UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
Investment Company Act file number: 811-05970
Cash Account Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 4/30 |
Date of reporting period: | 4/30/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img90f10b8f1.jpg)
Service Shares
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img68796bec2.jpg)
Contents
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2 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 3 |
4 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 5 |
6 | | | Cash Account Trust — Service Shares |
7-Day Current Yield | |
DWS Government & Agency Securities Portfolio — Service Shares | 4.40%* |
DWS Tax-Exempt Portfolio — Service Shares | 2.59%* |
Equivalent Taxable Yield | 4.37%** |
* | The 7-Day Current Yield would have been 4.31% and 2.35% for DWS Government & Agency Securities Portfolio — Service Shares and DWS Tax-Exempt Portfolio — Service Shares respectively, had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
Cash Account Trust — Service Shares | | | 7 |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Government & Agency Obligations | 58% | 25% |
Repurchase Agreements | 42% | 75% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 32 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 31 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. |
8 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 58.1% | |||
U.S. Government Sponsored Agencies 13.5% | |||
Federal Farm Credit Banks Funding Corp.: | |||
5.25%, 12/13/2024 | 1,500,000 | 1,499,852 | |
SOFR + 0.035%, 5.355% (a), 10/9/2024 | 4,500,000 | 4,500,000 | |
SOFR + 0.135%, 5.455% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
SOFR + 0.145%, 5.465% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.282% (b), 10/2/2024 | 30,000,000 | 29,331,383 | |
5.293% (b), 6/28/2024 | 100,000,000 | 99,159,000 | |
5.313% (b), 8/26/2024 | 40,000,000 | 39,318,800 | |
5.333% (b), 7/26/2024 | 30,000,000 | 29,623,034 | |
5.338% (b), 6/24/2024 | 30,000,000 | 29,763,075 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,927,469 | |
Federal Home Loan Banks: | |||
5.0%, 9/18/2024 | 14,750,000 | 14,746,696 | |
5.32% (a), 9/26/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 8/19/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 9/12/2024 | 10,000,000 | 10,000,000 | |
SOFR + 0.01%, 5.33% (a), 11/18/2024 | 56,500,000 | 56,500,000 | |
SOFR + 0.01%, 5.33% (a), 12/2/2024 | 12,750,000 | 12,750,000 | |
SOFR + 0.015%, 5.335% (a), 7/3/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.015%, 5.335% (a), 11/1/2024 | 14,000,000 | 14,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/9/2024 | 68,000,000 | 68,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/17/2024 | 13,250,000 | 13,250,000 | |
5.4%, 1/14/2025 | 11,250,000 | 11,250,000 | |
SOFR + 0.125%, 5.445% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
5.5%, 4/17/2025 | 2,000,000 | 1,999,903 | |
518,369,212 | |||
U.S. Treasury Obligations 44.6% | |||
U.S. Treasury Bills: | |||
4.814% (b), 3/20/2025 | 3,000,000 | 2,872,186 | |
4.835% (b), 3/20/2025 | 7,000,000 | 6,700,512 | |
4.951% (b), 4/17/2025 | 10,000,000 | 9,523,908 | |
5.014% (b), 2/20/2025 | 21,000,000 | 20,148,962 | |
5.09% (b), 7/25/2024 | 40,000,000 | 39,525,889 | |
5.126% (b), 7/5/2024 | 28,000,000 | 27,744,391 | |
5.161% (b), 6/13/2024 | 30,000,000 | 29,817,608 | |
5.166% (b), 8/29/2024 | 40,000,000 | 39,320,593 |
Cash Account Trust — Service Shares | | | 9 |
Principal Amount ($) | Value ($) | ||
5.169% (b), 9/12/2024 | 40,000,000 | 39,240,965 | |
5.192% (b), 8/29/2024 | 35,000,000 | 34,402,550 | |
5.201% (b), 9/19/2024 | 41,000,000 | 40,176,207 | |
5.222% (b), 6/4/2024 | 70,000,000 | 69,659,528 | |
5.223% (b), 10/17/2024 | 35,000,000 | 34,153,662 | |
5.227% (b), 6/6/2024 | 55,000,000 | 54,716,475 | |
5.233% (b), 10/24/2024 | 30,000,000 | 29,242,980 | |
5.252% (b), 6/6/2024 | 40,000,000 | 39,792,800 | |
5.253% (b), 6/4/2024 | 50,000,000 | 49,755,342 | |
5.254% (b), 5/28/2024 | 35,000,000 | 34,863,959 | |
5.263% (b), 8/6/2024 | 50,000,000 | 49,300,657 | |
5.268% (b), 6/11/2024 | 40,000,000 | 39,763,316 | |
5.27% (b), 7/9/2024 | 180,000,000 | 178,206,738 | |
5.293% (b), 7/2/2024 | 40,000,000 | 39,640,400 | |
5.295% (b), 7/2/2024 | 40,000,000 | 39,640,262 | |
5.305% (b), 5/23/2024 | 40,000,000 | 39,872,094 | |
5.306% (b), 8/20/2024 | 30,000,000 | 29,515,948 | |
5.308% (b), 8/20/2024 | 35,000,000 | 34,435,056 | |
5.329% (b), 5/30/2024 | 50,000,000 | 49,788,300 | |
5.344% (b), 5/16/2024 | 50,000,000 | 49,890,187 | |
5.354% (b), 5/9/2024 | 40,000,000 | 39,953,058 | |
5.356% (b), 5/2/2024 | 40,000,000 | 39,994,130 | |
5.412% (b), 8/1/2024 | 34,000,000 | 33,548,577 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.363% (a), 7/31/2024 | 180,000,000 | 179,969,047 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.451% (a), 7/31/2025 | 45,000,000 | 44,977,404 | |
3-month U.S. Treasury Bill Money Market Yield + 0.14%, 5.466% (a), 10/31/2024 | 35,000,000 | 34,990,510 | |
3-month U.S. Treasury Bill Money Market Yield + 0.17%, 5.496% (a), 10/31/2025 | 30,000,000 | 29,986,213 | |
3-month U.S. Treasury Bill Money Market Yield + 0.2%, 5.526% (a), 1/31/2025 | 155,000,000 | 155,126,555 | |
1,710,256,969 | |||
Total Government & Agency Obligations (Cost $2,228,626,181) | 2,228,626,181 | ||
Repurchase Agreements 42.5% | |||
Barclays Bank PLC, 5.31%, dated 4/30/2024, to be repurchased at $172,725,473 on 5/1/2024 (c) | 172,700,000 | 172,700,000 |
10 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
BNP Paribas: | |||
5.31%, dated 4/30/2024, to be repurchased at $196,258,944 on 5/1/2024 (d) | 196,230,000 | 196,230,000 | |
5.32%, dated 4/30/2024, to be repurchased at $143,721,236 on 5/1/2024 (e) | 143,700,000 | 143,700,000 | |
Citigroup Global Markets, Inc., 5.31%, dated 4/30/2024, to be repurchased at $108,516,004 on 5/1/2024 (f) | 108,500,000 | 108,500,000 | |
Fixed Income Clearing Corp., 5.31%, dated 4/30/2024, to be repurchased at $210,030,975 on 5/1/2024 (g) | 210,000,000 | 210,000,000 | |
HSBC Securities, Inc., 5.31%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (h) | 1,000,000 | 1,000,000 | |
JPMorgan Securities, Inc., 5.32%, dated 4/30/2024, to be repurchased at $91,413,507 on 5/1/2024 (i) | 91,400,000 | 91,400,000 | |
Merrill Lynch & Co., Inc., 5.32%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (j) | 1,000,000 | 1,000,000 | |
Royal Bank of Canada: | |||
5.31%, dated 4/30/2024, to be repurchased at $95,564,094 on 5/1/2024 (k) | 95,550,000 | 95,550,000 | |
5.31%, dated 4/30/2024, to be repurchased at $154,122,730 on 5/1/2024 (l) | 154,100,000 | 154,100,000 | |
5.32%, dated 4/30/2024, to be repurchased at $80,611,911 on 5/1/2024 (m) | 80,600,000 | 80,600,000 | |
Wells Fargo Bank: | |||
5.31%, dated 4/30/2024, to be repurchased at $236,534,884 on 5/1/2024 (n) | 236,500,000 | 236,500,000 | |
5.32%, dated 4/30/2024, to be repurchased at $140,790,803 on 5/1/2024 (o) | 140,770,000 | 140,770,000 | |
Total Repurchase Agreements (Cost $1,632,050,000) | 1,632,050,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $3,860,676,181) | 100.6 | 3,860,676,181 | |
Other Assets and Liabilities, Net | (0.6 ) | (24,336,076 ) | |
Net Assets | 100.0 | 3,836,340,105 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
199,323,300 | U.S. Treasury Bonds | 3.875 | 2/15/2043 | 176,154,000 |
Cash Account Trust — Service Shares | | | 11 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
102,750,000 | U.S. Treasury Bonds | 4.5 | 8/15/2039 | 101,352,084 |
800 | U.S. Treasury Bills | Zero Coupon | 10/17/2024 | 780 |
98,894,500 | U.S. Treasury Inflation Index Notes | 0.125–2.125 | 10/15/2025–4/15/2029 | 98,801,747 |
Total Collateral Value | 200,154,611 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
150,246,100 | U.S. Treasury Bills | Zero Coupon | 9/5/2024–12/26/2024 | 146,574,086 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
114,555,800 | U.S. Treasury Notes | 3.25–3.5 | 6/30/2027–1/31/2028 | 110,670,014 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
331,051,600 | U.S. Treasury Bonds | 2.375 | 5/15/2051 | 214,200,039 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,308,988 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2040 | 1,020,000 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
104,209,450 | Federal National Mortgage Association | 1.5–7.16 | 7/1/2033–4/1/2054 | 88,076,533 |
5,114,536 | Federal Home Loan Mortgage Corporation | 6.255 | 5/1/2054 | 5,151,467 |
Total Collateral Value | 93,228,000 |
12 | | | Cash Account Trust — Service Shares |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
5,732,915 | Federal National Mortgage Association | 4.5 | 2/25/2050–9/25/2052 | 1,020,000 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
82,390,400 | U.S. Treasury Notes | 0.625–4.375 | 7/31/2024–9/30/2029 | 82,525,451 |
15,057,647 | Federal Home Loan Mortgage Corporation | 5.0–5.5 | 9/1/2053–4/1/2054 | 14,935,571 |
Total Collateral Value | 97,461,022 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
18,600 | U.S. Treasury Bonds | 2.5 | 5/15/2046 | 12,815 |
21,803,000 | U.S. Treasury Notes | 0.5–4.625 | 11/15/2026–2/15/2034 | 19,342,080 |
452,950,100 | U.S. Treasury STRIPS | Zero Coupon | 11/15/2043–8/15/2050 | 137,850,220 |
100 | U.S. Treasury Inflation Index Bonds | 0.25 | 2/15/2050 | 71 |
Total Collateral Value | 157,205,186 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
1,202,500 | U.S. Treasury Bonds | 2.0–4.25 | 5/15/2046–2/15/2054 | 884,796 |
23,000 | U.S. Treasury Notes | 1.25–4.625 | 6/30/2028–2/15/2034 | 20,423 |
600 | U.S. Treasury STRIPS | Zero Coupon | 2/15/2048–8/15/2049 | 186 |
216,075 | Federal Home Loan Mortgage Corporation | 1.5–6.5 | 5/1/2040–9/1/2053 | 186,651 |
34,622,720 | Federal National Mortgage Association | 2.0–7.0 | 7/1/2046–2/1/2054 | 28,125,901 |
61,805,041 | Government National Mortgage Association | 2.5–6.5 | 1/20/2041–4/20/2053 | 53,006,222 |
Total Collateral Value | 82,224,179 |
Cash Account Trust — Service Shares | | | 13 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
227,259,850 | U.S. Treasury Inflation Index Notes | 0.125–2.375 | 7/15/2024–1/15/2034 | 241,230,027 |
(o) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
316,733 | Federal Farm Credit Discount Notes | Zero Coupon | 12/24/2024 | 306,135 |
97,562,408 | Federal Home Loan Bank Discount Notes | Zero Coupon | 5/13/2024–1/16/2025 | 96,952,618 |
47,949,311 | Federal Home Loan Mortgage Corporation | 2.0–7.5 | 7/1/2026–4/1/2054 | 46,326,648 |
Total Collateral Value | 143,585,401 |
SOFR: | Secured Overnight Financing Rate |
STRIPS: | Separate Trading of Registered Interest and Principal Securities |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,228,626,181 | $— | $2,228,626,181 |
Repurchase Agreements | — | 1,632,050,000 | — | 1,632,050,000 |
Total | $— | $3,860,676,181 | $— | $3,860,676,181 |
(a) | See Investment Portfolio for additional detailed categorizations. |
14 | | | Cash Account Trust — Service Shares |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $2,228,626,181 |
Repurchase agreements, valued at amortized cost | 1,632,050,000 |
Cash | 18,109 |
Receivable for Fund shares sold | 23,005,154 |
Interest receivable | 1,722,638 |
Other assets | 115,275 |
Total assets | 3,885,537,357 |
Liabilities | |
Payable for investments purchased | 33,548,577 |
Payable for Fund shares redeemed | 6,807,061 |
Distributions payable | 8,248,005 |
Accrued Trustees' fees | 30,807 |
Other accrued expenses and payables | 562,802 |
Total liabilities | 49,197,252 |
Net assets, at value | $3,836,340,105 |
Net Assets Consist of | |
Distributable earnings (loss) | (136,593 ) |
Paid-in capital | 3,836,476,698 |
Net assets, at value | $3,836,340,105 |
Cash Account Trust — Service Shares | | | 15 |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($1,663,851,414 ÷ 1,663,979,291 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,156,289,797 ÷ 2,156,455,428 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 ($13,895,923 ÷ 13,896,992 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 ($2,302,971 ÷ 2,303,147 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
16 | | | Cash Account Trust — Service Shares |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $145,635,661 |
Expenses: | |
Management fee | 2,223,320 |
Administration fee | 2,644,818 |
Services to shareholders | 556,461 |
Distribution and service fees | 64,895 |
Custodian fee | 17,248 |
Professional fees | 81,416 |
Reports to shareholders | 75,320 |
Registration fees | 169,545 |
Trustees' fees and expenses | 120,255 |
Other | 147,599 |
Total expenses before expense reductions | 6,100,877 |
Expense reductions | (2,593,875 ) |
Total expenses after expense reductions | 3,507,002 |
Net investment income | 142,128,659 |
Net realized gain (loss) from investments | 153,717 |
Net increase (decrease) in net assets resulting from operations | $142,282,376 |
Cash Account Trust — Service Shares | | | 17 |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $142,128,659 | $44,231,149 |
Net realized gain (loss) | 153,717 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 142,282,376 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (55,571,156 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (85,535,833 ) | (35,013,475 ) |
Government Cash Managed Shares | (709,649 ) | (728,295 ) |
Service Shares | (312,022 ) | (165,307 ) |
Total distributions | (142,128,660 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 62,838,422,987 | 32,090,491,389 |
Reinvestment of distributions | 70,950,130 | 16,189,872 |
Payments for shares redeemed | (60,841,567,834 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 2,067,805,283 | (1,267,855,009 ) |
Increase (decrease) in net assets | 2,067,958,999 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $3,836,340,105 | $1,768,381,106 |
18 | | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio — Service Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .044 | .021 | .000 * | .000 * | .009 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* |
Total from investment operations | .044 | .021 | .000 * | .000 * | .009 |
Less distributions from: | |||||
Net investment income | (.044 ) | (.021 ) | (.000 )* | (.000 )* | (.009 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 4.45 | 2.13 | .01 | .01 | .90 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 10 | 12 | 22 | 28 |
Ratio of expenses before expense reductions (%) | 1.06 | 1.10 | 1.05 | 1.05 | 1.05 |
Ratio of expenses after expense reductions (%) | .95 | .91 | .07 | .12 | .90 |
Ratio of net investment income (%) | 4.30 | 1.78 | .01 | .01 | .94 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
Cash Account Trust — Service Shares | | | 19 |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Variable Rate Demand Notes | 88% | 78% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Tax-Exempt Commercial Paper | 5% | 13% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 26 days | 15 days |
* | The Fund is compared to its respective iMoneyNet Money Fund Average category: Tax-Free National Retail — Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities. |
20 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Arizona 3.1% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 3.7% (a), 5/1/2024, LOC: JP Morgan Chase Bank NA | 5,000,000 | 5,000,000 | |
California 14.6% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.5%, 5/2/2024 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.5%, 5/2/2024 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, TECP, 3.3%, 5/6/2024 | 2,000,000 | 2,000,000 | |
Series A-2, 3.5% (a), 5/1/2024, LOC: State Street B&T Co. | 1,360,000 | 1,360,000 | |
Series A-1, 3.6% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,120,000 | 2,120,000 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 3.9% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,000,000 | 2,000,000 | |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.36% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 1,300,000 | 1,300,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 3.86% (a), 5/7/2024, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 3.87% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
23,930,000 | |||
Colorado 0.3% | |||
Colorado, State Housing & Finance Authority, “I” , Series SF, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Florida 2.6% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 3.8% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,030,000 | 1,030,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.77% (a), 5/7/2024, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 3.78% (a), 5/7/2024, LOC: Northern Trust Company | 1,100,000 | 1,100,000 |
Cash Account Trust — Service Shares | | | 21 |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 3.82% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 3.8% (a), 5/7/2024, LOC: Freddie Mac | 825,000 | 825,000 | |
4,310,000 | |||
Georgia 0.3% | |||
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 3.92% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
Illinois 12.9% | |||
Brookfield, IL, Zoo Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,000,000 | 1,000,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.8% (a), 5/7/2024, LOC: Barclays Bank PLC | 2,100,000 | 2,100,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 3.75% (a), 5/7/2024, LOC: BMO Harris Bank NA | 6,100,000 | 6,100,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 3.7% (a), 5/7/2024, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 3.83% (a), 5/7/2024, LOC: Northern Trust Company | 1,835,000 | 1,835,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.85% (a), 5/1/2024, LOC: Wells Fargo Bank NA | 3,155,000 | 3,155,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 815,000 | 815,000 | |
21,150,000 |
22 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Indiana 0.9% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 3.97% (a), 5/7/2024, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 895,000 | 895,000 | |
1,485,000 | |||
Iowa 3.3% | |||
Iowa, Single-Family Finance Authority, Series B, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 3.8% (a), 5/7/2024 | 1,400,000 | 1,400,000 | |
5,400,000 | |||
Kansas 0.7% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.8% (a), 5/1/2024, LOC: U.S. Bank NA | 155,000 | 155,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 3.81% (a), 5/7/2024, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,155,000 | |||
Kentucky 0.7% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 3.7% (a), 5/1/2024, LOC: PNC Bank NA | 850,000 | 850,000 | |
1,150,000 | |||
Louisiana 2.8% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 3.73% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 2,310,000 | 2,310,000 | |
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.75% (a), 5/1/2024, LOC: Toronto-dominion Bank | 1,800,000 | 1,800,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 535,000 | 535,000 | |
4,645,000 |
Cash Account Trust — Service Shares | | | 23 |
Principal Amount ($) | Value ($) | ||
Maryland 0.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 1,285,000 | 1,285,000 | |
Massachusetts 4.5% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.68% (a), 5/7/2024, LOC: TD Bank NA | 1,850,000 | 1,850,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.65% (a), 5/1/2024, LOC: Bank of America NA | 3,160,000 | 3,160,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A1, 3.75% (a), 5/7/2024, SPA: JP Morgan Chase Bank NA | 1,945,000 | 1,945,000 | |
Series A-3, 3.75% (a), 5/7/2024, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
7,375,000 | |||
Minnesota 2.9% | |||
Rochester City, MN, Village Capital Corp., Series C, 3.86% (a), 5/7/2024, LOC: Federal Home Loan Bank | 4,800,000 | 4,800,000 | |
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 3.7% (a), 5/7/2024, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.0% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 3.94% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,510,000 | 1,510,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.65% (a), 5/1/2024, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
Series B, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 3.74% (a), 5/7/2024, LOC: U.S. Bank NA | 1,180,000 | 1,180,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 3.92% (a), 5/7/2024, LOC: Bank of America NA | 295,000 | 295,000 | |
3,300,000 |
24 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
Nebraska 1.4% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 3.8% (a), 5/7/2024 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 3.87% (a), 5/7/2024, LOC: Bank of America NA | 3,315,000 | 3,315,000 | |
New Jersey 0.2% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 3.75% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 400,000 | 400,000 | |
New York 17.1% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 1,500,000 | 1,500,000 | |
Series 2012-G1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,125,000 | 2,125,000 | |
Series E-1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 4,090,000 | 4,090,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 3.58% (a), 5/7/2024, LOC: Fannie Mae | 370,000 | 370,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 3.75% (a), 5/7/2024, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 1,745,000 | 1,745,000 | |
Series B-4C, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
Series A, 3.75% (a), 5/7/2024, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York, NY, General Obligation: | |||
Series L-4, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 900,000 | 900,000 | |
Series A-3, 3.8% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series G-6, 3.85% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,200,000 | 1,200,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 3.72% (a), 5/7/2024, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 3.75% (a), 5/1/2024, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 3.75% (a), 5/1/2024, LIQ: State Street B&T Co. | 5,300,000 | 5,300,000 | |
Series F-2, 3.75% (a), 5/1/2024, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
27,960,000 |
Cash Account Trust — Service Shares | | | 25 |
Principal Amount ($) | Value ($) | ||
North Carolina 2.3% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.75% (a), 5/1/2024, LOC: Royal Bank of Canada | 3,690,000 | 3,690,000 | |
Ohio 4.2% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 3.81% (a), 5/7/2024, LOC: Northern Trust Company | 6,600,000 | 6,600,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.8% (a), 5/7/2024, LOC: Northern Trust Company | 205,000 | 205,000 | |
6,805,000 | |||
Oklahoma 2.3% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 3.91% (a), 5/7/2024, INS: BAM, LIQ: JPMorgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.9% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series A, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 200,000 | 200,000 | |
1,525,000 | |||
Pennsylvania 2.2% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.15% (a), 5/7/2024, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.73% (a), 5/7/2024, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
3,620,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 960,000 | 960,000 |
26 | | | Cash Account Trust — Service Shares |
Principal Amount ($) | Value ($) | ||
South Dakota 1.6% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 3.8% (a), 5/7/2024, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.4% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 3.7% (a), 5/7/2024, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 2.8% | |||
Harris County, TX, Hospital District Revenue, 3.8% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 505,000 | 505,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-1, 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Series C-2, 3.95% (a), 5/7/2024, LOC: Bank of NY Mellon | 1,955,000 | 1,955,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 825,000 | 825,000 | |
4,545,000 | |||
Vermont 1.8% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 3.94% (a), 5/7/2024, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 3.96% (a), 5/1/2024, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.4% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.82% (a), 5/1/2024, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
Cash Account Trust — Service Shares | | | 27 |
Principal Amount ($) | Value ($) | ||
Washington 1.0% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 3.9% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,065,000 | 1,065,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 3.9% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,605,000 | |||
Other 4.1% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 3.79% (a), 5/7/2024, LIQ: Freddie Mac | 2,370,000 | 2,370,000 | |
“A” , Series M031, 144A, 3.8% (a), 5/7/2024, LIQ: Freddie Mac | 2,400,000 | 2,400,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 3.98% (b), 12/15/2028, GTY: Freddie Mac | 2,010,000 | 2,010,000 | |
6,780,000 | |||
Total Municipal Investments (Cost $161,560,000) | 161,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $161,560,000) | 98.7 | 161,560,000 | |
Other Assets and Liabilities, Net | 1.3 | 2,072,569 | |
Net Assets | 100.0 | 163,632,569 |
(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 April 30, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
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 |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
28 | | | Cash Account Trust — Service Shares |
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) | $— | $161,560,000 | $— | $161,560,000 |
Total | $— | $161,560,000 | $— | $161,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Cash Account Trust — Service Shares | | | 29 |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $161,560,000 |
Cash | 4,570 |
Receivable for investments sold | 1,575,000 |
Receivable for Fund shares sold | 94,161 |
Interest receivable | 584,439 |
Other assets | 50,054 |
Total assets | 163,868,224 |
Liabilities | |
Payable for Fund shares redeemed | 18,905 |
Distributions payable | 123,520 |
Accrued Trustees' fees | 2,092 |
Other accrued expenses and payables | 91,138 |
Total liabilities | 235,655 |
Net assets, at value | $163,632,569 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 163,663,486 |
Net assets, at value | $163,632,569 |
30 | | | 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 ($1,040,022 ÷ 1,039,172 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 ($80,397,268 ÷ 80,331,644 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 ($35,051,026 ÷ 35,022,401 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 ($2,321,008 ÷ 2,319,111 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 ($41,548,529 ÷ 41,514,492 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 ($3,274,716 ÷ 3,272,040 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
Cash Account Trust — Service Shares | | | 31 |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $5,034,001 |
Expenses: | |
Management fee | 121,428 |
Administration fee | 142,659 |
Services to shareholders | 94,018 |
Distribution and service fees | 61,785 |
Custodian fee | 3,062 |
Professional fees | 55,629 |
Reports to shareholders | 51,089 |
Registration fees | 112,655 |
Trustees' fees and expenses | 8,098 |
Other | 45,907 |
Total expenses before expense reductions | 696,330 |
Expense reductions | (297,789 ) |
Total expenses after expense reductions | 398,541 |
Net investment income | 4,635,460 |
Net increase (decrease) in net assets resulting from operations | $4,635,460 |
32 | | | Cash Account Trust — Service Shares |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $4,635,460 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 4,635,460 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (109,235 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (2,599,480 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (1,127,447 ) | (692,153 ) |
Service Shares | (80,957 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (620,132 ) | (187,450 ) |
Tax-Free Investment Class | (98,209 ) | (84,034 ) |
Total distributions | (4,635,460 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 144,343,953 | 108,991,170 |
Reinvestment of distributions | 3,866,244 | 2,447,947 |
Payments for shares redeemed | (122,967,225 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | 25,242,972 | (38,116,764 ) |
Increase (decrease) in net assets | 25,242,972 | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $163,632,569 | $138,389,597 |
Cash Account Trust — Service Shares | | | 33 |
DWS Tax-Exempt Portfolio — Service Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .024 | .010 | .000 * | .000 * | .005 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .024 | .010 | .000 * | .000 * | .005 |
Less distributions from: | |||||
Net investment income | (.024 ) | (.011 ) | (.000 )* | (.000 )* | (.005 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.41 | 1.14 | .01 | .01 | .45 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 5 | 5 | 5 | 3 |
Ratio of expenses before expense reductions (%) | 1.24 | 1.22 | 1.18 | 1.17 | 1.17 |
Ratio of expenses after expense reductions (%) | 1.04 | .98 | .15 | .18 | 1.03 |
Ratio of net investment income (%) | 2.37 | 1.05 | .01 | .01 | .40 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
34 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 35 |
36 | | | Cash Account Trust — Service Shares |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $8,452,528 |
Capital loss carryforwards | $(341,116 ) |
DWS Tax-Exempt Portfolio: | |
Undistributed tax-exempt income | $95,691 |
Capital loss carryforwards | $(3,087 ) |
Cash Account Trust — Service Shares | | | 37 |
Years Ended April 30, | ||
Portfolio | 2024 | 2023 |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $142,128,660 | $44,232,228 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $4,635,460 | $2,758,310 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
38 | | | Cash Account Trust — Service 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 & Agency Securities Portfolio: | |
DWS Government & Agency Money Fund | $1,066,659 |
DWS Government Cash Institutional Shares | 1,500,690 |
Government Cash Managed Shares | 18,543 |
Service Shares | 7,983 |
$2,593,875 |
Cash Account Trust — Service Shares | | | 39 |
DWS Tax-Exempt Portfolio: | |
DWS Tax-Exempt Cash Premier Shares | $6,873 |
DWS Tax-Exempt Money Fund | 161,614 |
DWS Tax-Free Money Fund Class S | 75,072 |
Service Shares | 6,787 |
Tax-Exempt Cash Managed Shares | 40,495 |
Tax-Free Investment Class | 6,948 |
$297,789 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $2,644,818 | $324,060 |
DWS Tax-Exempt Portfolio | $142,659 | $12,992 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Money Fund | $58,404 | $9,656 |
DWS Government Cash Institutional Shares | 191,361 | 35,920 |
Government Cash Managed Shares | 12,872 | 2,370 |
Service Shares | 18,835 | 1,124 |
$281,472 | $49,070 |
40 | | | Cash Account Trust — Service Shares |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Cash Premier Shares | $838 | $60 |
DWS Tax-Exempt Money Fund | 30,237 | 4,967 |
DWS Tax-Free Money Fund Class S | 27,474 | 4,507 |
Service Shares | 8,790 | 1,003 |
Tax-Exempt Cash Managed Shares | 1,085 | 215 |
Tax-Free Investment Class | 3,088 | 528 |
$71,512 | $11,280 |
Sub-Recordkeeping | |
DWS Government & Agency Securities Portfolio: | Total Aggregated |
DWS Government & Agency Money Fund | $249,539 |
DWS Government Cash Institutional Shares | 1,826 |
$251,365 |
DWS Tax-Exempt Portfolio: | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $12 |
DWS Tax-Exempt Money Fund | 1,044 |
DWS Tax-Free Money Fund Class S | 1,099 |
$2,155 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $43,695 | $1,128 | .60% | .60% |
Cash Account Trust — Service Shares | | | 41 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $20,474 | $1,374 | .60% | .60% |
Tax-Free Investment Class | 8,702 | 649 | .25% | .25% |
$29,176 | $2,023 |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $21,200 | $1,775 | .15% | .15% |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $30,173 | $5,197 | .15% | .15% |
Tax-Free Investment Class | 2,436 | 181 | .07% | .07% |
$32,609 | $5,378 |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $1,528 | $183 |
DWS Tax-Exempt Portfolio | $2,076 | $145 |
42 | | | Cash Account Trust — Service Shares |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 2,266,773,435 | $2,266,773,435 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 60,496,401,807 | 60,496,401,807 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 55,931,558 | 55,931,558 | 129,301,264 | 129,301,264 |
Service Shares | 19,310,581 | 19,310,581 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,606 | — | 6,436 |
$62,838,422,987 | $32,090,491,389 |
Cash Account Trust — Service Shares | | | 43 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 55,311,081 | $55,311,081 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 15,326,341 | 15,326,341 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,926 | 1,926 | 281,143 | 281,143 |
Service Shares | 310,782 | 310,782 | 154,694 | 154,694 |
$70,950,130 | $16,189,872 | |||
Shares redeemed | ||||
DWS Government & Agency Money Fund | (1,054,844,805 ) | $(1,054,844,805 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (59,707,108,094 ) | (59,707,108,094 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (52,767,534 ) | (52,767,534 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (26,847,401 ) | (26,847,401 ) | (46,829,522 ) | (46,829,522 ) |
$(60,841,567,834 ) | $(33,374,536,270 ) |
44 | | | Cash Account Trust — Service Shares |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 1,267,239,711 | $1,267,239,711 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | 804,620,054 | 804,620,054 | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,165,950 | 3,165,950 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (7,226,038 ) | (7,226,038 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,606 | — | 6,436 |
$2,067,805,283 | $(1,267,855,009 ) |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,324,577 | $8,324,577 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 23,146,328 | 23,146,328 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 3,981,991 | 3,981,991 | 6,507,344 | 6,507,344 |
Service Shares | 12,926,639 | 12,926,639 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 87,866,500 | 87,866,500 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 8,091,873 | 8,091,873 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,045 | — | 6,709 |
$144,343,953 | $108,991,170 |
Cash Account Trust — Service Shares | | | 45 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 47,105 | $47,105 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 2,563,620 | 2,563,620 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 1,073,698 | 1,073,698 | 660,499 | 660,499 |
Service Shares | 80,178 | 80,178 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 3,605 | 3,605 | 2,175 | 2,175 |
Tax-Free Investment Class | 98,038 | 98,038 | 82,293 | 82,293 |
$3,866,244 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (11,326,900 ) | $(11,326,900 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (26,677,263 ) | (26,677,263 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (6,585,825 ) | (6,585,825 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (15,668,413 ) | (15,668,413 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (54,259,800 ) | (54,259,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (8,449,024 ) | (8,449,024 ) | (11,549,334 ) | (11,549,334 ) |
$(122,967,225 ) | $(149,555,881 ) | |||
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (2,955,218 ) | $(2,955,218 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (967,315 ) | (967,315 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,530,136 ) | (1,530,136 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,661,596 ) | (2,661,596 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 33,610,305 | 33,610,305 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (259,113 ) | (259,113 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,045 | — | 6,709 |
$25,242,972 | $(38,116,764 ) |
46 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 47 |
48 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 49 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/imgf394c88c3.jpg)
50 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 51 |
Actual Fund Return | DWS Government & Agency Securities Portfolio | DWS Tax-Exempt Portfolio |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,022.24 | $1,011.67 |
Expenses Paid per $1,000* | $4.83 | $5.20 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,020.09 | $1,019.69 |
Expenses Paid per $1,000* | $4.82 | $5.22 |
* | 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 182 (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 | .96% | 1.04% |
52 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 53 |
54 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 55 |
56 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 57 |
58 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 59 |
60 | | | Cash Account Trust — Service Shares |
Cash Account Trust — Service Shares | | | 61 |
62 | | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
Cash Account Trust — Service Shares | | | 63 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
64 | | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
Cash Account Trust — Service Shares | | | 65 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
66 | | | Cash Account Trust — Service Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
Cash Account Trust — Service Shares | | | 67 |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
68 | | | Cash Account Trust — Service Shares |
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Contents
2 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 3 |
4 | | | DWS Government & Agency Money Fund |
7-Day Current Yield | |
DWS Government & Agency Money Fund | 5.24%* |
* | The 7-Day Current Yield would have been 5.15% had certain expenses not been reduced. |
market instruments.
DWS Government & Agency Money Fund | | | 5 |
6 | | | DWS Government & Agency Money Fund |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Government & Agency Obligations | 58% | 25% |
Repurchase Agreements | 42% | 75% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 32 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Retail* | 31 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 | | | 7 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 58.1% | |||
U.S. Government Sponsored Agencies 13.5% | |||
Federal Farm Credit Banks Funding Corp.: | |||
5.25%, 12/13/2024 | 1,500,000 | 1,499,852 | |
SOFR + 0.035%, 5.355% (a), 10/9/2024 | 4,500,000 | 4,500,000 | |
SOFR + 0.135%, 5.455% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
SOFR + 0.145%, 5.465% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.282% (b), 10/2/2024 | 30,000,000 | 29,331,383 | |
5.293% (b), 6/28/2024 | 100,000,000 | 99,159,000 | |
5.313% (b), 8/26/2024 | 40,000,000 | 39,318,800 | |
5.333% (b), 7/26/2024 | 30,000,000 | 29,623,034 | |
5.338% (b), 6/24/2024 | 30,000,000 | 29,763,075 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,927,469 | |
Federal Home Loan Banks: | |||
5.0%, 9/18/2024 | 14,750,000 | 14,746,696 | |
5.32% (a), 9/26/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 8/19/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 9/12/2024 | 10,000,000 | 10,000,000 | |
SOFR + 0.01%, 5.33% (a), 11/18/2024 | 56,500,000 | 56,500,000 | |
SOFR + 0.01%, 5.33% (a), 12/2/2024 | 12,750,000 | 12,750,000 | |
SOFR + 0.015%, 5.335% (a), 7/3/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.015%, 5.335% (a), 11/1/2024 | 14,000,000 | 14,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/9/2024 | 68,000,000 | 68,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/17/2024 | 13,250,000 | 13,250,000 | |
5.4%, 1/14/2025 | 11,250,000 | 11,250,000 | |
SOFR + 0.125%, 5.445% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
5.5%, 4/17/2025 | 2,000,000 | 1,999,903 | |
518,369,212 | |||
U.S. Treasury Obligations 44.6% | |||
U.S. Treasury Bills: | |||
4.814% (b), 3/20/2025 | 3,000,000 | 2,872,186 | |
4.835% (b), 3/20/2025 | 7,000,000 | 6,700,512 | |
4.951% (b), 4/17/2025 | 10,000,000 | 9,523,908 | |
5.014% (b), 2/20/2025 | 21,000,000 | 20,148,962 | |
5.09% (b), 7/25/2024 | 40,000,000 | 39,525,889 | |
5.126% (b), 7/5/2024 | 28,000,000 | 27,744,391 | |
5.161% (b), 6/13/2024 | 30,000,000 | 29,817,608 | |
5.166% (b), 8/29/2024 | 40,000,000 | 39,320,593 |
8 | | | DWS Government & Agency Money Fund |
Principal Amount ($) | Value ($) | ||
5.169% (b), 9/12/2024 | 40,000,000 | 39,240,965 | |
5.192% (b), 8/29/2024 | 35,000,000 | 34,402,550 | |
5.201% (b), 9/19/2024 | 41,000,000 | 40,176,207 | |
5.222% (b), 6/4/2024 | 70,000,000 | 69,659,528 | |
5.223% (b), 10/17/2024 | 35,000,000 | 34,153,662 | |
5.227% (b), 6/6/2024 | 55,000,000 | 54,716,475 | |
5.233% (b), 10/24/2024 | 30,000,000 | 29,242,980 | |
5.252% (b), 6/6/2024 | 40,000,000 | 39,792,800 | |
5.253% (b), 6/4/2024 | 50,000,000 | 49,755,342 | |
5.254% (b), 5/28/2024 | 35,000,000 | 34,863,959 | |
5.263% (b), 8/6/2024 | 50,000,000 | 49,300,657 | |
5.268% (b), 6/11/2024 | 40,000,000 | 39,763,316 | |
5.27% (b), 7/9/2024 | 180,000,000 | 178,206,738 | |
5.293% (b), 7/2/2024 | 40,000,000 | 39,640,400 | |
5.295% (b), 7/2/2024 | 40,000,000 | 39,640,262 | |
5.305% (b), 5/23/2024 | 40,000,000 | 39,872,094 | |
5.306% (b), 8/20/2024 | 30,000,000 | 29,515,948 | |
5.308% (b), 8/20/2024 | 35,000,000 | 34,435,056 | |
5.329% (b), 5/30/2024 | 50,000,000 | 49,788,300 | |
5.344% (b), 5/16/2024 | 50,000,000 | 49,890,187 | |
5.354% (b), 5/9/2024 | 40,000,000 | 39,953,058 | |
5.356% (b), 5/2/2024 | 40,000,000 | 39,994,130 | |
5.412% (b), 8/1/2024 | 34,000,000 | 33,548,577 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.363% (a), 7/31/2024 | 180,000,000 | 179,969,047 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.451% (a), 7/31/2025 | 45,000,000 | 44,977,404 | |
3-month U.S. Treasury Bill Money Market Yield + 0.14%, 5.466% (a), 10/31/2024 | 35,000,000 | 34,990,510 | |
3-month U.S. Treasury Bill Money Market Yield + 0.17%, 5.496% (a), 10/31/2025 | 30,000,000 | 29,986,213 | |
3-month U.S. Treasury Bill Money Market Yield + 0.2%, 5.526% (a), 1/31/2025 | 155,000,000 | 155,126,555 | |
1,710,256,969 | |||
Total Government & Agency Obligations (Cost $2,228,626,181) | 2,228,626,181 | ||
Repurchase Agreements 42.5% | |||
Barclays Bank PLC, 5.31%, dated 4/30/2024, to be repurchased at $172,725,473 on 5/1/2024 (c) | 172,700,000 | 172,700,000 |
DWS Government & Agency Money Fund | | | 9 |
Principal Amount ($) | Value ($) | ||
BNP Paribas: | |||
5.31%, dated 4/30/2024, to be repurchased at $196,258,944 on 5/1/2024 (d) | 196,230,000 | 196,230,000 | |
5.32%, dated 4/30/2024, to be repurchased at $143,721,236 on 5/1/2024 (e) | 143,700,000 | 143,700,000 | |
Citigroup Global Markets, Inc., 5.31%, dated 4/30/2024, to be repurchased at $108,516,004 on 5/1/2024 (f) | 108,500,000 | 108,500,000 | |
Fixed Income Clearing Corp., 5.31%, dated 4/30/2024, to be repurchased at $210,030,975 on 5/1/2024 (g) | 210,000,000 | 210,000,000 | |
HSBC Securities, Inc., 5.31%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (h) | 1,000,000 | 1,000,000 | |
JPMorgan Securities, Inc., 5.32%, dated 4/30/2024, to be repurchased at $91,413,507 on 5/1/2024 (i) | 91,400,000 | 91,400,000 | |
Merrill Lynch & Co., Inc., 5.32%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (j) | 1,000,000 | 1,000,000 | |
Royal Bank of Canada: | |||
5.31%, dated 4/30/2024, to be repurchased at $95,564,094 on 5/1/2024 (k) | 95,550,000 | 95,550,000 | |
5.31%, dated 4/30/2024, to be repurchased at $154,122,730 on 5/1/2024 (l) | 154,100,000 | 154,100,000 | |
5.32%, dated 4/30/2024, to be repurchased at $80,611,911 on 5/1/2024 (m) | 80,600,000 | 80,600,000 | |
Wells Fargo Bank: | |||
5.31%, dated 4/30/2024, to be repurchased at $236,534,884 on 5/1/2024 (n) | 236,500,000 | 236,500,000 | |
5.32%, dated 4/30/2024, to be repurchased at $140,790,803 on 5/1/2024 (o) | 140,770,000 | 140,770,000 | |
Total Repurchase Agreements (Cost $1,632,050,000) | 1,632,050,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $3,860,676,181) | 100.6 | 3,860,676,181 | |
Other Assets and Liabilities, Net | (0.6 ) | (24,336,076 ) | |
Net Assets | 100.0 | 3,836,340,105 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
199,323,300 | U.S. Treasury Bonds | 3.875 | 2/15/2043 | 176,154,000 |
10 | | | DWS Government & Agency Money Fund |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
102,750,000 | U.S. Treasury Bonds | 4.5 | 8/15/2039 | 101,352,084 |
800 | U.S. Treasury Bills | Zero Coupon | 10/17/2024 | 780 |
98,894,500 | U.S. Treasury Inflation Index Notes | 0.125–2.125 | 10/15/2025–4/15/2029 | 98,801,747 |
Total Collateral Value | 200,154,611 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
150,246,100 | U.S. Treasury Bills | Zero Coupon | 9/5/2024–12/26/2024 | 146,574,086 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
114,555,800 | U.S. Treasury Notes | 3.25–3.5 | 6/30/2027–1/31/2028 | 110,670,014 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
331,051,600 | U.S. Treasury Bonds | 2.375 | 5/15/2051 | 214,200,039 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,308,988 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2040 | 1,020,000 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
104,209,450 | Federal National Mortgage Association | 1.5–7.16 | 7/1/2033–4/1/2054 | 88,076,533 |
5,114,536 | Federal Home Loan Mortgage Corporation | 6.255 | 5/1/2054 | 5,151,467 |
Total Collateral Value | 93,228,000 |
DWS Government & Agency Money Fund | | | 11 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
5,732,915 | Federal National Mortgage Association | 4.5 | 2/25/2050–9/25/2052 | 1,020,000 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
82,390,400 | U.S. Treasury Notes | 0.625–4.375 | 7/31/2024–9/30/2029 | 82,525,451 |
15,057,647 | Federal Home Loan Mortgage Corporation | 5.0–5.5 | 9/1/2053–4/1/2054 | 14,935,571 |
Total Collateral Value | 97,461,022 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
18,600 | U.S. Treasury Bonds | 2.5 | 5/15/2046 | 12,815 |
21,803,000 | U.S. Treasury Notes | 0.5–4.625 | 11/15/2026–2/15/2034 | 19,342,080 |
452,950,100 | U.S. Treasury STRIPS | Zero Coupon | 11/15/2043–8/15/2050 | 137,850,220 |
100 | U.S. Treasury Inflation Index Bonds | 0.25 | 2/15/2050 | 71 |
Total Collateral Value | 157,205,186 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
1,202,500 | U.S. Treasury Bonds | 2.0–4.25 | 5/15/2046–2/15/2054 | 884,796 |
23,000 | U.S. Treasury Notes | 1.25–4.625 | 6/30/2028–2/15/2034 | 20,423 |
600 | U.S. Treasury STRIPS | Zero Coupon | 2/15/2048–8/15/2049 | 186 |
216,075 | Federal Home Loan Mortgage Corporation | 1.5–6.5 | 5/1/2040–9/1/2053 | 186,651 |
34,622,720 | Federal National Mortgage Association | 2.0–7.0 | 7/1/2046–2/1/2054 | 28,125,901 |
61,805,041 | Government National Mortgage Association | 2.5–6.5 | 1/20/2041–4/20/2053 | 53,006,222 |
Total Collateral Value | 82,224,179 |
12 | | | DWS Government & Agency Money Fund |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
227,259,850 | U.S. Treasury Inflation Index Notes | 0.125–2.375 | 7/15/2024–1/15/2034 | 241,230,027 |
(o) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
316,733 | Federal Farm Credit Discount Notes | Zero Coupon | 12/24/2024 | 306,135 |
97,562,408 | Federal Home Loan Bank Discount Notes | Zero Coupon | 5/13/2024–1/16/2025 | 96,952,618 |
47,949,311 | Federal Home Loan Mortgage Corporation | 2.0–7.5 | 7/1/2026–4/1/2054 | 46,326,648 |
Total Collateral Value | 143,585,401 |
SOFR: | Secured Overnight Financing Rate |
STRIPS: | Separate Trading of Registered Interest and Principal Securities |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,228,626,181 | $— | $2,228,626,181 |
Repurchase Agreements | — | 1,632,050,000 | — | 1,632,050,000 |
Total | $— | $3,860,676,181 | $— | $3,860,676,181 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government & Agency Money Fund | | | 13 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $2,228,626,181 |
Repurchase agreements, valued at amortized cost | 1,632,050,000 |
Cash | 18,109 |
Receivable for Fund shares sold | 23,005,154 |
Interest receivable | 1,722,638 |
Other assets | 115,275 |
Total assets | 3,885,537,357 |
Liabilities | |
Payable for investments purchased | 33,548,577 |
Payable for Fund shares redeemed | 6,807,061 |
Distributions payable | 8,248,005 |
Accrued Trustees' fees | 30,807 |
Other accrued expenses and payables | 562,802 |
Total liabilities | 49,197,252 |
Net assets, at value | $3,836,340,105 |
Net Assets Consist of | |
Distributable earnings (loss) | (136,593 ) |
Paid-in capital | 3,836,476,698 |
Net assets, at value | $3,836,340,105 |
14 | | | DWS Government & Agency Money Fund |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($1,663,851,414 ÷ 1,663,979,291 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,156,289,797 ÷ 2,156,455,428 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 ($13,895,923 ÷ 13,896,992 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 ($2,302,971 ÷ 2,303,147 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government & Agency Money Fund | | | 15 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $145,635,661 |
Expenses: | |
Management fee | 2,223,320 |
Administration fee | 2,644,818 |
Services to shareholders | 556,461 |
Distribution and service fees | 64,895 |
Custodian fee | 17,248 |
Professional fees | 81,416 |
Reports to shareholders | 75,320 |
Registration fees | 169,545 |
Trustees' fees and expenses | 120,255 |
Other | 147,599 |
Total expenses before expense reductions | 6,100,877 |
Expense reductions | (2,593,875 ) |
Total expenses after expense reductions | 3,507,002 |
Net investment income | 142,128,659 |
Net realized gain (loss) from investments | 153,717 |
Net increase (decrease) in net assets resulting from operations | $142,282,376 |
16 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $142,128,659 | $44,231,149 |
Net realized gain (loss) | 153,717 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 142,282,376 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (55,571,156 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (85,535,833 ) | (35,013,475 ) |
Government Cash Managed Shares | (709,649 ) | (728,295 ) |
Service Shares | (312,022 ) | (165,307 ) |
Total distributions | (142,128,660 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 62,838,422,987 | 32,090,491,389 |
Reinvestment of distributions | 70,950,130 | 16,189,872 |
Payments for shares redeemed | (60,841,567,834 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 2,067,805,283 | (1,267,855,009 ) |
Increase (decrease) in net assets | 2,067,958,999 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $3,836,340,105 | $1,768,381,106 |
DWS Government & Agency Money Fund | | | 17 |
DWS Government & Agency Securities Portfolio — DWS Government & Agency Money Fund | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .052 | .029 | .000 * | .000 * | .016 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* |
Total from investment operations | .052 | .029 | .000 * | .000 * | .016 |
Less distributions from: | |||||
Net investment income | (.052 ) | (.029 ) | (.000 )* | (.000 )* | (.016 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 5.35 | 2.92 | .03 | .01 | 1.62 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,664 | 397 | 169 | 218 | 242 |
Ratio of expenses before expense reductions (%) | .23 | .28 | .26 | .25 | .26 |
Ratio of expenses after expense reductions (%) | .13 | .16 | .07 | .11 | .20 |
Ratio of net investment income (%) | 5.21 | 3.25 | .03 | .01 | 1.59 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
18 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 19 |
20 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $8,452,528 |
Capital loss carryforwards | $(341,116 ) |
Years Ended April 30, | ||
2024 | 2023 | |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $142,128,660 | $44,232,228 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Government & Agency Money Fund | | | 21 |
First $500 million of the Funds’ combined average daily net assets | .120% |
Next $500 million of such net assets | .100% |
Next $1 billion of such net assets | .075% |
Next $1 billion of such net assets | .060% |
Over $3 billion of such net assets | .050% |
22 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | $1,066,659 |
DWS Government Cash Institutional Shares | 1,500,690 |
Government Cash Managed Shares | 18,543 |
Service Shares | 7,983 |
$2,593,875 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $2,644,818 | $324,060 |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Money Fund | $58,404 | $9,656 |
DWS Government Cash Institutional Shares | 191,361 | 35,920 |
Government Cash Managed Shares | 12,872 | 2,370 |
Service Shares | 18,835 | 1,124 |
$281,472 | $49,070 |
DWS Government & Agency Money Fund | | | 23 |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $249,539 |
DWS Government Cash Institutional Shares | 1,826 |
$251,365 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $43,695 | $1,128 | .60% | .60% |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $21,200 | $1,775 | .15% | .15% |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $1,528 | $183 |
24 | | | DWS Government & Agency Money Fund |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 2,266,773,435 | $2,266,773,435 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 60,496,401,807 | 60,496,401,807 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 55,931,558 | 55,931,558 | 129,301,264 | 129,301,264 |
Service Shares | 19,310,581 | 19,310,581 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,606 | — | 6,436 |
$62,838,422,987 | $32,090,491,389 |
DWS Government & Agency Money Fund | | | 25 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 55,311,081 | $55,311,081 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 15,326,341 | 15,326,341 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,926 | 1,926 | 281,143 | 281,143 |
Service Shares | 310,782 | 310,782 | 154,694 | 154,694 |
$70,950,130 | $16,189,872 | |||
Shares redeemed | ||||
DWS Government & Agency Money Fund | (1,054,844,805 ) | $(1,054,844,805 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (59,707,108,094 ) | (59,707,108,094 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (52,767,534 ) | (52,767,534 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (26,847,401 ) | (26,847,401 ) | (46,829,522 ) | (46,829,522 ) |
$(60,841,567,834 ) | $(33,374,536,270 ) |
26 | | | DWS Government & Agency Money Fund |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 1,267,239,711 | $1,267,239,711 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | 804,620,054 | 804,620,054 | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,165,950 | 3,165,950 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (7,226,038 ) | (7,226,038 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,606 | — | 6,436 |
$2,067,805,283 | $(1,267,855,009 ) |
DWS Government & Agency Money Fund | | | 27 |
28 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 29 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img6f13cb7a3.jpg)
30 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 31 |
Actual Fund Return | DWS Government & Agency Money Fund |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,026.52 |
Expenses Paid per $1,000* | $.71 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,024.17 |
Expenses Paid per $1,000* | $.70 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (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 | .14 % |
32 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 33 |
34 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 35 |
36 | | | DWS Government & Agency Money Fund |
DWS Government & Agency Money Fund | | | 37 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
38 | | | DWS Government & Agency Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
DWS Government & Agency Money Fund | | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
40 | | | DWS Government & Agency Money Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
DWS Government & Agency Money Fund | | | 41 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
42 | | | DWS Government & Agency Money Fund |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Government & Agency Money Fund | | | 43 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img816a49ce1.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/imgacd6868b2.jpg)
Contents
2 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 3 |
4 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
7-Day Current Yield | |
DWS Government Cash Institutional Shares | 5.23%* |
Government Cash Managed Shares | 5.02%* |
* | The 7-Day Current Yield would have been 5.17% and 4.96% for DWS Government Cash Institutional Shares and Government Cash Managed Shares respectively, had certain expenses not been reduced. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 5 |
market instruments.
6 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Government & Agency Obligations | 58% | 25% |
Repurchase Agreements | 42% | 75% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Government & Agency Securities Portfolio | 32 days | 10 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 37 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 | | | 7 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 58.1% | |||
U.S. Government Sponsored Agencies 13.5% | |||
Federal Farm Credit Banks Funding Corp.: | |||
5.25%, 12/13/2024 | 1,500,000 | 1,499,852 | |
SOFR + 0.035%, 5.355% (a), 10/9/2024 | 4,500,000 | 4,500,000 | |
SOFR + 0.135%, 5.455% (a), 6/3/2025 | 5,750,000 | 5,750,000 | |
SOFR + 0.145%, 5.465% (a), 7/25/2025 | 6,000,000 | 6,000,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.282% (b), 10/2/2024 | 30,000,000 | 29,331,383 | |
5.293% (b), 6/28/2024 | 100,000,000 | 99,159,000 | |
5.313% (b), 8/26/2024 | 40,000,000 | 39,318,800 | |
5.333% (b), 7/26/2024 | 30,000,000 | 29,623,034 | |
5.338% (b), 6/24/2024 | 30,000,000 | 29,763,075 | |
5.348% (b), 6/3/2024 | 15,000,000 | 14,927,469 | |
Federal Home Loan Banks: | |||
5.0%, 9/18/2024 | 14,750,000 | 14,746,696 | |
5.32% (a), 9/26/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 8/19/2024 | 8,000,000 | 8,000,000 | |
SOFR + 0.01%, 5.33% (a), 9/12/2024 | 10,000,000 | 10,000,000 | |
SOFR + 0.01%, 5.33% (a), 11/18/2024 | 56,500,000 | 56,500,000 | |
SOFR + 0.01%, 5.33% (a), 12/2/2024 | 12,750,000 | 12,750,000 | |
SOFR + 0.015%, 5.335% (a), 7/3/2024 | 20,000,000 | 20,000,000 | |
SOFR + 0.015%, 5.335% (a), 11/1/2024 | 14,000,000 | 14,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/9/2024 | 68,000,000 | 68,000,000 | |
SOFR + 0.015%, 5.335% (a), 12/17/2024 | 13,250,000 | 13,250,000 | |
5.4%, 1/14/2025 | 11,250,000 | 11,250,000 | |
SOFR + 0.125%, 5.445% (a), 2/24/2025 | 20,000,000 | 20,000,000 | |
5.5%, 4/17/2025 | 2,000,000 | 1,999,903 | |
518,369,212 | |||
U.S. Treasury Obligations 44.6% | |||
U.S. Treasury Bills: | |||
4.814% (b), 3/20/2025 | 3,000,000 | 2,872,186 | |
4.835% (b), 3/20/2025 | 7,000,000 | 6,700,512 | |
4.951% (b), 4/17/2025 | 10,000,000 | 9,523,908 | |
5.014% (b), 2/20/2025 | 21,000,000 | 20,148,962 | |
5.09% (b), 7/25/2024 | 40,000,000 | 39,525,889 | |
5.126% (b), 7/5/2024 | 28,000,000 | 27,744,391 | |
5.161% (b), 6/13/2024 | 30,000,000 | 29,817,608 | |
5.166% (b), 8/29/2024 | 40,000,000 | 39,320,593 |
8 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
5.169% (b), 9/12/2024 | 40,000,000 | 39,240,965 | |
5.192% (b), 8/29/2024 | 35,000,000 | 34,402,550 | |
5.201% (b), 9/19/2024 | 41,000,000 | 40,176,207 | |
5.222% (b), 6/4/2024 | 70,000,000 | 69,659,528 | |
5.223% (b), 10/17/2024 | 35,000,000 | 34,153,662 | |
5.227% (b), 6/6/2024 | 55,000,000 | 54,716,475 | |
5.233% (b), 10/24/2024 | 30,000,000 | 29,242,980 | |
5.252% (b), 6/6/2024 | 40,000,000 | 39,792,800 | |
5.253% (b), 6/4/2024 | 50,000,000 | 49,755,342 | |
5.254% (b), 5/28/2024 | 35,000,000 | 34,863,959 | |
5.263% (b), 8/6/2024 | 50,000,000 | 49,300,657 | |
5.268% (b), 6/11/2024 | 40,000,000 | 39,763,316 | |
5.27% (b), 7/9/2024 | 180,000,000 | 178,206,738 | |
5.293% (b), 7/2/2024 | 40,000,000 | 39,640,400 | |
5.295% (b), 7/2/2024 | 40,000,000 | 39,640,262 | |
5.305% (b), 5/23/2024 | 40,000,000 | 39,872,094 | |
5.306% (b), 8/20/2024 | 30,000,000 | 29,515,948 | |
5.308% (b), 8/20/2024 | 35,000,000 | 34,435,056 | |
5.329% (b), 5/30/2024 | 50,000,000 | 49,788,300 | |
5.344% (b), 5/16/2024 | 50,000,000 | 49,890,187 | |
5.354% (b), 5/9/2024 | 40,000,000 | 39,953,058 | |
5.356% (b), 5/2/2024 | 40,000,000 | 39,994,130 | |
5.412% (b), 8/1/2024 | 34,000,000 | 33,548,577 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.363% (a), 7/31/2024 | 180,000,000 | 179,969,047 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.451% (a), 7/31/2025 | 45,000,000 | 44,977,404 | |
3-month U.S. Treasury Bill Money Market Yield + 0.14%, 5.466% (a), 10/31/2024 | 35,000,000 | 34,990,510 | |
3-month U.S. Treasury Bill Money Market Yield + 0.17%, 5.496% (a), 10/31/2025 | 30,000,000 | 29,986,213 | |
3-month U.S. Treasury Bill Money Market Yield + 0.2%, 5.526% (a), 1/31/2025 | 155,000,000 | 155,126,555 | |
1,710,256,969 | |||
Total Government & Agency Obligations (Cost $2,228,626,181) | 2,228,626,181 | ||
Repurchase Agreements 42.5% | |||
Barclays Bank PLC, 5.31%, dated 4/30/2024, to be repurchased at $172,725,473 on 5/1/2024 (c) | 172,700,000 | 172,700,000 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 9 |
Principal Amount ($) | Value ($) | ||
BNP Paribas: | |||
5.31%, dated 4/30/2024, to be repurchased at $196,258,944 on 5/1/2024 (d) | 196,230,000 | 196,230,000 | |
5.32%, dated 4/30/2024, to be repurchased at $143,721,236 on 5/1/2024 (e) | 143,700,000 | 143,700,000 | |
Citigroup Global Markets, Inc., 5.31%, dated 4/30/2024, to be repurchased at $108,516,004 on 5/1/2024 (f) | 108,500,000 | 108,500,000 | |
Fixed Income Clearing Corp., 5.31%, dated 4/30/2024, to be repurchased at $210,030,975 on 5/1/2024 (g) | 210,000,000 | 210,000,000 | |
HSBC Securities, Inc., 5.31%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (h) | 1,000,000 | 1,000,000 | |
JPMorgan Securities, Inc., 5.32%, dated 4/30/2024, to be repurchased at $91,413,507 on 5/1/2024 (i) | 91,400,000 | 91,400,000 | |
Merrill Lynch & Co., Inc., 5.32%, dated 4/30/2024, to be repurchased at $1,000,148 on 5/1/2024 (j) | 1,000,000 | 1,000,000 | |
Royal Bank of Canada: | |||
5.31%, dated 4/30/2024, to be repurchased at $95,564,094 on 5/1/2024 (k) | 95,550,000 | 95,550,000 | |
5.31%, dated 4/30/2024, to be repurchased at $154,122,730 on 5/1/2024 (l) | 154,100,000 | 154,100,000 | |
5.32%, dated 4/30/2024, to be repurchased at $80,611,911 on 5/1/2024 (m) | 80,600,000 | 80,600,000 | |
Wells Fargo Bank: | |||
5.31%, dated 4/30/2024, to be repurchased at $236,534,884 on 5/1/2024 (n) | 236,500,000 | 236,500,000 | |
5.32%, dated 4/30/2024, to be repurchased at $140,790,803 on 5/1/2024 (o) | 140,770,000 | 140,770,000 | |
Total Repurchase Agreements (Cost $1,632,050,000) | 1,632,050,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $3,860,676,181) | 100.6 | 3,860,676,181 | |
Other Assets and Liabilities, Net | (0.6 ) | (24,336,076 ) | |
Net Assets | 100.0 | 3,836,340,105 |
(a) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
199,323,300 | U.S. Treasury Bonds | 3.875 | 2/15/2043 | 176,154,000 |
10 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
102,750,000 | U.S. Treasury Bonds | 4.5 | 8/15/2039 | 101,352,084 |
800 | U.S. Treasury Bills | Zero Coupon | 10/17/2024 | 780 |
98,894,500 | U.S. Treasury Inflation Index Notes | 0.125–2.125 | 10/15/2025–4/15/2029 | 98,801,747 |
Total Collateral Value | 200,154,611 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
150,246,100 | U.S. Treasury Bills | Zero Coupon | 9/5/2024–12/26/2024 | 146,574,086 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
114,555,800 | U.S. Treasury Notes | 3.25–3.5 | 6/30/2027–1/31/2028 | 110,670,014 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
331,051,600 | U.S. Treasury Bonds | 2.375 | 5/15/2051 | 214,200,039 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
2,308,988 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2040 | 1,020,000 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
104,209,450 | Federal National Mortgage Association | 1.5–7.16 | 7/1/2033–4/1/2054 | 88,076,533 |
5,114,536 | Federal Home Loan Mortgage Corporation | 6.255 | 5/1/2054 | 5,151,467 |
Total Collateral Value | 93,228,000 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 11 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
5,732,915 | Federal National Mortgage Association | 4.5 | 2/25/2050–9/25/2052 | 1,020,000 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
82,390,400 | U.S. Treasury Notes | 0.625–4.375 | 7/31/2024–9/30/2029 | 82,525,451 |
15,057,647 | Federal Home Loan Mortgage Corporation | 5.0–5.5 | 9/1/2053–4/1/2054 | 14,935,571 |
Total Collateral Value | 97,461,022 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
18,600 | U.S. Treasury Bonds | 2.5 | 5/15/2046 | 12,815 |
21,803,000 | U.S. Treasury Notes | 0.5–4.625 | 11/15/2026–2/15/2034 | 19,342,080 |
452,950,100 | U.S. Treasury STRIPS | Zero Coupon | 11/15/2043–8/15/2050 | 137,850,220 |
100 | U.S. Treasury Inflation Index Bonds | 0.25 | 2/15/2050 | 71 |
Total Collateral Value | 157,205,186 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
1,202,500 | U.S. Treasury Bonds | 2.0–4.25 | 5/15/2046–2/15/2054 | 884,796 |
23,000 | U.S. Treasury Notes | 1.25–4.625 | 6/30/2028–2/15/2034 | 20,423 |
600 | U.S. Treasury STRIPS | Zero Coupon | 2/15/2048–8/15/2049 | 186 |
216,075 | Federal Home Loan Mortgage Corporation | 1.5–6.5 | 5/1/2040–9/1/2053 | 186,651 |
34,622,720 | Federal National Mortgage Association | 2.0–7.0 | 7/1/2046–2/1/2054 | 28,125,901 |
61,805,041 | Government National Mortgage Association | 2.5–6.5 | 1/20/2041–4/20/2053 | 53,006,222 |
Total Collateral Value | 82,224,179 |
12 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
227,259,850 | U.S. Treasury Inflation Index Notes | 0.125–2.375 | 7/15/2024–1/15/2034 | 241,230,027 |
(o) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
316,733 | Federal Farm Credit Discount Notes | Zero Coupon | 12/24/2024 | 306,135 |
97,562,408 | Federal Home Loan Bank Discount Notes | Zero Coupon | 5/13/2024–1/16/2025 | 96,952,618 |
47,949,311 | Federal Home Loan Mortgage Corporation | 2.0–7.5 | 7/1/2026–4/1/2054 | 46,326,648 |
Total Collateral Value | 143,585,401 |
SOFR: | Secured Overnight Financing Rate |
STRIPS: | Separate Trading of Registered Interest and Principal Securities |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $2,228,626,181 | $— | $2,228,626,181 |
Repurchase Agreements | — | 1,632,050,000 | — | 1,632,050,000 |
Total | $— | $3,860,676,181 | $— | $3,860,676,181 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 13 |
Assets | DWS Government & Agency Securities Portfolio |
Investments in securities, valued at amortized cost | $2,228,626,181 |
Repurchase agreements, valued at amortized cost | 1,632,050,000 |
Cash | 18,109 |
Receivable for Fund shares sold | 23,005,154 |
Interest receivable | 1,722,638 |
Other assets | 115,275 |
Total assets | 3,885,537,357 |
Liabilities | |
Payable for investments purchased | 33,548,577 |
Payable for Fund shares redeemed | 6,807,061 |
Distributions payable | 8,248,005 |
Accrued Trustees' fees | 30,807 |
Other accrued expenses and payables | 562,802 |
Total liabilities | 49,197,252 |
Net assets, at value | $3,836,340,105 |
Net Assets Consist of | |
Distributable earnings (loss) | (136,593 ) |
Paid-in capital | 3,836,476,698 |
Net assets, at value | $3,836,340,105 |
14 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Net Asset Value | DWS Government & Agency Securities Portfolio |
DWS Government & Agency Money Fund | |
Net Asset Value, offering and redemption price per share ($1,663,851,414 ÷ 1,663,979,291 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government Cash Institutional Shares | |
Net Asset Value, offering and redemption price per share ($2,156,289,797 ÷ 2,156,455,428 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 ($13,895,923 ÷ 13,896,992 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 ($2,302,971 ÷ 2,303,147 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 15 |
Investment Income | DWS Government & Agency Securities Portfolio |
Income: | |
Interest | $145,635,661 |
Expenses: | |
Management fee | 2,223,320 |
Administration fee | 2,644,818 |
Services to shareholders | 556,461 |
Distribution and service fees | 64,895 |
Custodian fee | 17,248 |
Professional fees | 81,416 |
Reports to shareholders | 75,320 |
Registration fees | 169,545 |
Trustees' fees and expenses | 120,255 |
Other | 147,599 |
Total expenses before expense reductions | 6,100,877 |
Expense reductions | (2,593,875 ) |
Total expenses after expense reductions | 3,507,002 |
Net investment income | 142,128,659 |
Net realized gain (loss) from investments | 153,717 |
Net increase (decrease) in net assets resulting from operations | $142,282,376 |
16 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $142,128,659 | $44,231,149 |
Net realized gain (loss) | 153,717 | (388,827 ) |
Net increase (decrease) in net assets resulting from operations | 142,282,376 | 43,842,322 |
Distributions to shareholders: | ||
DWS Government & Agency Money Fund | (55,571,156 ) | (8,325,151 ) |
DWS Government Cash Institutional Shares | (85,535,833 ) | (35,013,475 ) |
Government Cash Managed Shares | (709,649 ) | (728,295 ) |
Service Shares | (312,022 ) | (165,307 ) |
Total distributions | (142,128,660 ) | (44,232,228 ) |
Fund share transactions: | ||
Proceeds from shares sold | 62,838,422,987 | 32,090,491,389 |
Reinvestment of distributions | 70,950,130 | 16,189,872 |
Payments for shares redeemed | (60,841,567,834 ) | (33,374,536,270 ) |
Net increase (decrease) in net assets from Fund share transactions | 2,067,805,283 | (1,267,855,009 ) |
Increase (decrease) in net assets | 2,067,958,999 | (1,268,244,915 ) |
Net assets at beginning of period | 1,768,381,106 | 3,036,626,021 |
Net assets at end of period | $3,836,340,105 | $1,768,381,106 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 17 |
DWS Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .052 | .029 | .000 * | .000 * | .017 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* |
Total from investment operations | .052 | .029 | .000 * | .000 * | .017 |
Less distributions from: | |||||
Net investment income | (.052 ) | (.029 ) | (.000 )* | (.000 )* | (.017 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 5.33 | 2.97 | .04 | .03 | 1.68 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2,156 | 1,351 | 2,796 | 2,396 | 2,563 |
Ratio of expenses before expense reductions (%) | .21 | .23 | .21 | .21 | .22 |
Ratio of expenses after expense reductions (%) | .12 | .10 | .06 | .09 | .14 |
Ratio of net investment income (%) | 5.22 | 2.69 | .04 | .03 | 1.67 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
18 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio — Government Cash Managed Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .050 | .027 | .000 * | .000 * | .015 |
Net realized gain (loss) | .000 * | (.000 )* | (.000 )* | .000 * | (.000 )* |
Total from investment operations | .050 | .027 | .000 * | .000 * | .015 |
Less distributions from: | |||||
Net investment income | (.050 ) | (.027 ) | (.000 )* | (.000 )* | (.015 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 5.13 | 2.77 | .01 | .01 | 1.48 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 14 | 11 | 59 | 60 | 137 |
Ratio of expenses before expense reductions (%) | .44 | .43 | .38 | .42 | .42 |
Ratio of expenses after expense reductions (%) | .31 | .30 | .08 | .13 | .33 |
Ratio of net investment income (%) | 5.02 | 2.07 | .01 | .01 | 1.53 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 19 |
20 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 21 |
DWS Government & Agency Securities Portfolio: | |
Undistributed ordinary income* | $8,452,528 |
Capital loss carryforwards | $(341,116 ) |
Years Ended April 30, | ||
2024 | 2023 | |
DWS Government & Agency Securities Portfolio: | ||
Distributions from ordinary income* | $142,128,660 | $44,232,228 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
22 | | | 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 | | | 23 |
DWS Government & Agency Money Fund | $1,066,659 |
DWS Government Cash Institutional Shares | 1,500,690 |
Government Cash Managed Shares | 18,543 |
Service Shares | 7,983 |
$2,593,875 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $2,644,818 | $324,060 |
24 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government & Agency Securities Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Money Fund | $58,404 | $9,656 |
DWS Government Cash Institutional Shares | 191,361 | 35,920 |
Government Cash Managed Shares | 12,872 | 2,370 |
Service Shares | 18,835 | 1,124 |
$281,472 | $49,070 |
Sub-Recordkeeping | Total Aggregated |
DWS Government & Agency Money Fund | $249,539 |
DWS Government Cash Institutional Shares | 1,826 |
$251,365 |
DWS Government & Agency Securities Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $43,695 | $1,128 | .60% | .60% |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 25 |
DWS Government & Agency Securities Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Government Cash Managed Shares | $21,200 | $1,775 | .15% | .15% |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Government & Agency Securities Portfolio | $1,528 | $183 |
26 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Government & Agency Money Fund | 2,266,773,435 | $2,266,773,435 | 477,515,664 | $477,515,664 |
DWS Government Cash Institutional Shares | 60,496,401,807 | 60,496,401,807 | 31,439,626,048 | 31,439,626,048 |
Government Cash Managed Shares | 55,931,558 | 55,931,558 | 129,301,264 | 129,301,264 |
Service Shares | 19,310,581 | 19,310,581 | 44,041,977 | 44,041,977 |
Account maintenance fees | — | 5,606 | — | 6,436 |
$62,838,422,987 | $32,090,491,389 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Government & Agency Money Fund | 55,311,081 | $55,311,081 | 8,254,435 | $8,254,435 |
DWS Government Cash Institutional Shares | 15,326,341 | 15,326,341 | 7,499,600 | 7,499,600 |
Government Cash Managed Shares | 1,926 | 1,926 | 281,143 | 281,143 |
Service Shares | 310,782 | 310,782 | 154,694 | 154,694 |
$70,950,130 | $16,189,872 |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 27 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
DWS Government & Agency Money Fund | (1,054,844,805 ) | $(1,054,844,805 ) | (258,527,375 ) | $(258,527,375 ) |
DWS Government Cash Institutional Shares | (59,707,108,094 ) | (59,707,108,094 ) | (32,891,816,279 ) | (32,891,816,279 ) |
Government Cash Managed Shares | (52,767,534 ) | (52,767,534 ) | (177,363,094 ) | (177,363,094 ) |
Service Shares | (26,847,401 ) | (26,847,401 ) | (46,829,522 ) | (46,829,522 ) |
$(60,841,567,834 ) | $(33,374,536,270 ) | |||
Net increase (decrease) | ||||
DWS Government & Agency Money Fund | 1,267,239,711 | $1,267,239,711 | 227,242,724 | $227,242,724 |
DWS Government Cash Institutional Shares | 804,620,054 | 804,620,054 | (1,444,690,631 ) | (1,444,690,631 ) |
Government Cash Managed Shares | 3,165,950 | 3,165,950 | (47,780,687 ) | (47,780,687 ) |
Service Shares | (7,226,038 ) | (7,226,038 ) | (2,632,851 ) | (2,632,851 ) |
Account maintenance fees | — | 5,606 | — | 6,436 |
$2,067,805,283 | $(1,267,855,009 ) |
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 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/imgabe966f33.jpg)
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 31 |
32 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Actual Fund Return | DWS Government Cash Institutional Shares | Government Cash Managed Shares |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,026.45 | $1,025.46 |
Expenses Paid per $1,000* | $.65 | $1.66 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,024.22 | $1,023.22 |
Expenses Paid per $1,000* | $.65 | $1.66 |
* | 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 182 (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 | .13% | .33% |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 33 |
34 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 35 |
36 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 37 |
38 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
40 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 41 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
42 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
DWS Government Cash Institutional Shares Government Cash Managed Shares | | | 43 |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
44 | | | DWS Government Cash Institutional Shares Government Cash Managed Shares |
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Contents
4 | |
8 | |
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18 | |
20 | |
21 | |
22 | |
24 | |
33 | |
35 | |
36 | |
37 | |
38 | |
42 |
2 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 3 |
4 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 5 |
7-Day Current Yield | |
DWS Tax-Exempt Cash Premier Shares | 3.42%* |
Equivalent Taxable Yield | 5.78%** |
Tax-Exempt Cash Managed Shares | 3.28% |
Equivalent Taxable Yield | 5.55% |
* | The 7-Day Current Yield would have been 3.15% and 3.17% for DWS Tax-Exempt Cash Premier Shares and Tax-Exempt Cash Managed Shares respectively, had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
6 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 7 |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Variable Rate Demand Notes | 88% | 78% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Tax-Exempt Commercial Paper | 5% | 13% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 26 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. |
8 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Arizona 3.1% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 3.7% (a), 5/1/2024, LOC: JP Morgan Chase Bank NA | 5,000,000 | 5,000,000 | |
California 14.6% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.5%, 5/2/2024 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.5%, 5/2/2024 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, TECP, 3.3%, 5/6/2024 | 2,000,000 | 2,000,000 | |
Series A-2, 3.5% (a), 5/1/2024, LOC: State Street B&T Co. | 1,360,000 | 1,360,000 | |
Series A-1, 3.6% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,120,000 | 2,120,000 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 3.9% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,000,000 | 2,000,000 | |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.36% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 1,300,000 | 1,300,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 3.86% (a), 5/7/2024, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 3.87% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
23,930,000 | |||
Colorado 0.3% | |||
Colorado, State Housing & Finance Authority, “I” , Series SF, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Florida 2.6% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 3.8% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,030,000 | 1,030,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.77% (a), 5/7/2024, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 3.78% (a), 5/7/2024, LOC: Northern Trust Company | 1,100,000 | 1,100,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 9 |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 3.82% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 3.8% (a), 5/7/2024, LOC: Freddie Mac | 825,000 | 825,000 | |
4,310,000 | |||
Georgia 0.3% | |||
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 3.92% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
Illinois 12.9% | |||
Brookfield, IL, Zoo Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,000,000 | 1,000,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.8% (a), 5/7/2024, LOC: Barclays Bank PLC | 2,100,000 | 2,100,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 3.75% (a), 5/7/2024, LOC: BMO Harris Bank NA | 6,100,000 | 6,100,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 3.7% (a), 5/7/2024, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 3.83% (a), 5/7/2024, LOC: Northern Trust Company | 1,835,000 | 1,835,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.85% (a), 5/1/2024, LOC: Wells Fargo Bank NA | 3,155,000 | 3,155,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 815,000 | 815,000 | |
21,150,000 |
10 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Indiana 0.9% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 3.97% (a), 5/7/2024, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 895,000 | 895,000 | |
1,485,000 | |||
Iowa 3.3% | |||
Iowa, Single-Family Finance Authority, Series B, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 3.8% (a), 5/7/2024 | 1,400,000 | 1,400,000 | |
5,400,000 | |||
Kansas 0.7% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.8% (a), 5/1/2024, LOC: U.S. Bank NA | 155,000 | 155,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 3.81% (a), 5/7/2024, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,155,000 | |||
Kentucky 0.7% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 3.7% (a), 5/1/2024, LOC: PNC Bank NA | 850,000 | 850,000 | |
1,150,000 | |||
Louisiana 2.8% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 3.73% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 2,310,000 | 2,310,000 | |
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.75% (a), 5/1/2024, LOC: Toronto-dominion Bank | 1,800,000 | 1,800,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 535,000 | 535,000 | |
4,645,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 11 |
Principal Amount ($) | Value ($) | ||
Maryland 0.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 1,285,000 | 1,285,000 | |
Massachusetts 4.5% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.68% (a), 5/7/2024, LOC: TD Bank NA | 1,850,000 | 1,850,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.65% (a), 5/1/2024, LOC: Bank of America NA | 3,160,000 | 3,160,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A1, 3.75% (a), 5/7/2024, SPA: JP Morgan Chase Bank NA | 1,945,000 | 1,945,000 | |
Series A-3, 3.75% (a), 5/7/2024, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
7,375,000 | |||
Minnesota 2.9% | |||
Rochester City, MN, Village Capital Corp., Series C, 3.86% (a), 5/7/2024, LOC: Federal Home Loan Bank | 4,800,000 | 4,800,000 | |
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 3.7% (a), 5/7/2024, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.0% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 3.94% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,510,000 | 1,510,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.65% (a), 5/1/2024, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
Series B, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 3.74% (a), 5/7/2024, LOC: U.S. Bank NA | 1,180,000 | 1,180,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 3.92% (a), 5/7/2024, LOC: Bank of America NA | 295,000 | 295,000 | |
3,300,000 |
12 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
Nebraska 1.4% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 3.8% (a), 5/7/2024 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 3.87% (a), 5/7/2024, LOC: Bank of America NA | 3,315,000 | 3,315,000 | |
New Jersey 0.2% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 3.75% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 400,000 | 400,000 | |
New York 17.1% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 1,500,000 | 1,500,000 | |
Series 2012-G1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,125,000 | 2,125,000 | |
Series E-1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 4,090,000 | 4,090,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 3.58% (a), 5/7/2024, LOC: Fannie Mae | 370,000 | 370,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 3.75% (a), 5/7/2024, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 1,745,000 | 1,745,000 | |
Series B-4C, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
Series A, 3.75% (a), 5/7/2024, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York, NY, General Obligation: | |||
Series L-4, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 900,000 | 900,000 | |
Series A-3, 3.8% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series G-6, 3.85% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,200,000 | 1,200,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 3.72% (a), 5/7/2024, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 3.75% (a), 5/1/2024, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 3.75% (a), 5/1/2024, LIQ: State Street B&T Co. | 5,300,000 | 5,300,000 | |
Series F-2, 3.75% (a), 5/1/2024, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
27,960,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 13 |
Principal Amount ($) | Value ($) | ||
North Carolina 2.3% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.75% (a), 5/1/2024, LOC: Royal Bank of Canada | 3,690,000 | 3,690,000 | |
Ohio 4.2% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 3.81% (a), 5/7/2024, LOC: Northern Trust Company | 6,600,000 | 6,600,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.8% (a), 5/7/2024, LOC: Northern Trust Company | 205,000 | 205,000 | |
6,805,000 | |||
Oklahoma 2.3% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 3.91% (a), 5/7/2024, INS: BAM, LIQ: JPMorgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.9% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series A, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 200,000 | 200,000 | |
1,525,000 | |||
Pennsylvania 2.2% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.15% (a), 5/7/2024, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.73% (a), 5/7/2024, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
3,620,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 960,000 | 960,000 |
14 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Principal Amount ($) | Value ($) | ||
South Dakota 1.6% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 3.8% (a), 5/7/2024, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.4% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 3.7% (a), 5/7/2024, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 2.8% | |||
Harris County, TX, Hospital District Revenue, 3.8% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 505,000 | 505,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-1, 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Series C-2, 3.95% (a), 5/7/2024, LOC: Bank of NY Mellon | 1,955,000 | 1,955,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 825,000 | 825,000 | |
4,545,000 | |||
Vermont 1.8% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 3.94% (a), 5/7/2024, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 3.96% (a), 5/1/2024, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.4% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.82% (a), 5/1/2024, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 15 |
Principal Amount ($) | Value ($) | ||
Washington 1.0% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 3.9% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,065,000 | 1,065,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 3.9% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,605,000 | |||
Other 4.1% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 3.79% (a), 5/7/2024, LIQ: Freddie Mac | 2,370,000 | 2,370,000 | |
“A” , Series M031, 144A, 3.8% (a), 5/7/2024, LIQ: Freddie Mac | 2,400,000 | 2,400,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 3.98% (b), 12/15/2028, GTY: Freddie Mac | 2,010,000 | 2,010,000 | |
6,780,000 | |||
Total Municipal Investments (Cost $161,560,000) | 161,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $161,560,000) | 98.7 | 161,560,000 | |
Other Assets and Liabilities, Net | 1.3 | 2,072,569 | |
Net Assets | 100.0 | 163,632,569 |
(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 April 30, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
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 |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
16 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
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) | $— | $161,560,000 | $— | $161,560,000 |
Total | $— | $161,560,000 | $— | $161,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 17 |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $161,560,000 |
Cash | 4,570 |
Receivable for investments sold | 1,575,000 |
Receivable for Fund shares sold | 94,161 |
Interest receivable | 584,439 |
Other assets | 50,054 |
Total assets | 163,868,224 |
Liabilities | |
Payable for Fund shares redeemed | 18,905 |
Distributions payable | 123,520 |
Accrued Trustees' fees | 2,092 |
Other accrued expenses and payables | 91,138 |
Total liabilities | 235,655 |
Net assets, at value | $163,632,569 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 163,663,486 |
Net assets, at value | $163,632,569 |
18 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($1,040,022 ÷ 1,039,172 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 ($80,397,268 ÷ 80,331,644 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 ($35,051,026 ÷ 35,022,401 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 ($2,321,008 ÷ 2,319,111 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 ($41,548,529 ÷ 41,514,492 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 ($3,274,716 ÷ 3,272,040 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 19 |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $5,034,001 |
Expenses: | |
Management fee | 121,428 |
Administration fee | 142,659 |
Services to shareholders | 94,018 |
Distribution and service fees | 61,785 |
Custodian fee | 3,062 |
Professional fees | 55,629 |
Reports to shareholders | 51,089 |
Registration fees | 112,655 |
Trustees' fees and expenses | 8,098 |
Other | 45,907 |
Total expenses before expense reductions | 696,330 |
Expense reductions | (297,789 ) |
Total expenses after expense reductions | 398,541 |
Net investment income | 4,635,460 |
Net increase (decrease) in net assets resulting from operations | $4,635,460 |
20 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $4,635,460 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 4,635,460 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (109,235 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (2,599,480 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (1,127,447 ) | (692,153 ) |
Service Shares | (80,957 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (620,132 ) | (187,450 ) |
Tax-Free Investment Class | (98,209 ) | (84,034 ) |
Total distributions | (4,635,460 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 144,343,953 | 108,991,170 |
Reinvestment of distributions | 3,866,244 | 2,447,947 |
Payments for shares redeemed | (122,967,225 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | 25,242,972 | (38,116,764 ) |
Increase (decrease) in net assets | 25,242,972 | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $163,632,569 | $138,389,597 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 21 |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Cash Premier Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .032 | .018 | .000 * | .000 * | .013 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .032 | .018 | .000 * | .000 * | .013 |
Less distributions from: | |||||
Net investment income | (.032 ) | (.019 ) | (.000 )* | (.000 )* | (.013 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 3.27 | 1.93 | .05 | .04 | 1.27 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1 | 4 | 18 | 26 | 35 |
Ratio of expenses before expense reductions (%) | .40 | .39 | .34 | .33 | .32 |
Ratio of expenses after expense reductions (%) | .20 | .20 | .10 | .17 | .20 |
Ratio of net investment income (%) | 3.25 | 1.41 | .04 | .03 | 1.25 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
22 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio — Tax-Exempt Cash Managed Shares | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .031 | .016 | .000 * | .000 * | .011 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .031 | .016 | .000 * | .000 * | .011 |
Less distributions from: | |||||
Net investment income | (.031 ) | (.017 ) | (.000 )* | (.000 )* | (.011 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 3.13 | 1.76 | .02 | .01 | 1.09 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 42 | 8 | 13 | 32 | 32 |
Ratio of expenses before expense reductions (%) | .54 | .54 | .49 | .50 | .51 |
Ratio of expenses after expense reductions (%) | .34 | .37 | .11 | .19 | .38 |
Ratio of net investment income (%) | 3.08 | 1.68 | .02 | .01 | 1.09 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 23 |
24 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio: | |
Undistributed tax-exempt income | $95,691 |
Capital loss carryforwards | $(3,087 ) |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 25 |
Years Ended April 30, | ||
Portfolio | 2024 | 2023 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $4,635,460 | $2,758,310 |
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% |
26 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares | $6,873 |
DWS Tax-Exempt Money Fund | 161,614 |
DWS Tax-Free Money Fund Class S | 75,072 |
Service Shares | 6,787 |
Tax-Exempt Cash Managed Shares | 40,495 |
Tax-Free Investment Class | 6,948 |
$297,789 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $142,659 | $12,992 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 27 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Cash Premier Shares | $838 | $60 |
DWS Tax-Exempt Money Fund | 30,237 | 4,967 |
DWS Tax-Free Money Fund Class S | 27,474 | 4,507 |
Service Shares | 8,790 | 1,003 |
Tax-Exempt Cash Managed Shares | 1,085 | 215 |
Tax-Free Investment Class | 3,088 | 528 |
$71,512 | $11,280 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $12 |
DWS Tax-Exempt Money Fund | 1,044 |
DWS Tax-Free Money Fund Class S | 1,099 |
$2,155 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $20,474 | $1,374 | .60% | .60% |
Tax-Free Investment Class | 8,702 | 649 | .25% | .25% |
$29,176 | $2,023 |
28 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $30,173 | $5,197 | .15% | .15% |
Tax-Free Investment Class | 2,436 | 181 | .07% | .07% |
$32,609 | $5,378 |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $2,076 | $145 |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 29 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,324,577 | $8,324,577 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 23,146,328 | 23,146,328 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 3,981,991 | 3,981,991 | 6,507,344 | 6,507,344 |
Service Shares | 12,926,639 | 12,926,639 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 87,866,500 | 87,866,500 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 8,091,873 | 8,091,873 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,045 | — | 6,709 |
$144,343,953 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 47,105 | $47,105 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 2,563,620 | 2,563,620 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 1,073,698 | 1,073,698 | 660,499 | 660,499 |
Service Shares | 80,178 | 80,178 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 3,605 | 3,605 | 2,175 | 2,175 |
Tax-Free Investment Class | 98,038 | 98,038 | 82,293 | 82,293 |
$3,866,244 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (11,326,900 ) | $(11,326,900 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (26,677,263 ) | (26,677,263 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (6,585,825 ) | (6,585,825 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (15,668,413 ) | (15,668,413 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (54,259,800 ) | (54,259,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (8,449,024 ) | (8,449,024 ) | (11,549,334 ) | (11,549,334 ) |
$(122,967,225 ) | $(149,555,881 ) |
30 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (2,955,218 ) | $(2,955,218 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (967,315 ) | (967,315 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,530,136 ) | (1,530,136 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,661,596 ) | (2,661,596 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 33,610,305 | 33,610,305 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (259,113 ) | (259,113 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,045 | — | 6,709 |
$25,242,972 | $(38,116,764 ) |
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 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/imgf9c6b64e3.jpg)
34 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 35 |
Actual Fund Return | DWS Tax-Exempt Cash Premier Shares | Tax-Exempt Cash Managed Shares |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,015.90 | $1,015.20 |
Expenses Paid per $1,000* | $1.00 | $1.70 |
Hypothetical 5% Fund Return | ||
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,023.87 | $1,023.17 |
Expenses Paid per $1,000* | $1.01 | $1.71 |
* | 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 182 (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% |
36 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 37 |
38 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 39 |
40 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
42 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 43 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
44 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 45 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
46 | | | DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares | | | 47 |
Contents
4 | |
7 | |
8 | |
17 | |
19 | |
20 | |
21 | |
22 | |
31 | |
33 | |
34 | |
35 | |
36 | |
40 |
2 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 3 |
4 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 5 |
7-Day Current Yield | |
DWS Tax-Exempt Money Fund | 3.40%* |
Equivalent Taxable Yield | 5.75%** |
* | The 7-Day Current Yield would have been 3.17% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
6 | | | DWS Tax-Exempt Money Fund |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Variable Rate Demand Notes | 88% | 78% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Tax-Exempt Commercial Paper | 5% | 13% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 26 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 | | | 7 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Arizona 3.1% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 3.7% (a), 5/1/2024, LOC: JP Morgan Chase Bank NA | 5,000,000 | 5,000,000 | |
California 14.6% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.5%, 5/2/2024 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.5%, 5/2/2024 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, TECP, 3.3%, 5/6/2024 | 2,000,000 | 2,000,000 | |
Series A-2, 3.5% (a), 5/1/2024, LOC: State Street B&T Co. | 1,360,000 | 1,360,000 | |
Series A-1, 3.6% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,120,000 | 2,120,000 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 3.9% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,000,000 | 2,000,000 | |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.36% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 1,300,000 | 1,300,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 3.86% (a), 5/7/2024, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 3.87% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
23,930,000 | |||
Colorado 0.3% | |||
Colorado, State Housing & Finance Authority, “I” , Series SF, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Florida 2.6% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 3.8% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,030,000 | 1,030,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.77% (a), 5/7/2024, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 3.78% (a), 5/7/2024, LOC: Northern Trust Company | 1,100,000 | 1,100,000 |
8 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 3.82% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 3.8% (a), 5/7/2024, LOC: Freddie Mac | 825,000 | 825,000 | |
4,310,000 | |||
Georgia 0.3% | |||
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 3.92% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
Illinois 12.9% | |||
Brookfield, IL, Zoo Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,000,000 | 1,000,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.8% (a), 5/7/2024, LOC: Barclays Bank PLC | 2,100,000 | 2,100,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 3.75% (a), 5/7/2024, LOC: BMO Harris Bank NA | 6,100,000 | 6,100,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 3.7% (a), 5/7/2024, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 3.83% (a), 5/7/2024, LOC: Northern Trust Company | 1,835,000 | 1,835,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.85% (a), 5/1/2024, LOC: Wells Fargo Bank NA | 3,155,000 | 3,155,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 815,000 | 815,000 | |
21,150,000 |
DWS Tax-Exempt Money Fund | | | 9 |
Principal Amount ($) | Value ($) | ||
Indiana 0.9% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 3.97% (a), 5/7/2024, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 895,000 | 895,000 | |
1,485,000 | |||
Iowa 3.3% | |||
Iowa, Single-Family Finance Authority, Series B, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 3.8% (a), 5/7/2024 | 1,400,000 | 1,400,000 | |
5,400,000 | |||
Kansas 0.7% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.8% (a), 5/1/2024, LOC: U.S. Bank NA | 155,000 | 155,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 3.81% (a), 5/7/2024, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,155,000 | |||
Kentucky 0.7% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 3.7% (a), 5/1/2024, LOC: PNC Bank NA | 850,000 | 850,000 | |
1,150,000 | |||
Louisiana 2.8% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 3.73% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 2,310,000 | 2,310,000 | |
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.75% (a), 5/1/2024, LOC: Toronto-dominion Bank | 1,800,000 | 1,800,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 535,000 | 535,000 | |
4,645,000 |
10 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Maryland 0.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 1,285,000 | 1,285,000 | |
Massachusetts 4.5% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.68% (a), 5/7/2024, LOC: TD Bank NA | 1,850,000 | 1,850,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.65% (a), 5/1/2024, LOC: Bank of America NA | 3,160,000 | 3,160,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A1, 3.75% (a), 5/7/2024, SPA: JP Morgan Chase Bank NA | 1,945,000 | 1,945,000 | |
Series A-3, 3.75% (a), 5/7/2024, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
7,375,000 | |||
Minnesota 2.9% | |||
Rochester City, MN, Village Capital Corp., Series C, 3.86% (a), 5/7/2024, LOC: Federal Home Loan Bank | 4,800,000 | 4,800,000 | |
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 3.7% (a), 5/7/2024, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.0% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 3.94% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,510,000 | 1,510,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.65% (a), 5/1/2024, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
Series B, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 3.74% (a), 5/7/2024, LOC: U.S. Bank NA | 1,180,000 | 1,180,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 3.92% (a), 5/7/2024, LOC: Bank of America NA | 295,000 | 295,000 | |
3,300,000 |
DWS Tax-Exempt Money Fund | | | 11 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.4% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 3.8% (a), 5/7/2024 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 3.87% (a), 5/7/2024, LOC: Bank of America NA | 3,315,000 | 3,315,000 | |
New Jersey 0.2% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 3.75% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 400,000 | 400,000 | |
New York 17.1% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 1,500,000 | 1,500,000 | |
Series 2012-G1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,125,000 | 2,125,000 | |
Series E-1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 4,090,000 | 4,090,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 3.58% (a), 5/7/2024, LOC: Fannie Mae | 370,000 | 370,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 3.75% (a), 5/7/2024, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 1,745,000 | 1,745,000 | |
Series B-4C, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
Series A, 3.75% (a), 5/7/2024, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York, NY, General Obligation: | |||
Series L-4, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 900,000 | 900,000 | |
Series A-3, 3.8% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series G-6, 3.85% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,200,000 | 1,200,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 3.72% (a), 5/7/2024, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 3.75% (a), 5/1/2024, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 3.75% (a), 5/1/2024, LIQ: State Street B&T Co. | 5,300,000 | 5,300,000 | |
Series F-2, 3.75% (a), 5/1/2024, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
27,960,000 |
12 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
North Carolina 2.3% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.75% (a), 5/1/2024, LOC: Royal Bank of Canada | 3,690,000 | 3,690,000 | |
Ohio 4.2% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 3.81% (a), 5/7/2024, LOC: Northern Trust Company | 6,600,000 | 6,600,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.8% (a), 5/7/2024, LOC: Northern Trust Company | 205,000 | 205,000 | |
6,805,000 | |||
Oklahoma 2.3% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 3.91% (a), 5/7/2024, INS: BAM, LIQ: JPMorgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.9% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series A, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 200,000 | 200,000 | |
1,525,000 | |||
Pennsylvania 2.2% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.15% (a), 5/7/2024, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.73% (a), 5/7/2024, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
3,620,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 960,000 | 960,000 |
DWS Tax-Exempt Money Fund | | | 13 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.6% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 3.8% (a), 5/7/2024, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.4% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 3.7% (a), 5/7/2024, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 2.8% | |||
Harris County, TX, Hospital District Revenue, 3.8% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 505,000 | 505,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-1, 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Series C-2, 3.95% (a), 5/7/2024, LOC: Bank of NY Mellon | 1,955,000 | 1,955,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 825,000 | 825,000 | |
4,545,000 | |||
Vermont 1.8% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 3.94% (a), 5/7/2024, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 3.96% (a), 5/1/2024, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.4% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.82% (a), 5/1/2024, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
14 | | | DWS Tax-Exempt Money Fund |
Principal Amount ($) | Value ($) | ||
Washington 1.0% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 3.9% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,065,000 | 1,065,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 3.9% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,605,000 | |||
Other 4.1% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 3.79% (a), 5/7/2024, LIQ: Freddie Mac | 2,370,000 | 2,370,000 | |
“A” , Series M031, 144A, 3.8% (a), 5/7/2024, LIQ: Freddie Mac | 2,400,000 | 2,400,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 3.98% (b), 12/15/2028, GTY: Freddie Mac | 2,010,000 | 2,010,000 | |
6,780,000 | |||
Total Municipal Investments (Cost $161,560,000) | 161,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $161,560,000) | 98.7 | 161,560,000 | |
Other Assets and Liabilities, Net | 1.3 | 2,072,569 | |
Net Assets | 100.0 | 163,632,569 |
(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 April 30, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
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 |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
DWS Tax-Exempt Money Fund | | | 15 |
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) | $— | $161,560,000 | $— | $161,560,000 |
Total | $— | $161,560,000 | $— | $161,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
16 | | | DWS Tax-Exempt Money Fund |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $161,560,000 |
Cash | 4,570 |
Receivable for investments sold | 1,575,000 |
Receivable for Fund shares sold | 94,161 |
Interest receivable | 584,439 |
Other assets | 50,054 |
Total assets | 163,868,224 |
Liabilities | |
Payable for Fund shares redeemed | 18,905 |
Distributions payable | 123,520 |
Accrued Trustees' fees | 2,092 |
Other accrued expenses and payables | 91,138 |
Total liabilities | 235,655 |
Net assets, at value | $163,632,569 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 163,663,486 |
Net assets, at value | $163,632,569 |
DWS Tax-Exempt Money Fund | | | 17 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($1,040,022 ÷ 1,039,172 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 ($80,397,268 ÷ 80,331,644 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 ($35,051,026 ÷ 35,022,401 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 ($2,321,008 ÷ 2,319,111 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 ($41,548,529 ÷ 41,514,492 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 ($3,274,716 ÷ 3,272,040 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
18 | | | DWS Tax-Exempt Money Fund |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $5,034,001 |
Expenses: | |
Management fee | 121,428 |
Administration fee | 142,659 |
Services to shareholders | 94,018 |
Distribution and service fees | 61,785 |
Custodian fee | 3,062 |
Professional fees | 55,629 |
Reports to shareholders | 51,089 |
Registration fees | 112,655 |
Trustees' fees and expenses | 8,098 |
Other | 45,907 |
Total expenses before expense reductions | 696,330 |
Expense reductions | (297,789 ) |
Total expenses after expense reductions | 398,541 |
Net investment income | 4,635,460 |
Net increase (decrease) in net assets resulting from operations | $4,635,460 |
DWS Tax-Exempt Money Fund | | | 19 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $4,635,460 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 4,635,460 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (109,235 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (2,599,480 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (1,127,447 ) | (692,153 ) |
Service Shares | (80,957 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (620,132 ) | (187,450 ) |
Tax-Free Investment Class | (98,209 ) | (84,034 ) |
Total distributions | (4,635,460 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 144,343,953 | 108,991,170 |
Reinvestment of distributions | 3,866,244 | 2,447,947 |
Payments for shares redeemed | (122,967,225 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | 25,242,972 | (38,116,764 ) |
Increase (decrease) in net assets | 25,242,972 | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $163,632,569 | $138,389,597 |
20 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .032 | .018 | .000 * | .000 * | .012 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .032 | .018 | .000 * | .000 * | .012 |
Less distributions from: | |||||
Net investment income | (.032 ) | (.019 ) | (.000 )* | (.000 )* | (.012 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 3.25 | 1.91 | .04 | .03 | 1.25 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 80 | 81 | 93 | 109 | 117 |
Ratio of expenses before expense reductions (%) | .42 | .41 | .37 | .35 | .35 |
Ratio of expenses after expense reductions (%) | .22 | .22 | .10 | .17 | .22 |
Ratio of net investment income (%) | 3.20 | 1.79 | .04 | .03 | 1.24 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Exempt Money Fund | | | 21 |
22 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio: | |
Undistributed tax-exempt income | $95,691 |
Capital loss carryforwards | $(3,087 ) |
DWS Tax-Exempt Money Fund | | | 23 |
Years Ended April 30, | ||
Portfolio | 2024 | 2023 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $4,635,460 | $2,758,310 |
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% |
24 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Cash Premier Shares | $6,873 |
DWS Tax-Exempt Money Fund | 161,614 |
DWS Tax-Free Money Fund Class S | 75,072 |
Service Shares | 6,787 |
Tax-Exempt Cash Managed Shares | 40,495 |
Tax-Free Investment Class | 6,948 |
$297,789 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $142,659 | $12,992 |
DWS Tax-Exempt Money Fund | | | 25 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Cash Premier Shares | $838 | $60 |
DWS Tax-Exempt Money Fund | 30,237 | 4,967 |
DWS Tax-Free Money Fund Class S | 27,474 | 4,507 |
Service Shares | 8,790 | 1,003 |
Tax-Exempt Cash Managed Shares | 1,085 | 215 |
Tax-Free Investment Class | 3,088 | 528 |
$71,512 | $11,280 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $12 |
DWS Tax-Exempt Money Fund | 1,044 |
DWS Tax-Free Money Fund Class S | 1,099 |
$2,155 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $20,474 | $1,374 | .60% | .60% |
Tax-Free Investment Class | 8,702 | 649 | .25% | .25% |
$29,176 | $2,023 |
26 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $30,173 | $5,197 | .15% | .15% |
Tax-Free Investment Class | 2,436 | 181 | .07% | .07% |
$32,609 | $5,378 |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $2,076 | $145 |
DWS Tax-Exempt Money Fund | | | 27 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,324,577 | $8,324,577 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 23,146,328 | 23,146,328 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 3,981,991 | 3,981,991 | 6,507,344 | 6,507,344 |
Service Shares | 12,926,639 | 12,926,639 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 87,866,500 | 87,866,500 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 8,091,873 | 8,091,873 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,045 | — | 6,709 |
$144,343,953 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 47,105 | $47,105 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 2,563,620 | 2,563,620 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 1,073,698 | 1,073,698 | 660,499 | 660,499 |
Service Shares | 80,178 | 80,178 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 3,605 | 3,605 | 2,175 | 2,175 |
Tax-Free Investment Class | 98,038 | 98,038 | 82,293 | 82,293 |
$3,866,244 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (11,326,900 ) | $(11,326,900 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (26,677,263 ) | (26,677,263 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (6,585,825 ) | (6,585,825 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (15,668,413 ) | (15,668,413 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (54,259,800 ) | (54,259,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (8,449,024 ) | (8,449,024 ) | (11,549,334 ) | (11,549,334 ) |
$(122,967,225 ) | $(149,555,881 ) |
28 | | | DWS Tax-Exempt Money Fund |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (2,955,218 ) | $(2,955,218 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (967,315 ) | (967,315 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,530,136 ) | (1,530,136 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,661,596 ) | (2,661,596 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 33,610,305 | 33,610,305 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (259,113 ) | (259,113 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,045 | — | 6,709 |
$25,242,972 | $(38,116,764 ) |
DWS Tax-Exempt Money Fund | | | 29 |
30 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 31 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img162250923.jpg)
32 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 33 |
Actual Fund Return | DWS Tax-Exempt Money Fund |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,015.80 |
Expenses Paid per $1,000* | $1.10 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,023.77 |
Expenses Paid per $1,000* | $1.11 |
* | 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 182 (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% |
34 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 35 |
36 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 37 |
38 | | | DWS Tax-Exempt Money Fund |
DWS Tax-Exempt Money Fund | | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
40 | | | DWS Tax-Exempt Money Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
DWS Tax-Exempt Money Fund | | | 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
42 | | | DWS Tax-Exempt Money Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
DWS Tax-Exempt Money Fund | | | 43 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
44 | | | DWS Tax-Exempt Money Fund |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Tax-Exempt Money Fund | | | 45 |
Contents
4 | |
7 | |
8 | |
17 | |
19 | |
20 | |
21 | |
22 | |
31 | |
33 | |
34 | |
35 | |
36 | |
40 |
2 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 3 |
4 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 5 |
7-Day Current Yield | |
DWS Tax-Exempt Portfolio — Tax-Free Investment Class | 3.03%* |
Equivalent Taxable Yield | 5.13%** |
* | The 7-Day Current Yield would have been 2.82% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
6 | | | Tax-Free Investment Class |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Variable Rate Demand Notes | 88% | 78% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Tax-Exempt Commercial Paper | 5% | 13% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 26 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 | | | 7 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Arizona 3.1% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 3.7% (a), 5/1/2024, LOC: JP Morgan Chase Bank NA | 5,000,000 | 5,000,000 | |
California 14.6% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.5%, 5/2/2024 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.5%, 5/2/2024 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, TECP, 3.3%, 5/6/2024 | 2,000,000 | 2,000,000 | |
Series A-2, 3.5% (a), 5/1/2024, LOC: State Street B&T Co. | 1,360,000 | 1,360,000 | |
Series A-1, 3.6% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,120,000 | 2,120,000 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 3.9% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,000,000 | 2,000,000 | |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.36% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 1,300,000 | 1,300,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 3.86% (a), 5/7/2024, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 3.87% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
23,930,000 | |||
Colorado 0.3% | |||
Colorado, State Housing & Finance Authority, “I” , Series SF, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Florida 2.6% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 3.8% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,030,000 | 1,030,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.77% (a), 5/7/2024, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 3.78% (a), 5/7/2024, LOC: Northern Trust Company | 1,100,000 | 1,100,000 |
8 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 3.82% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 3.8% (a), 5/7/2024, LOC: Freddie Mac | 825,000 | 825,000 | |
4,310,000 | |||
Georgia 0.3% | |||
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 3.92% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
Illinois 12.9% | |||
Brookfield, IL, Zoo Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,000,000 | 1,000,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.8% (a), 5/7/2024, LOC: Barclays Bank PLC | 2,100,000 | 2,100,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 3.75% (a), 5/7/2024, LOC: BMO Harris Bank NA | 6,100,000 | 6,100,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 3.7% (a), 5/7/2024, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 3.83% (a), 5/7/2024, LOC: Northern Trust Company | 1,835,000 | 1,835,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.85% (a), 5/1/2024, LOC: Wells Fargo Bank NA | 3,155,000 | 3,155,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 815,000 | 815,000 | |
21,150,000 |
Tax-Free Investment Class | | | 9 |
Principal Amount ($) | Value ($) | ||
Indiana 0.9% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 3.97% (a), 5/7/2024, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 895,000 | 895,000 | |
1,485,000 | |||
Iowa 3.3% | |||
Iowa, Single-Family Finance Authority, Series B, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 3.8% (a), 5/7/2024 | 1,400,000 | 1,400,000 | |
5,400,000 | |||
Kansas 0.7% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.8% (a), 5/1/2024, LOC: U.S. Bank NA | 155,000 | 155,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 3.81% (a), 5/7/2024, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,155,000 | |||
Kentucky 0.7% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 3.7% (a), 5/1/2024, LOC: PNC Bank NA | 850,000 | 850,000 | |
1,150,000 | |||
Louisiana 2.8% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 3.73% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 2,310,000 | 2,310,000 | |
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.75% (a), 5/1/2024, LOC: Toronto-dominion Bank | 1,800,000 | 1,800,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 535,000 | 535,000 | |
4,645,000 |
10 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Maryland 0.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 1,285,000 | 1,285,000 | |
Massachusetts 4.5% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.68% (a), 5/7/2024, LOC: TD Bank NA | 1,850,000 | 1,850,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.65% (a), 5/1/2024, LOC: Bank of America NA | 3,160,000 | 3,160,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A1, 3.75% (a), 5/7/2024, SPA: JP Morgan Chase Bank NA | 1,945,000 | 1,945,000 | |
Series A-3, 3.75% (a), 5/7/2024, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
7,375,000 | |||
Minnesota 2.9% | |||
Rochester City, MN, Village Capital Corp., Series C, 3.86% (a), 5/7/2024, LOC: Federal Home Loan Bank | 4,800,000 | 4,800,000 | |
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 3.7% (a), 5/7/2024, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.0% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 3.94% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,510,000 | 1,510,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.65% (a), 5/1/2024, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
Series B, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 3.74% (a), 5/7/2024, LOC: U.S. Bank NA | 1,180,000 | 1,180,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 3.92% (a), 5/7/2024, LOC: Bank of America NA | 295,000 | 295,000 | |
3,300,000 |
Tax-Free Investment Class | | | 11 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.4% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 3.8% (a), 5/7/2024 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 3.87% (a), 5/7/2024, LOC: Bank of America NA | 3,315,000 | 3,315,000 | |
New Jersey 0.2% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 3.75% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 400,000 | 400,000 | |
New York 17.1% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 1,500,000 | 1,500,000 | |
Series 2012-G1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,125,000 | 2,125,000 | |
Series E-1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 4,090,000 | 4,090,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 3.58% (a), 5/7/2024, LOC: Fannie Mae | 370,000 | 370,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 3.75% (a), 5/7/2024, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 1,745,000 | 1,745,000 | |
Series B-4C, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
Series A, 3.75% (a), 5/7/2024, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York, NY, General Obligation: | |||
Series L-4, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 900,000 | 900,000 | |
Series A-3, 3.8% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series G-6, 3.85% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,200,000 | 1,200,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 3.72% (a), 5/7/2024, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 3.75% (a), 5/1/2024, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 3.75% (a), 5/1/2024, LIQ: State Street B&T Co. | 5,300,000 | 5,300,000 | |
Series F-2, 3.75% (a), 5/1/2024, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
27,960,000 |
12 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
North Carolina 2.3% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.75% (a), 5/1/2024, LOC: Royal Bank of Canada | 3,690,000 | 3,690,000 | |
Ohio 4.2% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 3.81% (a), 5/7/2024, LOC: Northern Trust Company | 6,600,000 | 6,600,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.8% (a), 5/7/2024, LOC: Northern Trust Company | 205,000 | 205,000 | |
6,805,000 | |||
Oklahoma 2.3% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 3.91% (a), 5/7/2024, INS: BAM, LIQ: JPMorgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.9% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series A, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 200,000 | 200,000 | |
1,525,000 | |||
Pennsylvania 2.2% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.15% (a), 5/7/2024, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.73% (a), 5/7/2024, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
3,620,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 960,000 | 960,000 |
Tax-Free Investment Class | | | 13 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.6% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 3.8% (a), 5/7/2024, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.4% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 3.7% (a), 5/7/2024, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 2.8% | |||
Harris County, TX, Hospital District Revenue, 3.8% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 505,000 | 505,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-1, 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Series C-2, 3.95% (a), 5/7/2024, LOC: Bank of NY Mellon | 1,955,000 | 1,955,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 825,000 | 825,000 | |
4,545,000 | |||
Vermont 1.8% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 3.94% (a), 5/7/2024, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 3.96% (a), 5/1/2024, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.4% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.82% (a), 5/1/2024, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
14 | | | Tax-Free Investment Class |
Principal Amount ($) | Value ($) | ||
Washington 1.0% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 3.9% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,065,000 | 1,065,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 3.9% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,605,000 | |||
Other 4.1% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 3.79% (a), 5/7/2024, LIQ: Freddie Mac | 2,370,000 | 2,370,000 | |
“A” , Series M031, 144A, 3.8% (a), 5/7/2024, LIQ: Freddie Mac | 2,400,000 | 2,400,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 3.98% (b), 12/15/2028, GTY: Freddie Mac | 2,010,000 | 2,010,000 | |
6,780,000 | |||
Total Municipal Investments (Cost $161,560,000) | 161,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $161,560,000) | 98.7 | 161,560,000 | |
Other Assets and Liabilities, Net | 1.3 | 2,072,569 | |
Net Assets | 100.0 | 163,632,569 |
(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 April 30, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
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 |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
Tax-Free Investment Class | | | 15 |
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) | $— | $161,560,000 | $— | $161,560,000 |
Total | $— | $161,560,000 | $— | $161,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
16 | | | Tax-Free Investment Class |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $161,560,000 |
Cash | 4,570 |
Receivable for investments sold | 1,575,000 |
Receivable for Fund shares sold | 94,161 |
Interest receivable | 584,439 |
Other assets | 50,054 |
Total assets | 163,868,224 |
Liabilities | |
Payable for Fund shares redeemed | 18,905 |
Distributions payable | 123,520 |
Accrued Trustees' fees | 2,092 |
Other accrued expenses and payables | 91,138 |
Total liabilities | 235,655 |
Net assets, at value | $163,632,569 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 163,663,486 |
Net assets, at value | $163,632,569 |
Tax-Free Investment Class | | | 17 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($1,040,022 ÷ 1,039,172 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 ($80,397,268 ÷ 80,331,644 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 ($35,051,026 ÷ 35,022,401 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 ($2,321,008 ÷ 2,319,111 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 ($41,548,529 ÷ 41,514,492 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 ($3,274,716 ÷ 3,272,040 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
18 | | | Tax-Free Investment Class |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $5,034,001 |
Expenses: | |
Management fee | 121,428 |
Administration fee | 142,659 |
Services to shareholders | 94,018 |
Distribution and service fees | 61,785 |
Custodian fee | 3,062 |
Professional fees | 55,629 |
Reports to shareholders | 51,089 |
Registration fees | 112,655 |
Trustees' fees and expenses | 8,098 |
Other | 45,907 |
Total expenses before expense reductions | 696,330 |
Expense reductions | (297,789 ) |
Total expenses after expense reductions | 398,541 |
Net investment income | 4,635,460 |
Net increase (decrease) in net assets resulting from operations | $4,635,460 |
Tax-Free Investment Class | | | 19 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $4,635,460 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 4,635,460 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (109,235 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (2,599,480 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (1,127,447 ) | (692,153 ) |
Service Shares | (80,957 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (620,132 ) | (187,450 ) |
Tax-Free Investment Class | (98,209 ) | (84,034 ) |
Total distributions | (4,635,460 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 144,343,953 | 108,991,170 |
Reinvestment of distributions | 3,866,244 | 2,447,947 |
Payments for shares redeemed | (122,967,225 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | 25,242,972 | (38,116,764 ) |
Increase (decrease) in net assets | 25,242,972 | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $163,632,569 | $138,389,597 |
20 | | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio — Tax-Free Investment Class | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .028 | .014 | .000 * | .000 * | .009 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .028 | .014 | .000 * | .000 * | .009 |
Less distributions from: | |||||
Net investment income | (.028 ) | (.015 ) | (.000 )* | (.000 )* | (.009 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 2.87 | 1.54 | .01 | .01 | .88 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 3 | 4 | 10 | 10 | 7 |
Ratio of expenses before expense reductions (%) | .79 | .77 | .73 | .71 | .72 |
Ratio of expenses after expense reductions (%) | .59 | .59 | .14 | .19 | .59 |
Ratio of net investment income (%) | 2.82 | 1.18 | .01 | .01 | .86 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
Tax-Free Investment Class | | | 21 |
22 | | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio: | |
Undistributed tax-exempt income | $95,691 |
Capital loss carryforwards | $(3,087 ) |
Tax-Free Investment Class | | | 23 |
Years Ended April 30, | ||
Portfolio | 2024 | 2023 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $4,635,460 | $2,758,310 |
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% |
24 | | | Tax-Free Investment Class |
DWS Tax-Exempt Cash Premier Shares | $6,873 |
DWS Tax-Exempt Money Fund | 161,614 |
DWS Tax-Free Money Fund Class S | 75,072 |
Service Shares | 6,787 |
Tax-Exempt Cash Managed Shares | 40,495 |
Tax-Free Investment Class | 6,948 |
$297,789 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $142,659 | $12,992 |
Tax-Free Investment Class | | | 25 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Cash Premier Shares | $838 | $60 |
DWS Tax-Exempt Money Fund | 30,237 | 4,967 |
DWS Tax-Free Money Fund Class S | 27,474 | 4,507 |
Service Shares | 8,790 | 1,003 |
Tax-Exempt Cash Managed Shares | 1,085 | 215 |
Tax-Free Investment Class | 3,088 | 528 |
$71,512 | $11,280 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $12 |
DWS Tax-Exempt Money Fund | 1,044 |
DWS Tax-Free Money Fund Class S | 1,099 |
$2,155 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $20,474 | $1,374 | .60% | .60% |
Tax-Free Investment Class | 8,702 | 649 | .25% | .25% |
$29,176 | $2,023 |
26 | | | Tax-Free Investment Class |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $30,173 | $5,197 | .15% | .15% |
Tax-Free Investment Class | 2,436 | 181 | .07% | .07% |
$32,609 | $5,378 |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $2,076 | $145 |
Tax-Free Investment Class | | | 27 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,324,577 | $8,324,577 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 23,146,328 | 23,146,328 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 3,981,991 | 3,981,991 | 6,507,344 | 6,507,344 |
Service Shares | 12,926,639 | 12,926,639 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 87,866,500 | 87,866,500 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 8,091,873 | 8,091,873 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,045 | — | 6,709 |
$144,343,953 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 47,105 | $47,105 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 2,563,620 | 2,563,620 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 1,073,698 | 1,073,698 | 660,499 | 660,499 |
Service Shares | 80,178 | 80,178 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 3,605 | 3,605 | 2,175 | 2,175 |
Tax-Free Investment Class | 98,038 | 98,038 | 82,293 | 82,293 |
$3,866,244 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (11,326,900 ) | $(11,326,900 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (26,677,263 ) | (26,677,263 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (6,585,825 ) | (6,585,825 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (15,668,413 ) | (15,668,413 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (54,259,800 ) | (54,259,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (8,449,024 ) | (8,449,024 ) | (11,549,334 ) | (11,549,334 ) |
$(122,967,225 ) | $(149,555,881 ) |
28 | | | Tax-Free Investment Class |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (2,955,218 ) | $(2,955,218 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (967,315 ) | (967,315 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,530,136 ) | (1,530,136 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,661,596 ) | (2,661,596 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 33,610,305 | 33,610,305 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (259,113 ) | (259,113 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,045 | — | 6,709 |
$25,242,972 | $(38,116,764 ) |
Tax-Free Investment Class | | | 29 |
30 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 31 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/imge8717d7b3.jpg)
32 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 33 |
Actual Fund Return | Tax-Free Investment Class |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,013.94 |
Expenses Paid per $1,000* | $2.95 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,021.93 |
Expenses Paid per $1,000* | $2.97 |
* | 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 182 (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% |
34 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 35 |
36 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 37 |
38 | | | Tax-Free Investment Class |
Tax-Free Investment Class | | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
40 | | | Tax-Free Investment Class |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Tax-Free Investment Class | | | 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
42 | | | Tax-Free Investment Class |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
Tax-Free Investment Class | | | 43 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
44 | | | Tax-Free Investment Class |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Tax-Free Investment Class | | | 45 |
Contents
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36 | |
40 |
2 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 3 |
4 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 5 |
7-Day Current Yield | |
DWS Tax-Free Money Fund Class S | 3.37* |
Equivalent Taxable Yield | 5.70%** |
* | The 7-Day Current Yield would have been 3.14% had certain expenses not been reduced. |
** | The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the DWS Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 40.8%. Income may be subject to local taxes and, for some investors, the alternative minimum tax. |
6 | | | DWS Tax-Free Money Fund Class S |
Asset Allocation (As a % of Investment Portfolio) | 4/30/24 | 4/30/23 |
Variable Rate Demand Notes | 88% | 78% |
Variable Rate Demand Preferred Shares | 6% | 8% |
Tax-Exempt Commercial Paper | 5% | 13% |
Floating-Rate Notes | 1% | 1% |
100% | 100% |
Weighted Average Maturity | 4/30/24 | 4/30/23 |
Cash Account Trust — DWS Tax-Exempt Portfolio | 5 days | 8 days |
iMoneyNet Money Fund Average™ — Tax-Free National Retail* | 26 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 | | | 7 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Arizona 3.1% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 3.7% (a), 5/1/2024, LOC: JP Morgan Chase Bank NA | 5,000,000 | 5,000,000 | |
California 14.6% | |||
California, East Bay Muncipal Utility District: | |||
Series A-1, TECP, 3.5%, 5/2/2024 | 4,400,000 | 4,400,000 | |
Series A-2, TECP, 3.5%, 5/2/2024 | 2,150,000 | 2,150,000 | |
California, General Obligation: | |||
Series A-2, TECP, 3.3%, 5/6/2024 | 2,000,000 | 2,000,000 | |
Series A-2, 3.5% (a), 5/1/2024, LOC: State Street B&T Co. | 1,360,000 | 1,360,000 | |
Series A-1, 3.6% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,120,000 | 2,120,000 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 3.9% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,000,000 | 2,000,000 | |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.36% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 1,300,000 | 1,300,000 | |
Nuveen California Quality Municipal Income Fund, Series 1-1362, 144A, AMT, 3.86% (a), 5/7/2024, LIQ: Societe Generale | 3,000,000 | 3,000,000 | |
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 3.87% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 5,600,000 | 5,600,000 | |
23,930,000 | |||
Colorado 0.3% | |||
Colorado, State Housing & Finance Authority, “I” , Series SF, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 475,000 | 475,000 | |
Florida 2.6% | |||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe Apartments II Project, 3.8% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,030,000 | 1,030,000 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.77% (a), 5/7/2024, LOC: TD Bank NA | 1,275,000 | 1,275,000 | |
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 3.78% (a), 5/7/2024, LOC: Northern Trust Company | 1,100,000 | 1,100,000 |
8 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Health Facilities Authority, Suncoast Hospice Project, 3.82% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 80,000 | 80,000 | |
Pinellas County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Booker Creek Apartments, 3.8% (a), 5/7/2024, LOC: Freddie Mac | 825,000 | 825,000 | |
4,310,000 | |||
Georgia 0.3% | |||
Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 3.92% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 550,000 | 550,000 | |
Illinois 12.9% | |||
Brookfield, IL, Zoo Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,000,000 | 1,000,000 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.8% (a), 5/7/2024, LOC: Barclays Bank PLC | 2,100,000 | 2,100,000 | |
Illinois, State Development Finance Authority, American Youth Hostels Project, Series A, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 420,000 | 420,000 | |
Illinois, State Development Finance Authority, Ignatius College Project, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | |
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 3.75% (a), 5/7/2024, LOC: BMO Harris Bank NA | 6,100,000 | 6,100,000 | |
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 3.7% (a), 5/7/2024, LOC: PNC Bank NA | 1,550,000 | 1,550,000 | |
Illinois, State Finance Authority Revenue, Clearbrook Project, 3.76% (a), 5/7/2024, LOC: BMO Harris Bank NA | 2,175,000 | 2,175,000 | |
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 3.83% (a), 5/7/2024, LOC: Northern Trust Company | 1,835,000 | 1,835,000 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 3.85% (a), 5/1/2024, LOC: Wells Fargo Bank NA | 3,155,000 | 3,155,000 | |
Illinois, State Housing Development Authority, Multi-Family Revenue, Woodlawn Apartments, Series A, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 815,000 | 815,000 | |
21,150,000 |
DWS Tax-Free Money Fund Class S | | | 9 |
Principal Amount ($) | Value ($) | ||
Indiana 0.9% | |||
Elkhart County, IN, Multi-Family Revenue, Ashton Pines Apartments, Series A, 3.97% (a), 5/7/2024, LOC: Federal Home Loan Bank | 590,000 | 590,000 | |
St. Joseph County, IN, Economic Development Revenue, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 895,000 | 895,000 | |
1,485,000 | |||
Iowa 3.3% | |||
Iowa, Single-Family Finance Authority, Series B, 3.75% (a), 5/7/2024, SPA: Royal Bank of Canada | 4,000,000 | 4,000,000 | |
Iowa, State Finance Authority, Economic Development Revenue, Midwestern Disaster Area, Series A, 3.8% (a), 5/7/2024 | 1,400,000 | 1,400,000 | |
5,400,000 | |||
Kansas 0.7% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.8% (a), 5/1/2024, LOC: U.S. Bank NA | 155,000 | 155,000 | |
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 3.81% (a), 5/7/2024, LOC: Svenska Handelsbanken | 1,000,000 | 1,000,000 | |
1,155,000 | |||
Kentucky 0.7% | |||
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 300,000 | 300,000 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 3.7% (a), 5/1/2024, LOC: PNC Bank NA | 850,000 | 850,000 | |
1,150,000 | |||
Louisiana 2.8% | |||
Louisiana, Public Facilities Authority Revenue, Christus Health, Series B-1, 3.73% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 2,310,000 | 2,310,000 | |
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.75% (a), 5/1/2024, LOC: Toronto-dominion Bank | 1,800,000 | 1,800,000 | |
Louisiana, State Housing Finance Agency Multi-Family Housing Revenue, Reserve Jefferson Crossing, 3.83% (a), 5/7/2024, LOC: Freddie Mac | 535,000 | 535,000 | |
4,645,000 |
10 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Maryland 0.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 3.81% (a), 5/7/2024, LOC: PNC Bank NA | 1,285,000 | 1,285,000 | |
Massachusetts 4.5% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.68% (a), 5/7/2024, LOC: TD Bank NA | 1,850,000 | 1,850,000 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.65% (a), 5/1/2024, LOC: Bank of America NA | 3,160,000 | 3,160,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Massachusetts, State Water Resources Authority: | |||
Series A1, 3.75% (a), 5/7/2024, SPA: JP Morgan Chase Bank NA | 1,945,000 | 1,945,000 | |
Series A-3, 3.75% (a), 5/7/2024, SPA: Wells Fargo Bank NA | 120,000 | 120,000 | |
7,375,000 | |||
Minnesota 2.9% | |||
Rochester City, MN, Village Capital Corp., Series C, 3.86% (a), 5/7/2024, LOC: Federal Home Loan Bank | 4,800,000 | 4,800,000 | |
Mississippi 0.0% | |||
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series F, 3.7% (a), 5/7/2024, GTY: Chevron Corp. | 50,000 | 50,000 | |
Missouri 2.0% | |||
Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 3.94% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,510,000 | 1,510,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University: | |||
Series B-1, 3.65% (a), 5/1/2024, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
Series B, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 115,000 | 115,000 | |
Nodaway County, MO, Industrial Development Authority, Educational Facilities Revenue, North West Foundation, Inc., 3.74% (a), 5/7/2024, LOC: U.S. Bank NA | 1,180,000 | 1,180,000 | |
Wright City, MO, Industrial Revenue, WaterLow Process Systems, Inc., AMT, 3.92% (a), 5/7/2024, LOC: Bank of America NA | 295,000 | 295,000 | |
3,300,000 |
DWS Tax-Free Money Fund Class S | | | 11 |
Principal Amount ($) | Value ($) | ||
Nebraska 1.4% | |||
Washington County, NE, Industrial Development Revenue, Cargill, Inc., Series B, 3.8% (a), 5/7/2024 | 2,200,000 | 2,200,000 | |
Nevada 2.0% | |||
Clark County, NV, Airport Systems Revenue, Series D-3, 3.87% (a), 5/7/2024, LOC: Bank of America NA | 3,315,000 | 3,315,000 | |
New Jersey 0.2% | |||
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp., Series C, 3.75% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 400,000 | 400,000 | |
New York 17.1% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 1,500,000 | 1,500,000 | |
Series 2012-G1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 2,125,000 | 2,125,000 | |
Series E-1, 3.85% (a), 5/1/2024, LOC: Barclays Bank PLC | 4,090,000 | 4,090,000 | |
New York, State Dormitory Authority Revenue, Non-State Supported Debt, Royal Charter Properties, Series A, 3.58% (a), 5/7/2024, LOC: Fannie Mae | 370,000 | 370,000 | |
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Inc. Project, Series A-3, 3.75% (a), 5/7/2024, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 1,745,000 | 1,745,000 | |
Series B-4C, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 2,100,000 | 2,100,000 | |
Series A, 3.75% (a), 5/7/2024, LOC: Barclays Bank PLC | 800,000 | 800,000 | |
New York, NY, General Obligation: | |||
Series L-4, 3.75% (a), 5/1/2024, LOC: U.S. Bank NA | 3,500,000 | 3,500,000 | |
Series D-5, 3.78% (a), 5/7/2024, LOC: PNC Bank NA | 900,000 | 900,000 | |
Series A-3, 3.8% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,800,000 | 1,800,000 | |
Series G-6, 3.85% (a), 5/1/2024, LOC: Mizuho Bank Ltd. | 1,200,000 | 1,200,000 | |
New York, NY, Health & Hospital Corp., Health System Revenue, Series B, 3.72% (a), 5/7/2024, LOC: TD Bank NA | 175,000 | 175,000 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | |||
Series DD-3B, 3.75% (a), 5/1/2024, SPA: State Street B&T Co. | 200,000 | 200,000 | |
Series EE-2, 3.75% (a), 5/1/2024, LIQ: State Street B&T Co. | 5,300,000 | 5,300,000 | |
Series F-2, 3.75% (a), 5/1/2024, LOC: Citibank NA | 1,855,000 | 1,855,000 | |
27,960,000 |
12 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
North Carolina 2.3% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.75% (a), 5/1/2024, LOC: Royal Bank of Canada | 3,690,000 | 3,690,000 | |
Ohio 4.2% | |||
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 3.81% (a), 5/7/2024, LOC: Northern Trust Company | 6,600,000 | 6,600,000 | |
Franklin County, OH, Hospital Facilities Revenue, Health Corp., Series D, 3.8% (a), 5/7/2024, LOC: Northern Trust Company | 205,000 | 205,000 | |
6,805,000 | |||
Oklahoma 2.3% | |||
Oklahoma, Tender Option Bond Trust Receipts, Series 2018-XM0708, 144A, AMT, 3.91% (a), 5/7/2024, INS: BAM, LIQ: JPMorgan Chase Bank NA | 3,750,000 | 3,750,000 | |
Oregon 0.9% | |||
Oregon, State Facilities Authority Revenue, Peacehealth Systems: | |||
Series A, 3.7% (a), 5/1/2024, LOC: U.S. Bank NA | 1,325,000 | 1,325,000 | |
Series B, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 200,000 | 200,000 | |
1,525,000 | |||
Pennsylvania 2.2% | |||
Lancaster County, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
Lebanon County, PA, Health Facility Authority Revenue, ECC Retirement Village Project, Series ECC, 4.15% (a), 5/7/2024, LOC: PNC Bank NA | 280,000 | 280,000 | |
Pennsylvania, State Economic Development Financing Authority, Economic Development Revenue, Kingsley Association Project, 3.83% (a), 5/7/2024, LOC: PNC Bank NA | 125,000 | 125,000 | |
Philadelphia, PA, General Obligation, Series B, 3.73% (a), 5/7/2024, LOC: Barclays Bank PLC | 715,000 | 715,000 | |
3,620,000 | |||
Rhode Island 0.6% | |||
Rhode Island, State Health & Educational Building Corp., Higher Education Facility Revenue, Bryant University, Series B, 3.8% (a), 5/7/2024, LOC: TD Bank NA | 960,000 | 960,000 |
DWS Tax-Free Money Fund Class S | | | 13 |
Principal Amount ($) | Value ($) | ||
South Dakota 1.6% | |||
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health Revenue, Series B, 3.8% (a), 5/7/2024, LOC: U.S. Bank NA | 2,545,000 | 2,545,000 | |
Tennessee 0.4% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Series B, 3.7% (a), 5/7/2024, LOC: U.S. Bank NA | 700,000 | 700,000 | |
Texas 2.8% | |||
Harris County, TX, Hospital District Revenue, 3.8% (a), 5/7/2024, LOC: JP Morgan Chase Bank NA | 505,000 | 505,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Christus Health Obligated Group: | |||
Series C-1, 3.8% (a), 5/7/2024, LOC: Sumitomo Mitsui Banking | 1,260,000 | 1,260,000 | |
Series C-2, 3.95% (a), 5/7/2024, LOC: Bank of NY Mellon | 1,955,000 | 1,955,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 3.75% (a), 5/1/2024, LOC: TD Bank NA | 825,000 | 825,000 | |
4,545,000 | |||
Vermont 1.8% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health care, Series A, 3.94% (a), 5/7/2024, LOC: TD Bank NA | 1,760,000 | 1,760,000 | |
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 3.96% (a), 5/1/2024, LOC: TD Bank NA | 1,115,000 | 1,115,000 | |
2,875,000 | |||
Virginia 1.4% | |||
Loudoun County, VA, Industrial Development Authority, Industrial Development Revenue, Jack Kent Cooke Foundation Project, 3.75% (a), 5/7/2024, LOC: Northern Trust Company | 1,125,000 | 1,125,000 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 3.82% (a), 5/1/2024, LOC: Truist Bank | 1,100,000 | 1,100,000 | |
2,225,000 |
14 | | | DWS Tax-Free Money Fund Class S |
Principal Amount ($) | Value ($) | ||
Washington 1.0% | |||
Washington, State Housing Finance Commission, Combridge Apartments, 3.9% (a), 5/7/2024, LIQ: Fannie Mae, LOC: Fannie Mae | 1,065,000 | 1,065,000 | |
Washington, State Housing Finance Commission, The Evergreen School, 3.9% (a), 5/7/2024, LOC: Wells Fargo Bank NA | 540,000 | 540,000 | |
1,605,000 | |||
Other 4.1% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M027, 144A, 3.79% (a), 5/7/2024, LIQ: Freddie Mac | 2,370,000 | 2,370,000 | |
“A” , Series M031, 144A, 3.8% (a), 5/7/2024, LIQ: Freddie Mac | 2,400,000 | 2,400,000 | |
“A” , Series M-055, 144A, MUNIPSA + 0.23%, 3.98% (b), 12/15/2028, GTY: Freddie Mac | 2,010,000 | 2,010,000 | |
6,780,000 | |||
Total Municipal Investments (Cost $161,560,000) | 161,560,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $161,560,000) | 98.7 | 161,560,000 | |
Other Assets and Liabilities, Net | 1.3 | 2,072,569 | |
Net Assets | 100.0 | 163,632,569 |
(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 April 30, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Floating rate security. These securities are shown at their current rate as of April 30, 2024. |
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 |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
DWS Tax-Free Money Fund Class S | | | 15 |
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) | $— | $161,560,000 | $— | $161,560,000 |
Total | $— | $161,560,000 | $— | $161,560,000 |
(a) | See Investment Portfolio for additional detailed categorizations. |
16 | | | DWS Tax-Free Money Fund Class S |
Assets | DWS Tax-Exempt Portfolio |
Investments in securities, valued at amortized cost | $161,560,000 |
Cash | 4,570 |
Receivable for investments sold | 1,575,000 |
Receivable for Fund shares sold | 94,161 |
Interest receivable | 584,439 |
Other assets | 50,054 |
Total assets | 163,868,224 |
Liabilities | |
Payable for Fund shares redeemed | 18,905 |
Distributions payable | 123,520 |
Accrued Trustees' fees | 2,092 |
Other accrued expenses and payables | 91,138 |
Total liabilities | 235,655 |
Net assets, at value | $163,632,569 |
Net Assets Consist of | |
Distributable earnings (loss) | (30,917 ) |
Paid-in capital | 163,663,486 |
Net assets, at value | $163,632,569 |
DWS Tax-Free Money Fund Class S | | | 17 |
Net Asset Value | DWS Tax-Exempt Portfolio |
DWS Tax-Exempt Cash Premier Shares | |
Net Asset Value, offering and redemption price per share ($1,040,022 ÷ 1,039,172 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 ($80,397,268 ÷ 80,331,644 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 ($35,051,026 ÷ 35,022,401 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 ($2,321,008 ÷ 2,319,111 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 ($41,548,529 ÷ 41,514,492 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 ($3,274,716 ÷ 3,272,040 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
18 | | | DWS Tax-Free Money Fund Class S |
Investment Income | DWS Tax-Exempt Portfolio |
Income: | |
Interest | $5,034,001 |
Expenses: | |
Management fee | 121,428 |
Administration fee | 142,659 |
Services to shareholders | 94,018 |
Distribution and service fees | 61,785 |
Custodian fee | 3,062 |
Professional fees | 55,629 |
Reports to shareholders | 51,089 |
Registration fees | 112,655 |
Trustees' fees and expenses | 8,098 |
Other | 45,907 |
Total expenses before expense reductions | 696,330 |
Expense reductions | (297,789 ) |
Total expenses after expense reductions | 398,541 |
Net investment income | 4,635,460 |
Net increase (decrease) in net assets resulting from operations | $4,635,460 |
DWS Tax-Free Money Fund Class S | | | 19 |
DWS Tax-Exempt Portfolio | ||
Years Ended April 30, | ||
Increase (Decrease) in Net Assets | 2024 | 2023 |
Operations: | ||
Net investment income | $4,635,460 | $2,673,165 |
Net realized gain (loss) | — | 2,550 |
Net increase (decrease) in net assets resulting from operations | 4,635,460 | 2,675,715 |
Distributions to shareholders: | ||
DWS Tax-Exempt Cash Premier Shares | (109,235 ) | (143,285 ) |
DWS Tax-Exempt Money Fund | (2,599,480 ) | (1,590,316 ) |
DWS Tax-Free Money Fund Class S | (1,127,447 ) | (692,153 ) |
Service Shares | (80,957 ) | (61,072 ) |
Tax-Exempt Cash Managed Shares | (620,132 ) | (187,450 ) |
Tax-Free Investment Class | (98,209 ) | (84,034 ) |
Total distributions | (4,635,460 ) | (2,758,310 ) |
Fund share transactions: | ||
Proceeds from shares sold | 144,343,953 | 108,991,170 |
Reinvestment of distributions | 3,866,244 | 2,447,947 |
Payments for shares redeemed | (122,967,225 ) | (149,555,881 ) |
Net increase (decrease) in net assets from Fund share transactions | 25,242,972 | (38,116,764 ) |
Increase (decrease) in net assets | 25,242,972 | (38,199,359 ) |
Net assets at beginning of period | 138,389,597 | 176,588,956 |
Net assets at end of period | $163,632,569 | $138,389,597 |
20 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S | |||||
Years Ended April 30, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | |||||
Net investment income | .032 | .018 | .000 * | .000 * | .012 |
Net realized gain (loss) | — | .000 * | .000 * | (.000 )* | .000 * |
Total from investment operations | .032 | .018 | .000 * | .000 * | .012 |
Less distributions from: | |||||
Net investment income | (.032 ) | (.019 ) | (.000 )* | (.000 )* | (.012 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 3.22 | 1.88 | .04 | .02 | 1.22 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 35 | 37 | 37 | 40 | 49 |
Ratio of expenses before expense reductions (%) | .46 | .45 | .42 | .39 | .38 |
Ratio of expenses after expense reductions (%) | .25 | .25 | .11 | .18 | .25 |
Ratio of net investment income (%) | 3.17 | 1.80 | .04 | .02 | 1.22 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Tax-Free Money Fund Class S | | | 21 |
22 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio: | |
Undistributed tax-exempt income | $95,691 |
Capital loss carryforwards | $(3,087 ) |
DWS Tax-Free Money Fund Class S | | | 23 |
Years Ended April 30, | ||
Portfolio | 2024 | 2023 |
DWS Tax-Exempt Portfolio: | ||
Distributions from tax-exempt income | $4,635,460 | $2,758,310 |
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% |
24 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Cash Premier Shares | $6,873 |
DWS Tax-Exempt Money Fund | 161,614 |
DWS Tax-Free Money Fund Class S | 75,072 |
Service Shares | 6,787 |
Tax-Exempt Cash Managed Shares | 40,495 |
Tax-Free Investment Class | 6,948 |
$297,789 |
Fund | Administration Fee | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $142,659 | $12,992 |
DWS Tax-Free Money Fund Class S | | | 25 |
DWS Tax-Exempt Portfolio: | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Cash Premier Shares | $838 | $60 |
DWS Tax-Exempt Money Fund | 30,237 | 4,967 |
DWS Tax-Free Money Fund Class S | 27,474 | 4,507 |
Service Shares | 8,790 | 1,003 |
Tax-Exempt Cash Managed Shares | 1,085 | 215 |
Tax-Free Investment Class | 3,088 | 528 |
$71,512 | $11,280 |
Sub-Recordkeeping | Total Aggregated |
DWS Tax-Exempt Cash Premier Shares | $12 |
DWS Tax-Exempt Money Fund | 1,044 |
DWS Tax-Free Money Fund Class S | 1,099 |
$2,155 |
DWS Tax-Exempt Portfolio: | Distribution Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Service Shares | $20,474 | $1,374 | .60% | .60% |
Tax-Free Investment Class | 8,702 | 649 | .25% | .25% |
$29,176 | $2,023 |
26 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Exempt Portfolio: | Service Fee | Unpaid at April 30, 2024 | Annual Rate | Contractual Rate |
Tax-Exempt Cash Managed Shares | $30,173 | $5,197 | .15% | .15% |
Tax-Free Investment Class | 2,436 | 181 | .07% | .07% |
$32,609 | $5,378 |
Fund | Total Aggregated | Unpaid at April 30, 2024 |
DWS Tax-Exempt Portfolio | $2,076 | $145 |
DWS Tax-Free Money Fund Class S | | | 27 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
DWS Tax-Exempt Cash Premier Shares | 8,324,577 | $8,324,577 | 12,783,030 | $12,783,030 |
DWS Tax-Exempt Money Fund | 23,146,328 | 23,146,328 | 25,560,650 | 25,560,650 |
DWS Tax-Free Money Fund Class S | 3,981,991 | 3,981,991 | 6,507,344 | 6,507,344 |
Service Shares | 12,926,639 | 12,926,639 | 22,978,306 | 22,978,306 |
Tax-Exempt Cash Managed Shares | 87,866,500 | 87,866,500 | 36,205,002 | 36,205,002 |
Tax-Free Investment Class | 8,091,873 | 8,091,873 | 4,950,129 | 4,950,129 |
Account maintenance fees | — | 6,045 | — | 6,709 |
$144,343,953 | $108,991,170 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
DWS Tax-Exempt Cash Premier Shares | 47,105 | $47,105 | 74,911 | $74,911 |
DWS Tax-Exempt Money Fund | 2,563,620 | 2,563,620 | 1,568,113 | 1,568,113 |
DWS Tax-Free Money Fund Class S | 1,073,698 | 1,073,698 | 660,499 | 660,499 |
Service Shares | 80,178 | 80,178 | 59,956 | 59,956 |
Tax-Exempt Cash Managed Shares | 3,605 | 3,605 | 2,175 | 2,175 |
Tax-Free Investment Class | 98,038 | 98,038 | 82,293 | 82,293 |
$3,866,244 | $2,447,947 | |||
Shares redeemed | ||||
DWS Tax-Exempt Cash Premier Shares | (11,326,900 ) | $(11,326,900 ) | (26,573,764 ) | $(26,573,764 ) |
DWS Tax-Exempt Money Fund | (26,677,263 ) | (26,677,263 ) | (38,876,956 ) | (38,876,956 ) |
DWS Tax-Free Money Fund Class S | (6,585,825 ) | (6,585,825 ) | (7,718,432 ) | (7,718,432 ) |
Service Shares | (15,668,413 ) | (15,668,413 ) | (23,370,709 ) | (23,370,709 ) |
Tax-Exempt Cash Managed Shares | (54,259,800 ) | (54,259,800 ) | (41,466,686 ) | (41,466,686 ) |
Tax-Free Investment Class | (8,449,024 ) | (8,449,024 ) | (11,549,334 ) | (11,549,334 ) |
$(122,967,225 ) | $(149,555,881 ) |
28 | | | DWS Tax-Free Money Fund Class S |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
DWS Tax-Exempt Cash Premier Shares | (2,955,218 ) | $(2,955,218 ) | (13,715,823 ) | $(13,715,823 ) |
DWS Tax-Exempt Money Fund | (967,315 ) | (967,315 ) | (11,748,193 ) | (11,748,193 ) |
DWS Tax-Free Money Fund Class S | (1,530,136 ) | (1,530,136 ) | (550,589 ) | (550,589 ) |
Service Shares | (2,661,596 ) | (2,661,596 ) | (332,447 ) | (332,447 ) |
Tax-Exempt Cash Managed Shares | 33,610,305 | 33,610,305 | (5,259,509 ) | (5,259,509 ) |
Tax-Free Investment Class | (259,113 ) | (259,113 ) | (6,516,912 ) | (6,516,912 ) |
Account maintenance fees | — | 6,045 | — | 6,709 |
$25,242,972 | $(38,116,764 ) |
DWS Tax-Free Money Fund Class S | | | 29 |
30 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 31 |
![](https://capedge.com/proxy/N-CSR/0000088053-24-000504/img78e069533.jpg)
32 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 33 |
Actual Fund Return | DWS Tax-Free Money Fund Class S |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,015.65 |
Expenses Paid per $1,000* | $1.25 |
Hypothetical 5% Fund Return | |
Beginning Account Value 11/1/23 | $1,000.00 |
Ending Account Value 4/30/24 | $1,023.62 |
Expenses Paid per $1,000* | $1.26 |
* | 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 182 (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% |
34 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 35 |
36 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 37 |
38 | | | DWS Tax-Free Money Fund Class S |
DWS Tax-Free Money Fund Class S | | | 39 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Former Managing General Partner, Exeter Capital Partners (a series of private investment funds) (1986–2023); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Driessen Water, Inc. (2016–2023); Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
40 | | | DWS Tax-Free Money Fund Class S |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), Member Systemic Risk Council (2012–present) and Member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member since 2021 | Executive Vice President, General Counsel and Secretary, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 68 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
DWS Tax-Free Money Fund Class S | | | 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
42 | | | DWS Tax-Free Money Fund Class S |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Head since 2024), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018); and Co-Head of DWS Treasurer’s Office (2018–2024) |
DWS Tax-Free Money Fund Class S | | | 43 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office, Head of Accounting and Vendor Oversight (since 2024), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) Formerly: Co-Head of DWS Treasurer’s Office (2018–2024) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Ms. Daugherty is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Ms. Daugherty is a Board Member of each other Trust. |
4 | Ms. Daugherty oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Ms. Daugherty is an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
44 | | | DWS Tax-Free Money Fund Class S |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Tax-Free Money Fund Class S | | | 45 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Cash account trust: DWS government & Agency securities portfolio
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2024 | $27,011 | $0 | $5,969 | $0 |
2023 | $27,011 | $0 | $5,969 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended April 30, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2024 | $0 | $0 | $0 |
2023 | $0 | $572,355 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended April 30, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2024 | $5,969 | $0 | $0 | $5,969 |
2023 | $7,879 | $572,355 | $0 | $580,234 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Cash account trust: DWS tax exempt portfolio
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2024 | $28,911 | $0 | $5,969 | $0 |
2023 | $28,911 | $0 | $5,969 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended April 30, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2024 | $0 | $0 | $0 |
2023 | $0 | $572,355 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended April 30, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2024 | $5,969 | $0 | $0 | $5,969 |
2023 | $7,879 | $572,355 | $0 | $580,234 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio, a series of Cash Account Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 6/28/2024 |
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 Principal Executive Officer |
Date: | 6/28/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 6/28/2024 |