UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-05970
Cash Account Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 4/30 |
Date of reporting period: | 4/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
This N-CSR filing contains the annual reports relating to the classes of the following series of the registrant:
DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio — Service Shares
DWS Government & Agency Securities Portfolio — DWS Government & Agency Money Fund
DWS Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares and Government Cash Managed Shares
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Cash Premier Shares and Tax-Exempt Cash Managed Shares
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund
DWS Tax-Exempt Portfolio — Tax-Free Investment Class
DWS Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img45c2d61c1.jpg)
Service Shares
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img8b4853ad2.jpg)
4 | Portfolio Management Review |
DWS Government & Agency Securities Portfolio | |
9 | Portfolio Summary |
10 | Investment Portfolio |
14 | Statement of Assets and Liabilities |
16 | Statement of Operations |
17 | Statements of Changes in Net Assets |
18 | Financial Highlights |
DWS Tax-Exempt Portfolio | |
19 | Portfolio Summary |
20 | Investment Portfolio |
33 | Statement of Assets and Liabilities |
35 | Statement of Operations |
36 | Statements of Changes in Net Assets |
37 | Financial Highlights |
38 | Notes to Financial Statements |
52 | Report of Independent Registered Public Accounting Firm |
54 | Information About Each Fund’s Expenses |
56 | Tax Information |
56 | Other Information |
57 | Advisory Agreement Board Considerations and Fee Evaluation |
67 | Board Members and Officers |
2 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 5 |
6 | | Cash Account Trust — Service Shares |
7-Day Current Yield | |
DWS Government & Agency Securities Portfolio — Service Shares | 0.01%* |
DWS Tax-Exempt Portfolio — Service Shares | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
* | The 7-Day Current Yield would have been –1.03% and –0.88% for DWS Government & Agency Securities Portfolio — Service Shares and DWS Tax-Exempt Portfolio — Service Shares respectively, had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
Cash Account Trust — Service Shares | | 7 |
8 | | Cash Account Trust — Service Shares |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Government & Agency Obligations | 79% | 69% |
Repurchase Agreements | 21% | 31% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 39 days | 19 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 35 days | 35 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. |
Cash Account Trust — Service Shares | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 82.2% | |||
U.S. Government Sponsored Agencies 18.0% | |||
Federal Farm Credit Bank: | |||
SOFR + 0.07%, 0.08% (a), 8/11/2022 | 20,000,000 | 20,001,298 | |
0.35% (b), 5/7/2021 | 22,000,000 | 21,999,803 | |
Federal Home Loan Bank: | |||
SOFR + 0.01%, 0.02% (a), 5/3/2021 | 52,500,000 | 52,500,000 | |
SOFR + 0.01%, 0.02% (a), 1/13/2022 | 15,000,000 | 15,000,000 | |
SOFR + 0.015%, 0.025% (a), 8/27/2021 | 18,500,000 | 18,500,000 | |
0.04% (b), 5/12/2021 | 45,000,000 | 44,999,464 | |
0.041% (b), 6/4/2021 | 6,000,000 | 5,999,773 | |
0.041% (b), 6/14/2021 | 4,000,000 | 3,999,804 | |
0.041% (b), 10/20/2021 | 30,000,000 | 29,994,267 | |
1-month USD-LIBOR minus 0.01%, 0.101% (a), 5/3/2021 | 15,250,000 | 15,249,991 | |
SOFR + 0.12%, 0.13% (a), 2/28/2022 | 21,000,000 | 21,000,000 | |
Federal Home Loan Mortgage Corp.: | |||
SOFR + 0.07%, 0.08% (a), 2/25/2022 | 47,000,000 | 47,000,000 | |
0.096%, 8/11/2021 | 60,000,000 | 60,000,000 | |
SOFR + 0.095%, 0.105% (a), 8/19/2022 | 23,000,000 | 23,000,000 | |
SOFR + 0.145%, 0.155% (a), 12/9/2021 | 10,000,000 | 10,000,000 | |
SOFR + 0.15%, 0.16% (a), 3/4/2022 | 21,000,000 | 20,983,021 | |
SOFR + 0.19%, 0.2% (a), 6/2/2022 | 10,000,000 | 10,000,000 | |
Federal National Mortgage Association: | |||
SOFR + 0.075%, 0.085% (a), 6/4/2021 | 40,000,000 | 40,000,000 | |
SOFR + 0.3%, 0.31% (a), 1/7/2022 | 18,500,000 | 18,500,000 | |
SOFR + 0.31%, 0.32% (a), 10/25/2021 | 7,500,000 | 7,500,000 | |
486,227,421 | |||
U.S. Treasury Obligations 64.2% | |||
U.S. Treasury Bills: | |||
0.001% (b), 5/4/2021 | 25,000,000 | 24,999,999 | |
0.002% (b), 5/4/2021 | 39,500,000 | 39,499,998 | |
0.01% (b), 5/6/2021 | 60,500,000 | 60,499,916 | |
0.01% (b), 5/18/2021 | 23,500,000 | 23,499,902 | |
0.016% (b), 6/24/2021 | 40,000,000 | 39,999,040 | |
0.02% (b), 7/29/2021 | 7,380,000 | 7,379,635 | |
0.03% (b), 6/17/2021 | 50,000,000 | 49,998,042 | |
0.031% (b), 5/11/2021 | 100,000,000 | 99,999,071 | |
0.031% (b), 11/4/2021 | 125,000,000 | 124,980,726 |
10 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
0.035% (b), 5/4/2021 | 70,000,000 | 69,999,790 | |
0.035% (b), 10/28/2021 | 95,000,000 | 94,983,375 | |
0.036% (b), 5/11/2021 | 35,000,000 | 34,999,728 | |
0.036% (b), 10/7/2021 | 40,000,000 | 39,993,728 | |
0.039% (b), 6/3/2021 | 45,000,000 | 44,998,527 | |
0.041% (b), 7/20/2021 | 15,000,000 | 14,998,667 | |
0.042% (b), 5/18/2021 | 70,000,000 | 69,998,790 | |
0.042% (b), 6/10/2021 | 130,000,000 | 129,994,005 | |
0.042% (b), 10/21/2021 | 100,000,000 | 99,980,297 | |
0.043% (b), 6/1/2021 | 145,000,000 | 144,994,693 | |
0.046% (b), 6/3/2021 | 105,000,000 | 104,995,526 | |
0.076% (b), 5/18/2021 | 30,000,000 | 29,998,763 | |
0.091% (b), 5/27/2021 | 100,000,000 | 99,993,500 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.055%, 0.075% (a), 7/31/2022 | 22,500,000 | 22,499,525 | |
3-month U.S. Treasury Bill Money Market Yield + 0.114%, 0.134% (a), 4/30/2022 | 125,000,000 | 125,092,219 | |
3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.24% (a), 7/31/2021 | 91,500,000 | 91,550,389 | |
3-month U.S. Treasury Bill Money Market Yield + 0.3%, 0.32% (a), 10/31/2021 | 40,000,000 | 40,059,533 | |
1,729,987,384 | |||
Total Government & Agency Obligations (Cost $2,216,214,805) | 2,216,214,805 | ||
Repurchase Agreements 22.4% | |||
Barclays Bank PLC, 0.01%, dated 4/30/2021, to be repurchased at $138,800,116 on 5/3/2021 (c) | 138,800,000 | 138,800,000 | |
BNP Paribas, 0.005%, dated 4/30/2021, to be repurchased at $121,500,506 on 5/3/2021 (d) | 121,500,000 | 121,500,000 | |
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, to be repurchased at $83,100,069 on 5/3/2021 (e) | 83,100,000 | 83,100,000 | |
Fixed Income Clearing Corp., 0.005%, dated 4/30/2021, to be repurchased at $100,000,042 on 5/3/2021 (f) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank, 0.01%, dated 4/30/2021, to be repurchased at $161,700,135 on 5/3/2021 (g) | 161,700,000 | 161,700,000 | |
Total Repurchase Agreements (Cost $605,100,000) | 605,100,000 |
Cash Account Trust — Service Shares | | 11 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,821,314,805) | 104.6 | 2,821,314,805 | |
Other Assets and Liabilities, Net | (4.6) | (124,897,824) | |
Net Assets | 100.0 | 2,696,416,981 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
142,333,500 | U.S. Treasury Notes | 0.75 | 04/30/2026 | 141,576,001 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
15,571,600 | U.S. Treasury Bills | Zero Coupon | 07/13/2021–08/17/2021 | 15,571,133 |
107,143,900 | U.S. Treasury Notes | 1.125–2.5 | 09/30/2021–04/30/2022 | 108,358,525 |
300 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.625 | 07/15/2021–01/15/2022 | 356 |
Total Collateral Value | 123,930,014 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
67,915,000 | U.S. Treasury Bonds | 2.875–5.5 | 05/15/2028–11/15/2028 | 84,749,550 |
7,100 | U.S. Treasury Inflation-Indexed Bonds | 0.75–2.125 | 07/15/2028–02/15/2041 | 12,494 |
Total Collateral Value | 84,762,044 |
(f) | Collateralized by $115,847,400 U.S. Treasury Bonds, 1.375–2%, maturing on 02/15/2050–08/15/2050 with a value of $102,000,055. |
12 | | Cash Account Trust — Service Shares |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
77,207,414 | Federal Home Loan Mortgage Corp. | 1.5–7 | 09/01/2033–01/01/2051 | 82,467,000 |
68,084,755 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.375 | 07/15/2026–07/15/2027 | 82,467,023 |
Total Collateral Value | 164,934,023 |
LIBOR: London Interbank Offered Rate |
SOFR: Secured Overnight Financing Rate |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,216,214,805 | $— | $2,216,214,805 |
Repurchase Agreements | — | 605,100,000 | — | 605,100,000 |
Total | $ — | $2,821,314,805 | $ — | $2,821,314,805 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Cash Account Trust — Service Shares | | 13 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $ 2,216,214,805 |
Repurchase agreements, valued at amortized cost | 605,100,000 |
Cash | 240,808 |
Receivable for Fund shares sold | 141,503 |
Interest receivable | 89,791 |
Other assets | 74,966 |
Total assets | 2,821,861,873 |
Liabilities | |
Payable for investments purchased | 124,980,726 |
Payable for Fund shares redeemed | 213,763 |
Distributions payable | 15,601 |
Accrued Trustees' fees | 25,921 |
Other accrued expenses and payables | 208,881 |
Total liabilities | 125,444,892 |
Net assets, at value | $ 2,696,416,981 |
Net Assets Consist of | |
Distributable earnings (loss) | 132,985 |
Paid-in capital | 2,696,283,996 |
Net assets, at value | $ 2,696,416,981 |
14 | | Cash Account Trust — Service Shares |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($217,994,592 ÷ 217,998,191 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,395,548,042 ÷ 2,395,587,567 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Government Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($60,445,609 ÷ 60,446,607 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($22,428,738 ÷ 22,429,108 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Cash Account Trust — Service Shares | | 15 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $ 3,467,558 |
Expenses: | |
Management fee | 2,281,713 |
Administration fee | 2,752,153 |
Services to shareholders | 557,671 |
Distribution and service fees | 296,903 |
Custodian fee | 28,808 |
Professional fees | 87,498 |
Reports to shareholders | 68,629 |
Registration fees | 95,240 |
Trustees' fees and expenses | 98,607 |
Other | 185,340 |
Total expenses before expense reductions | 6,452,562 |
Expense reductions | (3,836,782) |
Total expenses after expense reductions | 2,615,780 |
Net investment income | 851,778 |
Net realized gain (loss) from investments | 22,094 |
Net increase (decrease) in net assets resulting from operations | $ 873,872 |
16 | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 851,778 | $ 46,198,435 |
Net realized gain (loss) | 22,094 | (38,106) |
Net increase (decrease) in net assets resulting from operations | 873,872 | 46,160,329 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (26,120) | (3,929,627) |
DWS Government Cash Institutional Shares | (812,673) | (38,742,479) |
Government Cash Managed Shares | (11,037) | (3,346,390) |
Service Shares | (1,948) | (179,937) |
Total distributions | (851,778) | (46,198,433) |
Fund share transactions: | ||
Proceeds from shares sold | 96,948,215,837 | 59,955,424,978 |
Reinvestment of distributions | 169,042 | 13,073,542 |
Payments for shares redeemed | (97,221,845,129) | (59,736,870,790) |
Net increase (decrease) in net assets from Fund share transactions | (273,460,250) | 231,627,730 |
Increase (decrease) in net assets | (273,438,156) | 231,589,626 |
Net assets at beginning of period | 2,969,855,137 | 2,738,265,511 |
Net assets at end of period | $ 2,696,416,981 | $ 2,969,855,137 |
Cash Account Trust — Service Shares | | 17 |
DWS Government & Agency Securities Portfolio — Service Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .009 | .012 | .002 | .000 * |
Net realized gain (loss) | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000* | .009 | .012 | .002 | .000* |
Less distributions from: | |||||
Net investment income | (.000) * | (.009) | (.012) | (.002) | (.000) * |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | .90 | 1.21 | .23 | .01 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 22 | 28 | 16 | 46 | 32 |
Ratio of expenses before expense reductions (%) | 1.05 | 1.05 | 1.05 | 1.03 | 1.04 |
Ratio of expenses after expense reductions (%) | .12 | .90 | .98 | .98 | .48 |
Ratio of net investment income (%) | .01 | .94 | 1.09 | .22 | .01 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
18 | | Cash Account Trust — Service Shares |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Municipal Investments | ||
Municipal Variable Rate Demand Notes | 72% | 67% |
Tax-Exempt Commercial Paper | 10% | 12% |
Municipal Floating-Rate Notes | 5% | 8% |
Municipal Bonds and Notes | 2% | 4% |
Preferred Shares of Closed-End Investment Companies | 11% | 9% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 8 days | 18 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 20 days | 21 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
Cash Account Trust — Service Shares | | 19 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 88.9% | |||
Alaska 0.1% | |||
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.06% (a), 5/7/2021 | 260,000 | 260,000 | |
Arizona 0.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue, Phoenix Children’s Hospital, Series A, 0.03% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,160,000 | 1,160,000 | |
California 15.6% | |||
California, ABAG Finance Authority For Nonprofit Corp., Sharp Healthcare Obligated Group, Series A, 0.05% (a), 5/7/2021, LOC: Bank of America NA | 150,000 | 150,000 | |
California, East Bay Municipal Utility District: | |||
Series A-1, TECP, 0.09%, 5/3/2021 | 5,000,000 | 5,000,000 | |
Series A-2, TECP, 0.1%, 6/3/2021 | 5,000,000 | 5,000,000 | |
California, Metropolitan Water District of Southern California: | |||
Series D, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
Series E, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
California, State Commercial Paper, Series A-2, TECP, 0.12%, 6/2/2021 | 3,500,000 | 3,500,000 | |
California, State Department Water Resources Revenue, Series 1, TECP, 0.09%, 5/4/2021 | 2,700,000 | 2,699,991 | |
California, State General Obligation, Series 2019-MIZ9003, 144A, 0.26% (a), 5/7/2021, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | 5,665,000 | 5,665,000 | |
California, State Statewide Communities Development Authority, Multi-Family Housing Foxwood Apartments, Series J, 0.05% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 1,150,000 | 1,150,000 | |
Riverside County, CA, Asset Leasing Corp., Leashold Revenue, Southwest Justice Center, Series A, 0.06% (a), 5/7/2021, INS: AGMC, LOC: Wells Fargo Bank NA | 380,000 | 380,000 | |
San Bernardino County, CA, Flood Control District Judgment Obligation, 0.1% (a), 5/7/2021, LOC: Bank of America NA | 655,000 | 655,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 400,000 | 400,000 | |
34,599,991 |
20 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Colorado 0.5% | |||
Colorado, State Health Facilities Authority Revenue, Children’s Hospital, Series B, 0.07% (a), 5/7/2021, LOC: TD Bank NA | 600,000 | 600,000 | |
Colorado, State Housing & Finance Authority, Series I - AA2, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 475,000 | 475,000 | |
1,075,000 | |||
Connecticut 0.5% | |||
Connecticut, Tender Option Bond Trust Receipts, Series 2018-XG0204, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,135,000 | 1,135,000 | |
Delaware 0.6% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,270,000 | 1,270,000 | |
Florida 1.9% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 0.09% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 875,000 | 875,000 | |
Jacksonville, FL, Water & Sewer System Revenue, Series A-2, 0.06% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 425,000 | 425,000 | |
Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.06% (a), 5/7/2021, LOC: TD Bank NA | 315,000 | 315,000 | |
Orange County, FL, Health Facilities Authority, Nemours Foundation, Series C-2, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.11% (a), 5/7/2021, LOC: Northern Trust Company | 1,300,000 | 1,300,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 0.11% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 160,000 | 160,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 525,000 | 525,000 | |
4,100,000 | |||
Georgia 4.3% | |||
Georgia, Municipal Electric Authority, Series B, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,000,000 | 1,000,000 | |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 0.16% (a), 5/7/2021, LIQ: JP Morgan Chase Bank NA | 6,800,000 | 6,800,000 |
Cash Account Trust — Service Shares | | 21 |
Principal Amount ($) | Value ($) | ||
Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., Series B, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 1,235,000 | 1,235,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
9,585,000 | |||
Illinois 7.7% | |||
Brookfield, IL, Zoo Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 900,000 | 900,000 | |
Galesburg, IL, Knox College Project, 0.3% (a), 5/7/2021, LOC: PNC Bank NA | 1,800,000 | 1,800,000 | |
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.05% (a), 5/7/2021, LOC: Northern Trust Company | 400,000 | 400,000 | |
Illinois, Finance Authority Revenue, University of Chicago Medical Center, Series E-1, 0.03% (a), 5/3/2021, LOC: Wells Fargo Bank NA | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American College Surgeons, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 682,000 | 682,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 615,000 | 615,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 0.08% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 0.09% (a), 5/7/2021, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 395,000 | 395,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,320,000 | 1,320,000 | |
Illinois, State Finance Authority Revenue, North Park University Project, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 1,000,000 | 1,000,000 |
22 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 0.09% (a), 5/7/2021, LOC: Northern Trust Company | 1,950,000 | 1,950,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 840,000 | 840,000 | |
University of Illinois, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 420,000 | 420,000 | |
17,057,000 | |||
Indiana 0.8% | |||
Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 0.06% (a), 5/7/2021, LOC: Federal Home Loan Bank | 615,000 | 615,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 0.1% (a), 5/7/2021, LOC: PNC Bank NA | 1,185,000 | 1,185,000 | |
1,800,000 | |||
Iowa 4.0% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,500,000 | 1,500,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 0.09% (a), 5/7/2021 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 0.1% (a), 5/7/2021 | 405,000 | 405,000 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 4,200,000 | 4,200,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 1,400,000 | 1,400,000 | |
8,905,000 | |||
Kansas 0.6% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 280,000 | 280,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.21% (a), 5/7/2021, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,280,000 |
Cash Account Trust — Service Shares | | 23 |
Principal Amount ($) | Value ($) | ||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 0.09% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (a), 5/3/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
450,000 | |||
Louisiana 0.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 570,000 | 570,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 535,000 | 535,000 | |
1,105,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 125,000 | 125,000 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,890,000 | 1,890,000 | |
2,015,000 | |||
Massachusetts 3.1% | |||
Massachusetts, State Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.06% (a), 5/7/2021, SPA: State Street Bank & Trust Co. | 1,180,000 | 1,180,000 | |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, 0.04% (a), 5/7/2021 | 1,500,000 | 1,500,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A-1, 0.07% (a), 5/7/2021, SPA: JP Morgan Chase Bank NA | 1,190,000 | 1,190,000 | |
Series A-2, 0.07% (a), 5/7/2021, SPA: TD Bank NA | 100,000 | 100,000 | |
Series A-3, 0.07% (a), 5/7/2021, SPA: Wells Fargo Bank NA | 200,000 | 200,000 | |
Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 0.07% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 2,300,000 | 2,300,000 | |
6,870,000 |
24 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Michigan 5.9% | |||
Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 305,000 | 305,000 | |
Michigan, State Finance Authority Revenue, Hospital Project, Ascension Senior Credit Group, Series E-3, 0.04% (a), 5/7/2021 | 400,000 | 400,000 | |
Michigan, State Finance Authority Revenue, Trinity Health Credit Group, Series MI-1, 0.1%, Mandatory Put 6/1/2021 @ 100, 12/1/2034 | 1,250,000 | 1,250,000 | |
Michigan, State Housing Development Authority, Single-Family Mortgage Revenue, Series B, AMT, 0.13% (a), 5/7/2021, SPA: Industrial & Commercial Bank of China | 8,125,000 | 8,125,000 | |
Michigan, State University Revenues, Series 2000-A, 0.08% (a), 5/7/2021, SPA: Northern Trust Company | 1,100,000 | 1,100,000 | |
Michigan, University of Michigan General Revenue, Series B, 0.03% (a), 5/3/2021 | 1,950,000 | 1,950,000 | |
13,130,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 0.06% (a), 5/7/2021, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.7% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, Health & Educational Facilities Authority, St Louis University, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 550,000 | 550,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.03% (a), 5/3/2021, LOC: Barclays Bank PLC | 950,000 | 950,000 | |
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Bethesda Health Group, Inc., Series B, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 195,000 | 195,000 | |
Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 0.08% (a), 5/7/2021, LIQ: Citibank NA | 2,660,000 | 2,660,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.05% (a), 5/7/2021, LOC: U.S. Bank NA | 500,000 | 500,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 0.21% (a), 5/7/2021, LOC: Bank of America NA | 380,000 | 380,000 | |
5,945,000 |
Cash Account Trust — Service Shares | | 25 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.0% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 0.09% (a), 5/7/2021 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Revenue, Series D-2B, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 3,500,000 | 3,500,000 | |
Clark County, NV, Airport Systems Revenue, Series D-3, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 995,000 | 995,000 | |
4,495,000 | |||
New Jersey 1.5% | |||
New Jersey, State Economic Development Authority, Jewish Community Center Project, 0.14% (a), 5/7/2021, LOC: Bank of America NA | 2,105,000 | 2,105,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.: | |||
Series C, 0.02% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 775,000 | 775,000 | |
Series E, 0.03% (a), 5/7/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
3,380,000 | |||
New Mexico 0.5% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 5.7% | |||
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,400,000 | 1,400,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 395,000 | 395,000 | |
New York, State Dormitory Authority, Mental Health Services, Series D-2E, 0.06% (a), 5/7/2021, LOC: Royal Bank of Canada | 625,000 | 625,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 0.05% (a), 5/7/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.03% (a), 5/3/2021, LOC: Bank of America NA | 1,535,000 | 1,535,000 | |
Series F, 0.03% (a), 5/3/2021, LOC: Citibank NA | 415,000 | 415,000 | |
Series B-4C, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 300,000 | 300,000 |
26 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Series A, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York City, NY, Health & Hospital Corp., Health System Revenue, Series B, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 175,000 | 175,000 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series F-2, 0.04% (a), 5/3/2021, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
Series F1B, 0.05% (a), 5/7/2021, SPA: U.S. Bank NA | 170,000 | 170,000 | |
Series BB, 0.11% (a), 5/7/2021, SPA: Industrial and Commercial Bank of China | 2,645,000 | 2,645,000 | |
New York, NY, General Obligation: | |||
Series G, 0.03% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 190,000 | 190,000 | |
Series A-3, 0.04% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 650,000 | 650,000 | |
Series I-4, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,055,000 | 1,055,000 | |
12,510,000 | |||
North Carolina 0.0% | |||
North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.13% (a), 5/7/2021, LOC: Branch Banking & Trust | 15,000 | 15,000 | |
Ohio 3.7% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.1% (a), 5/7/2021, LOC: Northern Trust Company | 6,900,000 | 6,900,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 0.06% (a), 5/7/2021, LOC: Northern Trust Company | 280,000 | 280,000 | |
Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,000,000 | 1,000,000 | |
8,180,000 | |||
Oklahoma 1.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 0.21% (a), 5/7/2021, INS: Build America Mutual, LIQ: JP Morgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.8% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,800,000 | 1,800,000 |
Cash Account Trust — Service Shares | | 27 |
Principal Amount ($) | Value ($) | ||
Pennsylvania 6.3% | |||
Allegheny County, PA, Hospital Development Authority Revenue, Concordia Lutheran Obligated Group, Series A, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 6,800,000 | 6,800,000 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.04% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,050,000 | 1,050,000 | |
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 590,000 | 590,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 600,000 | 600,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 200,000 | 200,000 | |
Pennsylvania, Tender Option Bond Trust Receipts, Series 2019-ZF2779, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Philadelphia, PA, General Obligation, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
13,955,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, 0.08% (a), 5/7/2021, LOC: TD Bank NA | 1,265,000 | 1,265,000 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 250,000 | 250,000 | |
South Dakota 1.3% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 0.08% (a), 5/7/2021, LOC: U.S. Bank NA | 2,775,000 | 2,775,000 | |
Tennessee 0.3% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 700,000 | 700,000 |
28 | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Texas 7.7% | |||
Austin, TX, Water & Wastewater Systems Revenue, 0.07% (a), 5/7/2021, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Harris County, TX, Hospital District Revenue, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 550,000 | 550,000 | |
Harris County, TX, State General Obligation: | |||
Series A-1, 0.09%, 5/5/2021 | 750,000 | 750,000 | |
Series C, 0.09%, 5/5/2021 | 650,000 | 650,000 | |
Series C, TECP, 0.1%, 5/5/2021 | 1,500,000 | 1,500,000 | |
Series D, TECP, 0.1%, 5/5/2021 | 100,000 | 100,000 | |
Series D, 0.11%, 5/5/2021 | 2,550,000 | 2,550,000 | |
Series C, TECP, 0.14%, 6/2/2021 | 4,000,000 | 4,000,000 | |
Houston, TX, Utility System Revenue, First Lien, Series B-2, 0.06% (a), 5/7/2021, LOC: Citibank NA | 375,000 | 375,000 | |
Mission, TX, Economic Development Corp., Industrial Development Revenue, CMI Project, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 340,000 | 340,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series C-2, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 1,455,000 | 1,455,000 | |
Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 0.09% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 3,100,000 | 3,100,000 | |
17,160,000 | |||
Vermont 0.3% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Virginia 0.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.05% (a), 5/3/2021, LOC: Truist Bank | 100,000 | 100,000 | |
1,225,000 |
Cash Account Trust — Service Shares | | 29 |
Principal Amount ($) | Value ($) | ||
Washington 0.5% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 0.05% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 1,175,000 | 1,175,000 | |
Wisconsin 0.5% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.04% (a), 5/3/2021, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 295,000 | 295,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 275,000 | 275,000 | |
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 275,000 | 275,000 | |
1,145,000 | |||
Other 3.4% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 0.08% (a), 5/7/2021, LIQ: Freddie Mac | 2,725,000 | 2,725,000 | |
“A” , Series M031, 144A, 0.09% (a), 5/7/2021, LIQ: Freddie Mac | 2,840,000 | 2,840,000 | |
“A” , Series M-055, 144A, 1-month USD LIBOR + 0.210%, 0.27% (b), 6/15/2035 | 2,015,000 | 2,015,000 | |
7,580,000 | |||
Total Municipal Investments (Cost $197,051,991) | 197,051,991 | ||
Preferred Shares of Closed-End Investment Companies 10.6% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.41% (a), 5/7/2021 | 4,000,000 | 4,000,000 | |
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.15% (a), 5/7/2021, LIQ: Societe Generale | 9,500,000 | 9,500,000 | |
California, Nuveen Municipal Credit Opportunities Fund, 144A, AMT, 0.17% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 10,000,000 | 10,000,000 | |
Total Preferred Shares of Closed-End Investment Companies (Cost $23,500,000) | 23,500,000 |
30 | | Cash Account Trust — Service Shares |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $220,551,991) | 99.5 | 220,551,991 | |
Other Assets and Liabilities, Net | 0.5 | 1,032,655 | |
Net Assets | 100.0 | 221,584,646 |
(a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of April 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
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. |
AMT: Subject to alternative minimum tax. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
SIFMA: Securities Industry and Financial Markets Association |
SPA: Standby Bond Purchase Agreement |
TECP: Tax Exempt Commercial Paper |
Cash Account Trust — Service Shares | | 31 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $197,051,991 | $— | $197,051,991 |
Preferred Shares of Closed-End Investment Companies | — | 23,500,000 | — | 23,500,000 |
Total | $ — | $220,551,991 | $ — | $220,551,991 |
(a) | See Investment Portfolio for additional detailed categorizations. |
32 | | Cash Account Trust — Service Shares |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $ 220,551,991 |
Cash | 98,622 |
Receivable for investments sold | 895,000 |
Receivable for Fund shares sold | 114,710 |
Interest receivable | 34,510 |
Other assets | 73,229 |
Total assets | 221,768,062 |
Liabilities | |
Payable for Fund shares redeemed | 59,560 |
Distributions payable | 278 |
Accrued Trustees' fees | 2,714 |
Other accrued expenses and payables | 120,864 |
Total liabilities | 183,416 |
Net assets, at value | $ 221,584,646 |
Net Assets Consist of | |
Distributable earnings (loss) | (5,917) |
Paid-in capital | 221,590,563 |
Net assets, at value | $ 221,584,646 |
Cash Account Trust — Service Shares | | 33 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($26,483,291 ÷ 26,459,854 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Exempt Money Fund | |
Net Asset Value, offering and redemption price per share ($108,628,749 ÷ 108,532,699 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Free Money Fund Class S | |
Net Asset Value, offering and redemption price per share ($39,883,927 ÷ 39,848,595 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($4,982,203 ÷ 4,977,794 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Exempt Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($32,080,087 ÷ 32,051,698 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Free Investment Class | |
Net Asset Value, offering and redemption price per share ($9,526,389 ÷ 9,517,963 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
34 | | Cash Account Trust — Service Shares |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $ 534,481 |
Expenses: | |
Management fee | 211,419 |
Administration fee | 254,647 |
Services to shareholders | 135,866 |
Distribution and service fees | 105,230 |
Custodian fee | 4,442 |
Professional fees | 59,729 |
Reports to shareholders | 85,220 |
Registration fees | 114,113 |
Trustees' fees and expenses | 10,029 |
Other | 60,449 |
Total expenses before expense reductions | 1,041,144 |
Expense reductions | (577,577) |
Total expenses after expense reductions | 463,567 |
Net investment income | 70,914 |
Net realized gain (loss) from investments | (440) |
Net increase (decrease) in net assets resulting from operations | $ 70,474 |
Cash Account Trust — Service Shares | | 35 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 70,914 | $ 3,229,599 |
Net realized gain (loss) | (440) | 10,295 |
Net increase (decrease) in net assets resulting from operations | 70,474 | 3,239,894 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (19,453) | (624,839) |
DWS Tax-Exempt Money Fund | (35,797) | (1,488,005) |
DWS Tax-Free Money Fund Class S | (11,107) | (559,792) |
Service Shares | (520) | (54,983) |
Tax-Exempt Cash Managed Shares | (3,121) | (447,762) |
Tax-Free Investment Class | (914) | (54,218) |
Total distributions | (70,912) | (3,229,599) |
Fund share transactions: | ||
Proceeds from shares sold | 253,602,023 | 242,684,916 |
Reinvestment of distributions | 65,255 | 2,627,334 |
Payments for shares redeemed | (273,752,177) | (295,201,755) |
Net increase (decrease) in net assets from Fund share transactions | (20,084,899) | (49,889,505) |
Increase (decrease) in net assets | (20,085,337) | (49,879,210) |
Net assets at beginning of period | 241,669,983 | 291,549,193 |
Net assets at end of period | $ 221,584,646 | $ 241,669,983 |
36 | | Cash Account Trust — Service Shares |
DWS Tax-Exempt Portfolio — Service Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .005 | .005 | .001 | .001 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | .000 * | (.000) * |
Total from investment operations | .000 * | .005 | .005 | .001 | .001 |
Less distributions from: | |||||
Net investment income | (.000) * | (.005) | (.005) | (.001) | (.001) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.005) | (.005) | (.001) | (.001) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | .45 | .50 | .07 | .10 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 5 | 3 | 14 | 42 | 40 |
Ratio of expenses before expense reductions (%) | 1.17 | 1.17 | 1.18 | 1.15 | 1.11 |
Ratio of expenses after expense reductions (%) | .18 | 1.03 | 1.05 | 1.00 | .64 |
Ratio of net investment income (%) | .01 | .40 | .43 | .07 | .02 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
Cash Account Trust — Service Shares | | 37 |
A. | Organization and Significant Accounting Policies |
38 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 39 |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $ 220,124 |
Capital loss carryforwards | $ (72,000) |
DWS Tax-Exempt Portfolio: | |
Capital loss carryforwards | $ (6,000) |
40 | | Cash Account Trust — Service Shares |
Years Ended April 30, | ||
Portfolio | 2021 | 2020 |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $851,778 | $46,198,433 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $ 70,912 | $ 3,229,599 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Related Parties |
Cash Account Trust — Service Shares | | 41 |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
DWS Government & Agency Securities Portfolio: | |
DWS Government & Agency Money Fund | $ 316,321 |
DWS Government Cash Institutional Shares | 2,988,706 |
Government Cash Managed Shares | 349,413 |
Service Shares | 182,342 |
$ 3,836,782 |
42 | | Cash Account Trust — Service Shares |
DWS Tax-Exempt Portfolio: | |
DWS Tax-Exempt Cash Premier Shares | $ 97,945 |
DWS Tax-Exempt Money Fund | 195,078 |
DWS Tax-Free Money Fund Class S | 93,730 |
Service Shares | 51,213 |
Tax-Exempt Cash Managed Shares | 91,392 |
Tax-Free Investment Class | 48,219 |
$ 577,577 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $2,752,153 | $214,845 |
DWS Tax-Exempt Portfolio | $ 254,647 | $ 17,857 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Money Fund | $ 63,111 | $ 10,924 |
DWS Government Cash Institutional Shares | 273,593 | 33,524 |
Government Cash Managed Shares | 82,033 | 13,742 |
Service Shares | 49,346 | 6,217 |
$ 468,083 | $ 64,407 |
Cash Account Trust — Service Shares | | 43 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Cash Premier Shares | $ 12,396 | $ 2,134 |
DWS Tax-Exempt Money Fund | 35,899 | 6,147 |
DWS Tax-Free Money Fund Class S | 31,384 | 5,293 |
Service Shares | 13,114 | 137 |
Tax-Exempt Cash Managed Shares | 8,817 | 904 |
Tax-Free Investment Class | 7,016 | 1,283 |
$ 108,626 | $ 15,898 |
Sub-Recordkeeping | |
DWS Government & Agency Securities Portfolio: | Total Aggregated |
DWS Government & Agency Money Fund | $ 57,816 |
DWS Tax-Exempt Portfolio: | Total Aggregated |
DWS Tax-Exempt Money Fund | $ — |
DWS Tax-Free Money Fund Class S | 1,727 |
$ 1,727 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 117,189 | $ 8,551 | .60% | .60% |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 31,213 | $ 2,299 | .60% | .60% |
Tax-Free Investment Class | 23,004 | 1,933 | .25% | .25% |
$ 54,217 | $ 4,232 |
44 | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $ 179,714 | $ 7,532 | .15% | .15% |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $ 44,572 | $ 3,952 | .15% | .15% |
Tax-Free Investment Class | 6,441 | 541 | .07% | .07% |
$ 51,013 | $ 4,493 |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $4,800 | $ 861 |
DWS Tax-Exempt Portfolio | $7,500 | $1,293 |
C. | Line of Credit |
Cash Account Trust — Service Shares | | 45 |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 179,306,040 | $ 179,306,040 | 345,149,848 | $ 345,149,848 |
DWS Government Cash Institutional Shares | 96,120,254,318 | 96,120,254,318 | 58,349,981,410 | 58,349,981,410 |
Government Cash Managed Shares | 576,283,319 | 576,283,319 | 1,174,326,892 | 1,174,326,892 |
Service Shares | 72,364,072 | 72,364,072 | 85,935,603 | 85,935,603 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ 96,948,215,837 | $ 59,955,424,978 |
46 | | Cash Account Trust — Service Shares |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 26,120 | $ 26,120 | 3,888,884 | $ 3,888,884 |
DWS Government Cash Institutional Shares | 136,358 | 136,358 | 8,006,884 | 8,006,884 |
Government Cash Managed Shares | 4,616 | 4,616 | 1,000,973 | 1,000,973 |
Service Shares | 1,948 | 1,948 | 176,801 | 176,801 |
$ 169,042 | $ 13,073,542 | |||
Shares redeemed | ||||
DWS Government & Agency Money Fund | (203,193,785) | $ (203,193,785) | (321,151,663) | $ (321,151,663) |
DWS Government Cash Institutional Shares | (96,288,042,740) | (96,288,042,740) | (58,128,690,998) | (58,128,690,998) |
Government Cash Managed Shares | (653,112,831) | (653,112,831) | (1,211,974,660) | (1,211,974,660) |
Service Shares | (77,495,773) | (77,495,773) | (75,053,469) | (75,053,469) |
$ (97,221,845,129) | $ (59,736,870,790) |
Cash Account Trust — Service Shares | | 47 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | (23,861,625) | $ (23,861,625) | 27,887,069 | $ 27,887,069 |
DWS Government Cash Institutional Shares | (167,652,064) | (167,652,064) | 229,297,296 | 229,297,296 |
Government Cash Managed Shares | (76,824,896) | (76,824,896) | (36,646,795) | (36,646,795) |
Service Shares | (5,129,753) | (5,129,753) | 11,058,935 | 11,058,935 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ (273,460,250) | $ 231,627,730 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 77,766,770 | $ 77,766,770 | 41,862,423 | $ 41,862,423 |
DWS Tax-Exempt Money Fund | 24,747,256 | 24,747,256 | 25,715,447 | 25,715,447 |
DWS Tax-Free Money Fund Class S | 6,026,999 | 6,026,999 | 11,739,197 | 11,739,197 |
Service Shares | 58,224,291 | 58,224,291 | 33,023,031 | 33,023,031 |
Tax-Exempt Cash Managed Shares | 77,980,751 | 77,980,751 | 118,617,749 | 118,617,749 |
Tax-Free Investment Class | 8,847,306 | 8,847,306 | 11,693,258 | 11,693,258 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ 253,602,023 | $ 242,684,916 |
48 | | Cash Account Trust — Service Shares |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 17,890 | $ 17,890 | 530,544 | $ 530,544 |
DWS Tax-Exempt Money Fund | 35,351 | 35,351 | 1,463,011 | 1,463,011 |
DWS Tax-Free Money Fund Class S | 10,583 | 10,583 | 527,080 | 527,080 |
Service Shares | 510 | 510 | 52,042 | 52,042 |
Tax-Exempt Cash Managed Shares | 12 | 12 | 1,388 | 1,388 |
Tax-Free Investment Class | 909 | 909 | 53,269 | 53,269 |
$ 65,255 | $ 2,627,334 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (85,934,445) | $ (85,934,445) | (57,237,476) | $ (57,237,476) |
DWS Tax-Exempt Money Fund | (33,031,135) | (33,031,135) | (34,688,889) | (34,688,889) |
DWS Tax-Free Money Fund Class S | (14,888,349) | (14,888,349) | (15,200,338) | (15,200,338) |
Service Shares | (55,943,158) | (55,943,158) | (44,213,765) | (44,213,765) |
Tax-Exempt Cash Managed Shares | (77,657,029) | (77,657,029) | (132,627,792) | (132,627,792) |
Tax-Free Investment Class | (6,298,061) | (6,298,061) | (11,233,495) | (11,233,495) |
$ (273,752,177) | $ (295,201,755) |
Cash Account Trust — Service Shares | | 49 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (8,149,785) | $ (8,149,785) | (14,844,509) | $ (14,844,509) |
DWS Tax-Exempt Money Fund | (8,248,528) | (8,248,528) | (7,510,431) | (7,510,431) |
DWS Tax-Free Money Fund Class S | (8,850,767) | (8,850,767) | (2,934,061) | (2,934,061) |
Service Shares | 2,281,643 | 2,281,643 | (11,138,692) | (11,138,692) |
Tax-Exempt Cash Managed Shares | 323,734 | 323,734 | (14,008,655) | (14,008,655) |
Tax-Free Investment Class | 2,550,154 | 2,550,154 | 513,032 | 513,032 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ (20,084,899) | $ (49,889,505) |
E. | Ownership of the Fund |
F. | Money Market Fund Investments and Yield |
50 | | Cash Account Trust — Service Shares |
G. | Other — COVID-19 Pandemic |
Cash Account Trust — Service Shares | | 51 |
52 | | Cash Account Trust — Service Shares |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgf9fcc0df3.jpg)
Cash Account Trust — Service Shares | | 53 |
— | 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. |
54 | | Cash Account Trust — Service Shares |
Actual Fund Return | DWS Government & Agency Securities Portfolio | DWS Tax-Exempt Portfolio |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 | $1,000.05 |
Expenses Paid per $1,000* | $ .35 | $ .74 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.45 | $1,024.05 |
Expenses Paid per $1,000* | $ .35 | $ .75 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | DWS Government & Agency Securities Portfolio | DWS Tax-Exempt Portfolio |
Service Shares | .07% | .15% |
Cash Account Trust — Service Shares | | 55 |
Tax Information | (Unaudited) |
56 | | Cash Account Trust — Service Shares |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Cash Account Trust — Service Shares | | 57 |
58 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 59 |
60 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 61 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
62 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | |���63 |
64 | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | 65 |
66 | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
Cash Account Trust — Service Shares | | 67 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
68 | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
Cash Account Trust — Service Shares | | 69 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
70 | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
Cash Account Trust — Service Shares | | 71 |
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4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
14 | Statement of Assets and Liabilities |
16 | Statement of Operations |
17 | Statements of Changes in Net Assets |
18 | Financial Highlights |
19 | Notes to Financial Statements |
29 | Report of Independent Registered Public Accounting Firm |
31 | Information About Your Fund’s Expenses |
32 | Tax Information |
33 | Other Information |
34 | Advisory Agreement Board Considerations and Fee Evaluation |
39 | Board Members and Officers |
2 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 5 |
6 | | DWS Government & Agency Money Fund |
7-Day Current Yield | |
DWS Government & Agency Money Fund | 0.01%* |
* | The 7-Day Current Yield would have been –0.24% had certain expenses not been reduced. |
DWS Government & Agency Money Fund | | 7 |
8 | | DWS Government & Agency Money Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Government & Agency Obligations | 79% | 69% |
Repurchase Agreements | 21% | 31% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 39 days | 19 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 35 days | 35 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. |
DWS Government & Agency Money Fund | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 82.2% | |||
U.S. Government Sponsored Agencies 18.0% | |||
Federal Farm Credit Bank: | |||
SOFR + 0.07%, 0.08% (a), 8/11/2022 | 20,000,000 | 20,001,298 | |
0.35% (b), 5/7/2021 | 22,000,000 | 21,999,803 | |
Federal Home Loan Bank: | |||
SOFR + 0.01%, 0.02% (a), 5/3/2021 | 52,500,000 | 52,500,000 | |
SOFR + 0.01%, 0.02% (a), 1/13/2022 | 15,000,000 | 15,000,000 | |
SOFR + 0.015%, 0.025% (a), 8/27/2021 | 18,500,000 | 18,500,000 | |
0.04% (b), 5/12/2021 | 45,000,000 | 44,999,464 | |
0.041% (b), 6/4/2021 | 6,000,000 | 5,999,773 | |
0.041% (b), 6/14/2021 | 4,000,000 | 3,999,804 | |
0.041% (b), 10/20/2021 | 30,000,000 | 29,994,267 | |
1-month USD-LIBOR minus 0.01%, 0.101% (a), 5/3/2021 | 15,250,000 | 15,249,991 | |
SOFR + 0.12%, 0.13% (a), 2/28/2022 | 21,000,000 | 21,000,000 | |
Federal Home Loan Mortgage Corp.: | |||
SOFR + 0.07%, 0.08% (a), 2/25/2022 | 47,000,000 | 47,000,000 | |
0.096%, 8/11/2021 | 60,000,000 | 60,000,000 | |
SOFR + 0.095%, 0.105% (a), 8/19/2022 | 23,000,000 | 23,000,000 | |
SOFR + 0.145%, 0.155% (a), 12/9/2021 | 10,000,000 | 10,000,000 | |
SOFR + 0.15%, 0.16% (a), 3/4/2022 | 21,000,000 | 20,983,021 | |
SOFR + 0.19%, 0.2% (a), 6/2/2022 | 10,000,000 | 10,000,000 | |
Federal National Mortgage Association: | |||
SOFR + 0.075%, 0.085% (a), 6/4/2021 | 40,000,000 | 40,000,000 | |
SOFR + 0.3%, 0.31% (a), 1/7/2022 | 18,500,000 | 18,500,000 | |
SOFR + 0.31%, 0.32% (a), 10/25/2021 | 7,500,000 | 7,500,000 | |
486,227,421 | |||
U.S. Treasury Obligations 64.2% | |||
U.S. Treasury Bills: | |||
0.001% (b), 5/4/2021 | 25,000,000 | 24,999,999 | |
0.002% (b), 5/4/2021 | 39,500,000 | 39,499,998 | |
0.01% (b), 5/6/2021 | 60,500,000 | 60,499,916 | |
0.01% (b), 5/18/2021 | 23,500,000 | 23,499,902 | |
0.016% (b), 6/24/2021 | 40,000,000 | 39,999,040 | |
0.02% (b), 7/29/2021 | 7,380,000 | 7,379,635 | |
0.03% (b), 6/17/2021 | 50,000,000 | 49,998,042 | |
0.031% (b), 5/11/2021 | 100,000,000 | 99,999,071 | |
0.031% (b), 11/4/2021 | 125,000,000 | 124,980,726 |
10 | | DWS Government & Agency Money Fund |
Principal Amount ($) | Value ($) | ||
0.035% (b), 5/4/2021 | 70,000,000 | 69,999,790 | |
0.035% (b), 10/28/2021 | 95,000,000 | 94,983,375 | |
0.036% (b), 5/11/2021 | 35,000,000 | 34,999,728 | |
0.036% (b), 10/7/2021 | 40,000,000 | 39,993,728 | |
0.039% (b), 6/3/2021 | 45,000,000 | 44,998,527 | |
0.041% (b), 7/20/2021 | 15,000,000 | 14,998,667 | |
0.042% (b), 5/18/2021 | 70,000,000 | 69,998,790 | |
0.042% (b), 6/10/2021 | 130,000,000 | 129,994,005 | |
0.042% (b), 10/21/2021 | 100,000,000 | 99,980,297 | |
0.043% (b), 6/1/2021 | 145,000,000 | 144,994,693 | |
0.046% (b), 6/3/2021 | 105,000,000 | 104,995,526 | |
0.076% (b), 5/18/2021 | 30,000,000 | 29,998,763 | |
0.091% (b), 5/27/2021 | 100,000,000 | 99,993,500 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.055%, 0.075% (a), 7/31/2022 | 22,500,000 | 22,499,525 | |
3-month U.S. Treasury Bill Money Market Yield + 0.114%, 0.134% (a), 4/30/2022 | 125,000,000 | 125,092,219 | |
3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.24% (a), 7/31/2021 | 91,500,000 | 91,550,389 | |
3-month U.S. Treasury Bill Money Market Yield + 0.3%, 0.32% (a), 10/31/2021 | 40,000,000 | 40,059,533 | |
1,729,987,384 | |||
Total Government & Agency Obligations (Cost $2,216,214,805) | 2,216,214,805 | ||
Repurchase Agreements 22.4% | |||
Barclays Bank PLC, 0.01%, dated 4/30/2021, to be repurchased at $138,800,116 on 5/3/2021 (c) | 138,800,000 | 138,800,000 | |
BNP Paribas, 0.005%, dated 4/30/2021, to be repurchased at $121,500,506 on 5/3/2021 (d) | 121,500,000 | 121,500,000 | |
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, to be repurchased at $83,100,069 on 5/3/2021 (e) | 83,100,000 | 83,100,000 | |
Fixed Income Clearing Corp., 0.005%, dated 4/30/2021, to be repurchased at $100,000,042 on 5/3/2021 (f) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank, 0.01%, dated 4/30/2021, to be repurchased at $161,700,135 on 5/3/2021 (g) | 161,700,000 | 161,700,000 | |
Total Repurchase Agreements (Cost $605,100,000) | 605,100,000 |
DWS Government & Agency Money Fund | | 11 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,821,314,805) | 104.6 | 2,821,314,805 | |
Other Assets and Liabilities, Net | (4.6) | (124,897,824) | |
Net Assets | 100.0 | 2,696,416,981 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
142,333,500 | U.S. Treasury Notes | 0.75 | 04/30/2026 | 141,576,001 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
15,571,600 | U.S. Treasury Bills | Zero Coupon | 07/13/2021–08/17/2021 | 15,571,133 |
107,143,900 | U.S. Treasury Notes | 1.125–2.5 | 09/30/2021–04/30/2022 | 108,358,525 |
300 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.625 | 07/15/2021–01/15/2022 | 356 |
Total Collateral Value | 123,930,014 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
67,915,000 | U.S. Treasury Bonds | 2.875–5.5 | 05/15/2028–11/15/2028 | 84,749,550 |
7,100 | U.S. Treasury Inflation-Indexed Bonds | 0.75–2.125 | 07/15/2028–02/15/2041 | 12,494 |
Total Collateral Value | 84,762,044 |
(f) | Collateralized by $115,847,400 U.S. Treasury Bonds, 1.375–2%, maturing on 02/15/2050–08/15/2050 with a value of $102,000,055. |
12 | | DWS Government & Agency Money Fund |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
77,207,414 | Federal Home Loan Mortgage Corp. | 1.5–7 | 09/01/2033–01/01/2051 | 82,467,000 |
68,084,755 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.375 | 07/15/2026–07/15/2027 | 82,467,023 |
Total Collateral Value | 164,934,023 |
LIBOR: | London Interbank Offered Rate |
SOFR: | Secured Overnight Financing Rate |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,216,214,805 | $— | $2,216,214,805 |
Repurchase Agreements | — | 605,100,000 | — | 605,100,000 |
Total | $ — | $2,821,314,805 | $ — | $2,821,314,805 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government & Agency Money Fund | | 13 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $ 2,216,214,805 |
Repurchase agreements, valued at amortized cost | 605,100,000 |
Cash | 240,808 |
Receivable for Fund shares sold | 141,503 |
Interest receivable | 89,791 |
Other assets | 74,966 |
Total assets | 2,821,861,873 |
Liabilities | |
Payable for investments purchased | 124,980,726 |
Payable for Fund shares redeemed | 213,763 |
Distributions payable | 15,601 |
Accrued Trustees' fees | 25,921 |
Other accrued expenses and payables | 208,881 |
Total liabilities | 125,444,892 |
Net assets, at value | $ 2,696,416,981 |
Net Assets Consist of | |
Distributable earnings (loss) | 132,985 |
Paid-in capital | 2,696,283,996 |
Net assets, at value | $ 2,696,416,981 |
14 | | DWS Government & Agency Money Fund |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($217,994,592 ÷ 217,998,191 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,395,548,042 ÷ 2,395,587,567 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Government Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($60,445,609 ÷ 60,446,607 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($22,428,738 ÷ 22,429,108 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government & Agency Money Fund | | 15 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $ 3,467,558 |
Expenses: | |
Management fee | 2,281,713 |
Administration fee | 2,752,153 |
Services to shareholders | 557,671 |
Distribution and service fees | 296,903 |
Custodian fee | 28,808 |
Professional fees | 87,498 |
Reports to shareholders | 68,629 |
Registration fees | 95,240 |
Trustees' fees and expenses | 98,607 |
Other | 185,340 |
Total expenses before expense reductions | 6,452,562 |
Expense reductions | (3,836,782) |
Total expenses after expense reductions | 2,615,780 |
Net investment income | 851,778 |
Net realized gain (loss) from investments | 22,094 |
Net increase (decrease) in net assets resulting from operations | $ 873,872 |
16 | | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 851,778 | $ 46,198,435 |
Net realized gain (loss) | 22,094 | (38,106) |
Net increase (decrease) in net assets resulting from operations | 873,872 | 46,160,329 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (26,120) | (3,929,627) |
DWS Government Cash Institutional Shares | (812,673) | (38,742,479) |
Government Cash Managed Shares | (11,037) | (3,346,390) |
Service Shares | (1,948) | (179,937) |
Total distributions | (851,778) | (46,198,433) |
Fund share transactions: | ||
Proceeds from shares sold | 96,948,215,837 | 59,955,424,978 |
Reinvestment of distributions | 169,042 | 13,073,542 |
Payments for shares redeemed | (97,221,845,129) | (59,736,870,790) |
Net increase (decrease) in net assets from Fund share transactions | (273,460,250) | 231,627,730 |
Increase (decrease) in net assets | (273,438,156) | 231,589,626 |
Net assets at beginning of period | 2,969,855,137 | 2,738,265,511 |
Net assets at end of period | $ 2,696,416,981 | $ 2,969,855,137 |
DWS Government & Agency Money Fund | | 17 |
DWS Government & Agency Securities Portfolio — DWS Government & Agency Money Fund | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .016 | .020 | .010 | .003 |
Net realized gain (loss) | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000 * | .016 | .020 | .010 | .003 |
Less distributions from: | |||||
Net investment income | (.000) * | (.016) | (.020) | (.010) | (.003) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | 1.62 | 1.99 | 1.03 | .31 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 218 | 242 | 214 | 132 | 145 |
Ratio of expenses before expense reductions (%) | .25 | .26 | .28 | .30 | .30 |
Ratio of expenses after expense reductions (%) | .11 | .20 | .21 | .19 | .19 |
Ratio of net investment income (%) | .01 | 1.59 | 2.01 | 1.01 | .33 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
18 | | DWS Government & Agency Money Fund |
A. | Organization and Significant Accounting Policies |
DWS Government & Agency Money Fund | | 19 |
20 | | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $ 220,124 |
Capital loss carryforwards | $ (72,000) |
Years Ended April 30, | ||
2021 | 2020 | |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $ 851,778 | $ 46,198,433 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Government & Agency Money Fund | | 21 |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
22 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | $ 316,321 |
DWS Government Cash Institutional Shares | 2,988,706 |
Government Cash Managed Shares | 349,413 |
Service Shares | 182,342 |
$ 3,836,782 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $2,752,153 | $214,845 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Money Fund | $ 63,111 | $ 10,924 |
DWS Government Cash Institutional Shares | 273,593 | 33,524 |
Government Cash Managed Shares | 82,033 | 13,742 |
Service Shares | 49,346 | 6,217 |
$ 468,083 | $ 64,407 |
DWS Government & Agency Money Fund | | 23 |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $ 57,816 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 117,189 | $ 8,551 | .60% | .60% |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $ 179,714 | $ 7,532 | .15% | .15% |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $4,800 | $861 |
C. | Line of Credit |
24 | | DWS Government & Agency Money Fund |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 179,306,040 | $ 179,306,040 | 345,149,848 | $ 345,149,848 |
DWS Government Cash Institutional Shares | 96,120,254,318 | 96,120,254,318 | 58,349,981,410 | 58,349,981,410 |
Government Cash Managed Shares | 576,283,319 | 576,283,319 | 1,174,326,892 | 1,174,326,892 |
Service Shares | 72,364,072 | 72,364,072 | 85,935,603 | 85,935,603 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ 96,948,215,837 | $ 59,955,424,978 |
DWS Government & Agency Money Fund | | 25 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 26,120 | $ 26,120 | 3,888,884 | $ 3,888,884 |
DWS Government Cash Institutional Shares | 136,358 | 136,358 | 8,006,884 | 8,006,884 |
Government Cash Managed Shares | 4,616 | 4,616 | 1,000,973 | 1,000,973 |
Service Shares | 1,948 | 1,948 | 176,801 | 176,801 |
$ 169,042 | $ 13,073,542 | |||
Shares redeemed | ||||
DWS Government & Agency Money Fund | (203,193,785) | $ (203,193,785) | (321,151,663) | $ (321,151,663) |
DWS Government Cash Institutional Shares | (96,288,042,740) | (96,288,042,740) | (58,128,690,998) | (58,128,690,998) |
Government Cash Managed Shares | (653,112,831) | (653,112,831) | (1,211,974,660) | (1,211,974,660) |
Service Shares | (77,495,773) | (77,495,773) | (75,053,469) | (75,053,469) |
$ (97,221,845,129) | $ (59,736,870,790) |
26 | | DWS Government & Agency Money Fund |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | (23,861,625) | $ (23,861,625) | 27,887,069 | $ 27,887,069 |
DWS Government Cash Institutional Shares | (167,652,064) | (167,652,064) | 229,297,296 | 229,297,296 |
Government Cash Managed Shares | (76,824,896) | (76,824,896) | (36,646,795) | (36,646,795) |
Service Shares | (5,129,753) | (5,129,753) | 11,058,935 | 11,058,935 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ (273,460,250) | $ 231,627,730 |
E. | Ownership of the Fund |
F. | Money Market Fund Investments and Yield |
DWS Government & Agency Money Fund | | 27 |
G. | Other — COVID-19 Pandemic |
28 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 29 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgd1946b323.jpg)
30 | | DWS Government & Agency Money Fund |
— | 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. |
DWS Government & Agency Money Fund | | 31 |
Actual Fund Return | DWS Government & Agency Money Fund |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 |
Expenses Paid per $1,000* | $ .40 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.40 |
Expenses Paid per $1,000* | $ .40 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio | .08% |
Tax Information | (Unaudited) |
32 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 33 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
34 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 35 |
36 | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | 37 |
38 | | DWS Government & Agency Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Government & Agency Money Fund | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
40 | | DWS Government & Agency Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Government & Agency Money Fund | | 41 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
42 | | DWS Government & Agency Money Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Government & Agency Money Fund | | 43 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img8dd5ea751.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img2b6476f42.jpg)
4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
14 | Statement of Assets and Liabilities |
16 | Statement of Operations |
17 | Statements of Changes in Net Assets |
18 | Financial Highlights |
20 | Notes to Financial Statements |
31 | Report of Independent Registered Public Accounting Firm |
33 | Information About Your Fund’s Expenses |
34 | Tax Information |
35 | Other Information |
36 | Advisory Agreement Board Considerations and Fee Evaluation |
41 | Board Members and Officers |
2 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 5 |
6 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
7-Day Current Yield | |
DWS Government Cash Institutional Shares | 0.01%* |
Government Cash Managed Shares | 0.01%* |
* | The 7-Day Current Yield would have been –0.18% and –0.31% for DWS Government Cash Institutional Shares and Government Cash Managed Shares respectively, had certain expenses not been reduced. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 7 |
8 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Government & Agency Obligations | 79% | 69% |
Repurchase Agreements | 21% | 31% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 39 days | 19 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 38 days | 36 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. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 82.2% | |||
U.S. Government Sponsored Agencies 18.0% | |||
Federal Farm Credit Bank: | |||
SOFR + 0.07%, 0.08% (a), 8/11/2022 | 20,000,000 | 20,001,298 | |
0.35% (b), 5/7/2021 | 22,000,000 | 21,999,803 | |
Federal Home Loan Bank: | |||
SOFR + 0.01%, 0.02% (a), 5/3/2021 | 52,500,000 | 52,500,000 | |
SOFR + 0.01%, 0.02% (a), 1/13/2022 | 15,000,000 | 15,000,000 | |
SOFR + 0.015%, 0.025% (a), 8/27/2021 | 18,500,000 | 18,500,000 | |
0.04% (b), 5/12/2021 | 45,000,000 | 44,999,464 | |
0.041% (b), 6/4/2021 | 6,000,000 | 5,999,773 | |
0.041% (b), 6/14/2021 | 4,000,000 | 3,999,804 | |
0.041% (b), 10/20/2021 | 30,000,000 | 29,994,267 | |
1-month USD-LIBOR minus 0.01%, 0.101% (a), 5/3/2021 | 15,250,000 | 15,249,991 | |
SOFR + 0.12%, 0.13% (a), 2/28/2022 | 21,000,000 | 21,000,000 | |
Federal Home Loan Mortgage Corp.: | |||
SOFR + 0.07%, 0.08% (a), 2/25/2022 | 47,000,000 | 47,000,000 | |
0.096%, 8/11/2021 | 60,000,000 | 60,000,000 | |
SOFR + 0.095%, 0.105% (a), 8/19/2022 | 23,000,000 | 23,000,000 | |
SOFR + 0.145%, 0.155% (a), 12/9/2021 | 10,000,000 | 10,000,000 | |
SOFR + 0.15%, 0.16% (a), 3/4/2022 | 21,000,000 | 20,983,021 | |
SOFR + 0.19%, 0.2% (a), 6/2/2022 | 10,000,000 | 10,000,000 | |
Federal National Mortgage Association: | |||
SOFR + 0.075%, 0.085% (a), 6/4/2021 | 40,000,000 | 40,000,000 | |
SOFR + 0.3%, 0.31% (a), 1/7/2022 | 18,500,000 | 18,500,000 | |
SOFR + 0.31%, 0.32% (a), 10/25/2021 | 7,500,000 | 7,500,000 | |
486,227,421 | |||
U.S. Treasury Obligations 64.2% | |||
U.S. Treasury Bills: | |||
0.001% (b), 5/4/2021 | 25,000,000 | 24,999,999 | |
0.002% (b), 5/4/2021 | 39,500,000 | 39,499,998 | |
0.01% (b), 5/6/2021 | 60,500,000 | 60,499,916 | |
0.01% (b), 5/18/2021 | 23,500,000 | 23,499,902 | |
0.016% (b), 6/24/2021 | 40,000,000 | 39,999,040 | |
0.02% (b), 7/29/2021 | 7,380,000 | 7,379,635 | |
0.03% (b), 6/17/2021 | 50,000,000 | 49,998,042 | |
0.031% (b), 5/11/2021 | 100,000,000 | 99,999,071 | |
0.031% (b), 11/4/2021 | 125,000,000 | 124,980,726 |
10 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
0.035% (b), 5/4/2021 | 70,000,000 | 69,999,790 | |
0.035% (b), 10/28/2021 | 95,000,000 | 94,983,375 | |
0.036% (b), 5/11/2021 | 35,000,000 | 34,999,728 | |
0.036% (b), 10/7/2021 | 40,000,000 | 39,993,728 | |
0.039% (b), 6/3/2021 | 45,000,000 | 44,998,527 | |
0.041% (b), 7/20/2021 | 15,000,000 | 14,998,667 | |
0.042% (b), 5/18/2021 | 70,000,000 | 69,998,790 | |
0.042% (b), 6/10/2021 | 130,000,000 | 129,994,005 | |
0.042% (b), 10/21/2021 | 100,000,000 | 99,980,297 | |
0.043% (b), 6/1/2021 | 145,000,000 | 144,994,693 | |
0.046% (b), 6/3/2021 | 105,000,000 | 104,995,526 | |
0.076% (b), 5/18/2021 | 30,000,000 | 29,998,763 | |
0.091% (b), 5/27/2021 | 100,000,000 | 99,993,500 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.055%, 0.075% (a), 7/31/2022 | 22,500,000 | 22,499,525 | |
3-month U.S. Treasury Bill Money Market Yield + 0.114%, 0.134% (a), 4/30/2022 | 125,000,000 | 125,092,219 | |
3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.24% (a), 7/31/2021 | 91,500,000 | 91,550,389 | |
3-month U.S. Treasury Bill Money Market Yield + 0.3%, 0.32% (a), 10/31/2021 | 40,000,000 | 40,059,533 | |
1,729,987,384 | |||
Total Government & Agency Obligations (Cost $2,216,214,805) | 2,216,214,805 | ||
Repurchase Agreements 22.4% | |||
Barclays Bank PLC, 0.01%, dated 4/30/2021, to be repurchased at $138,800,116 on 5/3/2021 (c) | 138,800,000 | 138,800,000 | |
BNP Paribas, 0.005%, dated 4/30/2021, to be repurchased at $121,500,506 on 5/3/2021 (d) | 121,500,000 | 121,500,000 | |
Citigroup Global Markets, Inc., 0.01%, dated 4/30/2021, to be repurchased at $83,100,069 on 5/3/2021 (e) | 83,100,000 | 83,100,000 | |
Fixed Income Clearing Corp., 0.005%, dated 4/30/2021, to be repurchased at $100,000,042 on 5/3/2021 (f) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank, 0.01%, dated 4/30/2021, to be repurchased at $161,700,135 on 5/3/2021 (g) | 161,700,000 | 161,700,000 | |
Total Repurchase Agreements (Cost $605,100,000) | 605,100,000 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 11 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,821,314,805) | 104.6 | 2,821,314,805 | |
Other Assets and Liabilities, Net | (4.6) | (124,897,824) | |
Net Assets | 100.0 | 2,696,416,981 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
142,333,500 | U.S. Treasury Notes | 0.75 | 04/30/2026 | 141,576,001 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
15,571,600 | U.S. Treasury Bills | Zero Coupon | 07/13/2021–08/17/2021 | 15,571,133 |
107,143,900 | U.S. Treasury Notes | 1.125–2.5 | 09/30/2021–04/30/2022 | 108,358,525 |
300 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.625 | 07/15/2021–01/15/2022 | 356 |
Total Collateral Value | 123,930,014 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
67,915,000 | U.S. Treasury Bonds | 2.875–5.5 | 05/15/2028–11/15/2028 | 84,749,550 |
7,100 | U.S. Treasury Inflation-Indexed Bonds | 0.75–2.125 | 07/15/2028–02/15/2041 | 12,494 |
Total Collateral Value | 84,762,044 |
(f) | Collateralized by $115,847,400 U.S. Treasury Bonds, 1.375–2%, maturing on 02/15/2050–08/15/2050 with a value of $102,000,055. |
12 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
77,207,414 | Federal Home Loan Mortgage Corp. | 1.5–7 | 09/01/2033–01/01/2051 | 82,467,000 |
68,084,755 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.375 | 07/15/2026–07/15/2027 | 82,467,023 |
Total Collateral Value | 164,934,023 |
LIBOR: | London Interbank Offered Rate |
SOFR: | Secured Overnight Financing Rate |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,216,214,805 | $— | $2,216,214,805 |
Repurchase Agreements | — | 605,100,000 | — | 605,100,000 |
Total | $ — | $2,821,314,805 | $ — | $2,821,314,805 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 13 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $ 2,216,214,805 |
Repurchase agreements, valued at amortized cost | 605,100,000 |
Cash | 240,808 |
Receivable for Fund shares sold | 141,503 |
Interest receivable | 89,791 |
Other assets | 74,966 |
Total assets | 2,821,861,873 |
Liabilities | |
Payable for investments purchased | 124,980,726 |
Payable for Fund shares redeemed | 213,763 |
Distributions payable | 15,601 |
Accrued Trustees' fees | 25,921 |
Other accrued expenses and payables | 208,881 |
Total liabilities | 125,444,892 |
Net assets, at value | $ 2,696,416,981 |
Net Assets Consist of | |
Distributable earnings (loss) | 132,985 |
Paid-in capital | 2,696,283,996 |
Net assets, at value | $ 2,696,416,981 |
14 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($217,994,592 ÷ 217,998,191 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,395,548,042 ÷ 2,395,587,567 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Government Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($60,445,609 ÷ 60,446,607 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($22,428,738 ÷ 22,429,108 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 15 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $ 3,467,558 |
Expenses: | |
Management fee | 2,281,713 |
Administration fee | 2,752,153 |
Services to shareholders | 557,671 |
Distribution and service fees | 296,903 |
Custodian fee | 28,808 |
Professional fees | 87,498 |
Reports to shareholders | 68,629 |
Registration fees | 95,240 |
Trustees' fees and expenses | 98,607 |
Other | 185,340 |
Total expenses before expense reductions | 6,452,562 |
Expense reductions | (3,836,782) |
Total expenses after expense reductions | 2,615,780 |
Net investment income | 851,778 |
Net realized gain (loss) from investments | 22,094 |
Net increase (decrease) in net assets resulting from operations | $ 873,872 |
16 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 851,778 | $ 46,198,435 |
Net realized gain (loss) | 22,094 | (38,106) |
Net increase (decrease) in net assets resulting from operations | 873,872 | 46,160,329 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (26,120) | (3,929,627) |
DWS Government Cash Institutional Shares | (812,673) | (38,742,479) |
Government Cash Managed Shares | (11,037) | (3,346,390) |
Service Shares | (1,948) | (179,937) |
Total distributions | (851,778) | (46,198,433) |
Fund share transactions: | ||
Proceeds from shares sold | 96,948,215,837 | 59,955,424,978 |
Reinvestment of distributions | 169,042 | 13,073,542 |
Payments for shares redeemed | (97,221,845,129) | (59,736,870,790) |
Net increase (decrease) in net assets from Fund share transactions | (273,460,250) | 231,627,730 |
Increase (decrease) in net assets | (273,438,156) | 231,589,626 |
Net assets at beginning of period | 2,969,855,137 | 2,738,265,511 |
Net assets at end of period | $ 2,696,416,981 | $ 2,969,855,137 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 17 |
DWS Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .017 | .020 | .011 | .004 |
Net realized gain (loss) | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000 * | .017 | .020 | .011 | .004 |
Less distributions from: | |||||
Net investment income | (.000) * | (.017) | (.020) | (.011) | (.004) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .03 | 1.68 | 2.06 | 1.07 | .39 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2,396 | 2,563 | 2,334 | 4,350 | 4,236 |
Ratio of expenses before expense reductions (%) | .21 | .22 | .21 | .20 | .20 |
Ratio of expenses after expense reductions (%) | .09 | .14 | .14 | .14 | .11 |
Ratio of net investment income (%) | .03 | 1.67 | 1.98 | 1.07 | .39 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
18 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio — Government Cash Managed Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .015 | .018 | .009 | .002 |
Net realized gain (loss) | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000 * | .015 | .018 | .009 | .002 |
Less distributions from: | |||||
Net investment income | (.000) * | (.015) | (.018) | (.009) | (.002) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | 1.48 | 1.86 | .88 | .16 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 60 | 137 | 174 | 188 | 199 |
Ratio of expenses before expense reductions (%) | .42 | .42 | .42 | .40 | .42 |
Ratio of expenses after expense reductions (%) | .13 | .33 | .34 | .33 | .34 |
Ratio of net investment income (%) | .01 | 1.53 | 1.83 | .86 | .15 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 19 |
A. | Organization and Significant Accounting Policies |
20 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 21 |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $ 220,124 |
Capital loss carryforwards | $ (72,000) |
Years Ended April 30, | ||
2021 | 2020 | |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $ 851,778 | $ 46,198,433 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
22 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 23 |
DWS Government & Agency Money Fund | $ 316,321 |
DWS Government Cash Institutional Shares | 2,988,706 |
Government Cash Managed Shares | 349,413 |
Service Shares | 182,342 |
$ 3,836,782 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $2,752,153 | $214,845 |
24 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Money Fund | $ 63,111 | $ 10,924 |
DWS Government Cash Institutional Shares | 273,593 | 33,524 |
Government Cash Managed Shares | 82,033 | 13,742 |
Service Shares | 49,346 | 6,217 |
$ 468,083 | $ 64,407 |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $ 57,816 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 117,189 | $ 8,551 | .60% | .60% |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 25 |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $ 179,714 | $ 7,532 | .15% | .15% |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Government & Agency Securities Portfolio | $4,800 | $861 |
C. | Line of Credit |
26 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 179,306,040 | $ 179,306,040 | 345,149,848 | $ 345,149,848 |
DWS Government Cash Institutional Shares | 96,120,254,318 | 96,120,254,318 | 58,349,981,410 | 58,349,981,410 |
Government Cash Managed Shares | 576,283,319 | 576,283,319 | 1,174,326,892 | 1,174,326,892 |
Service Shares | 72,364,072 | 72,364,072 | 85,935,603 | 85,935,603 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ 96,948,215,837 | $ 59,955,424,978 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 26,120 | $ 26,120 | 3,888,884 | $ 3,888,884 |
DWS Government Cash Institutional Shares | 136,358 | 136,358 | 8,006,884 | 8,006,884 |
Government Cash Managed Shares | 4,616 | 4,616 | 1,000,973 | 1,000,973 |
Service Shares | 1,948 | 1,948 | 176,801 | 176,801 |
$ 169,042 | $ 13,073,542 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 27 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Government & Agency Money Fund | (203,193,785) | $ (203,193,785) | (321,151,663) | $ (321,151,663) |
DWS Government Cash Institutional Shares | (96,288,042,740) | (96,288,042,740) | (58,128,690,998) | (58,128,690,998) |
Government Cash Managed Shares | (653,112,831) | (653,112,831) | (1,211,974,660) | (1,211,974,660) |
Service Shares | (77,495,773) | (77,495,773) | (75,053,469) | (75,053,469) |
$ (97,221,845,129) | $ (59,736,870,790) | |||
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | (23,861,625) | $ (23,861,625) | 27,887,069 | $ 27,887,069 |
DWS Government Cash Institutional Shares | (167,652,064) | (167,652,064) | 229,297,296 | 229,297,296 |
Government Cash Managed Shares | (76,824,896) | (76,824,896) | (36,646,795) | (36,646,795) |
Service Shares | (5,129,753) | (5,129,753) | 11,058,935 | 11,058,935 |
Account maintenance fees | — | 8,088 | — | 31,225 |
$ (273,460,250) | $ 231,627,730 |
E. | Ownership of the Fund |
28 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
F. | Money Market Fund Investments and Yield |
G. | Other — COVID-19 Pandemic |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 29 |
30 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 31 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img7a417e123.jpg)
32 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
— | 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. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 33 |
Actual Fund Return | DWS Government Cash Institutional Shares | Government Cash Managed Shares |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.09 | $1,000.05 |
Expenses Paid per $1,000* | $ .35 | $ .40 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.45 | $1,024.40 |
Expenses Paid per $1,000* | $ .35 | $ .40 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | DWS Government Cash Institutional Shares | Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio | .07% | .08% |
Tax Information | (Unaudited) |
34 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 35 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
36 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 37 |
38 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 39 |
40 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
42 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 43 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
44 | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | 45 |
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4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
23 | Statement of Assets and Liabilities |
25 | Statement of Operations |
26 | Statements of Changes in Net Assets |
27 | Financial Highlights |
29 | Notes to Financial Statements |
38 | Report of Independent Registered Public Accounting Firm |
40 | Information About Your Fund’s Expenses |
41 | Tax Information |
42 | Other Information |
43 | Advisory Agreement Board Considerations and Fee Evaluation |
48 | Board Members and Officers |
2 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 5 |
6 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
7-Day Current Yield | |
DWS Tax-Exempt Cash Premier Shares | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
Tax-Exempt Cash Managed Shares | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
* | The 7-Day Current Yield would have been –0.30% and –0.22% for DWS Tax-Exempt Cash Premier Shares and Tax-Exempt Cash Managed Shares respectively, had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 7 |
8 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Municipal Investments | ||
Municipal Variable Rate Demand Notes | 72% | 67% |
Tax-Exempt Commercial Paper | 10% | 12% |
Municipal Floating-Rate Notes | 5% | 8% |
Municipal Bonds and Notes | 2% | 4% |
Preferred Shares of Closed-End Investment Companies | 11% | 9% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 8 days | 18 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 20 days | 21 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 88.9% | |||
Alaska 0.1% | |||
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.06% (a), 5/7/2021 | 260,000 | 260,000 | |
Arizona 0.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue, Phoenix Children’s Hospital, Series A, 0.03% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,160,000 | 1,160,000 | |
California 15.6% | |||
California, ABAG Finance Authority For Nonprofit Corp., Sharp Healthcare Obligated Group, Series A, 0.05% (a), 5/7/2021, LOC: Bank of America NA | 150,000 | 150,000 | |
California, East Bay Municipal Utility District: | |||
Series A-1, TECP, 0.09%, 5/3/2021 | 5,000,000 | 5,000,000 | |
Series A-2, TECP, 0.1%, 6/3/2021 | 5,000,000 | 5,000,000 | |
California, Metropolitan Water District of Southern California: | |||
Series D, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
Series E, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
California, State Commercial Paper, Series A-2, TECP, 0.12%, 6/2/2021 | 3,500,000 | 3,500,000 | |
California, State Department Water Resources Revenue, Series 1, TECP, 0.09%, 5/4/2021 | 2,700,000 | 2,699,991 | |
California, State General Obligation, Series 2019-MIZ9003, 144A, 0.26% (a), 5/7/2021, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | 5,665,000 | 5,665,000 | |
California, State Statewide Communities Development Authority, Multi-Family Housing Foxwood Apartments, Series J, 0.05% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 1,150,000 | 1,150,000 | |
Riverside County, CA, Asset Leasing Corp., Leashold Revenue, Southwest Justice Center, Series A, 0.06% (a), 5/7/2021, INS: AGMC, LOC: Wells Fargo Bank NA | 380,000 | 380,000 | |
San Bernardino County, CA, Flood Control District Judgment Obligation, 0.1% (a), 5/7/2021, LOC: Bank of America NA | 655,000 | 655,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 400,000 | 400,000 | |
34,599,991 |
10 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Colorado 0.5% | |||
Colorado, State Health Facilities Authority Revenue, Children’s Hospital, Series B, 0.07% (a), 5/7/2021, LOC: TD Bank NA | 600,000 | 600,000 | |
Colorado, State Housing & Finance Authority, Series I - AA2, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 475,000 | 475,000 | |
1,075,000 | |||
Connecticut 0.5% | |||
Connecticut, Tender Option Bond Trust Receipts, Series 2018-XG0204, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,135,000 | 1,135,000 | |
Delaware 0.6% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,270,000 | 1,270,000 | |
Florida 1.9% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 0.09% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 875,000 | 875,000 | |
Jacksonville, FL, Water & Sewer System Revenue, Series A-2, 0.06% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 425,000 | 425,000 | |
Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.06% (a), 5/7/2021, LOC: TD Bank NA | 315,000 | 315,000 | |
Orange County, FL, Health Facilities Authority, Nemours Foundation, Series C-2, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.11% (a), 5/7/2021, LOC: Northern Trust Company | 1,300,000 | 1,300,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 0.11% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 160,000 | 160,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 525,000 | 525,000 | |
4,100,000 | |||
Georgia 4.3% | |||
Georgia, Municipal Electric Authority, Series B, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,000,000 | 1,000,000 | |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 0.16% (a), 5/7/2021, LIQ: JP Morgan Chase Bank NA | 6,800,000 | 6,800,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 11 |
Principal Amount ($) | Value ($) | ||
Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., Series B, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 1,235,000 | 1,235,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
9,585,000 | |||
Illinois 7.7% | |||
Brookfield, IL, Zoo Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 900,000 | 900,000 | |
Galesburg, IL, Knox College Project, 0.3% (a), 5/7/2021, LOC: PNC Bank NA | 1,800,000 | 1,800,000 | |
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.05% (a), 5/7/2021, LOC: Northern Trust Company | 400,000 | 400,000 | |
Illinois, Finance Authority Revenue, University of Chicago Medical Center, Series E-1, 0.03% (a), 5/3/2021, LOC: Wells Fargo Bank NA | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American College Surgeons, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 682,000 | 682,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 615,000 | 615,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 0.08% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 0.09% (a), 5/7/2021, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 395,000 | 395,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,320,000 | 1,320,000 | |
Illinois, State Finance Authority Revenue, North Park University Project, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 1,000,000 | 1,000,000 |
12 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 0.09% (a), 5/7/2021, LOC: Northern Trust Company | 1,950,000 | 1,950,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 840,000 | 840,000 | |
University of Illinois, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 420,000 | 420,000 | |
17,057,000 | |||
Indiana 0.8% | |||
Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 0.06% (a), 5/7/2021, LOC: Federal Home Loan Bank | 615,000 | 615,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 0.1% (a), 5/7/2021, LOC: PNC Bank NA | 1,185,000 | 1,185,000 | |
1,800,000 | |||
Iowa 4.0% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,500,000 | 1,500,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 0.09% (a), 5/7/2021 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 0.1% (a), 5/7/2021 | 405,000 | 405,000 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 4,200,000 | 4,200,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 1,400,000 | 1,400,000 | |
8,905,000 | |||
Kansas 0.6% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 280,000 | 280,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.21% (a), 5/7/2021, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,280,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 13 |
Principal Amount ($) | Value ($) | ||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 0.09% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (a), 5/3/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
450,000 | |||
Louisiana 0.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 570,000 | 570,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 535,000 | 535,000 | |
1,105,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 125,000 | 125,000 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,890,000 | 1,890,000 | |
2,015,000 | |||
Massachusetts 3.1% | |||
Massachusetts, State Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.06% (a), 5/7/2021, SPA: State Street Bank & Trust Co. | 1,180,000 | 1,180,000 | |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, 0.04% (a), 5/7/2021 | 1,500,000 | 1,500,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A-1, 0.07% (a), 5/7/2021, SPA: JP Morgan Chase Bank NA | 1,190,000 | 1,190,000 | |
Series A-2, 0.07% (a), 5/7/2021, SPA: TD Bank NA | 100,000 | 100,000 | |
Series A-3, 0.07% (a), 5/7/2021, SPA: Wells Fargo Bank NA | 200,000 | 200,000 | |
Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 0.07% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 2,300,000 | 2,300,000 | |
6,870,000 |
14 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Michigan 5.9% | |||
Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 305,000 | 305,000 | |
Michigan, State Finance Authority Revenue, Hospital Project, Ascension Senior Credit Group, Series E-3, 0.04% (a), 5/7/2021 | 400,000 | 400,000 | |
Michigan, State Finance Authority Revenue, Trinity Health Credit Group, Series MI-1, 0.1%, Mandatory Put 6/1/2021 @ 100, 12/1/2034 | 1,250,000 | 1,250,000 | |
Michigan, State Housing Development Authority, Single-Family Mortgage Revenue, Series B, AMT, 0.13% (a), 5/7/2021, SPA: Industrial & Commercial Bank of China | 8,125,000 | 8,125,000 | |
Michigan, State University Revenues, Series 2000-A, 0.08% (a), 5/7/2021, SPA: Northern Trust Company | 1,100,000 | 1,100,000 | |
Michigan, University of Michigan General Revenue, Series B, 0.03% (a), 5/3/2021 | 1,950,000 | 1,950,000 | |
13,130,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 0.06% (a), 5/7/2021, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.7% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, Health & Educational Facilities Authority, St Louis University, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 550,000 | 550,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.03% (a), 5/3/2021, LOC: Barclays Bank PLC | 950,000 | 950,000 | |
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Bethesda Health Group, Inc., Series B, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 195,000 | 195,000 | |
Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 0.08% (a), 5/7/2021, LIQ: Citibank NA | 2,660,000 | 2,660,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.05% (a), 5/7/2021, LOC: U.S. Bank NA | 500,000 | 500,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 0.21% (a), 5/7/2021, LOC: Bank of America NA | 380,000 | 380,000 | |
5,945,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 15 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.0% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 0.09% (a), 5/7/2021 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Revenue, Series D-2B, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 3,500,000 | 3,500,000 | |
Clark County, NV, Airport Systems Revenue, Series D-3, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 995,000 | 995,000 | |
4,495,000 | |||
New Jersey 1.5% | |||
New Jersey, State Economic Development Authority, Jewish Community Center Project, 0.14% (a), 5/7/2021, LOC: Bank of America NA | 2,105,000 | 2,105,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.: | |||
Series C, 0.02% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 775,000 | 775,000 | |
Series E, 0.03% (a), 5/7/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
3,380,000 | |||
New Mexico 0.5% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 5.7% | |||
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,400,000 | 1,400,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 395,000 | 395,000 | |
New York, State Dormitory Authority, Mental Health Services, Series D-2E, 0.06% (a), 5/7/2021, LOC: Royal Bank of Canada | 625,000 | 625,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 0.05% (a), 5/7/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.03% (a), 5/3/2021, LOC: Bank of America NA | 1,535,000 | 1,535,000 | |
Series F, 0.03% (a), 5/3/2021, LOC: Citibank NA | 415,000 | 415,000 | |
Series B-4C, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 300,000 | 300,000 |
16 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Series A, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York City, NY, Health & Hospital Corp., Health System Revenue, Series B, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 175,000 | 175,000 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series F-2, 0.04% (a), 5/3/2021, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
Series F1B, 0.05% (a), 5/7/2021, SPA: U.S. Bank NA | 170,000 | 170,000 | |
Series BB, 0.11% (a), 5/7/2021, SPA: Industrial and Commercial Bank of China | 2,645,000 | 2,645,000 | |
New York, NY, General Obligation: | |||
Series G, 0.03% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 190,000 | 190,000 | |
Series A-3, 0.04% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 650,000 | 650,000 | |
Series I-4, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,055,000 | 1,055,000 | |
12,510,000 | |||
North Carolina 0.0% | |||
North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.13% (a), 5/7/2021, LOC: Branch Banking & Trust | 15,000 | 15,000 | |
Ohio 3.7% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.1% (a), 5/7/2021, LOC: Northern Trust Company | 6,900,000 | 6,900,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 0.06% (a), 5/7/2021, LOC: Northern Trust Company | 280,000 | 280,000 | |
Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,000,000 | 1,000,000 | |
8,180,000 | |||
Oklahoma 1.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 0.21% (a), 5/7/2021, INS: Build America Mutual, LIQ: JP Morgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.8% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,800,000 | 1,800,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 17 |
Principal Amount ($) | Value ($) | ||
Pennsylvania 6.3% | |||
Allegheny County, PA, Hospital Development Authority Revenue, Concordia Lutheran Obligated Group, Series A, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 6,800,000 | 6,800,000 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.04% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,050,000 | 1,050,000 | |
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 590,000 | 590,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 600,000 | 600,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 200,000 | 200,000 | |
Pennsylvania, Tender Option Bond Trust Receipts, Series 2019-ZF2779, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Philadelphia, PA, General Obligation, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
13,955,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, 0.08% (a), 5/7/2021, LOC: TD Bank NA | 1,265,000 | 1,265,000 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 250,000 | 250,000 | |
South Dakota 1.3% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 0.08% (a), 5/7/2021, LOC: U.S. Bank NA | 2,775,000 | 2,775,000 | |
Tennessee 0.3% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 700,000 | 700,000 |
18 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Texas 7.7% | |||
Austin, TX, Water & Wastewater Systems Revenue, 0.07% (a), 5/7/2021, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Harris County, TX, Hospital District Revenue, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 550,000 | 550,000 | |
Harris County, TX, State General Obligation: | |||
Series A-1, 0.09%, 5/5/2021 | 750,000 | 750,000 | |
Series C, 0.09%, 5/5/2021 | 650,000 | 650,000 | |
Series C, TECP, 0.1%, 5/5/2021 | 1,500,000 | 1,500,000 | |
Series D, TECP, 0.1%, 5/5/2021 | 100,000 | 100,000 | |
Series D, 0.11%, 5/5/2021 | 2,550,000 | 2,550,000 | |
Series C, TECP, 0.14%, 6/2/2021 | 4,000,000 | 4,000,000 | |
Houston, TX, Utility System Revenue, First Lien, Series B-2, 0.06% (a), 5/7/2021, LOC: Citibank NA | 375,000 | 375,000 | |
Mission, TX, Economic Development Corp., Industrial Development Revenue, CMI Project, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 340,000 | 340,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series C-2, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 1,455,000 | 1,455,000 | |
Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 0.09% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 3,100,000 | 3,100,000 | |
17,160,000 | |||
Vermont 0.3% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Virginia 0.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.05% (a), 5/3/2021, LOC: Truist Bank | 100,000 | 100,000 | |
1,225,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 19 |
Principal Amount ($) | Value ($) | ||
Washington 0.5% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 0.05% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 1,175,000 | 1,175,000 | |
Wisconsin 0.5% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.04% (a), 5/3/2021, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 295,000 | 295,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 275,000 | 275,000 | |
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 275,000 | 275,000 | |
1,145,000 | |||
Other 3.4% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 0.08% (a), 5/7/2021, LIQ: Freddie Mac | 2,725,000 | 2,725,000 | |
“A” , Series M031, 144A, 0.09% (a), 5/7/2021, LIQ: Freddie Mac | 2,840,000 | 2,840,000 | |
“A” , Series M-055, 144A, 1-month USD LIBOR + 0.210%, 0.27% (b), 6/15/2035 | 2,015,000 | 2,015,000 | |
7,580,000 | |||
Total Municipal Investments (Cost $197,051,991) | 197,051,991 | ||
Preferred Shares of Closed-End Investment Companies 10.6% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.41% (a), 5/7/2021 | 4,000,000 | 4,000,000 | |
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.15% (a), 5/7/2021, LIQ: Societe Generale | 9,500,000 | 9,500,000 | |
California, Nuveen Municipal Credit Opportunities Fund, 144A, AMT, 0.17% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 10,000,000 | 10,000,000 | |
Total Preferred Shares of Closed-End Investment Companies (Cost $23,500,000) | 23,500,000 |
20 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $220,551,991) | 99.5 | 220,551,991 | |
Other Assets and Liabilities, Net | 0.5 | 1,032,655 | |
Net Assets | 100.0 | 221,584,646 |
(a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of April 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
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. |
AMT: Subject to alternative minimum tax. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
SIFMA: Securities Industry and Financial Markets Association |
SPA: Standby Bond Purchase Agreement |
TECP: Tax Exempt Commercial Paper |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 21 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $197,051,991 | $— | $197,051,991 |
Preferred Shares of Closed-End Investment Companies | — | 23,500,000 | — | 23,500,000 |
Total | $ — | $220,551,991 | $ — | $220,551,991 |
(a) | See Investment Portfolio for additional detailed categorizations. |
22 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $ 220,551,991 |
Cash | 98,622 |
Receivable for investments sold | 895,000 |
Receivable for Fund shares sold | 114,710 |
Interest receivable | 34,510 |
Other assets | 73,229 |
Total assets | 221,768,062 |
Liabilities | |
Payable for Fund shares redeemed | 59,560 |
Distributions payable | 278 |
Accrued Trustees' fees | 2,714 |
Other accrued expenses and payables | 120,864 |
Total liabilities | 183,416 |
Net assets, at value | $ 221,584,646 |
Net Assets Consist of | |
Distributable earnings (loss) | (5,917) |
Paid-in capital | 221,590,563 |
Net assets, at value | $ 221,584,646 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 23 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($26,483,291 ÷ 26,459,854 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Exempt Money Fund | |
Net Asset Value, offering and redemption price per share ($108,628,749 ÷ 108,532,699 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Free Money Fund Class S | |
Net Asset Value, offering and redemption price per share ($39,883,927 ÷ 39,848,595 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($4,982,203 ÷ 4,977,794 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Exempt Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($32,080,087 ÷ 32,051,698 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Free Investment Class | |
Net Asset Value, offering and redemption price per share ($9,526,389 ÷ 9,517,963 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
24 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $ 534,481 |
Expenses: | |
Management fee | 211,419 |
Administration fee | 254,647 |
Services to shareholders | 135,866 |
Distribution and service fees | 105,230 |
Custodian fee | 4,442 |
Professional fees | 59,729 |
Reports to shareholders | 85,220 |
Registration fees | 114,113 |
Trustees' fees and expenses | 10,029 |
Other | 60,449 |
Total expenses before expense reductions | 1,041,144 |
Expense reductions | (577,577) |
Total expenses after expense reductions | 463,567 |
Net investment income | 70,914 |
Net realized gain (loss) from investments | (440) |
Net increase (decrease) in net assets resulting from operations | $ 70,474 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 25 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 70,914 | $ 3,229,599 |
Net realized gain (loss) | (440) | 10,295 |
Net increase (decrease) in net assets resulting from operations | 70,474 | 3,239,894 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (19,453) | (624,839) |
DWS Tax-Exempt Money Fund | (35,797) | (1,488,005) |
DWS Tax-Free Money Fund Class S | (11,107) | (559,792) |
Service Shares | (520) | (54,983) |
Tax-Exempt Cash Managed Shares | (3,121) | (447,762) |
Tax-Free Investment Class | (914) | (54,218) |
Total distributions | (70,912) | (3,229,599) |
Fund share transactions: | ||
Proceeds from shares sold | 253,602,023 | 242,684,916 |
Reinvestment of distributions | 65,255 | 2,627,334 |
Payments for shares redeemed | (273,752,177) | (295,201,755) |
Net increase (decrease) in net assets from Fund share transactions | (20,084,899) | (49,889,505) |
Increase (decrease) in net assets | (20,085,337) | (49,879,210) |
Net assets at beginning of period | 241,669,983 | 291,549,193 |
Net assets at end of period | $ 221,584,646 | $ 241,669,983 |
26 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Cash Premier Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .013 | .013 | .009 | .005 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | .000 * | (.000) * |
Total from investment operations | .000 * | .013 | .013 | .009 | .005 |
Less distributions from: | |||||
Net investment income | (.000) * | (.013) | (.013) | (.009) | (.005) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.013) | (.013) | (.009) | (.005) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .04 | 1.27 | 1.36 | .86 | .55 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 26 | 35 | 49 | 41 | 38 |
Ratio of expenses before expense reductions (%) | .33 | .32 | .34 | .31 | .27 |
Ratio of expenses after expense reductions (%) | .17 | .20 | .20 | .20 | .20 |
Ratio of net investment income (%) | .03 | 1.25 | 1.37 | .83 | .32 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 27 |
DWS Tax-Exempt Portfolio — Tax-Exempt Cash Managed Shares | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .011 | .012 | .007 | .003 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | (.000) * | (.000) * |
Total from investment operations | .000 * | .011 | .012 | .007 | .003 |
Less distributions from: | |||||
Net investment income | (.000) * | (.011) | (.012) | (.007) | (.003) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.011) | (.012) | (.007) | (.003) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | 1.09 | 1.16 | .66 | .31 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 32 | 32 | 46 | 38 | 55 |
Ratio of expenses before expense reductions (%) | .50 | .51 | .54 | .51 | .49 |
Ratio of expenses after expense reductions (%) | .19 | .38 | .40 | .41 | .44 |
Ratio of net investment income (%) | .01 | 1.09 | 1.16 | .59 | .23 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
28 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
A. | Organization and Significant Accounting Policies |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 29 |
DWS Tax-Exempt Portfolio: | |
Capital loss carryforwards | $ (6,000) |
30 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Years Ended April 30, | ||
Portfolio | 2021 | 2020 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $ 70,912 | $ 3,229,599 |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 31 |
DWS Tax-Exempt Cash Premier Shares | $ 97,945 |
DWS Tax-Exempt Money Fund | 195,078 |
DWS Tax-Free Money Fund Class S | 93,730 |
Service Shares | 51,213 |
Tax-Exempt Cash Managed Shares | 91,392 |
Tax-Free Investment Class | 48,219 |
$ 577,577 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $254,647 | $17,857 |
32 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Cash Premier Shares | $ 12,396 | $ 2,134 |
DWS Tax-Exempt Money Fund | 35,899 | 6,147 |
DWS Tax-Free Money Fund Class S | 31,384 | 5,293 |
Service Shares | 13,114 | 137 |
Tax-Exempt Cash Managed Shares | 8,817 | 904 |
Tax-Free Investment Class | 7,016 | 1,283 |
$ 108,626 | $ 15,898 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Money Fund | $ — |
DWS Tax-Free Money Fund Class S | 1,727 |
$ 1,727 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 31,213 | $ 2,299 | .60% | .60% |
Tax-Free Investment Class | 23,004 | 1,933 | .25% | .25% |
$ 54,217 | $ 4,232 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 33 |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $ 44,572 | $ 3,952 | .15% | .15% |
Tax-Free Investment Class | 6,441 | 541 | .07% | .07% |
$ 51,013 | $ 4,493 |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $7,500 | $1,293 |
C. | Line of Credit |
34 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 77,766,770 | $ 77,766,770 | 41,862,423 | $ 41,862,423 |
DWS Tax-Exempt Money Fund | 24,747,256 | 24,747,256 | 25,715,447 | 25,715,447 |
DWS Tax-Free Money Fund Class S | 6,026,999 | 6,026,999 | 11,739,197 | 11,739,197 |
Service Shares | 58,224,291 | 58,224,291 | 33,023,031 | 33,023,031 |
Tax-Exempt Cash Managed Shares | 77,980,751 | 77,980,751 | 118,617,749 | 118,617,749 |
Tax-Free Investment Class | 8,847,306 | 8,847,306 | 11,693,258 | 11,693,258 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ 253,602,023 | $ 242,684,916 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 17,890 | $ 17,890 | 530,544 | $ 530,544 |
DWS Tax-Exempt Money Fund | 35,351 | 35,351 | 1,463,011 | 1,463,011 |
DWS Tax-Free Money Fund Class S | 10,583 | 10,583 | 527,080 | 527,080 |
Service Shares | 510 | 510 | 52,042 | 52,042 |
Tax-Exempt Cash Managed Shares | 12 | 12 | 1,388 | 1,388 |
Tax-Free Investment Class | 909 | 909 | 53,269 | 53,269 |
$ 65,255 | $ 2,627,334 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 35 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (85,934,445) | $ (85,934,445) | (57,237,476) | $ (57,237,476) |
DWS Tax-Exempt Money Fund | (33,031,135) | (33,031,135) | (34,688,889) | (34,688,889) |
DWS Tax-Free Money Fund Class S | (14,888,349) | (14,888,349) | (15,200,338) | (15,200,338) |
Service Shares | (55,943,158) | (55,943,158) | (44,213,765) | (44,213,765) |
Tax-Exempt Cash Managed Shares | (77,657,029) | (77,657,029) | (132,627,792) | (132,627,792) |
Tax-Free Investment Class | (6,298,061) | (6,298,061) | (11,233,495) | (11,233,495) |
$ (273,752,177) | $ (295,201,755) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (8,149,785) | $ (8,149,785) | (14,844,509) | $ (14,844,509) |
DWS Tax-Exempt Money Fund | (8,248,528) | (8,248,528) | (7,510,431) | (7,510,431) |
DWS Tax-Free Money Fund Class S | (8,850,767) | (8,850,767) | (2,934,061) | (2,934,061) |
Service Shares | 2,281,643 | 2,281,643 | (11,138,692) | (11,138,692) |
Tax-Exempt Cash Managed Shares | 323,734 | 323,734 | (14,008,655) | (14,008,655) |
Tax-Free Investment Class | 2,550,154 | 2,550,154 | 513,032 | 513,032 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ (20,084,899) | $ (49,889,505) |
E. | Money Market Fund Investments and Yield |
36 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
F. | Other — COVID-19 Pandemic |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 37 |
38 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgad4001cc3.jpg)
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 39 |
— | 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. |
40 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Actual Fund Return | DWS Tax-Exempt Cash Premier Shares | Tax-Exempt Cash Managed Shares |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 | $1,000.05 |
Expenses Paid per $1,000* | $ .74 | $ .64 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.05 | $1,024.15 |
Expenses Paid per $1,000* | $ .75 | $ .65 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | DWS Tax-Exempt Cash Premier Shares | Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio | .15% | .13% |
Tax Information | (Unaudited) |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 41 |
42 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 43 |
44 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 45 |
46 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 47 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
48 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 49 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
50 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | 51 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
52 | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img062d81071.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgdc7843072.jpg)
4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
23 | Statement of Assets and Liabilities |
25 | Statement of Operations |
26 | Statements of Changes in Net Assets |
27 | Financial Highlights |
28 | Notes to Financial Statements |
37 | Report of Independent Registered Public Accounting Firm |
39 | Information About Your Fund’s Expenses |
40 | Tax Information |
41 | Other Information |
42 | Advisory Agreement Board Considerations and Fee Evaluation |
47 | Board Members and Officers |
2 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 5 |
6 | | DWS Tax-Exempt Money Fund |
7-Day Current Yield | |
DWS Tax-Exempt Money Fund | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
* | The 7-Day Current Yield would have been –0.08% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
DWS Tax-Exempt Money Fund | | 7 |
8 | | DWS Tax-Exempt Money Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Municipal Investments | ||
Municipal Variable Rate Demand Notes | 72% | 67% |
Tax-Exempt Commercial Paper | 10% | 12% |
Municipal Floating-Rate Notes | 5% | 8% |
Municipal Bonds and Notes | 2% | 4% |
Preferred Shares of Closed-End Investment Companies | 11% | 9% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 8 days | 18 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 20 days | 21 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Exempt Money Fund | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 88.9% | |||
Alaska 0.1% | |||
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.06% (a), 5/7/2021 | 260,000 | 260,000 | |
Arizona 0.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue, Phoenix Children’s Hospital, Series A, 0.03% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,160,000 | 1,160,000 | |
California 15.6% | |||
California, ABAG Finance Authority For Nonprofit Corp., Sharp Healthcare Obligated Group, Series A, 0.05% (a), 5/7/2021, LOC: Bank of America NA | 150,000 | 150,000 | |
California, East Bay Municipal Utility District: | |||
Series A-1, TECP, 0.09%, 5/3/2021 | 5,000,000 | 5,000,000 | |
Series A-2, TECP, 0.1%, 6/3/2021 | 5,000,000 | 5,000,000 | |
California, Metropolitan Water District of Southern California: | |||
Series D, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
Series E, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
California, State Commercial Paper, Series A-2, TECP, 0.12%, 6/2/2021 | 3,500,000 | 3,500,000 | |
California, State Department Water Resources Revenue, Series 1, TECP, 0.09%, 5/4/2021 | 2,700,000 | 2,699,991 | |
California, State General Obligation, Series 2019-MIZ9003, 144A, 0.26% (a), 5/7/2021, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | 5,665,000 | 5,665,000 | |
California, State Statewide Communities Development Authority, Multi-Family Housing Foxwood Apartments, Series J, 0.05% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 1,150,000 | 1,150,000 | |
Riverside County, CA, Asset Leasing Corp., Leashold Revenue, Southwest Justice Center, Series A, 0.06% (a), 5/7/2021, INS: AGMC, LOC: Wells Fargo Bank NA | 380,000 | 380,000 | |
San Bernardino County, CA, Flood Control District Judgment Obligation, 0.1% (a), 5/7/2021, LOC: Bank of America NA | 655,000 | 655,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 400,000 | 400,000 | |
34,599,991 |
10 | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Colorado 0.5% | |||
Colorado, State Health Facilities Authority Revenue, Children’s Hospital, Series B, 0.07% (a), 5/7/2021, LOC: TD Bank NA | 600,000 | 600,000 | |
Colorado, State Housing & Finance Authority, Series I - AA2, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 475,000 | 475,000 | |
1,075,000 | |||
Connecticut 0.5% | |||
Connecticut, Tender Option Bond Trust Receipts, Series 2018-XG0204, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,135,000 | 1,135,000 | |
Delaware 0.6% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,270,000 | 1,270,000 | |
Florida 1.9% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 0.09% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 875,000 | 875,000 | |
Jacksonville, FL, Water & Sewer System Revenue, Series A-2, 0.06% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 425,000 | 425,000 | |
Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.06% (a), 5/7/2021, LOC: TD Bank NA | 315,000 | 315,000 | |
Orange County, FL, Health Facilities Authority, Nemours Foundation, Series C-2, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.11% (a), 5/7/2021, LOC: Northern Trust Company | 1,300,000 | 1,300,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 0.11% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 160,000 | 160,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 525,000 | 525,000 | |
4,100,000 | |||
Georgia 4.3% | |||
Georgia, Municipal Electric Authority, Series B, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,000,000 | 1,000,000 | |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 0.16% (a), 5/7/2021, LIQ: JP Morgan Chase Bank NA | 6,800,000 | 6,800,000 |
DWS Tax-Exempt Money Fund | | 11 |
Principal Amount ($) | Value ($) | ||
Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., Series B, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 1,235,000 | 1,235,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
9,585,000 | |||
Illinois 7.7% | |||
Brookfield, IL, Zoo Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 900,000 | 900,000 | |
Galesburg, IL, Knox College Project, 0.3% (a), 5/7/2021, LOC: PNC Bank NA | 1,800,000 | 1,800,000 | |
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.05% (a), 5/7/2021, LOC: Northern Trust Company | 400,000 | 400,000 | |
Illinois, Finance Authority Revenue, University of Chicago Medical Center, Series E-1, 0.03% (a), 5/3/2021, LOC: Wells Fargo Bank NA | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American College Surgeons, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 682,000 | 682,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 615,000 | 615,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 0.08% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 0.09% (a), 5/7/2021, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 395,000 | 395,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,320,000 | 1,320,000 | |
Illinois, State Finance Authority Revenue, North Park University Project, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 1,000,000 | 1,000,000 |
12 | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 0.09% (a), 5/7/2021, LOC: Northern Trust Company | 1,950,000 | 1,950,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 840,000 | 840,000 | |
University of Illinois, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 420,000 | 420,000 | |
17,057,000 | |||
Indiana 0.8% | |||
Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 0.06% (a), 5/7/2021, LOC: Federal Home Loan Bank | 615,000 | 615,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 0.1% (a), 5/7/2021, LOC: PNC Bank NA | 1,185,000 | 1,185,000 | |
1,800,000 | |||
Iowa 4.0% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,500,000 | 1,500,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 0.09% (a), 5/7/2021 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 0.1% (a), 5/7/2021 | 405,000 | 405,000 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 4,200,000 | 4,200,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 1,400,000 | 1,400,000 | |
8,905,000 | |||
Kansas 0.6% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 280,000 | 280,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.21% (a), 5/7/2021, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,280,000 |
DWS Tax-Exempt Money Fund | | 13 |
Principal Amount ($) | Value ($) | ||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 0.09% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (a), 5/3/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
450,000 | |||
Louisiana 0.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 570,000 | 570,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 535,000 | 535,000 | |
1,105,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 125,000 | 125,000 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,890,000 | 1,890,000 | |
2,015,000 | |||
Massachusetts 3.1% | |||
Massachusetts, State Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.06% (a), 5/7/2021, SPA: State Street Bank & Trust Co. | 1,180,000 | 1,180,000 | |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, 0.04% (a), 5/7/2021 | 1,500,000 | 1,500,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A-1, 0.07% (a), 5/7/2021, SPA: JP Morgan Chase Bank NA | 1,190,000 | 1,190,000 | |
Series A-2, 0.07% (a), 5/7/2021, SPA: TD Bank NA | 100,000 | 100,000 | |
Series A-3, 0.07% (a), 5/7/2021, SPA: Wells Fargo Bank NA | 200,000 | 200,000 | |
Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 0.07% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 2,300,000 | 2,300,000 | |
6,870,000 |
14 | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Michigan 5.9% | |||
Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 305,000 | 305,000 | |
Michigan, State Finance Authority Revenue, Hospital Project, Ascension Senior Credit Group, Series E-3, 0.04% (a), 5/7/2021 | 400,000 | 400,000 | |
Michigan, State Finance Authority Revenue, Trinity Health Credit Group, Series MI-1, 0.1%, Mandatory Put 6/1/2021 @ 100, 12/1/2034 | 1,250,000 | 1,250,000 | |
Michigan, State Housing Development Authority, Single-Family Mortgage Revenue, Series B, AMT, 0.13% (a), 5/7/2021, SPA: Industrial & Commercial Bank of China | 8,125,000 | 8,125,000 | |
Michigan, State University Revenues, Series 2000-A, 0.08% (a), 5/7/2021, SPA: Northern Trust Company | 1,100,000 | 1,100,000 | |
Michigan, University of Michigan General Revenue, Series B, 0.03% (a), 5/3/2021 | 1,950,000 | 1,950,000 | |
13,130,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 0.06% (a), 5/7/2021, GTY: Chevron Corp. | ��� 50,000 | 50,000 | |
Missouri 2.7% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, Health & Educational Facilities Authority, St Louis University, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 550,000 | 550,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.03% (a), 5/3/2021, LOC: Barclays Bank PLC | 950,000 | 950,000 | |
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Bethesda Health Group, Inc., Series B, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 195,000 | 195,000 | |
Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 0.08% (a), 5/7/2021, LIQ: Citibank NA | 2,660,000 | 2,660,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.05% (a), 5/7/2021, LOC: U.S. Bank NA | 500,000 | 500,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 0.21% (a), 5/7/2021, LOC: Bank of America NA | 380,000 | 380,000 | |
5,945,000 |
DWS Tax-Exempt Money Fund | | 15 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.0% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 0.09% (a), 5/7/2021 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Revenue, Series D-2B, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 3,500,000 | 3,500,000 | |
Clark County, NV, Airport Systems Revenue, Series D-3, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 995,000 | 995,000 | |
4,495,000 | |||
New Jersey 1.5% | |||
New Jersey, State Economic Development Authority, Jewish Community Center Project, 0.14% (a), 5/7/2021, LOC: Bank of America NA | 2,105,000 | 2,105,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.: | |||
Series C, 0.02% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 775,000 | 775,000 | |
Series E, 0.03% (a), 5/7/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
3,380,000 | |||
New Mexico 0.5% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 5.7% | |||
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,400,000 | 1,400,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 395,000 | 395,000 | |
New York, State Dormitory Authority, Mental Health Services, Series D-2E, 0.06% (a), 5/7/2021, LOC: Royal Bank of Canada | 625,000 | 625,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 0.05% (a), 5/7/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.03% (a), 5/3/2021, LOC: Bank of America NA | 1,535,000 | 1,535,000 | |
Series F, 0.03% (a), 5/3/2021, LOC: Citibank NA | 415,000 | 415,000 | |
Series B-4C, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 300,000 | 300,000 |
16 | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Series A, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York City, NY, Health & Hospital Corp., Health System Revenue, Series B, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 175,000 | 175,000 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series F-2, 0.04% (a), 5/3/2021, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
Series F1B, 0.05% (a), 5/7/2021, SPA: U.S. Bank NA | 170,000 | 170,000 | |
Series BB, 0.11% (a), 5/7/2021, SPA: Industrial and Commercial Bank of China | 2,645,000 | 2,645,000 | |
New York, NY, General Obligation: | |||
Series G, 0.03% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 190,000 | 190,000 | |
Series A-3, 0.04% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 650,000 | 650,000 | |
Series I-4, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,055,000 | 1,055,000 | |
12,510,000 | |||
North Carolina 0.0% | |||
North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.13% (a), 5/7/2021, LOC: Branch Banking & Trust | 15,000 | 15,000 | |
Ohio 3.7% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.1% (a), 5/7/2021, LOC: Northern Trust Company | 6,900,000 | 6,900,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 0.06% (a), 5/7/2021, LOC: Northern Trust Company | 280,000 | 280,000 | |
Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,000,000 | 1,000,000 | |
8,180,000 | |||
Oklahoma 1.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 0.21% (a), 5/7/2021, INS: Build America Mutual, LIQ: JP Morgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.8% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,800,000 | 1,800,000 |
DWS Tax-Exempt Money Fund | | 17 |
Principal Amount ($) | Value ($) | ||
Pennsylvania 6.3% | |||
Allegheny County, PA, Hospital Development Authority Revenue, Concordia Lutheran Obligated Group, Series A, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 6,800,000 | 6,800,000 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.04% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,050,000 | 1,050,000 | |
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 590,000 | 590,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 600,000 | 600,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 200,000 | 200,000 | |
Pennsylvania, Tender Option Bond Trust Receipts, Series 2019-ZF2779, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Philadelphia, PA, General Obligation, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
13,955,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, 0.08% (a), 5/7/2021, LOC: TD Bank NA | 1,265,000 | 1,265,000 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 250,000 | 250,000 | |
South Dakota 1.3% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 0.08% (a), 5/7/2021, LOC: U.S. Bank NA | 2,775,000 | 2,775,000 | |
Tennessee 0.3% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 700,000 | 700,000 |
18 | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Texas 7.7% | |||
Austin, TX, Water & Wastewater Systems Revenue, 0.07% (a), 5/7/2021, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Harris County, TX, Hospital District Revenue, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 550,000 | 550,000 | |
Harris County, TX, State General Obligation: | |||
Series A-1, 0.09%, 5/5/2021 | 750,000 | 750,000 | |
Series C, 0.09%, 5/5/2021 | 650,000 | 650,000 | |
Series C, TECP, 0.1%, 5/5/2021 | 1,500,000 | 1,500,000 | |
Series D, TECP, 0.1%, 5/5/2021 | 100,000 | 100,000 | |
Series D, 0.11%, 5/5/2021 | 2,550,000 | 2,550,000 | |
Series C, TECP, 0.14%, 6/2/2021 | 4,000,000 | 4,000,000 | |
Houston, TX, Utility System Revenue, First Lien, Series B-2, 0.06% (a), 5/7/2021, LOC: Citibank NA | 375,000 | 375,000 | |
Mission, TX, Economic Development Corp., Industrial Development Revenue, CMI Project, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 340,000 | 340,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series C-2, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 1,455,000 | 1,455,000 | |
Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 0.09% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 3,100,000 | 3,100,000 | |
17,160,000 | |||
Vermont 0.3% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Virginia 0.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.05% (a), 5/3/2021, LOC: Truist Bank | 100,000 | 100,000 | |
1,225,000 |
DWS Tax-Exempt Money Fund | | 19 |
Principal Amount ($) | Value ($) | ||
Washington 0.5% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 0.05% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 1,175,000 | 1,175,000 | |
Wisconsin 0.5% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.04% (a), 5/3/2021, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 295,000 | 295,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 275,000 | 275,000 | |
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 275,000 | 275,000 | |
1,145,000 | |||
Other 3.4% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 0.08% (a), 5/7/2021, LIQ: Freddie Mac | 2,725,000 | 2,725,000 | |
“A” , Series M031, 144A, 0.09% (a), 5/7/2021, LIQ: Freddie Mac | 2,840,000 | 2,840,000 | |
“A” , Series M-055, 144A, 1-month USD LIBOR + 0.210%, 0.27% (b), 6/15/2035 | 2,015,000 | 2,015,000 | |
7,580,000 | |||
Total Municipal Investments (Cost $197,051,991) | 197,051,991 | ||
Preferred Shares of Closed-End Investment Companies 10.6% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.41% (a), 5/7/2021 | 4,000,000 | 4,000,000 | |
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.15% (a), 5/7/2021, LIQ: Societe Generale | 9,500,000 | 9,500,000 | |
California, Nuveen Municipal Credit Opportunities Fund, 144A, AMT, 0.17% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 10,000,000 | 10,000,000 | |
Total Preferred Shares of Closed-End Investment Companies (Cost $23,500,000) | 23,500,000 |
20 | | DWS Tax-Exempt Money Fund |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $220,551,991) | 99.5 | 220,551,991 | |
Other Assets and Liabilities, Net | 0.5 | 1,032,655 | |
Net Assets | 100.0 | 221,584,646 |
(a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of April 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
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. |
AMT: Subject to alternative minimum tax. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
SIFMA: Securities Industry and Financial Markets Association |
SPA: Standby Bond Purchase Agreement |
TECP: Tax Exempt Commercial Paper |
DWS Tax-Exempt Money Fund | | 21 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $197,051,991 | $— | $197,051,991 |
Preferred Shares of Closed-End Investment Companies | — | 23,500,000 | — | 23,500,000 |
Total | $ — | $220,551,991 | $ — | $220,551,991 |
(a) | See Investment Portfolio for additional detailed categorizations. |
22 | | DWS Tax-Exempt Money Fund |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $ 220,551,991 |
Cash | 98,622 |
Receivable for investments sold | 895,000 |
Receivable for Fund shares sold | 114,710 |
Interest receivable | 34,510 |
Other assets | 73,229 |
Total assets | 221,768,062 |
Liabilities | |
Payable for Fund shares redeemed | 59,560 |
Distributions payable | 278 |
Accrued Trustees' fees | 2,714 |
Other accrued expenses and payables | 120,864 |
Total liabilities | 183,416 |
Net assets, at value | $ 221,584,646 |
Net Assets Consist of | |
Distributable earnings (loss) | (5,917) |
Paid-in capital | 221,590,563 |
Net assets, at value | $ 221,584,646 |
DWS Tax-Exempt Money Fund | | 23 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($26,483,291 ÷ 26,459,854 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Exempt Money Fund | |
Net Asset Value, offering and redemption price per share ($108,628,749 ÷ 108,532,699 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Free Money Fund Class S | |
Net Asset Value, offering and redemption price per share ($39,883,927 ÷ 39,848,595 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($4,982,203 ÷ 4,977,794 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Exempt Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($32,080,087 ÷ 32,051,698 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Free Investment Class | |
Net Asset Value, offering and redemption price per share ($9,526,389 ÷ 9,517,963 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
24 | | DWS Tax-Exempt Money Fund |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $ 534,481 |
Expenses: | |
Management fee | 211,419 |
Administration fee | 254,647 |
Services to shareholders | 135,866 |
Distribution and service fees | 105,230 |
Custodian fee | 4,442 |
Professional fees | 59,729 |
Reports to shareholders | 85,220 |
Registration fees | 114,113 |
Trustees' fees and expenses | 10,029 |
Other | 60,449 |
Total expenses before expense reductions | 1,041,144 |
Expense reductions | (577,577) |
Total expenses after expense reductions | 463,567 |
Net investment income | 70,914 |
Net realized gain (loss) from investments | (440) |
Net increase (decrease) in net assets resulting from operations | $ 70,474 |
DWS Tax-Exempt Money Fund | | 25 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 70,914 | $ 3,229,599 |
Net realized gain (loss) | (440) | 10,295 |
Net increase (decrease) in net assets resulting from operations | 70,474 | 3,239,894 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (19,453) | (624,839) |
DWS Tax-Exempt Money Fund | (35,797) | (1,488,005) |
DWS Tax-Free Money Fund Class S | (11,107) | (559,792) |
Service Shares | (520) | (54,983) |
Tax-Exempt Cash Managed Shares | (3,121) | (447,762) |
Tax-Free Investment Class | (914) | (54,218) |
Total distributions | (70,912) | (3,229,599) |
Fund share transactions: | ||
Proceeds from shares sold | 253,602,023 | 242,684,916 |
Reinvestment of distributions | 65,255 | 2,627,334 |
Payments for shares redeemed | (273,752,177) | (295,201,755) |
Net increase (decrease) in net assets from Fund share transactions | (20,084,899) | (49,889,505) |
Increase (decrease) in net assets | (20,085,337) | (49,879,210) |
Net assets at beginning of period | 241,669,983 | 291,549,193 |
Net assets at end of period | $ 221,584,646 | $ 241,669,983 |
26 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .012 | .013 | .008 | .005 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | .000 * | (.000) * |
Total from investment operations | .000 * | .012 | .130 | .008 | .005 |
Less distributions from: | |||||
Net investment income | (.000) * | (.012) | (.013) | (.008) | (.005) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.012) | (.013) | (.008) | (.005) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .03 | 1.25 | 1.34 | .83 | .50 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 109 | 117 | 124 | 136 | 143 |
Ratio of expenses before expense reductions (%) | .35 | .35 | .38 | .33 | .30 |
Ratio of expenses after expense reductions (%) | .17 | .22 | .22 | .23 | .25 |
Ratio of net investment income (%) | .03 | 1.24 | 1.33 | .82 | .41 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Exempt Money Fund | | 27 |
A. | Organization and Significant Accounting Policies |
28 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio: | |
Capital loss carryforwards | $ (6,000) |
DWS Tax-Exempt Money Fund | | 29 |
Years Ended April 30, | ||
Portfolio | 2021 | 2020 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $ 70,912 | $ 3,229,599 |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
30 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Cash Premier Shares | $ 97,945 |
DWS Tax-Exempt Money Fund | 195,078 |
DWS Tax-Free Money Fund Class S | 93,730 |
Service Shares | 51,213 |
Tax-Exempt Cash Managed Shares | 91,392 |
Tax-Free Investment Class | 48,219 |
$ 577,577 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $254,647 | $17,857 |
DWS Tax-Exempt Money Fund | | 31 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Cash Premier Shares | $ 12,396 | $ 2,134 |
DWS Tax-Exempt Money Fund | 35,899 | 6,147 |
DWS Tax-Free Money Fund Class S | 31,384 | 5,293 |
Service Shares | 13,114 | 137 |
Tax-Exempt Cash Managed Shares | 8,817 | 904 |
Tax-Free Investment Class | 7,016 | 1,283 |
$ 108,626 | $ 15,898 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Money Fund | $ — |
DWS Tax-Free Money Fund Class S | 1,727 |
$ 1,727 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 31,213 | $ 2,299 | .60% | .60% |
Tax-Free Investment Class | 23,004 | 1,933 | .25% | .25% |
$ 54,217 | $ 4,232 |
32 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $ 44,572 | $ 3,952 | .15% | .15% |
Tax-Free Investment Class | 6,441 | 541 | .07% | .07% |
$ 51,013 | $ 4,493 |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $7,500 | $1,293 |
C. | Line of Credit |
DWS Tax-Exempt Money Fund | | 33 |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 77,766,770 | $ 77,766,770 | 41,862,423 | $ 41,862,423 |
DWS Tax-Exempt Money Fund | 24,747,256 | 24,747,256 | 25,715,447 | 25,715,447 |
DWS Tax-Free Money Fund Class S | 6,026,999 | 6,026,999 | 11,739,197 | 11,739,197 |
Service Shares | 58,224,291 | 58,224,291 | 33,023,031 | 33,023,031 |
Tax-Exempt Cash Managed Shares | 77,980,751 | 77,980,751 | 118,617,749 | 118,617,749 |
Tax-Free Investment Class | 8,847,306 | 8,847,306 | 11,693,258 | 11,693,258 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ 253,602,023 | $ 242,684,916 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 17,890 | $ 17,890 | 530,544 | $ 530,544 |
DWS Tax-Exempt Money Fund | 35,351 | 35,351 | 1,463,011 | 1,463,011 |
DWS Tax-Free Money Fund Class S | 10,583 | 10,583 | 527,080 | 527,080 |
Service Shares | 510 | 510 | 52,042 | 52,042 |
Tax-Exempt Cash Managed Shares | 12 | 12 | 1,388 | 1,388 |
Tax-Free Investment Class | 909 | 909 | 53,269 | 53,269 |
$ 65,255 | $ 2,627,334 |
34 | | DWS Tax-Exempt Money Fund |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (85,934,445) | $ (85,934,445) | (57,237,476) | $ (57,237,476) |
DWS Tax-Exempt Money Fund | (33,031,135) | (33,031,135) | (34,688,889) | (34,688,889) |
DWS Tax-Free Money Fund Class S | (14,888,349) | (14,888,349) | (15,200,338) | (15,200,338) |
Service Shares | (55,943,158) | (55,943,158) | (44,213,765) | (44,213,765) |
Tax-Exempt Cash Managed Shares | (77,657,029) | (77,657,029) | (132,627,792) | (132,627,792) |
Tax-Free Investment Class | (6,298,061) | (6,298,061) | (11,233,495) | (11,233,495) |
$ (273,752,177) | $ (295,201,755) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (8,149,785) | $ (8,149,785) | (14,844,509) | $ (14,844,509) |
DWS Tax-Exempt Money Fund | (8,248,528) | (8,248,528) | (7,510,431) | (7,510,431) |
DWS Tax-Free Money Fund Class S | (8,850,767) | (8,850,767) | (2,934,061) | (2,934,061) |
Service Shares | 2,281,643 | 2,281,643 | (11,138,692) | (11,138,692) |
Tax-Exempt Cash Managed Shares | 323,734 | 323,734 | (14,008,655) | (14,008,655) |
Tax-Free Investment Class | 2,550,154 | 2,550,154 | 513,032 | 513,032 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ (20,084,899) | $ (49,889,505) |
E. | Money Market Fund Investments and Yield |
DWS Tax-Exempt Money Fund | | 35 |
F. | Other — COVID-19 Pandemic |
36 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 37 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img4eab75293.jpg)
38 | | DWS Tax-Exempt Money Fund |
— | 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. |
DWS Tax-Exempt Money Fund | | 39 |
Actual Fund Return | DWS Tax-Exempt Money Fund |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 |
Expenses Paid per $1,000* | $ .69 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.10 |
Expenses Paid per $1,000* | $ .70 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio | .14% |
Tax Information | (Unaudited) |
40 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 41 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
42 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 43 |
44 | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | 45 |
46 | | DWS Tax-Exempt Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Tax-Exempt Money Fund | | 47 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
48 | | DWS Tax-Exempt Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Tax-Exempt Money Fund | | 49 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
50 | | DWS Tax-Exempt Money Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Tax-Exempt Money Fund | | 51 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgc17da9121.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img2f05d1ec2.jpg)
4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
23 | Statement of Assets and Liabilities |
25 | Statement of Operations |
26 | Statements of Changes in Net Assets |
27 | Financial Highlights |
28 | Notes to Financial Statements |
37 | Report of Independent Registered Public Accounting Firm |
39 | Information About Your Fund’s Expenses |
40 | Tax Information |
41 | Other Information |
42 | Advisory Agreement Board Considerations and Fee Evaluation |
47 | Board Members and Officers |
2 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 5 |
6 | | Tax-Free Investment Class |
7-Day Current Yield | |
Tax-Free Investment Class | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
* | The 7-Day Current Yield would have been –0.52% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
Tax-Free Investment Class | | 7 |
8 | | Tax-Free Investment Class |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Municipal Investments | ||
Municipal Variable Rate Demand Notes | 72% | 67% |
Tax-Exempt Commercial Paper | 10% | 12% |
Municipal Floating-Rate Notes | 5% | 8% |
Municipal Bonds and Notes | 2% | 4% |
Preferred Shares of Closed-End Investment Companies | 11% | 9% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 8 days | 18 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 20 days | 21 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
Tax-Free Investment Class | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 88.9% | |||
Alaska 0.1% | |||
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.06% (a), 5/7/2021 | 260,000 | 260,000 | |
Arizona 0.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue, Phoenix Children’s Hospital, Series A, 0.03% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,160,000 | 1,160,000 | |
California 15.6% | |||
California, ABAG Finance Authority For Nonprofit Corp., Sharp Healthcare Obligated Group, Series A, 0.05% (a), 5/7/2021, LOC: Bank of America NA | 150,000 | 150,000 | |
California, East Bay Municipal Utility District: | |||
Series A-1, TECP, 0.09%, 5/3/2021 | 5,000,000 | 5,000,000 | |
Series A-2, TECP, 0.1%, 6/3/2021 | 5,000,000 | 5,000,000 | |
California, Metropolitan Water District of Southern California: | |||
Series D, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
Series E, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
California, State Commercial Paper, Series A-2, TECP, 0.12%, 6/2/2021 | 3,500,000 | 3,500,000 | |
California, State Department Water Resources Revenue, Series 1, TECP, 0.09%, 5/4/2021 | 2,700,000 | 2,699,991 | |
California, State General Obligation, Series 2019-MIZ9003, 144A, 0.26% (a), 5/7/2021, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | 5,665,000 | 5,665,000 | |
California, State Statewide Communities Development Authority, Multi-Family Housing Foxwood Apartments, Series J, 0.05% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 1,150,000 | 1,150,000 | |
Riverside County, CA, Asset Leasing Corp., Leashold Revenue, Southwest Justice Center, Series A, 0.06% (a), 5/7/2021, INS: AGMC, LOC: Wells Fargo Bank NA | 380,000 | 380,000 | |
San Bernardino County, CA, Flood Control District Judgment Obligation, 0.1% (a), 5/7/2021, LOC: Bank of America NA | 655,000 | 655,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 400,000 | 400,000 | |
34,599,991 |
10 | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Colorado 0.5% | |||
Colorado, State Health Facilities Authority Revenue, Children’s Hospital, Series B, 0.07% (a), 5/7/2021, LOC: TD Bank NA | 600,000 | 600,000 | |
Colorado, State Housing & Finance Authority, Series I - AA2, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 475,000 | 475,000 | |
1,075,000 | |||
Connecticut 0.5% | |||
Connecticut, Tender Option Bond Trust Receipts, Series 2018-XG0204, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,135,000 | 1,135,000 | |
Delaware 0.6% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,270,000 | 1,270,000 | |
Florida 1.9% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 0.09% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 875,000 | 875,000 | |
Jacksonville, FL, Water & Sewer System Revenue, Series A-2, 0.06% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 425,000 | 425,000 | |
Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.06% (a), 5/7/2021, LOC: TD Bank NA | 315,000 | 315,000 | |
Orange County, FL, Health Facilities Authority, Nemours Foundation, Series C-2, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.11% (a), 5/7/2021, LOC: Northern Trust Company | 1,300,000 | 1,300,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 0.11% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 160,000 | 160,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 525,000 | 525,000 | |
4,100,000 | |||
Georgia 4.3% | |||
Georgia, Municipal Electric Authority, Series B, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,000,000 | 1,000,000 | |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 0.16% (a), 5/7/2021, LIQ: JP Morgan Chase Bank NA | 6,800,000 | 6,800,000 |
Tax-Free Investment Class | | 11 |
Principal Amount ($) | Value ($) | ||
Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., Series B, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 1,235,000 | 1,235,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
9,585,000 | |||
Illinois 7.7% | |||
Brookfield, IL, Zoo Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 900,000 | 900,000 | |
Galesburg, IL, Knox College Project, 0.3% (a), 5/7/2021, LOC: PNC Bank NA | 1,800,000 | 1,800,000 | |
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.05% (a), 5/7/2021, LOC: Northern Trust Company | 400,000 | 400,000 | |
Illinois, Finance Authority Revenue, University of Chicago Medical Center, Series E-1, 0.03% (a), 5/3/2021, LOC: Wells Fargo Bank NA | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American College Surgeons, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 682,000 | 682,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 615,000 | 615,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 0.08% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 0.09% (a), 5/7/2021, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 395,000 | 395,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,320,000 | 1,320,000 | |
Illinois, State Finance Authority Revenue, North Park University Project, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 1,000,000 | 1,000,000 |
12 | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 0.09% (a), 5/7/2021, LOC: Northern Trust Company | 1,950,000 | 1,950,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 840,000 | 840,000 | |
University of Illinois, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 420,000 | 420,000 | |
17,057,000 | |||
Indiana 0.8% | |||
Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 0.06% (a), 5/7/2021, LOC: Federal Home Loan Bank | 615,000 | 615,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 0.1% (a), 5/7/2021, LOC: PNC Bank NA | 1,185,000 | 1,185,000 | |
1,800,000 | |||
Iowa 4.0% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,500,000 | 1,500,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 0.09% (a), 5/7/2021 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 0.1% (a), 5/7/2021 | 405,000 | 405,000 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 4,200,000 | 4,200,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 1,400,000 | 1,400,000 | |
8,905,000 | |||
Kansas 0.6% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 280,000 | 280,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.21% (a), 5/7/2021, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,280,000 |
Tax-Free Investment Class | | 13 |
Principal Amount ($) | Value ($) | ||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 0.09% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (a), 5/3/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
450,000 | |||
Louisiana 0.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 570,000 | 570,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 535,000 | 535,000 | |
1,105,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 125,000 | 125,000 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,890,000 | 1,890,000 | |
2,015,000 | |||
Massachusetts 3.1% | |||
Massachusetts, State Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.06% (a), 5/7/2021, SPA: State Street Bank & Trust Co. | 1,180,000 | 1,180,000 | |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, 0.04% (a), 5/7/2021 | 1,500,000 | 1,500,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A-1, 0.07% (a), 5/7/2021, SPA: JP Morgan Chase Bank NA | 1,190,000 | 1,190,000 | |
Series A-2, 0.07% (a), 5/7/2021, SPA: TD Bank NA | 100,000 | 100,000 | |
Series A-3, 0.07% (a), 5/7/2021, SPA: Wells Fargo Bank NA | 200,000 | 200,000 | |
Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 0.07% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 2,300,000 | 2,300,000 | |
6,870,000 |
14 | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Michigan 5.9% | |||
Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 305,000 | 305,000 | |
Michigan, State Finance Authority Revenue, Hospital Project, Ascension Senior Credit Group, Series E-3, 0.04% (a), 5/7/2021 | 400,000 | 400,000 | |
Michigan, State Finance Authority Revenue, Trinity Health Credit Group, Series MI-1, 0.1%, Mandatory Put 6/1/2021 @ 100, 12/1/2034 | 1,250,000 | 1,250,000 | |
Michigan, State Housing Development Authority, Single-Family Mortgage Revenue, Series B, AMT, 0.13% (a), 5/7/2021, SPA: Industrial & Commercial Bank of China | 8,125,000 | 8,125,000 | |
Michigan, State University Revenues, Series 2000-A, 0.08% (a), 5/7/2021, SPA: Northern Trust Company | 1,100,000 | 1,100,000 | |
Michigan, University of Michigan General Revenue, Series B, 0.03% (a), 5/3/2021 | 1,950,000 | 1,950,000 | |
13,130,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 0.06% (a), 5/7/2021, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.7% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, Health & Educational Facilities Authority, St Louis University, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 550,000 | 550,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.03% (a), 5/3/2021, LOC: Barclays Bank PLC | 950,000 | 950,000 | |
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Bethesda Health Group, Inc., Series B, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 195,000 | 195,000 | |
Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 0.08% (a), 5/7/2021, LIQ: Citibank NA | 2,660,000 | 2,660,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.05% (a), 5/7/2021, LOC: U.S. Bank NA | 500,000 | 500,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 0.21% (a), 5/7/2021, LOC: Bank of America NA | 380,000 | 380,000 | |
5,945,000 |
Tax-Free Investment Class | | 15 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.0% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 0.09% (a), 5/7/2021 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Revenue, Series D-2B, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 3,500,000 | 3,500,000 | |
Clark County, NV, Airport Systems Revenue, Series D-3, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 995,000 | 995,000 | |
4,495,000 | |||
New Jersey 1.5% | |||
New Jersey, State Economic Development Authority, Jewish Community Center Project, 0.14% (a), 5/7/2021, LOC: Bank of America NA | 2,105,000 | 2,105,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.: | |||
Series C, 0.02% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 775,000 | 775,000 | |
Series E, 0.03% (a), 5/7/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
3,380,000 | |||
New Mexico 0.5% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 5.7% | |||
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,400,000 | 1,400,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 395,000 | 395,000 | |
New York, State Dormitory Authority, Mental Health Services, Series D-2E, 0.06% (a), 5/7/2021, LOC: Royal Bank of Canada | 625,000 | 625,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 0.05% (a), 5/7/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.03% (a), 5/3/2021, LOC: Bank of America NA | 1,535,000 | 1,535,000 | |
Series F, 0.03% (a), 5/3/2021, LOC: Citibank NA | 415,000 | 415,000 | |
Series B-4C, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 300,000 | 300,000 |
16 | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Series A, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York City, NY, Health & Hospital Corp., Health System Revenue, Series B, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 175,000 | 175,000 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series F-2, 0.04% (a), 5/3/2021, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
Series F1B, 0.05% (a), 5/7/2021, SPA: U.S. Bank NA | 170,000 | 170,000 | |
Series BB, 0.11% (a), 5/7/2021, SPA: Industrial and Commercial Bank of China | 2,645,000 | 2,645,000 | |
New York, NY, General Obligation: | |||
Series G, 0.03% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 190,000 | 190,000 | |
Series A-3, 0.04% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 650,000 | 650,000 | |
Series I-4, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,055,000 | 1,055,000 | |
12,510,000 | |||
North Carolina 0.0% | |||
North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.13% (a), 5/7/2021, LOC: Branch Banking & Trust | 15,000 | 15,000 | |
Ohio 3.7% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.1% (a), 5/7/2021, LOC: Northern Trust Company | 6,900,000 | 6,900,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 0.06% (a), 5/7/2021, LOC: Northern Trust Company | 280,000 | 280,000 | |
Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,000,000 | 1,000,000 | |
8,180,000 | |||
Oklahoma 1.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 0.21% (a), 5/7/2021, INS: Build America Mutual, LIQ: JP Morgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.8% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,800,000 | 1,800,000 |
Tax-Free Investment Class | | 17 |
Principal Amount ($) | Value ($) | ||
Pennsylvania 6.3% | |||
Allegheny County, PA, Hospital Development Authority Revenue, Concordia Lutheran Obligated Group, Series A, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 6,800,000 | 6,800,000 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.04% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,050,000 | 1,050,000 | |
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 590,000 | 590,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 600,000 | 600,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 200,000 | 200,000 | |
Pennsylvania, Tender Option Bond Trust Receipts, Series 2019-ZF2779, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Philadelphia, PA, General Obligation, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
13,955,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, 0.08% (a), 5/7/2021, LOC: TD Bank NA | 1,265,000 | 1,265,000 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 250,000 | 250,000 | |
South Dakota 1.3% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 0.08% (a), 5/7/2021, LOC: U.S. Bank NA | 2,775,000 | 2,775,000 | |
Tennessee 0.3% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 700,000 | 700,000 |
18 | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Texas 7.7% | |||
Austin, TX, Water & Wastewater Systems Revenue, 0.07% (a), 5/7/2021, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Harris County, TX, Hospital District Revenue, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 550,000 | 550,000 | |
Harris County, TX, State General Obligation: | |||
Series A-1, 0.09%, 5/5/2021 | 750,000 | 750,000 | |
Series C, 0.09%, 5/5/2021 | 650,000 | 650,000 | |
Series C, TECP, 0.1%, 5/5/2021 | 1,500,000 | 1,500,000 | |
Series D, TECP, 0.1%, 5/5/2021 | 100,000 | 100,000 | |
Series D, 0.11%, 5/5/2021 | 2,550,000 | 2,550,000 | |
Series C, TECP, 0.14%, 6/2/2021 | 4,000,000 | 4,000,000 | |
Houston, TX, Utility System Revenue, First Lien, Series B-2, 0.06% (a), 5/7/2021, LOC: Citibank NA | 375,000 | 375,000 | |
Mission, TX, Economic Development Corp., Industrial Development Revenue, CMI Project, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 340,000 | 340,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series C-2, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 1,455,000 | 1,455,000 | |
Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 0.09% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 3,100,000 | 3,100,000 | |
17,160,000 | |||
Vermont 0.3% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Virginia 0.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.05% (a), 5/3/2021, LOC: Truist Bank | 100,000 | 100,000 | |
1,225,000 |
Tax-Free Investment Class | | 19 |
Principal Amount ($) | Value ($) | ||
Washington 0.5% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 0.05% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 1,175,000 | 1,175,000 | |
Wisconsin 0.5% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.04% (a), 5/3/2021, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 295,000 | 295,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 275,000 | 275,000 | |
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 275,000 | 275,000 | |
1,145,000 | |||
Other 3.4% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 0.08% (a), 5/7/2021, LIQ: Freddie Mac | 2,725,000 | 2,725,000 | |
“A” , Series M031, 144A, 0.09% (a), 5/7/2021, LIQ: Freddie Mac | 2,840,000 | 2,840,000 | |
“A” , Series M-055, 144A, 1-month USD LIBOR + 0.210%, 0.27% (b), 6/15/2035 | 2,015,000 | 2,015,000 | |
7,580,000 | |||
Total Municipal Investments (Cost $197,051,991) | 197,051,991 | ||
Preferred Shares of Closed-End Investment Companies 10.6% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.41% (a), 5/7/2021 | 4,000,000 | 4,000,000 | |
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.15% (a), 5/7/2021, LIQ: Societe Generale | 9,500,000 | 9,500,000 | |
California, Nuveen Municipal Credit Opportunities Fund, 144A, AMT, 0.17% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 10,000,000 | 10,000,000 | |
Total Preferred Shares of Closed-End Investment Companies (Cost $23,500,000) | 23,500,000 |
20 | | Tax-Free Investment Class |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $220,551,991) | 99.5 | 220,551,991 | |
Other Assets and Liabilities, Net | 0.5 | 1,032,655 | |
Net Assets | 100.0 | 221,584,646 |
(a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of April 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
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. |
AMT: Subject to alternative minimum tax. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
SIFMA: Securities Industry and Financial Markets Association |
SPA: Standby Bond Purchase Agreement |
TECP: Tax Exempt Commercial Paper |
Tax-Free Investment Class | | 21 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $197,051,991 | $— | $197,051,991 |
Preferred Shares of Closed-End Investment Companies | — | 23,500,000 | — | 23,500,000 |
Total | $ — | $220,551,991 | $ — | $220,551,991 |
(a) | See Investment Portfolio for additional detailed categorizations. |
22 | | Tax-Free Investment Class |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $ 220,551,991 |
Cash | 98,622 |
Receivable for investments sold | 895,000 |
Receivable for Fund shares sold | 114,710 |
Interest receivable | 34,510 |
Other assets | 73,229 |
Total assets | 221,768,062 |
Liabilities | |
Payable for Fund shares redeemed | 59,560 |
Distributions payable | 278 |
Accrued Trustees' fees | 2,714 |
Other accrued expenses and payables | 120,864 |
Total liabilities | 183,416 |
Net assets, at value | $ 221,584,646 |
Net Assets Consist of | |
Distributable earnings (loss) | (5,917) |
Paid-in capital | 221,590,563 |
Net assets, at value | $ 221,584,646 |
Tax-Free Investment Class | | 23 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($26,483,291 ÷ 26,459,854 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Exempt Money Fund | |
Net Asset Value, offering and redemption price per share ($108,628,749 ÷ 108,532,699 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Free Money Fund Class S | |
Net Asset Value, offering and redemption price per share ($39,883,927 ÷ 39,848,595 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($4,982,203 ÷ 4,977,794 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Exempt Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($32,080,087 ÷ 32,051,698 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Free Investment Class | |
Net Asset Value, offering and redemption price per share ($9,526,389 ÷ 9,517,963 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
24 | | Tax-Free Investment Class |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $ 534,481 |
Expenses: | |
Management fee | 211,419 |
Administration fee | 254,647 |
Services to shareholders | 135,866 |
Distribution and service fees | 105,230 |
Custodian fee | 4,442 |
Professional fees | 59,729 |
Reports to shareholders | 85,220 |
Registration fees | 114,113 |
Trustees' fees and expenses | 10,029 |
Other | 60,449 |
Total expenses before expense reductions | 1,041,144 |
Expense reductions | (577,577) |
Total expenses after expense reductions | 463,567 |
Net investment income | 70,914 |
Net realized gain (loss) from investments | (440) |
Net increase (decrease) in net assets resulting from operations | $ 70,474 |
Tax-Free Investment Class | | 25 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 70,914 | $ 3,229,599 |
Net realized gain (loss) | (440) | 10,295 |
Net increase (decrease) in net assets resulting from operations | 70,474 | 3,239,894 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (19,453) | (624,839) |
DWS Tax-Exempt Money Fund | (35,797) | (1,488,005) |
DWS Tax-Free Money Fund Class S | (11,107) | (559,792) |
Service Shares | (520) | (54,983) |
Tax-Exempt Cash Managed Shares | (3,121) | (447,762) |
Tax-Free Investment Class | (914) | (54,218) |
Total distributions | (70,912) | (3,229,599) |
Fund share transactions: | ||
Proceeds from shares sold | 253,602,023 | 242,684,916 |
Reinvestment of distributions | 65,255 | 2,627,334 |
Payments for shares redeemed | (273,752,177) | (295,201,755) |
Net increase (decrease) in net assets from Fund share transactions | (20,084,899) | (49,889,505) |
Increase (decrease) in net assets | (20,085,337) | (49,879,210) |
Net assets at beginning of period | 241,669,983 | 291,549,193 |
Net assets at end of period | $ 221,584,646 | $ 241,669,983 |
26 | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio — Tax-Free Investment Class | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .009 | .010 | .004 | .001 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | .000 * | (.000) * |
Total from Investment Operations | .000 * | .009 | .010 | .004 | .001 |
Less distributions from: | |||||
Net investment income | (.000) * | (.009) | (.010) | (.004) | (.001) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.009) | (.010) | (.004) | (.001) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .01 | .88 | .96 | .45 | .13 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 10 | 7 | 6 | 6 | 9 |
Ratio of expenses before expense reductions (%) | .71 | .72 | .74 | .72 | .66 |
Ratio of expenses after expense reductions (%) | .19 | .59 | .59 | .63 | .49 |
Ratio of net investment income (%) | .01 | .86 | .96 | .39 | .02 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
Tax-Free Investment Class | | 27 |
A. | Organization and Significant Accounting Policies |
28 | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio: | |
Capital loss carryforwards | $ (6,000) |
Tax-Free Investment Class | | 29 |
Years Ended April 30, | ||
Portfolio | 2021 | 2020 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $ 70,912 | $ 3,229,599 |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
30 | | Tax-Free Investment Class |
DWS Tax-Exempt Cash Premier Shares | $ 97,945 |
DWS Tax-Exempt Money Fund | 195,078 |
DWS Tax-Free Money Fund Class S | 93,730 |
Service Shares | 51,213 |
Tax-Exempt Cash Managed Shares | 91,392 |
Tax-Free Investment Class | 48,219 |
$ 577,577 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $254,647 | $17,857 |
Tax-Free Investment Class | | 31 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Cash Premier Shares | $ 12,396 | $ 2,134 |
DWS Tax-Exempt Money Fund | 35,899 | 6,147 |
DWS Tax-Free Money Fund Class S | 31,384 | 5,293 |
Service Shares | 13,114 | 137 |
Tax-Exempt Cash Managed Shares | 8,817 | 904 |
Tax-Free Investment Class | 7,016 | 1,283 |
$ 108,626 | $ 15,898 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Money Fund | $ — |
DWS Tax-Free Money Fund Class S | 1,727 |
$ 1,727 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 31,213 | $ 2,299 | .60% | .60% |
Tax-Free Investment Class | 23,004 | 1,933 | .25% | .25% |
$ 54,217 | $ 4,232 |
32 | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $ 44,572 | $ 3,952 | .15% | .15% |
Tax-Free Investment Class | 6,441 | 541 | .07% | .07% |
$ 51,013 | $ 4,493 |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $7,500 | $1,293 |
C. | Line of Credit |
Tax-Free Investment Class | | 33 |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 77,766,770 | $ 77,766,770 | 41,862,423 | $ 41,862,423 |
DWS Tax-Exempt Money Fund | 24,747,256 | 24,747,256 | 25,715,447 | 25,715,447 |
DWS Tax-Free Money Fund Class S | 6,026,999 | 6,026,999 | 11,739,197 | 11,739,197 |
Service Shares | 58,224,291 | 58,224,291 | 33,023,031 | 33,023,031 |
Tax-Exempt Cash Managed Shares | 77,980,751 | 77,980,751 | 118,617,749 | 118,617,749 |
Tax-Free Investment Class | 8,847,306 | 8,847,306 | 11,693,258 | 11,693,258 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ 253,602,023 | $ 242,684,916 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 17,890 | $ 17,890 | 530,544 | $ 530,544 |
DWS Tax-Exempt Money Fund | 35,351 | 35,351 | 1,463,011 | 1,463,011 |
DWS Tax-Free Money Fund Class S | 10,583 | 10,583 | 527,080 | 527,080 |
Service Shares | 510 | 510 | 52,042 | 52,042 |
Tax-Exempt Cash Managed Shares | 12 | 12 | 1,388 | 1,388 |
Tax-Free Investment Class | 909 | 909 | 53,269 | 53,269 |
$ 65,255 | $ 2,627,334 |
34 | | Tax-Free Investment Class |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (85,934,445) | $ (85,934,445) | (57,237,476) | $ (57,237,476) |
DWS Tax-Exempt Money Fund | (33,031,135) | (33,031,135) | (34,688,889) | (34,688,889) |
DWS Tax-Free Money Fund Class S | (14,888,349) | (14,888,349) | (15,200,338) | (15,200,338) |
Service Shares | (55,943,158) | (55,943,158) | (44,213,765) | (44,213,765) |
Tax-Exempt Cash Managed Shares | (77,657,029) | (77,657,029) | (132,627,792) | (132,627,792) |
Tax-Free Investment Class | (6,298,061) | (6,298,061) | (11,233,495) | (11,233,495) |
$ (273,752,177) | $ (295,201,755) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (8,149,785) | $ (8,149,785) | (14,844,509) | $ (14,844,509) |
DWS Tax-Exempt Money Fund | (8,248,528) | (8,248,528) | (7,510,431) | (7,510,431) |
DWS Tax-Free Money Fund Class S | (8,850,767) | (8,850,767) | (2,934,061) | (2,934,061) |
Service Shares | 2,281,643 | 2,281,643 | (11,138,692) | (11,138,692) |
Tax-Exempt Cash Managed Shares | 323,734 | 323,734 | (14,008,655) | (14,008,655) |
Tax-Free Investment Class | 2,550,154 | 2,550,154 | 513,032 | 513,032 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ (20,084,899) | $ (49,889,505) |
E. | Money Market Fund Investments and Yield |
Tax-Free Investment Class | | 35 |
F. | Other — COVID-19 Pandemic |
36 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 37 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgb5e55f223.jpg)
38 | | Tax-Free Investment Class |
— | 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. |
Tax-Free Investment Class | | 39 |
Actual Fund Return | Tax-Free Investment Class |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 |
Expenses Paid per $1,000* | $ .69 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.10 |
Expenses Paid per $1,000* | $ .70 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio | .14% |
Tax Information | (Unaudited) |
40 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 41 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
42 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 43 |
44 | | Tax-Free Investment Class |
Tax-Free Investment Class | | 45 |
46 | | Tax-Free Investment Class |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
Tax-Free Investment Class | | 47 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
48 | | Tax-Free Investment Class |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003��2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
Tax-Free Investment Class | | 49 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
50 | | Tax-Free Investment Class |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
Tax-Free Investment Class | | 51 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542img7633c7921.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imgcad5cb792.jpg)
4 | Portfolio Management Review |
9 | Portfolio Summary |
10 | Investment Portfolio |
23 | Statement of Assets and Liabilities |
25 | Statement of Operations |
26 | Statements of Changes in Net Assets |
27 | Financial Highlights |
28 | Notes to Financial Statements |
37 | Report of Independent Registered Public Accounting Firm |
39 | Information About Your Fund’s Expenses |
40 | Tax Information |
41 | Other Information |
42 | Advisory Agreement Board Considerations and Fee Evaluation |
47 | Board Members and Officers |
2 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 5 |
6 | | DWS Tax-Free Money Fund Class S |
7-Day Current Yield | |
DWS Tax-Free Money Fund Class S | 0.01%* |
Equivalent Taxable Yield | 0.02%** |
* | The 7-Day Current Yield would have been –0.19% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
DWS Tax-Free Money Fund Class S | | 7 |
8 | | DWS Tax-Free Money Fund Class S |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 4/30/21 | 4/30/20 |
Municipal Investments | ||
Municipal Variable Rate Demand Notes | 72% | 67% |
Tax-Exempt Commercial Paper | 10% | 12% |
Municipal Floating-Rate Notes | 5% | 8% |
Municipal Bonds and Notes | 2% | 4% |
Preferred Shares of Closed-End Investment Companies | 11% | 9% |
100% | 100% |
Weighted Average Maturity | 4/30/21 | 4/30/20 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 8 days | 18 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 20 days | 21 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Free Money Fund Class S | | 9 |
Investment Portfolio | as of April 30, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 88.9% | |||
Alaska 0.1% | |||
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.06% (a), 5/7/2021 | 260,000 | 260,000 | |
Arizona 0.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue, Phoenix Children’s Hospital, Series A, 0.03% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,160,000 | 1,160,000 | |
California 15.6% | |||
California, ABAG Finance Authority For Nonprofit Corp., Sharp Healthcare Obligated Group, Series A, 0.05% (a), 5/7/2021, LOC: Bank of America NA | 150,000 | 150,000 | |
California, East Bay Municipal Utility District: | |||
Series A-1, TECP, 0.09%, 5/3/2021 | 5,000,000 | 5,000,000 | |
Series A-2, TECP, 0.1%, 6/3/2021 | 5,000,000 | 5,000,000 | |
California, Metropolitan Water District of Southern California: | |||
Series D, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
Series E, MUNIPSA + 0.250%, 0.31% (b), Mandatory Put 6/21/2021@100, 7/1/2037 | 5,000,000 | 5,000,000 | |
California, State Commercial Paper, Series A-2, TECP, 0.12%, 6/2/2021 | 3,500,000 | 3,500,000 | |
California, State Department Water Resources Revenue, Series 1, TECP, 0.09%, 5/4/2021 | 2,700,000 | 2,699,991 | |
California, State General Obligation, Series 2019-MIZ9003, 144A, 0.26% (a), 5/7/2021, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd. | 5,665,000 | 5,665,000 | |
California, State Statewide Communities Development Authority, Multi-Family Housing Foxwood Apartments, Series J, 0.05% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 1,150,000 | 1,150,000 | |
Riverside County, CA, Asset Leasing Corp., Leashold Revenue, Southwest Justice Center, Series A, 0.06% (a), 5/7/2021, INS: AGMC, LOC: Wells Fargo Bank NA | 380,000 | 380,000 | |
San Bernardino County, CA, Flood Control District Judgment Obligation, 0.1% (a), 5/7/2021, LOC: Bank of America NA | 655,000 | 655,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 400,000 | 400,000 | |
34,599,991 |
10 | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Colorado 0.5% | |||
Colorado, State Health Facilities Authority Revenue, Children’s Hospital, Series B, 0.07% (a), 5/7/2021, LOC: TD Bank NA | 600,000 | 600,000 | |
Colorado, State Housing & Finance Authority, Series I - AA2, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 475,000 | 475,000 | |
1,075,000 | |||
Connecticut 0.5% | |||
Connecticut, Tender Option Bond Trust Receipts, Series 2018-XG0204, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,135,000 | 1,135,000 | |
Delaware 0.6% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,270,000 | 1,270,000 | |
Florida 1.9% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 0.09% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 875,000 | 875,000 | |
Jacksonville, FL, Water & Sewer System Revenue, Series A-2, 0.06% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 425,000 | 425,000 | |
Lakeland, FL, Educational Facilities Revenue, Florida Southern College Project, Series B, 0.06% (a), 5/7/2021, LOC: TD Bank NA | 315,000 | 315,000 | |
Orange County, FL, Health Facilities Authority, Nemours Foundation, Series C-2, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.11% (a), 5/7/2021, LOC: Northern Trust Company | 1,300,000 | 1,300,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 0.11% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 160,000 | 160,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 525,000 | 525,000 | |
4,100,000 | |||
Georgia 4.3% | |||
Georgia, Municipal Electric Authority, Series B, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,000,000 | 1,000,000 | |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 0.16% (a), 5/7/2021, LIQ: JP Morgan Chase Bank NA | 6,800,000 | 6,800,000 |
DWS Tax-Free Money Fund Class S | | 11 |
Principal Amount ($) | Value ($) | ||
Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., Series B, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 1,235,000 | 1,235,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
9,585,000 | |||
Illinois 7.7% | |||
Brookfield, IL, Zoo Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 900,000 | 900,000 | |
Galesburg, IL, Knox College Project, 0.3% (a), 5/7/2021, LOC: PNC Bank NA | 1,800,000 | 1,800,000 | |
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.05% (a), 5/7/2021, LOC: Northern Trust Company | 400,000 | 400,000 | |
Illinois, Finance Authority Revenue, University of Chicago Medical Center, Series E-1, 0.03% (a), 5/3/2021, LOC: Wells Fargo Bank NA | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American College Surgeons, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 682,000 | 682,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 615,000 | 615,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 0.08% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 0.09% (a), 5/7/2021, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 395,000 | 395,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,320,000 | 1,320,000 | |
Illinois, State Finance Authority Revenue, North Park University Project, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 1,000,000 | 1,000,000 |
12 | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 0.09% (a), 5/7/2021, LOC: Northern Trust Company | 1,950,000 | 1,950,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 840,000 | 840,000 | |
University of Illinois, 0.08% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 420,000 | 420,000 | |
17,057,000 | |||
Indiana 0.8% | |||
Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 0.06% (a), 5/7/2021, LOC: Federal Home Loan Bank | 615,000 | 615,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 0.1% (a), 5/7/2021, LOC: PNC Bank NA | 1,185,000 | 1,185,000 | |
1,800,000 | |||
Iowa 4.0% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,500,000 | 1,500,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 0.09% (a), 5/7/2021 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 0.1% (a), 5/7/2021 | 405,000 | 405,000 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 4,200,000 | 4,200,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 1,400,000 | 1,400,000 | |
8,905,000 | |||
Kansas 0.6% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 280,000 | 280,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.21% (a), 5/7/2021, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,280,000 |
DWS Tax-Free Money Fund Class S | | 13 |
Principal Amount ($) | Value ($) | ||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 0.09% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (a), 5/3/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
450,000 | |||
Louisiana 0.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 570,000 | 570,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 535,000 | 535,000 | |
1,105,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 125,000 | 125,000 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 0.08% (a), 5/7/2021, LOC: PNC Bank NA | 1,890,000 | 1,890,000 | |
2,015,000 | |||
Massachusetts 3.1% | |||
Massachusetts, State Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.06% (a), 5/7/2021, SPA: State Street Bank & Trust Co. | 1,180,000 | 1,180,000 | |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, 0.04% (a), 5/7/2021 | 1,500,000 | 1,500,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A-1, 0.07% (a), 5/7/2021, SPA: JP Morgan Chase Bank NA | 1,190,000 | 1,190,000 | |
Series A-2, 0.07% (a), 5/7/2021, SPA: TD Bank NA | 100,000 | 100,000 | |
Series A-3, 0.07% (a), 5/7/2021, SPA: Wells Fargo Bank NA | 200,000 | 200,000 | |
Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 0.07% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 2,300,000 | 2,300,000 | |
6,870,000 |
14 | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Michigan 5.9% | |||
Kent, MI, Hospital Finance Authority, Spectrum Health System, Series C, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 305,000 | 305,000 | |
Michigan, State Finance Authority Revenue, Hospital Project, Ascension Senior Credit Group, Series E-3, 0.04% (a), 5/7/2021 | 400,000 | 400,000 | |
Michigan, State Finance Authority Revenue, Trinity Health Credit Group, Series MI-1, 0.1%, Mandatory Put 6/1/2021 @ 100, 12/1/2034 | 1,250,000 | 1,250,000 | |
Michigan, State Housing Development Authority, Single-Family Mortgage Revenue, Series B, AMT, 0.13% (a), 5/7/2021, SPA: Industrial & Commercial Bank of China | 8,125,000 | 8,125,000 | |
Michigan, State University Revenues, Series 2000-A, 0.08% (a), 5/7/2021, SPA: Northern Trust Company | 1,100,000 | 1,100,000 | |
Michigan, University of Michigan General Revenue, Series B, 0.03% (a), 5/3/2021 | 1,950,000 | 1,950,000 | |
13,130,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 0.06% (a), 5/7/2021, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.7% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 0.07% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, Health & Educational Facilities Authority, St Louis University, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 550,000 | 550,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.03% (a), 5/3/2021, LOC: Barclays Bank PLC | 950,000 | 950,000 | |
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Bethesda Health Group, Inc., Series B, 0.04% (a), 5/3/2021, LOC: Bank of America NA | 195,000 | 195,000 | |
Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 0.08% (a), 5/7/2021, LIQ: Citibank NA | 2,660,000 | 2,660,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 0.05% (a), 5/7/2021, LOC: U.S. Bank NA | 500,000 | 500,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 0.21% (a), 5/7/2021, LOC: Bank of America NA | 380,000 | 380,000 | |
5,945,000 |
DWS Tax-Free Money Fund Class S | | 15 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.0% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 0.09% (a), 5/7/2021 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Revenue, Series D-2B, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 3,500,000 | 3,500,000 | |
Clark County, NV, Airport Systems Revenue, Series D-3, 0.06% (a), 5/7/2021, LOC: Bank of America NA | 995,000 | 995,000 | |
4,495,000 | |||
New Jersey 1.5% | |||
New Jersey, State Economic Development Authority, Jewish Community Center Project, 0.14% (a), 5/7/2021, LOC: Bank of America NA | 2,105,000 | 2,105,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 0.06% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.: | |||
Series C, 0.02% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 775,000 | 775,000 | |
Series E, 0.03% (a), 5/7/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
3,380,000 | |||
New Mexico 0.5% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 0.09% (a), 5/7/2021, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 5.7% | |||
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 1,400,000 | 1,400,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 395,000 | 395,000 | |
New York, State Dormitory Authority, Mental Health Services, Series D-2E, 0.06% (a), 5/7/2021, LOC: Royal Bank of Canada | 625,000 | 625,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 0.05% (a), 5/7/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.03% (a), 5/3/2021, LOC: Bank of America NA | 1,535,000 | 1,535,000 | |
Series F, 0.03% (a), 5/3/2021, LOC: Citibank NA | 415,000 | 415,000 | |
Series B-4C, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 300,000 | 300,000 |
16 | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Series A, 0.06% (a), 5/7/2021, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York City, NY, Health & Hospital Corp., Health System Revenue, Series B, 0.05% (a), 5/7/2021, LOC: TD Bank NA | 175,000 | 175,000 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series F-2, 0.04% (a), 5/3/2021, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
Series F1B, 0.05% (a), 5/7/2021, SPA: U.S. Bank NA | 170,000 | 170,000 | |
Series BB, 0.11% (a), 5/7/2021, SPA: Industrial and Commercial Bank of China | 2,645,000 | 2,645,000 | |
New York, NY, General Obligation: | |||
Series G, 0.03% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 190,000 | 190,000 | |
Series A-3, 0.04% (a), 5/3/2021, LOC: Mizuho Bank Ltd. | 650,000 | 650,000 | |
Series I-4, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,055,000 | 1,055,000 | |
12,510,000 | |||
North Carolina 0.0% | |||
North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.13% (a), 5/7/2021, LOC: Branch Banking & Trust | 15,000 | 15,000 | |
Ohio 3.7% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.1% (a), 5/7/2021, LOC: Northern Trust Company | 6,900,000 | 6,900,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 0.06% (a), 5/7/2021, LOC: Northern Trust Company | 280,000 | 280,000 | |
Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 1,000,000 | 1,000,000 | |
8,180,000 | |||
Oklahoma 1.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 0.21% (a), 5/7/2021, INS: Build America Mutual, LIQ: JP Morgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.8% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 1,800,000 | 1,800,000 |
DWS Tax-Free Money Fund Class S | | 17 |
Principal Amount ($) | Value ($) | ||
Pennsylvania 6.3% | |||
Allegheny County, PA, Hospital Development Authority Revenue, Concordia Lutheran Obligated Group, Series A, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 6,800,000 | 6,800,000 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.04% (a), 5/3/2021, LOC: JPMorgan Chase Bank NA | 1,050,000 | 1,050,000 | |
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, 0.07% (a), 5/7/2021, LOC: PNC Bank NA | 590,000 | 590,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 600,000 | 600,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 0.12% (a), 5/7/2021, LOC: PNC Bank NA | 200,000 | 200,000 | |
Pennsylvania, Tender Option Bond Trust Receipts, Series 2019-ZF2779, 144A, 0.09% (a), 5/7/2021, LIQ: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Philadelphia, PA, General Obligation, Series B, 0.05% (a), 5/7/2021, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
13,955,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, 0.08% (a), 5/7/2021, LOC: TD Bank NA | 1,265,000 | 1,265,000 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.04% (a), 5/3/2021, LOC: U.S. Bank NA | 250,000 | 250,000 | |
South Dakota 1.3% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 0.08% (a), 5/7/2021, LOC: U.S. Bank NA | 2,775,000 | 2,775,000 | |
Tennessee 0.3% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 700,000 | 700,000 |
18 | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Texas 7.7% | |||
Austin, TX, Water & Wastewater Systems Revenue, 0.07% (a), 5/7/2021, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Harris County, TX, Hospital District Revenue, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 550,000 | 550,000 | |
Harris County, TX, State General Obligation: | |||
Series A-1, 0.09%, 5/5/2021 | 750,000 | 750,000 | |
Series C, 0.09%, 5/5/2021 | 650,000 | 650,000 | |
Series C, TECP, 0.1%, 5/5/2021 | 1,500,000 | 1,500,000 | |
Series D, TECP, 0.1%, 5/5/2021 | 100,000 | 100,000 | |
Series D, 0.11%, 5/5/2021 | 2,550,000 | 2,550,000 | |
Series C, TECP, 0.14%, 6/2/2021 | 4,000,000 | 4,000,000 | |
Houston, TX, Utility System Revenue, First Lien, Series B-2, 0.06% (a), 5/7/2021, LOC: Citibank NA | 375,000 | 375,000 | |
Mission, TX, Economic Development Corp., Industrial Development Revenue, CMI Project, 0.21% (a), 5/7/2021, LOC: Wells Fargo Bank NA | 340,000 | 340,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series C-2, 0.05% (a), 5/7/2021, LOC: Bank of NY Mellon | 1,455,000 | 1,455,000 | |
Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 0.09% (a), 5/7/2021, LIQ: Toronto-Dominion Bank | 3,100,000 | 3,100,000 | |
17,160,000 | |||
Vermont 0.3% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.04% (a), 5/3/2021, LOC: TD Bank NA | 650,000 | 650,000 | |
Virginia 0.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 0.07% (a), 5/7/2021, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.05% (a), 5/3/2021, LOC: Truist Bank | 100,000 | 100,000 | |
1,225,000 |
DWS Tax-Free Money Fund Class S | | 19 |
Principal Amount ($) | Value ($) | ||
Washington 0.5% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 0.05% (a), 5/7/2021, LIQ: Fannie Mae, LOC: Fannie Mae | 1,175,000 | 1,175,000 | |
Wisconsin 0.5% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.04% (a), 5/3/2021, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 0.07% (a), 5/7/2021, LOC: JPMorgan Chase Bank NA | 295,000 | 295,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 0.06% (a), 5/7/2021, LOC: U.S. Bank NA | 275,000 | 275,000 | |
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.07% (a), 5/7/2021, LOC: BMO Harris Bank NA | 275,000 | 275,000 | |
1,145,000 | |||
Other 3.4% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 0.08% (a), 5/7/2021, LIQ: Freddie Mac | 2,725,000 | 2,725,000 | |
“A” , Series M031, 144A, 0.09% (a), 5/7/2021, LIQ: Freddie Mac | 2,840,000 | 2,840,000 | |
“A” , Series M-055, 144A, 1-month USD LIBOR + 0.210%, 0.27% (b), 6/15/2035 | 2,015,000 | 2,015,000 | |
7,580,000 | |||
Total Municipal Investments (Cost $197,051,991) | 197,051,991 | ||
Preferred Shares of Closed-End Investment Companies 10.6% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.41% (a), 5/7/2021 | 4,000,000 | 4,000,000 | |
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.15% (a), 5/7/2021, LIQ: Societe Generale | 9,500,000 | 9,500,000 | |
California, Nuveen Municipal Credit Opportunities Fund, 144A, AMT, 0.17% (a), 5/7/2021, LOC: Sumitomo Mitsui Banking | 10,000,000 | 10,000,000 | |
Total Preferred Shares of Closed-End Investment Companies (Cost $23,500,000) | 23,500,000 |
20 | | DWS Tax-Free Money Fund Class S |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $220,551,991) | 99.5 | 220,551,991 | |
Other Assets and Liabilities, Net | 0.5 | 1,032,655 | |
Net Assets | 100.0 | 221,584,646 |
(a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of April 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2021. |
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. |
AMT: Subject to alternative minimum tax. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
SIFMA: Securities Industry and Financial Markets Association |
SPA: Standby Bond Purchase Agreement |
TECP: Tax Exempt Commercial Paper |
DWS Tax-Free Money Fund Class S | | 21 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $197,051,991 | $— | $197,051,991 |
Preferred Shares of Closed-End Investment Companies | — | 23,500,000 | — | 23,500,000 |
Total | $ — | $220,551,991 | $ — | $220,551,991 |
(a) | See Investment Portfolio for additional detailed categorizations. |
22 | | DWS Tax-Free Money Fund Class S |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $ 220,551,991 |
Cash | 98,622 |
Receivable for investments sold | 895,000 |
Receivable for Fund shares sold | 114,710 |
Interest receivable | 34,510 |
Other assets | 73,229 |
Total assets | 221,768,062 |
Liabilities | |
Payable for Fund shares redeemed | 59,560 |
Distributions payable | 278 |
Accrued Trustees' fees | 2,714 |
Other accrued expenses and payables | 120,864 |
Total liabilities | 183,416 |
Net assets, at value | $ 221,584,646 |
Net Assets Consist of | |
Distributable earnings (loss) | (5,917) |
Paid-in capital | 221,590,563 |
Net assets, at value | $ 221,584,646 |
DWS Tax-Free Money Fund Class S | | 23 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($26,483,291 ÷ 26,459,854 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Exempt Money Fund | |
Net Asset Value, offering and redemption price per share ($108,628,749 ÷ 108,532,699 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
DWS Tax-Free Money Fund Class S | |
Net Asset Value, offering and redemption price per share ($39,883,927 ÷ 39,848,595 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Service Shares | |
Net Asset Value, offering and redemption price per share ($4,982,203 ÷ 4,977,794 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Exempt Cash Managed Shares | |
Net Asset Value, offering and redemption price per share ($32,080,087 ÷ 32,051,698 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
Tax-Free Investment Class | |
Net Asset Value, offering and redemption price per share ($9,526,389 ÷ 9,517,963 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 |
24 | | DWS Tax-Free Money Fund Class S |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $ 534,481 |
Expenses: | |
Management fee | 211,419 |
Administration fee | 254,647 |
Services to shareholders | 135,866 |
Distribution and service fees | 105,230 |
Custodian fee | 4,442 |
Professional fees | 59,729 |
Reports to shareholders | 85,220 |
Registration fees | 114,113 |
Trustees' fees and expenses | 10,029 |
Other | 60,449 |
Total expenses before expense reductions | 1,041,144 |
Expense reductions | (577,577) |
Total expenses after expense reductions | 463,567 |
Net investment income | 70,914 |
Net realized gain (loss) from investments | (440) |
Net increase (decrease) in net assets resulting from operations | $ 70,474 |
DWS Tax-Free Money Fund Class S | | 25 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 70,914 | $ 3,229,599 |
Net realized gain (loss) | (440) | 10,295 |
Net increase (decrease) in net assets resulting from operations | 70,474 | 3,239,894 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (19,453) | (624,839) |
DWS Tax-Exempt Money Fund | (35,797) | (1,488,005) |
DWS Tax-Free Money Fund Class S | (11,107) | (559,792) |
Service Shares | (520) | (54,983) |
Tax-Exempt Cash Managed Shares | (3,121) | (447,762) |
Tax-Free Investment Class | (914) | (54,218) |
Total distributions | (70,912) | (3,229,599) |
Fund share transactions: | ||
Proceeds from shares sold | 253,602,023 | 242,684,916 |
Reinvestment of distributions | 65,255 | 2,627,334 |
Payments for shares redeemed | (273,752,177) | (295,201,755) |
Net increase (decrease) in net assets from Fund share transactions | (20,084,899) | (49,889,505) |
Increase (decrease) in net assets | (20,085,337) | (49,879,210) |
Net assets at beginning of period | 241,669,983 | 291,549,193 |
Net assets at end of period | $ 221,584,646 | $ 241,669,983 |
26 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S | |||||
Years Ended April 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .000 * | .012 | .013 | .008 | .005 |
Net realized gain (loss) | (.000) * | .000 * | .000 * | .000 * | (.000) * |
Total from investment operations | .000 * | .012 | .013 | .008 | .005 |
Less distributions from: | |||||
Net investment income | (.000) * | (.012) | (.013) | (.008) | (.005) |
Net realized gains | — | — | — | — | (.000) * |
Total distributions | (.000) * | (.012) | (.013) | (.008) | (.005) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .02 | 1.22 | 1.30 | .79 | .46 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 40 | 49 | 52 | 51 | 55 |
Ratio of expenses before expense reductions (%) | .39 | .38 | .40 | .36 | .33 |
Ratio of expenses after expense reductions (%) | .18 | .25 | .26 | .27 | .28 |
Ratio of net investment income (%) | .02 | 1.22 | 1.29 | .78 | .38 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Free Money Fund Class S | | 27 |
A. | Organization and Significant Accounting Policies |
28 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio: | |
Capital loss carryforwards | $ (6,000) |
DWS Tax-Free Money Fund Class S | | 29 |
Years Ended April 30, | ||
Portfolio | 2021 | 2020 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $ 70,912 | $ 3,229,599 |
B. | Related Parties |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
30 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Cash Premier Shares | $ 97,945 |
DWS Tax-Exempt Money Fund | 195,078 |
DWS Tax-Free Money Fund Class S | 93,730 |
Service Shares | 51,213 |
Tax-Exempt Cash Managed Shares | 91,392 |
Tax-Free Investment Class | 48,219 |
$ 577,577 |
Fund | Administration Fee | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $254,647 | $17,857 |
DWS Tax-Free Money Fund Class S | | 31 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Cash Premier Shares | $ 12,396 | $ 2,134 |
DWS Tax-Exempt Money Fund | 35,899 | 6,147 |
DWS Tax-Free Money Fund Class S | 31,384 | 5,293 |
Service Shares | 13,114 | 137 |
Tax-Exempt Cash Managed Shares | 8,817 | 904 |
Tax-Free Investment Class | 7,016 | 1,283 |
$ 108,626 | $ 15,898 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Money Fund | $ — |
DWS Tax-Free Money Fund Class S | 1,727 |
$ 1,727 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Service Shares | $ 31,213 | $ 2,299 | .60% | .60% |
Tax-Free Investment Class | 23,004 | 1,933 | .25% | .25% |
$ 54,217 | $ 4,232 |
32 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2021 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $ 44,572 | $ 3,952 | .15% | .15% |
Tax-Free Investment Class | 6,441 | 541 | .07% | .07% |
$ 51,013 | $ 4,493 |
Fund | Total Aggregated | Unpaid at April 30, 2021 |
DWS Tax-Exempt Portfolio | $7,500 | $1,293 |
C. | Line of Credit |
DWS Tax-Free Money Fund Class S | | 33 |
D. | Fund Share Transactions |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 77,766,770 | $ 77,766,770 | 41,862,423 | $ 41,862,423 |
DWS Tax-Exempt Money Fund | 24,747,256 | 24,747,256 | 25,715,447 | 25,715,447 |
DWS Tax-Free Money Fund Class S | 6,026,999 | 6,026,999 | 11,739,197 | 11,739,197 |
Service Shares | 58,224,291 | 58,224,291 | 33,023,031 | 33,023,031 |
Tax-Exempt Cash Managed Shares | 77,980,751 | 77,980,751 | 118,617,749 | 118,617,749 |
Tax-Free Investment Class | 8,847,306 | 8,847,306 | 11,693,258 | 11,693,258 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ 253,602,023 | $ 242,684,916 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 17,890 | $ 17,890 | 530,544 | $ 530,544 |
DWS Tax-Exempt Money Fund | 35,351 | 35,351 | 1,463,011 | 1,463,011 |
DWS Tax-Free Money Fund Class S | 10,583 | 10,583 | 527,080 | 527,080 |
Service Shares | 510 | 510 | 52,042 | 52,042 |
Tax-Exempt Cash Managed Shares | 12 | 12 | 1,388 | 1,388 |
Tax-Free Investment Class | 909 | 909 | 53,269 | 53,269 |
$ 65,255 | $ 2,627,334 |
34 | | DWS Tax-Free Money Fund Class S |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (85,934,445) | $ (85,934,445) | (57,237,476) | $ (57,237,476) |
DWS Tax-Exempt Money Fund | (33,031,135) | (33,031,135) | (34,688,889) | (34,688,889) |
DWS Tax-Free Money Fund Class S | (14,888,349) | (14,888,349) | (15,200,338) | (15,200,338) |
Service Shares | (55,943,158) | (55,943,158) | (44,213,765) | (44,213,765) |
Tax-Exempt Cash Managed Shares | (77,657,029) | (77,657,029) | (132,627,792) | (132,627,792) |
Tax-Free Investment Class | (6,298,061) | (6,298,061) | (11,233,495) | (11,233,495) |
$ (273,752,177) | $ (295,201,755) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (8,149,785) | $ (8,149,785) | (14,844,509) | $ (14,844,509) |
DWS Tax-Exempt Money Fund | (8,248,528) | (8,248,528) | (7,510,431) | (7,510,431) |
DWS Tax-Free Money Fund Class S | (8,850,767) | (8,850,767) | (2,934,061) | (2,934,061) |
Service Shares | 2,281,643 | 2,281,643 | (11,138,692) | (11,138,692) |
Tax-Exempt Cash Managed Shares | 323,734 | 323,734 | (14,008,655) | (14,008,655) |
Tax-Free Investment Class | 2,550,154 | 2,550,154 | 513,032 | 513,032 |
Account maintenance fees | — | 8,650 | — | 33,811 |
$ (20,084,899) | $ (49,889,505) |
E. | Money Market Fund Investments and Yield |
DWS Tax-Free Money Fund Class S | | 35 |
F. | Other — COVID-19 Pandemic |
36 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 37 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000530/g134542imge41f50e23.jpg)
38 | | DWS Tax-Free Money Fund Class S |
— | 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. |
DWS Tax-Free Money Fund Class S | | 39 |
Actual Fund Return | DWS Tax-Free Money Fund Class S |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,000.05 |
Expenses Paid per $1,000* | $ .69 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/20 | $1,000.00 |
Ending Account Value 4/30/21 | $1,024.10 |
Expenses Paid per $1,000* | $ .70 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio | .14% |
Tax Information | (Unaudited) |
40 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 41 |
— | During the entire process, all of 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 reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of 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 Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
42 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 43 |
44 | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | 45 |
46 | | DWS Tax-Free Money Fund Class S |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Tax-Free Money Fund Class S | | 47 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
48 | | DWS Tax-Free Money Fund Class S |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); formerly: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (health care) (2009–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Tax-Free Money Fund Class S | | 49 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); previously, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
50 | | DWS Tax-Free Money Fund Class S |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Tax-Free Money Fund Class S | | 51 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Cash Account trust: DWS Government & Agency Portfolio
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $28,433 | $0 | $7,879 | $0 |
2020 | $28,433 | $0 | $8,564 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended April 30, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $57,532 | $0 |
2020 | $0 | $1,276,578 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended April 30, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $7,879 | $57,532 | $0 | $65,411 |
2020 | $8,564 | $1,276,578 | $0 | $1,285,142 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund. |
Cash Account trust: DWS Tax Exempt Portfolio
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (��EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $30,433 | $0 | $7,879 | $0 |
2020 | $30,433 | $0 | $8,564 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended April 30, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $57,532 | $0 |
2020 | $0 | $1,276,578 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended April 30, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $7,879 | $57,532 | $0 | $65,411 |
2020 | $8,564 | $1,276,578 | $0 | $1,285,142 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund. |
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 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(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. | |
(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 & Agency Securities Portfolio and DWS Tax-Exempt Portfolio, each a series of Cash Account Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2021 |
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: | 6/29/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2021 |