NA (a) | | | 50,000,000 | | | | 50,000,000 | |
| Nuveen Investment Quality Municipal Fund, Inc., Series 1-2118, AMT, 0.25%***, 5/1/2041, LIQ: Barclays Bank PLC | | | 20,000,000 | | | | 20,000,000 | |
| Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series N, AMT, 0.15%***, 9/1/2036, SPA: State Street Bank & Trust Co. | | | 15,095,000 | | | | 15,095,000 | |
| Orange County, CA, Water District, Certificates of Participation, Series A, 0.08%***, 8/1/2042, LOC: Citibank NA | | | 3,000,000 | | | | 3,000,000 | |
| Pennsylvania, RBC Municipal Products, Inc. Trust, Series E-22, 144A, 0.1%***, 12/1/2038, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada | | | 14,955,000 | | | | 14,955,000 | |
| Pennsylvania, State Higher Educational Facilities Authority, Drexel University, Series B, 0.06%***, 5/1/2032, LOC: JPMorgan Chase Bank NA | | | 10,535,000 | | | | 10,535,000 | |
| Port of Oakland, CA, Series 94C, 144A, AMT, 0.15%***, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 7,105,000 | | | | 7,105,000 | |
| Port of Portland, OR, Portland International Airport Revenue, Series 18A, AMT, 0.07%***, 7/1/2026, LOC: U.S. Bank NA | | | 7,640,000 | | | | 7,640,000 | |
| Port of Portland, OR, Special Obligation Revenue, Horizon Air Industries, Inc. Project, AMT, 0.07%***, 6/15/2027, LOC: Bank of America NA | | | 17,300,000 | | | | 17,300,000 | |
| Sarasota County, FL, Public Hospital District, Sarasota Memorial Hospital, Series B, 0.06%***, 7/1/2037, LOC: JPMorgan Chase Bank NA | | | 4,645,000 | | | | 4,645,000 | |
| Shelby County, AL, Wells Fargo Stage Trust, Series 114C, 144A, 0.11%***, 2/1/2041, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA | | | 10,280,000 | | | | 10,280,000 | |
| Signal Mountain, TN, Health Educational & Housing Facility Board Revenue, Alexion Village, 0.15%***, 1/1/2028, LOC: Bank of America NA | | | 13,400,000 | | | | 13,400,000 | |
| South Carolina, State Jobs-Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc., 0.12%***, 9/1/2028, LOC: Branch Banking & Trust | | | 5,935,000 | | | | 5,935,000 | |
| Texas, General Obligation, Series II-C, 0.14%***, 6/1/2029, SPA: JPMorgan Chase Bank (a) | | | 16,165,000 | | | | 16,165,000 | |
| Texas, JPMorgan Chase Putters/Drivers Trust: | |
| Series 3946, 144A, 0.07%***, 8/30/2012, LIQ: JPMorgan Chase & Co. | | | 21,085,000 | | | | 21,085,000 | |
| Series 3953, 144A, 0.07%***, 8/30/2012, LIQ: JPMorgan Chase & Co. | | | 148,840,000 | | | | 148,840,000 | |
| Utah, Housing Corp., Single Family Mortgage Revenue, "I", Series D-1, AMT, 0.1%***, 1/1/2033, SPA: Barclays Bank New York | | | 6,300,000 | | | | 6,300,000 | |
| Washington, Wells Fargo Stage Trust, Series 80C, 144A, 0.11%***, 1/1/2035, LIQ: Wells Fargo Bank NA | | | 9,770,000 | | | | 9,770,000 | |
| Washington, DC, Metropolitan Airport Authority Systems, Series D-2, 0.04%***, 10/1/2039, LOC: Bank of America NA | | | 19,200,000 | | | | 19,200,000 | |
| Wayne County, MI, Airport Authority Revenue, Detroit Metropolitan Airport, Series F, 0.09%***, 12/1/2033, LOC: JPMorgan Chase Bank NA | | | 25,120,000 | | | | 25,120,000 | |
| West Virginia, Economic Development Authority Revenue, Morgantown Energy, AMT, 0.12%***, 4/1/2027, LOC: Union Bank NA | | | 12,600,000 | | | | 12,600,000 | |
| Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.11%***, 2/1/2034, LOC: Chase Manhattan Bank | | | 11,225,000 | | | | 11,225,000 | |
Total Municipal Bonds and Notes (Cost $1,060,390,000) | | | | 1,060,390,000 | |
| | |
| Government & Agency Obligations 7.3% | |
| Other Government Related (b) 0.0% | |
| European Investment Bank, 0.63%, 7/13/2012 | | | 2,587,000 | | | | 2,578,217 | |
| U.S. Government Sponsored Agencies 2.0% | |
| Federal Home Loan Bank: | |
| 0.13%, 5/15/2012 | | | 25,000,000 | | | | 24,995,134 | |
| 0.24%, 9/26/2012 | | | 15,000,000 | | | | 15,004,011 | |
| 0.26%*, 4/5/2013 | | | 20,000,000 | | | | 19,997,431 | |
| 0.26%*, 4/12/2013 | | | 20,000,000 | | | | 19,997,409 | |
| 0.3%, 11/28/2012 | | | 25,000,000 | | | | 25,000,000 | |
| Federal Home Loan Mortgage Corp.: | |
| 0.1%**, 7/11/2012 | | | 10,000,000 | | | | 9,994,667 | |
| 2.125%, 3/23/2012 | | | 18,500,000 | | | | 18,576,345 | |
| Federal National Mortgage Association, 0.159%**, 10/1/2012 | | | 10,000,000 | | | | 9,987,822 | |
| | | | | 143,552,819 | |
| U.S. Treasury Obligations 5.3% | |
| U.S. Treasury Notes: | |
| 0.375%, 8/31/2012 | | | 70,825,000 | | | | 70,930,497 | |
| 0.625%, 6/30/2012 | | | 28,341,000 | | | | 28,411,546 | |
| 0.625%, 7/31/2012 | | | 142,000,000 | | | | 142,415,722 | |
| 0.75%, 5/31/2012 | | | 70,825,000 | | | | 71,016,845 | |
| 1.375%, 10/15/2012 | | | 65,000,000 | | | | 65,624,137 | |
| 4.875%, 6/30/2012 | | | 14,170,000 | | | | 14,503,204 | |
| | | | | 392,901,951 | |
Total Government & Agency Obligations (Cost $539,032,987) | | | | 539,032,987 | |
| | |
| Time Deposits 15.3% | |
| Citibank NA: | |
| 0.06%, 1/3/2012 | | | 150,000,000 | | | | 150,000,000 | |
| 0.1%, 1/4/2012 | | | 100,000,000 | | | | 100,000,000 | |
| National Australia Bank Ltd., 0.01%, 1/3/2012 | | | 125,000,000 | | | | 125,000,000 | |
| Skandinaviska Enskilda Banken AB, 0.02%, 1/3/2012 | | | 200,000,000 | | | | 200,000,000 | |
| State Street Bank & Trust Co., 0.01%, 1/3/2012 | | | 350,000,000 | | | | 350,000,000 | |
| Svenska Handelsbanken AB, 0.01%, 3/7/2012 | | | 200,000,000 | | | | 200,000,000 | |
Total Time Deposits (Cost $1,125,000,000) | | | | 1,125,000,000 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $7,068,076,912)+ | | | 96.2 | | | | 7,068,076,912 | |
| Other Assets and Liabilities, Net | | | 3.8 | | | | 281,073,803 | |
| Net Assets | | | 100.0 | | | | 7,349,150,715 | |
* Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of December 31, 2011.
** Annualized yield at time of purchase; not a coupon rate.
*** Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of December 31, 2011.
+ The cost for federal income tax purposes was $7,068,076,912.
(a) Taxable issue.
(b) Government-backed debt issued by financial companies or government sponsored enterprises.
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.
AGMC: Assured Guaranty Municipal Corp.
AMBAC: Ambac Financial Group, Inc.
AMT: Subject to alternative minimum tax.
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
Radian: Radian Asset Assurance, Inc.
SPA: Standby Bond Purchase Agreement
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 the 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 December 31, 2011 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 (c) | | $ | — | | | $ | 7,068,076,912 | | | $ | — | | | $ | 7,068,076,912 | |
| Total | | $ | — | | | $ | 7,068,076,912 | | | $ | — | | | $ | 7,068,076,912 | |
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended December 31, 2011.
(c) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the consolidated financial statements.
Statement of Assets and Liabilities | as of December 31, 2011 (Unaudited) | |
| Assets | |
Investments: Investments in non-affiliated securities, valued at amortized cost | | $ | 7,068,076,912 | |
| Cash | | | 236,173,382 | |
| Receivable for investments sold | | | 42,861,897 | |
| Interest receivable | | | 4,238,754 | |
| Other assets | | | 168,803 | |
| Total assets | | | 7,351,519,748 | |
| Liabilities | |
| Distributions payable | | | 1,557,996 | |
| Other accrued expenses and payables | | | 811,037 | |
| Total liabilities | | | 2,369,033 | |
| Net assets, at value | | $ | 7,349,150,715 | |
| Net Assets Consist of: | |
| Distributions in excess of net investment income | | | (31,210 | ) |
| Accumulated net realized gain (loss) | | | 95,495 | |
| Paid-in capital | | | 7,349,086,430 | |
| Net assets, at value | | $ | 7,349,150,715 | |
| Net Asset Value | |
Net Asset Value, offering and redemption price per share ($7,349,150,715 ÷ 7,349,086,440 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | | $ | 1.00 | |
The accompanying notes are an integral part of the consolidated financial statements.
| for the six months ended December 31, 2011 (Unaudited) | |
| Investment Income | |
Income: Interest | | $ | 9,936,747 | |
Expenses: Management fee | | | 3,832,353 | |
| Administration fee | | | 3,832,353 | |
| Services to shareholders | | | 25,974 | |
| Custodian fee | | | 51,593 | |
| Reports to shareholders | | | 20,195 | |
| Professional fees | | | 50,325 | |
| Trustees' fees and expenses | | | 55,259 | |
| Other | | | 96,357 | |
| Total expenses before expense reductions | | | 7,964,409 | |
| Expense reductions | | | (4,294,390 | ) |
| Total expenses after expense reductions | | | 3,670,019 | |
| Net investment income (loss) | | | 6,266,728 | |
| Net realized gain (loss) from investments | | | (37,684 | ) |
| Net increase (decrease) in net assets resulting from operations | | $ | 6,229,044 | |
The accompanying notes are an integral part of the consolidated financial statements.
Statement of Changes in Net Assets | Increase (Decrease) in Net Assets | | Six Months Ended December 31, 2011 (Unaudited) | | | Year Ended June 30, 2011 | |
Operations: Net investment income (loss) | | $ | 6,266,728 | | | $ | 22,687,965 | |
| Net realized gain (loss) from investments | | | (37,684 | ) | | | 133,179 | |
| Net increase (decrease) in net assets resulting from operations | | | 6,229,044 | | | | 22,821,144 | |
Distribution to shareholders from: Net investment income | | | (6,606,442 | ) | | | (22,669,985 | ) |
| Total distributions | | | (6,606,442 | ) | | | (22,669,985 | ) |
Fund share transactions: Proceeds from shares sold | | | 10,339,028,169 | | | | 23,283,953,251 | |
| Reinvestment of distributions | | | — | | | | 94,631 | |
| Payments for shares redeemed | | | (10,946,357,106 | ) | | | (22,645,207,708 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (607,328,937 | ) | | | 638,840,174 | |
| Increase (decrease) in net assets | | | (607,706,335 | ) | | | 638,991,333 | |
| Net assets at beginning of period | | | 7,956,857,050 | | | | 7,317,865,717 | |
| Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $31,210 and $308,504, respectively) | | $ | 7,349,150,715 | | | $ | 7,956,857,050 | |
| Other Information | |
| Shares outstanding at beginning of period | | | 7,956,415,377 | | | | 7,317,575,203 | |
| Shares sold | | | 10,339,028,169 | | | | 23,283,953,251 | |
| Shares issued to shareholders in reinvestment of distributions | | | — | | | | 94,631 | |
| Shares redeemed | | | (10,946,357,106 | ) | | | (22,645,207,708 | ) |
| Net increase (decrease) in Fund shares | | | (607,328,937 | ) | | | 638,840,174 | |
| Shares outstanding at end of period | | | 7,349,086,440 | | | | 7,956,415,377 | |
The accompanying notes are an integral part of the consolidated financial statements.
| | | | | | Years Ended June 30, | |
| | | Six Months Ended 12/31/11 (Unaudited) | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Income (loss) from investment operations: Net investment income | | | .001 | | | | .002 | | | | .003 | | | | .017 | | | | .044 | | | | .053 | |
Net realized gain (loss)a | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total from investment operations | | | .001 | | | | .002 | | | | .003 | | | | .017 | | | | .044 | | | | .053 | |
Less distributions from: Net investment income | | | (.001 | ) | | | (.002 | ) | | | (.003 | ) | | | (.017 | ) | | | (.044 | ) | | | (.053 | ) |
Net realized gainsa | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.001 | ) | | | (.002 | ) | | | (.003 | ) | | | (.017 | ) | | | (.044 | ) | | | (.053 | ) |
| Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Total Return (%)b | | | .09 | ** | | | .24 | | | | .26 | | | | 1.72 | | | | 4.45 | | | | 5.44 | |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 7,349 | | | | 7,957 | | | | 7,318 | | | | 6,133 | | | | 5,646 | | | | 4,915 | |
| Ratio of expenses before expense reductions (%) | | | .21 | * | | | .21 | | | | .22 | | | | .21 | | | | .21 | | | | .21 | |
| Ratio of expenses after expense reductions (%) | | | .10 | * | | | .11 | | | | .14 | | | | .12 | | | | .06 | | | | .04 | |
| Ratio of net investment income (%) | | | .16 | * | | | .24 | | | | .25 | | | | 1.60 | | | | 4.23 | | | | 5.31 | |
a Less than $.0005 per share. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized | |
Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
Daily Assets Fund Institutional (the "Fund") is a diversified series of DWS Money Market Trust (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 is the successor to Daily Assets Fund Institutional, a series of DWS Institutional Funds (the "Predecessor Fund"). On November 1, 2011, the Predecessor Fund transferred all of its assets and liabilities to the Trust, while retaining the same fund name. The transaction had no material effect on an investment in the Fund. All financial and other information contained herein for periods prior to November 1, 2011, is that of the Predecessor Fund.
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 its financial statements.
Security Valuation. Various inputs are used in determining the value of the Portfolio'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 the 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.
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 a 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 value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial 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.
The Fund has reviewed the tax positions for the open tax years as of June 30, 2011 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.
Distributions 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
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. Fees and Transactions with Affiliates
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 its 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. The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly.
For the period from July 1, 2011 through September 30, 2012, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.18% of the Fund's average daily net assets.
In addition, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.11% for the period from July 1, 2011 through July 27, 2011, 0.08% for the period from July 28, 2011 through September 06, 2011, 0.09% for the period from September 07, 2011 through October 11, 2011 and 0.10% for the period from October 12, 2011 through December 31, 2011. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
Accordingly, for the six months ended December 31, 2011, the fee pursuant to the Investment Management Agreement aggregated $3,832,353, all of which was waived, resulting in an annualized effective rate of 0.00% of the Fund's average daily net assets.
Administration Fee. Pursuant to the 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 six months ended December 31, 2011, the Administration Fee was $3,832,353, of which $461,951 was waived and $708,977 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 between 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 six months ended December 31, 2011, the amount charged to the Fund by DISC aggregated $86, all of which was waived.
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 six months ended December 31, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $13,213, of which $3,640 was 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. The Fund had no outstanding loans at December 31, 2011.
D. Ownership of the Fund
At December 31, 2011, 91% of the outstanding shares of the Fund were held by other affiliated DWS funds.
Information About Your Fund's Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management 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 (July 1, 2011 to December 31, 2011).
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. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended December 31, 2011 | |
| Actual Fund Return | | | |
| Beginning Account Value 7/1/11 | | $ | 1,000.00 | |
| Ending Account Value 12/31/11 | | $ | 1,000.90 | |
| Expenses Paid per $1,000* | | $ | .50 | |
| Hypothetical 5% Fund Return | | | | |
| Beginning Account Value 7/1/11 | | $ | 1,000.00 | |
| Ending Account Value 12/31/11 | | $ | 1,024.63 | |
| Expenses Paid per $1,000* | | $ | .51 | |
* Expenses are equal to the Fund's annualized expense ratio, 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 Ratio | |
| Daily Assets Fund Institutional | .10% |
For more information, please refer to the Fund's prospectus.
Investment Management Agreement Approval
The Board of Trustees approved the renewal of Daily Assets Fund Institutional's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") in September 2011.
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
· In September 2011, all of the Fund's Trustees were independent of DWS and its affiliates.
· The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Quant Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.
· The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").
· In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
· Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund, and that the Agreement was approved by the Fund's shareholders. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.
While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DWS provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by iMoneyNet Inc. ("iMoneyNet"). The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2010, the Fund's gross performance was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).
On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS historically have been and continue to be satisfactory.
Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DWS under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2010). The Board noted that the Fund's total (net) operating expenses were expected to be lower than the median of the applicable Lipper expense universe (1st quartile) (based on Lipper data provided as of December 31, 2010) ("Lipper Universe Expenses"). The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitation agreed to by DWS helped to ensure that the Fund's total (net) operating expenses would remain competitive.
The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS.
Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the independent fee consultant reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DWS and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and its affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.
Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters.
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
Summary of Management Fee Evaluation by Independent Fee Consultant
September 26, 2011
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 2011, 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, 2008, 2009 and 2010.
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 have served 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 109 mutual 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 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
President, Thomas H. Mack & Co., Inc.
Account Management Resources | |
| Automated Information Line | | Institutional Investor Services (800) 730-1313 Personalized account information, information on other DeAM funds and services via touchtone telephone and the ability to exchange or redeem shares. |
| For More Information | | (800) 730-1313, option 1 To speak with a fund service representative. |
| Written Correspondence | | Deutsche Asset Management PO Box 219210 Kansas City, MO 64121-9210 |
| 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. |
| Portfolio Holdings | | Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month, information about the fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at www.sec.gov, and they may also 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. The fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the fund's current prospectus for more information. |
| Principal Underwriter | | If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.dws-investments.com (800) 621-1148 |
| CUSIP Number | | 23337T 862 |
| Fund Number | | 538 |
| FACTS | What Does DWS Investments Do With Your Personal Information? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share can include: · Social Security number · Account balances · Purchase and transaction history · Bank account information · Contact information such as mailing address, e-mail address and telephone number |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing. |
| Reasons we can share your personal information | Does DWS Investments share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We do not share |
For our affiliates' everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates' everyday business purposes — information about your creditworthiness | No | We do not share |
| For non-affiliates to market to you | No | We do not share |
| Questions? | Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com |
| Who we are |
| Who is providing this notice? | DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds |
| What we do |
| How does DWS Investments protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does DWS Investments collect my personal information? | We collect your personal information, for example. When you: · open an account · give us your contact information · provide bank account information for ACH or wire transactions · tell us where to send money · seek advice about your investments |
| Why can't I limit all sharing? | Federal law gives you the right to limit only · sharing for affiliates' everyday business purposes — information about your creditworthiness · affiliates from using your information to market to you · sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |
| Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown. |
| Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market. |
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.
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.
