UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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: | 12/31/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
Contents
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49 |
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 3 |
4 | | | DWS Government Money Market Series |
7-Day Current Yield | |
December 31, 2022 | 4.22%* |
* | The 7-Day Current Yield would have been 4.03% had certain expenses not been reduced. |
DWS Government Money Market Series | | | 5 |
6 | | | DWS Government Money Market Series |
Asset Allocation (As a % of Investment Portfolio) | 12/31/22 | 12/31/21 |
Repurchase Agreements | 73% | 40% |
Government & Agency Obligations | 27% | 60% |
100% | 100% |
Weighted Average Maturity | 12/31/22 | 12/31/21 |
DWS Government Money Market Series | 7 days | 33 days |
iMoneyNet Money Fund Average™ — Gov’t & Agency Institutional* | 13 days | 31 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 Money Market Series | | | 7 |
Assets | |
Investment in Government Cash Management Portfolio, at value | $ 31,990,406,012 |
Receivable for Fund shares sold | 33,924,936 |
Other assets | 13,530 |
Total assets | 32,024,344,478 |
Liabilities | |
Payable for Fund shares redeemed | 3,963,715 |
Distributions payable | 38,370,416 |
Accrued Trustees' fees | 2,298 |
Other accrued expenses and payables | 447,102 |
Total liabilities | 42,783,531 |
Net assets, at value | $31,981,560,947 |
Net Assets Consist of | |
Distributable earnings (loss) | (14,687,997) |
Paid-in capital | 31,996,248,944 |
Net assets, at value | $31,981,560,947 |
Net Asset Value | |
Institutional Shares | |
Net Asset Value, offering and redemption price per share ($31,981,560,947 ÷ 31,996,704,030 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 1.00 |
8 | | | DWS Government Money Market Series |
Investment Income | |
Income and expenses allocated from Government Cash Management Portfolio: | |
Interest | $ 527,124,062 |
Expenses* | (19,056,367) |
Net investment income allocated from Government Cash Management Portfolio | 508,067,695 |
Expenses: | |
Administration fee | 29,382,096 |
Services to shareholders | 5,180,521 |
Professional fees | 57,423 |
Reports to shareholders | 21,004 |
Registration fees | 35,680 |
Trustees' fees and expenses | 5,825 |
Other | 151,473 |
Total expenses before expense reductions | 34,834,022 |
Expense reductions | (34,834,022) |
Total expenses after expense reductions | — |
Net investment income | 508,067,695 |
Net realized gain (loss) allocated from Government Cash Management Portfolio | (15,279,566) |
Net increase (decrease) in net assets resulting from operations | $ 492,788,129 |
* | Net of $21,887,768 Advisor reimbursement allocated from Government Cash Management Portfolio for the year ended December 31, 2022. |
DWS Government Money Market Series | | | 9 |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2022 | 2021 |
Operations: | ||
Net investment income | $ 508,067,695 | $ 8,760,744 |
Net realized gain (loss) | (15,279,566) | 211,678 |
Net increase (decrease) in net assets resulting from operations | 492,788,129 | 8,972,422 |
Distributions to shareholders: Institutional Shares | (508,061,368) | (8,762,534) |
Fund share transactions: | ||
Proceeds from shares sold | 317,960,244,919 | 269,405,865,613 |
Reinvestment of distributions | 297,540,505 | 4,026,541 |
Payments for shares redeemed | (319,545,633,122) | (261,644,836,894) |
Net increase (decrease) in net assets from Fund share transactions | (1,287,847,698) | 7,765,055,260 |
Increase (decrease) in net assets | (1,303,120,937) | 7,765,265,148 |
Net assets at beginning of period | 33,284,681,884 | 25,519,416,736 |
Net assets at end of period | $31,981,560,947 | $33,284,681,884 |
Other Information: | ||
Shares outstanding at beginning of period | 33,284,561,773 | 25,519,506,513 |
Shares sold | 317,960,234,874 | 269,405,865,613 |
Shares issued to shareholders in reinvestment of distributions | 297,540,505 | 4,026,541 |
Shares redeemed | (319,545,633,122) | (261,644,836,894) |
Net increase (decrease) in Fund shares | (1,287,857,743) | 7,765,055,260 |
Shares outstanding at end of period | 31,996,704,030 | 33,284,561,773 |
10 | | | DWS Government Money Market Series |
DWS Government Money Market Series — Institutional Shares | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
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 | .016 | .000* | .004 | .022 | .018 |
Net realized gain (loss) | (.000)* | .000* | .000* | (.000)* | (.000)* |
Total from investment operations | .016 | .000* | .004 | .022 | .018 |
Less distributions from: | |||||
Net investment income | (.016) | (.000)* | (.004) | (.022) | (.018) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%)a | 1.62 | .03 | .40 | 2.18 | 1.79 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 31,982 | 33,285 | 25,519 | 18,054 | 12,697 |
Ratio of expenses before expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .25 | .25 | .25 | .26 | .25 |
Ratio of expenses after expense reductions, including expenses allocated from Government Cash Management Portfolio (%) | .06 | .03 | .07 | .07 | .10 |
Ratio of net investment income (%) | 1.68 | .03 | .36 | 2.12 | 1.75 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.0005. |
DWS Government Money Market Series | | | 11 |
12 | | | DWS Government Money Market Series |
Undistributed ordinary income* | $ 591,569 |
Capital loss carryforwards | $ (15,280,000) |
Years Ended December 31, | ||
2022 | 2021 | |
Distributions from ordinary income* | $ 508,061,368 | $ 8,762,534 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Government Money Market Series | | | 13 |
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% |
14 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 15 |
16 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 17 |
18 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 19 |
Actual Fund Return* | Institutional Shares |
Beginning Account Value 7/1/22 | $1,000.00 |
Ending Account Value 12/31/22 | $1,014.39 |
Expenses Paid per $1,000** | $.36 |
Hypothetical 5% Fund Return | Institutional Shares |
Beginning Account Value 7/1/22 | $1,000.00 |
Ending Account Value 12/31/22 | $1,024.85 |
Expenses Paid per $1,000** | $.36 |
* | Expenses include amounts allocated proportionally from the Portfolio. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | Institutional Shares |
DWS Government Money Market Series | .07% |
20 | | | DWS Government Money Market Series |
Government Cash Management Portfolio | | | 21 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 27.2% | |||
U.S. Government Sponsored Agencies 17.7% | |||
Federal Home Loan Bank: | |||
2.01%, 3/30/2023 | 447,000,000 | 447,000,000 | |
2.5%, 4/28/2023 | 445,000,000 | 445,000,000 | |
SOFR + 0.015%, 4.315% (a), 3/3/2023 | 150,000,000 | 150,000,000 | |
SOFR + 0.03%, 4.33% (a), 1/13/2023 | 360,000,000 | 360,000,000 | |
SOFR + 0.04%, 4.34% (a), 1/26/2023 | 643,000,000 | 643,000,000 | |
SOFR + 0.04%, 4.34% (a), 1/30/2023 | 150,000,000 | 150,000,000 | |
SOFR + 0.04%, 4.34% (a), 2/10/2023 | 40,000,000 | 40,000,000 | |
SOFR + 0.055%, 4.355% (a), 3/9/2023 | 761,000,000 | 761,000,000 | |
SOFR + 0.06%, 4.36% (a), 5/1/2023 | 1,017,000,000 | 1,017,000,000 | |
SOFR + 0.07%, 4.37% (a), 3/27/2023 | 50,000,000 | 50,000,000 | |
SOFR + 0.07%, 4.37% (a), 3/28/2023 | 250,000,000 | 250,000,000 | |
SOFR + 0.07%, 4.37% (a), 4/3/2023 | 908,000,000 | 908,000,000 | |
SOFR + 0.09%, 4.39% (a), 5/23/2023 | 402,000,000 | 402,000,000 | |
Federal Home Loan Bank Discount Notes, 3.956% (b), 1/3/2023 | 100,000,000 | 99,978,333 | |
5,722,978,333 | |||
U.S. Treasury Obligations 9.5% | |||
U.S. Treasury Bills: | |||
1.184% (b), 2/23/2023 | 150,000,000 | 149,741,846 | |
1.187% (b), 2/23/2023 | 75,000,000 | 74,870,923 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 4.383% (a), 1/31/2024 | 800,000,000 | 800,449,961 | |
3-month U.S. Treasury Bill Money Market Yield + 0.029%, 4.427% (a), 7/31/2023 | 1,035,000,000 | 1,035,895,160 | |
3-month U.S. Treasury Bill Money Market Yield + 0.034%, 4.432% (a), 4/30/2023 | 996,000,000 | 996,711,177 | |
3,057,669,067 | |||
Total Government & Agency Obligations (Cost $8,780,647,400) | 8,780,647,400 | ||
Repurchase Agreements 72.6% | |||
Barclays Bank PLC, 4.3%, dated 12/30/2022, to be repurchased at $22,110,559 on 1/3/2023 (c) | 22,100,000 | 22,100,000 | |
BNP Paribas: | |||
4.2%, dated 12/30/2022, to be repurchased at $350,163,333 on 1/3/2023 (d) | 350,000,000 | 350,000,000 |
22 | | | Government Cash Management Portfolio |
Principal Amount ($) | Value ($) | ||
4.25%, dated 12/30/2022, to be repurchased at $549,359,297 on 1/3/2023 (e) | 549,100,000 | 549,100,000 | |
Citigroup Global Markets, Inc., 4.25%, dated 12/30/2022, to be repurchased at $46,021,722 on 1/3/2023 (f) | 46,000,000 | 46,000,000 | |
Federal Reserve Bank of New York, 4.3%, dated 12/30/2022, to be repurchased at $21,810,415,556 on 1/3/2023 (g) | 21,800,000,000 | 21,800,000,000 | |
Fixed Income Clearing Corp., 4.15%, dated 12/30/2022, to be repurchased at $95,644,082 on 1/3/2023 (h) | 95,600,000 | 95,600,000 | |
HSBC Securities, Inc., 4.25%, dated 12/30/2022, to be repurchased at $67,331,781 on 1/3/2023 (i) | 67,300,000 | 67,300,000 | |
JPMorgan Securities, Inc.: | |||
4.26%, dated 12/30/2022, to be repurchased at $78,176,986 on 1/3/2023 (j) | 78,140,000 | 78,140,000 | |
4.3%, dated 12/30/2022, to be repurchased at $253,821,212 on 1/3/2023 (k) | 253,700,000 | 253,700,000 | |
Merrill Lynch & Co., Inc., 4.3%, dated 12/30/2022, to be repurchased at $50,023,889 on 1/3/2023 (l) | 50,000,000 | 50,000,000 | |
Wells Fargo Bank: | |||
4.25%, dated 12/30/2022, to be repurchased at $37,617,756 on 1/3/2023 (m) | 37,600,000 | 37,600,000 | |
4.31%, dated 12/30/2022, to be repurchased at $31,945,291 on 1/3/2023 (n) | 31,930,000 | 31,930,000 | |
Total Repurchase Agreements (Cost $23,381,470,000) | 23,381,470,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $32,162,117,400) | 99.8 | 32,162,117,400 | |
Other Assets and Liabilities, Net | 0.2 | 52,022,092 | |
Net Assets | 100.0 | 32,214,139,492 |
(a) | Floating rate security. These securities are shown at their current rate as of December 31, 2022. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
25,114,900 | U.S. Treasury Notes | 1.25 | 11/30/2026 | 22,542,085 |
Government Cash Management Portfolio | | | 23 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
157,077,900 | U.S. Treasury Bills | Zero Coupon | 1/10/2023 | 156,917,052 |
211,036,700 | U.S. Treasury Notes | 2.0–2.625 | 8/15/2025–5/31/2027 | 200,083,011 |
Total Collateral Value | 357,000,063 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
269,976,900 | U.S. Treasury Bills | Zero Coupon | 2/14/2023–12/28/2023 | 261,300,493 |
445,534,700 | U.S. Treasury Bonds | 2.0 | 8/15/2051 | 298,781,652 |
Total Collateral Value | 560,082,145 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
49,733,200 | U.S. Treasury Inflation-Indexed Notes | 0.125–0.625 | 1/15/2032–7/15/2032 | 46,920,075 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
22,786,085,600 | U.S. Treasury Notes | 0.125–3.125 | 2/15/2024–11/15/2028 | 21,810,415,602 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
89,277,600 | U.S. Treasury Notes | 0.125–1.75 | 1/15/2023–1/31/2023 | 97,512,076 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
169,520,266 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2040–11/15/2052 | 68,646,000 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
100 | U.S. Treasury Bonds | 2.75 | 8/15/2042 | 82 |
81,023,400 | U.S. Treasury Notes | 0.125–1.5 | 5/15/2023–2/15/2030 | 79,702,740 |
Total Collateral Value | 79,702,822 |
24 | | | Government Cash Management Portfolio |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
482,953 | Federal Home Loan Mortgage Corp. | 2.375 | 1/1/2036 | 483,633 |
273,781,999 | Federal National Mortgage Association | 2.006–6.5 | 9/1/2025–10/1/2052 | 258,290,367 |
Total Collateral Value | 258,774,000 |
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
56,774,741 | Government National Mortgage Association | 2.5–8.5 | 5/15/2023–3/20/2052 | 51,000,001 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
43,498,061 | U.S. Treasury Notes | 0.125–2.125 | 2/15/2024–2/15/2032 | 38,352,008 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
34,420,096 | Federal National Mortgage Association | 2.0–7.0 | 9/1/2025–12/1/2052 | 32,568,600 |
SOFR: | Secured Overnight Financing Rate |
STRIPS: | Separate Trading of Registered Interest and Principal Securities |
Government Cash Management Portfolio | | | 25 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $ 8,780,647,400 | $— | $ 8,780,647,400 |
Repurchase Agreements | — | 23,381,470,000 | — | 23,381,470,000 |
Total | $— | $32,162,117,400 | $— | $32,162,117,400 |
(a) | See Investment Portfolio for additional detailed categorizations. |
26 | | | Government Cash Management Portfolio |
Assets | |
Investments in non-affiliated securities, valued at amortized cost | $ 8,780,647,400 |
Repurchase agreements, valued at amortized cost | 23,381,470,000 |
Cash | 1,132 |
Interest receivable | 53,759,681 |
Other assets | 580,358 |
Total assets | 32,216,458,571 |
Liabilities | |
Accrued investment advisory fee | 877,413 |
Accrued Trustees' fees | 390,684 |
Other accrued expenses and payables | 1,050,982 |
Total liabilities | 2,319,079 |
Net assets, at value | $32,214,139,492 |
Government Cash Management Portfolio | | | 27 |
Investment Income | |
Income: | |
Interest | $ 531,732,140 |
Expenses: | |
Management fee | 29,052,837 |
Administration fee | 9,196,779 |
Custodian fee | 252,599 |
Professional fees | 469,219 |
Reports to shareholders | 34,795 |
Trustees' fees and expenses | 1,329,314 |
Other | 1,082,275 |
Total expenses before expense reductions | 41,417,818 |
Expense reductions | (22,156,925) |
Total expenses after expense reductions | 19,260,893 |
Net investment income | 512,471,247 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (16,034,146) |
Payments by affiliates (see Note D) | 275,000 |
(15,759,146) | |
Net increase (decrease) in net assets resulting from operations | $ 496,712,101 |
28 | | | Government Cash Management Portfolio |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2022 | 2021 |
Operations: | ||
Net investment income | $ 512,471,247 | $ 8,898,329 |
Net realized gain (loss) | (15,759,146) | 217,749 |
Net increase (decrease) in net assets resulting from operations | 496,712,101 | 9,116,078 |
Capital transactions in shares of beneficial interest: | ||
Proceeds from capital invested | 118,068,249,636 | 93,706,698,612 |
Value of capital withdrawn | (119,999,687,552) | (86,189,439,789) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | (1,931,437,916) | 7,517,258,823 |
Increase (decrease) in net assets | (1,434,725,815) | 7,526,374,901 |
Net assets at beginning of period | 33,648,865,307 | 26,122,490,406 |
Net assets at end of period | $32,214,139,492 | $33,648,865,307 |
Government Cash Management Portfolio | | | 29 |
Government Cash Management Portfolio | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 32,214 | 33,649 | 26,122 | 18,891 | 15,720 |
Ratio of expenses before expense reductions (%) | .14 | .13 | .13 | .14 | .14 |
Ratio of expenses after expense reductions (%) | .06 | .03 | .07 | .07 | .10 |
Ratio of net investment income (%) | 1.67 | .03 | .36 | 2.13 | 1.76 |
Total Return (%)a | 1.62b | .03b | .41c | 2.17c | 1.78c |
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. |
30 | | | Government Cash Management Portfolio |
Government Cash Management Portfolio | | | 31 |
32 | | | Government Cash Management Portfolio |
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% |
Government Cash Management Portfolio | | | 33 |
34 | | | Government Cash Management Portfolio |
Government Cash Management Portfolio | | | 35 |
36 | | | Government Cash Management Portfolio |
Government Cash Management Portfolio | | | 37 |
38 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 39 |
40 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 41 |
42 | | | DWS Government Money Market Series |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods designer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 69 | — |
DWS Government Money Market Series | | | 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 |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 69 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); 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) | 69 | — |
44 | | | DWS Government Money Market Series |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); 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 since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; 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) | 69 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly 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) | 214 | Director - Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); 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) | 69 | — |
DWS Government Money Market Series | | | 45 |
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 |
Catherine Schrand (1964) Board Member since 2021* | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 69 | — |
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) | 69 | — |
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 | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John 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); formerly, Legal Assistant at Accelerated Tax Solutions |
46 | | | DWS Government Money Market Series |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957) Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. 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, since October 6, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
* | Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. |
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 | Mr. Perry 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. Mr. Perry is a Board Member of each other Trust. |
DWS Government Money Market Series | | | 47 |
4 | Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 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, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
48 | | | DWS Government Money Market Series |
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 |
DWS Government Money Market Series | | | 49 |
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 | Institutional Shares MGD | Institutional Shares PS | Institutional Shares PRS | |
Nasdaq Symbol | ICAXX | MCAXX | SPMXX | SCRXX |
Fund Number | 2403 | 2023 | 2402 | 2309 |
50 | | | DWS Government Money Market Series |
DWS Government Money Market Series | | | 51 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including 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 |
Government cash management 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 December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2022 | $28,911 | $0 | $7,324 | $0 |
2021 | $30,433 | $0 | $7,324 | $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 December 31, | 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 |
2022 | $0 | $148,212 | $0 |
2021 | $0 | $461,717 | $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 December 31, | 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) |
2022 | $7,324 | $148,212 | $0 | $155,536 |
2021 | $7,324 | $461,717 | $0 | $469,041 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Government Cash Management Portfolio |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 2/28/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 2/28/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 2/28/2023 |