Date of fiscal year end:
|
4/30
|
Date of reporting period:
|
4/30/2011
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
·
|
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio — Service Shares
|
·
|
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio – Capital Assets Funds Shares and Capital Assets Funds Preferred Shares
|
·
|
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio — Davidson Cash Equivalent Shares and Davidson Cash Equivalent Plus Shares
|
·
|
Money Market Portfolio — Premium Reserve Money Market Shares
|
·
|
Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares and Government Cash Managed Shares
|
·
|
Government & Agency Securities Portfolio — DWS Government & Agency Money Fund
|
·
|
Tax-Exempt Portfolio — DWS Tax-Exempt Cash Institutional Shares and Tax-Exempt Cash Managed Shares
|
·
|
Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund
|
·
|
Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S
|
·
|
Tax-Exempt Portfolio — Tax-Free Investment Class
|
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
24 Portfolio Summary
25 Investment Portfolio
30 Statement of Assets and Liabilities
32 Statement of Operations
33 Statement of Changes in Net Assets
34 Financial Highlights
DWS Tax-Exempt Portfolio
35 Portfolio Summary
36 Investment Portfolio
48 Statement of Assets and Liabilities
50 Statement of Operations
51 Statement of Changes in Net Assets
53 Financial Highlights
54 Notes to Financial Statements
71 Report of Independent Registered Public Accounting Firm
72 Tax Information
73 Summary of Management Fee Evaluation by Independent Fee Consultant
77 Summary of Administrative Fee Evaluation by Independent Fee Consultant
78 Board Members and Officers
|
7-Day Current Yield
|
||||
Money Market Portfolio — Service Shares
|
0.01 | %* | ||
Government & Agency Securities Portfolio — Service Shares
|
0.01 | %* | ||
Tax-Exempt Portfolio — Service Shares
|
0.01 | %* | ||
(Equivalent Taxable Yield)
|
0.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield of the Money Market Portfolio — Service Shares, the Government & Agency Securities Portfolio — Service Shares and the Tax-Exempt Portfolio — Service Shares would have been -0.82%, -0.84% and -0.70%, respectively, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||||||
Actual Fund Return
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
|||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,000.08 | $ | 1,000.05 | $ | 1,000.05 | ||||||
Expenses Paid per $1,000*
|
$ | 1.64 | $ | .89 | $ | 1.64 | ||||||
Hypothetical 5% Fund Return
|
||||||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,023.16 | $ | 1,023.90 | $ | 1,023.16 | ||||||
Expenses Paid per $1,000*
|
$ | 1.66 | $ | .90 | $ | 1.66 |
Annualized Expense Ratios
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
Service Shares
|
.33%
|
.18%
|
.33%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Commercial Paper
|
34%
|
38%
|
Short-Term Notes
|
17%
|
26%
|
Repurchase Agreements
|
16%
|
12%
|
Certificates of Deposit and Bank Notes
|
16%
|
13%
|
Government & Agency Obligations
|
14%
|
10%
|
Time Deposits
|
3%
|
—
|
Supranational
|
—
|
1%
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Money Market Portfolio
|
48 days
|
41 days
|
iMoneyNet First Tier Retail Money Fund Average*
|
40 days
|
46 days
|
Principal Amount ($)
|
Value ($)
|
||||
Certificates of Deposit and Bank Notes 15.8%
|
|||||
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
|
6,500,000
|
6,828,336
|
|||
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
|
25,000,000
|
25,000,000
|
|||
BNP Paribas:
|
|||||
0.35%, 8/8/2011
|
20,000,000
|
20,000,000
|
|||
0.45%, 7/25/2011
|
7,000,000
|
6,999,834
|
|||
0.55%, 5/13/2011
|
7,000,000
|
7,000,093
|
|||
Credit Agricole SA, 0.3%, 8/4/2011
|
12,000,000
|
12,000,000
|
|||
Dexia Credit Local:
|
|||||
0.24%, 5/3/2011
|
23,437,000
|
23,437,000
|
|||
144A, 2.375%, 9/23/2011
|
8,000,000
|
8,055,854
|
|||
International Finance Corp., 3.0%, 11/15/2011
|
6,000,000
|
6,084,144
|
|||
KBC Bank NV, 0.3%, 5/6/2011
|
6,500,000
|
6,500,000
|
|||
Landesbank Hessen-Thueringen Girozentrale:
|
|||||
0.2%, 5/12/2011
|
3,000,000
|
3,000,000
|
|||
0.2%, 5/20/2011
|
6,000,000
|
6,000,000
|
|||
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
|
8,500,000
|
8,500,000
|
|||
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
|
12,000,000
|
12,000,000
|
|||
Natixis, 0.22%, 6/24/2011
|
20,000,000
|
20,000,000
|
|||
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
|
10,000,000
|
10,078,955
|
|||
Nordea Bank Finland PLC:
|
|||||
0.27%, 6/28/2011
|
12,000,000
|
12,000,000
|
|||
0.28%, 7/5/2011
|
25,000,000
|
25,000,226
|
|||
0.44%, 6/30/2011
|
10,000,000
|
10,000,498
|
|||
0.67%, 7/20/2011
|
15,000,000
|
15,008,950
|
|||
Skandinaviska Enskilda Banken AB:
|
|||||
0.24%, 6/20/2011
|
25,000,000
|
25,000,000
|
|||
0.25%, 6/10/2011
|
6,000,000
|
6,000,000
|
|||
0.26%, 6/3/2011
|
15,000,000
|
15,000,000
|
|||
0.26%, 6/6/2011
|
15,000,000
|
15,000,000
|
|||
0.31%, 5/27/2011
|
18,000,000
|
18,000,000
|
|||
Societe Generale:
|
|||||
0.2%, 7/5/2011
|
6,000,000
|
6,000,000
|
|||
0.35%, 5/16/2011
|
12,000,000
|
12,000,000
|
|||
Sumitomo Mitsui Banking Corp.:
|
|||||
0.28%, 6/1/2011
|
28,000,000
|
28,000,000
|
|||
0.3%, 5/3/2011
|
6,000,000
|
6,000,000
|
|||
Svenska Handelsbanken AB:
|
|||||
0.24%, 7/6/2011
|
20,500,000
|
20,500,000
|
|||
0.275%, 6/23/2011
|
15,000,000
|
15,000,055
|
|||
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
|
409,993,945
|
||||
Commercial Paper 34.6%
|
|||||
Issued at Discount**
|
|||||
Abbey National North America LLC, 0.3%, 6/27/2011
|
6,500,000
|
6,496,912
|
|||
Alpine Securitization, 144A, 0.16%, 6/2/2011
|
40,000,000
|
39,994,311
|
|||
Argento Variable Funding:
|
|||||
144A, 0.31%, 6/20/2011
|
15,000,000
|
14,993,542
|
|||
144A, 0.319%, 5/3/2011
|
6,500,000
|
6,499,884
|
|||
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
|
25,000,000
|
24,999,472
|
|||
Barclays Bank PLC, 0.31%, 5/26/2011
|
12,500,000
|
12,497,309
|
|||
BPCE SA, 0.27%, 7/26/2011
|
9,000,000
|
8,994,195
|
|||
Caisse d'Amortissement de la Dette Sociale:
|
|||||
0.22%, 8/5/2011
|
12,000,000
|
11,992,960
|
|||
0.25%, 7/25/2011
|
18,000,000
|
17,989,375
|
|||
0.27%, 5/31/2011
|
16,620,000
|
16,616,261
|
|||
0.28%, 6/1/2011
|
12,800,000
|
12,796,914
|
|||
0.29%, 5/31/2011
|
15,000,000
|
14,996,375
|
|||
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
|
20,000,000
|
19,998,311
|
|||
Comcast Corp., 0.31%, 5/6/2011
|
10,000,000
|
9,999,569
|
|||
Eksportfinans ASA, 0.15%, 5/5/2011
|
37,500,000
|
37,499,375
|
|||
ENI Coordination Center SA, 0.3%, 5/26/2011
|
12,500,000
|
12,497,396
|
|||
Google, Inc., 0.4%, 9/16/2011
|
8,000,000
|
7,987,733
|
|||
Grampian Funding LLC:
|
|||||
144A, 0.26%, 7/14/2011
|
10,000,000
|
9,994,656
|
|||
144A, 0.26%, 7/19/2011
|
3,000,000
|
2,998,288
|
|||
144A, 0.27%, 7/8/2011
|
12,000,000
|
11,993,880
|
|||
144A, 0.27%, 7/11/2011
|
25,000,000
|
24,986,688
|
|||
144A, 0.28%, 7/7/2011
|
10,000,000
|
9,994,789
|
|||
144A, 0.28%, 7/8/2011
|
13,000,000
|
12,993,124
|
|||
Johnson & Johnson:
|
|||||
144A, 0.18%, 6/3/2011
|
12,850,000
|
12,847,880
|
|||
144A, 0.19%, 8/22/2011
|
15,000,000
|
14,991,054
|
|||
Kells Funding LLC:
|
|||||
144A, 0.33%, 5/9/2011
|
6,000,000
|
5,999,560
|
|||
144A, 0.35%, 5/18/2011
|
3,000,000
|
2,999,504
|
|||
144A, 0.35%, 6/6/2011
|
6,000,000
|
5,997,900
|
|||
144A, 0.36%, 5/17/2011
|
18,000,000
|
17,997,120
|
|||
144A, 0.37%, 6/17/2011
|
15,000,000
|
14,992,754
|
|||
144A, 0.38%, 6/17/2011
|
12,000,000
|
11,994,047
|
|||
144A, 0.39%, 7/5/2011
|
10,000,000
|
9,992,958
|
|||
144A, 0.39%, 9/6/2011
|
13,750,000
|
13,730,933
|
|||
144A, 0.4%, 7/1/2011
|
8,000,000
|
7,994,578
|
|||
LMA Americas LLC, 144A, 0.17%, 5/9/2011
|
6,000,000
|
5,999,773
|
|||
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
|
12,419,000
|
12,417,603
|
|||
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
|
12,500,000
|
12,492,500
|
|||
Nieuw Amsterdam Receivables Corp.:
|
|||||
144A, 0.24%, 6/2/2011
|
13,500,000
|
13,497,120
|
|||
144A, 0.25%, 5/6/2011
|
12,000,000
|
11,999,583
|
|||
NRW.Bank:
|
|||||
0.19%, 6/28/2011
|
13,500,000
|
13,495,868
|
|||
0.22%, 7/14/2011
|
6,000,000
|
5,997,287
|
|||
0.275%, 6/10/2011
|
8,000,000
|
7,997,556
|
|||
0.3%, 5/2/2011
|
12,000,000
|
11,999,900
|
|||
0.3%, 5/3/2011
|
30,000,000
|
29,999,500
|
|||
0.3%, 5/23/2011
|
12,500,000
|
12,497,708
|
|||
Procter & Gamble Co., 0.19%, 6/3/2011
|
16,513,000
|
16,510,124
|
|||
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
|
26,000,000
|
25,996,707
|
|||
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
|
3,000,000
|
2,999,425
|
|||
Sanofi-Aventis SA, 0.3%, 8/15/2011
|
12,500,000
|
12,488,958
|
|||
SBAB Bank AB:
|
|||||
144A, 0.35%, 7/19/2011
|
6,000,000
|
5,995,392
|
|||
144A, 0.37%, 7/13/2011
|
12,500,000
|
12,490,622
|
|||
144A, 0.39%, 6/9/2011
|
12,000,000
|
11,994,930
|
|||
144A, 0.39%, 7/5/2011
|
12,500,000
|
12,491,198
|
|||
144A, 0.4%, 6/23/2011
|
6,000,000
|
5,996,467
|
|||
Scaldis Capital LLC:
|
|||||
0.32%, 5/20/2011
|
5,000,000
|
4,999,156
|
|||
0.32%, 6/2/2011
|
9,000,000
|
8,997,440
|
|||
Shell International Finance BV, 0.4%, 5/2/2011
|
5,000,000
|
4,999,944
|
|||
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
|
15,000,000
|
14,999,375
|
|||
Standard Chartered Bank, 0.29%, 5/24/2011
|
20,000,000
|
19,996,294
|
|||
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
|
15,000,000
|
14,999,896
|
|||
Svenska Handelsbanken AB, 0.28%, 5/18/2011
|
6,000,000
|
5,999,207
|
|||
Swedbank AB:
|
|||||
0.26%, 7/27/2011
|
12,000,000
|
11,992,460
|
|||
0.27%, 7/11/2011
|
10,000,000
|
9,994,675
|
|||
0.27%, 7/26/2011
|
10,000,000
|
9,993,550
|
|||
0.285%, 5/23/2011
|
12,000,000
|
11,997,910
|
|||
0.3%, 5/13/2011
|
28,000,000
|
27,997,200
|
|||
0.34%, 7/5/2011
|
20,000,000
|
19,987,722
|
|||
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
|
12,500,000
|
12,485,253
|
|||
Total Commercial Paper (Cost $894,147,910)
|
894,147,910
|
||||
Short-Term Notes* 17.7%
|
|||||
Abbey National Treasury Services PLC:
|
|||||
0.38%, 4/16/2012
|
18,000,000
|
18,000,000
|
|||
0.49%, 11/2/2011
|
12,500,000
|
12,500,000
|
|||
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
|
12,500,000
|
12,500,000
|
|||
Bank of Nova Scotia:
|
|||||
0.22%, 8/25/2011
|
16,500,000
|
16,500,000
|
|||
0.27%, 9/12/2011
|
7,000,000
|
7,000,000
|
|||
0.35%, 12/8/2011
|
8,000,000
|
8,000,000
|
|||
Barclays Bank PLC, 0.533%, 7/19/2011
|
15,000,000
|
15,000,000
|
|||
BNP Paribas, 0.492%, 8/22/2011
|
25,000,000
|
25,000,000
|
|||
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
|
26,000,000
|
25,996,945
|
|||
Canadian Imperial Bank of Commerce:
|
|||||
0.18%, 5/12/2011
|
20,000,000
|
20,000,000
|
|||
0.292%, 4/26/2012
|
21,600,000
|
21,600,000
|
|||
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
|
12,000,000
|
12,000,000
|
|||
Credit Suisse, 0.19%, 6/3/2011
|
12,000,000
|
12,000,000
|
|||
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
|
11,500,000
|
11,500,000
|
|||
Kells Funding LLC:
|
|||||
144A, 0.318%, 8/15/2011
|
12,500,000
|
12,500,000
|
|||
144A, 0.342%, 2/24/2012
|
13,750,000
|
13,750,000
|
|||
144A, 0.383%, 12/1/2011
|
10,000,000
|
10,000,000
|
|||
National Australia Bank Ltd.:
|
|||||
0.261%, 10/5/2011
|
12,500,000
|
12,500,000
|
|||
0.291%, 6/10/2011
|
15,000,000
|
15,000,000
|
|||
Nordea Bank Finland PLC:
|
|||||
0.56%, 2/3/2012
|
3,000,000
|
3,004,662
|
|||
0.574%, 10/20/2011
|
12,500,000
|
12,517,260
|
|||
0.58%, 10/14/2011
|
10,000,000
|
10,013,284
|
|||
Rabobank Nederland NV:
|
|||||
0.263%, 5/13/2011
|
14,000,000
|
14,000,001
|
|||
0.307%, 4/24/2012
|
7,750,000
|
7,749,616
|
|||
0.311%, 1/10/2012
|
8,000,000
|
8,000,000
|
|||
144A, 0.384%, 3/16/2012
|
12,000,000
|
12,000,000
|
|||
144A, 0.458%, 9/28/2011
|
6,000,000
|
6,003,687
|
|||
Royal Bank of Canada, 0.31%, 8/12/2011
|
11,300,000
|
11,300,000
|
|||
Societe Generale, 0.32%, 5/19/2011
|
24,000,000
|
24,000,000
|
|||
Westpac Banking Corp.:
|
|||||
0.27%, 10/12/2011
|
16,000,000
|
16,000,000
|
|||
0.293%, 6/1/2011
|
8,000,000
|
8,000,000
|
|||
0.321%, 5/9/2012
|
17,000,000
|
17,000,000
|
|||
144A, 0.323%, 10/28/2011
|
12,000,000
|
12,001,367
|
|||
0.36%, 1/10/2012
|
14,000,000
|
14,000,000
|
|||
Total Short-Term Notes (Cost $456,936,822)
|
456,936,822
|
||||
Government & Agency Obligations 13.9%
|
|||||
Foreign Government Obligations 0.5%
|
|||||
Kingdom of Denmark, 2.75%, 11/15/2011
|
11,500,000
|
11,643,626
|
|||
Other Government Related (a) 1.6%
|
|||||
European Investment Bank:
|
|||||
0.24%, 6/28/2011
|
13,000,000
|
12,994,973
|
|||
2.625%, 5/16/2011
|
7,000,000
|
7,006,628
|
|||
2.625%, 11/15/2011
|
22,000,000
|
22,267,637
|
|||
42,269,238
|
|||||
US Government Sponsored Agencies 5.5%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.223%*, 11/2/2011
|
12,250,000
|
12,249,690
|
|||
0.259%**, 10/20/2011
|
5,000,000
|
4,993,789
|
|||
0.259%**, 4/4/2012
|
5,000,000
|
4,987,758
|
|||
0.319%**, 12/16/2011
|
10,200,000
|
10,179,237
|
|||
Federal Home Loan Bank:
|
|||||
0.24%, 10/28/2011
|
14,000,000
|
13,995,584
|
|||
0.25%, 10/28/2011
|
14,000,000
|
13,999,429
|
|||
0.268%**, 9/12/2011
|
10,000,000
|
9,989,950
|
|||
0.54%, 5/24/2011
|
4,400,000
|
4,400,022
|
|||
1.0%, 12/28/2011
|
10,000,000
|
10,053,762
|
|||
Federal National Mortgage Association:
|
|||||
0.113%*, 7/27/2011
|
12,500,000
|
12,498,033
|
|||
0.159%**, 11/21/2011
|
15,000,000
|
14,986,400
|
|||
0.182%**, 6/16/2011
|
12,500,000
|
12,497,045
|
|||
4.68%, 6/15/2011
|
7,000,000
|
7,038,043
|
|||
5.375%, 11/15/2011
|
10,000,000
|
10,280,209
|
|||
142,148,951
|
|||||
US Treasury Obligations 6.3%
|
|||||
US Treasury Bills:
|
|||||
0.155%**, 7/28/2011
|
996,000
|
995,623
|
|||
0.16%**, 9/1/2011
|
12,500,000
|
12,493,167
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
39,500,000
|
39,518,687
|
|||
0.875%, 1/31/2012
|
13,500,000
|
13,567,775
|
|||
1.0%, 9/30/2011
|
37,000,000
|
37,117,154
|
|||
4.5%, 11/30/2011
|
7,000,000
|
7,170,545
|
|||
4.625%, 8/31/2011
|
27,500,000
|
27,899,749
|
|||
4.625%, 10/31/2011
|
17,000,000
|
17,369,535
|
|||
5.125%, 6/30/2011
|
7,500,000
|
7,560,710
|
|||
163,692,945
|
|||||
Total Government & Agency Obligations (Cost $359,754,760)
|
359,754,760
|
||||
Time Deposits 2.6%
|
|||||
Citibank NA, 0.13%, 5/5/2011
|
58,000,000
|
58,000,000
|
|||
National Australia Bank Ltd., 0.08%, 5/2/2011
|
9,315,483
|
9,315,483
|
|||
Total Time Deposits (Cost $67,315,483)
|
67,315,483
|
||||
Municipal Bonds and Notes 0.2%
|
|||||
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
|
4,085,000
|
4,085,000
|
|||
Repurchase Agreements 16.2%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
|
5,000,000
|
5,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
|
39,285,715
|
39,285,715
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
|
124,000,000
|
124,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
|
64,281,428
|
64,281,428
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
|
23,000,000
|
23,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
|
15,000,000
|
15,000,000
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
|
142,000,000
|
142,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
|
6,000,000
|
6,000,000
|
|||
Total Repurchase Agreements (Cost $418,567,143)
|
418,567,143
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,610,801,063)+
|
101.0 | 2,610,801,063 | ||||||
Other Assets and Liabilities, Net
|
(1.0 | ) | (24,871,551 | ) | ||||
Net Assets
|
100.0 | 2,585,929,512 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
29,000,000 |
Federal Home Loan Bank
|
3.125 |
3/11/2016
|
30,474,263 | ||||||||
91,202,000 |
Federal National Mortgage Association
|
2.625 |
11/20/2014
|
96,010,512 | ||||||||
Total Collateral Value
|
126,484,775 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (j)
|
$ | — | $ | 2,192,233,920 | $ | — | $ | 2,192,233,920 | ||||||||
Repurchase Agreements
|
— | 418,567,143 | — | 418,567,143 | ||||||||||||
Total
|
$ | — | $ | 2,610,801,063 | $ | — | $ | 2,610,801,063 |
as of April 30, 2011
|
||||
Assets
|
Money Market Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,192,233,920 | ||
Repurchase agreements, valued at amortized cost
|
418,567,143 | |||
Total investments, valued at amortized cost
|
2,610,801,063 | |||
Cash
|
2,856 | |||
Receivable for Fund shares sold
|
3,963 | |||
Interest receivable
|
2,616,479 | |||
Due from Advisor
|
16,735 | |||
Other assets
|
93,812 | |||
Total assets
|
2,613,534,908 | |||
Liabilities
|
||||
Payable for investments purchased
|
25,996,945 | |||
Payable for Fund shares redeemed
|
22,024 | |||
Accrued management fee
|
322,306 | |||
Other accrued expenses and payables
|
1,264,121 | |||
Total liabilities
|
27,605,396 | |||
Net assets, at value
|
$ | 2,585,929,512 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
39,083 | |||
Paid-in capital
|
2,585,890,429 | |||
Net assets, at value
|
$ | 2,585,929,512 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Money Market Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Money Market Portfolio
|
|||
Income:
Interest
|
$ | 8,798,068 | ||
Expenses:
Management fee
|
3,881,269 | |||
Services to shareholders
|
6,076,379 | |||
Custodian fee
|
74,890 | |||
Distribution and service fees
|
14,110,025 | |||
Professional fees
|
138,516 | |||
Trustees' fees and expenses
|
77,791 | |||
Reports to shareholders
|
320,727 | |||
Registration fees
|
165,621 | |||
Other
|
109,278 | |||
Total expenses before expense reductions
|
24,954,496 | |||
Expense reductions
|
(16,494,317 | ) | ||
Total expenses after expense reductions
|
8,460,179 | |||
Net investment income
|
337,889 | |||
Net realized gain (loss) from investments
|
46,708 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 384,597 |
Money Market Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 337,889 | $ | 1,401,172 | ||||
Net realized gain (loss)
|
46,708 | 163,092 | ||||||
Net increase in net assets resulting from operations
|
384,597 | 1,564,264 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(187,975 | ) | (325,020 | ) | ||||
Capital Assets Funds Preferred Shares
|
(13,299 | ) | (22,211 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,869 | ) | (2,135 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(221 | ) | (304 | ) | ||||
Institutional Money Market Shares
|
— | (739,919 | ) | |||||
Institutional Select Money Market Shares
|
— | (18 | ) | |||||
Premier Money Market Shares
|
(5,042 | ) | (80,727 | ) | ||||
Premium Reserve Money Market Shares
|
(7,826 | ) | (119,850 | ) | ||||
Service Shares
|
(183,668 | ) | (110,887 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (185,696 | ) | |||||
Capital Assets Funds Preferred Shares
|
— | (11,952 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (4,764 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (692 | ) | |||||
Institutional Money Market Shares
|
— | (48,898 | ) | |||||
Institutional Select Money Market Shares
|
— | (1 | ) | |||||
Premier Money Market Shares
|
— | (232,203 | ) | |||||
Premium Reserve Money Market Shares
|
— | (48,826 | ) | |||||
Service Shares
|
— | (238,491 | ) | |||||
Total distributions
|
(399,900 | ) | (2,172,594 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
2,807,221,339 | 3,753,564,969 | ||||||
Reinvestment of distributions
|
395,534 | 2,086,161 | ||||||
Cost of shares redeemed
|
(2,616,619,588 | ) | (6,446,352,321 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
190,997,285 | (2,690,701,191 | ) | |||||
Increase (decrease) in net assets
|
190,981,982 | (2,691,309,521 | ) | |||||
Net assets at beginning of period
|
2,394,947,530 | 5,086,257,051 | ||||||
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
|
$ | 2,585,929,512 | $ | 2,394,947,530 |
Money Market Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .012 | .038 | .043 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .012 | .038 | .043 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.012 | ) | (.038 | ) | (.043 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.012 | ) | (.038 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .03 | 1.21 | 3.91 | 4.38 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
1,659 | 1,236 | 1,136 | 1,249 | 1,097 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.05 | 1.06 | 1.06 | 1.06 | 1.08 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .44 | 1.00 | 1.02 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | 1.16 | 3.79 | 4.28 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Government & Agency Obligations
|
50%
|
85%
|
Repurchase Agreements
|
48%
|
15%
|
Commercial Paper
|
2%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Government & Agency Securities Portfolio
|
49 days
|
52 days
|
iMoneyNet Government & Agencies Retail Money Fund Average*
|
38 days
|
45 days
|
Principal Amount ($)
|
Value ($)
|
||||
Commercial Paper 1.8%
|
|||||
Issued at Discount
|
|||||
Straight-A Funding LLC:
|
|||||
144A, 0.15%, 5/11/2011
|
20,000,000
|
19,999,167
|
|||
144A, 0.2%, 7/5/2011
|
80,000,000
|
79,971,111
|
|||
Total Commercial Paper (Cost $99,970,278)
|
99,970,278
|
||||
Government & Agency Obligations 51.6%
|
|||||
US Government Sponsored Agencies 45.9%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.119%**, 5/18/2012
|
165,000,000
|
164,991,321
|
|||
0.12%**, 1/12/2012
|
100,000,000
|
100,001,775
|
|||
0.129%*, 9/9/2011
|
25,000,000
|
24,988,174
|
|||
0.134%**, 7/15/2011
|
85,000,000
|
84,999,308
|
|||
0.164%*, 5/24/2011
|
50,000,000
|
49,994,569
|
|||
0.208%*, 8/3/2011
|
43,500,000
|
43,476,148
|
|||
0.259%*, 10/20/2011
|
34,500,000
|
34,457,143
|
|||
0.259%*, 4/4/2012
|
12,500,000
|
12,469,396
|
|||
0.269%*, 3/23/2012
|
25,000,000
|
24,938,688
|
|||
0.319%*, 12/16/2011
|
28,000,000
|
27,943,004
|
|||
0.319%*, 1/12/2012
|
33,000,000
|
32,924,907
|
|||
Federal Home Loan Bank:
|
|||||
0.018%*, 5/2/2011
|
12,737,000
|
12,737,000
|
|||
0.064%*, 7/20/2011
|
100,000,000
|
99,985,556
|
|||
0.068%*, 5/27/2011
|
50,000,000
|
49,997,472
|
|||
0.076%*, 5/18/2011
|
55,000,000
|
54,997,922
|
|||
0.089%*, 9/6/2011
|
50,000,000
|
49,984,000
|
|||
0.149%*, 8/12/2011
|
7,500,000
|
7,496,781
|
|||
0.149%*, 8/17/2011
|
12,207,000
|
12,201,507
|
|||
0.17%**, 1/18/2012
|
22,000,000
|
22,006,379
|
|||
0.183%**, 9/26/2011
|
12,500,000
|
12,499,749
|
|||
0.24%, 10/28/2011
|
36,275,000
|
36,266,384
|
|||
0.248%*, 8/22/2011
|
5,000,000
|
4,996,076
|
|||
0.268%*, 9/12/2011
|
15,900,000
|
15,884,021
|
|||
0.3%, 12/27/2011
|
75,000,000
|
75,022,455
|
|||
0.76%, 7/19/2011
|
15,000,000
|
15,017,910
|
|||
1.0%, 12/28/2011
|
13,460,000
|
13,532,363
|
|||
5.375%, 8/19/2011
|
14,900,000
|
15,129,895
|
|||
Federal Home Loan Mortgage Corp.:
|
|||||
0.028%*, 5/19/2011
|
15,000,000
|
14,999,775
|
|||
0.08%**, 11/9/2011
|
75,000,000
|
74,967,946
|
|||
0.14%**, 11/10/2011
|
200,000,000
|
200,000,000
|
|||
0.149%*, 7/27/2011
|
85,000,000
|
84,969,188
|
|||
0.164%*, 9/1/2011
|
8,935,000
|
8,929,963
|
|||
0.167%*, 6/13/2011
|
27,061,000
|
27,055,505
|
|||
0.193%*, 7/25/2011
|
34,494,000
|
34,478,118
|
|||
0.198%*, 7/12/2011
|
100,000,000
|
99,960,000
|
|||
Federal National Mortgage Association:
|
|||||
0.059%*, 6/13/2011
|
75,000,000
|
74,994,625
|
|||
0.079%*, 7/21/2011
|
100,000,000
|
99,982,000
|
|||
0.099%*, 8/8/2011
|
32,500,000
|
32,491,063
|
|||
0.113%**, 7/27/2011
|
190,000,000
|
189,983,791
|
|||
0.119%*, 8/22/2011
|
25,000,000
|
24,990,583
|
|||
0.119%*, 9/13/2011
|
100,000,000
|
99,955,000
|
|||
0.129%*, 9/26/2011
|
65,000,000
|
64,965,261
|
|||
0.159%*, 11/21/2011
|
100,000,000
|
99,909,333
|
|||
0.174%**, 9/19/2011
|
30,000,000
|
29,999,404
|
|||
0.178%*, 7/20/2011
|
44,000,000
|
43,982,400
|
|||
0.178%*, 7/27/2011
|
51,659,000
|
51,636,528
|
|||
0.182%*, 6/16/2011
|
35,000,000
|
34,991,726
|
|||
5.0%, 10/15/2011
|
50,000,000
|
51,082,031
|
|||
5.375%, 11/15/2011
|
16,040,000
|
16,489,455
|
|||
2,559,753,598
|
|||||
US Treasury Obligations 5.7%
|
|||||
US Treasury Bill, 0.16%*, 9/1/2011
|
17,500,000
|
17,490,433
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
25,000,000
|
25,014,282
|
|||
1.0%, 9/30/2011
|
84,500,000
|
84,768,848
|
|||
1.75%, 11/15/2011
|
50,000,000
|
50,394,064
|
|||
4.625%, 8/31/2011
|
43,500,000
|
44,134,573
|
|||
4.625%, 10/31/2011
|
45,000,000
|
45,986,196
|
|||
5.125%, 6/30/2011
|
50,000,000
|
50,404,731
|
|||
318,193,127
|
|||||
Total Government & Agency Obligations (Cost $2,877,946,725)
|
2,877,946,725
|
||||
Repurchase Agreements 49.5%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
|
215,000,000
|
215,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
|
42,428,571
|
42,428,571
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
|
704,000,000
|
704,000,000
|
|||
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
|
22,000,000
|
22,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
|
432,618,951
|
432,618,951
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
|
223,000,000
|
223,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
|
123,926,503
|
123,926,503
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
|
252,000,000
|
252,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
|
441,000,000
|
441,000,000
|
|||
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
|
300,000,000
|
300,000,000
|
|||
Total Repurchase Agreements (Cost $2,755,974,025)
|
2,755,974,025
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $5,733,891,028)+
|
102.9 | 5,733,891,028 | ||||||
Other Assets and Liabilities, Net
|
(2.9 | ) | (162,027,136 | ) | ||||
Net Assets
|
100.0 | 5,571,863,892 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
522,522,000 |
Federal Home Loan Mortgage Corp.
|
1.65-5.5 |
4/28/2014-
4/8/2030
|
546,732,677 | ||||||||
161,294,000 |
Federal National Mortgage Association
|
3.25-4.75 |
2/21/2013-
4/9/2013
|
171,348,112 | ||||||||
Total Collateral Value
|
718,080,789 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
185,181,947 |
Federal Home Loan Mortgage Corp.
|
Zero Coupon-6.5
|
7/15/2015-
8/15/2039
|
192,999,725 | ||||||||
54,470,688 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.281 |
1/15/2039
|
5,749,091 | ||||||||
7,680,197 |
Federal Home Loan Mortgage Corp. — Principal only
|
Zero Coupon
|
11/15/2036-
5/15/2037
|
6,713,414 | ||||||||
23,268,926 |
Federal National Mortgage Association
|
0.513-6.47 |
2/25/2029-
6/25/2037
|
22,905,889 | ||||||||
Total Collateral Value
|
228,368,119 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
22,370,889 |
Federal Home Loan Mortgage Corp.
|
4.0-5.5 |
4/15/2040-
4/15/2041
|
21,981,083 | ||||||||
491,792,871 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.781-6.431 |
9/15/2033-
11/15/2038
|
77,032,731 | ||||||||
210,576,230 |
Federal National Mortgage Association
|
Zero Coupon — 5.5
|
6/25/2021-
3/25/2041
|
213,820,002 | ||||||||
914,052,013 |
Federal National Mortgage Association — Interest only
|
5.787-6.266 |
6/25/2038-
1/25/2041
|
136,986,185 | ||||||||
Total Collateral Value
|
449,820,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 2,977,917,003 | $ | — | $ | 2,977,917,003 | ||||||||
Repurchase Agreements
|
— | 2,755,974,025 | — | 2,755,974,025 | ||||||||||||
Total
|
$ | — | $ | 5,733,891,028 | $ | — | $ | 5,733,891,028 |
as of April 30, 2011
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,977,917,003 | ||
Repurchase agreements, valued at amortized cost
|
2,755,974,025 | |||
Total investments, valued at amortized cost
|
5,733,891,028 | |||
Receivable for Fund shares sold
|
142,451 | |||
Interest receivable
|
3,670,502 | |||
Due from Advisor
|
136,428 | |||
Other assets
|
95,442 | |||
Total assets
|
5,737,935,851 | |||
Liabilities
|
||||
Payable for investments purchased
|
164,991,321 | |||
Payable for Fund shares redeemed
|
126,472 | |||
Distributions payable
|
106,265 | |||
Accrued management fee
|
99,239 | |||
Other accrued expenses and payables
|
748,662 | |||
Total liabilities
|
166,071,959 | |||
Net assets, at value
|
$ | 5,571,863,892 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,484 | |||
Accumulated net realized gain (loss)
|
(602,497 | ) | ||
Paid-in capital
|
5,572,264,905 | |||
Net assets, at value
|
$ | 5,571,863,892 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 9,770,345 | ||
Expenses:
Management fee
|
2,506,115 | |||
Administration fee
|
4,222,727 | |||
Services to shareholders
|
1,845,325 | |||
Custodian fee
|
76,975 | |||
Distribution and service fees
|
3,146,324 | |||
Professional fees
|
150,210 | |||
Trustees' fees and expenses
|
127,065 | |||
Reports to shareholders
|
10,937 | |||
Registration fees
|
141,522 | |||
Other
|
393,329 | |||
Total expenses before expense reductions
|
12,620,529 | |||
Expense reductions
|
(5,190,147 | ) | ||
Total expenses after expense reductions
|
7,430,382 | |||
Net investment income
|
2,339,963 | |||
Net realized gain (loss) from investments
|
(602,497 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 1,737,466 |
Government & Agency Securities Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 2,339,963 | $ | 18,279,158 | ||||
Net realized gain (loss)
|
(602,497 | ) | 683,254 | |||||
Net increase in net assets resulting from operations
|
1,737,466 | 18,962,412 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(29,745 | ) | (30,842 | ) | ||||
Davidson Cash Equivalent Shares
|
(2,133 | ) | (2,419 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(5,528 | ) | (3,042 | ) | ||||
DWS Government & Agency Money Fund
|
(28,169 | ) | (168,152 | ) | ||||
DWS Government Cash Institutional Shares
|
(2,230,405 | ) | (17,853,361 | ) | ||||
Government Cash Managed Shares
|
(21,680 | ) | (46,318 | ) | ||||
Premier Money Market Shares
|
— | (176,438 | ) | |||||
Service Shares
|
(12,160 | ) | (13,091 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (34,871 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,710 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (2,843 | ) | |||||
DWS Government & Agency Money Fund
|
— | (32,168 | ) | |||||
DWS Government Cash Institutional Shares
|
— | (1,560,440 | ) | |||||
Government Cash Managed Shares
|
— | (38,058 | ) | |||||
Premier Money Market Shares
|
— | (242,870 | ) | |||||
Service Shares
|
— | (14,378 | ) | |||||
Total distributions
|
(2,329,820 | ) | (20,222,001 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
38,138,317,757 | 89,328,240,895 | ||||||
Reinvestment of distributions
|
1,201,174 | 9,173,740 | ||||||
Cost of shares redeemed
|
(40,469,462,394 | ) | (101,467,650,200 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(2,329,943,463 | ) | (12,130,235,565 | ) | ||||
Increase (decrease) in net assets
|
(2,330,535,817 | ) | (12,131,495,154 | ) | ||||
Net assets at beginning of period
|
7,902,399,709 | 20,033,894,863 | ||||||
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
|
$ | 5,571,863,892 | $ | 7,902,399,709 |
Government & Agency Securities Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .007 | .036 | .043 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .007 | .036 | .043 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.007 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.007 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .02 | .73 | 3.66 | 4.36 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
113 | 117 | 152 | 100 | 53 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.04 | 1.04 | 1.04 | 1.05 | 1.09 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .31 | .93 | 1.02 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .65 | b | 3.43 | 4.28 | ||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
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 (loss)
|
.000 | * | .000 | * | .008 | .024 | .026 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | (.000 | )* | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .008 | .024 | .026 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.008 | ) | (.024 | ) | (.026 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.008 | ) | (.024 | ) | (.026 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .82 | 2.38 | 2.64 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
82 | 37 | 62 | 76 | 18 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.04 | 1.05 | 1.06 | 1.05 | 1.05 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.34 | .46 | .97 | 1.00 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .81 | 2.32 | 2.61 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Money Market Portfolio:
Undistributed ordinary income*
|
$ | 39,083 | ||
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 307,749 | ||
Capital loss carryforwards
|
$ | (602,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
Portfolio
|
2011
|
2010
|
||||||
Money Market Portfolio:
Distributions from ordinary income*
|
$ | 399,900 | $ | 2,172,594 | ||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 2,329,820 | $ | 20,222,001 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.220 | % | ||
Next $500 million of such net assets
|
.200 | % | ||
Next $1 billion of such net assets
|
.175 | % | ||
Next $1 billion of such net assets
|
.160 | % | ||
Over $3 billion of such net assets
|
.150 | % |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Fund
|
Annual Effective Rate
|
Money Market Portfolio
|
.16%
|
Government & Agency Securities Portfolio
|
.04%
|
Tax-Exempt Portfolio
|
.06%
|
Fund
|
Administration Fee
|
Unpaid at April 30, 2011
|
||||||
Government & Agency Securities Portfolio
|
$ | 4,222,727 | $ | 388,699 | ||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Money Market Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 2,080,639 | $ | 876,994 | $ | 307,215 | ||||||
Capital Assets Funds Preferred Shares
|
39,377 | 5,147 | 1,069 | |||||||||
Davidson Cash Equivalent Shares
|
40,021 | 16,669 | 6,168 | |||||||||
Davidson Cash Equivalent Plus Shares
|
4,140 | 1,364 | 470 | |||||||||
Premier Money Market Shares
|
126,996 | 39,884 | — | |||||||||
Premium Reserve Money Market Shares
|
85,973 | — | 30,586 | |||||||||
Service Shares
|
3,662,660 | 1,457,787 | 594,910 | |||||||||
$ | 6,039,806 | $ | 2,397,845 | $ | 940,418 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 719,797 | $ | 567,755 | $ | 74,011 | ||||||
Davidson Cash Equivalent Shares
|
53,615 | 42,434 | 4,461 | |||||||||
Davidson Cash Equivalent Plus Shares
|
107,807 | 80,013 | 10,625 | |||||||||
DWS Government & Agency Money Fund
|
183,413 | 87,726 | 38,977 | |||||||||
DWS Government Cash Institutional Shares
|
268,801 | 268,801 | — | |||||||||
Government Cash Managed Shares
|
153,563 | 42,737 | 35,695 | |||||||||
Service Shares
|
303,676 | 241,264 | 21,188 | |||||||||
$ | 1,790,672 | $ | 1,330,730 | $ | 184,957 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Money Market Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,755,491 | $ | 2,755,491 | .00 | % | .33 | % | ||||||||
Capital Assets Funds Preferred Shares
|
52,348 | 52,348 | .00 | % | .20 | % | ||||||||||
Davidson Cash Equivalent Shares
|
45,045 | 45,045 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
4,430 | 4,430 | .00 | % | .25 | % | ||||||||||
Premier Money Market Shares
|
126,560 | 126,560 | .00 | % | .25 | % | ||||||||||
Service Shares
|
8,684,015 | 8,684,015 | .00 | % | .60 | % | ||||||||||
$ | 11,667,889 | $ | 11,667,889 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 981,550 | $ | 981,550 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
63,985 | 63,985 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
138,178 | 138,178 | .00 | % | .25 | % | ||||||||||
Service Shares
|
729,893 | 729,893 | .00 | % | .60 | % | ||||||||||
$ | 1,913,606 | $ | 1,913,606 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Money Market Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,087,493 | $ | 2,087,493 | .00 | % | .25 | % | ||||||||
Capital Assets Funds Preferred Shares
|
26,174 | 26,174 | .00 | % | .10 | % | ||||||||||
Davidson Cash Equivalent Shares
|
37,537 | 37,537 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
3,544 | 3,544 | .00 | % | .20 | % | ||||||||||
Premier Money Market Shares
|
126,561 | 126,561 | .00 | % | .25 | % | ||||||||||
Premium Reserve Money Market Shares
|
160,827 | 147,274 | .02 | % | .25 | % | ||||||||||
$ | 2,442,136 | $ | 2,428,583 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 743,598 | $ | 743,598 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
53,321 | 53,321 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
110,542 | 110,542 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
325,257 | 325,257 | .00 | % | .15 | % | ||||||||||
$ | 1,232,718 | $ | 1,232,718 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Money Market Portfolio
|
$ | 46,559 | $ | 16,156 | ||||
Government & Agency Securities Portfolio
|
$ | 10,937 | $ | 10,937 | ||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
839,154,629 | $ | 839,154,629 | 751,023,837 | $ | 751,023,837 | ||||||||||
Capital Assets Funds Preferred Shares
|
16,426,872 | 16,426,872 | 46,317,102 | 46,317,102 | ||||||||||||
Davidson Cash Equivalent Shares
|
3,734,002 | 3,734,002 | 4,223,891 | 4,223,891 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
870,248 | 870,248 | 1,119,054 | 1,119,054 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 878,782,978 | 878,782,978 | ||||||||||||
Premier Money Market Shares***
|
44,284,933 | 44,284,933 | 564,549,506 | 564,549,506 | ||||||||||||
Premium Reserve Money Market Shares
|
111,139,828 | 111,139,828 | 250,797,721 | 250,797,721 | ||||||||||||
Service Shares
|
1,791,610,827 | 1,791,610,827 | 1,256,750,880 | 1,256,750,880 | ||||||||||||
$ | 2,807,221,339 | $ | 3,753,564,969 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
187,455 | $ | 187,455 | 511,699 | $ | 511,699 | ||||||||||
Capital Assets Funds Preferred Shares
|
13,160 | 13,160 | 34,310 | 34,310 | ||||||||||||
Davidson Cash Equivalent Shares
|
1,863 | 1,863 | 6,909 | 6,909 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
220 | 220 | 997 | 997 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 781,281 | 781,281 | ||||||||||||
Institutional Select Money Market Shares**
|
— | — | 17 | 17 | ||||||||||||
Premier Money Market Shares***
|
4,160 | 4,160 | 259,732 | 259,732 | ||||||||||||
Premium Reserve Money Market Shares
|
5,371 | 5,371 | 141,496 | 141,496 | ||||||||||||
Service Shares
|
183,305 | 183,305 | 349,720 | 349,720 | ||||||||||||
$ | 395,534 | $ | 2,086,161 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(890,506,653 | ) | $ | (890,506,653 | ) | (773,833,097 | ) | $ | (773,833,097 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(64,951,835 | ) | (64,951,835 | ) | (42,319,981 | ) | (42,319,981 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(8,417,805 | ) | (8,417,805 | ) | (15,960,223 | ) | (15,960,223 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(1,850,907 | ) | (1,850,907 | ) | (3,704,435 | ) | (3,704,435 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (1,394,027,289 | ) | (1,394,027,289 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,576 | ) | (10,576 | ) | ||||||||||
Premier Money Market Shares***
|
(163,286,900 | ) | (163,286,900 | ) | (2,466,530,608 | ) | (2,466,530,608 | ) | ||||||||
Premium Reserve Money Market Shares
|
(119,115,201 | ) | (119,115,201 | ) | (592,438,461 | ) | (592,438,461 | ) | ||||||||
Service Shares
|
(1,368,490,287 | ) | (1,368,490,287 | ) | (1,157,527,651 | ) | (1,157,527,651 | ) | ||||||||
$ | (2,616,619,588 | ) | $ | (6,446,352,321 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(51,164,569 | ) | $ | (51,164,569 | ) | (22,297,561 | ) | $ | (22,297,561 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(48,511,803 | ) | (48,511,803 | ) | 4,031,431 | 4,031,431 | ||||||||||
Davidson Cash Equivalent Shares
|
(4,681,940 | ) | (4,681,940 | ) | (11,729,423 | ) | (11,729,423 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(980,439 | ) | (980,439 | ) | (2,584,384 | ) | (2,584,384 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (514,463,030 | ) | (514,463,030 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,559 | ) | (10,559 | ) | ||||||||||
Premier Money Market Shares***
|
(118,997,807 | ) | (118,997,807 | ) | (1,901,721,370 | ) | (1,901,721,370 | ) | ||||||||
Premium Reserve Money Market Shares
|
(7,970,002 | ) | (7,970,002 | ) | (341,499,244 | ) | (341,499,244 | ) | ||||||||
Service Shares
|
423,303,845 | 423,303,845 | 99,572,949 | 99,572,949 | ||||||||||||
$ | 190,997,285 | $ | (2,690,701,191 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
628,481,114 | $ | 628,481,114 | 649,627,293 | $ | 649,627,293 | ||||||||||
Davidson Cash Equivalent Shares
|
24,463,758 | 24,463,758 | 14,397,365 | 14,397,365 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
275,786,862 | 275,786,862 | 185,485,990 | 185,485,990 | ||||||||||||
DWS Government & Agency Money Fund
|
72,103,322 | 72,103,322 | 105,758,351 | 105,758,351 | ||||||||||||
DWS Government Cash Institutional Shares
|
34,835,288,142 | 34,835,288,142 | 86,737,251,385 | 86,737,251,385 | ||||||||||||
Government Cash Managed Shares
|
2,032,853,974 | 2,032,853,974 | 1,141,762,346 | 1,141,762,346 | ||||||||||||
Premier Money Market Shares****
|
— | — | 265,266,569 | 265,266,569 | ||||||||||||
Service Shares
|
269,340,585 | 269,340,585 | 228,691,596 | 228,691,596 | ||||||||||||
$ | 38,138,317,757 | $ | 89,328,240,895 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
29,657 | $ | 29,657 | 65,880 | $ | 65,880 | ||||||||||
Davidson Cash Equivalent Shares
|
2,127 | 2,127 | 5,141 | 5,141 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
5,509 | 5,509 | 5,913 | 5,913 | ||||||||||||
DWS Government & Agency Money Fund
|
27,796 | 27,796 | 195,740 | 195,740 | ||||||||||||
DWS Government Cash Institutional Shares
|
1,118,270 | 1,118,270 | 8,526,918 | 8,526,918 | ||||||||||||
Government Cash Managed Shares
|
5,696 | 5,696 | 8,301 | 8,301 | ||||||||||||
Premier Money Market Shares****
|
— | — | 338,346 | 338,346 | ||||||||||||
Service Shares
|
12,119 | 12,119 | 27,501 | 27,501 | ||||||||||||
$ | 1,201,174 | $ | 9,173,740 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(648,126,914 | ) | $ | (648,126,914 | ) | (625,330,611 | ) | $ | (625,330,611 | ) | ||||||
Davidson Cash Equivalent Shares
|
(25,307,057 | ) | (25,307,057 | ) | (23,739,455 | ) | (23,739,455 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(292,761,983 | ) | (292,761,983 | ) | (158,769,431 | ) | (158,769,431 | ) | ||||||||
DWS Government & Agency Money Fund
|
(134,495,012 | ) | (134,495,012 | ) | (198,527,517 | ) | (198,527,517 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(36,963,523,481 | ) | (36,963,523,481 | ) | (94,492,111,010 | ) | (94,492,111,010 | ) | ||||||||
Government Cash Managed Shares
|
(2,132,755,829 | ) | (2,132,755,829 | ) | (1,338,740,329 | ) | (1,338,740,329 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,366,260,819 | ) | (4,366,260,819 | ) | ||||||||||
Service Shares
|
(272,492,118 | ) | (272,492,118 | ) | (264,171,028 | ) | (264,171,028 | ) | ||||||||
$ | (40,469,462,394 | ) | $ | (101,467,650,200 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(19,616,143 | ) | $ | (19,616,143 | ) | 24,362,562 | $ | 24,362,562 | ||||||||
Davidson Cash Equivalent Shares
|
(841,172 | ) | (841,172 | ) | (9,336,949 | ) | (9,336,949 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(16,969,612 | ) | (16,969,612 | ) | 26,722,472 | 26,722,472 | ||||||||||
DWS Government & Agency Money Fund
|
(62,363,894 | ) | (62,363,894 | ) | (92,573,426 | ) | (92,573,426 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(2,127,117,069 | ) | (2,127,117,069 | ) | (7,746,332,707 | ) | (7,746,332,707 | ) | ||||||||
Government Cash Managed Shares
|
(99,896,159 | ) | (99,896,159 | ) | (196,969,682 | ) | (196,969,682 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,100,655,904 | ) | (4,100,655,904 | ) | ||||||||||
Service Shares
|
(3,139,414 | ) | (3,139,414 | ) | (35,451,931 | ) | (35,451,931 | ) | ||||||||
$ | (2,329,943,463 | ) | $ | (12,130,235,565 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*****
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*****
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*****
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*****
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
25 Portfolio Summary
26 Investment Portfolio
31 Statement of Assets and Liabilities
33 Statement of Operations
34 Statement of Changes in Net Assets
35 Financial Highlights
DWS Tax-Exempt Portfolio
36 Portfolio Summary
37 Investment Portfolio
49 Statement of Assets and Liabilities
51 Statement of Operations
52 Statement of Changes in Net Assets
54 Financial Highlights
55 Notes to Financial Statements
72 Report of Independent Registered Public Accounting Firm
73 Tax Information
74 Summary of Management Fee Evaluation by Independent Fee Consultant
78 Summary of Administrative Fee Evaluation by Independent Fee Consultant
79 Board Members and Officers
|
7-Day Current Yield
|
||||
Money Market Portfolio — Capital Assets Funds Shares
|
0.02 | %* | ||
Government & Agency Securities Portfolio — Capital Assets Funds Shares
|
0.01 | %* | ||
Tax-Exempt Portfolio — Capital Assets Funds Shares
|
0.01 | %* | ||
(Equivalent Taxable Yield)
|
0.02 | %** | ||
Money Market Portfolio — Capital Assets Funds Preferred Shares
|
0.05 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (888) 466-4250.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield for Capital Assets Funds Shares would have been -0.77%, -0.81% and -0.68% for the Money Market Portfolio, Government & Agency Securities Portfolio and the Tax-Exempt Portfolio, respectively, and -0.43% for the Money Market Portfolio — Capital Assets Funds Preferred Shares, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||||||
Actual Fund Return
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
|||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,000.12 | $ | 1,000.05 | $ | 1,000.05 | ||||||
Expenses Paid per $1,000*
|
$ | 1.59 | $ | .84 | $ | 1.64 | ||||||
Hypothetical 5% Fund Return
|
||||||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,023.21 | $ | 1,023.95 | $ | 1,023.16 | ||||||
Expenses Paid per $1,000*
|
$ | 1.61 | $ | .85 | $ | 1.66 |
Annualized Expense Ratios
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
Capital Assets Funds Shares
|
.32%
|
.17%
|
.33%
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
Money Market Portfolio
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.27 | ||
Expenses Paid per $1,000*
|
$ | 1.44 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.36 | ||
Expenses Paid per $1,000*
|
$ | 1.45 |
Annualized Expense Ratio
|
Money Market Portfolio
|
Capital Assets Funds Preferred Shares
|
.29%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Commercial Paper
|
34%
|
38%
|
Short-Term Notes
|
17%
|
26%
|
Repurchase Agreements
|
16%
|
12%
|
Certificates of Deposit and Bank Notes
|
16%
|
13%
|
Government & Agency Obligations
|
14%
|
10%
|
Time Deposits
|
3%
|
—
|
Supranational
|
—
|
1%
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Money Market Portfolio
|
48 days
|
41 days
|
iMoneyNet First Tier Retail Money Fund Average*
|
40 days
|
46 days
|
Principal Amount ($)
|
Value ($)
|
||||
Certificates of Deposit and Bank Notes 15.8%
|
|||||
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
|
6,500,000
|
6,828,336
|
|||
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
|
25,000,000
|
25,000,000
|
|||
BNP Paribas:
|
|||||
0.35%, 8/8/2011
|
20,000,000
|
20,000,000
|
|||
0.45%, 7/25/2011
|
7,000,000
|
6,999,834
|
|||
0.55%, 5/13/2011
|
7,000,000
|
7,000,093
|
|||
Credit Agricole SA, 0.3%, 8/4/2011
|
12,000,000
|
12,000,000
|
|||
Dexia Credit Local:
|
|||||
0.24%, 5/3/2011
|
23,437,000
|
23,437,000
|
|||
144A, 2.375%, 9/23/2011
|
8,000,000
|
8,055,854
|
|||
International Finance Corp., 3.0%, 11/15/2011
|
6,000,000
|
6,084,144
|
|||
KBC Bank NV, 0.3%, 5/6/2011
|
6,500,000
|
6,500,000
|
|||
Landesbank Hessen-Thueringen Girozentrale:
|
|||||
0.2%, 5/12/2011
|
3,000,000
|
3,000,000
|
|||
0.2%, 5/20/2011
|
6,000,000
|
6,000,000
|
|||
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
|
8,500,000
|
8,500,000
|
|||
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
|
12,000,000
|
12,000,000
|
|||
Natixis, 0.22%, 6/24/2011
|
20,000,000
|
20,000,000
|
|||
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
|
10,000,000
|
10,078,955
|
|||
Nordea Bank Finland PLC:
|
|||||
0.27%, 6/28/2011
|
12,000,000
|
12,000,000
|
|||
0.28%, 7/5/2011
|
25,000,000
|
25,000,226
|
|||
0.44%, 6/30/2011
|
10,000,000
|
10,000,498
|
|||
0.67%, 7/20/2011
|
15,000,000
|
15,008,950
|
|||
Skandinaviska Enskilda Banken AB:
|
|||||
0.24%, 6/20/2011
|
25,000,000
|
25,000,000
|
|||
0.25%, 6/10/2011
|
6,000,000
|
6,000,000
|
|||
0.26%, 6/3/2011
|
15,000,000
|
15,000,000
|
|||
0.26%, 6/6/2011
|
15,000,000
|
15,000,000
|
|||
0.31%, 5/27/2011
|
18,000,000
|
18,000,000
|
|||
Societe Generale:
|
|||||
0.2%, 7/5/2011
|
6,000,000
|
6,000,000
|
|||
0.35%, 5/16/2011
|
12,000,000
|
12,000,000
|
|||
Sumitomo Mitsui Banking Corp.:
|
|||||
0.28%, 6/1/2011
|
28,000,000
|
28,000,000
|
|||
0.3%, 5/3/2011
|
6,000,000
|
6,000,000
|
|||
Svenska Handelsbanken AB:
|
|||||
0.24%, 7/6/2011
|
20,500,000
|
20,500,000
|
|||
0.275%, 6/23/2011
|
15,000,000
|
15,000,055
|
|||
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
|
409,993,945
|
||||
Commercial Paper 34.6%
|
|||||
Issued at Discount**
|
|||||
Abbey National North America LLC, 0.3%, 6/27/2011
|
6,500,000
|
6,496,912
|
|||
Alpine Securitization, 144A, 0.16%, 6/2/2011
|
40,000,000
|
39,994,311
|
|||
Argento Variable Funding:
|
|||||
144A, 0.31%, 6/20/2011
|
15,000,000
|
14,993,542
|
|||
144A, 0.319%, 5/3/2011
|
6,500,000
|
6,499,884
|
|||
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
|
25,000,000
|
24,999,472
|
|||
Barclays Bank PLC, 0.31%, 5/26/2011
|
12,500,000
|
12,497,309
|
|||
BPCE SA, 0.27%, 7/26/2011
|
9,000,000
|
8,994,195
|
|||
Caisse d'Amortissement de la Dette Sociale:
|
|||||
0.22%, 8/5/2011
|
12,000,000
|
11,992,960
|
|||
0.25%, 7/25/2011
|
18,000,000
|
17,989,375
|
|||
0.27%, 5/31/2011
|
16,620,000
|
16,616,261
|
|||
0.28%, 6/1/2011
|
12,800,000
|
12,796,914
|
|||
0.29%, 5/31/2011
|
15,000,000
|
14,996,375
|
|||
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
|
20,000,000
|
19,998,311
|
|||
Comcast Corp., 0.31%, 5/6/2011
|
10,000,000
|
9,999,569
|
|||
Eksportfinans ASA, 0.15%, 5/5/2011
|
37,500,000
|
37,499,375
|
|||
ENI Coordination Center SA, 0.3%, 5/26/2011
|
12,500,000
|
12,497,396
|
|||
Google, Inc., 0.4%, 9/16/2011
|
8,000,000
|
7,987,733
|
|||
Grampian Funding LLC:
|
|||||
144A, 0.26%, 7/14/2011
|
10,000,000
|
9,994,656
|
|||
144A, 0.26%, 7/19/2011
|
3,000,000
|
2,998,288
|
|||
144A, 0.27%, 7/8/2011
|
12,000,000
|
11,993,880
|
|||
144A, 0.27%, 7/11/2011
|
25,000,000
|
24,986,688
|
|||
144A, 0.28%, 7/7/2011
|
10,000,000
|
9,994,789
|
|||
144A, 0.28%, 7/8/2011
|
13,000,000
|
12,993,124
|
|||
Johnson & Johnson:
|
|||||
144A, 0.18%, 6/3/2011
|
12,850,000
|
12,847,880
|
|||
144A, 0.19%, 8/22/2011
|
15,000,000
|
14,991,054
|
|||
Kells Funding LLC:
|
|||||
144A, 0.33%, 5/9/2011
|
6,000,000
|
5,999,560
|
|||
144A, 0.35%, 5/18/2011
|
3,000,000
|
2,999,504
|
|||
144A, 0.35%, 6/6/2011
|
6,000,000
|
5,997,900
|
|||
144A, 0.36%, 5/17/2011
|
18,000,000
|
17,997,120
|
|||
144A, 0.37%, 6/17/2011
|
15,000,000
|
14,992,754
|
|||
144A, 0.38%, 6/17/2011
|
12,000,000
|
11,994,047
|
|||
144A, 0.39%, 7/5/2011
|
10,000,000
|
9,992,958
|
|||
144A, 0.39%, 9/6/2011
|
13,750,000
|
13,730,933
|
|||
144A, 0.4%, 7/1/2011
|
8,000,000
|
7,994,578
|
|||
LMA Americas LLC, 144A, 0.17%, 5/9/2011
|
6,000,000
|
5,999,773
|
|||
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
|
12,419,000
|
12,417,603
|
|||
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
|
12,500,000
|
12,492,500
|
|||
Nieuw Amsterdam Receivables Corp.:
|
|||||
144A, 0.24%, 6/2/2011
|
13,500,000
|
13,497,120
|
|||
144A, 0.25%, 5/6/2011
|
12,000,000
|
11,999,583
|
|||
NRW.Bank:
|
|||||
0.19%, 6/28/2011
|
13,500,000
|
13,495,868
|
|||
0.22%, 7/14/2011
|
6,000,000
|
5,997,287
|
|||
0.275%, 6/10/2011
|
8,000,000
|
7,997,556
|
|||
0.3%, 5/2/2011
|
12,000,000
|
11,999,900
|
|||
0.3%, 5/3/2011
|
30,000,000
|
29,999,500
|
|||
0.3%, 5/23/2011
|
12,500,000
|
12,497,708
|
|||
Procter & Gamble Co., 0.19%, 6/3/2011
|
16,513,000
|
16,510,124
|
|||
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
|
26,000,000
|
25,996,707
|
|||
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
|
3,000,000
|
2,999,425
|
|||
Sanofi-Aventis SA, 0.3%, 8/15/2011
|
12,500,000
|
12,488,958
|
|||
SBAB Bank AB:
|
|||||
144A, 0.35%, 7/19/2011
|
6,000,000
|
5,995,392
|
|||
144A, 0.37%, 7/13/2011
|
12,500,000
|
12,490,622
|
|||
144A, 0.39%, 6/9/2011
|
12,000,000
|
11,994,930
|
|||
144A, 0.39%, 7/5/2011
|
12,500,000
|
12,491,198
|
|||
144A, 0.4%, 6/23/2011
|
6,000,000
|
5,996,467
|
|||
Scaldis Capital LLC:
|
|||||
0.32%, 5/20/2011
|
5,000,000
|
4,999,156
|
|||
0.32%, 6/2/2011
|
9,000,000
|
8,997,440
|
|||
Shell International Finance BV, 0.4%, 5/2/2011
|
5,000,000
|
4,999,944
|
|||
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
|
15,000,000
|
14,999,375
|
|||
Standard Chartered Bank, 0.29%, 5/24/2011
|
20,000,000
|
19,996,294
|
|||
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
|
15,000,000
|
14,999,896
|
|||
Svenska Handelsbanken AB, 0.28%, 5/18/2011
|
6,000,000
|
5,999,207
|
|||
Swedbank AB:
|
|||||
0.26%, 7/27/2011
|
12,000,000
|
11,992,460
|
|||
0.27%, 7/11/2011
|
10,000,000
|
9,994,675
|
|||
0.27%, 7/26/2011
|
10,000,000
|
9,993,550
|
|||
0.285%, 5/23/2011
|
12,000,000
|
11,997,910
|
|||
0.3%, 5/13/2011
|
28,000,000
|
27,997,200
|
|||
0.34%, 7/5/2011
|
20,000,000
|
19,987,722
|
|||
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
|
12,500,000
|
12,485,253
|
|||
Total Commercial Paper (Cost $894,147,910)
|
894,147,910
|
||||
Short-Term Notes* 17.7%
|
|||||
Abbey National Treasury Services PLC:
|
|||||
0.38%, 4/16/2012
|
18,000,000
|
18,000,000
|
|||
0.49%, 11/2/2011
|
12,500,000
|
12,500,000
|
|||
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
|
12,500,000
|
12,500,000
|
|||
Bank of Nova Scotia:
|
|||||
0.22%, 8/25/2011
|
16,500,000
|
16,500,000
|
|||
0.27%, 9/12/2011
|
7,000,000
|
7,000,000
|
|||
0.35%, 12/8/2011
|
8,000,000
|
8,000,000
|
|||
Barclays Bank PLC, 0.533%, 7/19/2011
|
15,000,000
|
15,000,000
|
|||
BNP Paribas, 0.492%, 8/22/2011
|
25,000,000
|
25,000,000
|
|||
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
|
26,000,000
|
25,996,945
|
|||
Canadian Imperial Bank of Commerce:
|
|||||
0.18%, 5/12/2011
|
20,000,000
|
20,000,000
|
|||
0.292%, 4/26/2012
|
21,600,000
|
21,600,000
|
|||
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
|
12,000,000
|
12,000,000
|
|||
Credit Suisse, 0.19%, 6/3/2011
|
12,000,000
|
12,000,000
|
|||
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
|
11,500,000
|
11,500,000
|
|||
Kells Funding LLC:
|
|||||
144A, 0.318%, 8/15/2011
|
12,500,000
|
12,500,000
|
|||
144A, 0.342%, 2/24/2012
|
13,750,000
|
13,750,000
|
|||
144A, 0.383%, 12/1/2011
|
10,000,000
|
10,000,000
|
|||
National Australia Bank Ltd.:
|
|||||
0.261%, 10/5/2011
|
12,500,000
|
12,500,000
|
|||
0.291%, 6/10/2011
|
15,000,000
|
15,000,000
|
|||
Nordea Bank Finland PLC:
|
|||||
0.56%, 2/3/2012
|
3,000,000
|
3,004,662
|
|||
0.574%, 10/20/2011
|
12,500,000
|
12,517,260
|
|||
0.58%, 10/14/2011
|
10,000,000
|
10,013,284
|
|||
Rabobank Nederland NV:
|
|||||
0.263%, 5/13/2011
|
14,000,000
|
14,000,001
|
|||
0.307%, 4/24/2012
|
7,750,000
|
7,749,616
|
|||
0.311%, 1/10/2012
|
8,000,000
|
8,000,000
|
|||
144A, 0.384%, 3/16/2012
|
12,000,000
|
12,000,000
|
|||
144A, 0.458%, 9/28/2011
|
6,000,000
|
6,003,687
|
|||
Royal Bank of Canada, 0.31%, 8/12/2011
|
11,300,000
|
11,300,000
|
|||
Societe Generale, 0.32%, 5/19/2011
|
24,000,000
|
24,000,000
|
|||
Westpac Banking Corp.:
|
|||||
0.27%, 10/12/2011
|
16,000,000
|
16,000,000
|
|||
0.293%, 6/1/2011
|
8,000,000
|
8,000,000
|
|||
0.321%, 5/9/2012
|
17,000,000
|
17,000,000
|
|||
144A, 0.323%, 10/28/2011
|
12,000,000
|
12,001,367
|
|||
0.36%, 1/10/2012
|
14,000,000
|
14,000,000
|
|||
Total Short-Term Notes (Cost $456,936,822)
|
456,936,822
|
||||
Government & Agency Obligations 13.9%
|
|||||
Foreign Government Obligations 0.5%
|
|||||
Kingdom of Denmark, 2.75%, 11/15/2011
|
11,500,000
|
11,643,626
|
|||
Other Government Related (a) 1.6%
|
|||||
European Investment Bank:
|
|||||
0.24%, 6/28/2011
|
13,000,000
|
12,994,973
|
|||
2.625%, 5/16/2011
|
7,000,000
|
7,006,628
|
|||
2.625%, 11/15/2011
|
22,000,000
|
22,267,637
|
|||
42,269,238
|
|||||
US Government Sponsored Agencies 5.5%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.223%*, 11/2/2011
|
12,250,000
|
12,249,690
|
|||
0.259%**, 10/20/2011
|
5,000,000
|
4,993,789
|
|||
0.259%**, 4/4/2012
|
5,000,000
|
4,987,758
|
|||
0.319%**, 12/16/2011
|
10,200,000
|
10,179,237
|
|||
Federal Home Loan Bank:
|
|||||
0.24%, 10/28/2011
|
14,000,000
|
13,995,584
|
|||
0.25%, 10/28/2011
|
14,000,000
|
13,999,429
|
|||
0.268%**, 9/12/2011
|
10,000,000
|
9,989,950
|
|||
0.54%, 5/24/2011
|
4,400,000
|
4,400,022
|
|||
1.0%, 12/28/2011
|
10,000,000
|
10,053,762
|
|||
Federal National Mortgage Association:
|
|||||
0.113%*, 7/27/2011
|
12,500,000
|
12,498,033
|
|||
0.159%**, 11/21/2011
|
15,000,000
|
14,986,400
|
|||
0.182%**, 6/16/2011
|
12,500,000
|
12,497,045
|
|||
4.68%, 6/15/2011
|
7,000,000
|
7,038,043
|
|||
5.375%, 11/15/2011
|
10,000,000
|
10,280,209
|
|||
142,148,951
|
|||||
US Treasury Obligations 6.3%
|
|||||
US Treasury Bills:
|
|||||
0.155%**, 7/28/2011
|
996,000
|
995,623
|
|||
0.16%**, 9/1/2011
|
12,500,000
|
12,493,167
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
39,500,000
|
39,518,687
|
|||
0.875%, 1/31/2012
|
13,500,000
|
13,567,775
|
|||
1.0%, 9/30/2011
|
37,000,000
|
37,117,154
|
|||
4.5%, 11/30/2011
|
7,000,000
|
7,170,545
|
|||
4.625%, 8/31/2011
|
27,500,000
|
27,899,749
|
|||
4.625%, 10/31/2011
|
17,000,000
|
17,369,535
|
|||
5.125%, 6/30/2011
|
7,500,000
|
7,560,710
|
|||
163,692,945
|
|||||
Total Government & Agency Obligations (Cost $359,754,760)
|
359,754,760
|
||||
Time Deposits 2.6%
|
|||||
Citibank NA, 0.13%, 5/5/2011
|
58,000,000
|
58,000,000
|
|||
National Australia Bank Ltd., 0.08%, 5/2/2011
|
9,315,483
|
9,315,483
|
|||
Total Time Deposits (Cost $67,315,483)
|
67,315,483
|
||||
Municipal Bonds and Notes 0.2%
|
|||||
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
|
4,085,000
|
4,085,000
|
|||
Repurchase Agreements 16.2%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
|
5,000,000
|
5,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
|
39,285,715
|
39,285,715
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
|
124,000,000
|
124,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
|
64,281,428
|
64,281,428
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
|
23,000,000
|
23,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
|
15,000,000
|
15,000,000
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
|
142,000,000
|
142,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
|
6,000,000
|
6,000,000
|
|||
Total Repurchase Agreements (Cost $418,567,143)
|
418,567,143
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,610,801,063)+
|
101.0 | 2,610,801,063 | ||||||
Other Assets and Liabilities, Net
|
(1.0 | ) | (24,871,551 | ) | ||||
Net Assets
|
100.0 | 2,585,929,512 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
29,000,000 |
Federal Home Loan Bank
|
3.125 |
3/11/2016
|
30,474,263 | ||||||||
91,202,000 |
Federal National Mortgage Association
|
2.625 |
11/20/2014
|
96,010,512 | ||||||||
Total Collateral Value
|
126,484,775 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (j)
|
$ | — | $ | 2,192,233,920 | $ | — | $ | 2,192,233,920 | ||||||||
Repurchase Agreements
|
— | 418,567,143 | — | 418,567,143 | ||||||||||||
Total
|
$ | — | $ | 2,610,801,063 | $ | — | $ | 2,610,801,063 |
as of April 30, 2011
|
||||
Assets
|
Money Market Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,192,233,920 | ||
Repurchase agreements, valued at amortized cost
|
418,567,143 | |||
Total investments, valued at amortized cost
|
2,610,801,063 | |||
Cash
|
2,856 | |||
Receivable for Fund shares sold
|
3,963 | |||
Interest receivable
|
2,616,479 | |||
Due from Advisor
|
16,735 | |||
Other assets
|
93,812 | |||
Total assets
|
2,613,534,908 | |||
Liabilities
|
||||
Payable for investments purchased
|
25,996,945 | |||
Payable for Fund shares redeemed
|
22,024 | |||
Accrued management fee
|
322,306 | |||
Other accrued expenses and payables
|
1,264,121 | |||
Total liabilities
|
27,605,396 | |||
Net assets, at value
|
$ | 2,585,929,512 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
39,083 | |||
Paid-in capital
|
2,585,890,429 | |||
Net assets, at value
|
$ | 2,585,929,512 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Money Market Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Money Market Portfolio
|
|||
Income:
Interest
|
$ | 8,798,068 | ||
Expenses:
Management fee
|
3,881,269 | |||
Services to shareholders
|
6,076,379 | |||
Custodian fee
|
74,890 | |||
Distribution and service fees
|
14,110,025 | |||
Professional fees
|
138,516 | |||
Trustees' fees and expenses
|
77,791 | |||
Reports to shareholders
|
320,727 | |||
Registration fees
|
165,621 | |||
Other
|
109,278 | |||
Total expenses before expense reductions
|
24,954,496 | |||
Expense reductions
|
(16,494,317 | ) | ||
Total expenses after expense reductions
|
8,460,179 | |||
Net investment income
|
337,889 | |||
Net realized gain (loss) from investments
|
46,708 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 384,597 |
Money Market Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 337,889 | $ | 1,401,172 | ||||
Net realized gain (loss)
|
46,708 | 163,092 | ||||||
Net increase in net assets resulting from operations
|
384,597 | 1,564,264 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(187,975 | ) | (325,020 | ) | ||||
Capital Assets Funds Preferred Shares
|
(13,299 | ) | (22,211 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,869 | ) | (2,135 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(221 | ) | (304 | ) | ||||
Institutional Money Market Shares
|
— | (739,919 | ) | |||||
Institutional Select Money Market Shares
|
— | (18 | ) | |||||
Premier Money Market Shares
|
(5,042 | ) | (80,727 | ) | ||||
Premium Reserve Money Market Shares
|
(7,826 | ) | (119,850 | ) | ||||
Service Shares
|
(183,668 | ) | (110,887 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (185,696 | ) | |||||
Capital Assets Funds Preferred Shares
|
— | (11,952 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (4,764 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (692 | ) | |||||
Institutional Money Market Shares
|
— | (48,898 | ) | |||||
Institutional Select Money Market Shares
|
— | (1 | ) | |||||
Premier Money Market Shares
|
— | (232,203 | ) | |||||
Premium Reserve Money Market Shares
|
— | (48,826 | ) | |||||
Service Shares
|
— | (238,491 | ) | |||||
Total distributions
|
(399,900 | ) | (2,172,594 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
2,807,221,339 | 3,753,564,969 | ||||||
Reinvestment of distributions
|
395,534 | 2,086,161 | ||||||
Cost of shares redeemed
|
(2,616,619,588 | ) | (6,446,352,321 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
190,997,285 | (2,690,701,191 | ) | |||||
Increase (decrease) in net assets
|
190,981,982 | (2,691,309,521 | ) | |||||
Net assets at beginning of period
|
2,394,947,530 | 5,086,257,051 | ||||||
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
|
$ | 2,585,929,512 | $ | 2,394,947,530 |
Money Market Portfolio
Capital Assets Funds Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .001 | .012 | .038 | .043 | ||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .001 | .012 | .038 | .043 | ||||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.001 | ) | (.012 | ) | (.038 | ) | (.043 | ) | ||||||||||
Net realized gain
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.001 | ) | (.012 | ) | (.038 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .06 | 1.21 | 3.90 | 4.38 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
846 | 897 | 919 | 1,057 | 979 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.03 | 1.03 | 1.04 | 1.05 | 1.04 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.34 | .42 | 1.00 | 1.03 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.02 | .04 | 1.16 | 3.78 | 4.28 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Money Market Portfolio
Capital Assets Funds Preferred Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
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
|
.001 | .001 | .016 | .042 | .047 | |||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.001 | .001 | .016 | .042 | .047 | |||||||||||||||
Less distributions from:
Net investment income
|
(.001 | ) | (.001 | ) | (.016 | ) | (.042 | ) | (.047 | ) | ||||||||||
Net realized gain
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.001 | ) | (.001 | ) | (.016 | ) | (.042 | ) | (.047 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.05 | .06 | 1.60 | 4.30 | 4.80 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
5 | 53 | 49 | 75 | .063 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.65 | .65 | .65 | .66 | .67 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.33 | .41 | .61 | .61 | .60 | |||||||||||||||
Ratio of net investment income (%)
|
.05 | .04 | 1.55 | 4.20 | 4.68 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Government & Agency Obligations
|
50%
|
85%
|
Repurchase Agreements
|
48%
|
15%
|
Commercial Paper
|
2%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Government & Agency Securities Portfolio
|
49 days
|
52 days
|
iMoneyNet Government & Agencies Retail Money Fund Average*
|
38 days
|
45 days
|
Principal Amount ($)
|
Value ($)
|
||||
Commercial Paper 1.8%
|
|||||
Issued at Discount
|
|||||
Straight-A Funding LLC:
|
|||||
144A, 0.15%, 5/11/2011
|
20,000,000
|
19,999,167
|
|||
144A, 0.2%, 7/5/2011
|
80,000,000
|
79,971,111
|
|||
Total Commercial Paper (Cost $99,970,278)
|
99,970,278
|
||||
Government & Agency Obligations 51.6%
|
|||||
US Government Sponsored Agencies 45.9%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.119%**, 5/18/2012
|
165,000,000
|
164,991,321
|
|||
0.12%**, 1/12/2012
|
100,000,000
|
100,001,775
|
|||
0.129%*, 9/9/2011
|
25,000,000
|
24,988,174
|
|||
0.134%**, 7/15/2011
|
85,000,000
|
84,999,308
|
|||
0.164%*, 5/24/2011
|
50,000,000
|
49,994,569
|
|||
0.208%*, 8/3/2011
|
43,500,000
|
43,476,148
|
|||
0.259%*, 10/20/2011
|
34,500,000
|
34,457,143
|
|||
0.259%*, 4/4/2012
|
12,500,000
|
12,469,396
|
|||
0.269%*, 3/23/2012
|
25,000,000
|
24,938,688
|
|||
0.319%*, 12/16/2011
|
28,000,000
|
27,943,004
|
|||
0.319%*, 1/12/2012
|
33,000,000
|
32,924,907
|
|||
Federal Home Loan Bank:
|
|||||
0.018%*, 5/2/2011
|
12,737,000
|
12,737,000
|
|||
0.064%*, 7/20/2011
|
100,000,000
|
99,985,556
|
|||
0.068%*, 5/27/2011
|
50,000,000
|
49,997,472
|
|||
0.076%*, 5/18/2011
|
55,000,000
|
54,997,922
|
|||
0.089%*, 9/6/2011
|
50,000,000
|
49,984,000
|
|||
0.149%*, 8/12/2011
|
7,500,000
|
7,496,781
|
|||
0.149%*, 8/17/2011
|
12,207,000
|
12,201,507
|
|||
0.17%**, 1/18/2012
|
22,000,000
|
22,006,379
|
|||
0.183%**, 9/26/2011
|
12,500,000
|
12,499,749
|
|||
0.24%, 10/28/2011
|
36,275,000
|
36,266,384
|
|||
0.248%*, 8/22/2011
|
5,000,000
|
4,996,076
|
|||
0.268%*, 9/12/2011
|
15,900,000
|
15,884,021
|
|||
0.3%, 12/27/2011
|
75,000,000
|
75,022,455
|
|||
0.76%, 7/19/2011
|
15,000,000
|
15,017,910
|
|||
1.0%, 12/28/2011
|
13,460,000
|
13,532,363
|
|||
5.375%, 8/19/2011
|
14,900,000
|
15,129,895
|
|||
Federal Home Loan Mortgage Corp.:
|
|||||
0.028%*, 5/19/2011
|
15,000,000
|
14,999,775
|
|||
0.08%**, 11/9/2011
|
75,000,000
|
74,967,946
|
|||
0.14%**, 11/10/2011
|
200,000,000
|
200,000,000
|
|||
0.149%*, 7/27/2011
|
85,000,000
|
84,969,188
|
|||
0.164%*, 9/1/2011
|
8,935,000
|
8,929,963
|
|||
0.167%*, 6/13/2011
|
27,061,000
|
27,055,505
|
|||
0.193%*, 7/25/2011
|
34,494,000
|
34,478,118
|
|||
0.198%*, 7/12/2011
|
100,000,000
|
99,960,000
|
|||
Federal National Mortgage Association:
|
|||||
0.059%*, 6/13/2011
|
75,000,000
|
74,994,625
|
|||
0.079%*, 7/21/2011
|
100,000,000
|
99,982,000
|
|||
0.099%*, 8/8/2011
|
32,500,000
|
32,491,063
|
|||
0.113%**, 7/27/2011
|
190,000,000
|
189,983,791
|
|||
0.119%*, 8/22/2011
|
25,000,000
|
24,990,583
|
|||
0.119%*, 9/13/2011
|
100,000,000
|
99,955,000
|
|||
0.129%*, 9/26/2011
|
65,000,000
|
64,965,261
|
|||
0.159%*, 11/21/2011
|
100,000,000
|
99,909,333
|
|||
0.174%**, 9/19/2011
|
30,000,000
|
29,999,404
|
|||
0.178%*, 7/20/2011
|
44,000,000
|
43,982,400
|
|||
0.178%*, 7/27/2011
|
51,659,000
|
51,636,528
|
|||
0.182%*, 6/16/2011
|
35,000,000
|
34,991,726
|
|||
5.0%, 10/15/2011
|
50,000,000
|
51,082,031
|
|||
5.375%, 11/15/2011
|
16,040,000
|
16,489,455
|
|||
2,559,753,598
|
|||||
US Treasury Obligations 5.7%
|
|||||
US Treasury Bill, 0.16%*, 9/1/2011
|
17,500,000
|
17,490,433
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
25,000,000
|
25,014,282
|
|||
1.0%, 9/30/2011
|
84,500,000
|
84,768,848
|
|||
1.75%, 11/15/2011
|
50,000,000
|
50,394,064
|
|||
4.625%, 8/31/2011
|
43,500,000
|
44,134,573
|
|||
4.625%, 10/31/2011
|
45,000,000
|
45,986,196
|
|||
5.125%, 6/30/2011
|
50,000,000
|
50,404,731
|
|||
318,193,127
|
|||||
Total Government & Agency Obligations (Cost $2,877,946,725)
|
2,877,946,725
|
||||
Repurchase Agreements 49.5%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
|
215,000,000
|
215,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
|
42,428,571
|
42,428,571
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
|
704,000,000
|
704,000,000
|
|||
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
|
22,000,000
|
22,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
|
432,618,951
|
432,618,951
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
|
223,000,000
|
223,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
|
123,926,503
|
123,926,503
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
|
252,000,000
|
252,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
|
441,000,000
|
441,000,000
|
|||
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
|
300,000,000
|
300,000,000
|
|||
Total Repurchase Agreements (Cost $2,755,974,025)
|
2,755,974,025
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $5,733,891,028)+
|
102.9 | 5,733,891,028 | ||||||
Other Assets and Liabilities, Net
|
(2.9 | ) | (162,027,136 | ) | ||||
Net Assets
|
100.0 | 5,571,863,892 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
522,522,000 |
Federal Home Loan Mortgage Corp.
|
1.65-5.5 |
4/28/2014-
4/8/2030
|
546,732,677 | ||||||||
161,294,000 |
Federal National Mortgage Association
|
3.25-4.75 |
2/21/2013-
4/9/2013
|
171,348,112 | ||||||||
Total Collateral Value
|
718,080,789 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
185,181,947 |
Federal Home Loan Mortgage Corp.
|
Zero Coupon-6.5
|
7/15/2015-
8/15/2039
|
192,999,725 | ||||||||
54,470,688 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.281 |
1/15/2039
|
5,749,091 | ||||||||
7,680,197 |
Federal Home Loan Mortgage Corp. — Principal only
|
Zero Coupon
|
11/15/2036-
5/15/2037
|
6,713,414 | ||||||||
23,268,926 |
Federal National Mortgage Association
|
0.513-6.47 |
2/25/2029-
6/25/2037
|
22,905,889 | ||||||||
Total Collateral Value
|
228,368,119 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
22,370,889 |
Federal Home Loan Mortgage Corp.
|
4.0-5.5 |
4/15/2040-
4/15/2041
|
21,981,083 | ||||||||
491,792,871 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.781-6.431 |
9/15/2033-
11/15/2038
|
77,032,731 | ||||||||
210,576,230 |
Federal National Mortgage Association
|
Zero Coupon — 5.5
|
6/25/2021-
3/25/2041
|
213,820,002 | ||||||||
914,052,013 |
Federal National Mortgage Association — Interest only
|
5.787-6.266 |
6/25/2038-
1/25/2041
|
136,986,185 | ||||||||
Total Collateral Value
|
449,820,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 2,977,917,003 | $ | — | $ | 2,977,917,003 | ||||||||
Repurchase Agreements
|
— | 2,755,974,025 | — | 2,755,974,025 | ||||||||||||
Total
|
$ | — | $ | 5,733,891,028 | $ | — | $ | 5,733,891,028 |
as of April 30, 2011
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,977,917,003 | ||
Repurchase agreements, valued at amortized cost
|
2,755,974,025 | |||
Total investments, valued at amortized cost
|
5,733,891,028 | |||
Receivable for Fund shares sold
|
142,451 | |||
Interest receivable
|
3,670,502 | |||
Due from Advisor
|
136,428 | |||
Other assets
|
95,442 | |||
Total assets
|
5,737,935,851 | |||
Liabilities
|
||||
Payable for investments purchased
|
164,991,321 | |||
Payable for Fund shares redeemed
|
126,472 | |||
Distributions payable
|
106,265 | |||
Accrued management fee
|
99,239 | |||
Other accrued expenses and payables
|
748,662 | |||
Total liabilities
|
166,071,959 | |||
Net assets, at value
|
$ | 5,571,863,892 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,484 | |||
Accumulated net realized gain (loss)
|
(602,497 | ) | ||
Paid-in capital
|
5,572,264,905 | |||
Net assets, at value
|
$ | 5,571,863,892 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 9,770,345 | ||
Expenses:
Management fee
|
2,506,115 | |||
Administration fee
|
4,222,727 | |||
Services to shareholders
|
1,845,325 | |||
Custodian fee
|
76,975 | |||
Distribution and service fees
|
3,146,324 | |||
Professional fees
|
150,210 | |||
Trustees' fees and expenses
|
127,065 | |||
Reports to shareholders
|
10,937 | |||
Registration fees
|
141,522 | |||
Other
|
393,329 | |||
Total expenses before expense reductions
|
12,620,529 | |||
Expense reductions
|
(5,190,147 | ) | ||
Total expenses after expense reductions
|
7,430,382 | |||
Net investment income
|
2,339,963 | |||
Net realized gain (loss) from investments
|
(602,497 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 1,737,466 |
Government & Agency Securities Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 2,339,963 | $ | 18,279,158 | ||||
Net realized gain (loss)
|
(602,497 | ) | 683,254 | |||||
Net increase in net assets resulting from operations
|
1,737,466 | 18,962,412 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(29,745 | ) | (30,842 | ) | ||||
Davidson Cash Equivalent Shares
|
(2,133 | ) | (2,419 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(5,528 | ) | (3,042 | ) | ||||
DWS Government & Agency Money Fund
|
(28,169 | ) | (168,152 | ) | ||||
DWS Government Cash Institutional Shares
|
(2,230,405 | ) | (17,853,361 | ) | ||||
Government Cash Managed Shares
|
(21,680 | ) | (46,318 | ) | ||||
Premier Money Market Shares
|
— | (176,438 | ) | |||||
Service Shares
|
(12,160 | ) | (13,091 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (34,871 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,710 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (2,843 | ) | |||||
DWS Government & Agency Money Fund
|
— | (32,168 | ) | |||||
DWS Government Cash Institutional Shares
|
— | (1,560,440 | ) | |||||
Government Cash Managed Shares
|
— | (38,058 | ) | |||||
Premier Money Market Shares
|
— | (242,870 | ) | |||||
Service Shares
|
— | (14,378 | ) | |||||
Total distributions
|
(2,329,820 | ) | (20,222,001 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
38,138,317,757 | 89,328,240,895 | ||||||
Reinvestment of distributions
|
1,201,174 | 9,173,740 | ||||||
Cost of shares redeemed
|
(40,469,462,394 | ) | (101,467,650,200 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(2,329,943,463 | ) | (12,130,235,565 | ) | ||||
Increase (decrease) in net assets
|
(2,330,535,817 | ) | (12,131,495,154 | ) | ||||
Net assets at beginning of period
|
7,902,399,709 | 20,033,894,863 | ||||||
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
|
$ | 5,571,863,892 | $ | 7,902,399,709 |
Government & Agency Securities Portfolio
Capital Assets Funds Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .007 | .036 | .043 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .007 | .036 | .043 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.007 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net realized gain
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.007 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .02 | .75 | 3.67 | 4.37 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
284 | 304 | 280 | 199 | 76 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.01 | 1.03 | 1.03 | 1.03 | 1.05 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .30 | .92 | 1.01 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .60 | b | 3.44 | 4.30 | ||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
Capital Assets Funds Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .008 | .024 | .026 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | (.000 | )* | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .008 | .024 | .026 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.008 | ) | (.024 | ) | (.026 | ) | ||||||||||
Net realized gain
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.008 | ) | (.024 | ) | (.026 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .83 | 2.38 | 2.64 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
11 | 18 | 26 | 17 | 18 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.02 | 1.03 | 1.03 | 1.02 | 1.04 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .46 | .96 | 1.00 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .82 | 2.32 | 2.61 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Money Market Portfolio:
Undistributed ordinary income*
|
$ | 39,083 | ||
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 307,749 | ||
Capital loss carryforwards
|
$ | (602,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
Portfolio
|
2011
|
2010
|
||||||
Money Market Portfolio:
Distributions from ordinary income*
|
$ | 399,900 | $ | 2,172,594 | ||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 2,329,820 | $ | 20,222,001 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.220 | % | ||
Next $500 million of such net assets
|
.200 | % | ||
Next $1 billion of such net assets
|
.175 | % | ||
Next $1 billion of such net assets
|
.160 | % | ||
Over $3 billion of such net assets
|
.150 | % |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Fund
|
Annual Effective Rate
|
Money Market Portfolio
|
.16%
|
Government & Agency Securities Portfolio
|
.04%
|
Tax-Exempt Portfolio
|
.06%
|
Fund
|
Administration Fee
|
Unpaid at April 30, 2011
|
||||||
Government & Agency Securities Portfolio
|
$ | 4,222,727 | $ | 388,699 | ||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Money Market Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 2,080,639 | $ | 876,994 | $ | 307,215 | ||||||
Capital Assets Funds Preferred Shares
|
39,377 | 5,147 | 1,069 | |||||||||
Davidson Cash Equivalent Shares
|
40,021 | 16,669 | 6,168 | |||||||||
Davidson Cash Equivalent Plus Shares
|
4,140 | 1,364 | 470 | |||||||||
Premier Money Market Shares
|
126,996 | 39,884 | — | |||||||||
Premium Reserve Money Market Shares
|
85,973 | — | 30,586 | |||||||||
Service Shares
|
3,662,660 | 1,457,787 | 594,910 | |||||||||
$ | 6,039,806 | $ | 2,397,845 | $ | 940,418 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 719,797 | $ | 567,755 | $ | 74,011 | ||||||
Davidson Cash Equivalent Shares
|
53,615 | 42,434 | 4,461 | |||||||||
Davidson Cash Equivalent Plus Shares
|
107,807 | 80,013 | 10,625 | |||||||||
DWS Government & Agency Money Fund
|
183,413 | 87,726 | 38,977 | |||||||||
DWS Government Cash Institutional Shares
|
268,801 | 268,801 | — | |||||||||
Government Cash Managed Shares
|
153,563 | 42,737 | 35,695 | |||||||||
Service Shares
|
303,676 | 241,264 | 21,188 | |||||||||
$ | 1,790,672 | $ | 1,330,730 | $ | 184,957 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Money Market Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,755,491 | $ | 2,755,491 | .00 | % | .33 | % | ||||||||
Capital Assets Funds Preferred Shares
|
52,348 | 52,348 | .00 | % | .20 | % | ||||||||||
Davidson Cash Equivalent Shares
|
45,045 | 45,045 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
4,430 | 4,430 | .00 | % | .25 | % | ||||||||||
Premier Money Market Shares
|
126,560 | 126,560 | .00 | % | .25 | % | ||||||||||
Service Shares
|
8,684,015 | 8,684,015 | .00 | % | .60 | % | ||||||||||
$ | 11,667,889 | $ | 11,667,889 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 981,550 | $ | 981,550 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
63,985 | 63,985 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
138,178 | 138,178 | .00 | % | .25 | % | ||||||||||
Service Shares
|
729,893 | 729,893 | .00 | % | .60 | % | ||||||||||
$ | 1,913,606 | $ | 1,913,606 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Money Market Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,087,493 | $ | 2,087,493 | .00 | % | .25 | % | ||||||||
Capital Assets Funds Preferred Shares
|
26,174 | 26,174 | .00 | % | .10 | % | ||||||||||
Davidson Cash Equivalent Shares
|
37,537 | 37,537 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
3,544 | 3,544 | .00 | % | .20 | % | ||||||||||
Premier Money Market Shares
|
126,561 | 126,561 | .00 | % | .25 | % | ||||||||||
Premium Reserve Money Market Shares
|
160,827 | 147,274 | .02 | % | .25 | % | ||||||||||
$ | 2,442,136 | $ | 2,428,583 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 743,598 | $ | 743,598 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
53,321 | 53,321 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
110,542 | 110,542 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
325,257 | 325,257 | .00 | % | .15 | % | ||||||||||
$ | 1,232,718 | $ | 1,232,718 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Money Market Portfolio
|
$ | 46,559 | $ | 16,156 | ||||
Government & Agency Securities Portfolio
|
$ | 10,937 | $ | 10,937 | ||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
839,154,629 | $ | 839,154,629 | 751,023,837 | $ | 751,023,837 | ||||||||||
Capital Assets Funds Preferred Shares
|
16,426,872 | 16,426,872 | 46,317,102 | 46,317,102 | ||||||||||||
Davidson Cash Equivalent Shares
|
3,734,002 | 3,734,002 | 4,223,891 | 4,223,891 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
870,248 | 870,248 | 1,119,054 | 1,119,054 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 878,782,978 | 878,782,978 | ||||||||||||
Premier Money Market Shares***
|
44,284,933 | 44,284,933 | 564,549,506 | 564,549,506 | ||||||||||||
Premium Reserve Money Market Shares
|
111,139,828 | 111,139,828 | 250,797,721 | 250,797,721 | ||||||||||||
Service Shares
|
1,791,610,827 | 1,791,610,827 | 1,256,750,880 | 1,256,750,880 | ||||||||||||
$ | 2,807,221,339 | $ | 3,753,564,969 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
187,455 | $ | 187,455 | 511,699 | $ | 511,699 | ||||||||||
Capital Assets Funds Preferred Shares
|
13,160 | 13,160 | 34,310 | 34,310 | ||||||||||||
Davidson Cash Equivalent Shares
|
1,863 | 1,863 | 6,909 | 6,909 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
220 | 220 | 997 | 997 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 781,281 | 781,281 | ||||||||||||
Institutional Select Money Market Shares**
|
— | — | 17 | 17 | ||||||||||||
Premier Money Market Shares***
|
4,160 | 4,160 | 259,732 | 259,732 | ||||||||||||
Premium Reserve Money Market Shares
|
5,371 | 5,371 | 141,496 | 141,496 | ||||||||||||
Service Shares
|
183,305 | 183,305 | 349,720 | 349,720 | ||||||||||||
$ | 395,534 | $ | 2,086,161 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(890,506,653 | ) | $ | (890,506,653 | ) | (773,833,097 | ) | $ | (773,833,097 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(64,951,835 | ) | (64,951,835 | ) | (42,319,981 | ) | (42,319,981 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(8,417,805 | ) | (8,417,805 | ) | (15,960,223 | ) | (15,960,223 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(1,850,907 | ) | (1,850,907 | ) | (3,704,435 | ) | (3,704,435 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (1,394,027,289 | ) | (1,394,027,289 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,576 | ) | (10,576 | ) | ||||||||||
Premier Money Market Shares***
|
(163,286,900 | ) | (163,286,900 | ) | (2,466,530,608 | ) | (2,466,530,608 | ) | ||||||||
Premium Reserve Money Market Shares
|
(119,115,201 | ) | (119,115,201 | ) | (592,438,461 | ) | (592,438,461 | ) | ||||||||
Service Shares
|
(1,368,490,287 | ) | (1,368,490,287 | ) | (1,157,527,651 | ) | (1,157,527,651 | ) | ||||||||
$ | (2,616,619,588 | ) | $ | (6,446,352,321 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(51,164,569 | ) | $ | (51,164,569 | ) | (22,297,561 | ) | $ | (22,297,561 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(48,511,803 | ) | (48,511,803 | ) | 4,031,431 | 4,031,431 | ||||||||||
Davidson Cash Equivalent Shares
|
(4,681,940 | ) | (4,681,940 | ) | (11,729,423 | ) | (11,729,423 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(980,439 | ) | (980,439 | ) | (2,584,384 | ) | (2,584,384 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (514,463,030 | ) | (514,463,030 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,559 | ) | (10,559 | ) | ||||||||||
Premier Money Market Shares***
|
(118,997,807 | ) | (118,997,807 | ) | (1,901,721,370 | ) | (1,901,721,370 | ) | ||||||||
Premium Reserve Money Market Shares
|
(7,970,002 | ) | (7,970,002 | ) | (341,499,244 | ) | (341,499,244 | ) | ||||||||
Service Shares
|
423,303,845 | 423,303,845 | 99,572,949 | 99,572,949 | ||||||||||||
$ | 190,997,285 | $ | (2,690,701,191 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
628,481,114 | $ | 628,481,114 | 649,627,293 | $ | 649,627,293 | ||||||||||
Davidson Cash Equivalent Shares
|
24,463,758 | 24,463,758 | 14,397,365 | 14,397,365 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
275,786,862 | 275,786,862 | 185,485,990 | 185,485,990 | ||||||||||||
DWS Government & Agency Money Fund
|
72,103,322 | 72,103,322 | 105,758,351 | 105,758,351 | ||||||||||||
DWS Government Cash Institutional Shares
|
34,835,288,142 | 34,835,288,142 | 86,737,251,385 | 86,737,251,385 | ||||||||||||
Government Cash Managed Shares
|
2,032,853,974 | 2,032,853,974 | 1,141,762,346 | 1,141,762,346 | ||||||||||||
Premier Money Market Shares****
|
— | — | 265,266,569 | 265,266,569 | ||||||||||||
Service Shares
|
269,340,585 | 269,340,585 | 228,691,596 | 228,691,596 | ||||||||||||
$ | 38,138,317,757 | $ | 89,328,240,895 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
29,657 | $ | 29,657 | 65,880 | $ | 65,880 | ||||||||||
Davidson Cash Equivalent Shares
|
2,127 | 2,127 | 5,141 | 5,141 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
5,509 | 5,509 | 5,913 | 5,913 | ||||||||||||
DWS Government & Agency Money Fund
|
27,796 | 27,796 | 195,740 | 195,740 | ||||||||||||
DWS Government Cash Institutional Shares
|
1,118,270 | 1,118,270 | 8,526,918 | 8,526,918 | ||||||||||||
Government Cash Managed Shares
|
5,696 | 5,696 | 8,301 | 8,301 | ||||||||||||
Premier Money Market Shares****
|
— | — | 338,346 | 338,346 | ||||||||||||
Service Shares
|
12,119 | 12,119 | 27,501 | 27,501 | ||||||||||||
$ | 1,201,174 | $ | 9,173,740 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(648,126,914 | ) | $ | (648,126,914 | ) | (625,330,611 | ) | $ | (625,330,611 | ) | ||||||
Davidson Cash Equivalent Shares
|
(25,307,057 | ) | (25,307,057 | ) | (23,739,455 | ) | (23,739,455 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(292,761,983 | ) | (292,761,983 | ) | (158,769,431 | ) | (158,769,431 | ) | ||||||||
DWS Government & Agency Money Fund
|
(134,495,012 | ) | (134,495,012 | ) | (198,527,517 | ) | (198,527,517 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(36,963,523,481 | ) | (36,963,523,481 | ) | (94,492,111,010 | ) | (94,492,111,010 | ) | ||||||||
Government Cash Managed Shares
|
(2,132,755,829 | ) | (2,132,755,829 | ) | (1,338,740,329 | ) | (1,338,740,329 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,366,260,819 | ) | (4,366,260,819 | ) | ||||||||||
Service Shares
|
(272,492,118 | ) | (272,492,118 | ) | (264,171,028 | ) | (264,171,028 | ) | ||||||||
$ | (40,469,462,394 | ) | $ | (101,467,650,200 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(19,616,143 | ) | $ | (19,616,143 | ) | 24,362,562 | $ | 24,362,562 | ||||||||
Davidson Cash Equivalent Shares
|
(841,172 | ) | (841,172 | ) | (9,336,949 | ) | (9,336,949 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(16,969,612 | ) | (16,969,612 | ) | 26,722,472 | 26,722,472 | ||||||||||
DWS Government & Agency Money Fund
|
(62,363,894 | ) | (62,363,894 | ) | (92,573,426 | ) | (92,573,426 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(2,127,117,069 | ) | (2,127,117,069 | ) | (7,746,332,707 | ) | (7,746,332,707 | ) | ||||||||
Government Cash Managed Shares
|
(99,896,159 | ) | (99,896,159 | ) | (196,969,682 | ) | (196,969,682 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,100,655,904 | ) | (4,100,655,904 | ) | ||||||||||
Service Shares
|
(3,139,414 | ) | (3,139,414 | ) | (35,451,931 | ) | (35,451,931 | ) | ||||||||
$ | (2,329,943,463 | ) | $ | (12,130,235,565 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*****
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*****
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*****
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*****
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
25 Portfolio Summary
26 Investment Portfolio
31 Statement of Assets and Liabilities
33 Statement of Operations
34 Statement of Changes in Net Assets
35 Financial Highlights
DWS Tax-Exempt Portfolio
37 Portfolio Summary
38 Investment Portfolio
50 Statement of Assets and Liabilities
52 Statement of Operations
53 Statement of Changes in Net Assets
55 Financial Highlights
56 Notes to Financial Statements
73 Report of Independent Registered Public Accounting Firm
74 Tax Information
75 Summary of Management Fee Evaluation by Independent Fee Consultant
79 Summary of Administrative Fee Evaluation by Independent Fee Consultant
80 Board Members and Officers
|
7-Day Current Yield
|
||||
Money Market Portfolio — Davidson Cash Equivalent Shares
|
0.01 | %* | ||
Government & Agency Securities Portfolio — Davidson Cash Equivalent Shares
|
0.01 | %* | ||
Tax-Exempt Portfolio — Davidson Cash Equivalent Shares
|
0.01 | %* | ||
(Equivalent Taxable Yield)
|
0.02 | %** | ||
Money Market Portfolio — Davidson Cash Equivalent Plus Shares
|
0.01 | %* | ||
Government & Agency Securities Portfolio — Davidson Cash Equivalent Plus Shares
|
0.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (800) 332-5915.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield for Davidson Cash Equivalent Shares would have been -0.75%, -0.72% and -0.55% for the Money Market Portfolio, the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio, respectively, and -0.71% and -0.45% for Davidson Cash Equivalent Plus Shares for the Money Market Portfolio and Government & Agency Securities Portfolio, respectively, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||||||
Actual Fund Return
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
|||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,000.08 | $ | 1,000.05 | $ | 1,000.05 | ||||||
Expenses Paid per $1,000*
|
$ | 1.64 | $ | .89 | $ | 1.64 | ||||||
Hypothetical 5% Fund Return
|
||||||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value 4/30/11
|
$ | 1,023.16 | $ | 1,023.90 | $ | 1,023.16 | ||||||
Expenses Paid per $1,000*
|
$ | 1.66 | $ | .90 | $ | 1.66 |
Annualized Expense Ratios
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
Davidson Cash Equivalent Shares
|
.33%
|
.18%
|
.33%
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||
Actual Fund Return
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,000.08 | $ | 1,000.05 | ||||
Expenses Paid per $1,000*
|
$ | 1.64 | $ | .89 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,023.16 | $ | 1,023.90 | ||||
Expenses Paid per $1,000*
|
$ | 1.66 | $ | .90 |
Annualized Expense Ratios
|
Money Market Portfolio
|
Government & Agency Securities Portfolio
|
Davidson Cash Equivalent Plus Shares
|
.33%
|
.18%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Commercial Paper
|
34%
|
38%
|
Short-Term Notes
|
17%
|
26%
|
Repurchase Agreements
|
16%
|
12%
|
Certificates of Deposit and Bank Notes
|
16%
|
13%
|
Government & Agency Obligations
|
14%
|
10%
|
Time Deposits
|
3%
|
—
|
Supranational
|
—
|
1%
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Money Market Portfolio
|
48 days
|
41 days
|
iMoneyNet First Tier Retail Money Fund Average*
|
40 days
|
46 days
|
Principal Amount ($)
|
Value ($)
|
||||
Certificates of Deposit and Bank Notes 15.8%
|
|||||
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
|
6,500,000
|
6,828,336
|
|||
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
|
25,000,000
|
25,000,000
|
|||
BNP Paribas:
|
|||||
0.35%, 8/8/2011
|
20,000,000
|
20,000,000
|
|||
0.45%, 7/25/2011
|
7,000,000
|
6,999,834
|
|||
0.55%, 5/13/2011
|
7,000,000
|
7,000,093
|
|||
Credit Agricole SA, 0.3%, 8/4/2011
|
12,000,000
|
12,000,000
|
|||
Dexia Credit Local:
|
|||||
0.24%, 5/3/2011
|
23,437,000
|
23,437,000
|
|||
144A, 2.375%, 9/23/2011
|
8,000,000
|
8,055,854
|
|||
International Finance Corp., 3.0%, 11/15/2011
|
6,000,000
|
6,084,144
|
|||
KBC Bank NV, 0.3%, 5/6/2011
|
6,500,000
|
6,500,000
|
|||
Landesbank Hessen-Thueringen Girozentrale:
|
|||||
0.2%, 5/12/2011
|
3,000,000
|
3,000,000
|
|||
0.2%, 5/20/2011
|
6,000,000
|
6,000,000
|
|||
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
|
8,500,000
|
8,500,000
|
|||
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
|
12,000,000
|
12,000,000
|
|||
Natixis, 0.22%, 6/24/2011
|
20,000,000
|
20,000,000
|
|||
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
|
10,000,000
|
10,078,955
|
|||
Nordea Bank Finland PLC:
|
|||||
0.27%, 6/28/2011
|
12,000,000
|
12,000,000
|
|||
0.28%, 7/5/2011
|
25,000,000
|
25,000,226
|
|||
0.44%, 6/30/2011
|
10,000,000
|
10,000,498
|
|||
0.67%, 7/20/2011
|
15,000,000
|
15,008,950
|
|||
Skandinaviska Enskilda Banken AB:
|
|||||
0.24%, 6/20/2011
|
25,000,000
|
25,000,000
|
|||
0.25%, 6/10/2011
|
6,000,000
|
6,000,000
|
|||
0.26%, 6/3/2011
|
15,000,000
|
15,000,000
|
|||
0.26%, 6/6/2011
|
15,000,000
|
15,000,000
|
|||
0.31%, 5/27/2011
|
18,000,000
|
18,000,000
|
|||
Societe Generale:
|
|||||
0.2%, 7/5/2011
|
6,000,000
|
6,000,000
|
|||
0.35%, 5/16/2011
|
12,000,000
|
12,000,000
|
|||
Sumitomo Mitsui Banking Corp.:
|
|||||
0.28%, 6/1/2011
|
28,000,000
|
28,000,000
|
|||
0.3%, 5/3/2011
|
6,000,000
|
6,000,000
|
|||
Svenska Handelsbanken AB:
|
|||||
0.24%, 7/6/2011
|
20,500,000
|
20,500,000
|
|||
0.275%, 6/23/2011
|
15,000,000
|
15,000,055
|
|||
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
|
409,993,945
|
||||
Commercial Paper 34.6%
|
|||||
Issued at Discount**
|
|||||
Abbey National North America LLC, 0.3%, 6/27/2011
|
6,500,000
|
6,496,912
|
|||
Alpine Securitization, 144A, 0.16%, 6/2/2011
|
40,000,000
|
39,994,311
|
|||
Argento Variable Funding:
|
|||||
144A, 0.31%, 6/20/2011
|
15,000,000
|
14,993,542
|
|||
144A, 0.319%, 5/3/2011
|
6,500,000
|
6,499,884
|
|||
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
|
25,000,000
|
24,999,472
|
|||
Barclays Bank PLC, 0.31%, 5/26/2011
|
12,500,000
|
12,497,309
|
|||
BPCE SA, 0.27%, 7/26/2011
|
9,000,000
|
8,994,195
|
|||
Caisse d'Amortissement de la Dette Sociale:
|
|||||
0.22%, 8/5/2011
|
12,000,000
|
11,992,960
|
|||
0.25%, 7/25/2011
|
18,000,000
|
17,989,375
|
|||
0.27%, 5/31/2011
|
16,620,000
|
16,616,261
|
|||
0.28%, 6/1/2011
|
12,800,000
|
12,796,914
|
|||
0.29%, 5/31/2011
|
15,000,000
|
14,996,375
|
|||
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
|
20,000,000
|
19,998,311
|
|||
Comcast Corp., 0.31%, 5/6/2011
|
10,000,000
|
9,999,569
|
|||
Eksportfinans ASA, 0.15%, 5/5/2011
|
37,500,000
|
37,499,375
|
|||
ENI Coordination Center SA, 0.3%, 5/26/2011
|
12,500,000
|
12,497,396
|
|||
Google, Inc., 0.4%, 9/16/2011
|
8,000,000
|
7,987,733
|
|||
Grampian Funding LLC:
|
|||||
144A, 0.26%, 7/14/2011
|
10,000,000
|
9,994,656
|
|||
144A, 0.26%, 7/19/2011
|
3,000,000
|
2,998,288
|
|||
144A, 0.27%, 7/8/2011
|
12,000,000
|
11,993,880
|
|||
144A, 0.27%, 7/11/2011
|
25,000,000
|
24,986,688
|
|||
144A, 0.28%, 7/7/2011
|
10,000,000
|
9,994,789
|
|||
144A, 0.28%, 7/8/2011
|
13,000,000
|
12,993,124
|
|||
Johnson & Johnson:
|
|||||
144A, 0.18%, 6/3/2011
|
12,850,000
|
12,847,880
|
|||
144A, 0.19%, 8/22/2011
|
15,000,000
|
14,991,054
|
|||
Kells Funding LLC:
|
|||||
144A, 0.33%, 5/9/2011
|
6,000,000
|
5,999,560
|
|||
144A, 0.35%, 5/18/2011
|
3,000,000
|
2,999,504
|
|||
144A, 0.35%, 6/6/2011
|
6,000,000
|
5,997,900
|
|||
144A, 0.36%, 5/17/2011
|
18,000,000
|
17,997,120
|
|||
144A, 0.37%, 6/17/2011
|
15,000,000
|
14,992,754
|
|||
144A, 0.38%, 6/17/2011
|
12,000,000
|
11,994,047
|
|||
144A, 0.39%, 7/5/2011
|
10,000,000
|
9,992,958
|
|||
144A, 0.39%, 9/6/2011
|
13,750,000
|
13,730,933
|
|||
144A, 0.4%, 7/1/2011
|
8,000,000
|
7,994,578
|
|||
LMA Americas LLC, 144A, 0.17%, 5/9/2011
|
6,000,000
|
5,999,773
|
|||
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
|
12,419,000
|
12,417,603
|
|||
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
|
12,500,000
|
12,492,500
|
|||
Nieuw Amsterdam Receivables Corp.:
|
|||||
144A, 0.24%, 6/2/2011
|
13,500,000
|
13,497,120
|
|||
144A, 0.25%, 5/6/2011
|
12,000,000
|
11,999,583
|
|||
NRW.Bank:
|
|||||
0.19%, 6/28/2011
|
13,500,000
|
13,495,868
|
|||
0.22%, 7/14/2011
|
6,000,000
|
5,997,287
|
|||
0.275%, 6/10/2011
|
8,000,000
|
7,997,556
|
|||
0.3%, 5/2/2011
|
12,000,000
|
11,999,900
|
|||
0.3%, 5/3/2011
|
30,000,000
|
29,999,500
|
|||
0.3%, 5/23/2011
|
12,500,000
|
12,497,708
|
|||
Procter & Gamble Co., 0.19%, 6/3/2011
|
16,513,000
|
16,510,124
|
|||
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
|
26,000,000
|
25,996,707
|
|||
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
|
3,000,000
|
2,999,425
|
|||
Sanofi-Aventis SA, 0.3%, 8/15/2011
|
12,500,000
|
12,488,958
|
|||
SBAB Bank AB:
|
|||||
144A, 0.35%, 7/19/2011
|
6,000,000
|
5,995,392
|
|||
144A, 0.37%, 7/13/2011
|
12,500,000
|
12,490,622
|
|||
144A, 0.39%, 6/9/2011
|
12,000,000
|
11,994,930
|
|||
144A, 0.39%, 7/5/2011
|
12,500,000
|
12,491,198
|
|||
144A, 0.4%, 6/23/2011
|
6,000,000
|
5,996,467
|
|||
Scaldis Capital LLC:
|
|||||
0.32%, 5/20/2011
|
5,000,000
|
4,999,156
|
|||
0.32%, 6/2/2011
|
9,000,000
|
8,997,440
|
|||
Shell International Finance BV, 0.4%, 5/2/2011
|
5,000,000
|
4,999,944
|
|||
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
|
15,000,000
|
14,999,375
|
|||
Standard Chartered Bank, 0.29%, 5/24/2011
|
20,000,000
|
19,996,294
|
|||
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
|
15,000,000
|
14,999,896
|
|||
Svenska Handelsbanken AB, 0.28%, 5/18/2011
|
6,000,000
|
5,999,207
|
|||
Swedbank AB:
|
|||||
0.26%, 7/27/2011
|
12,000,000
|
11,992,460
|
|||
0.27%, 7/11/2011
|
10,000,000
|
9,994,675
|
|||
0.27%, 7/26/2011
|
10,000,000
|
9,993,550
|
|||
0.285%, 5/23/2011
|
12,000,000
|
11,997,910
|
|||
0.3%, 5/13/2011
|
28,000,000
|
27,997,200
|
|||
0.34%, 7/5/2011
|
20,000,000
|
19,987,722
|
|||
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
|
12,500,000
|
12,485,253
|
|||
Total Commercial Paper (Cost $894,147,910)
|
894,147,910
|
||||
Short-Term Notes* 17.7%
|
|||||
Abbey National Treasury Services PLC:
|
|||||
0.38%, 4/16/2012
|
18,000,000
|
18,000,000
|
|||
0.49%, 11/2/2011
|
12,500,000
|
12,500,000
|
|||
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
|
12,500,000
|
12,500,000
|
|||
Bank of Nova Scotia:
|
|||||
0.22%, 8/25/2011
|
16,500,000
|
16,500,000
|
|||
0.27%, 9/12/2011
|
7,000,000
|
7,000,000
|
|||
0.35%, 12/8/2011
|
8,000,000
|
8,000,000
|
|||
Barclays Bank PLC, 0.533%, 7/19/2011
|
15,000,000
|
15,000,000
|
|||
BNP Paribas, 0.492%, 8/22/2011
|
25,000,000
|
25,000,000
|
|||
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
|
26,000,000
|
25,996,945
|
|||
Canadian Imperial Bank of Commerce:
|
|||||
0.18%, 5/12/2011
|
20,000,000
|
20,000,000
|
|||
0.292%, 4/26/2012
|
21,600,000
|
21,600,000
|
|||
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
|
12,000,000
|
12,000,000
|
|||
Credit Suisse, 0.19%, 6/3/2011
|
12,000,000
|
12,000,000
|
|||
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
|
11,500,000
|
11,500,000
|
|||
Kells Funding LLC:
|
|||||
144A, 0.318%, 8/15/2011
|
12,500,000
|
12,500,000
|
|||
144A, 0.342%, 2/24/2012
|
13,750,000
|
13,750,000
|
|||
144A, 0.383%, 12/1/2011
|
10,000,000
|
10,000,000
|
|||
National Australia Bank Ltd.:
|
|||||
0.261%, 10/5/2011
|
12,500,000
|
12,500,000
|
|||
0.291%, 6/10/2011
|
15,000,000
|
15,000,000
|
|||
Nordea Bank Finland PLC:
|
|||||
0.56%, 2/3/2012
|
3,000,000
|
3,004,662
|
|||
0.574%, 10/20/2011
|
12,500,000
|
12,517,260
|
|||
0.58%, 10/14/2011
|
10,000,000
|
10,013,284
|
|||
Rabobank Nederland NV:
|
|||||
0.263%, 5/13/2011
|
14,000,000
|
14,000,001
|
|||
0.307%, 4/24/2012
|
7,750,000
|
7,749,616
|
|||
0.311%, 1/10/2012
|
8,000,000
|
8,000,000
|
|||
144A, 0.384%, 3/16/2012
|
12,000,000
|
12,000,000
|
|||
144A, 0.458%, 9/28/2011
|
6,000,000
|
6,003,687
|
|||
Royal Bank of Canada, 0.31%, 8/12/2011
|
11,300,000
|
11,300,000
|
|||
Societe Generale, 0.32%, 5/19/2011
|
24,000,000
|
24,000,000
|
|||
Westpac Banking Corp.:
|
|||||
0.27%, 10/12/2011
|
16,000,000
|
16,000,000
|
|||
0.293%, 6/1/2011
|
8,000,000
|
8,000,000
|
|||
0.321%, 5/9/2012
|
17,000,000
|
17,000,000
|
|||
144A, 0.323%, 10/28/2011
|
12,000,000
|
12,001,367
|
|||
0.36%, 1/10/2012
|
14,000,000
|
14,000,000
|
|||
Total Short-Term Notes (Cost $456,936,822)
|
456,936,822
|
||||
Government & Agency Obligations 13.9%
|
|||||
Foreign Government Obligations 0.5%
|
|||||
Kingdom of Denmark, 2.75%, 11/15/2011
|
11,500,000
|
11,643,626
|
|||
Other Government Related (a) 1.6%
|
|||||
European Investment Bank:
|
|||||
0.24%, 6/28/2011
|
13,000,000
|
12,994,973
|
|||
2.625%, 5/16/2011
|
7,000,000
|
7,006,628
|
|||
2.625%, 11/15/2011
|
22,000,000
|
22,267,637
|
|||
42,269,238
|
|||||
US Government Sponsored Agencies 5.5%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.223%*, 11/2/2011
|
12,250,000
|
12,249,690
|
|||
0.259%**, 10/20/2011
|
5,000,000
|
4,993,789
|
|||
0.259%**, 4/4/2012
|
5,000,000
|
4,987,758
|
|||
0.319%**, 12/16/2011
|
10,200,000
|
10,179,237
|
|||
Federal Home Loan Bank:
|
|||||
0.24%, 10/28/2011
|
14,000,000
|
13,995,584
|
|||
0.25%, 10/28/2011
|
14,000,000
|
13,999,429
|
|||
0.268%**, 9/12/2011
|
10,000,000
|
9,989,950
|
|||
0.54%, 5/24/2011
|
4,400,000
|
4,400,022
|
|||
1.0%, 12/28/2011
|
10,000,000
|
10,053,762
|
|||
Federal National Mortgage Association:
|
|||||
0.113%*, 7/27/2011
|
12,500,000
|
12,498,033
|
|||
0.159%**, 11/21/2011
|
15,000,000
|
14,986,400
|
|||
0.182%**, 6/16/2011
|
12,500,000
|
12,497,045
|
|||
4.68%, 6/15/2011
|
7,000,000
|
7,038,043
|
|||
5.375%, 11/15/2011
|
10,000,000
|
10,280,209
|
|||
142,148,951
|
|||||
US Treasury Obligations 6.3%
|
|||||
US Treasury Bills:
|
|||||
0.155%**, 7/28/2011
|
996,000
|
995,623
|
|||
0.16%**, 9/1/2011
|
12,500,000
|
12,493,167
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
39,500,000
|
39,518,687
|
|||
0.875%, 1/31/2012
|
13,500,000
|
13,567,775
|
|||
1.0%, 9/30/2011
|
37,000,000
|
37,117,154
|
|||
4.5%, 11/30/2011
|
7,000,000
|
7,170,545
|
|||
4.625%, 8/31/2011
|
27,500,000
|
27,899,749
|
|||
4.625%, 10/31/2011
|
17,000,000
|
17,369,535
|
|||
5.125%, 6/30/2011
|
7,500,000
|
7,560,710
|
|||
163,692,945
|
|||||
Total Government & Agency Obligations (Cost $359,754,760)
|
359,754,760
|
||||
Time Deposits 2.6%
|
|||||
Citibank NA, 0.13%, 5/5/2011
|
58,000,000
|
58,000,000
|
|||
National Australia Bank Ltd., 0.08%, 5/2/2011
|
9,315,483
|
9,315,483
|
|||
Total Time Deposits (Cost $67,315,483)
|
67,315,483
|
||||
Municipal Bonds and Notes 0.2%
|
|||||
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
|
4,085,000
|
4,085,000
|
|||
Repurchase Agreements 16.2%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
|
5,000,000
|
5,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
|
39,285,715
|
39,285,715
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
|
124,000,000
|
124,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
|
64,281,428
|
64,281,428
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
|
23,000,000
|
23,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
|
15,000,000
|
15,000,000
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
|
142,000,000
|
142,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
|
6,000,000
|
6,000,000
|
|||
Total Repurchase Agreements (Cost $418,567,143)
|
418,567,143
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,610,801,063)+
|
101.0 | 2,610,801,063 | ||||||
Other Assets and Liabilities, Net
|
(1.0 | ) | (24,871,551 | ) | ||||
Net Assets
|
100.0 | 2,585,929,512 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
29,000,000 |
Federal Home Loan Bank
|
3.125 |
3/11/2016
|
30,474,263 | ||||||||
91,202,000 |
Federal National Mortgage Association
|
2.625 |
11/20/2014
|
96,010,512 | ||||||||
Total Collateral Value
|
126,484,775 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (j)
|
$ | — | $ | 2,192,233,920 | $ | — | $ | 2,192,233,920 | ||||||||
Repurchase Agreements
|
— | 418,567,143 | — | 418,567,143 | ||||||||||||
Total
|
$ | — | $ | 2,610,801,063 | $ | — | $ | 2,610,801,063 |
as of April 30, 2011
|
||||
Assets
|
Money Market Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,192,233,920 | ||
Repurchase agreements, valued at amortized cost
|
418,567,143 | |||
Total investments, valued at amortized cost
|
2,610,801,063 | |||
Cash
|
2,856 | |||
Receivable for Fund shares sold
|
3,963 | |||
Interest receivable
|
2,616,479 | |||
Due from Advisor
|
16,735 | |||
Other assets
|
93,812 | |||
Total assets
|
2,613,534,908 | |||
Liabilities
|
||||
Payable for investments purchased
|
25,996,945 | |||
Payable for Fund shares redeemed
|
22,024 | |||
Accrued management fee
|
322,306 | |||
Other accrued expenses and payables
|
1,264,121 | |||
Total liabilities
|
27,605,396 | |||
Net assets, at value
|
$ | 2,585,929,512 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
39,083 | |||
Paid-in capital
|
2,585,890,429 | |||
Net assets, at value
|
$ | 2,585,929,512 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Money Market Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Money Market Portfolio
|
|||
Income:
Interest
|
$ | 8,798,068 | ||
Expenses:
Management fee
|
3,881,269 | |||
Services to shareholders
|
6,076,379 | |||
Custodian fee
|
74,890 | |||
Distribution and service fees
|
14,110,025 | |||
Professional fees
|
138,516 | |||
Trustees' fees and expenses
|
77,791 | |||
Reports to shareholders
|
320,727 | |||
Registration fees
|
165,621 | |||
Other
|
109,278 | |||
Total expenses before expense reductions
|
24,954,496 | |||
Expense reductions
|
(16,494,317 | ) | ||
Total expenses after expense reductions
|
8,460,179 | |||
Net investment income
|
337,889 | |||
Net realized gain (loss) from investments
|
46,708 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 384,597 |
Money Market Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 337,889 | $ | 1,401,172 | ||||
Net realized gain (loss)
|
46,708 | 163,092 | ||||||
Net increase in net assets resulting from operations
|
384,597 | 1,564,264 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(187,975 | ) | (325,020 | ) | ||||
Capital Assets Funds Preferred Shares
|
(13,299 | ) | (22,211 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,869 | ) | (2,135 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(221 | ) | (304 | ) | ||||
Institutional Money Market Shares
|
— | (739,919 | ) | |||||
Institutional Select Money Market Shares
|
— | (18 | ) | |||||
Premier Money Market Shares
|
(5,042 | ) | (80,727 | ) | ||||
Premium Reserve Money Market Shares
|
(7,826 | ) | (119,850 | ) | ||||
Service Shares
|
(183,668 | ) | (110,887 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (185,696 | ) | |||||
Capital Assets Funds Preferred Shares
|
— | (11,952 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (4,764 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (692 | ) | |||||
Institutional Money Market Shares
|
— | (48,898 | ) | |||||
Institutional Select Money Market Shares
|
— | (1 | ) | |||||
Premier Money Market Shares
|
— | (232,203 | ) | |||||
Premium Reserve Money Market Shares
|
— | (48,826 | ) | |||||
Service Shares
|
— | (238,491 | ) | |||||
Total distributions
|
(399,900 | ) | (2,172,594 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
2,807,221,339 | 3,753,564,969 | ||||||
Reinvestment of distributions
|
395,534 | 2,086,161 | ||||||
Cost of shares redeemed
|
(2,616,619,588 | ) | (6,446,352,321 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
190,997,285 | (2,690,701,191 | ) | |||||
Increase (decrease) in net assets
|
190,981,982 | (2,691,309,521 | ) | |||||
Net assets at beginning of period
|
2,394,947,530 | 5,086,257,051 | ||||||
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
|
$ | 2,585,929,512 | $ | 2,394,947,530 |
Money Market Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .012 | .039 | .043 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .012 | .039 | .043 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.012 | ) | (.039 | ) | (.043 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.012 | ) | (.039 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .03 | 1.25 | 3.93 | 4.39 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
13 | 18 | 30 | 59 | 240 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.01 | .94 | .98 | 1.00 | 1.07 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .46 | .97 | .99 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | 1.19 | 3.82 | 4.28 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Money Market Portfolio
Davidson Cash Equivalent Plus Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .013 | .040 | .044 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .013 | .040 | .044 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.013 | ) | (.040 | ) | (.044 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.013 | ) | (.040 | ) | (.044 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .03 | 1.35 | 4.07 | 4.54 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
1 | 2 | 5 | 12 | 83 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.88 | .86 | .86 | .85 | .88 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .46 | .86 | .85 | .85 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | 1.30 | 3.96 | 4.43 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Government & Agency Obligations
|
50%
|
85%
|
Repurchase Agreements
|
48%
|
15%
|
Commercial Paper
|
2%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Government & Agency Securities Portfolio
|
49 days
|
52 days
|
iMoneyNet Government & Agencies Retail Money Fund Average*
|
38 days
|
45 days
|
Principal Amount ($)
|
Value ($)
|
||||
Commercial Paper 1.8%
|
|||||
Issued at Discount
|
|||||
Straight-A Funding LLC:
|
|||||
144A, 0.15%, 5/11/2011
|
20,000,000
|
19,999,167
|
|||
144A, 0.2%, 7/5/2011
|
80,000,000
|
79,971,111
|
|||
Total Commercial Paper (Cost $99,970,278)
|
99,970,278
|
||||
Government & Agency Obligations 51.6%
|
|||||
US Government Sponsored Agencies 45.9%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.119%**, 5/18/2012
|
165,000,000
|
164,991,321
|
|||
0.12%**, 1/12/2012
|
100,000,000
|
100,001,775
|
|||
0.129%*, 9/9/2011
|
25,000,000
|
24,988,174
|
|||
0.134%**, 7/15/2011
|
85,000,000
|
84,999,308
|
|||
0.164%*, 5/24/2011
|
50,000,000
|
49,994,569
|
|||
0.208%*, 8/3/2011
|
43,500,000
|
43,476,148
|
|||
0.259%*, 10/20/2011
|
34,500,000
|
34,457,143
|
|||
0.259%*, 4/4/2012
|
12,500,000
|
12,469,396
|
|||
0.269%*, 3/23/2012
|
25,000,000
|
24,938,688
|
|||
0.319%*, 12/16/2011
|
28,000,000
|
27,943,004
|
|||
0.319%*, 1/12/2012
|
33,000,000
|
32,924,907
|
|||
Federal Home Loan Bank:
|
|||||
0.018%*, 5/2/2011
|
12,737,000
|
12,737,000
|
|||
0.064%*, 7/20/2011
|
100,000,000
|
99,985,556
|
|||
0.068%*, 5/27/2011
|
50,000,000
|
49,997,472
|
|||
0.076%*, 5/18/2011
|
55,000,000
|
54,997,922
|
|||
0.089%*, 9/6/2011
|
50,000,000
|
49,984,000
|
|||
0.149%*, 8/12/2011
|
7,500,000
|
7,496,781
|
|||
0.149%*, 8/17/2011
|
12,207,000
|
12,201,507
|
|||
0.17%**, 1/18/2012
|
22,000,000
|
22,006,379
|
|||
0.183%**, 9/26/2011
|
12,500,000
|
12,499,749
|
|||
0.24%, 10/28/2011
|
36,275,000
|
36,266,384
|
|||
0.248%*, 8/22/2011
|
5,000,000
|
4,996,076
|
|||
0.268%*, 9/12/2011
|
15,900,000
|
15,884,021
|
|||
0.3%, 12/27/2011
|
75,000,000
|
75,022,455
|
|||
0.76%, 7/19/2011
|
15,000,000
|
15,017,910
|
|||
1.0%, 12/28/2011
|
13,460,000
|
13,532,363
|
|||
5.375%, 8/19/2011
|
14,900,000
|
15,129,895
|
|||
Federal Home Loan Mortgage Corp.:
|
|||||
0.028%*, 5/19/2011
|
15,000,000
|
14,999,775
|
|||
0.08%**, 11/9/2011
|
75,000,000
|
74,967,946
|
|||
0.14%**, 11/10/2011
|
200,000,000
|
200,000,000
|
|||
0.149%*, 7/27/2011
|
85,000,000
|
84,969,188
|
|||
0.164%*, 9/1/2011
|
8,935,000
|
8,929,963
|
|||
0.167%*, 6/13/2011
|
27,061,000
|
27,055,505
|
|||
0.193%*, 7/25/2011
|
34,494,000
|
34,478,118
|
|||
0.198%*, 7/12/2011
|
100,000,000
|
99,960,000
|
|||
Federal National Mortgage Association:
|
|||||
0.059%*, 6/13/2011
|
75,000,000
|
74,994,625
|
|||
0.079%*, 7/21/2011
|
100,000,000
|
99,982,000
|
|||
0.099%*, 8/8/2011
|
32,500,000
|
32,491,063
|
|||
0.113%**, 7/27/2011
|
190,000,000
|
189,983,791
|
|||
0.119%*, 8/22/2011
|
25,000,000
|
24,990,583
|
|||
0.119%*, 9/13/2011
|
100,000,000
|
99,955,000
|
|||
0.129%*, 9/26/2011
|
65,000,000
|
64,965,261
|
|||
0.159%*, 11/21/2011
|
100,000,000
|
99,909,333
|
|||
0.174%**, 9/19/2011
|
30,000,000
|
29,999,404
|
|||
0.178%*, 7/20/2011
|
44,000,000
|
43,982,400
|
|||
0.178%*, 7/27/2011
|
51,659,000
|
51,636,528
|
|||
0.182%*, 6/16/2011
|
35,000,000
|
34,991,726
|
|||
5.0%, 10/15/2011
|
50,000,000
|
51,082,031
|
|||
5.375%, 11/15/2011
|
16,040,000
|
16,489,455
|
|||
2,559,753,598
|
|||||
US Treasury Obligations 5.7%
|
|||||
US Treasury Bill, 0.16%*, 9/1/2011
|
17,500,000
|
17,490,433
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
25,000,000
|
25,014,282
|
|||
1.0%, 9/30/2011
|
84,500,000
|
84,768,848
|
|||
1.75%, 11/15/2011
|
50,000,000
|
50,394,064
|
|||
4.625%, 8/31/2011
|
43,500,000
|
44,134,573
|
|||
4.625%, 10/31/2011
|
45,000,000
|
45,986,196
|
|||
5.125%, 6/30/2011
|
50,000,000
|
50,404,731
|
|||
318,193,127
|
|||||
Total Government & Agency Obligations (Cost $2,877,946,725)
|
2,877,946,725
|
||||
Repurchase Agreements 49.5%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
|
215,000,000
|
215,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
|
42,428,571
|
42,428,571
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
|
704,000,000
|
704,000,000
|
|||
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
|
22,000,000
|
22,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
|
432,618,951
|
432,618,951
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
|
223,000,000
|
223,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
|
123,926,503
|
123,926,503
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
|
252,000,000
|
252,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
|
441,000,000
|
441,000,000
|
|||
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
|
300,000,000
|
300,000,000
|
|||
Total Repurchase Agreements (Cost $2,755,974,025)
|
2,755,974,025
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $5,733,891,028)+
|
102.9 | 5,733,891,028 | ||||||
Other Assets and Liabilities, Net
|
(2.9 | ) | (162,027,136 | ) | ||||
Net Assets
|
100.0 | 5,571,863,892 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
522,522,000 |
Federal Home Loan Mortgage Corp.
|
1.65-5.5 |
4/28/2014-
4/8/2030
|
546,732,677 | ||||||||
161,294,000 |
Federal National Mortgage Association
|
3.25-4.75 |
2/21/2013-
4/9/2013
|
171,348,112 | ||||||||
Total Collateral Value
|
718,080,789 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
185,181,947 |
Federal Home Loan Mortgage Corp.
|
Zero Coupon-6.5
|
7/15/2015-
8/15/2039
|
192,999,725 | ||||||||
54,470,688 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.281 |
1/15/2039
|
5,749,091 | ||||||||
7,680,197 |
Federal Home Loan Mortgage Corp. — Principal only
|
Zero Coupon
|
11/15/2036-
5/15/2037
|
6,713,414 | ||||||||
23,268,926 |
Federal National Mortgage Association
|
0.513-6.47 |
2/25/2029-
6/25/2037
|
22,905,889 | ||||||||
Total Collateral Value
|
228,368,119 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
22,370,889 |
Federal Home Loan Mortgage Corp.
|
4.0-5.5 |
4/15/2040-
4/15/2041
|
21,981,083 | ||||||||
491,792,871 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.781-6.431 |
9/15/2033-
11/15/2038
|
77,032,731 | ||||||||
210,576,230 |
Federal National Mortgage Association
|
Zero Coupon — 5.5
|
6/25/2021-
3/25/2041
|
213,820,002 | ||||||||
914,052,013 |
Federal National Mortgage Association — Interest only
|
5.787-6.266 |
6/25/2038-
1/25/2041
|
136,986,185 | ||||||||
Total Collateral Value
|
449,820,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 2,977,917,003 | $ | — | $ | 2,977,917,003 | ||||||||
Repurchase Agreements
|
— | 2,755,974,025 | — | 2,755,974,025 | ||||||||||||
Total
|
$ | — | $ | 5,733,891,028 | $ | — | $ | 5,733,891,028 |
as of April 30, 2011
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,977,917,003 | ||
Repurchase agreements, valued at amortized cost
|
2,755,974,025 | |||
Total investments, valued at amortized cost
|
5,733,891,028 | |||
Receivable for Fund shares sold
|
142,451 | |||
Interest receivable
|
3,670,502 | |||
Due from Advisor
|
136,428 | |||
Other assets
|
95,442 | |||
Total assets
|
5,737,935,851 | |||
Liabilities
|
||||
Payable for investments purchased
|
164,991,321 | |||
Payable for Fund shares redeemed
|
126,472 | |||
Distributions payable
|
106,265 | |||
Accrued management fee
|
99,239 | |||
Other accrued expenses and payables
|
748,662 | |||
Total liabilities
|
166,071,959 | |||
Net assets, at value
|
$ | 5,571,863,892 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,484 | |||
Accumulated net realized gain (loss)
|
(602,497 | ) | ||
Paid-in capital
|
5,572,264,905 | |||
Net assets, at value
|
$ | 5,571,863,892 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 9,770,345 | ||
Expenses:
Management fee
|
2,506,115 | |||
Administration fee
|
4,222,727 | |||
Services to shareholders
|
1,845,325 | |||
Custodian fee
|
76,975 | |||
Distribution and service fees
|
3,146,324 | |||
Professional fees
|
150,210 | |||
Trustees' fees and expenses
|
127,065 | |||
Reports to shareholders
|
10,937 | |||
Registration fees
|
141,522 | |||
Other
|
393,329 | |||
Total expenses before expense reductions
|
12,620,529 | |||
Expense reductions
|
(5,190,147 | ) | ||
Total expenses after expense reductions
|
7,430,382 | |||
Net investment income
|
2,339,963 | |||
Net realized gain (loss) from investments
|
(602,497 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 1,737,466 |
Government & Agency Securities Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 2,339,963 | $ | 18,279,158 | ||||
Net realized gain (loss)
|
(602,497 | ) | 683,254 | |||||
Net increase in net assets resulting from operations
|
1,737,466 | 18,962,412 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(29,745 | ) | (30,842 | ) | ||||
Davidson Cash Equivalent Shares
|
(2,133 | ) | (2,419 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(5,528 | ) | (3,042 | ) | ||||
DWS Government & Agency Money Fund
|
(28,169 | ) | (168,152 | ) | ||||
DWS Government Cash Institutional Shares
|
(2,230,405 | ) | (17,853,361 | ) | ||||
Government Cash Managed Shares
|
(21,680 | ) | (46,318 | ) | ||||
Premier Money Market Shares
|
— | (176,438 | ) | |||||
Service Shares
|
(12,160 | ) | (13,091 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (34,871 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,710 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (2,843 | ) | |||||
DWS Government & Agency Money Fund
|
— | (32,168 | ) | |||||
DWS Government Cash Institutional Shares
|
— | (1,560,440 | ) | |||||
Government Cash Managed Shares
|
— | (38,058 | ) | |||||
Premier Money Market Shares
|
— | (242,870 | ) | |||||
Service Shares
|
— | (14,378 | ) | |||||
Total distributions
|
(2,329,820 | ) | (20,222,001 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
38,138,317,757 | 89,328,240,895 | ||||||
Reinvestment of distributions
|
1,201,174 | 9,173,740 | ||||||
Cost of shares redeemed
|
(40,469,462,394 | ) | (101,467,650,200 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(2,329,943,463 | ) | (12,130,235,565 | ) | ||||
Increase (decrease) in net assets
|
(2,330,535,817 | ) | (12,131,495,154 | ) | ||||
Net assets at beginning of period
|
7,902,399,709 | 20,033,894,863 | ||||||
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
|
$ | 5,571,863,892 | $ | 7,902,399,709 |
Government & Agency Securities Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .008 | .036 | .043 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .008 | .036 | .043 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.008 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.008 | ) | (.036 | ) | (.043 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .02 | .76 | 3.70 | 4.37 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
19 | 20 | 29 | 40 | 135 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.99 | .96 | .99 | 1.00 | 1.09 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .31 | .90 | .98 | 1.00 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .82 | b | 3.47 | 4.28 | ||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio
Davidson Cash Equivalent Plus Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .009 | .038 | .044 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .009 | .038 | .044 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.009 | ) | (.038 | ) | (.044 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.009 | ) | (.038 | ) | (.044 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .02 | .89 | 3.84 | 4.52 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
33 | 50 | 24 | 31 | 36 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.84 | .85 | .83 | .87 | .89 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.23 | .29 | .78 | .86 | .85 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .96 | b | 3.59 | 4.43 | ||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .000 | * | .009 | .025 | .028 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | (.000 | )* | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .009 | .025 | .028 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.009 | ) | (.025 | ) | (.028 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.009 | ) | (.025 | ) | (.028 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .94 | 2.53 | 2.79 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
75 | 80 | 67 | 75 | 58 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.89 | .90 | .91 | .90 | .91 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .43 | .86 | .85 | .85 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .92 | 2.47 | 2.76 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Money Market Portfolio:
Undistributed ordinary income*
|
$ | 39,083 | ||
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 307,749 | ||
Capital loss carryforwards
|
$ | (602,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
Portfolio
|
2011
|
2010
|
||||||
Money Market Portfolio:
Distributions from ordinary income*
|
$ | 399,900 | $ | 2,172,594 | ||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 2,329,820 | $ | 20,222,001 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.220 | % | ||
Next $500 million of such net assets
|
.200 | % | ||
Next $1 billion of such net assets
|
.175 | % | ||
Next $1 billion of such net assets
|
.160 | % | ||
Over $3 billion of such net assets
|
.150 | % |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Fund
|
Annual Effective Rate
|
Money Market Portfolio
|
.16%
|
Government & Agency Securities Portfolio
|
.04%
|
Tax-Exempt Portfolio
|
.06%
|
Fund
|
Administration Fee
|
Unpaid at April 30, 2011
|
||||||
Government & Agency Securities Portfolio
|
$ | 4,222,727 | $ | 388,699 | ||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Money Market Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 2,080,639 | $ | 876,994 | $ | 307,215 | ||||||
Capital Assets Funds Preferred Shares
|
39,377 | 5,147 | 1,069 | |||||||||
Davidson Cash Equivalent Shares
|
40,021 | 16,669 | 6,168 | |||||||||
Davidson Cash Equivalent Plus Shares
|
4,140 | 1,364 | 470 | |||||||||
Premier Money Market Shares
|
126,996 | 39,884 | — | |||||||||
Premium Reserve Money Market Shares
|
85,973 | — | 30,586 | |||||||||
Service Shares
|
3,662,660 | 1,457,787 | 594,910 | |||||||||
$ | 6,039,806 | $ | 2,397,845 | $ | 940,418 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 719,797 | $ | 567,755 | $ | 74,011 | ||||||
Davidson Cash Equivalent Shares
|
53,615 | 42,434 | 4,461 | |||||||||
Davidson Cash Equivalent Plus Shares
|
107,807 | 80,013 | 10,625 | |||||||||
DWS Government & Agency Money Fund
|
183,413 | 87,726 | 38,977 | |||||||||
DWS Government Cash Institutional Shares
|
268,801 | 268,801 | — | |||||||||
Government Cash Managed Shares
|
153,563 | 42,737 | 35,695 | |||||||||
Service Shares
|
303,676 | 241,264 | 21,188 | |||||||||
$ | 1,790,672 | $ | 1,330,730 | $ | 184,957 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Money Market Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,755,491 | $ | 2,755,491 | .00 | % | .33 | % | ||||||||
Capital Assets Funds Preferred Shares
|
52,348 | 52,348 | .00 | % | .20 | % | ||||||||||
Davidson Cash Equivalent Shares
|
45,045 | 45,045 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
4,430 | 4,430 | .00 | % | .25 | % | ||||||||||
Premier Money Market Shares
|
126,560 | 126,560 | .00 | % | .25 | % | ||||||||||
Service Shares
|
8,684,015 | 8,684,015 | .00 | % | .60 | % | ||||||||||
$ | 11,667,889 | $ | 11,667,889 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 981,550 | $ | 981,550 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
63,985 | 63,985 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
138,178 | 138,178 | .00 | % | .25 | % | ||||||||||
Service Shares
|
729,893 | 729,893 | .00 | % | .60 | % | ||||||||||
$ | 1,913,606 | $ | 1,913,606 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Money Market Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,087,493 | $ | 2,087,493 | .00 | % | .25 | % | ||||||||
Capital Assets Funds Preferred Shares
|
26,174 | 26,174 | .00 | % | .10 | % | ||||||||||
Davidson Cash Equivalent Shares
|
37,537 | 37,537 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
3,544 | 3,544 | .00 | % | .20 | % | ||||||||||
Premier Money Market Shares
|
126,561 | 126,561 | .00 | % | .25 | % | ||||||||||
Premium Reserve Money Market Shares
|
160,827 | 147,274 | .02 | % | .25 | % | ||||||||||
$ | 2,442,136 | $ | 2,428,583 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 743,598 | $ | 743,598 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
53,321 | 53,321 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
110,542 | 110,542 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
325,257 | 325,257 | .00 | % | .15 | % | ||||||||||
$ | 1,232,718 | $ | 1,232,718 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Money Market Portfolio
|
$ | 46,559 | $ | 16,156 | ||||
Government & Agency Securities Portfolio
|
$ | 10,937 | $ | 10,937 | ||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
839,154,629 | $ | 839,154,629 | 751,023,837 | $ | 751,023,837 | ||||||||||
Capital Assets Funds Preferred Shares
|
16,426,872 | 16,426,872 | 46,317,102 | 46,317,102 | ||||||||||||
Davidson Cash Equivalent Shares
|
3,734,002 | 3,734,002 | 4,223,891 | 4,223,891 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
870,248 | 870,248 | 1,119,054 | 1,119,054 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 878,782,978 | 878,782,978 | ||||||||||||
Premier Money Market Shares***
|
44,284,933 | 44,284,933 | 564,549,506 | 564,549,506 | ||||||||||||
Premium Reserve Money Market Shares
|
111,139,828 | 111,139,828 | 250,797,721 | 250,797,721 | ||||||||||||
Service Shares
|
1,791,610,827 | 1,791,610,827 | 1,256,750,880 | 1,256,750,880 | ||||||||||||
$ | 2,807,221,339 | $ | 3,753,564,969 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
187,455 | $ | 187,455 | 511,699 | $ | 511,699 | ||||||||||
Capital Assets Funds Preferred Shares
|
13,160 | 13,160 | 34,310 | 34,310 | ||||||||||||
Davidson Cash Equivalent Shares
|
1,863 | 1,863 | 6,909 | 6,909 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
220 | 220 | 997 | 997 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 781,281 | 781,281 | ||||||||||||
Institutional Select Money Market Shares**
|
— | — | 17 | 17 | ||||||||||||
Premier Money Market Shares***
|
4,160 | 4,160 | 259,732 | 259,732 | ||||||||||||
Premium Reserve Money Market Shares
|
5,371 | 5,371 | 141,496 | 141,496 | ||||||||||||
Service Shares
|
183,305 | 183,305 | 349,720 | 349,720 | ||||||||||||
$ | 395,534 | $ | 2,086,161 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(890,506,653 | ) | $ | (890,506,653 | ) | (773,833,097 | ) | $ | (773,833,097 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(64,951,835 | ) | (64,951,835 | ) | (42,319,981 | ) | (42,319,981 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(8,417,805 | ) | (8,417,805 | ) | (15,960,223 | ) | (15,960,223 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(1,850,907 | ) | (1,850,907 | ) | (3,704,435 | ) | (3,704,435 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (1,394,027,289 | ) | (1,394,027,289 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,576 | ) | (10,576 | ) | ||||||||||
Premier Money Market Shares***
|
(163,286,900 | ) | (163,286,900 | ) | (2,466,530,608 | ) | (2,466,530,608 | ) | ||||||||
Premium Reserve Money Market Shares
|
(119,115,201 | ) | (119,115,201 | ) | (592,438,461 | ) | (592,438,461 | ) | ||||||||
Service Shares
|
(1,368,490,287 | ) | (1,368,490,287 | ) | (1,157,527,651 | ) | (1,157,527,651 | ) | ||||||||
$ | (2,616,619,588 | ) | $ | (6,446,352,321 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(51,164,569 | ) | $ | (51,164,569 | ) | (22,297,561 | ) | $ | (22,297,561 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(48,511,803 | ) | (48,511,803 | ) | 4,031,431 | 4,031,431 | ||||||||||
Davidson Cash Equivalent Shares
|
(4,681,940 | ) | (4,681,940 | ) | (11,729,423 | ) | (11,729,423 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(980,439 | ) | (980,439 | ) | (2,584,384 | ) | (2,584,384 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (514,463,030 | ) | (514,463,030 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,559 | ) | (10,559 | ) | ||||||||||
Premier Money Market Shares***
|
(118,997,807 | ) | (118,997,807 | ) | (1,901,721,370 | ) | (1,901,721,370 | ) | ||||||||
Premium Reserve Money Market Shares
|
(7,970,002 | ) | (7,970,002 | ) | (341,499,244 | ) | (341,499,244 | ) | ||||||||
Service Shares
|
423,303,845 | 423,303,845 | 99,572,949 | 99,572,949 | ||||||||||||
$ | 190,997,285 | $ | (2,690,701,191 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
628,481,114 | $ | 628,481,114 | 649,627,293 | $ | 649,627,293 | ||||||||||
Davidson Cash Equivalent Shares
|
24,463,758 | 24,463,758 | 14,397,365 | 14,397,365 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
275,786,862 | 275,786,862 | 185,485,990 | 185,485,990 | ||||||||||||
DWS Government & Agency Money Fund
|
72,103,322 | 72,103,322 | 105,758,351 | 105,758,351 | ||||||||||||
DWS Government Cash Institutional Shares
|
34,835,288,142 | 34,835,288,142 | 86,737,251,385 | 86,737,251,385 | ||||||||||||
Government Cash Managed Shares
|
2,032,853,974 | 2,032,853,974 | 1,141,762,346 | 1,141,762,346 | ||||||||||||
Premier Money Market Shares****
|
— | — | 265,266,569 | 265,266,569 | ||||||||||||
Service Shares
|
269,340,585 | 269,340,585 | 228,691,596 | 228,691,596 | ||||||||||||
$ | 38,138,317,757 | $ | 89,328,240,895 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
29,657 | $ | 29,657 | 65,880 | $ | 65,880 | ||||||||||
Davidson Cash Equivalent Shares
|
2,127 | 2,127 | 5,141 | 5,141 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
5,509 | 5,509 | 5,913 | 5,913 | ||||||||||||
DWS Government & Agency Money Fund
|
27,796 | 27,796 | 195,740 | 195,740 | ||||||||||||
DWS Government Cash Institutional Shares
|
1,118,270 | 1,118,270 | 8,526,918 | 8,526,918 | ||||||||||||
Government Cash Managed Shares
|
5,696 | 5,696 | 8,301 | 8,301 | ||||||||||||
Premier Money Market Shares****
|
— | — | 338,346 | 338,346 | ||||||||||||
Service Shares
|
12,119 | 12,119 | 27,501 | 27,501 | ||||||||||||
$ | 1,201,174 | $ | 9,173,740 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(648,126,914 | ) | $ | (648,126,914 | ) | (625,330,611 | ) | $ | (625,330,611 | ) | ||||||
Davidson Cash Equivalent Shares
|
(25,307,057 | ) | (25,307,057 | ) | (23,739,455 | ) | (23,739,455 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(292,761,983 | ) | (292,761,983 | ) | (158,769,431 | ) | (158,769,431 | ) | ||||||||
DWS Government & Agency Money Fund
|
(134,495,012 | ) | (134,495,012 | ) | (198,527,517 | ) | (198,527,517 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(36,963,523,481 | ) | (36,963,523,481 | ) | (94,492,111,010 | ) | (94,492,111,010 | ) | ||||||||
Government Cash Managed Shares
|
(2,132,755,829 | ) | (2,132,755,829 | ) | (1,338,740,329 | ) | (1,338,740,329 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,366,260,819 | ) | (4,366,260,819 | ) | ||||||||||
Service Shares
|
(272,492,118 | ) | (272,492,118 | ) | (264,171,028 | ) | (264,171,028 | ) | ||||||||
$ | (40,469,462,394 | ) | $ | (101,467,650,200 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(19,616,143 | ) | $ | (19,616,143 | ) | 24,362,562 | $ | 24,362,562 | ||||||||
Davidson Cash Equivalent Shares
|
(841,172 | ) | (841,172 | ) | (9,336,949 | ) | (9,336,949 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(16,969,612 | ) | (16,969,612 | ) | 26,722,472 | 26,722,472 | ||||||||||
DWS Government & Agency Money Fund
|
(62,363,894 | ) | (62,363,894 | ) | (92,573,426 | ) | (92,573,426 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(2,127,117,069 | ) | (2,127,117,069 | ) | (7,746,332,707 | ) | (7,746,332,707 | ) | ||||||||
Government Cash Managed Shares
|
(99,896,159 | ) | (99,896,159 | ) | (196,969,682 | ) | (196,969,682 | ) | ||||||||
Premier Money Market Shares****
|
— | — | (4,100,655,904 | ) | (4,100,655,904 | ) | ||||||||||
Service Shares
|
(3,139,414 | ) | (3,139,414 | ) | (35,451,931 | ) | (35,451,931 | ) | ||||||||
$ | (2,329,943,463 | ) | $ | (12,130,235,565 | ) |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*****
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*****
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*****
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*****
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
17 Statement of Assets and Liabilities
19 Statement of Operations
20 Statement of Changes in Net Assets
22 Financial Highlights
23 Notes to Financial Statements
31 Report of Independent Registered Public Accounting Firm
32 Tax Information
33 Summary of Management Fee Evaluation by Independent Fee Consultant
37 Board Members and Officers
|
7-Day Current Yield
|
||||
Premium Reserve Money Market Shares
|
0.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.42% as of April 30, 2011.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
Premium Reserve Money Market Shares
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.08 | ||
Expenses Paid per $1,000*
|
$ | 1.64 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.16 | ||
Expenses Paid per $1,000*
|
$ | 1.66 |
Annualized Expense Ratios
|
|
Premium Reserve Money Market Shares
|
.33%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Commercial Paper
|
34%
|
38%
|
Short-Term Notes
|
17%
|
26%
|
Repurchase Agreements
|
16%
|
12%
|
Certificates of Deposit and Bank Notes
|
16%
|
13%
|
Government & Agency Obligations
|
14%
|
10%
|
Time Deposits
|
3%
|
—
|
Supranational
|
—
|
1%
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Money Market Portfolio
|
48 days
|
41 days
|
iMoneyNet First Tier Retail Money Fund Average*
|
40 days
|
46 days
|
Principal Amount ($)
|
Value ($)
|
||||
Certificates of Deposit and Bank Notes 15.8%
|
|||||
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
|
6,500,000
|
6,828,336
|
|||
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
|
25,000,000
|
25,000,000
|
|||
BNP Paribas:
|
|||||
0.35%, 8/8/2011
|
20,000,000
|
20,000,000
|
|||
0.45%, 7/25/2011
|
7,000,000
|
6,999,834
|
|||
0.55%, 5/13/2011
|
7,000,000
|
7,000,093
|
|||
Credit Agricole SA, 0.3%, 8/4/2011
|
12,000,000
|
12,000,000
|
|||
Dexia Credit Local:
|
|||||
0.24%, 5/3/2011
|
23,437,000
|
23,437,000
|
|||
144A, 2.375%, 9/23/2011
|
8,000,000
|
8,055,854
|
|||
International Finance Corp., 3.0%, 11/15/2011
|
6,000,000
|
6,084,144
|
|||
KBC Bank NV, 0.3%, 5/6/2011
|
6,500,000
|
6,500,000
|
|||
Landesbank Hessen-Thueringen Girozentrale:
|
|||||
0.2%, 5/12/2011
|
3,000,000
|
3,000,000
|
|||
0.2%, 5/20/2011
|
6,000,000
|
6,000,000
|
|||
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
|
8,500,000
|
8,500,000
|
|||
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
|
12,000,000
|
12,000,000
|
|||
Natixis, 0.22%, 6/24/2011
|
20,000,000
|
20,000,000
|
|||
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
|
10,000,000
|
10,078,955
|
|||
Nordea Bank Finland PLC:
|
|||||
0.27%, 6/28/2011
|
12,000,000
|
12,000,000
|
|||
0.28%, 7/5/2011
|
25,000,000
|
25,000,226
|
|||
0.44%, 6/30/2011
|
10,000,000
|
10,000,498
|
|||
0.67%, 7/20/2011
|
15,000,000
|
15,008,950
|
|||
Skandinaviska Enskilda Banken AB:
|
|||||
0.24%, 6/20/2011
|
25,000,000
|
25,000,000
|
|||
0.25%, 6/10/2011
|
6,000,000
|
6,000,000
|
|||
0.26%, 6/3/2011
|
15,000,000
|
15,000,000
|
|||
0.26%, 6/6/2011
|
15,000,000
|
15,000,000
|
|||
0.31%, 5/27/2011
|
18,000,000
|
18,000,000
|
|||
Societe Generale:
|
|||||
0.2%, 7/5/2011
|
6,000,000
|
6,000,000
|
|||
0.35%, 5/16/2011
|
12,000,000
|
12,000,000
|
|||
Sumitomo Mitsui Banking Corp.:
|
|||||
0.28%, 6/1/2011
|
28,000,000
|
28,000,000
|
|||
0.3%, 5/3/2011
|
6,000,000
|
6,000,000
|
|||
Svenska Handelsbanken AB:
|
|||||
0.24%, 7/6/2011
|
20,500,000
|
20,500,000
|
|||
0.275%, 6/23/2011
|
15,000,000
|
15,000,055
|
|||
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
|
409,993,945
|
||||
Commercial Paper 34.6%
|
|||||
Issued at Discount**
|
|||||
Abbey National North America LLC, 0.3%, 6/27/2011
|
6,500,000
|
6,496,912
|
|||
Alpine Securitization, 144A, 0.16%, 6/2/2011
|
40,000,000
|
39,994,311
|
|||
Argento Variable Funding:
|
|||||
144A, 0.31%, 6/20/2011
|
15,000,000
|
14,993,542
|
|||
144A, 0.319%, 5/3/2011
|
6,500,000
|
6,499,884
|
|||
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
|
25,000,000
|
24,999,472
|
|||
Barclays Bank PLC, 0.31%, 5/26/2011
|
12,500,000
|
12,497,309
|
|||
BPCE SA, 0.27%, 7/26/2011
|
9,000,000
|
8,994,195
|
|||
Caisse d'Amortissement de la Dette Sociale:
|
|||||
0.22%, 8/5/2011
|
12,000,000
|
11,992,960
|
|||
0.25%, 7/25/2011
|
18,000,000
|
17,989,375
|
|||
0.27%, 5/31/2011
|
16,620,000
|
16,616,261
|
|||
0.28%, 6/1/2011
|
12,800,000
|
12,796,914
|
|||
0.29%, 5/31/2011
|
15,000,000
|
14,996,375
|
|||
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
|
20,000,000
|
19,998,311
|
|||
Comcast Corp., 0.31%, 5/6/2011
|
10,000,000
|
9,999,569
|
|||
Eksportfinans ASA, 0.15%, 5/5/2011
|
37,500,000
|
37,499,375
|
|||
ENI Coordination Center SA, 0.3%, 5/26/2011
|
12,500,000
|
12,497,396
|
|||
Google, Inc., 0.4%, 9/16/2011
|
8,000,000
|
7,987,733
|
|||
Grampian Funding LLC:
|
|||||
144A, 0.26%, 7/14/2011
|
10,000,000
|
9,994,656
|
|||
144A, 0.26%, 7/19/2011
|
3,000,000
|
2,998,288
|
|||
144A, 0.27%, 7/8/2011
|
12,000,000
|
11,993,880
|
|||
144A, 0.27%, 7/11/2011
|
25,000,000
|
24,986,688
|
|||
144A, 0.28%, 7/7/2011
|
10,000,000
|
9,994,789
|
|||
144A, 0.28%, 7/8/2011
|
13,000,000
|
12,993,124
|
|||
Johnson & Johnson:
|
|||||
144A, 0.18%, 6/3/2011
|
12,850,000
|
12,847,880
|
|||
144A, 0.19%, 8/22/2011
|
15,000,000
|
14,991,054
|
|||
Kells Funding LLC:
|
|||||
144A, 0.33%, 5/9/2011
|
6,000,000
|
5,999,560
|
|||
144A, 0.35%, 5/18/2011
|
3,000,000
|
2,999,504
|
|||
144A, 0.35%, 6/6/2011
|
6,000,000
|
5,997,900
|
|||
144A, 0.36%, 5/17/2011
|
18,000,000
|
17,997,120
|
|||
144A, 0.37%, 6/17/2011
|
15,000,000
|
14,992,754
|
|||
144A, 0.38%, 6/17/2011
|
12,000,000
|
11,994,047
|
|||
144A, 0.39%, 7/5/2011
|
10,000,000
|
9,992,958
|
|||
144A, 0.39%, 9/6/2011
|
13,750,000
|
13,730,933
|
|||
144A, 0.4%, 7/1/2011
|
8,000,000
|
7,994,578
|
|||
LMA Americas LLC, 144A, 0.17%, 5/9/2011
|
6,000,000
|
5,999,773
|
|||
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
|
12,419,000
|
12,417,603
|
|||
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
|
12,500,000
|
12,492,500
|
|||
Nieuw Amsterdam Receivables Corp.:
|
|||||
144A, 0.24%, 6/2/2011
|
13,500,000
|
13,497,120
|
|||
144A, 0.25%, 5/6/2011
|
12,000,000
|
11,999,583
|
|||
NRW.Bank:
|
|||||
0.19%, 6/28/2011
|
13,500,000
|
13,495,868
|
|||
0.22%, 7/14/2011
|
6,000,000
|
5,997,287
|
|||
0.275%, 6/10/2011
|
8,000,000
|
7,997,556
|
|||
0.3%, 5/2/2011
|
12,000,000
|
11,999,900
|
|||
0.3%, 5/3/2011
|
30,000,000
|
29,999,500
|
|||
0.3%, 5/23/2011
|
12,500,000
|
12,497,708
|
|||
Procter & Gamble Co., 0.19%, 6/3/2011
|
16,513,000
|
16,510,124
|
|||
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
|
26,000,000
|
25,996,707
|
|||
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
|
3,000,000
|
2,999,425
|
|||
Sanofi-Aventis SA, 0.3%, 8/15/2011
|
12,500,000
|
12,488,958
|
|||
SBAB Bank AB:
|
|||||
144A, 0.35%, 7/19/2011
|
6,000,000
|
5,995,392
|
|||
144A, 0.37%, 7/13/2011
|
12,500,000
|
12,490,622
|
|||
144A, 0.39%, 6/9/2011
|
12,000,000
|
11,994,930
|
|||
144A, 0.39%, 7/5/2011
|
12,500,000
|
12,491,198
|
|||
144A, 0.4%, 6/23/2011
|
6,000,000
|
5,996,467
|
|||
Scaldis Capital LLC:
|
|||||
0.32%, 5/20/2011
|
5,000,000
|
4,999,156
|
|||
0.32%, 6/2/2011
|
9,000,000
|
8,997,440
|
|||
Shell International Finance BV, 0.4%, 5/2/2011
|
5,000,000
|
4,999,944
|
|||
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
|
15,000,000
|
14,999,375
|
|||
Standard Chartered Bank, 0.29%, 5/24/2011
|
20,000,000
|
19,996,294
|
|||
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
|
15,000,000
|
14,999,896
|
|||
Svenska Handelsbanken AB, 0.28%, 5/18/2011
|
6,000,000
|
5,999,207
|
|||
Swedbank AB:
|
|||||
0.26%, 7/27/2011
|
12,000,000
|
11,992,460
|
|||
0.27%, 7/11/2011
|
10,000,000
|
9,994,675
|
|||
0.27%, 7/26/2011
|
10,000,000
|
9,993,550
|
|||
0.285%, 5/23/2011
|
12,000,000
|
11,997,910
|
|||
0.3%, 5/13/2011
|
28,000,000
|
27,997,200
|
|||
0.34%, 7/5/2011
|
20,000,000
|
19,987,722
|
|||
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
|
12,500,000
|
12,485,253
|
|||
Total Commercial Paper (Cost $894,147,910)
|
894,147,910
|
||||
Short-Term Notes* 17.7%
|
|||||
Abbey National Treasury Services PLC:
|
|||||
0.38%, 4/16/2012
|
18,000,000
|
18,000,000
|
|||
0.49%, 11/2/2011
|
12,500,000
|
12,500,000
|
|||
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
|
12,500,000
|
12,500,000
|
|||
Bank of Nova Scotia:
|
|||||
0.22%, 8/25/2011
|
16,500,000
|
16,500,000
|
|||
0.27%, 9/12/2011
|
7,000,000
|
7,000,000
|
|||
0.35%, 12/8/2011
|
8,000,000
|
8,000,000
|
|||
Barclays Bank PLC, 0.533%, 7/19/2011
|
15,000,000
|
15,000,000
|
|||
BNP Paribas, 0.492%, 8/22/2011
|
25,000,000
|
25,000,000
|
|||
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
|
26,000,000
|
25,996,945
|
|||
Canadian Imperial Bank of Commerce:
|
|||||
0.18%, 5/12/2011
|
20,000,000
|
20,000,000
|
|||
0.292%, 4/26/2012
|
21,600,000
|
21,600,000
|
|||
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
|
12,000,000
|
12,000,000
|
|||
Credit Suisse, 0.19%, 6/3/2011
|
12,000,000
|
12,000,000
|
|||
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
|
11,500,000
|
11,500,000
|
|||
Kells Funding LLC:
|
|||||
144A, 0.318%, 8/15/2011
|
12,500,000
|
12,500,000
|
|||
144A, 0.342%, 2/24/2012
|
13,750,000
|
13,750,000
|
|||
144A, 0.383%, 12/1/2011
|
10,000,000
|
10,000,000
|
|||
National Australia Bank Ltd.:
|
|||||
0.261%, 10/5/2011
|
12,500,000
|
12,500,000
|
|||
0.291%, 6/10/2011
|
15,000,000
|
15,000,000
|
|||
Nordea Bank Finland PLC:
|
|||||
0.56%, 2/3/2012
|
3,000,000
|
3,004,662
|
|||
0.574%, 10/20/2011
|
12,500,000
|
12,517,260
|
|||
0.58%, 10/14/2011
|
10,000,000
|
10,013,284
|
|||
Rabobank Nederland NV:
|
|||||
0.263%, 5/13/2011
|
14,000,000
|
14,000,001
|
|||
0.307%, 4/24/2012
|
7,750,000
|
7,749,616
|
|||
0.311%, 1/10/2012
|
8,000,000
|
8,000,000
|
|||
144A, 0.384%, 3/16/2012
|
12,000,000
|
12,000,000
|
|||
144A, 0.458%, 9/28/2011
|
6,000,000
|
6,003,687
|
|||
Royal Bank of Canada, 0.31%, 8/12/2011
|
11,300,000
|
11,300,000
|
|||
Societe Generale, 0.32%, 5/19/2011
|
24,000,000
|
24,000,000
|
|||
Westpac Banking Corp.:
|
|||||
0.27%, 10/12/2011
|
16,000,000
|
16,000,000
|
|||
0.293%, 6/1/2011
|
8,000,000
|
8,000,000
|
|||
0.321%, 5/9/2012
|
17,000,000
|
17,000,000
|
|||
144A, 0.323%, 10/28/2011
|
12,000,000
|
12,001,367
|
|||
0.36%, 1/10/2012
|
14,000,000
|
14,000,000
|
|||
Total Short-Term Notes (Cost $456,936,822)
|
456,936,822
|
||||
Government & Agency Obligations 13.9%
|
|||||
Foreign Government Obligations 0.5%
|
|||||
Kingdom of Denmark, 2.75%, 11/15/2011
|
11,500,000
|
11,643,626
|
|||
Other Government Related (a) 1.6%
|
|||||
European Investment Bank:
|
|||||
0.24%, 6/28/2011
|
13,000,000
|
12,994,973
|
|||
2.625%, 5/16/2011
|
7,000,000
|
7,006,628
|
|||
2.625%, 11/15/2011
|
22,000,000
|
22,267,637
|
|||
42,269,238
|
|||||
US Government Sponsored Agencies 5.5%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.223%*, 11/2/2011
|
12,250,000
|
12,249,690
|
|||
0.259%**, 10/20/2011
|
5,000,000
|
4,993,789
|
|||
0.259%**, 4/4/2012
|
5,000,000
|
4,987,758
|
|||
0.319%**, 12/16/2011
|
10,200,000
|
10,179,237
|
|||
Federal Home Loan Bank:
|
|||||
0.24%, 10/28/2011
|
14,000,000
|
13,995,584
|
|||
0.25%, 10/28/2011
|
14,000,000
|
13,999,429
|
|||
0.268%**, 9/12/2011
|
10,000,000
|
9,989,950
|
|||
0.54%, 5/24/2011
|
4,400,000
|
4,400,022
|
|||
1.0%, 12/28/2011
|
10,000,000
|
10,053,762
|
|||
Federal National Mortgage Association:
|
|||||
0.113%*, 7/27/2011
|
12,500,000
|
12,498,033
|
|||
0.159%**, 11/21/2011
|
15,000,000
|
14,986,400
|
|||
0.182%**, 6/16/2011
|
12,500,000
|
12,497,045
|
|||
4.68%, 6/15/2011
|
7,000,000
|
7,038,043
|
|||
5.375%, 11/15/2011
|
10,000,000
|
10,280,209
|
|||
142,148,951
|
|||||
US Treasury Obligations 6.3%
|
|||||
US Treasury Bills:
|
|||||
0.155%**, 7/28/2011
|
996,000
|
995,623
|
|||
0.16%**, 9/1/2011
|
12,500,000
|
12,493,167
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
39,500,000
|
39,518,687
|
|||
0.875%, 1/31/2012
|
13,500,000
|
13,567,775
|
|||
1.0%, 9/30/2011
|
37,000,000
|
37,117,154
|
|||
4.5%, 11/30/2011
|
7,000,000
|
7,170,545
|
|||
4.625%, 8/31/2011
|
27,500,000
|
27,899,749
|
|||
4.625%, 10/31/2011
|
17,000,000
|
17,369,535
|
|||
5.125%, 6/30/2011
|
7,500,000
|
7,560,710
|
|||
163,692,945
|
|||||
Total Government & Agency Obligations (Cost $359,754,760)
|
359,754,760
|
||||
Time Deposits 2.6%
|
|||||
Citibank NA, 0.13%, 5/5/2011
|
58,000,000
|
58,000,000
|
|||
National Australia Bank Ltd., 0.08%, 5/2/2011
|
9,315,483
|
9,315,483
|
|||
Total Time Deposits (Cost $67,315,483)
|
67,315,483
|
||||
Municipal Bonds and Notes 0.2%
|
|||||
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
|
4,085,000
|
4,085,000
|
|||
Repurchase Agreements 16.2%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
|
5,000,000
|
5,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
|
39,285,715
|
39,285,715
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
|
124,000,000
|
124,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
|
64,281,428
|
64,281,428
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
|
23,000,000
|
23,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
|
15,000,000
|
15,000,000
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
|
142,000,000
|
142,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
|
6,000,000
|
6,000,000
|
|||
Total Repurchase Agreements (Cost $418,567,143)
|
418,567,143
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,610,801,063)+
|
101.0 | 2,610,801,063 | ||||||
Other Assets and Liabilities, Net
|
(1.0 | ) | (24,871,551 | ) | ||||
Net Assets
|
100.0 | 2,585,929,512 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
29,000,000 |
Federal Home Loan Bank
|
3.125 |
3/11/2016
|
30,474,263 | ||||||||
91,202,000 |
Federal National Mortgage Association
|
2.625 |
11/20/2014
|
96,010,512 | ||||||||
Total Collateral Value
|
126,484,775 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (j)
|
$ | — | $ | 2,192,233,920 | $ | — | $ | 2,192,233,920 | ||||||||
Repurchase Agreements
|
— | 418,567,143 | — | 418,567,143 | ||||||||||||
Total
|
$ | — | $ | 2,610,801,063 | $ | — | $ | 2,610,801,063 |
as of April 30, 2011
|
||||
Assets
|
Money Market Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,192,233,920 | ||
Repurchase agreements, valued at amortized cost
|
418,567,143 | |||
Total investments, valued at amortized cost
|
2,610,801,063 | |||
Cash
|
2,856 | |||
Receivable for Fund shares sold
|
3,963 | |||
Interest receivable
|
2,616,479 | |||
Due from Advisor
|
16,735 | |||
Other assets
|
93,812 | |||
Total assets
|
2,613,534,908 | |||
Liabilities
|
||||
Payable for investments purchased
|
25,996,945 | |||
Payable for Fund shares redeemed
|
22,024 | |||
Accrued management fee
|
322,306 | |||
Other accrued expenses and payables
|
1,264,121 | |||
Total liabilities
|
27,605,396 | |||
Net assets, at value
|
$ | 2,585,929,512 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
39,083 | |||
Paid-in capital
|
2,585,890,429 | |||
Net assets, at value
|
$ | 2,585,929,512 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Money Market Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Money Market Portfolio
|
|||
Income:
Interest
|
$ | 8,798,068 | ||
Expenses:
Management fee
|
3,881,269 | |||
Services to shareholders
|
6,076,379 | |||
Custodian fee
|
74,890 | |||
Distribution and service fees
|
14,110,025 | |||
Professional fees
|
138,516 | |||
Trustees' fees and expenses
|
77,791 | |||
Reports to shareholders
|
320,727 | |||
Registration fees
|
165,621 | |||
Other
|
109,278 | |||
Total expenses before expense reductions
|
24,954,496 | |||
Expense reductions
|
(16,494,317 | ) | ||
Total expenses after expense reductions
|
8,460,179 | |||
Net investment income
|
337,889 | |||
Net realized gain (loss) from investments
|
46,708 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 384,597 |
Money Market Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 337,889 | $ | 1,401,172 | ||||
Net realized gain (loss)
|
46,708 | 163,092 | ||||||
Net increase in net assets resulting from operations
|
384,597 | 1,564,264 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(187,975 | ) | (325,020 | ) | ||||
Capital Assets Funds Preferred Shares
|
(13,299 | ) | (22,211 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,869 | ) | (2,135 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(221 | ) | (304 | ) | ||||
Institutional Money Market Shares
|
— | (739,919 | ) | |||||
Institutional Select Money Market Shares
|
— | (18 | ) | |||||
Premier Money Market Shares
|
(5,042 | ) | (80,727 | ) | ||||
Premium Reserve Money Market Shares
|
(7,826 | ) | (119,850 | ) | ||||
Service Shares
|
(183,668 | ) | (110,887 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (185,696 | ) | |||||
Capital Assets Funds Preferred Shares
|
— | (11,952 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (4,764 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (692 | ) | |||||
Institutional Money Market Shares
|
— | (48,898 | ) | |||||
Institutional Select Money Market Shares
|
— | (1 | ) | |||||
Premier Money Market Shares
|
— | (232,203 | ) | |||||
Premium Reserve Money Market Shares
|
— | (48,826 | ) | |||||
Service Shares
|
— | (238,491 | ) | |||||
Total distributions
|
(399,900 | ) | (2,172,594 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
2,807,221,339 | 3,753,564,969 | ||||||
Reinvestment of distributions
|
395,534 | 2,086,161 | ||||||
Cost of shares redeemed
|
(2,616,619,588 | ) | (6,446,352,321 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
190,997,285 | (2,690,701,191 | ) | |||||
Increase (decrease) in net assets
|
190,981,982 | (2,691,309,521 | ) | |||||
Net assets at beginning of period
|
2,394,947,530 | 5,086,257,051 | ||||||
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
|
$ | 2,585,929,512 | $ | 2,394,947,530 |
Money Market Portfolio
Premium Reserve Money Market Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .001 | .016 | .043 | .047 | ||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .001 | .016 | .043 | .047 | ||||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.001 | ) | (.016 | ) | (.043 | ) | (.047 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.001 | ) | (.016 | ) | (.043 | ) | (.047 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.01 | a | .06 | a | 1.65 | 4.38 | a | 4.84 | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
62 | 70 | 411 | 404 | 282 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.58 | .56 | .56 | .57 | .56 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .46 | .56 | .57 | .56 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .05 | 1.60 | 4.24 | 4.72 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed ordinary income*
|
$ | 39,083 |
Years Ended April 30,
|
||||||||
Portfolio
|
2011
|
2010
|
||||||
Distributions from ordinary income*
|
$ | 399,900 | $ | 2,172,594 |
First $500 million of the Funds' combined average daily net assets
|
.220 | % | ||
Next $500 million of such net assets
|
.200 | % | ||
Next $1 billion of such net assets
|
.175 | % | ||
Next $1 billion of such net assets
|
.160 | % | ||
Over $3 billion of such net assets
|
.150 | % |
Annual Effective Rate
|
|
Money Market Portfolio
|
.16%
|
Money Market Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 2,080,639 | $ | 876,994 | $ | 307,215 | ||||||
Capital Assets Funds Preferred Shares
|
39,377 | 5,147 | 1,069 | |||||||||
Davidson Cash Equivalent Shares
|
40,021 | 16,669 | 6,168 | |||||||||
Davidson Cash Equivalent Plus Shares
|
4,140 | 1,364 | 470 | |||||||||
Premier Money Market Shares
|
126,996 | 39,884 | — | |||||||||
Premium Reserve Money Market Shares
|
85,973 | — | 30,586 | |||||||||
Service Shares
|
3,662,660 | 1,457,787 | 594,910 | |||||||||
$ | 6,039,806 | $ | 2,397,845 | $ | 940,418 |
Money Market Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,755,491 | $ | 2,755,491 | .00 | % | .33 | % | ||||||||
Capital Assets Funds Preferred Shares
|
52,348 | 52,348 | .00 | % | .20 | % | ||||||||||
Davidson Cash Equivalent Shares
|
45,045 | 45,045 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
4,430 | 4,430 | .00 | % | .25 | % | ||||||||||
Premier Money Market Shares
|
126,560 | 126,560 | .00 | % | .25 | % | ||||||||||
Service Shares
|
8,684,015 | 8,684,015 | .00 | % | .60 | % | ||||||||||
$ | 11,667,889 | $ | 11,667,889 |
Money Market Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 2,087,493 | $ | 2,087,493 | .00 | % | .25 | % | ||||||||
Capital Assets Funds Preferred Shares
|
26,174 | 26,174 | .00 | % | .10 | % | ||||||||||
Davidson Cash Equivalent Shares
|
37,537 | 37,537 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
3,544 | 3,544 | .00 | % | .20 | % | ||||||||||
Premier Money Market Shares
|
126,561 | 126,561 | .00 | % | .25 | % | ||||||||||
Premium Reserve Money Market Shares
|
160,827 | 147,274 | .02 | % | .25 | % | ||||||||||
$ | 2,442,136 | $ | 2,428,583 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Money Market Portfolio
|
$ | 46,559 | $ | 16,156 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
839,154,629 | $ | 839,154,629 | 751,023,837 | $ | 751,023,837 | ||||||||||
Capital Assets Funds Preferred Shares
|
16,426,872 | 16,426,872 | 46,317,102 | 46,317,102 | ||||||||||||
Davidson Cash Equivalent Shares
|
3,734,002 | 3,734,002 | 4,223,891 | 4,223,891 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
870,248 | 870,248 | 1,119,054 | 1,119,054 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 878,782,978 | 878,782,978 | ||||||||||||
Premier Money Market Shares***
|
44,284,933 | 44,284,933 | 564,549,506 | 564,549,506 | ||||||||||||
Premium Reserve Money Market Shares
|
111,139,828 | 111,139,828 | 250,797,721 | 250,797,721 | ||||||||||||
Service Shares
|
1,791,610,827 | 1,791,610,827 | 1,256,750,880 | 1,256,750,880 | ||||||||||||
$ | 2,807,221,339 | $ | 3,753,564,969 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
187,455 | $ | 187,455 | 511,699 | $ | 511,699 | ||||||||||
Capital Assets Funds Preferred Shares
|
13,160 | 13,160 | 34,310 | 34,310 | ||||||||||||
Davidson Cash Equivalent Shares
|
1,863 | 1,863 | 6,909 | 6,909 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
220 | 220 | 997 | 997 | ||||||||||||
Institutional Money Market Shares*
|
— | — | 781,281 | 781,281 | ||||||||||||
Institutional Select Money Market Shares**
|
— | — | 17 | 17 | ||||||||||||
Premier Money Market Shares***
|
4,160 | 4,160 | 259,732 | 259,732 | ||||||||||||
Premium Reserve Money Market Shares
|
5,371 | 5,371 | 141,496 | 141,496 | ||||||||||||
Service Shares
|
183,305 | 183,305 | 349,720 | 349,720 | ||||||||||||
$ | 395,534 | $ | 2,086,161 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(890,506,653 | ) | $ | (890,506,653 | ) | (773,833,097 | ) | $ | (773,833,097 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(64,951,835 | ) | (64,951,835 | ) | (42,319,981 | ) | (42,319,981 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(8,417,805 | ) | (8,417,805 | ) | (15,960,223 | ) | (15,960,223 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(1,850,907 | ) | (1,850,907 | ) | (3,704,435 | ) | (3,704,435 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (1,394,027,289 | ) | (1,394,027,289 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,576 | ) | (10,576 | ) | ||||||||||
Premier Money Market Shares***
|
(163,286,900 | ) | (163,286,900 | ) | (2,466,530,608 | ) | (2,466,530,608 | ) | ||||||||
Premium Reserve Money Market Shares
|
(119,115,201 | ) | (119,115,201 | ) | (592,438,461 | ) | (592,438,461 | ) | ||||||||
Service Shares
|
(1,368,490,287 | ) | (1,368,490,287 | ) | (1,157,527,651 | ) | (1,157,527,651 | ) | ||||||||
$ | (2,616,619,588 | ) | $ | (6,446,352,321 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(51,164,569 | ) | $ | (51,164,569 | ) | (22,297,561 | ) | $ | (22,297,561 | ) | ||||||
Capital Assets Funds Preferred Shares
|
(48,511,803 | ) | (48,511,803 | ) | 4,031,431 | 4,031,431 | ||||||||||
Davidson Cash Equivalent Shares
|
(4,681,940 | ) | (4,681,940 | ) | (11,729,423 | ) | (11,729,423 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(980,439 | ) | (980,439 | ) | (2,584,384 | ) | (2,584,384 | ) | ||||||||
Institutional Money Market Shares*
|
— | — | (514,463,030 | ) | (514,463,030 | ) | ||||||||||
Institutional Select Money Market Shares**
|
— | — | (10,559 | ) | (10,559 | ) | ||||||||||
Premier Money Market Shares***
|
(118,997,807 | ) | (118,997,807 | ) | (1,901,721,370 | ) | (1,901,721,370 | ) | ||||||||
Premium Reserve Money Market Shares
|
(7,970,002 | ) | (7,970,002 | ) | (341,499,244 | ) | (341,499,244 | ) | ||||||||
Service Shares
|
423,303,845 | 423,303,845 | 99,572,949 | 99,572,949 | ||||||||||||
$ | 190,997,285 | $ | (2,690,701,191 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
APRIL 30, 2011
Annual Report
to Shareholders
|
Government & Agency Securities Portfolio
DWS Government Cash Institutional Shares Fund #250
Government Cash Managed Shares Fund #254
|
![]() |
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
13 Statement of Assets and Liabilities
15 Statement of Operations
16 Statement of Changes in Net Assets
17 Financial Highlights
19 Notes to Financial Statements
27 Report of Independent Registered Public Accounting Firm
28 Tax Information
29 Summary of Management Fee Evaluation by Independent Fee Consultant
33 Summary of Administrative Fee Evaluation by Independent Fee Consultant
34 Board Members and Officers
|
7-Day Current Yield
|
||||
DWS Government Cash Institutional Shares
|
0.07 | %* | ||
Government Cash Managed Shares
|
0.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been 0.01% and -0.17% for DWS Government Cash Institutional Shares and Government Cash Managed Shares, respectively, as of April 30, 2011.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||
Actual Fund Return
|
DWS Government Cash Institutional Shares
|
Government Cash Managed Shares
|
||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,000.28 | $ | 1,000.05 | ||||
Expenses Paid per $1,000*
|
$ | .55 | $ | .89 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,024.25 | $ | 1,023.90 | ||||
Expenses Paid per $1,000*
|
$ | .55 | $ | .90 |
Annualized Expense Ratios
|
|
DWS Government Cash Institutional Shares
|
.11%
|
Government Cash Managed Shares
|
.18%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Government & Agency Obligations
|
50%
|
85%
|
Repurchase Agreements
|
48%
|
15%
|
Commercial Paper
|
2%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Government & Agency Securities Portfolio
|
49 days
|
52 days
|
iMoneyNet Government & Agencies Retail Money Fund Average*
|
38 days
|
45 days
|
Principal Amount ($)
|
Value ($)
|
||||
Commercial Paper 1.8%
|
|||||
Issued at Discount
|
|||||
Straight-A Funding LLC:
|
|||||
144A, 0.15%, 5/11/2011
|
20,000,000
|
19,999,167
|
|||
144A, 0.2%, 7/5/2011
|
80,000,000
|
79,971,111
|
|||
Total Commercial Paper (Cost $99,970,278)
|
99,970,278
|
||||
Government & Agency Obligations 51.6%
|
|||||
US Government Sponsored Agencies 45.9%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.119%**, 5/18/2012
|
165,000,000
|
164,991,321
|
|||
0.12%**, 1/12/2012
|
100,000,000
|
100,001,775
|
|||
0.129%*, 9/9/2011
|
25,000,000
|
24,988,174
|
|||
0.134%**, 7/15/2011
|
85,000,000
|
84,999,308
|
|||
0.164%*, 5/24/2011
|
50,000,000
|
49,994,569
|
|||
0.208%*, 8/3/2011
|
43,500,000
|
43,476,148
|
|||
0.259%*, 10/20/2011
|
34,500,000
|
34,457,143
|
|||
0.259%*, 4/4/2012
|
12,500,000
|
12,469,396
|
|||
0.269%*, 3/23/2012
|
25,000,000
|
24,938,688
|
|||
0.319%*, 12/16/2011
|
28,000,000
|
27,943,004
|
|||
0.319%*, 1/12/2012
|
33,000,000
|
32,924,907
|
|||
Federal Home Loan Bank:
|
|||||
0.018%*, 5/2/2011
|
12,737,000
|
12,737,000
|
|||
0.064%*, 7/20/2011
|
100,000,000
|
99,985,556
|
|||
0.068%*, 5/27/2011
|
50,000,000
|
49,997,472
|
|||
0.076%*, 5/18/2011
|
55,000,000
|
54,997,922
|
|||
0.089%*, 9/6/2011
|
50,000,000
|
49,984,000
|
|||
0.149%*, 8/12/2011
|
7,500,000
|
7,496,781
|
|||
0.149%*, 8/17/2011
|
12,207,000
|
12,201,507
|
|||
0.17%**, 1/18/2012
|
22,000,000
|
22,006,379
|
|||
0.183%**, 9/26/2011
|
12,500,000
|
12,499,749
|
|||
0.24%, 10/28/2011
|
36,275,000
|
36,266,384
|
|||
0.248%*, 8/22/2011
|
5,000,000
|
4,996,076
|
|||
0.268%*, 9/12/2011
|
15,900,000
|
15,884,021
|
|||
0.3%, 12/27/2011
|
75,000,000
|
75,022,455
|
|||
0.76%, 7/19/2011
|
15,000,000
|
15,017,910
|
|||
1.0%, 12/28/2011
|
13,460,000
|
13,532,363
|
|||
5.375%, 8/19/2011
|
14,900,000
|
15,129,895
|
|||
Federal Home Loan Mortgage Corp.:
|
|||||
0.028%*, 5/19/2011
|
15,000,000
|
14,999,775
|
|||
0.08%**, 11/9/2011
|
75,000,000
|
74,967,946
|
|||
0.14%**, 11/10/2011
|
200,000,000
|
200,000,000
|
|||
0.149%*, 7/27/2011
|
85,000,000
|
84,969,188
|
|||
0.164%*, 9/1/2011
|
8,935,000
|
8,929,963
|
|||
0.167%*, 6/13/2011
|
27,061,000
|
27,055,505
|
|||
0.193%*, 7/25/2011
|
34,494,000
|
34,478,118
|
|||
0.198%*, 7/12/2011
|
100,000,000
|
99,960,000
|
|||
Federal National Mortgage Association:
|
|||||
0.059%*, 6/13/2011
|
75,000,000
|
74,994,625
|
|||
0.079%*, 7/21/2011
|
100,000,000
|
99,982,000
|
|||
0.099%*, 8/8/2011
|
32,500,000
|
32,491,063
|
|||
0.113%**, 7/27/2011
|
190,000,000
|
189,983,791
|
|||
0.119%*, 8/22/2011
|
25,000,000
|
24,990,583
|
|||
0.119%*, 9/13/2011
|
100,000,000
|
99,955,000
|
|||
0.129%*, 9/26/2011
|
65,000,000
|
64,965,261
|
|||
0.159%*, 11/21/2011
|
100,000,000
|
99,909,333
|
|||
0.174%**, 9/19/2011
|
30,000,000
|
29,999,404
|
|||
0.178%*, 7/20/2011
|
44,000,000
|
43,982,400
|
|||
0.178%*, 7/27/2011
|
51,659,000
|
51,636,528
|
|||
0.182%*, 6/16/2011
|
35,000,000
|
34,991,726
|
|||
5.0%, 10/15/2011
|
50,000,000
|
51,082,031
|
|||
5.375%, 11/15/2011
|
16,040,000
|
16,489,455
|
|||
2,559,753,598
|
|||||
US Treasury Obligations 5.7%
|
|||||
US Treasury Bill, 0.16%*, 9/1/2011
|
17,500,000
|
17,490,433
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
25,000,000
|
25,014,282
|
|||
1.0%, 9/30/2011
|
84,500,000
|
84,768,848
|
|||
1.75%, 11/15/2011
|
50,000,000
|
50,394,064
|
|||
4.625%, 8/31/2011
|
43,500,000
|
44,134,573
|
|||
4.625%, 10/31/2011
|
45,000,000
|
45,986,196
|
|||
5.125%, 6/30/2011
|
50,000,000
|
50,404,731
|
|||
318,193,127
|
|||||
Total Government & Agency Obligations (Cost $2,877,946,725)
|
2,877,946,725
|
||||
Repurchase Agreements 49.5%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
|
215,000,000
|
215,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
|
42,428,571
|
42,428,571
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
|
704,000,000
|
704,000,000
|
|||
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
|
22,000,000
|
22,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
|
432,618,951
|
432,618,951
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
|
223,000,000
|
223,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
|
123,926,503
|
123,926,503
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
|
252,000,000
|
252,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
|
441,000,000
|
441,000,000
|
|||
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
|
300,000,000
|
300,000,000
|
|||
Total Repurchase Agreements (Cost $2,755,974,025)
|
2,755,974,025
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $5,733,891,028)+
|
102.9 | 5,733,891,028 | ||||||
Other Assets and Liabilities, Net
|
(2.9 | ) | (162,027,136 | ) | ||||
Net Assets
|
100.0 | 5,571,863,892 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
522,522,000 |
Federal Home Loan Mortgage Corp.
|
1.65-5.5 |
4/28/2014-
4/8/2030
|
546,732,677 | ||||||||
161,294,000 |
Federal National Mortgage Association
|
3.25-4.75 |
2/21/2013-
4/9/2013
|
171,348,112 | ||||||||
Total Collateral Value
|
718,080,789 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
185,181,947 |
Federal Home Loan Mortgage Corp.
|
Zero Coupon-6.5
|
7/15/2015-
8/15/2039
|
192,999,725 | ||||||||
54,470,688 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.281 |
1/15/2039
|
5,749,091 | ||||||||
7,680,197 |
Federal Home Loan Mortgage Corp. — Principal only
|
Zero Coupon
|
11/15/2036-
5/15/2037
|
6,713,414 | ||||||||
23,268,926 |
Federal National Mortgage Association
|
0.513-6.47 |
2/25/2029-
6/25/2037
|
22,905,889 | ||||||||
Total Collateral Value
|
228,368,119 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
22,370,889 |
Federal Home Loan Mortgage Corp.
|
4.0-5.5 |
4/15/2040-
4/15/2041
|
21,981,083 | ||||||||
491,792,871 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.781-6.431 |
9/15/2033-
11/15/2038
|
77,032,731 | ||||||||
210,576,230 |
Federal National Mortgage Association
|
Zero Coupon — 5.5
|
6/25/2021-
3/25/2041
|
213,820,002 | ||||||||
914,052,013 |
Federal National Mortgage Association — Interest only
|
5.787-6.266 |
6/25/2038-
1/25/2041
|
136,986,185 | ||||||||
Total Collateral Value
|
449,820,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 2,977,917,003 | $ | — | $ | 2,977,917,003 | ||||||||
Repurchase Agreements
|
— | 2,755,974,025 | — | 2,755,974,025 | ||||||||||||
Total
|
$ | — | $ | 5,733,891,028 | $ | — | $ | 5,733,891,028 |
as of April 30, 2011
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,977,917,003 | ||
Repurchase agreements, valued at amortized cost
|
2,755,974,025 | |||
Total investments, valued at amortized cost
|
5,733,891,028 | |||
Receivable for Fund shares sold
|
142,451 | |||
Interest receivable
|
3,670,502 | |||
Due from Advisor
|
136,428 | |||
Other assets
|
95,442 | |||
Total assets
|
5,737,935,851 | |||
Liabilities
|
||||
Payable for investments purchased
|
164,991,321 | |||
Payable for Fund shares redeemed
|
126,472 | |||
Distributions payable
|
106,265 | |||
Accrued management fee
|
99,239 | |||
Other accrued expenses and payables
|
748,662 | |||
Total liabilities
|
166,071,959 | |||
Net assets, at value
|
$ | 5,571,863,892 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,484 | |||
Accumulated net realized gain (loss)
|
(602,497 | ) | ||
Paid-in capital
|
5,572,264,905 | |||
Net assets, at value
|
$ | 5,571,863,892 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 9,770,345 | ||
Expenses:
Management fee
|
2,506,115 | |||
Administration fee
|
4,222,727 | |||
Services to shareholders
|
1,845,325 | |||
Custodian fee
|
76,975 | |||
Distribution and service fees
|
3,146,324 | |||
Professional fees
|
150,210 | |||
Trustees' fees and expenses
|
127,065 | |||
Reports to shareholders
|
10,937 | |||
Registration fees
|
141,522 | |||
Other
|
393,329 | |||
Total expenses before expense reductions
|
12,620,529 | |||
Expense reductions
|
(5,190,147 | ) | ||
Total expenses after expense reductions
|
7,430,382 | |||
Net investment income
|
2,339,963 | |||
Net realized gain (loss) from investments
|
(602,497 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 1,737,466 |
Government & Agency Securities Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 2,339,963 | $ | 18,279,158 | ||||
Net realized gain (loss)
|
(602,497 | ) | 683,254 | |||||
Net increase in net assets resulting from operations
|
1,737,466 | 18,962,412 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(29,745 | ) | (30,842 | ) | ||||
Davidson Cash Equivalent Shares
|
(2,133 | ) | (2,419 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(5,528 | ) | (3,042 | ) | ||||
DWS Government & Agency Money Fund
|
(28,169 | ) | (168,152 | ) | ||||
DWS Government Cash Institutional Shares
|
(2,230,405 | ) | (17,853,361 | ) | ||||
Government Cash Managed Shares
|
(21,680 | ) | (46,318 | ) | ||||
Premier Money Market Shares
|
— | (176,438 | ) | |||||
Service Shares
|
(12,160 | ) | (13,091 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (34,871 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,710 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (2,843 | ) | |||||
DWS Government & Agency Money Fund
|
— | (32,168 | ) | |||||
DWS Government Cash Institutional Shares
|
— | (1,560,440 | ) | |||||
Government Cash Managed Shares
|
— | (38,058 | ) | |||||
Premier Money Market Shares
|
— | (242,870 | ) | |||||
Service Shares
|
— | (14,378 | ) | |||||
Total distributions
|
(2,329,820 | ) | (20,222,001 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
38,138,317,757 | 89,328,240,895 | ||||||
Reinvestment of distributions
|
1,201,174 | 9,173,740 | ||||||
Cost of shares redeemed
|
(40,469,462,394 | ) | (101,467,650,200 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(2,329,943,463 | ) | (12,130,235,565 | ) | ||||
Increase (decrease) in net assets
|
(2,330,535,817 | ) | (12,131,495,154 | ) | ||||
Net assets at beginning of period
|
7,902,399,709 | 20,033,894,863 | ||||||
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
|
$ | 5,571,863,892 | $ | 7,902,399,709 |
Government & Agency Securities Portfolio
DWS Government Cash Institutional Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
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
|
.001 | .001 | .015 | .044 | .010 | |||||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )*** | .000 | *** | .000 | *** | .000 | *** | .000 | *** | ||||||||||
Total from investment operations
|
.001 | .001 | .015 | .044 | .010 | |||||||||||||||
Less distributions from:
Net investment income
|
(.001 | ) | (.001 | ) | (.015 | ) | (.015 | ) | (.010 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.001 | ) | (.001 | ) | (.015 | ) | (.015 | ) | (.010 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)b
|
.06 | .14 | 1.49 | 4.51 | 1.04 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
4,772 | 6,899 | 14,646 | 1,156 | 325 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.19 | .19 | .21 | .23 | .24 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.16 | .18 | .20 | .21 | .23 | * | ||||||||||||||
Ratio of net investment income (%)
|
.07 | .14 | .94 | c | 4.24 | 5.12 | * | |||||||||||||
a For the period from February 16, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Government & Agency Securities Portfolio
Government Cash Managed Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | *** | .000 | *** | .013 | .042 | .010 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )*** | .000 | *** | .000 | *** | .000 | *** | .000 | *** | ||||||||||
Total from investment operations
|
.000 | *** | .000 | *** | .013 | .042 | .010 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )*** | (.000 | )*** | (.013 | ) | (.042 | ) | (.010 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )*** | (.000 | )*** | (.013 | ) | (.042 | ) | (.010 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)b
|
.01 | .02 | 1.27 | 4.27 | .99 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
180 | 280 | 477 | 379 | 137 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.41 | .42 | .44 | .44 | .47 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .31 | .43 | .42 | .46 | * | ||||||||||||||
Ratio of net investment income (%)
|
.01 | .02 | 1.05 | c | 4.03 | 4.89 | * | |||||||||||||
a For the period from February 16, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Undistributed ordinary income*
|
$ | 307,749 | ||
Capital loss carryforwards
|
$ | (602,000 | ) |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from ordinary income*
|
$ | 2,329,820 | $ | 20,222,001 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Government & Agency Securities Portfolio
|
.04%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Government & Agency Securities Portfolio
|
$ | 4,222,727 | $ | 388,698 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 719,797 | $ | 567,755 | $ | 74,011 | ||||||
Davidson Cash Equivalent Shares
|
53,615 | 42,434 | 4,461 | |||||||||
Davidson Cash Equivalent Plus Shares
|
107,807 | 80,013 | 10,625 | |||||||||
DWS Government & Agency Money Fund
|
183,413 | 87,726 | 38,977 | |||||||||
DWS Government Cash Institutional Shares
|
268,801 | 268,801 | — | |||||||||
Government Cash Managed Shares
|
153,563 | 42,737 | 35,695 | |||||||||
Service Shares
|
303,676 | 241,264 | 21,188 | |||||||||
$ | 1,790,672 | $ | 1,330,730 | $ | 184,957 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 981,550 | $ | 981,550 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
63,985 | 63,985 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
138,178 | 138,178 | .00 | % | .25 | % | ||||||||||
Service Shares
|
729,893 | 729,893 | .00 | % | .60 | % | ||||||||||
$ | 1,913,606 | $ | 1,913,606 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 743,598 | $ | 743,598 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
53,321 | 53,321 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
110,542 | 110,542 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
325,257 | 325,257 | .00 | % | .15 | % | ||||||||||
$ | 1,232,718 | $ | 1,232,718 |
Total Aggregated
|
Unpaid at April 30, 2011
|
|||||||
Government & Agency Securities Portfolio
|
$ | 10,937 | $ | 10,937 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
628,481,114 | $ | 628,481,114 | 649,627,293 | $ | 649,627,293 | ||||||||||
Davidson Cash Equivalent Shares
|
24,463,758 | 24,463,758 | 14,397,365 | 14,397,365 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
275,786,862 | 275,786,862 | 185,485,990 | 185,485,990 | ||||||||||||
DWS Government & Agency Money Fund
|
72,103,322 | 72,103,322 | 105,758,351 | 105,758,351 | ||||||||||||
DWS Government Cash Institutional Shares
|
34,835,288,142 | 34,835,288,142 | 86,737,251,385 | 86,737,251,385 | ||||||||||||
Government Cash Managed Shares
|
2,032,853,974 | 2,032,853,974 | 1,141,762,346 | 1,141,762,346 | ||||||||||||
Premier Money Market Shares*
|
— | — | 265,266,569 | 265,266,569 | ||||||||||||
Service Shares
|
269,340,585 | 269,340,585 | 228,691,596 | 228,691,596 | ||||||||||||
$ | 38,138,317,757 | $ | 89,328,240,895 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
29,657 | $ | 29,657 | 65,880 | $ | 65,880 | ||||||||||
Davidson Cash Equivalent Shares
|
2,127 | 2,127 | 5,141 | 5,141 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
5,509 | 5,509 | 5,913 | 5,913 | ||||||||||||
DWS Government & Agency Money Fund
|
27,796 | 27,796 | 195,740 | 195,740 | ||||||||||||
DWS Government Cash Institutional Shares
|
1,118,270 | 1,118,270 | 8,526,918 | 8,526,918 | ||||||||||||
Government Cash Managed Shares
|
5,696 | 5,696 | 8,301 | 8,301 | ||||||||||||
Premier Money Market Shares*
|
— | — | 338,346 | 338,346 | ||||||||||||
Service Shares
|
12,119 | 12,119 | 27,501 | 27,501 | ||||||||||||
$ | 1,201,174 | $ | 9,173,740 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(648,126,914 | ) | $ | (648,126,914 | ) | (625,330,611 | ) | $ | (625,330,611 | ) | ||||||
Davidson Cash Equivalent Shares
|
(25,307,057 | ) | (25,307,057 | ) | (23,739,455 | ) | (23,739,455 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(292,761,983 | ) | (292,761,983 | ) | (158,769,431 | ) | (158,769,431 | ) | ||||||||
DWS Government & Agency Money Fund
|
(134,495,012 | ) | (134,495,012 | ) | (198,527,517 | ) | (198,527,517 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(36,963,523,481 | ) | (36,963,523,481 | ) | (94,492,111,010 | ) | (94,492,111,010 | ) | ||||||||
Government Cash Managed Shares
|
(2,132,755,829 | ) | (2,132,755,829 | ) | (1,338,740,329 | ) | (1,338,740,329 | ) | ||||||||
Premier Money Market Shares*
|
— | — | (4,366,260,819 | ) | (4,366,260,819 | ) | ||||||||||
Service Shares
|
(272,492,118 | ) | (272,492,118 | ) | (264,171,028 | ) | (264,171,028 | ) | ||||||||
$ | (40,469,462,394 | ) | $ | (101,467,650,200 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(19,616,143 | ) | $ | (19,616,143 | ) | 24,362,562 | $ | 24,362,562 | ||||||||
Davidson Cash Equivalent Shares
|
(841,172 | ) | (841,172 | ) | (9,336,949 | ) | (9,336,949 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(16,969,612 | ) | (16,969,612 | ) | 26,722,472 | 26,722,472 | ||||||||||
DWS Government & Agency Money Fund
|
(62,363,894 | ) | (62,363,894 | ) | (92,573,426 | ) | (92,573,426 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(2,127,117,069 | ) | (2,127,117,069 | ) | (7,746,332,707 | ) | (7,746,332,707 | ) | ||||||||
Government Cash Managed Shares
|
(99,896,159 | ) | (99,896,159 | ) | (196,969,682 | ) | (196,969,682 | ) | ||||||||
Premier Money Market Shares*
|
— | — | (4,100,655,904 | ) | (4,100,655,904 | ) | ||||||||||
Service Shares
|
(3,139,414 | ) | (3,139,414 | ) | (35,451,931 | ) | (35,451,931 | ) | ||||||||
$ | (2,329,943,463 | ) | $ | (12,130,235,565 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
APRIL 30, 2011
Annual Report
to Shareholders
|
Government & Agency Securities Portfolio
DWS Government & Agency Money Fund
|
![]() |
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
13 Statement of Assets and Liabilities
15 Statement of Operations
16 Statement of Changes in Net Assets
17 Financial Highlights
18 Notes to Financial Statements
26 Report of Independent Registered Public Accounting Firm
27 Tax Information
28 Summary of Management Fee Evaluation by Independent Fee Consultant
32 Summary of Administrative Fee Evaluation by Independent Fee Consultant
33 Board Members and Officers
|
7-Day Current Yield
|
||||
DWS Government & Agency Money Fund
|
0.08 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been 0.07% as of April 30, 2011.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
DWS Government & Agency Money Fund
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.10 | ||
Expenses Paid per $1,000*
|
$ | .84 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.95 | ||
Expenses Paid per $1,000*
|
$ | .85 |
Annualized Expense Ratio
|
|
DWS Government & Agency Money Fund
|
.17%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
||||||
Government & Agency Obligations
|
50 | % | 85 | % | ||||
Repurchase Agreements
|
48 | % | 15 | % | ||||
Commercial Paper
|
2 | % | — | |||||
100 | % | 100 | % |
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Government & Agency Securities Portfolio
|
49 days
|
52 days
|
iMoneyNet Government & Agencies Retail Money Fund Average*
|
38 days
|
45 days
|
Principal Amount ($)
|
Value ($)
|
||||
Commercial Paper 1.8%
|
|||||
Issued at Discount
|
|||||
Straight-A Funding LLC:
|
|||||
144A, 0.15%, 5/11/2011
|
20,000,000
|
19,999,167
|
|||
144A, 0.2%, 7/5/2011
|
80,000,000
|
79,971,111
|
|||
Total Commercial Paper (Cost $99,970,278)
|
99,970,278
|
||||
Government & Agency Obligations 51.6%
|
|||||
US Government Sponsored Agencies 45.9%
|
|||||
Federal Farm Credit Bank:
|
|||||
0.119%**, 5/18/2012
|
165,000,000
|
164,991,321
|
|||
0.12%**, 1/12/2012
|
100,000,000
|
100,001,775
|
|||
0.129%*, 9/9/2011
|
25,000,000
|
24,988,174
|
|||
0.134%**, 7/15/2011
|
85,000,000
|
84,999,308
|
|||
0.164%*, 5/24/2011
|
50,000,000
|
49,994,569
|
|||
0.208%*, 8/3/2011
|
43,500,000
|
43,476,148
|
|||
0.259%*, 10/20/2011
|
34,500,000
|
34,457,143
|
|||
0.259%*, 4/4/2012
|
12,500,000
|
12,469,396
|
|||
0.269%*, 3/23/2012
|
25,000,000
|
24,938,688
|
|||
0.319%*, 12/16/2011
|
28,000,000
|
27,943,004
|
|||
0.319%*, 1/12/2012
|
33,000,000
|
32,924,907
|
|||
Federal Home Loan Bank:
|
|||||
0.018%*, 5/2/2011
|
12,737,000
|
12,737,000
|
|||
0.064%*, 7/20/2011
|
100,000,000
|
99,985,556
|
|||
0.068%*, 5/27/2011
|
50,000,000
|
49,997,472
|
|||
0.076%*, 5/18/2011
|
55,000,000
|
54,997,922
|
|||
0.089%*, 9/6/2011
|
50,000,000
|
49,984,000
|
|||
0.149%*, 8/12/2011
|
7,500,000
|
7,496,781
|
|||
0.149%*, 8/17/2011
|
12,207,000
|
12,201,507
|
|||
0.17%**, 1/18/2012
|
22,000,000
|
22,006,379
|
|||
0.183%**, 9/26/2011
|
12,500,000
|
12,499,749
|
|||
0.24%, 10/28/2011
|
36,275,000
|
36,266,384
|
|||
0.248%*, 8/22/2011
|
5,000,000
|
4,996,076
|
|||
0.268%*, 9/12/2011
|
15,900,000
|
15,884,021
|
|||
0.3%, 12/27/2011
|
75,000,000
|
75,022,455
|
|||
0.76%, 7/19/2011
|
15,000,000
|
15,017,910
|
|||
1.0%, 12/28/2011
|
13,460,000
|
13,532,363
|
|||
5.375%, 8/19/2011
|
14,900,000
|
15,129,895
|
|||
Federal Home Loan Mortgage Corp.:
|
|||||
0.028%*, 5/19/2011
|
15,000,000
|
14,999,775
|
|||
0.08%**, 11/9/2011
|
75,000,000
|
74,967,946
|
|||
0.14%**, 11/10/2011
|
200,000,000
|
200,000,000
|
|||
0.149%*, 7/27/2011
|
85,000,000
|
84,969,188
|
|||
0.164%*, 9/1/2011
|
8,935,000
|
8,929,963
|
|||
0.167%*, 6/13/2011
|
27,061,000
|
27,055,505
|
|||
0.193%*, 7/25/2011
|
34,494,000
|
34,478,118
|
|||
0.198%*, 7/12/2011
|
100,000,000
|
99,960,000
|
|||
Federal National Mortgage Association:
|
|||||
0.059%*, 6/13/2011
|
75,000,000
|
74,994,625
|
|||
0.079%*, 7/21/2011
|
100,000,000
|
99,982,000
|
|||
0.099%*, 8/8/2011
|
32,500,000
|
32,491,063
|
|||
0.113%**, 7/27/2011
|
190,000,000
|
189,983,791
|
|||
0.119%*, 8/22/2011
|
25,000,000
|
24,990,583
|
|||
0.119%*, 9/13/2011
|
100,000,000
|
99,955,000
|
|||
0.129%*, 9/26/2011
|
65,000,000
|
64,965,261
|
|||
0.159%*, 11/21/2011
|
100,000,000
|
99,909,333
|
|||
0.174%**, 9/19/2011
|
30,000,000
|
29,999,404
|
|||
0.178%*, 7/20/2011
|
44,000,000
|
43,982,400
|
|||
0.178%*, 7/27/2011
|
51,659,000
|
51,636,528
|
|||
0.182%*, 6/16/2011
|
35,000,000
|
34,991,726
|
|||
5.0%, 10/15/2011
|
50,000,000
|
51,082,031
|
|||
5.375%, 11/15/2011
|
16,040,000
|
16,489,455
|
|||
2,559,753,598
|
|||||
US Treasury Obligations 5.7%
|
|||||
US Treasury Bill, 0.16%*, 9/1/2011
|
17,500,000
|
17,490,433
|
|||
US Treasury Notes:
|
|||||
0.875%, 5/31/2011
|
25,000,000
|
25,014,282
|
|||
1.0%, 9/30/2011
|
84,500,000
|
84,768,848
|
|||
1.75%, 11/15/2011
|
50,000,000
|
50,394,064
|
|||
4.625%, 8/31/2011
|
43,500,000
|
44,134,573
|
|||
4.625%, 10/31/2011
|
45,000,000
|
45,986,196
|
|||
5.125%, 6/30/2011
|
50,000,000
|
50,404,731
|
|||
318,193,127
|
|||||
Total Government & Agency Obligations (Cost $2,877,946,725)
|
2,877,946,725
|
||||
Repurchase Agreements 49.5%
|
|||||
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
|
215,000,000
|
215,000,000
|
|||
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
|
42,428,571
|
42,428,571
|
|||
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
|
704,000,000
|
704,000,000
|
|||
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
|
22,000,000
|
22,000,000
|
|||
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
|
432,618,951
|
432,618,951
|
|||
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
|
223,000,000
|
223,000,000
|
|||
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
|
123,926,503
|
123,926,503
|
|||
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
|
252,000,000
|
252,000,000
|
|||
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
|
441,000,000
|
441,000,000
|
|||
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
|
300,000,000
|
300,000,000
|
|||
Total Repurchase Agreements (Cost $2,755,974,025)
|
2,755,974,025
|
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $5,733,891,028)+
|
102.9 | 5,733,891,028 | ||||||
Other Assets and Liabilities, Net
|
(2.9 | ) | (162,027,136 | ) | ||||
Net Assets
|
100.0 | 5,571,863,892 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
522,522,000 |
Federal Home Loan Mortgage Corp.
|
1.65-5.5 |
4/28/2014-
4/8/2030
|
546,732,677 | ||||||||
161,294,000 |
Federal National Mortgage Association
|
3.25-4.75 |
2/21/2013-
4/9/2013
|
171,348,112 | ||||||||
Total Collateral Value
|
718,080,789 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
185,181,947 |
Federal Home Loan Mortgage Corp.
|
Zero Coupon-6.5
|
7/15/2015-
8/15/2039
|
192,999,725 | ||||||||
54,470,688 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.281 |
1/15/2039
|
5,749,091 | ||||||||
7,680,197 |
Federal Home Loan Mortgage Corp. — Principal only
|
Zero Coupon
|
11/15/2036-
5/15/2037
|
6,713,414 | ||||||||
23,268,926 |
Federal National Mortgage Association
|
0.513-6.47 |
2/25/2029-
6/25/2037
|
22,905,889 | ||||||||
Total Collateral Value
|
228,368,119 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
22,370,889 |
Federal Home Loan Mortgage Corp.
|
4.0-5.5 |
4/15/2040-
4/15/2041
|
21,981,083 | ||||||||
491,792,871 |
Federal Home Loan Mortgage Corp. —
Interest only
|
5.781-6.431 |
9/15/2033-
11/15/2038
|
77,032,731 | ||||||||
210,576,230 |
Federal National Mortgage Association
|
Zero Coupon — 5.5
|
6/25/2021-
3/25/2041
|
213,820,002 | ||||||||
914,052,013 |
Federal National Mortgage Association — Interest only
|
5.787-6.266 |
6/25/2038-
1/25/2041
|
136,986,185 | ||||||||
Total Collateral Value
|
449,820,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 2,977,917,003 | $ | — | $ | 2,977,917,003 | ||||||||
Repurchase Agreements
|
— | 2,755,974,025 | — | 2,755,974,025 | ||||||||||||
Total
|
$ | — | $ | 5,733,891,028 | $ | — | $ | 5,733,891,028 |
as of April 30, 2011
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,977,917,003 | ||
Repurchase agreements, valued at amortized cost
|
2,755,974,025 | |||
Total investments, valued at amortized cost
|
5,733,891,028 | |||
Receivable for Fund shares sold
|
142,451 | |||
Interest receivable
|
3,670,502 | |||
Due from Advisor
|
136,428 | |||
Other assets
|
95,442 | |||
Total assets
|
5,737,935,851 | |||
Liabilities
|
||||
Payable for investments purchased
|
164,991,321 | |||
Payable for Fund shares redeemed
|
126,472 | |||
Distributions payable
|
106,265 | |||
Accrued management fee
|
99,239 | |||
Other accrued expenses and payables
|
748,662 | |||
Total liabilities
|
166,071,959 | |||
Net assets, at value
|
$ | 5,571,863,892 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,484 | |||
Accumulated net realized gain (loss)
|
(602,497 | ) | ||
Paid-in capital
|
5,572,264,905 | |||
Net assets, at value
|
$ | 5,571,863,892 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 9,770,345 | ||
Expenses:
Management fee
|
2,506,115 | |||
Administration fee
|
4,222,727 | |||
Services to shareholders
|
1,845,325 | |||
Custodian fee
|
76,975 | |||
Distribution and service fees
|
3,146,324 | |||
Professional fees
|
150,210 | |||
Trustees' fees and expenses
|
127,065 | |||
Reports to shareholders
|
10,937 | |||
Registration fees
|
141,522 | |||
Other
|
393,329 | |||
Total expenses before expense reductions
|
12,620,529 | |||
Expense reductions
|
(5,190,147 | ) | ||
Total expenses after expense reductions
|
7,430,382 | |||
Net investment income
|
2,339,963 | |||
Net realized gain (loss) from investments
|
(602,497 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 1,737,466 |
Government & Agency Securities Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 2,339,963 | $ | 18,279,158 | ||||
Net realized gain (loss)
|
(602,497 | ) | 683,254 | |||||
Net increase in net assets resulting from operations
|
1,737,466 | 18,962,412 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(29,745 | ) | (30,842 | ) | ||||
Davidson Cash Equivalent Shares
|
(2,133 | ) | (2,419 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(5,528 | ) | (3,042 | ) | ||||
DWS Government & Agency Money Fund
|
(28,169 | ) | (168,152 | ) | ||||
DWS Government Cash Institutional Shares
|
(2,230,405 | ) | (17,853,361 | ) | ||||
Government Cash Managed Shares
|
(21,680 | ) | (46,318 | ) | ||||
Premier Money Market Shares
|
— | (176,438 | ) | |||||
Service Shares
|
(12,160 | ) | (13,091 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (34,871 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,710 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (2,843 | ) | |||||
DWS Government & Agency Money Fund
|
— | (32,168 | ) | |||||
DWS Government Cash Institutional Shares
|
— | (1,560,440 | ) | |||||
Government Cash Managed Shares
|
— | (38,058 | ) | |||||
Premier Money Market Shares
|
— | (242,870 | ) | |||||
Service Shares
|
— | (14,378 | ) | |||||
Total distributions
|
(2,329,820 | ) | (20,222,001 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
38,138,317,757 | 89,328,240,895 | ||||||
Reinvestment of distributions
|
1,201,174 | 9,173,740 | ||||||
Cost of shares redeemed
|
(40,469,462,394 | ) | (101,467,650,200 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(2,329,943,463 | ) | (12,130,235,565 | ) | ||||
Increase (decrease) in net assets
|
(2,330,535,817 | ) | (12,131,495,154 | ) | ||||
Net assets at beginning of period
|
7,902,399,709 | 20,033,894,863 | ||||||
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
|
$ | 5,571,863,892 | $ | 7,902,399,709 |
Government & Agency Securities Portfolio
DWS Government & Agency Money Fund
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | *** | .001 | .014 | .043 | .006 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(.000 | )*** | .000 | *** | .000 | *** | .000 | *** | .000 | *** | ||||||||||
Total from investment operations
|
.000 | *** | .001 | .014 | .043 | .006 | ||||||||||||||
Less distributions from:
Net investment income
|
(.000 | )*** | (.001 | ) | (.014 | ) | (.043 | ) | (.006 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )*** | (.001 | ) | (.014 | ) | (.043 | ) | (.006 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)b
|
.02 | .07 | 1.41 | 4.42 | .60 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
170 | 233 | 325 | 438 | 436 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.28 | .27 | .26 | .30 | .30 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .26 | .26 | .28 | .28 | * | ||||||||||||||
Ratio of net investment income (%)
|
.01 | .06 | 1.46 | c | 4.17 | 5.06 | * | |||||||||||||
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Undistributed ordinary income*
|
$ | 307,749 | ||
Capital loss carryforwards
|
$ | (602,000 | ) |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from ordinary income*
|
$ | 2,329,820 | $ | 20,222,001 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Government & Agency Securities Portfolio
|
.04%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Government & Agency Securities Portfolio
|
$ | 4,222,727 | $ | 388,698 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 719,797 | $ | 567,755 | $ | 74,011 | ||||||
Davidson Cash Equivalent Shares
|
53,615 | 42,434 | 4,461 | |||||||||
Davidson Cash Equivalent Plus Shares
|
107,807 | 80,013 | 10,625 | |||||||||
DWS Government & Agency Money Fund
|
183,413 | 87,726 | 38,977 | |||||||||
DWS Government Cash Institutional Shares
|
268,801 | 268,801 | — | |||||||||
Government Cash Managed Shares
|
153,563 | 42,737 | 35,695 | |||||||||
Service Shares
|
303,676 | 241,264 | 21,188 | |||||||||
$ | 1,790,672 | $ | 1,330,730 | $ | 184,957 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 981,550 | $ | 981,550 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
63,985 | 63,985 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
138,178 | 138,178 | .00 | % | .25 | % | ||||||||||
Service Shares
|
729,893 | 729,893 | .00 | % | .60 | % | ||||||||||
$ | 1,913,606 | $ | 1,913,606 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 743,598 | $ | 743,598 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
53,321 | 53,321 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
110,542 | 110,542 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
325,257 | 325,257 | .00 | % | .15 | % | ||||||||||
$ | 1,232,718 | $ | 1,232,718 |
Total Aggregated
|
Unpaid at April 30, 2011
|
|||||||
Government & Agency Securities Portfolio
|
$ | 10,937 | $ | 10,937 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
628,481,114 | $ | 628,481,114 | 649,627,293 | $ | 649,627,293 | ||||||||||
Davidson Cash Equivalent Shares
|
24,463,758 | 24,463,758 | 14,397,365 | 14,397,365 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
275,786,862 | 275,786,862 | 185,485,990 | 185,485,990 | ||||||||||||
DWS Government & Agency Money Fund
|
72,103,322 | 72,103,322 | 105,758,351 | 105,758,351 | ||||||||||||
DWS Government Cash Institutional Shares
|
34,835,288,142 | 34,835,288,142 | 86,737,251,385 | 86,737,251,385 | ||||||||||||
Government Cash Managed Shares
|
2,032,853,974 | 2,032,853,974 | 1,141,762,346 | 1,141,762,346 | ||||||||||||
Premier Money Market Shares*
|
— | — | 265,266,569 | 265,266,569 | ||||||||||||
Service Shares
|
269,340,585 | 269,340,585 | 228,691,596 | 228,691,596 | ||||||||||||
$ | 38,138,317,757 | $ | 89,328,240,895 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
29,657 | $ | 29,657 | 65,880 | $ | 65,880 | ||||||||||
Davidson Cash Equivalent Shares
|
2,127 | 2,127 | 5,141 | 5,141 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
5,509 | 5,509 | 5,913 | 5,913 | ||||||||||||
DWS Government & Agency Money Fund
|
27,796 | 27,796 | 195,740 | 195,740 | ||||||||||||
DWS Government Cash Institutional Shares
|
1,118,270 | 1,118,270 | 8,526,918 | 8,526,918 | ||||||||||||
Government Cash Managed Shares
|
5,696 | 5,696 | 8,301 | 8,301 | ||||||||||||
Premier Money Market Shares*
|
— | — | 338,346 | 338,346 | ||||||||||||
Service Shares
|
12,119 | 12,119 | 27,501 | 27,501 | ||||||||||||
$ | 1,201,174 | $ | 9,173,740 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(648,126,914 | ) | $ | (648,126,914 | ) | (625,330,611 | ) | $ | (625,330,611 | ) | ||||||
Davidson Cash Equivalent Shares
|
(25,307,057 | ) | (25,307,057 | ) | (23,739,455 | ) | (23,739,455 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(292,761,983 | ) | (292,761,983 | ) | (158,769,431 | ) | (158,769,431 | ) | ||||||||
DWS Government & Agency Money Fund
|
(134,495,012 | ) | (134,495,012 | ) | (198,527,517 | ) | (198,527,517 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(36,963,523,481 | ) | (36,963,523,481 | ) | (94,492,111,010 | ) | (94,492,111,010 | ) | ||||||||
Government Cash Managed Shares
|
(2,132,755,829 | ) | (2,132,755,829 | ) | (1,338,740,329 | ) | (1,338,740,329 | ) | ||||||||
Premier Money Market Shares*
|
— | — | (4,366,260,819 | ) | (4,366,260,819 | ) | ||||||||||
Service Shares
|
(272,492,118 | ) | (272,492,118 | ) | (264,171,028 | ) | (264,171,028 | ) | ||||||||
$ | (40,469,462,394 | ) | $ | (101,467,650,200 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(19,616,143 | ) | $ | (19,616,143 | ) | 24,362,562 | $ | 24,362,562 | ||||||||
Davidson Cash Equivalent Shares
|
(841,172 | ) | (841,172 | ) | (9,336,949 | ) | (9,336,949 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(16,969,612 | ) | (16,969,612 | ) | 26,722,472 | 26,722,472 | ||||||||||
DWS Government & Agency Money Fund
|
(62,363,894 | ) | (62,363,894 | ) | (92,573,426 | ) | (92,573,426 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(2,127,117,069 | ) | (2,127,117,069 | ) | (7,746,332,707 | ) | (7,746,332,707 | ) | ||||||||
Government Cash Managed Shares
|
(99,896,159 | ) | (99,896,159 | ) | (196,969,682 | ) | (196,969,682 | ) | ||||||||
Premier Money Market Shares*
|
— | — | (4,100,655,904 | ) | (4,100,655,904 | ) | ||||||||||
Service Shares
|
(3,139,414 | ) | (3,139,414 | ) | (35,451,931 | ) | (35,451,931 | ) | ||||||||
$ | (2,329,943,463 | ) | $ | (12,130,235,565 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
APRIL 30, 2011
Annual Report
to Shareholders
|
Tax-Exempt Portfolio
DWS Tax-Exempt Cash Institutional Shares Fund #148
Tax-Exempt Cash Managed Shares Fund #248
|
![]() |
3 Portfolio Management Review
7 Information About Your Fund's Expenses
9 Portfolio Summary
10 Investment Portfolio
21 Statement of Assets and Liabilities
23 Statement of Operations
24 Statement of Changes in Net Assets
25 Financial Highlights
27 Notes to Financial Statements
34 Report of Independent Registered Public Accounting Firm
35 Tax Information
36 Summary of Management Fee Evaluation by Independent Fee Consultant
40 Summary of Administrative Fee Evaluation by Independent Fee Consultant
41 Board Members and Officers
|
7-Day Current Yield
|
||||
DWS Tax-Exempt Cash Institutional Shares
|
0.14 | % | ||
(Equivalent Taxable Yield)
|
0.22 | %* | ||
Tax-Exempt Cash Managed Shares
|
0.01 | %** | ||
(Equivalent Taxable Yield)
|
0.02 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
** The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.02% for DWS Tax-Exempt Cash Managed Shares as of April 30, 2011.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||||||
Actual Fund Return
|
DWS Tax-Exempt Cash Institutional Shares
|
Tax-Exempt Cash Managed Shares
|
||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,000.67 | $ | 1,000.05 | ||||
Expenses Paid per $1,000*
|
$ | .99 | $ | 1.64 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/11
|
$ | 1,023.80 | $ | 1,023.16 | ||||
Expenses Paid per $1,000*
|
$ | 1.00 | $ | 1.66 |
Annualized Expense Ratios
|
|
DWS Tax-Exempt Cash Institutional Shares
|
.20%
|
Tax-Exempt Cash Managed Shares
|
.33%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
DWS Tax-Exempt Cash Institutional Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
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
|
.002 | .002 | .016 | .032 | .034 | |||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | (.000 | )* | ||||||||||
Total from investment operations
|
.002 | .002 | .016 | .032 | .034 | |||||||||||||||
Less distributions from:
Net investment income
|
(.002 | ) | (.002 | ) | (.016 | ) | (.032 | ) | (.034 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.002 | ) | (.002 | ) | (.016 | ) | (.032 | ) | (.034 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.16 | .25 | 1.58 | a | 3.20 | a | 3.46 | a | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
1,492 | 1,725 | 1,770 | 1,751 | 1,064 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.20 | .21 | .23 | .21 | .21 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.20 | .21 | .22 | .21 | .20 | |||||||||||||||
Ratio of net investment income (%)
|
.17 | .24 | 1.56 | 3.12 | 3.42 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Tax-Exempt Portfolio
Tax-Exempt Cash Managed Shares
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | * | .001 | .013 | .030 | .032 | ||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | (.000 | )* | ||||||||||
Total from investment operations
|
.000 | * | .001 | .013 | .030 | .032 | ||||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.001 | ) | (.013 | ) | (.030 | ) | (.032 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.001 | ) | (.013 | ) | (.030 | ) | (.032 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.01 | a | .07 | a | 1.36 | 2.99 | a | 3.24 | a | |||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
127 | 209 | 193 | 250 | 225 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.39 | .44 | .45 | .42 | .43 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .39 | .45 | .41 | .42 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .06 | 1.34 | 2.91 | 3.19 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Tax-Exempt Portfolio
|
.06%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
APRIL 30, 2011
Annual Report
to Shareholders
|
Tax-Exempt Portfolio
DWS Tax-Exempt Money Fund
|
![]() |
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
20 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
25 Notes to Financial Statements
32 Report of Independent Registered Public Accounting Firm
33 Tax Information
34 Summary of Management Fee Evaluation by Independent Fee Consultant
38 Summary of Administrative Fee Evaluation by Independent Fee Consultant
39 Board Members and Officers
|
7-Day Current Yield
|
||||
DWS Tax-Exempt Money Fund
|
0.13 | % | ||
(Equivalent Taxable Yield)
|
0.20 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
DWS Tax-Exempt Money Fund
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.57 | ||
Expenses Paid per $1,000*
|
$ | 1.09 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.70 | ||
Expenses Paid per $1,000*
|
$ | 1.10 |
Annualized Expense Ratio
|
|
DWS Tax-Exempt Money Fund
|
.22%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
DWS Tax-Exempt Money Fund
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
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
|
.001 | .002 | .016 | .031 | .004 | |||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | *** | .000 | *** | .000 | *** | .000 | *** | (.000 | )*** | ||||||||||
Total from investment operations
|
.001 | .002 | .016 | .031 | .004 | |||||||||||||||
Less distributions from:
Net investment income
|
(.001 | ) | (.002 | ) | (.016 | ) | (.031 | ) | (.004 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.001 | ) | (.002 | ) | (.016 | ) | (.031 | ) | (.004 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.14 | .22 | 1.57 | 3.17 | b | .41 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
366 | 428 | 503 | 586 | 627 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.22 | .24 | .24 | .24 | .24 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.22 | .24 | .24 | .23 | .24 | * | ||||||||||||||
Ratio of net investment income (%)
|
.14 | .22 | 1.55 | 3.09 | 3.49 | * | ||||||||||||||
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Tax-Exempt Portfolio
|
.06%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
APRIL 30, 2011
Annual Report
to Shareholders
|
Tax-Exempt Portfolio
DWS Tax-Free Money Fund Class S
|
![]() |
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
20 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
25 Notes to Financial Statements
32 Report of Independent Registered Public Accounting Firm
33 Tax Information
34 Summary of Management Fee Evaluation by Independent Fee Consultant
38 Summary of Administrative Fee Evaluation by Independent Fee Consultant
39 Board Members and Officers
|
7-Day Current Yield
|
||||
DWS Tax-Free Money Fund Class S
|
0.20 | % | ||
(Equivalent Taxable Yield)
|
0.31 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
DWS Tax-Free Money Fund Class S
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.55 | ||
Expenses Paid per $1,000*
|
$ | 1.14 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.65 | ||
Expenses Paid per $1,000*
|
$ | 1.15 |
Annualized Expense Ratio
|
|
DWS Tax-Free Money Fund Class S
|
.23%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
DWS Tax-Free Money Fund Class S
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
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
|
.001 | .002 | .015 | .031 | .004 | |||||||||||||||
Net realized and unrealized gain (loss)
|
.000 | *** | .000 | *** | .000 | *** | .000 | *** | (.000 | )*** | ||||||||||
Total from investment operations
|
.001 | .002 | .015 | .031 | .004 | |||||||||||||||
Less distributions from:
Net investment income
|
(.001 | ) | (.002 | ) | (.015 | ) | (.031 | ) | (.004 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.001 | ) | (.002 | ) | (.015 | ) | (.031 | ) | (.004 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.12 | .19 | 1.54 | 3.15 | b | .40 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
125 | 141 | 164 | 167 | 172 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.24 | .27 | .26 | .27 | .29 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.24 | .27 | .26 | .26 | .29 | * | ||||||||||||||
Ratio of net investment income (%)
|
.12 | .18 | 1.53 | 3.06 | 3.42 | * | ||||||||||||||
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Tax-Exempt Portfolio
|
.06%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
3 Portfolio Management Review
7 Information About Your Fund's Expenses
9 Portfolio Summary
10 Investment Portfolio
22 Statement of Assets and Liabilities
24 Statement of Operations
25 Statement of Changes in Net Assets
27 Financial Highlights
28 Notes to Financial Statements
36 Report of Independent Registered Public Accounting Firm
37 Tax Information
38 Summary of Management Fee Evaluation by Independent Fee Consultant
42 Summary of Administrative Fee Evaluation by Independent Fee Consultant
43 Board Members and Officers
|
7-Day Current Yield
|
||||
Tax-Free Investment Class
|
0.01 | %* | ||
(Equivalent Taxable Yield)
|
0.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.22% as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
|
||||
Actual Fund Return
|
Tax-Free Investment Class
|
|||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,000.05 | ||
Expenses Paid per $1,000*
|
$ | 1.64 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/10
|
$ | 1,000.00 | ||
Ending Account Value 4/30/11
|
$ | 1,023.16 | ||
Expenses Paid per $1,000*
|
$ | 1.66 |
Annualized Expense Ratio
|
|
Tax-Free Investment Class
|
.33%
|
Asset Allocation (As a % of Investment Portfolio)
|
4/30/11
|
4/30/10
|
Municipal Investments
Municipal Variable Rate Demand Notes
|
70%
|
72%
|
Municipal Bonds and Notes
|
27%
|
28%
|
Municipal Floating Rate Notes
|
3%
|
—
|
100%
|
100%
|
Weighted Average Maturity
|
4/30/11
|
4/30/10
|
Cash Account Trust — Tax-Exempt Portfolio
|
33 days
|
44 days
|
National Tax-Free Retail Money Fund Average*
|
28 days
|
31 days
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 99.8%
|
||||||||
Alabama 0.4%
|
||||||||
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
|
10,000,000 | 10,000,000 | ||||||
Alaska 1.1%
|
||||||||
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
|
30,000,000 | 30,237,724 | ||||||
Arkansas 0.3%
|
||||||||
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
|
8,000,000 | 8,000,000 | ||||||
California 7.4%
|
||||||||
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
|
4,450,000 | 4,450,000 | ||||||
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
|
13,100,000 | 13,100,000 | ||||||
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
|
8,910,000 | 8,910,000 | ||||||
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
|
32,695,000 | 32,695,000 | ||||||
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
|
26,200,000 | 26,200,000 | ||||||
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
|
||||||||
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
15,110,000 | 15,110,000 | ||||||
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
61,000,000 | 61,000,000 | ||||||
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
|
11,190,000 | 11,190,000 | ||||||
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
21,500,000 | 21,500,000 | ||||||
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
|
3,120,000 | 3,120,000 | ||||||
197,275,000 | ||||||||
Colorado 3.5%
|
||||||||
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
|
15,500,000 | 15,500,000 | ||||||
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
|
18,350,000 | 18,350,000 | ||||||
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
|
5,000,000 | 5,000,000 | ||||||
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
|
55,500,000 | 55,500,000 | ||||||
94,350,000 | ||||||||
Delaware 0.5%
|
||||||||
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
|
13,020,062 | 13,020,062 | ||||||
Florida 7.2%
|
||||||||
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
|
3,440,000 | 3,440,000 | ||||||
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
28,520,000 | 28,520,000 | ||||||
Florida, BB&T Municipal Trust:
|
||||||||
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
6,670,000 | 6,670,000 | ||||||
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,510,000 | 10,510,000 | ||||||
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
9,825,000 | 9,825,000 | ||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
|
19,000,000 | 19,000,000 | ||||||
Florida, State Board of Public Education:
|
||||||||
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
|
5,840,000 | 5,840,000 | ||||||
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
|
9,000,000 | 9,000,000 | ||||||
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
|
9,365,000 | 9,365,000 | ||||||
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
|
3,625,000 | 3,625,000 | ||||||
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
|
5,445,000 | 5,445,000 | ||||||
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
|
33,040,000 | 33,040,000 | ||||||
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
|
8,200,000 | 8,200,000 | ||||||
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
|
21,000,000 | 21,000,000 | ||||||
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
|
4,750,000 | 4,750,000 | ||||||
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
|
9,005,000 | 9,005,000 | ||||||
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
|
4,700,000 | 4,700,000 | ||||||
191,935,000 | ||||||||
Georgia 2.8%
|
||||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
|
65,200,000 | 65,200,000 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
|
8,580,000 | 8,580,000 | ||||||
73,780,000 | ||||||||
Hawaii 0.3%
|
||||||||
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
|
8,820,000 | 8,820,000 | ||||||
Idaho 2.0%
|
||||||||
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
|
52,000,000 | 52,135,343 | ||||||
Illinois 11.6%
|
||||||||
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
|
5,900,000 | 5,900,000 | ||||||
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
11,480,000 | 11,480,000 | ||||||
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
|
||||||||
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
|
5,360,000 | 5,360,000 | ||||||
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
|
25,110,000 | 25,110,000 | ||||||
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
|
6,000,000 | 6,000,000 | ||||||
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
|
17,314,484 | 17,314,484 | ||||||
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
|
1,765,000 | 1,765,000 | ||||||
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
|
74,465,000 | 74,465,000 | ||||||
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
|
4,600,000 | 4,600,000 | ||||||
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
|
5,445,000 | 5,445,000 | ||||||
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
|
27,680,000 | 27,680,000 | ||||||
Illinois, Finance Authority Revenue, Northwestern University:
|
||||||||
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
14,000,000 | 14,000,000 | ||||||
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
|
10,000,000 | 10,000,000 | ||||||
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
|
3,700,000 | 3,700,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
|
15,000,000 | 15,000,000 | ||||||
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
|
33,190,000 | 33,190,000 | ||||||
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
|
14,300,000 | 14,300,000 | ||||||
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
|
6,500,000 | 6,500,000 | ||||||
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
|
25,905,000 | 25,905,000 | ||||||
307,714,484 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
|
6,155,000 | 6,155,000 | ||||||
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
|
9,245,000 | 9,245,000 | ||||||
15,400,000 | ||||||||
Iowa 0.6%
|
||||||||
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
|
17,000,000 | 17,000,000 | ||||||
Kansas 1.7%
|
||||||||
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
|
5,040,000 | 5,040,000 | ||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
|
3,650,000 | 3,650,000 | ||||||
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
|
11,565,000 | 11,565,000 | ||||||
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
|
23,800,000 | 23,800,000 | ||||||
44,055,000 | ||||||||
Kentucky 0.2%
|
||||||||
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
|
4,500,000 | 4,500,000 | ||||||
Louisiana 0.9%
|
||||||||
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
|
20,000,000 | 20,000,000 | ||||||
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
|
4,950,000 | 4,950,000 | ||||||
24,950,000 | ||||||||
Maine 0.4%
|
||||||||
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
|
10,000,000 | 10,000,000 | ||||||
Maryland 0.8%
|
||||||||
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
|
10,000,000 | 10,000,000 | ||||||
Montgomery County, MD, 0.26%, 5/12/2011
|
11,400,000 | 11,400,000 | ||||||
21,400,000 | ||||||||
Massachusetts 3.2%
|
||||||||
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
|
11,000,000 | 11,000,000 | ||||||
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
|
8,500,000 | 8,500,000 | ||||||
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
|
7,620,000 | 7,620,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
|
3,280,000 | 3,280,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
|
4,700,000 | 4,700,000 | ||||||
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
|
50,000,000 | 50,121,935 | ||||||
85,221,935 | ||||||||
Michigan 6.7%
|
||||||||
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,000,000 | 15,000,000 | ||||||
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
|
43,000,000 | 43,215,907 | ||||||
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
50,000,000 | 50,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-7, 0.35%*, 11/15/2047
|
11,200,000 | 11,200,000 | ||||||
Series F-6, 0.35%**, 11/15/2049
|
10,000,000 | 10,000,000 | ||||||
Series F-8, 0.35%**, 11/15/2049
|
5,000,000 | 5,000,000 | ||||||
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
|
35,000,000 | 35,000,000 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
|
9,500,000 | 9,500,000 | ||||||
178,915,907 | ||||||||
Minnesota 0.3%
|
||||||||
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
|
||||||||
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
|
5,000,000 | 5,000,000 | ||||||
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
|
1,635,000 | 1,635,000 | ||||||
6,635,000 | ||||||||
Mississippi 0.9%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust:
|
||||||||
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
9,350,000 | 9,350,000 | ||||||
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
|
5,696,368 | 5,696,368 | ||||||
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
|
9,500,000 | 9,500,000 | ||||||
24,546,368 | ||||||||
Missouri 0.9%
|
||||||||
Missouri, State Development Finance Board, 0.3%, 5/24/2011
|
12,114,000 | 12,114,000 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
|
5,765,000 | 5,765,000 | ||||||
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
|
6,800,000 | 6,800,000 | ||||||
24,679,000 | ||||||||
Nebraska 0.4%
|
||||||||
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
9,670,000 | 9,670,000 | ||||||
Nevada 0.5%
|
||||||||
Nevada, Housing Division, Single Family Mortgage Revenue:
|
||||||||
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
|
8,000,000 | 8,000,000 | ||||||
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
|
4,700,000 | 4,700,000 | ||||||
12,700,000 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
|
4,600,000 | 4,600,000 | ||||||
New Jersey 0.7%
|
||||||||
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
|
15,200,000 | 15,200,000 | ||||||
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
|
2,600,000 | 2,600,000 | ||||||
17,800,000 | ||||||||
New Mexico 2.7%
|
||||||||
New Mexico, State Tax & Revenue Anticipation Notes:
|
||||||||
1.5%, 6/30/2011
|
25,000,000 | 25,049,099 | ||||||
2.0%, 6/30/2011
|
25,000,000 | 25,069,593 | ||||||
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
|
15,900,000 | 15,900,000 | ||||||
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
|
5,820,000 | 5,820,000 | ||||||
71,838,692 | ||||||||
New York 7.9%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
|
9,820,000 | 9,820,000 | ||||||
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
23,775,000 | 23,775,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
|
6,105,000 | 6,105,000 | ||||||
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
|
29,995,000 | 29,995,000 | ||||||
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
|
11,000,000 | 11,000,000 | ||||||
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
|
15,000,000 | 15,000,000 | ||||||
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
|
||||||||
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
|
5,500,000 | 5,500,000 | ||||||
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
|
11,200,000 | 11,200,000 | ||||||
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
|
11,540,000 | 11,540,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
|
5,000,000 | 5,000,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
|
60,000,000 | 60,000,000 | ||||||
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
|
21,800,000 | 22,089,387 | ||||||
211,024,387 | ||||||||
North Carolina 4.6%
|
||||||||
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
|
8,400,000 | 8,400,000 | ||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,725,000 | 10,725,000 | ||||||
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
11,625,000 | 11,625,000 | ||||||
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,865,000 | 5,865,000 | ||||||
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
7,520,000 | 7,520,000 | ||||||
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
4,860,000 | 4,860,000 | ||||||
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
17,075,000 | 17,075,000 | ||||||
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
10,800,000 | 10,800,000 | ||||||
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
|
5,555,000 | 5,555,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
|
5,845,000 | 5,845,000 | ||||||
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
|
7,200,000 | 7,200,000 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
|
10,035,000 | 10,035,000 | ||||||
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
|
16,625,000 | 16,625,000 | ||||||
122,130,000 | ||||||||
Ohio 0.6%
|
||||||||
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
|
2,460,000 | 2,460,000 | ||||||
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
|
||||||||
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
9,780,000 | 9,780,000 | ||||||
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
|
4,340,000 | 4,340,000 | ||||||
16,580,000 | ||||||||
Oregon 6.2%
|
||||||||
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
|
152,000,000 | 152,400,629 | ||||||
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
|
||||||||
0.29%*, 5/1/2034, LOC: Bank of America NA
|
8,515,000 | 8,515,000 | ||||||
0.29%*, 5/1/2037, LOC: Bank of America NA
|
5,385,000 | 5,385,000 | ||||||
166,300,629 | ||||||||
Other 1.3%
|
||||||||
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
|
35,600,000 | 35,600,000 | ||||||
Pennsylvania 1.3%
|
||||||||
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
|
7,180,000 | 7,180,000 | ||||||
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
22,490,000 | 22,490,000 | ||||||
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
|
5,700,000 | 5,700,000 | ||||||
35,370,000 | ||||||||
Puerto Rico 0.2%
|
||||||||
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
|
6,000,000 | 6,000,000 | ||||||
South Carolina 0.4%
|
||||||||
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
|
5,755,000 | 5,755,000 | ||||||
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
|
6,105,000 | 6,105,000 | ||||||
11,860,000 | ||||||||
Tennessee 0.4%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
|
9,300,000 | 9,300,000 | ||||||
Texas 11.0%
|
||||||||
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
|
44,200,000 | 44,200,000 | ||||||
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
7,930,000 | 7,930,000 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
|
14,900,000 | 14,900,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
|
8,100,000 | 8,100,000 | ||||||
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
|
8,300,000 | 8,300,000 | ||||||
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
|
11,325,000 | 11,325,000 | ||||||
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
|
12,190,000 | 12,190,000 | ||||||
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
|
4,980,000 | 4,980,000 | ||||||
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
|
8,935,000 | 8,935,000 | ||||||
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
|
52,995,000 | 52,995,000 | ||||||
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
|
8,685,000 | 8,685,000 | ||||||
Texas, State Tax & Revenue Anticipation Notes:
|
||||||||
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
|
29,500,000 | 29,500,000 | ||||||
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
|
38,000,000 | 38,000,000 | ||||||
2.0%, 8/31/2011
|
25,000,000 | 25,135,681 | ||||||
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
|
2,800,000 | 2,800,000 | ||||||
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
|
10,300,000 | 10,300,000 | ||||||
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
|
4,625,000 | 4,625,000 | ||||||
292,900,681 | ||||||||
Vermont 0.2%
|
||||||||
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
|
4,070,000 | 4,070,000 | ||||||
Virginia 1.2%
|
||||||||
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
|
3,000,000 | 3,000,000 | ||||||
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
|
19,085,000 | 19,085,000 | ||||||
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
|
9,050,000 | 9,050,000 | ||||||
31,135,000 | ||||||||
Washington 1.3%
|
||||||||
University of Washington, 0.28%, 5/10/2011
|
23,000,000 | 23,000,000 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
|
3,900,000 | 3,900,000 | ||||||
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
|
8,545,000 | 8,545,000 | ||||||
35,445,000 | ||||||||
West Virginia 3.2%
|
||||||||
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
|
20,000,000 | 20,000,000 | ||||||
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
|
65,000,000 | 65,000,000 | ||||||
85,000,000 | ||||||||
Wisconsin 0.6%
|
||||||||
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
|
5,300,000 | 5,300,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
|
11,225,000 | 11,225,000 | ||||||
16,525,000 | ||||||||
Wyoming 0.6%
|
||||||||
Sweetwater County, WY, 0.3%, 6/10/2011
|
14,775,000 | 14,775,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $2,655,195,212)+
|
99.8 | 2,655,195,212 | ||||||
Other Assets and Liabilities, Net
|
0.2 | 6,012,980 | ||||||
Net Assets
|
100.0 | 2,661,208,192 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 | ||||||||
Total
|
$ | — | $ | 2,655,195,212 | $ | — | $ | 2,655,195,212 |
as of April 30, 2011
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 2,655,195,212 | ||
Receivable for investments sold
|
4,620,000 | |||
Receivable for Fund shares sold
|
934,515 | |||
Interest receivable
|
7,077,878 | |||
Due from Advisor
|
4,095 | |||
Other assets
|
105,818 | |||
Total assets
|
2,667,937,518 | |||
Liabilities
|
||||
Cash overdraft
|
4,581,713 | |||
Payable for Fund shares redeemed
|
918,070 | |||
Distributions payable
|
62,767 | |||
Accrued management fee
|
133,641 | |||
Other accrued expenses and payables
|
1,033,135 | |||
Total liabilities
|
6,729,326 | |||
Net assets, at value
|
$ | 2,661,208,192 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
676,116 | |||
Paid-in capital
|
2,660,532,076 | |||
Net assets, at value
|
$ | 2,661,208,192 |
Statement of Assets and Liabilities as of April 30, 2011 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 | ||
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2011
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 12,045,887 | ||
Expenses:
Management fee
|
1,955,813 | |||
Administration fee
|
3,350,131 | |||
Services to shareholders
|
1,364,156 | |||
Custodian fee
|
68,016 | |||
Distribution and service fees
|
2,569,390 | |||
Professional fees
|
150,070 | |||
Trustees' fees and expenses
|
102,796 | |||
Reports to shareholders
|
197,069 | |||
Registration fees
|
179,038 | |||
Other
|
177,139 | |||
Total expenses before expense reductions
|
10,113,618 | |||
Expense reductions
|
(2,277,709 | ) | ||
Total expenses after expense reductions
|
7,835,909 | |||
Net investment income
|
4,209,978 | |||
Net realized gain (loss) from investments
|
26,953 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,236,931 |
Tax-Exempt Portfolio
|
||||||||
Increase (Decrease) in Net Assets
|
Years Ended April 30,
|
|||||||
2011
|
2010
|
|||||||
Operations:
Net investment income
|
$ | 4,209,978 | $ | 6,786,569 | ||||
Net realized gain (loss)
|
26,953 | 42,867 | ||||||
Net increase in net assets resulting from operations
|
4,236,931 | 6,829,436 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,440 | ) | (2,046 | ) | ||||
Davidson Cash Equivalent Shares
|
(8,101 | ) | (9,092 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(3,424,889 | ) | (5,359,767 | ) | ||||
DWS Tax-Exempt Money Fund
|
(551,022 | ) | (1,068,021 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(156,176 | ) | (283,931 | ) | ||||
Premier Money Market Shares
|
(1,265 | ) | (24,737 | ) | ||||
Service Shares
|
(7,236 | ) | (5,804 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(18,703 | ) | (160,260 | ) | ||||
Tax-Free Investment Class
|
(41,260 | ) | (198,503 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (597 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (2,251 | ) | |||||
DWS Tax-Exempt Cash Institutional Shares
|
— | (74,322 | ) | |||||
DWS Tax-Exempt Money Fund
|
— | (13,853 | ) | |||||
DWS Tax-Free Money Fund Class S
|
— | (4,326 | ) | |||||
Premier Money Market Shares
|
— | (782 | ) | |||||
Service Shares
|
— | (1,849 | ) | |||||
Tax-Exempt Cash Managed Shares
|
— | (7,679 | ) | |||||
Tax-Free Investment Class
|
— | (14,341 | ) | |||||
Total distributions
|
(4,210,092 | ) | (7,232,161 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
9,995,553,494 | 11,211,632,894 | ||||||
Reinvestment of distributions
|
2,851,124 | 5,434,005 | ||||||
Cost of shares redeemed
|
(10,411,552,190 | ) | (11,989,083,579 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(413,147,572 | ) | (772,016,680 | ) | ||||
Increase (decrease) in net assets
|
(413,120,733 | ) | (772,419,405 | ) | ||||
Net assets at beginning of period
|
3,074,328,925 | 3,846,748,330 | ||||||
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
|
$ | 2,661,208,192 | $ | 3,074,328,925 |
Tax-Exempt Portfolio
Tax-Free Investment Class
|
||||||||||||||||||||
Years Ended April 30,
|
2011
|
2010
|
2009
|
2008
|
2007 | a | ||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations:
Net investment income
|
.000 | *** | .000 | *** | .011 | .027 | .004 | |||||||||||||
Net realized and unrealized gain (loss)
|
.000 | *** | .000 | *** | .000 | *** | .000 | *** | (.000 | )*** | ||||||||||
Total from investment operations
|
.000 | *** | .000 | *** | .011 | .027 | .004 | |||||||||||||
Less distributions from:
Net investment income
|
(.000 | )*** | (.000 | )*** | (.011 | ) | (.027 | ) | (.004 | ) | ||||||||||
Net realized gains
|
— | (.000 | )*** | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )*** | (.000 | )*** | (.011 | ) | (.027 | ) | (.004 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.01 | b | .04 | b | 1.15 | 2.78 | b | .37 | ** | |||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
383 | 407 | 570 | 572 | 526 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.61 | .62 | .63 | .62 | .59 | * | ||||||||||||||
Ratio of expenses after expense reductions (%)
|
.35 | .45 | .63 | .61 | .59 | * | ||||||||||||||
Ratio of net investment income (%)
|
.01 | .02 | 1.16 | 2.71 | 3.13 | * | ||||||||||||||
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 738,883 |
Years Ended April 30,
|
||||||||
2011
|
2010
|
|||||||
Distributions from tax-exempt income
|
$ | 4,210,092 | $ | 7,201,436 | ||||
Distributions from long-term capital gains
|
$ | — | $ | 30,725 |
First $500 million of the Funds' combined average daily net assets
|
.120 | % | ||
Next $500 million of such net assets
|
.100 | % | ||
Next $1 billion of such net assets
|
.075 | % | ||
Next $1 billion of such net assets
|
.060 | % | ||
Over $3 billion of such net assets
|
.050 | % |
Annual Effective Rate
|
|
Tax-Exempt Portfolio
|
.06%
|
Administration Fee
|
Unpaid at April 30, 2011
|
|||||||
Tax-Exempt Portfolio
|
$ | 3,350,131 | $ | 226,253 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 12,532 | $ | 5,364 | ||||||
Davidson Cash Equivalent Shares
|
121,647 | — | 41,015 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
196,624 | — | 61,668 | |||||||||
DWS Tax-Exempt Money Fund
|
134,008 | — | 39,976 | |||||||||
DWS Tax-Free Money Fund Class S
|
68,702 | — | 25,134 | |||||||||
Premier Money Market Shares
|
31,484 | 6,558 | — | |||||||||
Service Shares
|
182,607 | 72,945 | 41,130 | |||||||||
Tax-Exempt Cash Managed Shares
|
77,147 | — | 33,219 | |||||||||
Tax-Free Investment Class
|
444,553 | — | 153,350 | |||||||||
$ | 1,292,741 | $ | 92,035 | $ | 400,856 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
||||||||||||
Capital Assets Funds Shares
|
$ | 47,479 | $ | 47,479 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
243,294 | 243,294 | .00 | % | .30 | % | ||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | .00 | % | .25 | % | ||||||||||
Service Shares
|
434,433 | 434,433 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
1,032,179 | 1,032,179 | .00 | % | .25 | % | ||||||||||
$ | 1,789,098 | $ | 1,789,098 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Unpaid at April 30, 2011
|
Annual Effective Rate
|
Contractual Rate (Up To)
|
|||||||||||||||
Capital Assets Funds Shares
|
$ | 35,969 | $ | 35,969 | $ | — | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Shares
|
202,745 | 194,185 | — | .01 | % | .25 | % | |||||||||||||
Premier Money Market Shares
|
31,713 | 31,713 | — | .00 | % | .25 | % | |||||||||||||
Tax-Exempt Cash Managed Shares
|
220,855 | 61,372 | 10,827 | .11 | % | .15 | % | |||||||||||||
Tax-Free Investment Class
|
289,010 | 73,337 | 22,721 | .05 | % | .07 | % | |||||||||||||
$ | 780,292 | $ | 396,576 | $ | 33,548 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Tax-Exempt Portfolio
|
$ | 105,603 | $ | 41,114 |
Year Ended April 30, 2011
|
Year Ended April 30, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
37,505,008 | $ | 37,505,008 | 49,394,797 | $ | 49,394,797 | ||||||||||
Davidson Cash Equivalent Shares
|
108,372,167 | 108,372,167 | 140,991,927 | 140,991,927 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
8,705,410,264 | 8,705,410,264 | 9,545,076,388 | 9,545,076,388 | ||||||||||||
DWS Tax-Exempt Money Fund
|
234,765,709 | 234,765,709 | 183,055,619 | 183,055,619 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
40,065,751 | 40,065,751 | 39,784,180 | 39,784,180 | ||||||||||||
Premier Money Market Shares*
|
17,963,464 | 17,963,464 | 109,396,548 | 109,396,548 | ||||||||||||
Service Shares
|
171,592,837 | 171,592,837 | 277,971,196 | 277,971,196 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
270,920,971 | 270,920,971 | 471,983,176 | 471,983,176 | ||||||||||||
Tax-Free Investment Class
|
408,957,323 | 408,957,323 | 393,979,063 | 393,979,063 | ||||||||||||
$ | 9,995,553,494 | $ | 11,211,632,894 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,433 | $ | 1,433 | 2,653 | $ | 2,653 | ||||||||||
Davidson Cash Equivalent Shares
|
8,078 | 8,078 | 11,387 | 11,387 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,103,424 | 2,103,424 | 3,842,512 | 3,842,512 | ||||||||||||
DWS Tax-Exempt Money Fund
|
541,218 | 541,218 | 1,065,790 | 1,065,790 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
147,957 | 147,957 | 270,634 | 270,634 | ||||||||||||
Premier Money Market Shares*
|
1,023 | 1,023 | 23,773 | 23,773 | ||||||||||||
Service Shares
|
7,238 | 7,238 | 7,673 | 7,673 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
84 | 84 | 886 | 886 | ||||||||||||
Tax-Free Investment Class
|
40,669 | 40,669 | 208,697 | 208,697 | ||||||||||||
$ | 2,851,124 | $ | 5,434,005 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(44,799,949 | ) | $ (44,799,949) | (57,387,875 | ) | $ | (57,387,875 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(113,236,507 | ) | (113,236,507 | ) | (128,403,019 | ) | (128,403,019 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(8,940,648,532 | ) | (8,940,648,532 | ) | (9,593,718,982 | ) | (9,593,718,982 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(297,512,567 | ) | (297,512,567 | ) | (258,965,066 | ) | (258,965,066 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,821,788 | ) | (55,821,788 | ) | (63,795,223 | ) | (63,795,223 | ) | ||||||||
Premier Money Market Shares*
|
(47,338,154 | ) | (47,338,154 | ) | (571,302,157 | ) | (571,302,157 | ) | ||||||||
Service Shares
|
(126,254,371 | ) | (126,254,371 | ) | (303,098,913 | ) | (303,098,913 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(352,406,232 | ) | (352,406,232 | ) | (455,851,093 | ) | (455,851,093 | ) | ||||||||
Tax-Free Investment Class
|
(433,534,090 | ) | (433,534,090 | ) | (556,561,251 | ) | (556,561,251 | ) | ||||||||
$ | (10,411,552,190 | ) | $ | (11,989,083,579 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(7,293,508 | ) | (7,293,508 | ) | (7,990,425 | ) | $ | (7,990,425 | ) | |||||||
Davidson Cash Equivalent Shares
|
(4,856,262 | ) | (4,856,262 | ) | 12,600,295 | 12,600,295 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(233,134,844 | ) | (233,134,844 | ) | (44,800,082 | ) | (44,800,082 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(62,205,640 | ) | (62,205,640 | ) | (74,843,657 | ) | (74,843,657 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(15,608,080 | ) | (15,608,080 | ) | (23,740,409 | ) | (23,740,409 | ) | ||||||||
Premier Money Market Shares*
|
(29,373,667 | ) | (29,373,667 | ) | (461,881,836 | ) | (461,881,836 | ) | ||||||||
Service Shares
|
45,345,704 | 45,345,704 | (25,120,044 | ) | (25,120,044 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(81,485,177 | ) | (81,485,177 | ) | 16,132,969 | 16,132,969 | ||||||||||
Tax-Free Investment Class
|
(24,536,098 | ) | (24,536,098 | ) | (162,373,491 | ) | (162,373,491 | ) | ||||||||
$ | (413,147,572 | ) | $ | (772,016,680 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2011
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund 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
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
118
|
—
|
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). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
118
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
118
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
118
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
118
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
118
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
118
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
118
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
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)
|
118
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
118
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
121
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
ITEM 2.
|
CODE OF ETHICS
|
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
|
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
|
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Fiscal Year Ended April 30,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2011
|
$ | 92,125 | $ | 0 | $ | 8,011 | $ | 0 | ||||||||
2010
|
$ | 89,269 | $ | 0 | $ | 10,167 | $ | 0 |
Fiscal Year Ended April 30,
|
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2011
|
$ | 0 | $ | 285,550 | $ | 0 | ||||||
2010
|
$ | 0 | $ | 315,930 | $ | 0 |
Fiscal Year Ended April 30,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2011
|
$ | 8,011 | $ | 285,550 | $ | 586,510 | $ | 880,071 | ||||||||
2010
|
$ | 10,167 | $ | 315,930 | $ | 625,859 | $ | 951,956 |
Fiscal Year Ended April 30,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2011
|
$ | 91,124 | $ | 0 | $ | 9,012 | $ | 0 | ||||||||
2010
|
$ | 90,290 | $ | 0 | $ | 11,334 | $ | 0 |
Fiscal Year Ended April 30,
|
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2011
|
$ | 0 | $ | 285,550 | $ | 0 | ||||||
2010
|
$ | 0 | $ | 315,930 | $ | 0 |
Fiscal Year Ended April 30,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2011
|
$ | 9,012 | $ | 285,550 | $ | 586,510 | $ | 881,072 | ||||||||
2010
|
$ | 11,334 | $ | 315,930 | $ | 625,859 | $ | 953,123 |
Fiscal Year Ended April 30,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2011
|
$ | 94,279 | $ | 0 | $ | 8,198 | $ | 0 | ||||||||
2010
|
$ | 82,898 | $ | 0 | $ | 9,612 | $ | 0 |
Fiscal Year Ended April 30,
|
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2011
|
$ | 0 | $ | 285,550 | $ | 0 | ||||||
2010
|
$ | 0 | $ | 315,930 | $ | 0 |
Fiscal Year Ended April 30,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2011
|
$ | 8,198 | $ | 285,550 | $ | 586,510 | $ | 880,258 | ||||||||
2010
|
$ | 9,612 | $ | 315,930 | $ | 625,859 | $ | 951,401 |
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 Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
|
||
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 second fiscal quarter of 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.
|
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.
|
Registrant:
|
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust
|
By:
|
/s/ W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
June 28, 2011
|
By:
|
/s/ W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
June 28, 2011
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
June 28, 2011
|
Page Number
|
I.
|
Overview |
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
Deutsche Asset Management, Inc. or its affiliates (“DeAM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.
The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.
The DeAM Compliance Officer and his or her contact information can be found in Appendix A.
|
II.
|
Purposes of the Officer Code
|
The purposes of the Officer Code are to deter wrongdoing and to:
|
||
•
|
promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
•
|
promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
|
•
|
promote compliance with applicable laws, rules and regulations;
|
•
|
encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and
|
•
|
establish accountability for adherence to the Officer Code.
|
|
Any questions about the Officer Code should be referred to DeAM’s Compliance Officer. |
III.
|
Responsibilities of Covered Officers
|
A.
|
Honest and Ethical Conduct
|
|
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
|
B.
|
Conflicts of Interest
|
|
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAM Compliance Officer).
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.
After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.
|
C.
|
Use of Personal Fund Shareholder Information
|
|
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAM’s privacy policies under SEC Regulation S-P.
|
D.
|
Public Communications
|
|
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.
|
E.
|
Compliance with Applicable Laws, Rules and Regulations
|
|
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.
|
IV.
|
Violation Reporting
|
A.
|
Overview
|
|
Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
|
Examples of violations of the Officer Code include, but are not limited to, the following: | |||
•
|
Unethical or dishonest behavior
|
•
|
Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
|
•
|
Failure to report violations of the Officer Code
|
•
|
Known or obvious deviations from Applicable Laws
|
•
|
Failure to acknowledge and certify adherence to the Officer Code
|
The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM. |
|
B.
|
How to Report
|
Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.
|
C.
|
Process for Violation Reporting to the Fund Board
|
|
The DeAM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
|
D.
|
Sanctions for Code Violations
|
|
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
|
V.
|
Waivers from the Officer Code
|
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
|
VI.
|
Amendments to the Code
|
The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
|
VII.
|
Acknowledgement and Certification of Adherence to the Officer Code
|
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
The DeAM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
|
VIII.
|
Scope of Responsibilities
|
A Covered Officer’s responsibilities under the Officer Code are limited to:
|
(1)
|
Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
|
(2)
|
Fund matters of which the Officer has actual knowledge.
|
IX.
|
Recordkeeping
|
The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
|
X.
|
Confidentiality
|
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
|
Fund Board
|
Principal Executive Officers
|
Principal Financial Officers
|
Treasurer
|
DWS Funds
|
Douglas Beck
|
Paul Schubert
|
Paul Schubert
|
Germany*
|
Douglas Beck
|
Paul Schubert
|
Paul Schubert
|
As of: | June 1, 2011 |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
|
4.
|
I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
5.
|
I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have adhered to the Officer Code.
|
4.
|
I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code’s requirements.
|
5.
|
I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
6.
|
With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
|
7.
|
With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
|
8.
|
I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
1.
|
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
June 28, 2011
|
/s/ W. Douglas Beck
|
W. Douglas Beck
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
June 28, 2011
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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