Deutsche DWS Money Market Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-03495

Deutsche DWS Money Market Trust

(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:(212) 250-2500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	6/30/2019

ITEM 1. REPORT TO STOCKHOLDERS

June 30, 2019

Semiannual Report

to Shareholders

DWS Government Cash Reserves Fund Institutional

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

DWS Government Cash Reserves Fund Institutional
3	Portfolio Summary
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
7	Financial Highlights
8	Notes to Financial Statements
12	Information About Your Fund’s Expenses

	Government Cash Management Portfolio
15	Investment Portfolio
21	Statement of Assets and Liabilities
22	Statement of Operations
23	Statements of Changes in Net Assets
24	Financial Highlights
25	Notes to Financial Statements
29	Advisory Agreement Board Considerations and Fee Evaluation
34	Account Management Resources
36	Privacy Statement

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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.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. Please read the prospectus for specific details regarding the Fund’s risk profile.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS Government Cash Reserves Fund Institutional

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio)	6/30/19		12/31/18
Government & Agency Obligations		54%		73%
Repurchase Agreements		46%		27%
Time Deposit		—		0%
		100%		100%
Weighted Average Maturity	6/30/19		12/31/18
DWS Government Cash Reserves Fund Institutional		26 days		26 days
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional*		25 days		30 days

* The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Institutional — Category includes the most broadly based of the government institutional funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Portfolio holdings and characteristics are subject to change.

DWS Government Cash Reserves Fund Institutional (the “Fund”) is a feeder fund that invests substantially all of its assets in a “master portfolio,” the Government Cash Management Portfolio (the “Portfolio”), and owns a pro rata interest in the Portfolio’s net assets. The Asset Allocation and Weighted Average Maturity at June 30, 2019 are based on the holdings of Government Cash Management Portfolio.

For more complete details about the Portfolio’s holdings, see page 15. A quarterly Fact Sheet is available on liquidity.dws.com/US/products/fund_facts_prospectus_l2.jsp or upon request. Please see the Account Management Resources section on page 34 for contact information.

DWS Government Cash Reserves Fund Institutional | 3

Statement of Assets and Liabilities

as of June 30, 2019 (Unaudited)
Assets
Investment in Government Cash Management Portfolio, at value	$	448,036,450
Other assets		14,408
Total assets		448,050,858
Liabilities
Distributions payable		208,514
Accrued Trustees’ fees		1,265
Other accrued expenses and payables		69,650
Total liabilities		279,429
Net assets, at value	$	447,771,429
Net Assets Consist of
Distributable earnings (loss)		26,751
Paid-in capital		447,744,678
Net assets, at value	$	447,771,429
Net Asset Value
Net Asset Value,offering and redemption price per share ($447,771,429 ÷ 448,057,632 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	1.00

The accompanying notes are an integral part of the financial statements.

4 | DWS Government Cash Reserves Fund Institutional

Statement of Operations

for the six months ended June 30, 2019 (Unaudited)
Investment Income
Income and expenses allocated from Government Cash Management Portfolio:
Interest	$	5,826,065
Expenses*		(146,425	)
Net investment income allocated from Government Cash Management Portfolio		5,679,640
Expenses:
Administration fee		238,933
Services to shareholders		23,704
Service fees		35,694
Professional fees		21,514
Reports to shareholders		8,240
Registration fees		12,806
Trustees’ fees and expenses		2,987
Other		19,701
Total expenses before expense reductions		363,579
Expense reductions		(10,380	)
Total expenses after expense reductions		353,199
Net investment income		5,326,441
Net realized gain (loss) allocated from Government Cash Management Portfolio		(5,101	)
Net increase (decrease) in net assets resulting from operations	$	5,321,340

* Net of $196,071 Advisor reimbursement allocated from Government Cash Management Portfolio for the six months ended June 30, 2019.

The accompanying notes are an integral part of the financial statements.

DWS Government Cash Reserves Fund Institutional | 5

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net investment income	$	5,326,441		$	8,865,662
Net realized gain (loss)		(5,101	)		(826	)
Net increase (decrease) in net assets resulting from operations		5,321,340			8,864,836
Distributions to shareholders		(5,326,272	)		(8,865,833	)
Fund share transactions:
Proceeds from shares sold		1,725,184,269			5,924,237,789
Reinvestment of distributions		3,022,883			4,754,863
Payments for shares redeemed		(1,695,965,713	)		(6,014,370,324	)
Net increase (decrease) in net assets from Fund share transactions		32,241,439			(85,377,672	)
Increase (decrease) in net assets		32,236,507			(85,378,669	)
Net assets at beginning of period		415,534,922			500,913,591
Net assets at end of period	$	447,771,429		$	415,534,922
Other Information
Shares outstanding at beginning of period		415,816,193			501,193,865
Shares sold		1,725,184,269			5,924,237,789
Shares issued to shareholders in reinvestment of distributions		3,022,883			4,754,863
Shares redeemed		(1,695,965,713	)		(6,014,370,324	)
Net increase (decrease) in Fund shares		32,241,439			(85,377,672	)
Shares outstanding at end of period		448,057,632			415,816,193

The accompanying notes are an integral part of the financial statements.

6 | DWS Government Cash Reserves Fund Institutional

Financial Highlights

	Six Months Ended 6/30/19				Years Ended December 31,
	(Unaudited)				2018			2017			2016			2015			2014
Selected Per Share Data
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income			.011			.017			.007			.002			.000	***		.000	***
Net realized gain (loss)			(.000	)***		(.000	)***		.000	***		.000	***		.000	***		.000	***
Total from investment operations			.011			.017			.007			.002			.000	***		.000	***
Less distributions from:
Net investment income			(.011	)		(.017	)		(.007	)		(.002	)		(.000	)***		(.000	)***
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)a			1.11	**		1.67			.71			.22			.04			.01
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			448			416			501			600			1,927			1,009
Ratio of expenses before expense reductions, including expenses allocated from Government Cash Management Portfolio (%)			.29	*		.28			.28			.28			.28			.28
Ratio of expenses after expense reductions, including expenses allocated from Government Cash Management Portfolio (%)			.21	*		.21			.21			.21			.21			.18
Ratio of net investment income (%)			2.23	*		1.65			.68			.22			.04			.01

^a  Total return would have been lower had certain expenses not been reduced.

^*  Annualized

^** Not annualized

^*** Amount is less than $.0005.

The accompanying notes are an integral part of the financial statements.

DWS Government Cash Reserves Fund Institutional | 7

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Government Cash Reserves Fund Institutional (the “Fund”) is a diversified series of Deutsche DWS Money Market Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Government Cash Management Portfolio (the “Portfolio”), anopen-end management investment company registered under the 1940 Act and organized as a New York trust advised by DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”). A master/feeder fund structure is one in which a fund (a “feeder fund”), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the “master fund”) with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2019, the Fund owned approximately 3% of the Portfolio.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio and is categorized as Level 1. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio’s financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio’s Investment Portfolio.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are

8 | DWS Government Cash Reserves Fund Institutional

applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At December 31, 2018, the Fund had a net tax basis capital loss carryforward of approximately $1,000, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2018, and has determined that no provision for income tax and/or uncertain tax provisions 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 differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax 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. The Fund receives an allocation of the Portfolio’s net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor serves as the investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.

DWS Government Cash Reserves Fund Institutional | 9

For the period from January 1, 2019 through April 30, 2020, DIMA has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.21% of the Fund’s average daily net assets.

For the six months ended June 30, 2019, fees waived and/or expenses reimbursed are $10,380.

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 six months ended June 30, 2019, the Administration Fee was $238,933, of which $40,202 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2019, the amount charged to the Fund by DSC aggregated $21,975, of which $3,949 is unpaid.

Shareholder Servicing Fee. DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, provides information and administrative services for a fee (“Service Fee”) to shareholders at an annual rate of up to 0.25% of average daily net assets. DDI in turn has various agreements with financial services firms that provide these services and pay these fees based upon the assets of shareholder accounts the firms service. For the six months ended June 30, 2019, the Service Fee was as follows:

	Total Aggregated		Unpaid at June 30, 2019		Annualized Rate
DWS Government Cash Reserves Fund Institutional	$	35,694	$	95		.01	%

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the six months ended June 30, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,548, all of which is unpaid.

10 | DWS Government Cash Reserves Fund Institutional

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

C. Concentration of Ownership

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At June 30, 2019, there were three shareholder accounts that held approximately 33%, 25% and 19% of the outstanding shares of the Fund, respectively.

DWS Government Cash Reserves Fund Institutional | 11

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 recentsix-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 thesix-month period and held for the entire period (January 1, 2019 to June 30, 2019).

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.

12 | DWS Government Cash Reserves Fund Institutional

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2019 (Unaudited)
Actual Fund Return*
Beginning Account Value 1/1/19	$	1,000.00
Ending Account Value 6/30/19	$	1,011.11
Expenses Paid per $1,000**	$	1.05
Hypothetical 5% Fund Return
Beginning Account Value 1/1/19	$	1,000.00
Ending Account Value 6/30/19	$	1,023.75
Expenses Paid per $1,000**	$	1.05

* Expenses include amounts allocated proportionally from the Portfolio.

** Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratio
DWS Government Cash Reserves Fund Institutional	.21%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS Government Cash Reserves Fund Institutional | 13

(The following financial statements of the Government Cash Management Portfolio should be read in conjunction with the Fund’s financial statements.)

14 | Government Cash Management Portfolio

Investment Portfolio as of June 30, 2019 (Unaudited)

	Principal Amount ($)		Value ($)
Government & Agency Obligations 54.4%
U.S. Government Sponsored Agencies 52.5%
Federal Farm Credit Bank:
1-month LIBOR minus 0.123%, 2.288%*, 8/13/2019		212,000,000		212,000,000
1-month LIBOR minus 0.060%, 2.344%*, 3/25/2020		510,000		509,857
1-month LIBOR minus 0.035%, 2.348%*, 8/20/2020		240,000,000		239,999,240
1-month LIBOR minus 0.030%, 2.353%*, 3/20/2020		15,000,000		14,997,926
1-month LIBOR minus 0.050%, 2.354%*, 2/25/2020		83,000,000		82,997,554
1-month LIBOR minus 0.075%, 2.355%*, 11/5/2019		18,000,000		17,999,359
1-month LIBOR minus 0.050%, 2.362%*, 1/8/2020		1,081,000		1,081,004
1-month LIBOR minus 0.050%, 2.371%*, 7/6/2020		50,000,000		50,000,000
1-month LIBOR minus 0.050%, 2.381%*, 2/4/2020		208,500,000		208,500,000
3-month LIBOR minus 0.040%, 2.4%*, 5/1/2020		25,294,000		25,293,309
1-month LIBOR plus 0.010%, 2.4%*, 8/19/2020		15,000,000		15,001,848
1-month LIBOR minus 0.025%, 2.403%*, 5/29/2020		56,500,000		56,497,429
1-month LIBOR plus 0.005%, 2.418%*, 1/12/2021		100,000,000		99,988,812
1-month LIBOR plus 0.050%, 2.433%*, 2/21/2020		795,000		795,395
SOFR plus 0.030%, 2.45%*, 2/6/2020		40,000,000		40,000,000
SOFR plus 0.010%, 2.52%*, 5/7/2021		25,000,000		25,000,000
1-month LIBOR plus 0.190%, 2.584%*, 7/15/2019		820,000		820,093
1-month LIBOR plus 0.185%, 2.597%*, 8/9/2019		50,000,000		50,014,931
2.626%**, 8/21/2019		47,000,000		46,827,549
Federal Home Loan Bank:
2.129%**, 7/1/2019		19,387,000		19,387,000
2.188%**, 9/3/2019		13,465,000		13,413,534
3-month LIBOR minus 0.230%, 2.29%*, 12/3/2019		70,000,000		70,000,000
1-month LIBOR minus 0.085%, 2.326%*, 9/13/2019		100,000,000		100,000,000
1-month LIBOR minus 0.085%, 2.327%*, 9/9/2019		150,000,000		150,000,000
3-month LIBOR minus 0.190%, 2.331%*, 8/28/2019		255,000,000		255,000,000
3-month LIBOR minus 0.195%, 2.333%*, 2/14/2020		255,000,000		255,000,000
1-month LIBOR minus 0.065%, 2.337%*, 8/28/2019		50,000,000		50,000,000
1-month LIBOR minus 0.055%, 2.346%*, 1/14/2020		162,500,000		162,500,000
1-month LIBOR minus 0.025%, 2.358%*, 4/20/2020		68,000,000		68,000,000
1-month LIBOR minus 0.060%, 2.361%*, 12/6/2019		160,000,000		160,000,000
1-month LIBOR minus 0.040%, 2.362%*, 8/26/2019		100,000,000		99,999,991
3-month LIBOR minus 0.200%, 2.384%*, 1/10/2020		140,000,000		140,000,000
1-month LIBOR minus 0.020%, 2.393%*, 5/12/2020		125,000,000		125,000,000
3-month LIBOR minus 0.020%, 2.401%*, 1/16/2020		225,000,000		225,000,000
2.406%**, 11/15/2019		220,000,000		218,013,272
2.408%**, 10/22/2019		200,000,000		198,509,028
2.408%**, 10/30/2019		40,000,000		39,680,694
2.411%**, 8/14/2019		320,000,000		319,069,938
2.423%**, 7/9/2019		35,000,000		34,981,411

The accompanying notes are an integral part of the financial statements.

Government Cash Management Portfolio | 15

	Principal Amount ($)		Value ($)
SOFR plus 0.005%, 2.425%*, 1/17/2020		137,500,000		137,500,000
2.433%**, 9/25/2019		525,000		521,990
1-month LIBOR minus 0.010%, 2.43%*, 9/1/2020		75,000,000		75,000,000
SOFR plus 0.020%, 2.44%*, 8/27/2019		50,000,000		50,000,000
3-month LIBOR minus 0.120%, 2.442%*, 11/12/2019		75,000,000		75,000,000
2.443%**, 7/19/2019		75,000,000		74,909,625
2.443%**, 8/15/2019		25,000,000		24,924,688
SOFR plus 0.025%, 2.445%*, 9/20/2019		100,000,000		100,000,000
SOFR plus 0.030%, 2.45%*, 10/9/2019		172,000,000		172,000,000
SOFR plus 0.035%, 2.455%*, 2/21/2020		100,000,000		100,000,000
SOFR plus 0.035%, 2.455%*, 5/8/2020		232,000,000		232,000,000
SOFR plus 0.035%, 2.455%*, 6/19/2020		123,750,000		123,750,000
3-month LIBOR minus 0.135%, 2.469%*, 4/13/2020		100,000,000		100,000,000
SOFR plus 0.050%, 2.47%*, 1/17/2020		20,000,000		20,000,000
2.474%**, 7/9/2019		15,000,000		14,991,867
2.474%**, 7/11/2019		22,000,000		21,985,089
SOFR plus 0.060%, 2.48%*, 9/10/2019		140,000,000		140,000,000
SOFR plus 0.065%, 2.485%*, 11/15/2019		131,750,000		131,750,000
2.486%**, 9/11/2019		350,000,000		348,283,600
SOFR plus 0.075%, 2.495%*, 6/11/2021		106,000,000		106,000,000
SOFR plus 0.105%, 2.525%*, 10/1/2020		65,000,000		65,000,000
2.58%, 3/30/2020		240,000,000		240,000,000
2.717%**, 11/12/2019		25,000,000		24,750,611
Federal Home Loan Mortgage Corp.:
1-month LIBOR minus 0.100%, 2.312%*, 8/8/2019		274,500,000		274,496,249
1-month LIBOR minus 0.100%, 2.313%*, 8/12/2019		90,000,000		89,998,612
2.373%**, 10/17/2019		250,000,000		248,245,000
2.4%, 6/12/2020		175,000,000		175,000,000
SOFR minus 0.010%, 2.41%*, 8/5/2019		300,000,000		300,000,000
SOFR plus 0.010%, 2.43%*, 7/9/2019		75,000,000		75,000,000
SOFR plus 0.010%, 2.43%*, 7/11/2019		75,000,000		75,000,000
SOFR plus 0.010%, 2.43%*, 11/1/2019		80,000,000		80,000,000
SOFR plus 0.010%, 2.43%*, 2/21/2020		150,000,000		150,000,000
SOFR plus 0.020%, 2.44%*, 2/28/2020		135,000,000		135,000,000
SOFR plus 0.020%, 2.44%*, 6/5/2020		250,000,000		250,000,000
SOFR plus 0.030%, 2.45%*, 5/8/2020		75,000,000		75,000,000
SOFR plus 0.030%, 2.45%*, 8/21/2020		130,000,000		130,000,000
2.5%, 5/22/2020		158,500,000		158,500,000
Federal National Mortgage Association:
1.75%, 9/12/2019		490,000		489,087
SOFR plus 0.060%, 2.48%*, 7/30/2020		75,000,000		75,000,000
SOFR plus 0.070%, 2.49%*, 10/30/2019		40,000,000		40,000,000
SOFR plus 0.075%, 2.495%*, 10/30/2020		83,000,000		83,000,000
SOFR plus 0.010%, 2.52%*, 4/30/2020		32,750,000		32,750,000
				8,717,725,592

The accompanying notes are an integral part of the financial statements.

16 | Government Cash Management Portfolio

	Principal Amount ($)			Value ($)
U.S. Treasury Obligations 1.9%
U.S. Treasury Bills:
2.312%**, 10/10/2019		165,000,000			163,944,550
2.417%**, 10/3/2019		944,000			938,125
U.S. Treasury Floating Rate Notes, 3-month U.S. Treasury Bill Money Market Yield plus 0.048%, 2.144%*, 10/31/2019		150,000,000			150,046,603
					314,929,278
Total Government & Agency Obligations(Cost $9,032,654,870)					9,032,654,870
Repurchase Agreements 46.4%
Barclays Capital, Inc., 2.50%, dated 6/28/2019, to be repurchased at $1,150,239,583 on 7/01/2019 (a)		1,150,000,000			1,150,000,000
BNP Paribas SA, 2.48%, dated 6/28/2019, to be repurchased at $622,497,623 on 7/01/2019 (b)		622,369,000			622,369,000
Citigroup Global Markets, Inc., 2.30%, dated 6/28/2019, to be repurchased at $150,028,750 on 7/01/2019 (c)		150,000,000			150,000,000
Citigroup Global Markets, Inc., 2.35%, dated 6/28/2019, to be repurchased at $500,097,917 on 7/01/2019 (d)		500,000,000			500,000,000
Citigroup Global Markets, Inc., 2.48%, dated 6/28/2019, to be repurchased at $41,759,629 on 7/01/2019 (e)		41,751,000			41,751,000
Fixed Income Clearing Corp., 2.30%, dated 6/28/2019, to be repurchased at $500,095,833 on 7/01/2019 (f)		500,000,000			500,000,000
Fixed Income Clearing Corp., 2.50%, dated 6/28/2019, to be repurchased at $3,200,666,667 on 7/01/2019 (g)		3,200,000,000			3,200,000,000
HSBC Securities, Inc., 2.50%, dated 6/28/2019, to be repurchased at $21,054,385 on 7/01/2019 (h)		21,050,000			21,050,000
Merrill Lynch & Co., Inc., 2.35%, dated 6/28/2019, to be repurchased at $100,019,583 on 7/01/2019 (i)		100,000,000			100,000,000
The Goldman Sachs & Co., 1.95%, dated 6/28/2019, to be repurchased at $500,081,250 on 7/01/2019 (j)		500,000,000			500,000,000
Wells Fargo Bank, 2.50%, dated 6/28/2019, to be repurchased at $500,104,167 on 7/01/2019 (k)		233,300,000			233,300,000
Wells Fargo Bank, 2.52%, dated 6/28/2019, to be repurchased at $676,483,032 on 7/01/2019 (l)		676,341,000			676,341,000
Total Repurchase Agreements(Cost $7,694,811,000)					7,694,811,000
	% of Net Assets			Value ($)
Total Investment Portfolio(Cost $16,727,465,870)		100.8			16,727,465,870
Other Assets and Liabilities, Net		(0.8	)		(128,439,531	)
Net Assets		100.0			16,599,026,339

* Floating rate security. These securities are shown at their current rate as of June 30, 2019.

** Annualized yield at time of purchase; not a coupon rate.

The accompanying notes are an integral part of the financial statements.

Government Cash Management Portfolio | 17

(a) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date		Collateral Value ($)
	447,009,800	U.S. Treasury Bond	3.00		09/30/2025		480,565,968
	625,595,900	U.S. Treasury Notes	2.875–3.125		5/15/2043–8/15/2044		692,434,119
	Total Collateral Value						1,173,000,087

(b) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date		Collateral Value ($)
	173,724,700	U.S. Treasury Bills	Zero Coupon		3/26/2020–6/18/2020		170,791,302
	130,818,300	U.S. Treasury Bonds	2.5–3.625		2/15/2020–5/15/2024		134,898,930
	116,163,700	U.S. Treasury Inflation-Indexed Note	0.125		4/15/2020		125,336,985
	203,775,300	U.S. Treasury Notes	1.25–2.625		5/31/2020–10/31/2021		203,789,178
	Total Collateral Value						634,816,395

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date		Collateral Value ($)
	153,494,200	U.S. Treasury Bills	Zero Coupon		8/13/2019–8/29/2019		152,999,532
	400	U.S. Treasury Bond	3.625		2/15/2044		489
	Total Collateral Value						153,000,021

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date		Collateral Value ($)
	511,376,100	U.S. Treasury Bills	Zero Coupon		8/13/2019–8/22/2019		509,995,901
	3,400	U.S. Treasury Bond	3.625		2/15/2044		4,155
	Total Collateral Value						510,000,056

(e) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date		Collateral Value ($)
	42,723,400	U.S. Treasury Bills	Zero Coupon		8/13/2019–8/22/2019		42,585,953
	100	U.S. Treasury Bond	3.625		2/15/2044		122
	Total Collateral Value						42,586,075

The accompanying notes are an integral part of the financial statements.

18 | Government Cash Management Portfolio

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	225,000,000	U.S. Treasury Bond	0.125	7/15/20122		249,238,575
	258,365,000	U.S. Treasury Notes	1.75–1.875	6/15/2022–7/31/2022		260,762,045
	Total Collateral Value					510,000,620

(g) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	225,000,000	U.S. Treasury Bonds	2.00–2.875	11/15/2026–5/15/2028		233,781,650
	2,929,555,000	U.S. Treasury Notes	1.625–3	3/31/2025–5/15/2026		3,030,222,914
	Total Collateral Value					3,264,004,564

(h) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	16,440,500	U.S. Treasury Notes	1.00–2.75	10/15/2019–6/30/2025		17,516,301
	6,112,405	U.S. Treasury STRIPS	Zero Coupon	8/15/2022–5/15/2043		3,954,699
	Total Collateral Value					21,471,000

(i) Collateralized by $100,949,700 U.S. Treasury Notes, with the various coupon rates from 1.875–2%, with various maturity dates of 12/31/2021–8/31/2022 with a value of $102,000,079.

(j) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	404,334,100	U.S. Treasury Notes	0.875–2.625	7/31/2019–6/30/2023		421,684,838
	122,574,407	U.S. Treasury STRIPS	Zero Coupon	2/15/2021–5/15/2034		88,315,162
	Total Collateral Value					510,000,000

(k) Collateralized by $237,656,784 U.S. Treasury Notes, with the various coupon rates from 1.375–1.75%, with various maturity dates of 1/1/2034–5/1/2049 with a value of $237,966,014.

(l) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	84,408,269	Federal Home Loan Mortgage Corp.	3.00–4.5	4/1/2034–05/1/2049		86,771,654
	585,577,464	Federal National Mortgage Association	2.5–5.00	6/1/2029–6/1/2049		603,096,167
	Total Collateral Value					689,867,821

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

STRIPS: Separate Trading of Registered Interest and Principal Securities

The accompanying notes are an integral part of the financial statements.

Government Cash Management Portfolio | 19

Fair Value Measurements

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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.

The following is a summary of the inputs used as of June 30, 2019 in valuing the Portfolio’s investments. For information on the Portfolio’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 (m)	$	—	$	9,032,654,870	$	—	$	9,032,654,870
Repurchase Agreements		—		7,694,811,000		—		7,694,811,000
Total	$	—	$	16,727,465,870	$	—	$	16,727,465,870

(m) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

20 | Government Cash Management Portfolio

Statement of Assets and Liabilities

as of June 30, 2019 (Unaudited)
Assets
Investments in non-affiliated securities, valued at amortized cost	$	9,032,654,870
Repurchase agreements, valued at amortized cost		7,694,811,000
Interest receivable		20,675,071
Other assets		467,498
Total assets		16,748,608,439
Liabilities
Cash overdraft		135,258,224
Payable for investments purchased		13,413,534
Accrued investment advisory fee		178,676
Accrued Trustees’ fees		94,450
Other accrued expenses and payables		637,216
Total liabilities		149,582,100
Net assets, at value	$	16,599,026,339

The accompanying notes are an integral part of the financial statements.

Government Cash Management Portfolio | 21

Statement of Operations

for the six months ended June 30, 2019 (Unaudited)
Investment Income
Income:
Interest	$	196,659,744
Expenses:
Management fee		7,990,759
Administration fee		2,421,840
Custodian fee		84,973
Professional fees		198,859
Reports to shareholders		23,468
Trustees’ fees and expenses		434,181
Other		397,860
Total expenses before expense reductions		11,551,940
Expense reductions		(6,620,174	)
Total expenses after expense reductions		4,931,766
Net investment income		191,727,978
Net realized gain (loss) from investments		(157,308	)
Net increase (decrease) in net assets resulting from operations	$	191,570,670

The accompanying notes are an integral part of the financial statements.

22 | Government Cash Management Portfolio

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	191,727,978		$	317,142,521
Net realized gain (loss)		(157,308	)		(59,287	)
Net increase (decrease) in net assets resulting from operations		191,570,670			317,083,234
Capital transactions in shares of beneficial interest:
Proceeds from capital invested		35,590,693,926			67,371,988,036
Value of capital withdrawn		(34,903,705,487	)		(69,141,070,041	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		686,988,439			(1,769,082,005	)
Increase (decrease) in net assets		878,559,109			(1,451,998,771	)
Net assets at beginning of period		15,720,467,230			17,172,466,001
Net assets at end of period	$	16,599,026,339		$	15,720,467,230

The accompanying notes are an integral part of the financial statements.

Government Cash Management Portfolio | 23

Financial Highlights

	Six Months Ended 6/30/19			Years Ended December 31,
	(Unaudited)			2018		2017		2016		2015		2014
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		16,599			15,720		17,172		11,975		18,021		19,918
Ratio of expenses before expense reductions (%)		.14	*		.14		.14		.16		.17		.17
Ratio of expenses after expense reductions (%)		.06	*		.10		.11		.11		.14		.14
Ratio of net investment income (%)		2.38	*		1.76		.83		.32		.11		.05
Total Return (%)a,b		1.18	**		1.78		.81		.32		.11		.05

^a  Total return would have been lower had certain expenses not been reduced.

^b  Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the financial statements.

24 | Government Cash Management Portfolio

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Government Cash Management Portfolio (the “Portfolio”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a New York trust.

The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a “feeder fund”), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the “master fund”) with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio’s net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2019, DWS Government Cash Management Fund, DWS Government Cash Reserves Fund Institutional and DWS Government Money Market Series owned approximately 5%, 3% and 90%, respectively, of the Portfolio.

The Portfolio’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio 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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule2a-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

Government Cash Management Portfolio | 25

valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the 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.

Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or asub-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 custodian bank or another designated subcustodian 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 Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio’s claims on the collateral may be subject to legal proceedings.

As of June 30, 2019, the Portfolio held repurchase agreements with a gross value of $7,694,811,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio’s Investment Portfolio.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio’s assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

At June 30, 2019, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $16,727,465,870.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2018 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio’s financial statements. The Portfolio’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

26 | Government Cash Management Portfolio

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio 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.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $3.0 billion of the Portfolio’s average daily net assets	.1200%
Next $4.5 billion of such net assets	.1025%
Over $7.5 billion of such net assets	.0900%

Accordingly, for the six months ended June 30, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.10% of the Portfolio’s average daily net assets.

For the period from January 1, 2019 through April 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.18% of the Portfolio’s average daily net assets.

For the period from January 1, 2019 through January 10, 2019, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain

Government Cash Management Portfolio | 27

operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.08% of the Portfolio’s average daily net assets.

Effective January 11, 2019 through June 30, 2019, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.06% of the Portfolio’s average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2019, fees waived and/or expenses reimbursed are $6,620,174.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee (“Administration Fee”) of 0.03% of the Portfolio’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2019, the Administration Fee was $2,421,840, of which $410,431 is unpaid.

Filing Service Fees. Under an agreement with the Portfolio, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2019, the amount charged to the Portfolio by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $2,787, of which $1,572 is unpaid.

Trustees’ Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

C. Line of Credit

The Portfolio and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio 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 theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2019.

28 | Government Cash Management Portfolio

Advisory Agreement Board Considerations and Fee Evaluation

DWS Government Cash Reserves Fund Institutional (the “Fund”), a series of Deutsche DWS Money Market Trust, invests substantially all of its assets in Government Cash Management Portfolio (the “Portfolio”) in order to achieve its investment objective. The Portfolio’s Board of Trustees approved the renewal of the Portfolio’s investment management agreement (the “Portfolio Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) and the Fund’s Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund’s investment management agreement with DIMA (the “Fund Agreement” and together with the Portfolio Agreement, the “Agreements”) in September 2018. The Portfolio’s Board of Trustees and the Fund’s Board of Trustees are collectively referred to as the “Board” or “Trustees.”

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

– During the entire process, all of the Portfolio’s and the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the “Fee Consultant”). 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.

– The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio’s and the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

DWS Government Cash Reserves Fund Institutional | 29

– In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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 DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Portfolio’s and the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing

30 | DWS Government Cash Reserves Fund Institutional

poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s 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 theone- and three-year periods ended December 31, 2017, the Fund’s gross performance (Institutional Class shares) was in the 3rd quartile and 1st quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Portfolio’s and the Fund’s investment management fee schedules, the Fund’s operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the 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 Portfolio and the Fund, which include 0.03% and 0.10% fees paid to DIMA under the respective administrative services agreements, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2017). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio’s management fee, the Fund does not charge an additional investment management fee. Based on Broadridge data provided as of December 31, 2017, the Board noted that the Fund’s total operating expenses, which include Portfolio expenses allocated to the Fund, were higher than the median of the applicable Broadridge expense universe (less any applicable12b-1 fees) for Institutional Class shares (3rd quartile). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 to ensure the Fund maintained a positive yield. The Board considered the management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Portfolio and the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Portfolio and the Fund. The Board considered that the Portfolio’s management fee was reduced by 0.03% at all breakpoint levels in connection with the restructuring of the Portfolio and the Fund into government money market funds in 2016.

DWS Government Cash Reserves Fund Institutional | 31

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 DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available 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), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most 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 Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio’s and the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Portfolio’s and the Fund’s fee schedule represents an appropriate sharing between the Portfolio and the Fund and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA 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. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among

32 | DWS Government Cash Reserves Fund Institutional

DIMA products and services. The Board considered these benefits in reaching its conclusion that the Portfolio’s and the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Portfolio and 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 counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

DWS Government Cash Reserves Fund Institutional | 33

Account Management Resources

Automated Information Line	Institutional Investor Services (800)730-1313 Personalized account information, information on other DWS funds and services via touchtone telephone and the ability to exchange or redeem shares.
Web Site	liquidity.dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates bye-mail, and change your address, 24 hours a day. Obtain prospectuses and applications,news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
For More Information	(800)730-1313, option 1 To speak with a fund service representative.
Written Correspondence	DWS PO Box 219210 Kansas City, MO64121-9210
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 most recent12-month period ended June 30 are available on our Web site —dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s third fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-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 sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL60606-5808 (800)621-1148

34 | DWS Government Cash Reserves Fund Institutional

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
Nasdaq Symbol	BIRXX
CUSIP Number	25160K 405
Fund Number	500

DWS Government Cash Reserves Fund Institutional | 35

Privacy Statement

FACTS	What Does DWS 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 chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS 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 businesspurposes —information about your transactions and experiences	No	We do not share
For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share
Fornon-affiliates to market to you	No	We do not share

Questions? Call (800)728-3337 ore-mail us at service@dws.com

36 | DWS Government Cash Reserves Fund Institutional

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS 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 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 fornon-affiliates 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 ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial andnon-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 betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019

DWS Government Cash Reserves Fund Institutional | 37

Notes

Notes

DGCRF-3

(R-028297-8 8/19)

ITEM 2.		CODE OF ETHICS
		Not applicable.
ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT
		Not applicable
ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES
		Not applicable
ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS
		Not applicable
ITEM 6.		SCHEDULE OF INVESTMENTS
		Not applicable
ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
		Not applicable
ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
		Not applicable
ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
		Not applicable
ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
		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 Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.		CONTROLS AND PROCEDURES
		(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.
		(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.
ITEM 12.		Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
		Not applicable
ITEM 13.		EXHIBITS
		(a)(1)	Not applicable
		(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.
	(a)(3)		Not applicable
	(a)(4)(i)		Certification pursuant to Item 4.01 of Form 8-K under the Exchange Act (17 CFR 249.308) is attached hereto.
	(a)(4)(ii)		Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.
	(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.

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 Government Cash Reserves Fund Institutional, a series of Deutsche DWS Money Market Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	9/5/2019

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/Hepsen Uzcan Hepsen Uzcan President
Date:	9/5/2019
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	9/5/2019