UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
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: | 10/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010imgb998b2561.jpg)
Service Shares
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img947f1a932.jpg)
Contents
4 | |
5 | |
11 | |
13 | |
14 | |
15 | |
16 | |
17 | |
26 |
2 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 3 |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Government & Agency Obligations | 53% | 25% |
Repurchase Agreements | 47% | 75% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 27 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 25 days | 17 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. |
4 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 53.8% | |||
U.S. Government Sponsored Agencies 27.4% | |||
Federal Farm Credit Banks: | |||
SOFR + 0.145%, 5.455% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
SOFR + 0.135%, 5.465% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.039% (b), 11/17/2023 | 40,000,000 | 39,911,644 | |
5.222% (b), 4/5/2024 | 30,600,000 | 29,917,110 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,527,448 | |
Federal Home Loan Banks: | |||
SOFR + 0.02%, 5.33% (a), 11/9/2023 | 22,000,000 | 22,000,000 | |
SOFR + 0.02%, 5.33% (a), 11/17/2023 | 45,000,000 | 45,000,000 | |
SOFR + 0.03%, 5.34% (a), 11/10/2023 | 70,000,000 | 70,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/12/2024 | 35,000,000 | 35,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/16/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/12/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/13/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/20/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/26/2024 | 50,000,000 | 50,000,000 | |
SOFR + 0.045%, 5.355% (a), 2/28/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.45%, 5.355% (a), 3/15/2024 | 34,000,000 | 34,000,000 | |
SOFR + 0.045%, 5.355% (a), 4/4/2024 | 45,000,000 | 45,000,000 | |
SOFR + 0.05%, 5.36% (a), 3/20/2024 | 40,750,000 | 40,750,000 | |
SOFR + 0.045%, 5.365% (a), 2/2/2024 | 5,750,000 | 5,750,000 | |
SOFR + 0.07%, 5.38% (a), 11/27/2023 | 16,000,000 | 16,000,000 | |
SOFR + 0.09%, 5.4% (a), 12/1/2023 | 75,000,000 | 75,000,000 | |
SOFR + 0.125%, 5.435% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
Federal National Mortgage Association, 5.52%, 7/16/2024 | 12,000,000 | 12,000,000 | |
644,606,202 | |||
U.S. Treasury Obligations 26.4% | |||
U.S. Treasury Bills: | |||
5.08% (b), 7/11/2024 | 32,000,000 | 30,873,307 | |
5.105% (b), 8/8/2024 | 25,000,000 | 24,017,378 | |
5.258% (b), 11/24/2023 | 27,750,000 | 27,658,057 | |
5.305% (b), 1/11/2024 | 41,000,000 | 40,576,894 | |
5.323% (b), 1/18/2024 | 40,000,000 | 39,545,000 | |
5.333% (b), 1/4/2024 | 12,000,000 | 11,887,787 | |
5.363% (b), 11/7/2023 | 5,000,000 | 4,995,592 |
Cash Account Trust — Service Shares | | | 5 |
Principal Amount ($) | Value ($) | ||
5.374% (b), 12/7/2023 | 35,000,000 | 34,814,500 | |
5.374% (b), 3/21/2024 | 19,000,000 | 18,605,592 | |
5.375% (b), 4/25/2024 | 25,000,000 | 24,352,100 | |
5.379% (b), 12/12/2023 | 30,000,000 | 29,818,729 | |
5.384% (b), 11/9/2023 | 30,000,000 | 29,964,600 | |
5.4% (b), 12/14/2023 | 20,000,000 | 19,876,438 | |
5.409% (b), 2/27/2024 | 45,000,000 | 44,213,087 | |
5.415% (b), 12/12/2023 | 35,000,000 | 34,787,122 | |
5.424% (b), 2/6/2024 | 25,000,000 | 24,639,618 | |
5.424% (b), 2/29/2024 | 43,500,000 | 42,724,250 | |
5.424% (b), 4/18/2024 | 15,000,000 | 14,623,264 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield minus 0.075%, 5.307% (a), 4/30/2024 | 15,000,000 | 14,997,082 | |
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 5.367% (a), 1/31/2024 | 40,000,000 | 40,006,739 | |
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.419% (a), 7/31/2024 | 25,000,000 | 25,007,883 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.507% (a), 7/31/2025 | 45,000,000 | 44,968,385 | |
622,953,404 | |||
Total Government & Agency Obligations (Cost $1,267,559,606) | 1,267,559,606 | ||
Repurchase Agreements 46.8% | |||
Barclays Bank PLC, 5.3%, dated 10/31/2023, to be repurchased at $156,022,967 on 11/1/2023 (c) | 156,000,000 | 156,000,000 | |
BNP Paribas: | |||
5.29%, dated 10/31/2023, to be repurchased at $111,916,443 on 11/1/2023 (d) | 111,900,000 | 111,900,000 | |
5.3%, dated 10/31/2023, to be repurchased at $28,104,137 on 11/1/2023 (e) | 28,100,000 | 28,100,000 | |
Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, to be repurchased at $63,109,255 on 11/1/2023 (f) | 63,100,000 | 63,100,000 | |
Federal Reserve Bank of New York, 5.3%, dated 10/31/2023, to be repurchased at $45,006,625 on 11/1/2023 (g) | 45,000,000 | 45,000,000 | |
Fixed Income Clearing Corp., 5.3%, dated 10/31/2023, to be repurchased at $100,014,722 on 11/1/2023 (h) | 100,000,000 | 100,000,000 | |
JPMorgan Securities, Inc.: | |||
5.3%, dated 10/31/2023, to be repurchased at $91,013,397 on 11/1/2023 (i) | 91,000,000 | 91,000,000 |
6 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
5.31%, dated 10/31/2023, to be repurchased at $101,014,898 on 11/1/2023 (j) | 101,000,000 | 101,000,000 | |
Royal Bank of Canada: | |||
5.28%, dated 10/31/2023, to be repurchased at $108,965,979 on 11/1/2023 (k) | 108,950,000 | 108,950,000 | |
5.29%, dated 10/31/2023, to be repurchased at $100,014,694 on 11/1/2023 (l) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank: | |||
5.29%, dated 10/31/2023, to be repurchased at $35,505,217 on 11/1/2023 (m) | 35,500,000 | 35,500,000 | |
5.31%, dated 10/31/2023, to be repurchased at $162,503,966 on 11/1/2023 (n) | 162,480,000 | 162,480,000 | |
Total Repurchase Agreements (Cost $1,103,030,000) | 1,103,030,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,370,589,606) | 100.6 | 2,370,589,606 | |
Other Assets and Liabilities, Net | (0.6 ) | (14,834,384 ) | |
Net Assets | 100.0 | 2,355,755,222 |
(a) | Floating rate security. These securities are shown at their current rate as of October 31, 2023. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
176,350,100 | U.S. Treasury Notes | 1.25 | 11/30/2026 | 159,120,062 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
40,704,500 | U.S. Treasury Bills | Zero Coupon | 12/26/2023–10/03/2024 | 39,992,306 |
65,281,000 | U.S. Treasury Inflation-Indexed Notes | 0.125–2.375 | 4/15/2025–1/15/2031 | 74,145,695 |
Total Collateral Value | 114,138,001 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
28,763,400 | U.S. Treasury Bills | Zero Coupon | 11/24/2023 | 28,662,009 |
Cash Account Trust — Service Shares | | | 7 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
70,712,100 | U.S. Treasury Notes | 1.625–2.25 | 10/31/2026–11/15/2027 | 64,362,046 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
64,400 | U.S. Treasury Inflation-Indexed Bonds | 2.375 | 1/15/2025 | 104,381 |
101,200 | U.S. Treasury Bonds | 3.0 | 5/15/2047 | 72,218 |
48,695,600 | U.S. Treasury Notes | 1.5–4.0 | 2/15/2026–1/31/2027 | 44,830,067 |
Total Collateral Value | 45,006,666 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
118,884,100 | U.S. Treasury Bonds | 4.0 | 11/15/2052 | 102,000,055 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
71,465,200 | U.S. Treasury Notes | 0.75 | 1/31/2028 | 60,461,489 |
33,287,945 | U.S. Treasury Inflation-Indexed Notes | Zero Coupon | 5/15/2024 | 32,358,512 |
Total Collateral Value | 92,820,001 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
17,815,424 | Federal Home Loan Mortgage Corp. | 6.165 | 1/1/2029 | 17,789,725 |
84,841,355 | Federal National Mortgage Association | 2.0–6.5 | 11/1/2031–10/1/2053 | 75,236,424 |
11,729,654 | Government National Mortgage Association | 3.5 | 5/20/2047–11/20/2050 | 9,993,853 |
Total Collateral Value | 103,020,002 |
8 | | | Cash Account Trust — Service Shares |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,027,100 | U.S. Treasury Bonds | 2.25 | 8/15/2049 | 1,205,585 |
128,340,900 | U.S. Treasury Notes | 0.5–4.75 | 7/31/2025–11/15/2029 | 109,923,494 |
Total Collateral Value | 111,129,079 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
51,124,700 | U.S. Treasury Inflation-Indexed Bonds | 2.375–3.875 | 1/15/2025–4/15/2029 | 102,015,016 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
603,145 | U.S. Treasury Bills | Zero Coupon | 11/30/2023 | 600,484 |
16,074,140 | U.S. Treasury Notes | 0.5–5.551 | 4/30/2025–9/30/2030 | 14,083,551 |
19,179,230 | U.S. Treasury Inflation-Indexed Notes | 0.125–0.625 | 1/15/2024–7/15/2031 | 21,525,986 |
Total Collateral Value | 36,210,021 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
193,592,361 | Government National Mortgage Association | 1.5–7.0 | 8/20/2029–10/20/2053 | 165,729,600 |
SOFR: | Secured Overnight Financing Rate |
Cash Account Trust — Service Shares | | | 9 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $1,267,559,606 | $— | $1,267,559,606 |
Repurchase Agreements | — | 1,103,030,000 | — | 1,103,030,000 |
Total | $— | $2,370,589,606 | $— | $2,370,589,606 |
(a) | See Investment Portfolio for additional detailed categorizations. |
10 | | | Cash Account Trust — Service Shares |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $1,267,559,606 |
Repurchase agreements, valued at amortized cost | 1,103,030,000 |
Cash | 68,139 |
Receivable for Fund shares sold | 22,043,393 |
Interest receivable | 4,435,818 |
Other assets | 87,088 |
Total assets | 2,397,224,044 |
Liabilities | |
Payable for investments purchased | 31,376,438 |
Payable for Fund shares redeemed | 5,166,695 |
Distributions payable | 4,587,242 |
Accrued Trustees' fees | 7,827 |
Other accrued expenses and payables | 330,620 |
Total liabilities | 41,468,822 |
Net assets, at value | $2,355,755,222 |
Net Assets Consist of | |
Distributable earnings (loss) | (285,411 ) |
Paid-in capital | 2,356,040,633 |
Net assets, at value | $2,355,755,222 |
Cash Account Trust — Service Shares | | | 11 |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($1,106,202,816 ÷ 1,106,390,776 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 ($1,232,489,822 ÷ 1,232,742,484 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 ($14,188,497 ÷ 14,190,953 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 ($2,874,087 ÷ 2,874,581 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
12 | | | Cash Account Trust — Service Shares |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $56,690,022 |
Expenses: | |
Management fee | 954,162 |
Administration fee | 1,044,417 |
Services to shareholders | 200,177 |
Distribution and service fees | 45,213 |
Custodian fee | 12,326 |
Professional fees | 42,226 |
Reports to shareholders | 30,268 |
Registration fees | 59,188 |
Trustees' fees and expenses | 37,172 |
Other | 62,820 |
Total expenses before expense reductions | 2,487,969 |
Expense reductions | (1,225,918 ) |
Total expenses after expense reductions | 1,262,051 |
Net investment income | 55,427,971 |
Net realized gain (loss) from investments | 4,897 |
Net increase (decrease) in net assets resulting from operations | $55,432,868 |
Cash Account Trust — Service Shares | | | 13 |
DWS Government & Agency Securities Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $55,427,971 | $44,231,149 |
Net realized gain (loss) | 4,897 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 55,432,868 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (19,755,560 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (35,103,654 ) | (35,013,475 ) |
Government Cash Managed Shares | (316,063 ) | (728,295 ) |
Service Shares | (252,693 ) | (165,307 ) |
Total distributions | (55,427,970 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 12,661,285,752 | 32,090,491,389 |
Reinvestment of distributions | 27,309,421 | 16,189,872 |
Payments for shares redeemed | (12,101,225,955 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 587,369,218 | (1,267,855,009 ) |
Increase (decrease) in net assets | 587,374,116 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $2,355,755,222 | $1,768,381,106 |
14 | | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio — Service Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .022 | .021 | .000 * | .000 * | .009 | .012 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* | (.000 )* |
Total from investment operations | .022 | .021 | .000 * | .000 * | .009 | .012 |
Less distributions from: | ||||||
Net investment income | (.022 ) | (.021 ) | (.000 )* | (.000 )* | (.009 ) | (.012 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.18 ** | 2.13 | .01 | .01 | .90 | 1.21 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 10 | 12 | 22 | 28 | 16 |
Ratio of expenses before expense reductions (%) | 1.07 *** | 1.10 | 1.05 | 1.05 | 1.05 | 1.05 |
Ratio of expenses after expense reductions (%) | .95 *** | .91 | .07 | .12 | .90 | .98 |
Ratio of net investment income (%) | 4.25 *** | 1.78 | .01 | .01 | .94 | 1.09 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
Cash Account Trust — Service Shares | | | 15 |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Variable Rate Demand Notes | 86% | 78% |
Tax-Exempt Commercial Paper | 7% | 13% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 24 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
16 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Municipal Investments 99.3% | |||
California 13.4% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.2%, 11/2/2023 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.2%, 11/2/2023 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, 2.85% (a), 11/1/2023, LOC: State Street B&T Co. | 1,200,000 | 1,200,000 | |
Series A-2, TECP, 3.15%, 11/8/2023 | 2,000,000 | 2,000,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 4.18% (a), 11/7/2023, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.19% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
18,350,000 | |||
Colorado 0.4% | |||
Colorado, State Housing & Finance Authority, Series I - AA2, 4.05% (a), 11/7/2023, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Delaware 0.8% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,145,000 | 1,145,000 | |
Florida 2.8% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 4.05% (a), 11/7/2023, LIQ: Fannie Mae | 810,000 | 810,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 4.0% (a), 11/7/2023, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,100,000 | 1,100,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 4.15% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 525,000 | 525,000 | |
3,790,000 |
Cash Account Trust — Service Shares | | | 17 |
Principal Amount ($) | Value ($) | ||
Georgia 4.3% | |||
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.15% (a), 11/7/2023 | 5,300,000 | 5,300,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 4.25% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
5,850,000 | |||
Illinois 12.1% | |||
Brookfield, IL, Zoo Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 900,000 | 900,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 4.05% (a), 11/7/2023, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 4.2% (a), 11/7/2023, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 4.16% (a), 11/7/2023, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 4.13% (a), 11/7/2023, LOC: Northern Trust Company | 1,880,000 | 1,880,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.95% (a), 11/1/2023, LOC: Wells Fargo Bank NA | 3,555,000 | 3,555,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 815,000 | 815,000 | |
16,480,000 |
18 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Indiana 1.2% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 4.15% (a), 11/7/2023, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 995,000 | 995,000 | |
1,585,000 | |||
Iowa 4.3% | |||
Iowa, Single-Family Finance Authority, Series B, 4.05% (a), 11/7/2023 | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 4.12% (a), 11/7/2023 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 4.05% (a), 11/7/2023 | 405,000 | 405,000 | |
5,805,000 | |||
Kansas 0.9% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.98% (a), 11/1/2023, LOC: U.S. Bank NA | 175,000 | 175,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 4.2% (a), 11/7/2023, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,175,000 | |||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisiana 1.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 1,470,000 | 1,470,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 535,000 | 535,000 | |
2,005,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,285,000 | 1,285,000 |
Cash Account Trust — Service Shares | | | 19 |
Principal Amount ($) | Value ($) | ||
Massachusetts 4.3% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 1,250,000 | 1,250,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.85% (a), 11/1/2023, LOC: Bank of America NA | 100,000 | 100,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.85% (a), 11/7/2023 | 4,350,000 | 4,350,000 | |
Massachusetts, State Water Resources Authority, Series A-3, 4.11% (a), 11/7/2023, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
5,820,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 4.08% (a), 11/7/2023, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.6% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 4.2% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.87% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,035,000 | 2,035,000 | |
Series B, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 4.07% (a), 11/7/2023, LOC: U.S. Bank NA | 415,000 | 415,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 4.25% (a), 11/7/2023, LOC: Bank of America NA | 340,000 | 340,000 | |
3,615,000 | |||
Nebraska 1.6% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 4.12% (a), 11/7/2023 | 2,200,000 | 2,200,000 | |
Nevada 0.7% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 4.1% (a), 11/7/2023, LOC: Bank of America NA | 980,000 | 980,000 | |
New Jersey 0.3% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 4.05% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 |
20 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 16.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,625,000 | 2,625,000 | |
Series E 1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,590,000 | 2,590,000 | |
Series G-1, 4.07% (a), 11/7/2023, LOC: TD Bank NA | 600,000 | 600,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 4.13% (a), 11/7/2023, LOC: Fannie Mae | 375,000 | 375,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 4.08% (a), 11/7/2023, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series A, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
Series B-4C, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
New York, NY, General Obligation: | |||
Series I-4, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-3, 4.0% (a), 11/1/2023, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series L-4, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 900,000 | 900,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 4.08% (a), 11/7/2023, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 4.03% (a), 11/1/2023, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 4.03% (a), 11/1/2023, LIQ: State Street B&T Co. | 4,300,000 | 4,300,000 | |
Series F-2, 4.03% (a), 11/1/2023, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
22,620,000 | |||
North Carolina 1.1% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 4.05% (a), 11/1/2023, LOC: Royal Bank of Canada | 1,500,000 | 1,500,000 |
Cash Account Trust — Service Shares | | | 21 |
Principal Amount ($) | Value ($) | ||
Ohio 2.6% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 4.14% (a), 11/7/2023, LOC: Northern Trust Company | 3,300,000 | 3,300,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.98% (a), 11/7/2023, LOC: Northern Trust Company | 205,000 | 205,000 | |
3,505,000 | |||
Oklahoma 2.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 4.23% (a), 11/7/2023, INS: BAM | 3,750,000 | 3,750,000 | |
Oregon 1.1% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series B, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 200,000 | 200,000 | |
Series A, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
1,525,000 | |||
Pennsylvania 3.0% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 500,000 | 500,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.97% (a), 11/7/2023, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
4,120,000 | |||
Rhode Island 0.7% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 960,000 | 960,000 |
22 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
South Dakota 1.9% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 4.15% (a), 11/7/2023, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.5% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 4.05% (a), 11/7/2023, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 4.8% | |||
Harris County, TX, Hospital District Revenue, 4.12% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 520,000 | 520,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-2, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 3,655,000 | 3,655,000 | |
Series C-1, 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 1,125,000 | 1,125,000 | |
6,560,000 | |||
Vermont 2.1% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 4.12% (a), 11/7/2023, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 4.06% (a), 11/1/2023, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.97% (a), 11/1/2023, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
Cash Account Trust — Service Shares | | | 23 |
Principal Amount ($) | Value ($) | ||
Washington 1.2% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 4.04% (a), 11/7/2023, LIQ: Fannie Mae | 1,145,000 | 1,145,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 4.1% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,685,000 | |||
Wisconsin 1.3% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 1,800,000 | 1,800,000 | |
Other 5.0% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 4.11% (a), 11/7/2023, LIQ: Freddie Mac | 2,395,000 | 2,395,000 | |
“A” , Series M031, 144A, 4.12% (a), 11/7/2023, LIQ: Freddie Mac | 2,420,000 | 2,420,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 4.3% (b), 12/15/2028, GTY: Freddie Mac | 2,015,000 | 2,015,000 | |
6,830,000 | |||
Total Municipal Investments (Cost $135,560,000) | 135,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $135,560,000) | 99.3 | 135,560,000 | |
Other Assets and Liabilities, Net | 0.7 | 969,561 | |
Net Assets | 100.0 | 136,529,561 |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of October 31, 2023. 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 October 31, 2023. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
24 | | | Cash Account Trust — Service Shares |
INS: Insured |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $135,560,000 | $— | $135,560,000 |
Total | $— | $135,560,000 | $— | $135,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Cash Account Trust — Service Shares | | | 25 |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $135,560,000 |
Cash | 3,803 |
Receivable for investments sold | 400,000 |
Receivable for Fund shares sold | 198,417 |
Interest receivable | 516,803 |
Other assets | 61,023 |
Total assets | 136,740,046 |
Liabilities | |
Payable for Fund shares redeemed | 106,396 |
Distributions payable | 40,589 |
Accrued Trustees' fees | 2,267 |
Other accrued expenses and payables | 61,233 |
Total liabilities | 210,485 |
Net assets, at value | $136,529,561 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 136,560,478 |
Net assets, at value | $136,529,561 |
26 | | | Cash Account Trust — Service Shares |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($3,809,285 ÷ 3,805,524 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 ($81,365,768 ÷ 81,285,591 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 ($35,114,274 ÷ 35,079,509 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 ($2,721,498 ÷ 2,718,752 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 ($10,548,689 ÷ 10,539,316 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 ($2,970,047 ÷ 2,967,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
Cash Account Trust — Service Shares | | | 27 |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $2,433,691 |
Expenses: | |
Management fee | 61,877 |
Administration fee | 68,061 |
Services to shareholders | 50,891 |
Distribution and service fees | 25,818 |
Custodian fee | 2,271 |
Professional fees | 29,811 |
Reports to shareholders | 24,963 |
Registration fees | 50,190 |
Trustees' fees and expenses | 4,232 |
Other | 17,499 |
Total expenses before expense reductions | 335,613 |
Expense reductions | (146,421 ) |
Total expenses after expense reductions | 189,192 |
Net investment income | 2,244,499 |
Net increase (decrease) in net assets resulting from operations | $2,244,499 |
28 | | | Cash Account Trust — Service Shares |
DWS Tax-Exempt Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,244,499 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 2,244,499 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (75,519 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (1,328,548 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (583,476 ) | (692,153 ) |
Service Shares | (50,094 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (153,865 ) | (187,450 ) |
Tax-Free Investment Class | (52,997 ) | (84,034 ) |
Total distributions | (2,244,499 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 54,780,984 | 108,991,170 |
Reinvestment of distributions | 1,997,842 | 2,447,947 |
Payments for shares redeemed | (58,638,862 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | (1,860,036 ) | (38,116,764 ) |
Increase (decrease) in net assets | (1,860,036 ) | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $136,529,561 | $138,389,597 |
Cash Account Trust — Service Shares | | | 29 |
DWS Tax-Exempt Portfolio — Service Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .012 | .010 | .000 * | .000 * | .005 | .005 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .012 | .010 | .000 * | .000 * | .005 | .005 |
Less distributions from: | ||||||
Net investment income | (.012 ) | (.011 ) | (.000 )* | (.000 )* | (.005 ) | (.005 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.23 ** | 1.14 | .01 | .01 | .45 | .50 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 5 | 5 | 5 | 3 | 14 |
Ratio of expenses before expense reductions (%) | 1.24 *** | 1.22 | 1.18 | 1.17 | 1.17 | 1.18 |
Ratio of expenses after expense reductions (%) | 1.04 *** | .98 | .15 | .18 | 1.03 | 1.05 |
Ratio of net investment income (%) | 2.40 *** | 1.05 | .01 | .01 | .40 | .43 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
30 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 31 |
32 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 33 |
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% |
34 | | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio: | |
DWS Government & Agency Money Fund | $426,753 |
DWS Government Cash Institutional Shares | 781,666 |
Government Cash Managed Shares | 10,360 |
Service Shares | 7,139 |
$1,225,918 |
DWS Tax-Exempt Portfolio: | |
DWS Tax-Exempt Cash Premier Shares | $4,768 |
DWS Tax-Exempt Money Fund | 83,546 |
DWS Tax-Free Money Fund Class S | 39,526 |
Service Shares | 4,158 |
Tax-Exempt Cash Managed Shares | 10,387 |
Tax-Free Investment Class | 4,036 |
$146,421 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $1,044,417 | $212,113 |
DWS Tax-Exempt Portfolio | $68,061 | $11,115 |
Cash Account Trust — Service Shares | | | 35 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Money Fund | $28,802 | $9,300 |
DWS Government Cash Institutional Shares | 78,840 | 17,566 |
Government Cash Managed Shares | 5,917 | 1,822 |
Service Shares | 15,338 | 953 |
$128,897 | $29,641 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Cash Premier Shares | $520 | $167 |
DWS Tax-Exempt Money Fund | 15,825 | 5,533 |
DWS Tax-Free Money Fund Class S | 14,380 | 5,110 |
Service Shares | 5,315 | — |
Tax-Exempt Cash Managed Shares | 785 | 543 |
Tax-Free Investment Class | 1,932 | 964 |
$38,757 | $12,317 |
Sub-Recordkeeping | |
DWS Government & Agency Securities Portfolio: | Total Aggregated |
DWS Government & Agency Money Fund | $58,614 |
DWS Tax-Exempt Portfolio: | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $2 |
DWS Tax-Exempt Money Fund | 572 |
DWS Tax-Free Money Fund Class S | 831 |
$1,405 |
36 | | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $35,669 | $1,552 | .60% | .60% |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $12,527 | $1,502 | .60% | .60% |
Tax-Free Investment Class | 4,601 | 737 | .25% | .25% |
$17,128 | $2,239 |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Government Cash Managed Shares | $9,544 | $1,832 | .15% | .15% |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $7,402 | $1,176 | .15% | .15% |
Tax-Free Investment Class | 1,288 | 207 | .07% | .07% |
$8,690 | $1,383 |
Cash Account Trust — Service Shares | | | 37 |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $730 | $100 |
DWS Tax-Exempt Portfolio | $723 | $175 |
38 | | | Cash Account Trust — Service Shares |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 1,050,226,204 | $1,050,226,204 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 11,566,359,515 | 11,566,359,515 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 26,021,000 | 26,021,000 | 129,301,264 | 129,301,264 |
Service Shares | 18,673,428 | 18,673,428 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,605 | — | 6,436 |
$12,661,285,752 | $32,090,491,389 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 19,614,083 | $19,614,083 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 7,442,501 | 7,442,501 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,382 | 1,382 | 281,143 | 281,143 |
Service Shares | 251,455 | 251,455 | 154,694 | 154,694 |
$27,309,421 | $16,189,872 |
Cash Account Trust — Service Shares | | | 39 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Government & Agency Money Fund | (360,189,091 ) | $(360,189,091 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (11,692,894,906 ) | (11,692,894,906 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (22,562,471 ) | (22,562,471 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (25,579,487 ) | (25,579,487 ) | (46,829,522 ) | (46,829,522 ) |
$(12,101,225,955 ) | $(33,374,536,270 ) | |||
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 709,651,196 | $709,651,196 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | (119,092,890 ) | (119,092,890 ) | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,459,911 | 3,459,911 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (6,654,604 ) | (6,654,604 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,605 | — | 6,436 |
$587,369,218 | $(1,267,855,009 ) |
40 | | | Cash Account Trust — Service Shares |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,090,615 | $8,090,615 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 12,423,450 | 12,423,450 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 2,001,239 | 2,001,239 | 6,507,344 | 6,507,344 |
Service Shares | 6,984,966 | 6,984,966 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 21,664,000 | 21,664,000 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 3,610,629 | 3,610,629 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,085 | — | 6,709 |
$54,780,984 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 30,247 | $30,247 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 1,308,752 | 1,308,752 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 554,292 | 554,292 | 660,499 | 660,499 |
Service Shares | 49,708 | 49,708 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 1,929 | 1,929 | 2,175 | 2,175 |
Tax-Free Investment Class | 52,914 | 52,914 | 82,293 | 82,293 |
$1,997,842 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (8,309,728 ) | $(8,309,728 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (13,745,570 ) | (13,745,570 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (4,028,559 ) | (4,028,559 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (9,296,629 ) | (9,296,629 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (19,030,800 ) | (19,030,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (4,227,576 ) | (4,227,576 ) | (11,549,334 ) | (11,549,334 ) |
$(58,638,862 ) | $(149,555,881 ) |
Cash Account Trust — Service Shares | | | 41 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (188,866 ) | $(188,866 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (13,368 ) | (13,368 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,473,028 ) | (1,473,028 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,261,955 ) | (2,261,955 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 2,635,129 | 2,635,129 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (564,033 ) | (564,033 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,085 | — | 6,709 |
$(1,860,036 ) | $(38,116,764 ) |
42 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 43 |
44 | | | Cash Account Trust — Service Shares |
Actual Fund Return | DWS Government & Agency Securities Portfolio | DWS Tax-Exempt Portfolio |
Beginning Account Value 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,021.82 | $1,012.30 |
Expenses Paid per $1,000* | $4.83 | $5.26 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,020.36 | $1,019.91 |
Expenses Paid per $1,000* | $4.82 | $5.28 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | DWS Government & Agency Securities Portfolio | DWS Tax-Exempt Portfolio |
Service Shares | .95% | 1.04% |
Cash Account Trust — Service Shares | | | 45 |
46 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 47 |
48 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 49 |
50 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 51 |
52 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 53 |
54 | | | Cash Account Trust — Service Shares |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img35e81edd1.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010imgf0e753442.jpg)
Contents
2 | | | DWS Government & Agency Money Fund |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Government & Agency Obligations | 53% | 25% |
Repurchase Agreements | 47% | 75% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 27 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 25 days | 17 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. |
DWS Government & Agency Money Fund | | | 3 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 53.8% | |||
U.S. Government Sponsored Agencies 27.4% | |||
Federal Farm Credit Banks: | |||
SOFR + 0.145%, 5.455% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
SOFR + 0.135%, 5.465% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.039% (b), 11/17/2023 | 40,000,000 | 39,911,644 | |
5.222% (b), 4/5/2024 | 30,600,000 | 29,917,110 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,527,448 | |
Federal Home Loan Banks: | |||
SOFR + 0.02%, 5.33% (a), 11/9/2023 | 22,000,000 | 22,000,000 | |
SOFR + 0.02%, 5.33% (a), 11/17/2023 | 45,000,000 | 45,000,000 | |
SOFR + 0.03%, 5.34% (a), 11/10/2023 | 70,000,000 | 70,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/12/2024 | 35,000,000 | 35,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/16/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/12/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/13/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/20/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/26/2024 | 50,000,000 | 50,000,000 | |
SOFR + 0.045%, 5.355% (a), 2/28/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.45%, 5.355% (a), 3/15/2024 | 34,000,000 | 34,000,000 | |
SOFR + 0.045%, 5.355% (a), 4/4/2024 | 45,000,000 | 45,000,000 | |
SOFR + 0.05%, 5.36% (a), 3/20/2024 | 40,750,000 | 40,750,000 | |
SOFR + 0.045%, 5.365% (a), 2/2/2024 | 5,750,000 | 5,750,000 | |
SOFR + 0.07%, 5.38% (a), 11/27/2023 | 16,000,000 | 16,000,000 | |
SOFR + 0.09%, 5.4% (a), 12/1/2023 | 75,000,000 | 75,000,000 | |
SOFR + 0.125%, 5.435% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
Federal National Mortgage Association, 5.52%, 7/16/2024 | 12,000,000 | 12,000,000 | |
644,606,202 | |||
U.S. Treasury Obligations 26.4% | |||
U.S. Treasury Bills: | |||
5.08% (b), 7/11/2024 | 32,000,000 | 30,873,307 | |
5.105% (b), 8/8/2024 | 25,000,000 | 24,017,378 | |
5.258% (b), 11/24/2023 | 27,750,000 | 27,658,057 | |
5.305% (b), 1/11/2024 | 41,000,000 | 40,576,894 | |
5.323% (b), 1/18/2024 | 40,000,000 | 39,545,000 | |
5.333% (b), 1/4/2024 | 12,000,000 | 11,887,787 | |
5.363% (b), 11/7/2023 | 5,000,000 | 4,995,592 |
4 | | | DWS Government & Agency Money Fund |
Principal Amount ($) | Value ($) | ||
5.374% (b), 12/7/2023 | 35,000,000 | 34,814,500 | |
5.374% (b), 3/21/2024 | 19,000,000 | 18,605,592 | |
5.375% (b), 4/25/2024 | 25,000,000 | 24,352,100 | |
5.379% (b), 12/12/2023 | 30,000,000 | 29,818,729 | |
5.384% (b), 11/9/2023 | 30,000,000 | 29,964,600 | |
5.4% (b), 12/14/2023 | 20,000,000 | 19,876,438 | |
5.409% (b), 2/27/2024 | 45,000,000 | 44,213,087 | |
5.415% (b), 12/12/2023 | 35,000,000 | 34,787,122 | |
5.424% (b), 2/6/2024 | 25,000,000 | 24,639,618 | |
5.424% (b), 2/29/2024 | 43,500,000 | 42,724,250 | |
5.424% (b), 4/18/2024 | 15,000,000 | 14,623,264 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield minus 0.075%, 5.307% (a), 4/30/2024 | 15,000,000 | 14,997,082 | |
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 5.367% (a), 1/31/2024 | 40,000,000 | 40,006,739 | |
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.419% (a), 7/31/2024 | 25,000,000 | 25,007,883 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.507% (a), 7/31/2025 | 45,000,000 | 44,968,385 | |
622,953,404 | |||
Total Government & Agency Obligations (Cost $1,267,559,606) | 1,267,559,606 | ||
Repurchase Agreements 46.8% | |||
Barclays Bank PLC, 5.3%, dated 10/31/2023, to be repurchased at $156,022,967 on 11/1/2023 (c) | 156,000,000 | 156,000,000 | |
BNP Paribas: | |||
5.29%, dated 10/31/2023, to be repurchased at $111,916,443 on 11/1/2023 (d) | 111,900,000 | 111,900,000 | |
5.3%, dated 10/31/2023, to be repurchased at $28,104,137 on 11/1/2023 (e) | 28,100,000 | 28,100,000 | |
Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, to be repurchased at $63,109,255 on 11/1/2023 (f) | 63,100,000 | 63,100,000 | |
Federal Reserve Bank of New York, 5.3%, dated 10/31/2023, to be repurchased at $45,006,625 on 11/1/2023 (g) | 45,000,000 | 45,000,000 | |
Fixed Income Clearing Corp., 5.3%, dated 10/31/2023, to be repurchased at $100,014,722 on 11/1/2023 (h) | 100,000,000 | 100,000,000 | |
JPMorgan Securities, Inc.: | |||
5.3%, dated 10/31/2023, to be repurchased at $91,013,397 on 11/1/2023 (i) | 91,000,000 | 91,000,000 |
DWS Government & Agency Money Fund | | | 5 |
Principal Amount ($) | Value ($) | ||
5.31%, dated 10/31/2023, to be repurchased at $101,014,898 on 11/1/2023 (j) | 101,000,000 | 101,000,000 | |
Royal Bank of Canada: | |||
5.28%, dated 10/31/2023, to be repurchased at $108,965,979 on 11/1/2023 (k) | 108,950,000 | 108,950,000 | |
5.29%, dated 10/31/2023, to be repurchased at $100,014,694 on 11/1/2023 (l) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank: | |||
5.29%, dated 10/31/2023, to be repurchased at $35,505,217 on 11/1/2023 (m) | 35,500,000 | 35,500,000 | |
5.31%, dated 10/31/2023, to be repurchased at $162,503,966 on 11/1/2023 (n) | 162,480,000 | 162,480,000 | |
Total Repurchase Agreements (Cost $1,103,030,000) | 1,103,030,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,370,589,606) | 100.6 | 2,370,589,606 | |
Other Assets and Liabilities, Net | (0.6 ) | (14,834,384 ) | |
Net Assets | 100.0 | 2,355,755,222 |
(a) | Floating rate security. These securities are shown at their current rate as of October 31, 2023. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
176,350,100 | U.S. Treasury Notes | 1.25 | 11/30/2026 | 159,120,062 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
40,704,500 | U.S. Treasury Bills | Zero Coupon | 12/26/2023–10/03/2024 | 39,992,306 |
65,281,000 | U.S. Treasury Inflation-Indexed Notes | 0.125–2.375 | 4/15/2025–1/15/2031 | 74,145,695 |
Total Collateral Value | 114,138,001 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
28,763,400 | U.S. Treasury Bills | Zero Coupon | 11/24/2023 | 28,662,009 |
6 | | | DWS Government & Agency Money Fund |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
70,712,100 | U.S. Treasury Notes | 1.625–2.25 | 10/31/2026–11/15/2027 | 64,362,046 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
64,400 | U.S. Treasury Inflation-Indexed Bonds | 2.375 | 1/15/2025 | 104,381 |
101,200 | U.S. Treasury Bonds | 3.0 | 5/15/2047 | 72,218 |
48,695,600 | U.S. Treasury Notes | 1.5–4.0 | 2/15/2026–1/31/2027 | 44,830,067 |
Total Collateral Value | 45,006,666 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
118,884,100 | U.S. Treasury Bonds | 4.0 | 11/15/2052 | 102,000,055 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
71,465,200 | U.S. Treasury Notes | 0.75 | 1/31/2028 | 60,461,489 |
33,287,945 | U.S. Treasury Inflation-Indexed Notes | Zero Coupon | 5/15/2024 | 32,358,512 |
Total Collateral Value | 92,820,001 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
17,815,424 | Federal Home Loan Mortgage Corp. | 6.165 | 1/1/2029 | 17,789,725 |
84,841,355 | Federal National Mortgage Association | 2.0–6.5 | 11/1/2031–10/1/2053 | 75,236,424 |
11,729,654 | Government National Mortgage Association | 3.5 | 5/20/2047–11/20/2050 | 9,993,853 |
Total Collateral Value | 103,020,002 |
DWS Government & Agency Money Fund | | | 7 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,027,100 | U.S. Treasury Bonds | 2.25 | 8/15/2049 | 1,205,585 |
128,340,900 | U.S. Treasury Notes | 0.5–4.75 | 7/31/2025–11/15/2029 | 109,923,494 |
Total Collateral Value | 111,129,079 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
51,124,700 | U.S. Treasury Inflation-Indexed Bonds | 2.375–3.875 | 1/15/2025–4/15/2029 | 102,015,016 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
603,145 | U.S. Treasury Bills | Zero Coupon | 11/30/2023 | 600,484 |
16,074,140 | U.S. Treasury Notes | 0.5–5.551 | 4/30/2025–9/30/2030 | 14,083,551 |
19,179,230 | U.S. Treasury Inflation-Indexed Notes | 0.125–0.625 | 1/15/2024–7/15/2031 | 21,525,986 |
Total Collateral Value | 36,210,021 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
193,592,361 | Government National Mortgage Association | 1.5–7.0 | 8/20/2029–10/20/2053 | 165,729,600 |
SOFR: | Secured Overnight Financing Rate |
8 | | | DWS Government & Agency Money Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $1,267,559,606 | $— | $1,267,559,606 |
Repurchase Agreements | — | 1,103,030,000 | — | 1,103,030,000 |
Total | $— | $2,370,589,606 | $— | $2,370,589,606 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government & Agency Money Fund | | | 9 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $1,267,559,606 |
Repurchase agreements, valued at amortized cost | 1,103,030,000 |
Cash | 68,139 |
Receivable for Fund shares sold | 22,043,393 |
Interest receivable | 4,435,818 |
Other assets | 87,088 |
Total assets | 2,397,224,044 |
Liabilities | |
Payable for investments purchased | 31,376,438 |
Payable for Fund shares redeemed | 5,166,695 |
Distributions payable | 4,587,242 |
Accrued Trustees' fees | 7,827 |
Other accrued expenses and payables | 330,620 |
Total liabilities | 41,468,822 |
Net assets, at value | $2,355,755,222 |
Net Assets Consist of | |
Distributable earnings (loss) | (285,411 ) |
Paid-in capital | 2,356,040,633 |
Net assets, at value | $2,355,755,222 |
10 | | | 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 ($1,106,202,816 ÷ 1,106,390,776 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 ($1,232,489,822 ÷ 1,232,742,484 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 ($14,188,497 ÷ 14,190,953 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 ($2,874,087 ÷ 2,874,581 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government & Agency Money Fund | | | 11 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $56,690,022 |
Expenses: | |
Management fee | 954,162 |
Administration fee | 1,044,417 |
Services to shareholders | 200,177 |
Distribution and service fees | 45,213 |
Custodian fee | 12,326 |
Professional fees | 42,226 |
Reports to shareholders | 30,268 |
Registration fees | 59,188 |
Trustees' fees and expenses | 37,172 |
Other | 62,820 |
Total expenses before expense reductions | 2,487,969 |
Expense reductions | (1,225,918 ) |
Total expenses after expense reductions | 1,262,051 |
Net investment income | 55,427,971 |
Net realized gain (loss) from investments | 4,897 |
Net increase (decrease) in net assets resulting from operations | $55,432,868 |
12 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $55,427,971 | $44,231,149 |
Net realized gain (loss) | 4,897 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 55,432,868 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (19,755,560 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (35,103,654 ) | (35,013,475 ) |
Government Cash Managed Shares | (316,063 ) | (728,295 ) |
Service Shares | (252,693 ) | (165,307 ) |
Total distributions | (55,427,970 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 12,661,285,752 | 32,090,491,389 |
Reinvestment of distributions | 27,309,421 | 16,189,872 |
Payments for shares redeemed | (12,101,225,955 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 587,369,218 | (1,267,855,009 ) |
Increase (decrease) in net assets | 587,374,116 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $2,355,755,222 | $1,768,381,106 |
DWS Government & Agency Money Fund | | | 13 |
DWS Government & Agency Securities Portfolio — DWS Government & Agency Money Fund | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .026 | .029 | .000 * | .000 * | .016 | .020 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* | (.000 )* |
Total from investment operations | .026 | .029 | .000 * | .000 * | .016 | .020 |
Less distributions from: | ||||||
Net investment income | (.026 ) | (.029 ) | (.000 )* | (.000 )* | (.016 ) | (.020 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.62 ** | 2.92 | .03 | .01 | 1.62 | 1.99 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1,106 | 397 | 169 | 218 | 242 | 214 |
Ratio of expenses before expense reductions (%) | .23 *** | .28 | .26 | .25 | .26 | .28 |
Ratio of expenses after expense reductions (%) | .12 *** | .16 | .07 | .11 | .20 | .21 |
Ratio of net investment income (%) | 5.15 *** | 3.25 | .03 | .01 | 1.59 | 2.01 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
14 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 15 |
16 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 17 |
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 Money Fund | $426,753 |
DWS Government Cash Institutional Shares | 781,666 |
Government Cash Managed Shares | 10,360 |
Service Shares | 7,139 |
$1,225,918 |
18 | | | DWS Government & Agency Money Fund |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $1,044,417 | $212,113 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Money Fund | $28,802 | $9,300 |
DWS Government Cash Institutional Shares | 78,840 | 17,566 |
Government Cash Managed Shares | 5,917 | 1,822 |
Service Shares | 15,338 | 953 |
$128,897 | $29,641 |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $58,614 |
DWS Government & Agency Money Fund | | | 19 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $35,669 | $1,552 | .60% | .60% |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Government Cash Managed Shares | $9,544 | $1,832 | .15% | .15% |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $730 | $100 |
20 | | | DWS Government & Agency Money Fund |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 1,050,226,204 | $1,050,226,204 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 11,566,359,515 | 11,566,359,515 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 26,021,000 | 26,021,000 | 129,301,264 | 129,301,264 |
Service Shares | 18,673,428 | 18,673,428 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,605 | — | 6,436 |
$12,661,285,752 | $32,090,491,389 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 19,614,083 | $19,614,083 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 7,442,501 | 7,442,501 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,382 | 1,382 | 281,143 | 281,143 |
Service Shares | 251,455 | 251,455 | 154,694 | 154,694 |
$27,309,421 | $16,189,872 |
DWS Government & Agency Money Fund | | | 21 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Government & Agency Money Fund | (360,189,091 ) | $(360,189,091 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (11,692,894,906 ) | (11,692,894,906 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (22,562,471 ) | (22,562,471 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (25,579,487 ) | (25,579,487 ) | (46,829,522 ) | (46,829,522 ) |
$(12,101,225,955 ) | $(33,374,536,270 ) | |||
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 709,651,196 | $709,651,196 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | (119,092,890 ) | (119,092,890 ) | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,459,911 | 3,459,911 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (6,654,604 ) | (6,654,604 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,605 | — | 6,436 |
$587,369,218 | $(1,267,855,009 ) |
22 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 23 |
24 | | | DWS Government & Agency Money Fund |
Actual Fund Return | DWS Government & Agency Money Fund |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,026.24 |
Expenses Paid per $1,000* | $.61 |
Hypothetical 5% Fund Return | |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,024.53 |
Expenses Paid per $1,000* | $.61 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratio | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio | .12 % |
DWS Government & Agency Money Fund | | | 25 |
26 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 27 |
28 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 29 |
30 | | | DWS Government & Agency Money Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010imgd0fbda5d1.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img02c15e722.jpg)
Contents
2 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Government & Agency Obligations | 53% | 25% |
Repurchase Agreements | 47% | 75% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 27 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 30 days | 18 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Institutional — Category includes the most broadly based of the government institutional funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 3 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 53.8% | |||
U.S. Government Sponsored Agencies 27.4% | |||
Federal Farm Credit Banks: | |||
SOFR + 0.145%, 5.455% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
SOFR + 0.135%, 5.465% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.039% (b), 11/17/2023 | 40,000,000 | 39,911,644 | |
5.222% (b), 4/5/2024 | 30,600,000 | 29,917,110 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,527,448 | |
Federal Home Loan Banks: | |||
SOFR + 0.02%, 5.33% (a), 11/9/2023 | 22,000,000 | 22,000,000 | |
SOFR + 0.02%, 5.33% (a), 11/17/2023 | 45,000,000 | 45,000,000 | |
SOFR + 0.03%, 5.34% (a), 11/10/2023 | 70,000,000 | 70,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/12/2024 | 35,000,000 | 35,000,000 | |
SOFR + 0.03%, 5.34% (a), 1/16/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/12/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.035%, 5.345% (a), 2/13/2024 | 9,000,000 | 9,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/20/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.04%, 5.35% (a), 2/26/2024 | 50,000,000 | 50,000,000 | |
SOFR + 0.045%, 5.355% (a), 2/28/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.45%, 5.355% (a), 3/15/2024 | 34,000,000 | 34,000,000 | |
SOFR + 0.045%, 5.355% (a), 4/4/2024 | 45,000,000 | 45,000,000 | |
SOFR + 0.05%, 5.36% (a), 3/20/2024 | 40,750,000 | 40,750,000 | |
SOFR + 0.045%, 5.365% (a), 2/2/2024 | 5,750,000 | 5,750,000 | |
SOFR + 0.07%, 5.38% (a), 11/27/2023 | 16,000,000 | 16,000,000 | |
SOFR + 0.09%, 5.4% (a), 12/1/2023 | 75,000,000 | 75,000,000 | |
SOFR + 0.125%, 5.435% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
Federal National Mortgage Association, 5.52%, 7/16/2024 | 12,000,000 | 12,000,000 | |
644,606,202 | |||
U.S. Treasury Obligations 26.4% | |||
U.S. Treasury Bills: | |||
5.08% (b), 7/11/2024 | 32,000,000 | 30,873,307 | |
5.105% (b), 8/8/2024 | 25,000,000 | 24,017,378 | |
5.258% (b), 11/24/2023 | 27,750,000 | 27,658,057 | |
5.305% (b), 1/11/2024 | 41,000,000 | 40,576,894 | |
5.323% (b), 1/18/2024 | 40,000,000 | 39,545,000 | |
5.333% (b), 1/4/2024 | 12,000,000 | 11,887,787 | |
5.363% (b), 11/7/2023 | 5,000,000 | 4,995,592 |
4 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
5.374% (b), 12/7/2023 | 35,000,000 | 34,814,500 | |
5.374% (b), 3/21/2024 | 19,000,000 | 18,605,592 | |
5.375% (b), 4/25/2024 | 25,000,000 | 24,352,100 | |
5.379% (b), 12/12/2023 | 30,000,000 | 29,818,729 | |
5.384% (b), 11/9/2023 | 30,000,000 | 29,964,600 | |
5.4% (b), 12/14/2023 | 20,000,000 | 19,876,438 | |
5.409% (b), 2/27/2024 | 45,000,000 | 44,213,087 | |
5.415% (b), 12/12/2023 | 35,000,000 | 34,787,122 | |
5.424% (b), 2/6/2024 | 25,000,000 | 24,639,618 | |
5.424% (b), 2/29/2024 | 43,500,000 | 42,724,250 | |
5.424% (b), 4/18/2024 | 15,000,000 | 14,623,264 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield minus 0.075%, 5.307% (a), 4/30/2024 | 15,000,000 | 14,997,082 | |
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 5.367% (a), 1/31/2024 | 40,000,000 | 40,006,739 | |
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.419% (a), 7/31/2024 | 25,000,000 | 25,007,883 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.507% (a), 7/31/2025 | 45,000,000 | 44,968,385 | |
622,953,404 | |||
Total Government & Agency Obligations (Cost $1,267,559,606) | 1,267,559,606 | ||
Repurchase Agreements 46.8% | |||
Barclays Bank PLC, 5.3%, dated 10/31/2023, to be repurchased at $156,022,967 on 11/1/2023 (c) | 156,000,000 | 156,000,000 | |
BNP Paribas: | |||
5.29%, dated 10/31/2023, to be repurchased at $111,916,443 on 11/1/2023 (d) | 111,900,000 | 111,900,000 | |
5.3%, dated 10/31/2023, to be repurchased at $28,104,137 on 11/1/2023 (e) | 28,100,000 | 28,100,000 | |
Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, to be repurchased at $63,109,255 on 11/1/2023 (f) | 63,100,000 | 63,100,000 | |
Federal Reserve Bank of New York, 5.3%, dated 10/31/2023, to be repurchased at $45,006,625 on 11/1/2023 (g) | 45,000,000 | 45,000,000 | |
Fixed Income Clearing Corp., 5.3%, dated 10/31/2023, to be repurchased at $100,014,722 on 11/1/2023 (h) | 100,000,000 | 100,000,000 | |
JPMorgan Securities, Inc.: | |||
5.3%, dated 10/31/2023, to be repurchased at $91,013,397 on 11/1/2023 (i) | 91,000,000 | 91,000,000 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 5 |
Principal Amount ($) | Value ($) | ||
5.31%, dated 10/31/2023, to be repurchased at $101,014,898 on 11/1/2023 (j) | 101,000,000 | 101,000,000 | |
Royal Bank of Canada: | |||
5.28%, dated 10/31/2023, to be repurchased at $108,965,979 on 11/1/2023 (k) | 108,950,000 | 108,950,000 | |
5.29%, dated 10/31/2023, to be repurchased at $100,014,694 on 11/1/2023 (l) | 100,000,000 | 100,000,000 | |
Wells Fargo Bank: | |||
5.29%, dated 10/31/2023, to be repurchased at $35,505,217 on 11/1/2023 (m) | 35,500,000 | 35,500,000 | |
5.31%, dated 10/31/2023, to be repurchased at $162,503,966 on 11/1/2023 (n) | 162,480,000 | 162,480,000 | |
Total Repurchase Agreements (Cost $1,103,030,000) | 1,103,030,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,370,589,606) | 100.6 | 2,370,589,606 | |
Other Assets and Liabilities, Net | (0.6 ) | (14,834,384 ) | |
Net Assets | 100.0 | 2,355,755,222 |
(a) | Floating rate security. These securities are shown at their current rate as of October 31, 2023. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
176,350,100 | U.S. Treasury Notes | 1.25 | 11/30/2026 | 159,120,062 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
40,704,500 | U.S. Treasury Bills | Zero Coupon | 12/26/2023–10/03/2024 | 39,992,306 |
65,281,000 | U.S. Treasury Inflation-Indexed Notes | 0.125–2.375 | 4/15/2025–1/15/2031 | 74,145,695 |
Total Collateral Value | 114,138,001 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
28,763,400 | U.S. Treasury Bills | Zero Coupon | 11/24/2023 | 28,662,009 |
6 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
70,712,100 | U.S. Treasury Notes | 1.625–2.25 | 10/31/2026–11/15/2027 | 64,362,046 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
64,400 | U.S. Treasury Inflation-Indexed Bonds | 2.375 | 1/15/2025 | 104,381 |
101,200 | U.S. Treasury Bonds | 3.0 | 5/15/2047 | 72,218 |
48,695,600 | U.S. Treasury Notes | 1.5–4.0 | 2/15/2026–1/31/2027 | 44,830,067 |
Total Collateral Value | 45,006,666 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
118,884,100 | U.S. Treasury Bonds | 4.0 | 11/15/2052 | 102,000,055 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
71,465,200 | U.S. Treasury Notes | 0.75 | 1/31/2028 | 60,461,489 |
33,287,945 | U.S. Treasury Inflation-Indexed Notes | Zero Coupon | 5/15/2024 | 32,358,512 |
Total Collateral Value | 92,820,001 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
17,815,424 | Federal Home Loan Mortgage Corp. | 6.165 | 1/1/2029 | 17,789,725 |
84,841,355 | Federal National Mortgage Association | 2.0–6.5 | 11/1/2031–10/1/2053 | 75,236,424 |
11,729,654 | Government National Mortgage Association | 3.5 | 5/20/2047–11/20/2050 | 9,993,853 |
Total Collateral Value | 103,020,002 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 7 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,027,100 | U.S. Treasury Bonds | 2.25 | 8/15/2049 | 1,205,585 |
128,340,900 | U.S. Treasury Notes | 0.5–4.75 | 7/31/2025–11/15/2029 | 109,923,494 |
Total Collateral Value | 111,129,079 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
51,124,700 | U.S. Treasury Inflation-Indexed Bonds | 2.375–3.875 | 1/15/2025–4/15/2029 | 102,015,016 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
603,145 | U.S. Treasury Bills | Zero Coupon | 11/30/2023 | 600,484 |
16,074,140 | U.S. Treasury Notes | 0.5–5.551 | 4/30/2025–9/30/2030 | 14,083,551 |
19,179,230 | U.S. Treasury Inflation-Indexed Notes | 0.125–0.625 | 1/15/2024–7/15/2031 | 21,525,986 |
Total Collateral Value | 36,210,021 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
193,592,361 | Government National Mortgage Association | 1.5–7.0 | 8/20/2029–10/20/2053 | 165,729,600 |
SOFR: | Secured Overnight Financing Rate |
8 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $1,267,559,606 | $— | $1,267,559,606 |
Repurchase Agreements | — | 1,103,030,000 | — | 1,103,030,000 |
Total | $— | $2,370,589,606 | $— | $2,370,589,606 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 9 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $1,267,559,606 |
Repurchase agreements, valued at amortized cost | 1,103,030,000 |
Cash | 68,139 |
Receivable for Fund shares sold | 22,043,393 |
Interest receivable | 4,435,818 |
Other assets | 87,088 |
Total assets | 2,397,224,044 |
Liabilities | |
Payable for investments purchased | 31,376,438 |
Payable for Fund shares redeemed | 5,166,695 |
Distributions payable | 4,587,242 |
Accrued Trustees' fees | 7,827 |
Other accrued expenses and payables | 330,620 |
Total liabilities | 41,468,822 |
Net assets, at value | $2,355,755,222 |
Net Assets Consist of | |
Distributable earnings (loss) | (285,411 ) |
Paid-in capital | 2,356,040,633 |
Net assets, at value | $2,355,755,222 |
10 | | | 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 ($1,106,202,816 ÷ 1,106,390,776 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 ($1,232,489,822 ÷ 1,232,742,484 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 ($14,188,497 ÷ 14,190,953 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 ($2,874,087 ÷ 2,874,581 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 11 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $56,690,022 |
Expenses: | |
Management fee | 954,162 |
Administration fee | 1,044,417 |
Services to shareholders | 200,177 |
Distribution and service fees | 45,213 |
Custodian fee | 12,326 |
Professional fees | 42,226 |
Reports to shareholders | 30,268 |
Registration fees | 59,188 |
Trustees' fees and expenses | 37,172 |
Other | 62,820 |
Total expenses before expense reductions | 2,487,969 |
Expense reductions | (1,225,918 ) |
Total expenses after expense reductions | 1,262,051 |
Net investment income | 55,427,971 |
Net realized gain (loss) from investments | 4,897 |
Net increase (decrease) in net assets resulting from operations | $55,432,868 |
12 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $55,427,971 | $44,231,149 |
Net realized gain (loss) | 4,897 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 55,432,868 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (19,755,560 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (35,103,654 ) | (35,013,475 ) |
Government Cash Managed Shares | (316,063 ) | (728,295 ) |
Service Shares | (252,693 ) | (165,307 ) |
Total distributions | (55,427,970 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 12,661,285,752 | 32,090,491,389 |
Reinvestment of distributions | 27,309,421 | 16,189,872 |
Payments for shares redeemed | (12,101,225,955 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 587,369,218 | (1,267,855,009 ) |
Increase (decrease) in net assets | 587,374,116 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $2,355,755,222 | $1,768,381,106 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 13 |
DWS Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .026 | .029 | .000 * | .000 * | .017 | .020 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* | (.000 )* |
Total from investment operations | .026 | .029 | .000 * | .000 * | .017 | .020 |
Less distributions from: | ||||||
Net investment income | (.026 ) | (.029 ) | (.000 )* | (.000 )* | (.017 ) | (.020 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.61 ** | 2.97 | .04 | .03 | 1.68 | 2.06 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1,232 | 1,351 | 2,796 | 2,396 | 2,563 | 2,334 |
Ratio of expenses before expense reductions (%) | .22 *** | .23 | .21 | .21 | .22 | .21 |
Ratio of expenses after expense reductions (%) | .11 *** | .10 | .06 | .09 | .14 | .14 |
Ratio of net investment income (%) | 5.15 *** | 2.69 | .04 | .03 | 1.67 | 1.98 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
14 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio — Government Cash Managed Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .025 | .027 | .000 * | .000 * | .015 | .018 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* | (.000 )* |
Total from investment operations | .025 | .027 | .000 * | .000 * | .015 | .018 |
Less distributions from: | ||||||
Net investment income | (.025 ) | (.027 ) | (.000 )* | (.000 )* | (.015 ) | (.018 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.52 ** | 2.77 | .01 | .01 | 1.48 | 1.86 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 14 | 11 | 59 | 60 | 137 | 174 |
Ratio of expenses before expense reductions (%) | .45 *** | .43 | .38 | .42 | .42 | .42 |
Ratio of expenses after expense reductions (%) | .29 *** | .30 | .08 | .13 | .33 | .34 |
Ratio of net investment income (%) | 4.97 *** | 2.07 | .01 | .01 | 1.53 | 1.83 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 15 |
16 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 17 |
18 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
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 | | | 19 |
DWS Government & Agency Money Fund | $426,753 |
DWS Government Cash Institutional Shares | 781,666 |
Government Cash Managed Shares | 10,360 |
Service Shares | 7,139 |
$1,225,918 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $1,044,417 | $212,113 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Money Fund | $28,802 | $9,300 |
DWS Government Cash Institutional Shares | 78,840 | 17,566 |
Government Cash Managed Shares | 5,917 | 1,822 |
Service Shares | 15,338 | 953 |
$128,897 | $29,641 |
20 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $58,614 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $35,669 | $1,552 | .60% | .60% |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Government Cash Managed Shares | $9,544 | $1,832 | .15% | .15% |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Government & Agency Securities Portfolio | $730 | $100 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 21 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 1,050,226,204 | $1,050,226,204 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 11,566,359,515 | 11,566,359,515 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 26,021,000 | 26,021,000 | 129,301,264 | 129,301,264 |
Service Shares | 18,673,428 | 18,673,428 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,605 | — | 6,436 |
$12,661,285,752 | $32,090,491,389 |
22 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 19,614,083 | $19,614,083 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 7,442,501 | 7,442,501 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,382 | 1,382 | 281,143 | 281,143 |
Service Shares | 251,455 | 251,455 | 154,694 | 154,694 |
$27,309,421 | $16,189,872 | |||
Shares redeemed | ||||
DWS Government & Agency Money Fund | (360,189,091 ) | $(360,189,091 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (11,692,894,906 ) | (11,692,894,906 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (22,562,471 ) | (22,562,471 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (25,579,487 ) | (25,579,487 ) | (46,829,522 ) | (46,829,522 ) |
$(12,101,225,955 ) | $(33,374,536,270 ) |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 23 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 709,651,196 | $709,651,196 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | (119,092,890 ) | (119,092,890 ) | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,459,911 | 3,459,911 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (6,654,604 ) | (6,654,604 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,605 | — | 6,436 |
$587,369,218 | $(1,267,855,009 ) |
24 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 25 |
26 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Actual Fund Return | DWS Government Cash Institutional Shares | Government Cash Managed Shares |
Beginning Account Value 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,026.14 | $1,025.20 |
Expenses Paid per $1,000* | $.56 | $1.48 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,024.58 | $1,023.68 |
Expenses Paid per $1,000* | $.56 | $1.48 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | DWS Government Cash Institutional Shares | Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio | .11% | .29% |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 27 |
28 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 29 |
30 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 31 |
32 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010imgc7f44ad41.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img50df83542.jpg)
Contents
2 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Variable Rate Demand Notes | 86% | 78% |
Tax-Exempt Commercial Paper | 7% | 13% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 24 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 3 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 99.3% | |||
California 13.4% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.2%, 11/2/2023 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.2%, 11/2/2023 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, 2.85% (a), 11/1/2023, LOC: State Street B&T Co. | 1,200,000 | 1,200,000 | |
Series A-2, TECP, 3.15%, 11/8/2023 | 2,000,000 | 2,000,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 4.18% (a), 11/7/2023, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.19% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
18,350,000 | |||
Colorado 0.4% | |||
Colorado, State Housing & Finance Authority, Series I - AA2, 4.05% (a), 11/7/2023, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Delaware 0.8% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,145,000 | 1,145,000 | |
Florida 2.8% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 4.05% (a), 11/7/2023, LIQ: Fannie Mae | 810,000 | 810,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 4.0% (a), 11/7/2023, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,100,000 | 1,100,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 4.15% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 525,000 | 525,000 | |
3,790,000 |
4 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Georgia 4.3% | |||
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.15% (a), 11/7/2023 | 5,300,000 | 5,300,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 4.25% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
5,850,000 | |||
Illinois 12.1% | |||
Brookfield, IL, Zoo Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 900,000 | 900,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 4.05% (a), 11/7/2023, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 4.2% (a), 11/7/2023, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 4.16% (a), 11/7/2023, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 4.13% (a), 11/7/2023, LOC: Northern Trust Company | 1,880,000 | 1,880,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.95% (a), 11/1/2023, LOC: Wells Fargo Bank NA | 3,555,000 | 3,555,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 815,000 | 815,000 | |
16,480,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 5 |
Principal Amount ($) | Value ($) | ||
Indiana 1.2% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 4.15% (a), 11/7/2023, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 995,000 | 995,000 | |
1,585,000 | |||
Iowa 4.3% | |||
Iowa, Single-Family Finance Authority, Series B, 4.05% (a), 11/7/2023 | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 4.12% (a), 11/7/2023 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 4.05% (a), 11/7/2023 | 405,000 | 405,000 | |
5,805,000 | |||
Kansas 0.9% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.98% (a), 11/1/2023, LOC: U.S. Bank NA | 175,000 | 175,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 4.2% (a), 11/7/2023, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,175,000 | |||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisiana 1.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 1,470,000 | 1,470,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 535,000 | 535,000 | |
2,005,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,285,000 | 1,285,000 |
6 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Massachusetts 4.3% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 1,250,000 | 1,250,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.85% (a), 11/1/2023, LOC: Bank of America NA | 100,000 | 100,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.85% (a), 11/7/2023 | 4,350,000 | 4,350,000 | |
Massachusetts, State Water Resources Authority, Series A-3, 4.11% (a), 11/7/2023, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
5,820,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 4.08% (a), 11/7/2023, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.6% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 4.2% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.87% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,035,000 | 2,035,000 | |
Series B, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 4.07% (a), 11/7/2023, LOC: U.S. Bank NA | 415,000 | 415,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 4.25% (a), 11/7/2023, LOC: Bank of America NA | 340,000 | 340,000 | |
3,615,000 | |||
Nebraska 1.6% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 4.12% (a), 11/7/2023 | 2,200,000 | 2,200,000 | |
Nevada 0.7% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 4.1% (a), 11/7/2023, LOC: Bank of America NA | 980,000 | 980,000 | |
New Jersey 0.3% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 4.05% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 7 |
Principal Amount ($) | Value ($) | ||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 16.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,625,000 | 2,625,000 | |
Series E 1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,590,000 | 2,590,000 | |
Series G-1, 4.07% (a), 11/7/2023, LOC: TD Bank NA | 600,000 | 600,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 4.13% (a), 11/7/2023, LOC: Fannie Mae | 375,000 | 375,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 4.08% (a), 11/7/2023, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series A, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
Series B-4C, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
New York, NY, General Obligation: | |||
Series I-4, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-3, 4.0% (a), 11/1/2023, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series L-4, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 900,000 | 900,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 4.08% (a), 11/7/2023, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 4.03% (a), 11/1/2023, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 4.03% (a), 11/1/2023, LIQ: State Street B&T Co. | 4,300,000 | 4,300,000 | |
Series F-2, 4.03% (a), 11/1/2023, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
22,620,000 | |||
North Carolina 1.1% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 4.05% (a), 11/1/2023, LOC: Royal Bank of Canada | 1,500,000 | 1,500,000 |
8 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Ohio 2.6% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 4.14% (a), 11/7/2023, LOC: Northern Trust Company | 3,300,000 | 3,300,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.98% (a), 11/7/2023, LOC: Northern Trust Company | 205,000 | 205,000 | |
3,505,000 | |||
Oklahoma 2.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 4.23% (a), 11/7/2023, INS: BAM | 3,750,000 | 3,750,000 | |
Oregon 1.1% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series B, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 200,000 | 200,000 | |
Series A, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
1,525,000 | |||
Pennsylvania 3.0% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 500,000 | 500,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.97% (a), 11/7/2023, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
4,120,000 | |||
Rhode Island 0.7% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 960,000 | 960,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 9 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.9% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 4.15% (a), 11/7/2023, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.5% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 4.05% (a), 11/7/2023, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 4.8% | |||
Harris County, TX, Hospital District Revenue, 4.12% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 520,000 | 520,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-2, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 3,655,000 | 3,655,000 | |
Series C-1, 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 1,125,000 | 1,125,000 | |
6,560,000 | |||
Vermont 2.1% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 4.12% (a), 11/7/2023, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 4.06% (a), 11/1/2023, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.97% (a), 11/1/2023, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
10 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Washington 1.2% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 4.04% (a), 11/7/2023, LIQ: Fannie Mae | 1,145,000 | 1,145,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 4.1% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,685,000 | |||
Wisconsin 1.3% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 1,800,000 | 1,800,000 | |
Other 5.0% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 4.11% (a), 11/7/2023, LIQ: Freddie Mac | 2,395,000 | 2,395,000 | |
“A” , Series M031, 144A, 4.12% (a), 11/7/2023, LIQ: Freddie Mac | 2,420,000 | 2,420,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 4.3% (b), 12/15/2028, GTY: Freddie Mac | 2,015,000 | 2,015,000 | |
6,830,000 | |||
Total Municipal Investments (Cost $135,560,000) | 135,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $135,560,000) | 99.3 | 135,560,000 | |
Other Assets and Liabilities, Net | 0.7 | 969,561 | |
Net Assets | 100.0 | 136,529,561 |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of October 31, 2023. 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 October 31, 2023. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 11 |
INS: Insured |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $135,560,000 | $— | $135,560,000 |
Total | $— | $135,560,000 | $— | $135,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
12 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $135,560,000 |
Cash | 3,803 |
Receivable for investments sold | 400,000 |
Receivable for Fund shares sold | 198,417 |
Interest receivable | 516,803 |
Other assets | 61,023 |
Total assets | 136,740,046 |
Liabilities | |
Payable for Fund shares redeemed | 106,396 |
Distributions payable | 40,589 |
Accrued Trustees' fees | 2,267 |
Other accrued expenses and payables | 61,233 |
Total liabilities | 210,485 |
Net assets, at value | $136,529,561 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 136,560,478 |
Net assets, at value | $136,529,561 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 13 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($3,809,285 ÷ 3,805,524 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 ($81,365,768 ÷ 81,285,591 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 ($35,114,274 ÷ 35,079,509 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 ($2,721,498 ÷ 2,718,752 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 ($10,548,689 ÷ 10,539,316 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 ($2,970,047 ÷ 2,967,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
14 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $2,433,691 |
Expenses: | |
Management fee | 61,877 |
Administration fee | 68,061 |
Services to shareholders | 50,891 |
Distribution and service fees | 25,818 |
Custodian fee | 2,271 |
Professional fees | 29,811 |
Reports to shareholders | 24,963 |
Registration fees | 50,190 |
Trustees' fees and expenses | 4,232 |
Other | 17,499 |
Total expenses before expense reductions | 335,613 |
Expense reductions | (146,421 ) |
Total expenses after expense reductions | 189,192 |
Net investment income | 2,244,499 |
Net increase (decrease) in net assets resulting from operations | $2,244,499 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 15 |
DWS Tax-Exempt Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,244,499 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 2,244,499 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (75,519 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (1,328,548 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (583,476 ) | (692,153 ) |
Service Shares | (50,094 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (153,865 ) | (187,450 ) |
Tax-Free Investment Class | (52,997 ) | (84,034 ) |
Total distributions | (2,244,499 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 54,780,984 | 108,991,170 |
Reinvestment of distributions | 1,997,842 | 2,447,947 |
Payments for shares redeemed | (58,638,862 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | (1,860,036 ) | (38,116,764 ) |
Increase (decrease) in net assets | (1,860,036 ) | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $136,529,561 | $138,389,597 |
16 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Cash Premier Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .016 | .018 | .000 * | .000 * | .013 | .013 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .016 | .018 | .000 * | .000 * | .013 | .013 |
Less distributions from: | ||||||
Net investment income | (.016 ) | (.019 ) | (.000 )* | (.000 )* | (.013 ) | (.013 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.66 ** | 1.93 | .05 | .04 | 1.27 | 1.36 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 4 | 18 | 26 | 35 | 49 |
Ratio of expenses before expense reductions (%) | .41 *** | .39 | .34 | .33 | .32 | .34 |
Ratio of expenses after expense reductions (%) | .20 *** | .20 | .10 | .17 | .20 | .20 |
Ratio of net investment income (%) | 3.27 *** | 1.41 | .04 | .03 | 1.25 | 1.37 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 17 |
DWS Tax-Exempt Portfolio — Tax-Exempt Cash Managed Shares | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .016 | .016 | .000 * | .000 * | .011 | .012 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .016 | .016 | .000 * | .000 * | .011 | .012 |
Less distributions from: | ||||||
Net investment income | (.016 ) | (.017 ) | (.000 )* | (.000 )* | (.011 ) | (.012 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.59 ** | 1.76 | .02 | .01 | 1.09 | 1.16 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 11 | 8 | 13 | 32 | 32 | 46 |
Ratio of expenses before expense reductions (%) | .55 *** | .54 | .49 | .50 | .51 | .54 |
Ratio of expenses after expense reductions (%) | .34 *** | .37 | .11 | .19 | .38 | .40 |
Ratio of net investment income (%) | 3.12 *** | 1.68 | .02 | .01 | 1.09 | 1.16 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
18 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 19 |
20 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
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 | | | 21 |
DWS Tax-Exempt Cash Premier Shares | $4,768 |
DWS Tax-Exempt Money Fund | 83,546 |
DWS Tax-Free Money Fund Class S | 39,526 |
Service Shares | 4,158 |
Tax-Exempt Cash Managed Shares | 10,387 |
Tax-Free Investment Class | 4,036 |
$146,421 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $68,061 | $11,115 |
22 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Cash Premier Shares | $520 | $167 |
DWS Tax-Exempt Money Fund | 15,825 | 5,533 |
DWS Tax-Free Money Fund Class S | 14,380 | 5,110 |
Service Shares | 5,315 | — |
Tax-Exempt Cash Managed Shares | 785 | 543 |
Tax-Free Investment Class | 1,932 | 964 |
$38,757 | $12,317 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $2 |
DWS Tax-Exempt Money Fund | 572 |
DWS Tax-Free Money Fund Class S | 831 |
$1,405 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $12,527 | $1,502 | .60% | .60% |
Tax-Free Investment Class | 4,601 | 737 | .25% | .25% |
$17,128 | $2,239 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 23 |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $7,402 | $1,176 | .15% | .15% |
Tax-Free Investment Class | 1,288 | 207 | .07% | .07% |
$8,690 | $1,383 |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $723 | $175 |
24 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,090,615 | $8,090,615 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 12,423,450 | 12,423,450 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 2,001,239 | 2,001,239 | 6,507,344 | 6,507,344 |
Service Shares | 6,984,966 | 6,984,966 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 21,664,000 | 21,664,000 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 3,610,629 | 3,610,629 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,085 | — | 6,709 |
$54,780,984 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 30,247 | $30,247 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 1,308,752 | 1,308,752 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 554,292 | 554,292 | 660,499 | 660,499 |
Service Shares | 49,708 | 49,708 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 1,929 | 1,929 | 2,175 | 2,175 |
Tax-Free Investment Class | 52,914 | 52,914 | 82,293 | 82,293 |
$1,997,842 | $2,447,947 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 25 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (8,309,728 ) | $(8,309,728 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (13,745,570 ) | (13,745,570 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (4,028,559 ) | (4,028,559 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (9,296,629 ) | (9,296,629 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (19,030,800 ) | (19,030,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (4,227,576 ) | (4,227,576 ) | (11,549,334 ) | (11,549,334 ) |
$(58,638,862 ) | $(149,555,881 ) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (188,866 ) | $(188,866 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (13,368 ) | (13,368 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,473,028 ) | (1,473,028 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,261,955 ) | (2,261,955 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 2,635,129 | 2,635,129 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (564,033 ) | (564,033 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,085 | — | 6,709 |
$(1,860,036 ) | $(38,116,764 ) |
26 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 27 |
28 | | | 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 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,016.58 | $1,015.86 |
Expenses Paid per $1,000* | $1.01 | $1.72 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 5/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/23 | $1,024.13 | $1,023.43 |
Expenses Paid per $1,000* | $1.02 | $1.73 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratio | DWS Tax-Exempt Cash Premier Shares | Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio | .20% | .34% |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 29 |
30 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 31 |
32 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 33 |
34 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Contents
2 | | | DWS Tax-Exempt Money Fund |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Variable Rate Demand Notes | 86% | 78% |
Tax-Exempt Commercial Paper | 7% | 13% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 24 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Exempt Money Fund | | | 3 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 99.3% | |||
California 13.4% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.2%, 11/2/2023 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.2%, 11/2/2023 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, 2.85% (a), 11/1/2023, LOC: State Street B&T Co. | 1,200,000 | 1,200,000 | |
Series A-2, TECP, 3.15%, 11/8/2023 | 2,000,000 | 2,000,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 4.18% (a), 11/7/2023, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.19% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
18,350,000 | |||
Colorado 0.4% | |||
Colorado, State Housing & Finance Authority, Series I - AA2, 4.05% (a), 11/7/2023, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Delaware 0.8% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,145,000 | 1,145,000 | |
Florida 2.8% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 4.05% (a), 11/7/2023, LIQ: Fannie Mae | 810,000 | 810,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 4.0% (a), 11/7/2023, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,100,000 | 1,100,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 4.15% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 525,000 | 525,000 | |
3,790,000 |
4 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Georgia 4.3% | |||
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.15% (a), 11/7/2023 | 5,300,000 | 5,300,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 4.25% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
5,850,000 | |||
Illinois 12.1% | |||
Brookfield, IL, Zoo Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 900,000 | 900,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 4.05% (a), 11/7/2023, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 4.2% (a), 11/7/2023, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 4.16% (a), 11/7/2023, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 4.13% (a), 11/7/2023, LOC: Northern Trust Company | 1,880,000 | 1,880,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.95% (a), 11/1/2023, LOC: Wells Fargo Bank NA | 3,555,000 | 3,555,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 815,000 | 815,000 | |
16,480,000 |
DWS Tax-Exempt Money Fund | | | 5 |
Principal Amount ($) | Value ($) | ||
Indiana 1.2% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 4.15% (a), 11/7/2023, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 995,000 | 995,000 | |
1,585,000 | |||
Iowa 4.3% | |||
Iowa, Single-Family Finance Authority, Series B, 4.05% (a), 11/7/2023 | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 4.12% (a), 11/7/2023 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 4.05% (a), 11/7/2023 | 405,000 | 405,000 | |
5,805,000 | |||
Kansas 0.9% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.98% (a), 11/1/2023, LOC: U.S. Bank NA | 175,000 | 175,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 4.2% (a), 11/7/2023, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,175,000 | |||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisiana 1.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 1,470,000 | 1,470,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 535,000 | 535,000 | |
2,005,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,285,000 | 1,285,000 |
6 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Massachusetts 4.3% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 1,250,000 | 1,250,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.85% (a), 11/1/2023, LOC: Bank of America NA | 100,000 | 100,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.85% (a), 11/7/2023 | 4,350,000 | 4,350,000 | |
Massachusetts, State Water Resources Authority, Series A-3, 4.11% (a), 11/7/2023, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
5,820,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 4.08% (a), 11/7/2023, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.6% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 4.2% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.87% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,035,000 | 2,035,000 | |
Series B, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 4.07% (a), 11/7/2023, LOC: U.S. Bank NA | 415,000 | 415,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 4.25% (a), 11/7/2023, LOC: Bank of America NA | 340,000 | 340,000 | |
3,615,000 | |||
Nebraska 1.6% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 4.12% (a), 11/7/2023 | 2,200,000 | 2,200,000 | |
Nevada 0.7% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 4.1% (a), 11/7/2023, LOC: Bank of America NA | 980,000 | 980,000 | |
New Jersey 0.3% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 4.05% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 |
DWS Tax-Exempt Money Fund | | | 7 |
Principal Amount ($) | Value ($) | ||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 16.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,625,000 | 2,625,000 | |
Series E 1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,590,000 | 2,590,000 | |
Series G-1, 4.07% (a), 11/7/2023, LOC: TD Bank NA | 600,000 | 600,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 4.13% (a), 11/7/2023, LOC: Fannie Mae | 375,000 | 375,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 4.08% (a), 11/7/2023, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series A, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
Series B-4C, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
New York, NY, General Obligation: | |||
Series I-4, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-3, 4.0% (a), 11/1/2023, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series L-4, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 900,000 | 900,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 4.08% (a), 11/7/2023, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 4.03% (a), 11/1/2023, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 4.03% (a), 11/1/2023, LIQ: State Street B&T Co. | 4,300,000 | 4,300,000 | |
Series F-2, 4.03% (a), 11/1/2023, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
22,620,000 | |||
North Carolina 1.1% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 4.05% (a), 11/1/2023, LOC: Royal Bank of Canada | 1,500,000 | 1,500,000 |
8 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Ohio 2.6% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 4.14% (a), 11/7/2023, LOC: Northern Trust Company | 3,300,000 | 3,300,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.98% (a), 11/7/2023, LOC: Northern Trust Company | 205,000 | 205,000 | |
3,505,000 | |||
Oklahoma 2.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 4.23% (a), 11/7/2023, INS: BAM | 3,750,000 | 3,750,000 | |
Oregon 1.1% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series B, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 200,000 | 200,000 | |
Series A, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
1,525,000 | |||
Pennsylvania 3.0% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 500,000 | 500,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.97% (a), 11/7/2023, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
4,120,000 | |||
Rhode Island 0.7% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 960,000 | 960,000 |
DWS Tax-Exempt Money Fund | | | 9 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.9% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 4.15% (a), 11/7/2023, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.5% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 4.05% (a), 11/7/2023, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 4.8% | |||
Harris County, TX, Hospital District Revenue, 4.12% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 520,000 | 520,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-2, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 3,655,000 | 3,655,000 | |
Series C-1, 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 1,125,000 | 1,125,000 | |
6,560,000 | |||
Vermont 2.1% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 4.12% (a), 11/7/2023, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 4.06% (a), 11/1/2023, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.97% (a), 11/1/2023, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
10 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Washington 1.2% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 4.04% (a), 11/7/2023, LIQ: Fannie Mae | 1,145,000 | 1,145,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 4.1% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,685,000 | |||
Wisconsin 1.3% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 1,800,000 | 1,800,000 | |
Other 5.0% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 4.11% (a), 11/7/2023, LIQ: Freddie Mac | 2,395,000 | 2,395,000 | |
“A” , Series M031, 144A, 4.12% (a), 11/7/2023, LIQ: Freddie Mac | 2,420,000 | 2,420,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 4.3% (b), 12/15/2028, GTY: Freddie Mac | 2,015,000 | 2,015,000 | |
6,830,000 | |||
Total Municipal Investments (Cost $135,560,000) | 135,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $135,560,000) | 99.3 | 135,560,000 | |
Other Assets and Liabilities, Net | 0.7 | 969,561 | |
Net Assets | 100.0 | 136,529,561 |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of October 31, 2023. 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 October 31, 2023. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
DWS Tax-Exempt Money Fund | | | 11 |
INS: Insured |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $135,560,000 | $— | $135,560,000 |
Total | $— | $135,560,000 | $— | $135,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
12 | | | DWS Tax-Exempt Money Fund |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $135,560,000 |
Cash | 3,803 |
Receivable for investments sold | 400,000 |
Receivable for Fund shares sold | 198,417 |
Interest receivable | 516,803 |
Other assets | 61,023 |
Total assets | 136,740,046 |
Liabilities | |
Payable for Fund shares redeemed | 106,396 |
Distributions payable | 40,589 |
Accrued Trustees' fees | 2,267 |
Other accrued expenses and payables | 61,233 |
Total liabilities | 210,485 |
Net assets, at value | $136,529,561 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 136,560,478 |
Net assets, at value | $136,529,561 |
DWS Tax-Exempt Money Fund | | | 13 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($3,809,285 ÷ 3,805,524 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 ($81,365,768 ÷ 81,285,591 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 ($35,114,274 ÷ 35,079,509 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 ($2,721,498 ÷ 2,718,752 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 ($10,548,689 ÷ 10,539,316 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 ($2,970,047 ÷ 2,967,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
14 | | | DWS Tax-Exempt Money Fund |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $2,433,691 |
Expenses: | |
Management fee | 61,877 |
Administration fee | 68,061 |
Services to shareholders | 50,891 |
Distribution and service fees | 25,818 |
Custodian fee | 2,271 |
Professional fees | 29,811 |
Reports to shareholders | 24,963 |
Registration fees | 50,190 |
Trustees' fees and expenses | 4,232 |
Other | 17,499 |
Total expenses before expense reductions | 335,613 |
Expense reductions | (146,421 ) |
Total expenses after expense reductions | 189,192 |
Net investment income | 2,244,499 |
Net increase (decrease) in net assets resulting from operations | $2,244,499 |
DWS Tax-Exempt Money Fund | | | 15 |
DWS Tax-Exempt Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,244,499 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 2,244,499 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (75,519 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (1,328,548 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (583,476 ) | (692,153 ) |
Service Shares | (50,094 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (153,865 ) | (187,450 ) |
Tax-Free Investment Class | (52,997 ) | (84,034 ) |
Total distributions | (2,244,499 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 54,780,984 | 108,991,170 |
Reinvestment of distributions | 1,997,842 | 2,447,947 |
Payments for shares redeemed | (58,638,862 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | (1,860,036 ) | (38,116,764 ) |
Increase (decrease) in net assets | (1,860,036 ) | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $136,529,561 | $138,389,597 |
16 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .016 | .018 | .000 * | .000 * | .012 | .013 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .016 | .018 | .000 * | .000 * | .012 | .013 |
Less distributions from: | ||||||
Net investment income | (.016 ) | (.019 ) | (.000 )* | (.000 )* | (.012 ) | (.013 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.65 ** | 1.91 | .04 | .03 | 1.25 | 1.34 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 81 | 81 | 93 | 109 | 117 | 124 |
Ratio of expenses before expense reductions (%) | .42 *** | .41 | .37 | .35 | .35 | .38 |
Ratio of expenses after expense reductions (%) | .22 *** | .22 | .10 | .17 | .22 | .22 |
Ratio of net investment income (%) | 3.25 *** | 1.79 | .04 | .03 | 1.24 | 1.33 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
DWS Tax-Exempt Money Fund | | | 17 |
18 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 19 |
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% |
20 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Cash Premier Shares | $4,768 |
DWS Tax-Exempt Money Fund | 83,546 |
DWS Tax-Free Money Fund Class S | 39,526 |
Service Shares | 4,158 |
Tax-Exempt Cash Managed Shares | 10,387 |
Tax-Free Investment Class | 4,036 |
$146,421 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $68,061 | $11,115 |
DWS Tax-Exempt Money Fund | | | 21 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Cash Premier Shares | $520 | $167 |
DWS Tax-Exempt Money Fund | 15,825 | 5,533 |
DWS Tax-Free Money Fund Class S | 14,380 | 5,110 |
Service Shares | 5,315 | — |
Tax-Exempt Cash Managed Shares | 785 | 543 |
Tax-Free Investment Class | 1,932 | 964 |
$38,757 | $12,317 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $2 |
DWS Tax-Exempt Money Fund | 572 |
DWS Tax-Free Money Fund Class S | 831 |
$1,405 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $12,527 | $1,502 | .60% | .60% |
Tax-Free Investment Class | 4,601 | 737 | .25% | .25% |
$17,128 | $2,239 |
22 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $7,402 | $1,176 | .15% | .15% |
Tax-Free Investment Class | 1,288 | 207 | .07% | .07% |
$8,690 | $1,383 |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $723 | $175 |
DWS Tax-Exempt Money Fund | | | 23 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,090,615 | $8,090,615 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 12,423,450 | 12,423,450 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 2,001,239 | 2,001,239 | 6,507,344 | 6,507,344 |
Service Shares | 6,984,966 | 6,984,966 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 21,664,000 | 21,664,000 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 3,610,629 | 3,610,629 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,085 | — | 6,709 |
$54,780,984 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 30,247 | $30,247 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 1,308,752 | 1,308,752 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 554,292 | 554,292 | 660,499 | 660,499 |
Service Shares | 49,708 | 49,708 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 1,929 | 1,929 | 2,175 | 2,175 |
Tax-Free Investment Class | 52,914 | 52,914 | 82,293 | 82,293 |
$1,997,842 | $2,447,947 |
24 | | | DWS Tax-Exempt Money Fund |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (8,309,728 ) | $(8,309,728 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (13,745,570 ) | (13,745,570 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (4,028,559 ) | (4,028,559 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (9,296,629 ) | (9,296,629 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (19,030,800 ) | (19,030,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (4,227,576 ) | (4,227,576 ) | (11,549,334 ) | (11,549,334 ) |
$(58,638,862 ) | $(149,555,881 ) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (188,866 ) | $(188,866 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (13,368 ) | (13,368 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,473,028 ) | (1,473,028 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,261,955 ) | (2,261,955 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 2,635,129 | 2,635,129 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (564,033 ) | (564,033 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,085 | — | 6,709 |
$(1,860,036 ) | $(38,116,764 ) |
DWS Tax-Exempt Money Fund | | | 25 |
26 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 27 |
Actual Fund Return | DWS Tax-Exempt Money Fund |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,016.47 |
Expenses Paid per $1,000* | $1.12 |
Hypothetical 5% Fund Return | |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,024.03 |
Expenses Paid per $1,000* | $1.12 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratio | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio | .22% |
28 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 29 |
30 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 31 |
32 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 33 |
Contents
2 | | | Tax-Free Investment Class |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Variable Rate Demand Notes | 86% | 78% |
Tax-Exempt Commercial Paper | 7% | 13% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 24 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
Tax-Free Investment Class | | | 3 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 99.3% | |||
California 13.4% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.2%, 11/2/2023 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.2%, 11/2/2023 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, 2.85% (a), 11/1/2023, LOC: State Street B&T Co. | 1,200,000 | 1,200,000 | |
Series A-2, TECP, 3.15%, 11/8/2023 | 2,000,000 | 2,000,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 4.18% (a), 11/7/2023, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.19% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
18,350,000 | |||
Colorado 0.4% | |||
Colorado, State Housing & Finance Authority, Series I - AA2, 4.05% (a), 11/7/2023, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Delaware 0.8% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,145,000 | 1,145,000 | |
Florida 2.8% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 4.05% (a), 11/7/2023, LIQ: Fannie Mae | 810,000 | 810,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 4.0% (a), 11/7/2023, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,100,000 | 1,100,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 4.15% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 525,000 | 525,000 | |
3,790,000 |
4 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Georgia 4.3% | |||
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.15% (a), 11/7/2023 | 5,300,000 | 5,300,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 4.25% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
5,850,000 | |||
Illinois 12.1% | |||
Brookfield, IL, Zoo Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 900,000 | 900,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 4.05% (a), 11/7/2023, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 4.2% (a), 11/7/2023, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 4.16% (a), 11/7/2023, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 4.13% (a), 11/7/2023, LOC: Northern Trust Company | 1,880,000 | 1,880,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.95% (a), 11/1/2023, LOC: Wells Fargo Bank NA | 3,555,000 | 3,555,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 815,000 | 815,000 | |
16,480,000 |
Tax-Free Investment Class | | | 5 |
Principal Amount ($) | Value ($) | ||
Indiana 1.2% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 4.15% (a), 11/7/2023, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 995,000 | 995,000 | |
1,585,000 | |||
Iowa 4.3% | |||
Iowa, Single-Family Finance Authority, Series B, 4.05% (a), 11/7/2023 | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 4.12% (a), 11/7/2023 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 4.05% (a), 11/7/2023 | 405,000 | 405,000 | |
5,805,000 | |||
Kansas 0.9% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.98% (a), 11/1/2023, LOC: U.S. Bank NA | 175,000 | 175,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 4.2% (a), 11/7/2023, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,175,000 | |||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisiana 1.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 1,470,000 | 1,470,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 535,000 | 535,000 | |
2,005,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,285,000 | 1,285,000 |
6 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Massachusetts 4.3% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 1,250,000 | 1,250,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.85% (a), 11/1/2023, LOC: Bank of America NA | 100,000 | 100,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.85% (a), 11/7/2023 | 4,350,000 | 4,350,000 | |
Massachusetts, State Water Resources Authority, Series A-3, 4.11% (a), 11/7/2023, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
5,820,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 4.08% (a), 11/7/2023, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.6% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 4.2% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.87% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,035,000 | 2,035,000 | |
Series B, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 4.07% (a), 11/7/2023, LOC: U.S. Bank NA | 415,000 | 415,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 4.25% (a), 11/7/2023, LOC: Bank of America NA | 340,000 | 340,000 | |
3,615,000 | |||
Nebraska 1.6% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 4.12% (a), 11/7/2023 | 2,200,000 | 2,200,000 | |
Nevada 0.7% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 4.1% (a), 11/7/2023, LOC: Bank of America NA | 980,000 | 980,000 | |
New Jersey 0.3% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 4.05% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 |
Tax-Free Investment Class | | | 7 |
Principal Amount ($) | Value ($) | ||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 16.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,625,000 | 2,625,000 | |
Series E 1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,590,000 | 2,590,000 | |
Series G-1, 4.07% (a), 11/7/2023, LOC: TD Bank NA | 600,000 | 600,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 4.13% (a), 11/7/2023, LOC: Fannie Mae | 375,000 | 375,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 4.08% (a), 11/7/2023, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series A, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
Series B-4C, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
New York, NY, General Obligation: | |||
Series I-4, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-3, 4.0% (a), 11/1/2023, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series L-4, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 900,000 | 900,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 4.08% (a), 11/7/2023, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 4.03% (a), 11/1/2023, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 4.03% (a), 11/1/2023, LIQ: State Street B&T Co. | 4,300,000 | 4,300,000 | |
Series F-2, 4.03% (a), 11/1/2023, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
22,620,000 | |||
North Carolina 1.1% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 4.05% (a), 11/1/2023, LOC: Royal Bank of Canada | 1,500,000 | 1,500,000 |
8 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Ohio 2.6% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 4.14% (a), 11/7/2023, LOC: Northern Trust Company | 3,300,000 | 3,300,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.98% (a), 11/7/2023, LOC: Northern Trust Company | 205,000 | 205,000 | |
3,505,000 | |||
Oklahoma 2.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 4.23% (a), 11/7/2023, INS: BAM | 3,750,000 | 3,750,000 | |
Oregon 1.1% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series B, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 200,000 | 200,000 | |
Series A, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
1,525,000 | |||
Pennsylvania 3.0% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 500,000 | 500,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.97% (a), 11/7/2023, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
4,120,000 | |||
Rhode Island 0.7% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 960,000 | 960,000 |
Tax-Free Investment Class | | | 9 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.9% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 4.15% (a), 11/7/2023, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.5% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 4.05% (a), 11/7/2023, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 4.8% | |||
Harris County, TX, Hospital District Revenue, 4.12% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 520,000 | 520,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-2, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 3,655,000 | 3,655,000 | |
Series C-1, 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 1,125,000 | 1,125,000 | |
6,560,000 | |||
Vermont 2.1% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 4.12% (a), 11/7/2023, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 4.06% (a), 11/1/2023, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.97% (a), 11/1/2023, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
10 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Washington 1.2% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 4.04% (a), 11/7/2023, LIQ: Fannie Mae | 1,145,000 | 1,145,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 4.1% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,685,000 | |||
Wisconsin 1.3% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 1,800,000 | 1,800,000 | |
Other 5.0% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 4.11% (a), 11/7/2023, LIQ: Freddie Mac | 2,395,000 | 2,395,000 | |
“A” , Series M031, 144A, 4.12% (a), 11/7/2023, LIQ: Freddie Mac | 2,420,000 | 2,420,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 4.3% (b), 12/15/2028, GTY: Freddie Mac | 2,015,000 | 2,015,000 | |
6,830,000 | |||
Total Municipal Investments (Cost $135,560,000) | 135,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $135,560,000) | 99.3 | 135,560,000 | |
Other Assets and Liabilities, Net | 0.7 | 969,561 | |
Net Assets | 100.0 | 136,529,561 |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of October 31, 2023. 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 October 31, 2023. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
Tax-Free Investment Class | | | 11 |
INS: Insured |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $135,560,000 | $— | $135,560,000 |
Total | $— | $135,560,000 | $— | $135,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
12 | | | Tax-Free Investment Class |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $135,560,000 |
Cash | 3,803 |
Receivable for investments sold | 400,000 |
Receivable for Fund shares sold | 198,417 |
Interest receivable | 516,803 |
Other assets | 61,023 |
Total assets | 136,740,046 |
Liabilities | |
Payable for Fund shares redeemed | 106,396 |
Distributions payable | 40,589 |
Accrued Trustees' fees | 2,267 |
Other accrued expenses and payables | 61,233 |
Total liabilities | 210,485 |
Net assets, at value | $136,529,561 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 136,560,478 |
Net assets, at value | $136,529,561 |
Tax-Free Investment Class | | | 13 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($3,809,285 ÷ 3,805,524 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 ($81,365,768 ÷ 81,285,591 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 ($35,114,274 ÷ 35,079,509 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 ($2,721,498 ÷ 2,718,752 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 ($10,548,689 ÷ 10,539,316 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 ($2,970,047 ÷ 2,967,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
14 | | | Tax-Free Investment Class |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $2,433,691 |
Expenses: | |
Management fee | 61,877 |
Administration fee | 68,061 |
Services to shareholders | 50,891 |
Distribution and service fees | 25,818 |
Custodian fee | 2,271 |
Professional fees | 29,811 |
Reports to shareholders | 24,963 |
Registration fees | 50,190 |
Trustees' fees and expenses | 4,232 |
Other | 17,499 |
Total expenses before expense reductions | 335,613 |
Expense reductions | (146,421 ) |
Total expenses after expense reductions | 189,192 |
Net investment income | 2,244,499 |
Net increase (decrease) in net assets resulting from operations | $2,244,499 |
Tax-Free Investment Class | | | 15 |
DWS Tax-Exempt Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,244,499 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 2,244,499 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (75,519 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (1,328,548 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (583,476 ) | (692,153 ) |
Service Shares | (50,094 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (153,865 ) | (187,450 ) |
Tax-Free Investment Class | (52,997 ) | (84,034 ) |
Total distributions | (2,244,499 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 54,780,984 | 108,991,170 |
Reinvestment of distributions | 1,997,842 | 2,447,947 |
Payments for shares redeemed | (58,638,862 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | (1,860,036 ) | (38,116,764 ) |
Increase (decrease) in net assets | (1,860,036 ) | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $136,529,561 | $138,389,597 |
16 | | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio — Tax-Free Investment Class | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .015 | .014 | .000 * | .000 * | .009 | .010 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .015 | .014 | .000 * | .000 * | .009 | .010 |
Less distributions from: | ||||||
Net investment income | (.015 ) | (.015 ) | (.000 )* | (.000 )* | (.009 ) | (.010 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.46 ** | 1.54 | .01 | .01 | .88 | .96 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 4 | 10 | 10 | 7 | 6 |
Ratio of expenses before expense reductions (%) | .81 *** | .77 | .73 | .71 | .72 | .74 |
Ratio of expenses after expense reductions (%) | .59 *** | .59 | .14 | .19 | .59 | .59 |
Ratio of net investment income (%) | 2.88 *** | 1.18 | .01 | .01 | .86 | .96 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
Tax-Free Investment Class | | | 17 |
18 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 19 |
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% |
20 | | | Tax-Free Investment Class |
DWS Tax-Exempt Cash Premier Shares | $4,768 |
DWS Tax-Exempt Money Fund | 83,546 |
DWS Tax-Free Money Fund Class S | 39,526 |
Service Shares | 4,158 |
Tax-Exempt Cash Managed Shares | 10,387 |
Tax-Free Investment Class | 4,036 |
$146,421 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $68,061 | $11,115 |
Tax-Free Investment Class | | | 21 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Cash Premier Shares | $520 | $167 |
DWS Tax-Exempt Money Fund | 15,825 | 5,533 |
DWS Tax-Free Money Fund Class S | 14,380 | 5,110 |
Service Shares | 5,315 | — |
Tax-Exempt Cash Managed Shares | 785 | 543 |
Tax-Free Investment Class | 1,932 | 964 |
$38,757 | $12,317 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $2 |
DWS Tax-Exempt Money Fund | 572 |
DWS Tax-Free Money Fund Class S | 831 |
$1,405 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $12,527 | $1,502 | .60% | .60% |
Tax-Free Investment Class | 4,601 | 737 | .25% | .25% |
$17,128 | $2,239 |
22 | | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $7,402 | $1,176 | .15% | .15% |
Tax-Free Investment Class | 1,288 | 207 | .07% | .07% |
$8,690 | $1,383 |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $723 | $175 |
Tax-Free Investment Class | | | 23 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,090,615 | $8,090,615 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 12,423,450 | 12,423,450 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 2,001,239 | 2,001,239 | 6,507,344 | 6,507,344 |
Service Shares | 6,984,966 | 6,984,966 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 21,664,000 | 21,664,000 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 3,610,629 | 3,610,629 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,085 | — | 6,709 |
$54,780,984 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 30,247 | $30,247 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 1,308,752 | 1,308,752 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 554,292 | 554,292 | 660,499 | 660,499 |
Service Shares | 49,708 | 49,708 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 1,929 | 1,929 | 2,175 | 2,175 |
Tax-Free Investment Class | 52,914 | 52,914 | 82,293 | 82,293 |
$1,997,842 | $2,447,947 |
24 | | | Tax-Free Investment Class |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (8,309,728 ) | $(8,309,728 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (13,745,570 ) | (13,745,570 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (4,028,559 ) | (4,028,559 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (9,296,629 ) | (9,296,629 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (19,030,800 ) | (19,030,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (4,227,576 ) | (4,227,576 ) | (11,549,334 ) | (11,549,334 ) |
$(58,638,862 ) | $(149,555,881 ) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (188,866 ) | $(188,866 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (13,368 ) | (13,368 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,473,028 ) | (1,473,028 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,261,955 ) | (2,261,955 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 2,635,129 | 2,635,129 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (564,033 ) | (564,033 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,085 | — | 6,709 |
$(1,860,036 ) | $(38,116,764 ) |
Tax-Free Investment Class | | | 25 |
26 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 27 |
Actual Fund Return | Tax-Free Investment Class |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,014.59 |
Expenses Paid per $1,000* | $2.99 |
Hypothetical 5% Fund Return | |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,022.17 |
Expenses Paid per $1,000* | $3.00 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratio | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio | .59% |
28 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 29 |
30 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 31 |
32 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 33 |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img752e997d1.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000898/g66010img70d6031a2.jpg)
Contents
2 | | | DWS Tax-Free Money Fund Class S |
Asset Allocation (As a % of Investment Portfolio) | 10/31/23 | 4/30/23 |
Variable Rate Demand Notes | 86% | 78% |
Tax-Exempt Commercial Paper | 7% | 13% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 10/31/23 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 24 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
DWS Tax-Free Money Fund Class S | | | 3 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 99.3% | |||
California 13.4% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.2%, 11/2/2023 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.2%, 11/2/2023 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, 2.85% (a), 11/1/2023, LOC: State Street B&T Co. | 1,200,000 | 1,200,000 | |
Series A-2, TECP, 3.15%, 11/8/2023 | 2,000,000 | 2,000,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 4.18% (a), 11/7/2023, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.19% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
18,350,000 | |||
Colorado 0.4% | |||
Colorado, State Housing & Finance Authority, Series I - AA2, 4.05% (a), 11/7/2023, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Delaware 0.8% | |||
Delaware, State Economic Development Authority Revenue, YMCA State Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,145,000 | 1,145,000 | |
Florida 2.8% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 4.05% (a), 11/7/2023, LIQ: Fannie Mae | 810,000 | 810,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 4.0% (a), 11/7/2023, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,100,000 | 1,100,000 | |
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 4.15% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 525,000 | 525,000 | |
3,790,000 |
4 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Georgia 4.3% | |||
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.15% (a), 11/7/2023 | 5,300,000 | 5,300,000 | |
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 4.25% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
5,850,000 | |||
Illinois 12.1% | |||
Brookfield, IL, Zoo Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 900,000 | 900,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 1,000,000 | 1,000,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 4.05% (a), 11/7/2023, LOC: BMO Harris Bank NA | 1,700,000 | 1,700,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 4.2% (a), 11/7/2023, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Educational Facilities Authority, Columbia College Chicago, 4.16% (a), 11/7/2023, LOC: BMO Harris Bank NA | 485,000 | 485,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 4.09% (a), 11/7/2023, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 4.13% (a), 11/7/2023, LOC: Northern Trust Company | 1,880,000 | 1,880,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.95% (a), 11/1/2023, LOC: Wells Fargo Bank NA | 3,555,000 | 3,555,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 815,000 | 815,000 | |
16,480,000 |
DWS Tax-Free Money Fund Class S | | | 5 |
Principal Amount ($) | Value ($) | ||
Indiana 1.2% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 4.15% (a), 11/7/2023, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, Series 2004, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 995,000 | 995,000 | |
1,585,000 | |||
Iowa 4.3% | |||
Iowa, Single-Family Finance Authority, Series B, 4.05% (a), 11/7/2023 | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 4.12% (a), 11/7/2023 | 1,400,000 | 1,400,000 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 4.05% (a), 11/7/2023 | 405,000 | 405,000 | |
5,805,000 | |||
Kansas 0.9% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.98% (a), 11/1/2023, LOC: U.S. Bank NA | 175,000 | 175,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 4.2% (a), 11/7/2023, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,175,000 | |||
Kentucky 0.2% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisiana 1.5% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 1,470,000 | 1,470,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 4.13% (a), 11/7/2023, LOC: Freddie Mac | 535,000 | 535,000 | |
2,005,000 | |||
Maryland 0.9% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 1,285,000 | 1,285,000 |
6 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Massachusetts 4.3% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 1,250,000 | 1,250,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.85% (a), 11/1/2023, LOC: Bank of America NA | 100,000 | 100,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.85% (a), 11/7/2023 | 4,350,000 | 4,350,000 | |
Massachusetts, State Water Resources Authority, Series A-3, 4.11% (a), 11/7/2023, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
5,820,000 | |||
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 4.08% (a), 11/7/2023, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.6% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 4.2% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 710,000 | 710,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.87% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,035,000 | 2,035,000 | |
Series B, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 4.07% (a), 11/7/2023, LOC: U.S. Bank NA | 415,000 | 415,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 4.25% (a), 11/7/2023, LOC: Bank of America NA | 340,000 | 340,000 | |
3,615,000 | |||
Nebraska 1.6% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 4.12% (a), 11/7/2023 | 2,200,000 | 2,200,000 | |
Nevada 0.7% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 4.1% (a), 11/7/2023, LOC: Bank of America NA | 980,000 | 980,000 | |
New Jersey 0.3% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 4.05% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 400,000 | 400,000 |
DWS Tax-Free Money Fund Class S | | | 7 |
Principal Amount ($) | Value ($) | ||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 4.05% (a), 11/7/2023, LOC: Freddie Mac | 1,050,000 | 1,050,000 | |
New York 16.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,625,000 | 2,625,000 | |
Series E 1, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 2,590,000 | 2,590,000 | |
Series G-1, 4.07% (a), 11/7/2023, LOC: TD Bank NA | 600,000 | 600,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 4.13% (a), 11/7/2023, LOC: Fannie Mae | 375,000 | 375,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 4.08% (a), 11/7/2023, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series A, 4.0% (a), 11/7/2023, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
Series B-4C, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
New York, NY, General Obligation: | |||
Series I-4, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-3, 4.0% (a), 11/1/2023, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series L-4, 4.03% (a), 11/1/2023, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 900,000 | 900,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 4.08% (a), 11/7/2023, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 4.03% (a), 11/1/2023, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 4.03% (a), 11/1/2023, LIQ: State Street B&T Co. | 4,300,000 | 4,300,000 | |
Series F-2, 4.03% (a), 11/1/2023, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
22,620,000 | |||
North Carolina 1.1% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 4.05% (a), 11/1/2023, LOC: Royal Bank of Canada | 1,500,000 | 1,500,000 |
8 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Ohio 2.6% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 4.14% (a), 11/7/2023, LOC: Northern Trust Company | 3,300,000 | 3,300,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.98% (a), 11/7/2023, LOC: Northern Trust Company | 205,000 | 205,000 | |
3,505,000 | |||
Oklahoma 2.7% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 4.23% (a), 11/7/2023, INS: BAM | 3,750,000 | 3,750,000 | |
Oregon 1.1% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series B, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 200,000 | 200,000 | |
Series A, 4.0% (a), 11/1/2023, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
1,525,000 | |||
Pennsylvania 3.0% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.08% (a), 11/7/2023, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 500,000 | 500,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 4.13% (a), 11/7/2023, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.97% (a), 11/7/2023, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
4,120,000 | |||
Rhode Island 0.7% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 4.1% (a), 11/7/2023, LOC: TD Bank NA | 960,000 | 960,000 |
DWS Tax-Free Money Fund Class S | | | 9 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.9% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 4.15% (a), 11/7/2023, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.5% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 4.05% (a), 11/7/2023, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 4.8% | |||
Harris County, TX, Hospital District Revenue, 4.12% (a), 11/7/2023, LOC: JPMorgan Chase Bank NA | 520,000 | 520,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-2, 4.08% (a), 11/7/2023, LOC: Bank of NY Mellon | 3,655,000 | 3,655,000 | |
Series C-1, 4.1% (a), 11/7/2023, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.95% (a), 11/1/2023, LOC: TD Bank NA | 1,125,000 | 1,125,000 | |
6,560,000 | |||
Vermont 2.1% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 4.12% (a), 11/7/2023, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 4.06% (a), 11/1/2023, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.6% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 4.1% (a), 11/7/2023, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.97% (a), 11/1/2023, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
10 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Washington 1.2% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 4.04% (a), 11/7/2023, LIQ: Fannie Mae | 1,145,000 | 1,145,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 4.1% (a), 11/7/2023, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,685,000 | |||
Wisconsin 1.3% | |||
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 4.0% (a), 11/1/2023, LOC: Barclays Bank PLC | 1,800,000 | 1,800,000 | |
Other 5.0% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 4.11% (a), 11/7/2023, LIQ: Freddie Mac | 2,395,000 | 2,395,000 | |
“A” , Series M031, 144A, 4.12% (a), 11/7/2023, LIQ: Freddie Mac | 2,420,000 | 2,420,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 4.3% (b), 12/15/2028, GTY: Freddie Mac | 2,015,000 | 2,015,000 | |
6,830,000 | |||
Total Municipal Investments (Cost $135,560,000) | 135,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $135,560,000) | 99.3 | 135,560,000 | |
Other Assets and Liabilities, Net | 0.7 | 969,561 | |
Net Assets | 100.0 | 136,529,561 |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of October 31, 2023. 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 October 31, 2023. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
DWS Tax-Free Money Fund Class S | | | 11 |
INS: Insured |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $135,560,000 | $— | $135,560,000 |
Total | $— | $135,560,000 | $— | $135,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
12 | | | DWS Tax-Free Money Fund Class S |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $135,560,000 |
Cash | 3,803 |
Receivable for investments sold | 400,000 |
Receivable for Fund shares sold | 198,417 |
Interest receivable | 516,803 |
Other assets | 61,023 |
Total assets | 136,740,046 |
Liabilities | |
Payable for Fund shares redeemed | 106,396 |
Distributions payable | 40,589 |
Accrued Trustees' fees | 2,267 |
Other accrued expenses and payables | 61,233 |
Total liabilities | 210,485 |
Net assets, at value | $136,529,561 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 136,560,478 |
Net assets, at value | $136,529,561 |
DWS Tax-Free Money Fund Class S | | | 13 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($3,809,285 ÷ 3,805,524 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 ($81,365,768 ÷ 81,285,591 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 ($35,114,274 ÷ 35,079,509 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 ($2,721,498 ÷ 2,718,752 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 ($10,548,689 ÷ 10,539,316 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 ($2,970,047 ÷ 2,967,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
14 | | | DWS Tax-Free Money Fund Class S |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $2,433,691 |
Expenses: | |
Management fee | 61,877 |
Administration fee | 68,061 |
Services to shareholders | 50,891 |
Distribution and service fees | 25,818 |
Custodian fee | 2,271 |
Professional fees | 29,811 |
Reports to shareholders | 24,963 |
Registration fees | 50,190 |
Trustees' fees and expenses | 4,232 |
Other | 17,499 |
Total expenses before expense reductions | 335,613 |
Expense reductions | (146,421 ) |
Total expenses after expense reductions | 189,192 |
Net investment income | 2,244,499 |
Net increase (decrease) in net assets resulting from operations | $2,244,499 |
DWS Tax-Free Money Fund Class S | | | 15 |
DWS Tax-Exempt Portfolio | ||
Six Months Ended October 31, 2023 | Year Ended April 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,244,499 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 2,244,499 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (75,519 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (1,328,548 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (583,476 ) | (692,153 ) |
Service Shares | (50,094 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (153,865 ) | (187,450 ) |
Tax-Free Investment Class | (52,997 ) | (84,034 ) |
Total distributions | (2,244,499 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 54,780,984 | 108,991,170 |
Reinvestment of distributions | 1,997,842 | 2,447,947 |
Payments for shares redeemed | (58,638,862 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | (1,860,036 ) | (38,116,764 ) |
Increase (decrease) in net assets | (1,860,036 ) | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $136,529,561 | $138,389,597 |
16 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S | ||||||
Six Months Ended 10/31/23 | Years Ended April 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .016 | .018 | .000 * | .000 * | .012 | .013 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * | .000 * |
Total from investment operations | .016 | .018 | .000 * | .000 * | .012 | .013 |
Less distributions from: | ||||||
Net investment income | (.016 ) | (.019 ) | (.000 )* | (.000 )* | (.012 ) | (.013 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.63 ** | 1.88 | .04 | .02 | 1.22 | 1.30 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 35 | 37 | 37 | 40 | 49 | 52 |
Ratio of expenses before expense reductions (%) | .47 *** | .45 | .42 | .39 | .38 | .40 |
Ratio of expenses after expense reductions (%) | .25 *** | .25 | .11 | .18 | .25 | .26 |
Ratio of net investment income (%) | 3.22 *** | 1.80 | .04 | .02 | 1.22 | 1.29 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
DWS Tax-Free Money Fund Class S | | | 17 |
18 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 19 |
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% |
20 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Cash Premier Shares | $4,768 |
DWS Tax-Exempt Money Fund | 83,546 |
DWS Tax-Free Money Fund Class S | 39,526 |
Service Shares | 4,158 |
Tax-Exempt Cash Managed Shares | 10,387 |
Tax-Free Investment Class | 4,036 |
$146,421 |
Fund | Administration Fee | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $68,061 | $11,115 |
DWS Tax-Free Money Fund Class S | | | 21 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Cash Premier Shares | $520 | $167 |
DWS Tax-Exempt Money Fund | 15,825 | 5,533 |
DWS Tax-Free Money Fund Class S | 14,380 | 5,110 |
Service Shares | 5,315 | — |
Tax-Exempt Cash Managed Shares | 785 | 543 |
Tax-Free Investment Class | 1,932 | 964 |
$38,757 | $12,317 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $2 |
DWS Tax-Exempt Money Fund | 572 |
DWS Tax-Free Money Fund Class S | 831 |
$1,405 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Service Shares | $12,527 | $1,502 | .60% | .60% |
Tax-Free Investment Class | 4,601 | 737 | .25% | .25% |
$17,128 | $2,239 |
22 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at October 31, 2023 | Annualized Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $7,402 | $1,176 | .15% | .15% |
Tax-Free Investment Class | 1,288 | 207 | .07% | .07% |
$8,690 | $1,383 |
Fund | Total Aggregated | Unpaid at October 31, 2023 |
DWS Tax-Exempt Portfolio | $723 | $175 |
DWS Tax-Free Money Fund Class S | | | 23 |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,090,615 | $8,090,615 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 12,423,450 | 12,423,450 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 2,001,239 | 2,001,239 | 6,507,344 | 6,507,344 |
Service Shares | 6,984,966 | 6,984,966 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 21,664,000 | 21,664,000 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 3,610,629 | 3,610,629 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,085 | — | 6,709 |
$54,780,984 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 30,247 | $30,247 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 1,308,752 | 1,308,752 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 554,292 | 554,292 | 660,499 | 660,499 |
Service Shares | 49,708 | 49,708 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 1,929 | 1,929 | 2,175 | 2,175 |
Tax-Free Investment Class | 52,914 | 52,914 | 82,293 | 82,293 |
$1,997,842 | $2,447,947 |
24 | | | DWS Tax-Free Money Fund Class S |
Six Months Ended October 31, 2023 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (8,309,728 ) | $(8,309,728 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (13,745,570 ) | (13,745,570 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (4,028,559 ) | (4,028,559 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (9,296,629 ) | (9,296,629 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (19,030,800 ) | (19,030,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (4,227,576 ) | (4,227,576 ) | (11,549,334 ) | (11,549,334 ) |
$(58,638,862 ) | $(149,555,881 ) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (188,866 ) | $(188,866 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (13,368 ) | (13,368 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,473,028 ) | (1,473,028 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,261,955 ) | (2,261,955 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 2,635,129 | 2,635,129 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (564,033 ) | (564,033 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,085 | — | 6,709 |
$(1,860,036 ) | $(38,116,764 ) |
DWS Tax-Free Money Fund Class S | | | 25 |
26 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 27 |
Actual Fund Return | DWS Tax-Free Money Fund Class S |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,016.32 |
Expenses Paid per $1,000* | $1.27 |
Hypothetical 5% Fund Return | |
Beginning Account Value 5/1/23 | $1,000.00 |
Ending Account Value 10/31/23 | $1,023.88 |
Expenses Paid per $1,000* | $1.27 |
* | 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 184 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratio | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio | .25% |
28 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 29 |
30 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 31 |
32 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 33 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | 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) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(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: | Cash Account Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 12/29/2023 |
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: | 12/29/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 12/29/2023 |