UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-06073
Government Cash Management Portfolio
(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: | 12/31 |
Date of reporting period: | 6/30/21 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000711/g80060img1c69723c1.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000711/g80060img11709bb12.jpg)
2 | | DWS Government Cash Management Fund |
DWS Government Cash Management Fund | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 6/30/21 | 12/31/20 |
Government & Agency Obligations | 60% | 80% |
Repurchase Agreements | 40% | 20% |
100% | 100% |
Weighted Average Maturity | 6/30/21 | 12/31/20 |
DWS Government Cash Management Fund | 31 days | 25 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 35 days | 41 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. |
4 | | DWS Government Cash Management Fund |
Assets | |
Investment in Government Cash Management Portfolio, at value | $ 183,108,250 |
Due from Advisor | 6,395 |
Other assets | 15,266 |
Total assets | 183,129,911 |
Liabilities | |
Distributions payable | 622 |
Accrued Trustees' fees | 455 |
Other accrued expenses and payables | 21,866 |
Total liabilities | 22,943 |
Net assets, at value | $ 183,106,968 |
Net Assets Consist of | |
Distributable earnings (loss) | (12,506) |
Paid-in capital | 183,119,474 |
Net assets, at value | $ 183,106,968 |
Net Asset Value | |
Institutional Shares | |
Net Asset Value, offering and redemption price per share ($183,106,968 ÷ 183,214,333 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Cash Management Fund | | 5 |
Investment Income | |
Income and expenses allocated from Government Cash Management Portfolio: | |
Interest | $ 61,592 |
Expenses* | (29,412) |
Net investment income allocated from Government Cash Management Portfolio | 32,180 |
Expenses: | |
Administration fee | 96,889 |
Services to shareholders | 25,961 |
Service fees | 59,931 |
Professional fees | 22,599 |
Reports to shareholders | 4,482 |
Registration fees | 11,072 |
Trustees' fees and expenses | 364 |
Other | 20,893 |
Total expenses before expense reductions | 242,191 |
Expense reductions | (220,001) |
Total expenses after expense reductions | 22,190 |
Net investment income | 9,990 |
Net realized gain (loss) allocated from Government Cash Management Portfolio | 2,760 |
Net increase (decrease) in net assets resulting from operations | $ 12,750 |
* | Net of $107,682 Advisor reimbursement allocated from Government Cash Management Portfolio for the six months ended June 30, 2021. |
6 | | DWS Government Cash Management Fund |
Six Months Ended June 30, 2021 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 9,990 | $ 647,941 |
Net realized gain (loss) | 2,760 | 1,452 |
Net increase (decrease) in net assets resulting from operations | 12,750 | 649,393 |
Distributions to shareholders: Institutional Shares | (9,995) | (682,950) |
Fund share transactions: | ||
Proceeds from shares sold | 410,635,167 | 1,214,628,402 |
Reinvestment of distributions | 5,356 | 353,428 |
Payments for shares redeemed | (445,232,317) | (1,219,785,098) |
Net increase (decrease) in net assets from Fund share transactions | (34,591,794) | (4,803,268) |
Increase (decrease) in net assets | (34,589,039) | (4,836,825) |
Net assets at beginning of period | 217,696,007 | 222,532,832 |
Net assets at end of period | $ 183,106,968 | $ 217,696,007 |
Other Information: | ||
Shares outstanding at beginning of period | 217,806,127 | 222,609,395 |
Shares sold | 410,635,167 | 1,214,628,402 |
Shares issued to shareholders in reinvestment of distributions | 5,356 | 353,428 |
Shares redeemed | (445,232,317) | (1,219,785,098) |
Net increase (decrease) in Fund shares | (34,591,794) | (4,803,268) |
Shares outstanding at end of period | 183,214,333 | 217,806,127 |
DWS Government Cash Management Fund | | 7 |
DWS Government Cash Management Fund — Institutional Shares | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .000 * | .003 | .020 | .016 | .006 | .002 |
Net realized gain (loss) | .000 * | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000 * | .003 | .020 | .016 | .006 | .002 |
Less distributions from: | ||||||
Net investment income | (.000) * | (.003) | (.020) | (.016) | (.006) | (.002) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .00 ** | .30 | 1.98 | 1.61 | .64 | .16 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 183 | 218 | 223 | 2,119 | 1,682 | 1,990 |
Ratio of expenses before expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .38 *** | .36 | .33 | .31 | .32 | .32 |
Ratio of expenses after expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .05 *** | .19 | .25 | .27 | .28 | .27 |
Ratio of net investment income (%) | .01 *** | .30 | 2.13 | 1.63 | .63 | .16 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
8 | | DWS Government Cash Management Fund |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Government Cash Management Fund | | 9 |
B. | Fees and Transactions with Affiliates |
10 | | DWS Government Cash Management Fund |
DWS Government Cash Management Fund | | 11 |
Total Aggregated | Unpaid at June 30, 2021 | Annualized Rate | |
DWS Government Cash Management Fund | $ 59,931 | $ 7,321 | .06% |
C. | Concentration of Ownership |
D. | Money Market Fund Investments and Yield |
12 | | DWS Government Cash Management Fund |
E. | Other — COVID-19 Pandemic |
DWS Government Cash Management Fund | | 13 |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
14 | | DWS Government Cash Management Fund |
Actual Fund Return* | Institutional Shares |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $1,000.05 |
Expenses Paid per $1,000** | $ .25 |
Hypothetical 5% Fund Return | Institutional Shares |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $1,024.55 |
Expenses Paid per $1,000** | $ .25 |
* | Expenses include amounts allocated proportionally from the Portfolio. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | Institutional Shares |
DWS Government Cash Management Fund | .05% |
DWS Government Cash Management Fund | | 15 |
16 | | Government Cash Management Portfolio |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 61.0% | |||
U.S. Government Sponsored Agencies 13.7% | |||
Federal Farm Credit Bank: | |||
SOFR + 0.07%, 0.12% (a), 8/11/2022 | 152,975,000 | 152,983,628 | |
SOFR + 0.08%, 0.125% (a), 7/9/2021 | 68,000,000 | 68,000,000 | |
SOFR + 0.08%, 0.13% (a), 3/10/2022 | 70,000,000 | 70,000,000 | |
Federal Home Loan Bank: | |||
0.01% (b), 8/6/2021 | 2,425,000 | 2,424,976 | |
0.015% (b), 8/19/2021 | 432,750,000 | 432,741,165 | |
0.041% (b), 10/20/2021 | 281,000,000 | 280,965,343 | |
0.053% (b), 12/22/2021 | 1,430,000 | 1,429,637 | |
SOFR + 0.01%, 0.055% (a), 9/10/2021 | 200,000,000 | 200,000,000 | |
SOFR + 0.01%, 0.06% (a), 1/13/2022 | 235,000,000 | 235,000,000 | |
SOFR + 0.01%, 0.06% (a), 3/25/2022 | 45,000,000 | 45,000,000 | |
SOFR + 0.01%, 0.06% (a), 8/1/2022 | 440,000,000 | 440,000,000 | |
0.061% (b), 9/1/2021 | 150,000,000 | 149,984,500 | |
SOFR + 0.02%, 0.065% (a), 8/27/2021 | 125,000,000 | 125,000,000 | |
SOFR + 0.02%, 0.065% (a), 4/11/2022 | 100,000,000 | 100,000,000 | |
SOFR + 0.02%, 0.065% (a), 6/23/2022 | 350,000,000 | 350,000,000 | |
0.094% (b), 7/16/2021 | 18,000,000 | 17,999,306 | |
SOFR + 0.05%, 0.1% (a), 12/23/2021 | 40,000,000 | 40,000,000 | |
0.125%, 7/8/2021 | 5,000,000 | 4,999,960 | |
SOFR + 0.12%, 0.17% (a), 2/28/2022 | 150,000,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp.: | |||
SOFR + 0.05%, 0.095% (a), 8/27/2021 | 50,000,000 | 50,000,000 | |
SOFR + 0.07%, 0.12% (a), 2/25/2022 | 450,000,000 | 450,000,000 | |
SOFR + 0.10%, 0.145% (a), 8/19/2022 | 207,000,000 | 207,000,000 | |
SOFR + 0.14%, 0.19% (a), 12/10/2021 | 100,000,000 | 99,991,020 | |
SOFR + 0.15%, 0.195% (a), 12/9/2021 | 40,000,000 | 40,000,000 | |
SOFR + 0.19%, 0.24% (a), 6/2/2022 | 40,000,000 | 40,000,000 | |
Federal National Mortgage Association: | |||
SOFR + 0.30%, 0.35% (a), 1/7/2022 | 80,000,000 | 80,000,000 | |
SOFR + 0.31%, 0.36% (a), 10/25/2021 | 85,000,000 | 85,000,000 | |
3,918,519,535 | |||
U.S. Treasury Obligations 47.3% | |||
U.S. Treasury Bills: | |||
0.005% (b), 7/8/2021 | 300,000,000 | 299,999,708 | |
0.005% (b), 7/13/2021 | 664,500,000 | 664,498,892 | |
0.007% (b), 8/12/2021 | 410,000,000 | 409,996,891 |
Government Cash Management Portfolio | | 17 |
Principal Amount ($) | Value ($) | ||
0.008% (b), 7/13/2021 | 245,000,000 | 244,999,388 | |
0.01% (b), 7/1/2021 | 18,277,000 | 18,277,000 | |
0.011% (b), 8/19/2021 | 615,000,000 | 614,990,792 | |
0.015% (b), 8/12/2021 | 1,106,600,000 | 1,106,580,634 | |
0.015% (b), 8/19/2021 | 405,000,000 | 404,991,731 | |
0.015% (b), 8/26/2021 | 412,000,000 | 411,990,387 | |
0.02% (b), 7/29/2021 | 80,000,000 | 79,998,756 | |
0.021% (b), 7/6/2021 | 280,000,000 | 279,999,005 | |
0.031% (b), 11/4/2021 | 1,243,000,000 | 1,242,867,310 | |
0.035% (b), 10/14/2021 | 500,000,000 | 499,948,958 | |
0.035% (b), 10/28/2021 | 480,000,000 | 479,944,466 | |
0.035% (b), 11/4/2021 | 850,000,000 | 849,895,875 | |
0.036% (b), 10/7/2021 | 73,800,000 | 73,792,868 | |
0.036% (b), 11/4/2021 | 151,000,000 | 150,981,238 | |
0.037% (b), 10/14/2021 | 1,000,000,000 | 999,893,542 | |
0.042% (b), 10/21/2021 | 1,000,000,000 | 999,872,444 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.06%, 0.105% (a), 7/31/2022 | 400,000,000 | 400,227,362 | |
3-month U.S. Treasury Bill Money Market Yield + 0.11%, 0.164% (a), 4/30/2022 | 1,133,500,000 | 1,134,326,263 | |
3-month U.S. Treasury Bill Money Market Yield + 0.15%, 0.204% (a), 1/31/2022 | 176,000,000 | 176,152,713 | |
3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.27% (a), 7/31/2021 | 1,230,000,000 | 1,230,222,472 | |
3-month U.S. Treasury Bill Money Market Yield + 0.30%, 0.35% (a), 10/31/2021 | 722,000,000 | 722,715,980 | |
U.S. Treasury Notes, 1.125%, 7/31/2021 | 75,000,000 | 75,066,379 | |
13,572,231,054 | |||
Total Government & Agency Obligations (Cost $17,490,750,589) | 17,490,750,589 | ||
Repurchase Agreements 40.1% | |||
Barclays Bank PLC, 0.05%, dated 6/30/2021, to be repurchased at $21,900,030 on 7/1/2021 (c) | 21,900,000 | 21,900,000 | |
BNP Paribas, 0.05%, dated 6/30/2021, to be repurchased at $50,000,069 on 7/1/2021 (d) | 50,000,000 | 50,000,000 | |
BONY Fed Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $9,800,013,611 on 7/1/2021 (e) | 9,800,000,000 | 9,800,000,000 | |
Chase Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $133,000,185 on 7/1/2021 (f) | 133,000,000 | 133,000,000 |
18 | | Government Cash Management Portfolio |
Principal Amount ($) | Value ($) | ||
Citigroup Global Markets, Inc.: | |||
0.05%, dated 6/30/2021, to be repurchased at $759,101,054 on 7/1/2021 (g) | 759,100,000 | 759,100,000 | |
0.06%, dated 6/30/2021, to be repurchased at $460,000,767 on 7/1/2021 (h) | 460,000,000 | 460,000,000 | |
HSBC Securities, Inc., 0.045%, dated 6/30/2021, to be repurchased at $32,800,041 on 7/1/2021 (i) | 32,800,000 | 32,800,000 | |
Merrill Lynch & Co., Inc., 0.05%, dated 6/30/2021, to be repurchased at $150,000,208 on 7/1/2021 (j) | 150,000,000 | 150,000,000 | |
Wells Fargo Bank: | |||
0.06%, dated 6/30/2021, to be repurchased at $53,900,090 on 7/1/2021 (k) | 53,900,000 | 53,900,000 | |
0.05%, dated 6/30/2021, to be repurchased at $55,300,077 on 7/1/2021 (l) | 55,300,000 | 55,300,000 | |
Total Repurchase Agreements (Cost $11,516,000,000) | 11,516,000,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $29,006,750,589) | 101.1 | 29,006,750,589 | |
Other Assets and Liabilities, Net | (1.1) | (313,287,870) | |
Net Assets | 100.0 | 28,693,462,719 |
(a) | Floating rate security. These securities are shown at their current rate as of June 30, 2021. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
19,275,800 | U.S. Treasury Bills | Zero Coupon | 6/16/2022 | 19,262,076 |
3,083,700 | U.S. Treasury Notes | 0.125 | 6/30/2023 | 3,075,991 |
Total Collateral Value | 22,338,067 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
44,431,100 | U.S. Treasury Bonds | 2.875 | 5/15/2043 | 51,000,005 |
Government Cash Management Portfolio | | 19 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
3,616,753,500 | U.S. Treasury Notes | 1.5–3 | 8/15/2022–9/30/2025 | 3,787,390,468 |
5,611,269,800 | U.S. Treasury Bonds | 2–2.375 | 2/15/2023–5/15/2029 | 6,012,623,175 |
Total Collateral Value | 9,800,013,643 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
25,000 | U.S. Treasury Notes | 1.375 | 8/31/2023 | 25,704 |
132,697,600 | U.S. Treasury Bonds | 1.625 | 11/15/2022 | 135,634,364 |
Total Collateral Value | 135,660,068 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
774,444,300 | U.S. Treasury Bills | Zero Coupon | 10/19/2021–12/2/2021 | 774,283,804 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
469,310,100 | U.S. Treasury Bills | Zero Coupon | 10/28/2021–12/2/2021 | 469,208,354 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
33,707,672 | U.S. Treasury Inflation-Indexed Bonds | Zero Coupon | 5/15/2022–8/15/2025 | 33,456,000 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
148,855,971 | Federal National Mortgage Association | 1.5–3.5 | 6/1/2036–12/1/2050 | 154,500,001 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
49,974,231 | Federal National Mortgage Association | 3–4.5 | 8/1/2048–2/1/2051 | 54,978,000 |
20 | | Government Cash Management Portfolio |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
46,242,413 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.875 | 1/15/2023–7/15/2029 | 56,406,004 |
SOFR: | Secured Overnight Financing Rate |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $17,490,750,589 | $— | $17,490,750,589 |
Repurchase Agreements | — | 11,516,000,000 | — | 11,516,000,000 |
Total | $ — | $29,006,750,589 | $ — | $29,006,750,589 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Government Cash Management Portfolio | | 21 |
Assets | |
Investments in non-affiliated securities, valued at amortized cost | $ 17,490,750,589 |
Repurchase agreements, valued at amortized cost | 11,516,000,000 |
Cash | 124,695,931 |
Interest receivable | 1,968,727 |
Due from Advisor | 127,514 |
Other assets | 315,703 |
Total assets | 29,133,858,464 |
Liabilities | |
Payable for investments purchased | 440,000,000 |
Accrued Trustees' fees | 96,845 |
Other accrued expenses and payables | 298,900 |
Total liabilities | 440,395,745 |
Net assets, at value | $ 28,693,462,719 |
22 | | Government Cash Management Portfolio |
Investment Income | |
Income: | |
Interest | $ 6,644,410 |
Expenses: | |
Management fee | 11,042,588 |
Administration fee | 3,439,116 |
Custodian fee | 110,273 |
Professional fees | 154,438 |
Reports to shareholders | 15,710 |
Trustees' fees and expenses | 389,376 |
Other | 543,961 |
Total expenses before expense reductions | 15,695,462 |
Expense reductions | (12,752,751) |
Total expenses after expense reductions | 2,942,711 |
Net investment income | 3,701,699 |
Net realized gain (loss) from investments | 201,065 |
Net increase (decrease) in net assets resulting from operations | $ 3,902,764 |
Government Cash Management Portfolio | | 23 |
Six Months Ended June 30, 2021 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 3,701,699 | $ 86,147,167 |
Net realized gain (loss) | 201,065 | 202,122 |
Net increase (decrease) in net assets resulting from operations | 3,902,764 | 86,349,289 |
Capital transactions in shares of beneficial interest: | ||
Proceeds from capital invested | 50,283,299,224 | 82,358,268,912 |
Value of capital withdrawn | (47,716,229,675) | (75,212,997,203) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | 2,567,069,549 | 7,145,271,709 |
Increase (decrease) in net assets | 2,570,972,313 | 7,231,620,998 |
Net assets at beginning of period | 26,122,490,406 | 18,890,869,408 |
Net assets at end of period | $ 28,693,462,719 | $ 26,122,490,406 |
24 | | Government Cash Management Portfolio |
Government Cash Management Portfolio | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 28,693 | 26,122 | 18,891 | 15,720 | 17,172 | 11,975 |
Ratio of expenses before expense reductions (%) | .14 * | .13 | .14 | .14 | .14 | .16 |
Ratio of expenses after expense reductions (%) | .03 * | .07 | .07 | .10 | .11 | .11 |
Ratio of net investment income (%) | .03 * | .36 | 2.13 | 1.76 | .83 | .32 |
Total Return (%)a | .02 b** | .41 c | 2.17 c | 1.78 c | .81 c | .32 c |
a | Total return would have been lower had certain expenses not been reduced. |
b | Total return for the Portfolio was derived from the performance of DWS Government Money Market Series. |
c | Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional. |
* | Annualized |
** | Not annualized |
Government Cash Management Portfolio | | 25 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
26 | | Government Cash Management Portfolio |
Government Cash Management Portfolio | | 27 |
B. | Fees and Transactions with Affiliates |
First $3.0 billion of the Portfolio’s average daily net assets | .1200% |
Next $4.5 billion of such net assets | .1025% |
Over $7.5 billion of such net assets | .0900% |
28 | | Government Cash Management Portfolio |
C. | Line of Credit |
D. | Money Market Fund Investments and Yield |
Government Cash Management Portfolio | | 29 |
E. | Other — COVID-19 Pandemic |
30 | | Government Cash Management Portfolio |
— | During the entire process, all of the Portfolio’s and the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio’s and the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Government Cash Management Fund | | 31 |
32 | | DWS Government Cash Management Fund |
DWS Government Cash Management Fund | | 33 |
34 | | DWS Government Cash Management Fund |
DWS Government Cash Management Fund | | 35 |
Automated Information Line | Institutional Investor Services (800) 730-1313 |
Personalized account information, information on other DWS funds and services via touchtone telephone and the ability to exchange or redeem shares. | |
Web Site | liquidity.dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. |
For More Information | (800) 730-1313, option 1 To speak with a fund service representative. |
Written Correspondence | DWS PO Box 219210 Kansas City, MO 64121-9210 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
36 | | DWS Government Cash Management Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. | |
Nasdaq Symbol | BICXX |
CUSIP Number | 25160K 306 |
Fund Number | 541 |
DWS Government Cash Management Fund | | 37 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
38 | | DWS Government Cash Management Fund |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Government Cash Management Fund | | 39 |
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000711/g80060imgfe6dc7411.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000711/g80060img256cfa032.jpg)
2 | | DWS Government Money Market Series |
DWS Government Money Market Series | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio) | 6/30/21 | 12/31/20 |
Government & Agency Obligations | 60% | 80% |
Repurchase Agreements | 40% | 20% |
100% | 100% |
Weighted Average Maturity | 6/30/21 | 12/31/20 |
DWS Government Money Market Series | 31 days | 25 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 35 days | 41 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. |
4 | | DWS Government Money Market Series |
Assets | |
Investment in Government Cash Management Portfolio, at value | $ 28,311,784,562 |
Receivable for Fund shares sold | 2,510 |
Other assets | 23,524 |
Total assets | 28,311,810,596 |
Liabilities | |
Payable for Fund shares redeemed | 232,119 |
Distributions payable | 337,835 |
Accrued Trustees' fees | 1,213 |
Other accrued expenses and payables | 124,929 |
Total liabilities | 696,096 |
Net assets, at value | $ 28,311,114,500 |
Net Assets Consist of | |
Distributable earnings (loss) | 808,336 |
Paid-in capital | 28,310,306,164 |
Net assets, at value | $ 28,311,114,500 |
Net Asset Value | |
Institutional Shares | |
Net Asset Value, offering and redemption price per share ($28,311,114,500 ÷ 28,311,012,736 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 1.00 |
DWS Government Money Market Series | | 5 |
Investment Income | |
Income and expenses allocated from Government Cash Management Portfolio: | |
Interest | $ 6,504,745 |
Expenses* | (2,873,767) |
Net investment income allocated from Government Cash Management Portfolio | 3,630,978 |
Expenses: | |
Administration fee | 10,906,056 |
Services to shareholders | 1,578,850 |
Professional fees | 24,033 |
Reports to shareholders | 11,259 |
Registration fees | 19,252 |
Trustees' fees and expenses | 3,382 |
Other | 100,514 |
Total expenses before expense reductions | 12,643,346 |
Expense reductions | (12,643,346) |
Total expenses after expense reductions | — |
Net investment income | 3,630,978 |
Net realized gain (loss) allocated from Government Cash Management Portfolio | 195,197 |
Net increase (decrease) in net assets resulting from operations | $ 3,826,175 |
* | Net of $12,519,895 Advisor reimbursement allocated from Government Cash Management Portfolio for the six months ended June 30, 2021. |
6 | | DWS Government Money Market Series |
Six Months Ended June 30, 2021 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 3,630,978 | $ 82,607,627 |
Net realized gain (loss) | 195,197 | 196,528 |
Net increase (decrease) in net assets resulting from operations | 3,826,175 | 82,804,155 |
Distributions to shareholders: Institutional Shares | (3,634,634) | (82,611,026) |
Fund share transactions: | ||
Proceeds from shares sold | 120,769,202,105 | 242,664,276,983 |
Reinvestment of distributions | 1,548,943 | 40,199,385 |
Payments for shares redeemed | (117,979,244,825) | (235,238,981,994) |
Net increase (decrease) in net assets from Fund share transactions | 2,791,506,223 | 7,465,494,374 |
Increase (decrease) in net assets | 2,791,697,764 | 7,465,687,503 |
Net assets at beginning of period | 25,519,416,736 | 18,053,729,233 |
Net assets at end of period | $ 28,311,114,500 | $ 25,519,416,736 |
Other Information: | ||
Shares outstanding at beginning of period | 25,519,506,513 | 18,054,012,139 |
Shares sold | 120,769,202,105 | 242,664,276,983 |
Shares issued to shareholders in reinvestment of distributions | 1,548,943 | 40,199,385 |
Shares redeemed | (117,979,244,825) | (235,238,981,994) |
Net increase (decrease) in Fund shares | 2,791,506,223 | 7,465,494,374 |
Shares outstanding at end of period | 28,311,012,736 | 25,519,506,513 |
DWS Government Money Market Series | | 7 |
DWS Government Money Market Series — Institutional Shares | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .000 * | .004 | .022 | .018 | .008 | .003 |
Net realized gain (loss) | .000 * | .000 * | (.000) * | (.000) * | .000 * | .000 * |
Total from investment operations | .000 * | .004 | .022 | .018 | .008 | .003 |
Less distributions from: | ||||||
Net investment income | (.000) * | (.004) | (.022) | (.018) | (.008) | (.003) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | .02 ** | .40 | 2.18 | 1.79 | .81 | .32 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 28,311 | 25,519 | 18,054 | 12,697 | 14,532 | 9,077 |
Ratio of expenses before expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .25 *** | .25 | .26 | .25 | .25 | .27 |
Ratio of expenses after expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .03 *** | .07 | .07 | .10 | .11 | .11 |
Ratio of net investment income (%) | .03 *** | .36 | 2.12 | 1.75 | .84 | .33 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
** | Not annualized |
*** | Annualized |
8 | | DWS Government Money Market Series |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Government Money Market Series | | 9 |
B. | Fees and Transactions with Affiliates |
10 | | DWS Government Money Market Series |
First $3.0 billion of the Fund’s average daily net assets | .1200% |
Next $4.5 billion of such net assets | .1025% |
Over $7.5 billion of such net assets | .0900% |
DWS Government Money Market Series | | 11 |
C. | Concentration of Ownership |
D. | Money Market Fund Investments and Yield |
E. | Other — COVID-19 Pandemic |
12 | | DWS Government Money Market Series |
DWS Government Money Market Series | | 13 |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
14 | | DWS Government Money Market Series |
Actual Fund Return* | Institutional Shares |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $1,000.16 |
Expenses Paid per $1,000** | $ .15 |
Hypothetical 5% Fund Return | Institutional Shares |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $1,024.65 |
Expenses Paid per $1,000** | $ .15 |
* | Expenses include amounts allocated proportionally from the Portfolio. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | Institutional Shares |
DWS Government Money Market Series | .03% |
DWS Government Money Market Series | | 15 |
16 | | Government Cash Management Portfolio |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 61.0% | |||
U.S. Government Sponsored Agencies 13.7% | |||
Federal Farm Credit Bank: | |||
SOFR + 0.07%, 0.12% (a), 8/11/2022 | 152,975,000 | 152,983,628 | |
SOFR + 0.08%, 0.125% (a), 7/9/2021 | 68,000,000 | 68,000,000 | |
SOFR + 0.08%, 0.13% (a), 3/10/2022 | 70,000,000 | 70,000,000 | |
Federal Home Loan Bank: | |||
0.01% (b), 8/6/2021 | 2,425,000 | 2,424,976 | |
0.015% (b), 8/19/2021 | 432,750,000 | 432,741,165 | |
0.041% (b), 10/20/2021 | 281,000,000 | 280,965,343 | |
0.053% (b), 12/22/2021 | 1,430,000 | 1,429,637 | |
SOFR + 0.01%, 0.055% (a), 9/10/2021 | 200,000,000 | 200,000,000 | |
SOFR + 0.01%, 0.06% (a), 1/13/2022 | 235,000,000 | 235,000,000 | |
SOFR + 0.01%, 0.06% (a), 3/25/2022 | 45,000,000 | 45,000,000 | |
SOFR + 0.01%, 0.06% (a), 8/1/2022 | 440,000,000 | 440,000,000 | |
0.061% (b), 9/1/2021 | 150,000,000 | 149,984,500 | |
SOFR + 0.02%, 0.065% (a), 8/27/2021 | 125,000,000 | 125,000,000 | |
SOFR + 0.02%, 0.065% (a), 4/11/2022 | 100,000,000 | 100,000,000 | |
SOFR + 0.02%, 0.065% (a), 6/23/2022 | 350,000,000 | 350,000,000 | |
0.094% (b), 7/16/2021 | 18,000,000 | 17,999,306 | |
SOFR + 0.05%, 0.1% (a), 12/23/2021 | 40,000,000 | 40,000,000 | |
0.125%, 7/8/2021 | 5,000,000 | 4,999,960 | |
SOFR + 0.12%, 0.17% (a), 2/28/2022 | 150,000,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp.: | |||
SOFR + 0.05%, 0.095% (a), 8/27/2021 | 50,000,000 | 50,000,000 | |
SOFR + 0.07%, 0.12% (a), 2/25/2022 | 450,000,000 | 450,000,000 | |
SOFR + 0.10%, 0.145% (a), 8/19/2022 | 207,000,000 | 207,000,000 | |
SOFR + 0.14%, 0.19% (a), 12/10/2021 | 100,000,000 | 99,991,020 | |
SOFR + 0.15%, 0.195% (a), 12/9/2021 | 40,000,000 | 40,000,000 | |
SOFR + 0.19%, 0.24% (a), 6/2/2022 | 40,000,000 | 40,000,000 | |
Federal National Mortgage Association: | |||
SOFR + 0.30%, 0.35% (a), 1/7/2022 | 80,000,000 | 80,000,000 | |
SOFR + 0.31%, 0.36% (a), 10/25/2021 | 85,000,000 | 85,000,000 | |
3,918,519,535 | |||
U.S. Treasury Obligations 47.3% | |||
U.S. Treasury Bills: | |||
0.005% (b), 7/8/2021 | 300,000,000 | 299,999,708 | |
0.005% (b), 7/13/2021 | 664,500,000 | 664,498,892 | |
0.007% (b), 8/12/2021 | 410,000,000 | 409,996,891 |
Government Cash Management Portfolio | | 17 |
Principal Amount ($) | Value ($) | ||
0.008% (b), 7/13/2021 | 245,000,000 | 244,999,388 | |
0.01% (b), 7/1/2021 | 18,277,000 | 18,277,000 | |
0.011% (b), 8/19/2021 | 615,000,000 | 614,990,792 | |
0.015% (b), 8/12/2021 | 1,106,600,000 | 1,106,580,634 | |
0.015% (b), 8/19/2021 | 405,000,000 | 404,991,731 | |
0.015% (b), 8/26/2021 | 412,000,000 | 411,990,387 | |
0.02% (b), 7/29/2021 | 80,000,000 | 79,998,756 | |
0.021% (b), 7/6/2021 | 280,000,000 | 279,999,005 | |
0.031% (b), 11/4/2021 | 1,243,000,000 | 1,242,867,310 | |
0.035% (b), 10/14/2021 | 500,000,000 | 499,948,958 | |
0.035% (b), 10/28/2021 | 480,000,000 | 479,944,466 | |
0.035% (b), 11/4/2021 | 850,000,000 | 849,895,875 | |
0.036% (b), 10/7/2021 | 73,800,000 | 73,792,868 | |
0.036% (b), 11/4/2021 | 151,000,000 | 150,981,238 | |
0.037% (b), 10/14/2021 | 1,000,000,000 | 999,893,542 | |
0.042% (b), 10/21/2021 | 1,000,000,000 | 999,872,444 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.06%, 0.105% (a), 7/31/2022 | 400,000,000 | 400,227,362 | |
3-month U.S. Treasury Bill Money Market Yield + 0.11%, 0.164% (a), 4/30/2022 | 1,133,500,000 | 1,134,326,263 | |
3-month U.S. Treasury Bill Money Market Yield + 0.15%, 0.204% (a), 1/31/2022 | 176,000,000 | 176,152,713 | |
3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.27% (a), 7/31/2021 | 1,230,000,000 | 1,230,222,472 | |
3-month U.S. Treasury Bill Money Market Yield + 0.30%, 0.35% (a), 10/31/2021 | 722,000,000 | 722,715,980 | |
U.S. Treasury Notes, 1.125%, 7/31/2021 | 75,000,000 | 75,066,379 | |
13,572,231,054 | |||
Total Government & Agency Obligations (Cost $17,490,750,589) | 17,490,750,589 | ||
Repurchase Agreements 40.1% | |||
Barclays Bank PLC, 0.05%, dated 6/30/2021, to be repurchased at $21,900,030 on 7/1/2021 (c) | 21,900,000 | 21,900,000 | |
BNP Paribas, 0.05%, dated 6/30/2021, to be repurchased at $50,000,069 on 7/1/2021 (d) | 50,000,000 | 50,000,000 | |
BONY Fed Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $9,800,013,611 on 7/1/2021 (e) | 9,800,000,000 | 9,800,000,000 | |
Chase Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $133,000,185 on 7/1/2021 (f) | 133,000,000 | 133,000,000 |
18 | | Government Cash Management Portfolio |
Principal Amount ($) | Value ($) | ||
Citigroup Global Markets, Inc.: | |||
0.05%, dated 6/30/2021, to be repurchased at $759,101,054 on 7/1/2021 (g) | 759,100,000 | 759,100,000 | |
0.06%, dated 6/30/2021, to be repurchased at $460,000,767 on 7/1/2021 (h) | 460,000,000 | 460,000,000 | |
HSBC Securities, Inc., 0.045%, dated 6/30/2021, to be repurchased at $32,800,041 on 7/1/2021 (i) | 32,800,000 | 32,800,000 | |
Merrill Lynch & Co., Inc., 0.05%, dated 6/30/2021, to be repurchased at $150,000,208 on 7/1/2021 (j) | 150,000,000 | 150,000,000 | |
Wells Fargo Bank: | |||
0.06%, dated 6/30/2021, to be repurchased at $53,900,090 on 7/1/2021 (k) | 53,900,000 | 53,900,000 | |
0.05%, dated 6/30/2021, to be repurchased at $55,300,077 on 7/1/2021 (l) | 55,300,000 | 55,300,000 | |
Total Repurchase Agreements (Cost $11,516,000,000) | 11,516,000,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $29,006,750,589) | 101.1 | 29,006,750,589 | |
Other Assets and Liabilities, Net | (1.1) | (313,287,870) | |
Net Assets | 100.0 | 28,693,462,719 |
(a) | Floating rate security. These securities are shown at their current rate as of June 30, 2021. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
19,275,800 | U.S. Treasury Bills | Zero Coupon | 6/16/2022 | 19,262,076 |
3,083,700 | U.S. Treasury Notes | 0.125 | 6/30/2023 | 3,075,991 |
Total Collateral Value | 22,338,067 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
44,431,100 | U.S. Treasury Bonds | 2.875 | 5/15/2043 | 51,000,005 |
Government Cash Management Portfolio | | 19 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
3,616,753,500 | U.S. Treasury Notes | 1.5–3 | 8/15/2022–9/30/2025 | 3,787,390,468 |
5,611,269,800 | U.S. Treasury Bonds | 2–2.375 | 2/15/2023–5/15/2029 | 6,012,623,175 |
Total Collateral Value | 9,800,013,643 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
25,000 | U.S. Treasury Notes | 1.375 | 8/31/2023 | 25,704 |
132,697,600 | U.S. Treasury Bonds | 1.625 | 11/15/2022 | 135,634,364 |
Total Collateral Value | 135,660,068 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
774,444,300 | U.S. Treasury Bills | Zero Coupon | 10/19/2021–12/2/2021 | 774,283,804 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
469,310,100 | U.S. Treasury Bills | Zero Coupon | 10/28/2021–12/2/2021 | 469,208,354 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
33,707,672 | U.S. Treasury Inflation-Indexed Bonds | Zero Coupon | 5/15/2022–8/15/2025 | 33,456,000 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
148,855,971 | Federal National Mortgage Association | 1.5–3.5 | 6/1/2036–12/1/2050 | 154,500,001 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
49,974,231 | Federal National Mortgage Association | 3–4.5 | 8/1/2048–2/1/2051 | 54,978,000 |
20 | | Government Cash Management Portfolio |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
46,242,413 | U.S. Treasury Inflation-Indexed Bonds | 0.125–0.875 | 1/15/2023–7/15/2029 | 56,406,004 |
SOFR: | Secured Overnight Financing Rate |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $17,490,750,589 | $— | $17,490,750,589 |
Repurchase Agreements | — | 11,516,000,000 | — | 11,516,000,000 |
Total | $ — | $29,006,750,589 | $ — | $29,006,750,589 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Government Cash Management Portfolio | | 21 |
Assets | |
Investments in non-affiliated securities, valued at amortized cost | $ 17,490,750,589 |
Repurchase agreements, valued at amortized cost | 11,516,000,000 |
Cash | 124,695,931 |
Interest receivable | 1,968,727 |
Due from Advisor | 127,514 |
Other assets | 315,703 |
Total assets | 29,133,858,464 |
Liabilities | |
Payable for investments purchased | 440,000,000 |
Accrued Trustees' fees | 96,845 |
Other accrued expenses and payables | 298,900 |
Total liabilities | 440,395,745 |
Net assets, at value | $ 28,693,462,719 |
22 | | Government Cash Management Portfolio |
Investment Income | |
Income: | |
Interest | $ 6,644,410 |
Expenses: | |
Management fee | 11,042,588 |
Administration fee | 3,439,116 |
Custodian fee | 110,273 |
Professional fees | 154,438 |
Reports to shareholders | 15,710 |
Trustees' fees and expenses | 389,376 |
Other | 543,961 |
Total expenses before expense reductions | 15,695,462 |
Expense reductions | (12,752,751) |
Total expenses after expense reductions | 2,942,711 |
Net investment income | 3,701,699 |
Net realized gain (loss) from investments | 201,065 |
Net increase (decrease) in net assets resulting from operations | $ 3,902,764 |
Government Cash Management Portfolio | | 23 |
Six Months Ended June 30, 2021 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 3,701,699 | $ 86,147,167 |
Net realized gain (loss) | 201,065 | 202,122 |
Net increase (decrease) in net assets resulting from operations | 3,902,764 | 86,349,289 |
Capital transactions in shares of beneficial interest: | ||
Proceeds from capital invested | 50,283,299,224 | 82,358,268,912 |
Value of capital withdrawn | (47,716,229,675) | (75,212,997,203) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | 2,567,069,549 | 7,145,271,709 |
Increase (decrease) in net assets | 2,570,972,313 | 7,231,620,998 |
Net assets at beginning of period | 26,122,490,406 | 18,890,869,408 |
Net assets at end of period | $ 28,693,462,719 | $ 26,122,490,406 |
24 | | Government Cash Management Portfolio |
Government Cash Management Portfolio | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 28,693 | 26,122 | 18,891 | 15,720 | 17,172 | 11,975 |
Ratio of expenses before expense reductions (%) | .14 * | .13 | .14 | .14 | .14 | .16 |
Ratio of expenses after expense reductions (%) | .03 * | .07 | .07 | .10 | .11 | .11 |
Ratio of net investment income (%) | .03 * | .36 | 2.13 | 1.76 | .83 | .32 |
Total Return (%)a | .02 b** | .41 c | 2.17 c | 1.78 c | .81 c | .32 c |
a | Total return would have been lower had certain expenses not been reduced. |
b | Total return for the Portfolio was derived from the performance of DWS Government Money Market Series. |
c | Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional. |
* | Annualized |
** | Not annualized |
Government Cash Management Portfolio | | 25 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
26 | | Government Cash Management Portfolio |
Government Cash Management Portfolio | | 27 |
B. | Fees and Transactions with Affiliates |
First $3.0 billion of the Portfolio’s average daily net assets | .1200% |
Next $4.5 billion of such net assets | .1025% |
Over $7.5 billion of such net assets | .0900% |
28 | | Government Cash Management Portfolio |
C. | Line of Credit |
D. | Money Market Fund Investments and Yield |
Government Cash Management Portfolio | | 29 |
E. | Other — COVID-19 Pandemic |
30 | | Government Cash Management Portfolio |
— | During the entire process, all of the Portfolio’s and the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio’s and the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Government Money Market Series | | 31 |
32 | | DWS Government Money Market Series |
DWS Government Money Market Series | | 33 |
34 | | DWS Government Money Market Series |
DWS Government Money Market Series | | 35 |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. | |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
36 | | DWS Government Money Market Series |
For shareholders of Institutional Shares and Institutional Shares MGD: | ||
For More Information | (800) 730-1313 | |
To speak with a Shareholder Service representative. | ||
Web Site | liquidity.dws.com | |
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. | ||
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Written Correspondence | DWS Service Company Institutional Money Funds — Client Services PO Box 219210 Kansas City, MO 64121-9210 ifunds@db.com |
For shareholders of Institutional Shares PS and Institutional Shares PRS: | ||
For More Information | (800) 728-3337 | |
To speak with a Shareholder Service representative. | ||
Web Site | dws.com | |
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. | ||
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Institutional Shares S | Institutional Shares MGD | Institutional Shares PS | Institutional Shares PRS | |
Nasdaq Symbol | ICAXX | MCAXX | SPMXX | SCRXX |
Fund Number | 2403 | 2023 | 2402 | 2309 |
DWS Government Money Market Series | | 37 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
38 | | DWS Government Money Market Series |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Government Money Market Series | | 39 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Government Cash Management Portfolio |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/27/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/27/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/27/2021 |