Date of fiscal year end:
|
4/30
|
Date of reporting period:
|
4/30/2014
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
3 Portfolio Management Review
Government & Agency Securities Portfolio
7 Portfolio Summary
8 Investment Portfolio
14 Statement of Assets and Liabilities
16 Statement of Operations
17 Statement of Changes in Net Assets
18 Financial Highlights
Tax-Exempt Portfolio
19 Portfolio Summary
20 Investment Portfolio
28 Statement of Assets and Liabilities
30 Statement of Operations
31 Statement of Changes in Net Assets
33 Financial Highlights
34 Notes to Financial Statements
48 Report of Independent Registered Public Accounting Firm
49 Information About Each Fund's Expenses
50 Tax Information
51 Other Information
52 Advisory Agreement Board Considerations and Fee Evaluation
62 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
|
||||
7-Day Current Yield
|
||||
Government & Agency Securities Portfolio — Service Shares
|
.01 | %* | ||
Tax-Exempt Portfolio — Service Shares
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Government & Agency Obligations 51.6%
|
||||||||
U.S. Government Sponsored Agencies 44.5%
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.088%*, 6/26/2014
|
35,000,000 | 34,995,100 | ||||||
0.109%*, 8/13/2014
|
10,000,000 | 9,996,822 | ||||||
0.122%**, 10/27/2014
|
36,000,000 | 36,002,773 | ||||||
0.129%*, 7/16/2014
|
15,000,000 | 14,995,883 | ||||||
0.131%**, 3/3/2016
|
25,000,000 | 25,000,000 | ||||||
0.132%**, 11/26/2014
|
22,000,000 | 22,001,961 | ||||||
0.132%**, 10/20/2014
|
60,000,000 | 60,001,611 | ||||||
0.139%*, 8/7/2014
|
15,000,000 | 14,994,283 | ||||||
0.14%**, 2/2/2015
|
25,000,000 | 24,997,124 | ||||||
0.24%**, 3/4/2015
|
45,000,000 | 45,034,616 | ||||||
Federal Home Loan Bank:
|
||||||||
0.057%*, 5/12/2014
|
35,000,000 | 34,999,358 | ||||||
0.071%*, 7/25/2014
|
18,400,000 | 18,396,872 | ||||||
0.095%*, 5/19/2014
|
38,000,000 | 37,998,100 | ||||||
0.1%*, 1/26/2015
|
30,000,000 | 29,977,500 | ||||||
0.104%*, 8/1/2014
|
70,000,000 | 69,981,217 | ||||||
0.12%, 7/8/2014
|
60,000,000 | 59,998,792 | ||||||
0.12%, 10/27/2014
|
42,000,000 | 41,996,075 | ||||||
0.125%, 2/5/2015
|
40,000,000 | 39,983,942 | ||||||
0.128%*, 6/11/2014
|
35,000,000 | 34,994,818 | ||||||
0.134%*, 8/25/2014
|
12,000,000 | 11,994,780 | ||||||
0.138%**, 8/1/2014
|
20,000,000 | 20,000,000 | ||||||
0.14%, 5/22/2014
|
20,000,000 | 19,999,861 | ||||||
0.17%, 8/1/2014
|
28,000,000 | 27,999,488 | ||||||
0.17%, 9/5/2014
|
35,000,000 | 34,997,869 | ||||||
0.17%, 2/12/2015
|
40,000,000 | 40,000,842 | ||||||
Federal Home Loan Mortgage Corp.:
|
||||||||
0.069%*, 8/6/2014
|
50,000,000 | 49,990,570 | ||||||
0.083%*, 5/13/2014
|
12,500,000 | 12,499,625 | ||||||
0.087%*, 5/22/2014
|
10,000,000 | 9,999,475 | ||||||
0.095%*, 10/2/2014
|
25,000,000 | 24,989,840 | ||||||
0.098%*, 6/4/2014
|
15,000,000 | 14,998,583 | ||||||
0.099%*, 9/5/2014
|
25,000,000 | 24,991,181 | ||||||
0.099%*, 10/15/2014
|
30,000,000 | 29,986,083 | ||||||
0.099%*, 10/28/2014
|
40,000,000 | 39,980,001 | ||||||
0.1%*, 10/24/2014
|
20,000,000 | 19,990,222 | ||||||
0.1%*, 5/9/2014
|
35,000,000 | 34,999,145 | ||||||
0.106%*, 5/22/2014
|
12,500,000 | 12,499,198 | ||||||
0.11%*, 11/5/2014
|
75,000,000 | 74,956,917 | ||||||
0.114%*, 8/18/2014
|
35,000,000 | 34,987,813 | ||||||
0.116%*, 5/27/2014
|
17,500,000 | 17,498,483 | ||||||
0.118%*, 6/18/2014
|
50,000,000 | 49,992,000 | ||||||
0.129%*, 7/22/2014
|
15,000,000 | 14,995,558 | ||||||
0.139%*, 8/26/2014
|
18,000,000 | 17,991,810 | ||||||
0.162%*, 7/7/2014
|
25,000,000 | 24,992,370 | ||||||
0.169%*, 12/3/2014
|
8,000,000 | 7,991,840 | ||||||
Federal National Mortgage Association:
|
||||||||
0.065%*, 9/10/2014
|
49,500,000 | 49,488,203 | ||||||
0.079%*, 7/14/2014
|
40,000,000 | 39,993,422 | ||||||
0.097%*, 6/2/2014
|
30,000,000 | 29,997,333 | ||||||
0.099%*, 9/3/2014
|
25,000,000 | 24,991,320 | ||||||
0.119%*, 9/15/2014
|
50,000,000 | 49,977,167 | ||||||
0.136%*, 6/2/2014
|
18,000,000 | 17,997,760 | ||||||
1,542,115,606 | ||||||||
U.S. Treasury Obligations 7.1%
|
||||||||
U.S. Treasury Notes:
|
||||||||
0.075%, 1/31/2016
|
125,000,000 | 124,980,467 | ||||||
0.5%, 8/15/2014
|
31,000,000 | 31,031,520 | ||||||
2.25%, 1/31/2015
|
12,500,000 | 12,697,979 | ||||||
2.375%, 9/30/2014
|
11,700,000 | 11,807,671 | ||||||
2.625%, 6/30/2014
|
7,500,000 | 7,530,745 | ||||||
2.625%, 7/31/2014
|
40,000,000 | 40,257,089 | ||||||
4.25%, 8/15/2014
|
15,000,000 | 15,182,839 | ||||||
243,488,310 | ||||||||
Total Government & Agency Obligations (Cost $1,785,603,916)
|
1,785,603,916 | |||||||
Repurchase Agreements 58.5%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $26,000,029 on 5/1/2014 (a)
|
26,000,000 | 26,000,000 | ||||||
BNP Paribas, 0.05%, dated 4/30/2014, to be repurchased at $642,000,892 on 5/1/2014 (b)
|
642,000,000 | 642,000,000 | ||||||
BNP Paribas, 0.06%, dated 4/30/2014, to be repurchased at $200,000,333 on 5/1/2014 (c)
|
200,000,000 | 200,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $208,000,231 on 5/1/2014 (d)
|
208,000,000 | 208,000,000 | ||||||
HSBC Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $150,000,208 on 5/1/2014 (e)
|
150,000,000 | 150,000,000 | ||||||
JPMorgan Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $50,000,069 on 5/1/2014 (f)
|
50,000,000 | 50,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.04%, dated 4/30/2014, to be repurchased at $185,000,206 on 5/1/2014 (g)
|
185,000,000 | 185,000,000 | ||||||
Morgan Stanley & Co., Inc., 0.07%, dated 4/30/2014, to be repurchased at $150,000,292 on 5/1/2014 (h)
|
150,000,000 | 150,000,000 | ||||||
Wells Fargo Bank, 0.05%, dated 4/30/2014, to be repurchased at $231,000,321 on 5/1/2014 (i)
|
231,000,000 | 231,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $186,000,310 on 5/1/2014 (j)
|
186,000,000 | 186,000,000 | ||||||
Total Repurchase Agreements (Cost $2,028,000,000)
|
2,028,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $3,813,603,916)†
|
110.1 | 3,813,603,916 | ||||||
Other Assets and Liabilities, Net
|
(10.1 | ) | (348,283,153 | ) | ||||
Net Assets
|
100.0 | 3,465,320,763 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
3,425,000 |
Federal Farm Credit Bank
|
0.25 |
9/11/2014– 4/23/2015
|
3,429,216 | ||||||||
49,446,000 |
Federal Home Loan Bank
|
Zero Coupon– 7.0
|
6/27/2014– 1/16/2015
|
49,457,505 | ||||||||
144,348,364 |
Federal Home Loan Mortgage Corp.
|
2.375–5.05 |
1/26/2015– 2/1/2044
|
153,434,270 | ||||||||
386,408,665 |
Federal National Mortgage Association
|
0.5–4.0 |
12/19/2014– 9/1/2043
|
405,679,817 | ||||||||
33,975,600 |
U.S. Treasury Inflation-Indexed Bond
|
1.75 |
1/15/2028
|
42,840,002 | ||||||||
Total Collateral Value
|
654,840,810 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
911,300 |
U.S. Treasury Inflation-Indexed Note
|
1.125 |
1/15/2021
|
1,044,887 | ||||||||
138,295,100 |
U.S. Treasury Notes
|
0.25–3.375 |
7/31/2015– 11/30/2020
|
142,556,669 | ||||||||
129,873,981 |
U.S. Treasury STRIPS
|
Zero Coupon
|
8/15/2014– 11/15/2043
|
68,558,496 | ||||||||
Total Collateral Value
|
212,160,052 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
55,127,183 |
Government National Mortgage Association
|
4.5 |
2/20/2044
|
59,948,290 | ||||||||
30,408,100 |
U.S. Treasury Inflation-Indexed Notes
|
0.125–2.5 |
7/15/2015– 7/15/2023
|
34,578,291 | ||||||||
163,083,425 |
U.S. Treasury STRIPS
|
Zero Coupon–4.75
|
5/15/2014– 2/15/2044
|
58,473,771 | ||||||||
Total Collateral Value
|
153,000,352 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
65,174,800 |
U.S. Treasury Bills
|
Zero Coupon
|
6/19/2014– 8/28/2014
|
65,172,084 | ||||||||
123,303,700 |
U.S. Treasury Note
|
0.25 |
7/15/2015
|
123,528,006 | ||||||||
Total Collateral Value
|
188,700,090 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
87,008,038 |
Federal Home Loan Mortgage Corp.
|
1.98–5.0 |
1/1/2037– 4/1/2044
|
88,641,752 | ||||||||
60,986,625 |
Federal National Mortgage Association
|
2.104–6.091 |
12/1/2019– 1/1/2048
|
64,358,248 | ||||||||
Total Collateral Value
|
153,000,000 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
85,000,000 |
U.S. Treasury Bill
|
Zero Coupon
|
9/11/2014
|
84,990,480 | ||||||||
54,461,800 |
U.S. Treasury Floating Rate Note
|
Zero Coupon
|
4/30/2016
|
54,476,777 | ||||||||
94,091,700 |
U.S. Treasury Notes
|
0.25–2.125 |
7/31/2015– 2/28/2018
|
96,152,928 | ||||||||
Total Collateral Value
|
235,620,185 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,000,000 |
Federal Agricultural Mortgage Corp.
|
4.35 |
8/4/2025
|
1,070,212 | ||||||||
13,942,000 |
Federal Home Loan Bank
|
Zero Coupon– 5.375
|
9/30/2014– 3/13/2020
|
14,213,306 | ||||||||
12,245,334 |
Federal Home Loan Mortgage Corp.
|
3.0–6.5 |
9/1/2039– 2/1/2044
|
12,018,431 | ||||||||
228,464,986 |
Federal Home Loan Mortgage Corp. — Interest Only
|
2.5–4.5 |
4/15/2026– 2/15/2043
|
36,075,808 | ||||||||
4,027,115 |
Federal Home Loan Mortgage Corp. — Principal Only
|
Zero Coupon
|
5/15/2037
|
3,650,611 | ||||||||
87,001,183 |
Federal National Mortgage Association
|
Zero Coupon– 5.375
|
10/22/2014– 4/1/2044
|
83,340,870 | ||||||||
186,232,967 |
Federal National Mortgage Association — Interest Only
|
2.5–4.5 |
4/25/2022– 5/25/2043
|
26,717,154 | ||||||||
2,390,927 |
Federal National Mortgage Association — Principal Only
|
Zero Coupon
|
5/25/2037– 7/25/2037
|
2,129,587 | ||||||||
900,000 |
Financing Corp. Fico
|
Zero Coupon
|
2/3/2016– 6/6/2019
|
862,037 | ||||||||
7,077,489 |
Government National Mortgage Association
|
3.5–4.5 |
6/15/2040– 3/15/2044
|
7,415,038 | ||||||||
79,000 |
Residual Funding Corp. Principal Strip
|
Zero Coupon
|
10/15/2019
|
70,109 | ||||||||
3,035,000 |
Resolution Funding Corp. Interest Strip
|
Zero Coupon
|
4/15/2016– 1/15/2030
|
2,156,838 | ||||||||
Total Collateral Value
|
189,720,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 1,785,603,916 | $ | — | $ | 1,785,603,916 | ||||||||
Repurchase Agreements
|
— | 2,028,000,000 | — | 2,028,000,000 | ||||||||||||
Total
|
$ | — | $ | 3,813,603,916 | $ | — | $ | 3,813,603,916 |
as of April 30, 2014
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,785,603,916 | ||
Repurchase agreements, valued at amortized cost
|
2,028,000,000 | |||
Investments in securities, at value (cost $3,813,603,916)
|
3,813,603,916 | |||
Receivable for Fund shares sold
|
78,889 | |||
Interest receivable
|
707,194 | |||
Other assets
|
67,523 | |||
Total assets
|
3,814,457,522 | |||
Liabilities
|
||||
Cash overdraft
|
348,865,296 | |||
Payable for Fund shares redeemed
|
2,372 | |||
Distributions payable
|
41,610 | |||
Accrued Trustees' fees
|
40,679 | |||
Other accrued expenses and payables
|
186,802 | |||
Total liabilities
|
349,136,759 | |||
Net assets, at value
|
$ | 3,465,320,763 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,509 | |||
Accumulated net realized gain (loss)
|
(436,981 | ) | ||
Paid-in capital
|
3,465,556,235 | |||
Net assets, at value
|
$ | 3,465,320,763 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($4,946,995 ÷ 4,947,263 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 ($12,854,501 ÷ 12,855,195 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 ($89,797,118 ÷ 89,801,972 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 ($93,620,927 ÷ 93,625,984 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 ($3,004,883,965 ÷ 3,005,046,390 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 ($214,082,575 ÷ 214,094,147 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 ($45,134,682 ÷ 45,137,122 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 2,966,479 | ||
Expenses:
Management fee
|
2,152,694 | |||
Administration fee
|
3,254,202 | |||
Services to shareholders
|
1,064,493 | |||
Distribution and service fees
|
1,534,178 | |||
Custodian fee
|
55,535 | |||
Professional fees
|
135,238 | |||
Reports to shareholders
|
134,804 | |||
Registration fees
|
135,555 | |||
Trustees' fees and expenses
|
138,970 | |||
Other
|
134,844 | |||
Total expenses before expense reductions
|
8,740,513 | |||
Expense reductions
|
(6,635,886 | ) | ||
Total expenses after expense reductions
|
2,104,627 | |||
Net investment income
|
861,852 | |||
Net realized gain (loss) from investments
|
(1,480 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 860,372 |
Government & Agency Securities Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 861,852 | $ | 738,566 | ||||
Net realized gain (loss)
|
(1,480 | ) | 11,278 | |||||
Net increase in net assets resulting from operations
|
860,372 | 749,844 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(4,732 | ) | (17,994 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,632 | ) | (2,284 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(10,633 | ) | (9,941 | ) | ||||
DWS Government & Agency Money Fund
|
(10,180 | ) | (12,034 | ) | ||||
DWS Government Cash Institutional Shares
|
(805,459 | ) | (662,372 | ) | ||||
Government Cash Managed Shares
|
(23,588 | ) | (24,703 | ) | ||||
Service Shares
|
(5,624 | ) | (9,225 | ) | ||||
Total distributions
|
(861,848 | ) | (738,553 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
21,197,843,278 | 17,983,371,115 | ||||||
Reinvestment of distributions
|
388,853 | 400,224 | ||||||
Cost of shares redeemed
|
(20,673,267,054 | ) | (18,573,676,534 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
524,965,077 | (589,905,195 | ) | |||||
Increase (decrease) in net assets
|
524,963,601 | (589,893,904 | ) | |||||
Net assets at beginning of period
|
2,940,357,162 | 3,530,251,066 | ||||||
Net assets at end of period (including undistributed net investment income of $201,509 and $201,505, respectively)
|
$ | 3,465,320,763 | $ | 2,940,357,162 |
Government & Agency Securities Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
45 | 78 | 108 | 113 | 117 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.04 | 1.04 | 1.03 | 1.04 | 1.04 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.08 | .17 | .11 | .22 | .31 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .03 | .02 | .01 | .01 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
52 | 45 | 78 | 82 | 37 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.05 | 1.05 | 1.04 | 1.04 | 1.05 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .20 | .22 | .34 | .46 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 243,119 | ||
Capital loss carryforwards
|
$ | (437,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
Portfolio
|
2014
|
2013
|
||||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 861,848 | $ | 738,553 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Government & Agency Securities Portfolio
|
$ | 3,254,202 | $ | 2,071,542 | $ | 51,249 | ||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 105,315 | $ | 1,179 | ||||||
Davidson Cash Equivalent Shares
|
40,803 | 37,216 | 747 | |||||||||
Davidson Cash Equivalent Plus Shares
|
212,229 | 189,207 | 4,834 | |||||||||
DWS Government & Agency Money Fund
|
82,001 | 60,725 | 7,395 | |||||||||
DWS Government Cash Institutional Shares
|
194,384 | 194,384 | — | |||||||||
Government Cash Managed Shares
|
211,521 | 162,365 | 6,511 | |||||||||
Service Shares
|
140,499 | 128,260 | 1,410 | |||||||||
$ | 999,703 | $ | 877,472 | $ | 22,076 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 156,111 | $ | 156,111 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
48,964 | 48,964 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
265,759 | 265,759 | .00 | % | .25 | % | ||||||||||
Service Shares
|
337,641 | 337,641 | .00 | % | .60 | % | ||||||||||
$ | 808,475 | $ | 808,475 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 118,266 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
40,803 | 40,803 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
212,607 | 212,607 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
354,027 | 354,027 | .00 | % | .15 | % | ||||||||||
$ | 725,703 | $ | 725,703 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Government & Agency Securities Portfolio
|
$ | 59,558 | $ | 20,228 | ||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
23,472,158 | $ | 23,472,158 | 106,697,232 | $ | 106,697,232 | ||||||||||
Davidson Cash Equivalent Shares
|
23,323,116 | 23,323,116 | 31,099,071 | 31,099,071 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
324,560,498 | 324,560,498 | 222,327,364 | 222,327,364 | ||||||||||||
DWS Government & Agency Money Fund
|
53,844,639 | 53,844,639 | 53,121,349 | 53,121,349 | ||||||||||||
DWS Government Cash Institutional Shares
|
19,589,178,943 | 19,589,178,943 | 15,315,065,657 | 15,315,065,657 | ||||||||||||
Government Cash Managed Shares
|
1,020,393,570 | 1,020,393,570 | 1,990,326,289 | 1,990,326,289 | ||||||||||||
Service Shares
|
163,039,940 | 163,039,940 | 264,734,153 | 264,734,153 | ||||||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 21,197,843,278 | $ | 17,983,371,115 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
4,732 | $ | 4,732 | 17,994 | $ | 17,994 | ||||||||||
Davidson Cash Equivalent Shares
|
1,566 | 1,566 | 2,284 | 2,284 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
10,259 | 10,259 | 9,940 | 9,940 | ||||||||||||
DWS Government & Agency Money Fund
|
9,920 | 9,920 | 11,818 | 11,818 | ||||||||||||
DWS Government Cash Institutional Shares
|
348,922 | 348,922 | 341,515 | 341,515 | ||||||||||||
Government Cash Managed Shares
|
7,831 | 7,831 | 7,714 | 7,714 | ||||||||||||
Service Shares
|
5,623 | 5,623 | 8,959 | 8,959 | ||||||||||||
$ | 388,853 | $ | 400,224 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(156,347,801 | ) | $ | (156,347,801 | ) | (205,489,534 | ) | $ | (205,489,534 | ) | ||||||
Davidson Cash Equivalent Shares
|
(30,738,402 | ) | (30,738,402 | ) | (35,645,815 | ) | (35,645,815 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(343,026,773 | ) | (343,026,773 | ) | (207,586,537 | ) | (207,586,537 | ) | ||||||||
DWS Government & Agency Money Fund
|
(77,602,543 | ) | (77,602,543 | ) | (75,265,565 | ) | (75,265,565 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(18,840,729,361 | ) | (18,840,729,361 | ) | (15,771,839,065 | ) | (15,771,839,065 | ) | ||||||||
Government Cash Managed Shares
|
(1,028,565,693 | ) | (1,028,565,693 | ) | (1,983,483,875 | ) | (1,983,483,875 | ) | ||||||||
Service Shares
|
(196,256,481 | ) | (196,256,481 | ) | (294,366,143 | ) | (294,366,143 | ) | ||||||||
$ | (20,673,267,054 | ) | $ | (18,573,676,534 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(132,870,911 | ) | $ | (132,870,911 | ) | (98,774,308 | ) | $ | (98,774,308 | ) | ||||||
Davidson Cash Equivalent Shares
|
(7,413,720 | ) | (7,413,720 | ) | (4,544,460 | ) | (4,544,460 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(18,456,016 | ) | (18,456,016 | ) | 14,750,767 | 14,750,767 | ||||||||||
DWS Government & Agency Money Fund
|
(23,747,984 | ) | (23,747,984 | ) | (22,132,398 | ) | (22,132,398 | ) | ||||||||
DWS Government Cash Institutional Shares
|
748,798,504 | 748,798,504 | (456,431,893 | ) | (456,431,893 | ) | ||||||||||
Government Cash Managed Shares
|
(8,164,292 | ) | (8,164,292 | ) | 6,850,128 | 6,850,128 | ||||||||||
Service Shares
|
(33,210,918 | ) | (33,210,918 | ) | (29,623,031 | ) | (29,623,031 | ) | ||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 524,965,077 | $ | (589,905,195 | ) |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Service Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||
Actual Fund Return
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,000.05 | $ | 1,000.18 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,024.40 | $ | 1,024.20 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||
Annualized Expense Ratios
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Service Shares
|
.08 | % | .12 | % | ||||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
Government & Agency Securities Portfolio
7 Portfolio Summary
8 Investment Portfolio
20 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
Tax-Exempt Portfolio
26 Portfolio Summary
27 Investment Portfolio
36 Statement of Assets and Liabilities
38 Statement of Operations
39 Statement of Changes in Net Assets
41 Financial Highlights
42 Notes to Financial Statements
56 Report of Independent Registered Public Accounting Firm
57 Information About Each Fund's Expenses
60 Tax Information
61 Other Information
62 Advisory Agreement Board Considerations and Fee Evaluation
72 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
|
||||
7-Day Current Yield
|
||||
Government & Agency Securities Portfolio — Davidson Cash Equivalent Shares
|
.01 | %* | ||
Tax-Exempt Portfolio — Davidson Cash Equivalent Shares
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Government & Agency Securities Portfolio — Davidson Cash Equivalent Plus Shares
|
.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (800) 332-5915.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Government & Agency Obligations 51.6%
|
||||||||
U.S. Government Sponsored Agencies 44.5%
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.088%*, 6/26/2014
|
35,000,000 | 34,995,100 | ||||||
0.109%*, 8/13/2014
|
10,000,000 | 9,996,822 | ||||||
0.122%**, 10/27/2014
|
36,000,000 | 36,002,773 | ||||||
0.129%*, 7/16/2014
|
15,000,000 | 14,995,883 | ||||||
0.131%**, 3/3/2016
|
25,000,000 | 25,000,000 | ||||||
0.132%**, 11/26/2014
|
22,000,000 | 22,001,961 | ||||||
0.132%**, 10/20/2014
|
60,000,000 | 60,001,611 | ||||||
0.139%*, 8/7/2014
|
15,000,000 | 14,994,283 | ||||||
0.14%**, 2/2/2015
|
25,000,000 | 24,997,124 | ||||||
0.24%**, 3/4/2015
|
45,000,000 | 45,034,616 | ||||||
Federal Home Loan Bank:
|
||||||||
0.057%*, 5/12/2014
|
35,000,000 | 34,999,358 | ||||||
0.071%*, 7/25/2014
|
18,400,000 | 18,396,872 | ||||||
0.095%*, 5/19/2014
|
38,000,000 | 37,998,100 | ||||||
0.1%*, 1/26/2015
|
30,000,000 | 29,977,500 | ||||||
0.104%*, 8/1/2014
|
70,000,000 | 69,981,217 | ||||||
0.12%, 7/8/2014
|
60,000,000 | 59,998,792 | ||||||
0.12%, 10/27/2014
|
42,000,000 | 41,996,075 | ||||||
0.125%, 2/5/2015
|
40,000,000 | 39,983,942 | ||||||
0.128%*, 6/11/2014
|
35,000,000 | 34,994,818 | ||||||
0.134%*, 8/25/2014
|
12,000,000 | 11,994,780 | ||||||
0.138%**, 8/1/2014
|
20,000,000 | 20,000,000 | ||||||
0.14%, 5/22/2014
|
20,000,000 | 19,999,861 | ||||||
0.17%, 8/1/2014
|
28,000,000 | 27,999,488 | ||||||
0.17%, 9/5/2014
|
35,000,000 | 34,997,869 | ||||||
0.17%, 2/12/2015
|
40,000,000 | 40,000,842 | ||||||
Federal Home Loan Mortgage Corp.:
|
||||||||
0.069%*, 8/6/2014
|
50,000,000 | 49,990,570 | ||||||
0.083%*, 5/13/2014
|
12,500,000 | 12,499,625 | ||||||
0.087%*, 5/22/2014
|
10,000,000 | 9,999,475 | ||||||
0.095%*, 10/2/2014
|
25,000,000 | 24,989,840 | ||||||
0.098%*, 6/4/2014
|
15,000,000 | 14,998,583 | ||||||
0.099%*, 9/5/2014
|
25,000,000 | 24,991,181 | ||||||
0.099%*, 10/15/2014
|
30,000,000 | 29,986,083 | ||||||
0.099%*, 10/28/2014
|
40,000,000 | 39,980,001 | ||||||
0.1%*, 10/24/2014
|
20,000,000 | 19,990,222 | ||||||
0.1%*, 5/9/2014
|
35,000,000 | 34,999,145 | ||||||
0.106%*, 5/22/2014
|
12,500,000 | 12,499,198 | ||||||
0.11%*, 11/5/2014
|
75,000,000 | 74,956,917 | ||||||
0.114%*, 8/18/2014
|
35,000,000 | 34,987,813 | ||||||
0.116%*, 5/27/2014
|
17,500,000 | 17,498,483 | ||||||
0.118%*, 6/18/2014
|
50,000,000 | 49,992,000 | ||||||
0.129%*, 7/22/2014
|
15,000,000 | 14,995,558 | ||||||
0.139%*, 8/26/2014
|
18,000,000 | 17,991,810 | ||||||
0.162%*, 7/7/2014
|
25,000,000 | 24,992,370 | ||||||
0.169%*, 12/3/2014
|
8,000,000 | 7,991,840 | ||||||
Federal National Mortgage Association:
|
||||||||
0.065%*, 9/10/2014
|
49,500,000 | 49,488,203 | ||||||
0.079%*, 7/14/2014
|
40,000,000 | 39,993,422 | ||||||
0.097%*, 6/2/2014
|
30,000,000 | 29,997,333 | ||||||
0.099%*, 9/3/2014
|
25,000,000 | 24,991,320 | ||||||
0.119%*, 9/15/2014
|
50,000,000 | 49,977,167 | ||||||
0.136%*, 6/2/2014
|
18,000,000 | 17,997,760 | ||||||
1,542,115,606 | ||||||||
U.S. Treasury Obligations 7.1%
|
||||||||
U.S. Treasury Notes:
|
||||||||
0.075%, 1/31/2016
|
125,000,000 | 124,980,467 | ||||||
0.5%, 8/15/2014
|
31,000,000 | 31,031,520 | ||||||
2.25%, 1/31/2015
|
12,500,000 | 12,697,979 | ||||||
2.375%, 9/30/2014
|
11,700,000 | 11,807,671 | ||||||
2.625%, 6/30/2014
|
7,500,000 | 7,530,745 | ||||||
2.625%, 7/31/2014
|
40,000,000 | 40,257,089 | ||||||
4.25%, 8/15/2014
|
15,000,000 | 15,182,839 | ||||||
243,488,310 | ||||||||
Total Government & Agency Obligations (Cost $1,785,603,916)
|
1,785,603,916 | |||||||
Repurchase Agreements 58.5%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $26,000,029 on 5/1/2014 (a)
|
26,000,000 | 26,000,000 | ||||||
BNP Paribas, 0.05%, dated 4/30/2014, to be repurchased at $642,000,892 on 5/1/2014 (b)
|
642,000,000 | 642,000,000 | ||||||
BNP Paribas, 0.06%, dated 4/30/2014, to be repurchased at $200,000,333 on 5/1/2014 (c)
|
200,000,000 | 200,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $208,000,231 on 5/1/2014 (d)
|
208,000,000 | 208,000,000 | ||||||
HSBC Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $150,000,208 on 5/1/2014 (e)
|
150,000,000 | 150,000,000 | ||||||
JPMorgan Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $50,000,069 on 5/1/2014 (f)
|
50,000,000 | 50,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.04%, dated 4/30/2014, to be repurchased at $185,000,206 on 5/1/2014 (g)
|
185,000,000 | 185,000,000 | ||||||
Morgan Stanley & Co., Inc., 0.07%, dated 4/30/2014, to be repurchased at $150,000,292 on 5/1/2014 (h)
|
150,000,000 | 150,000,000 | ||||||
Wells Fargo Bank, 0.05%, dated 4/30/2014, to be repurchased at $231,000,321 on 5/1/2014 (i)
|
231,000,000 | 231,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $186,000,310 on 5/1/2014 (j)
|
186,000,000 | 186,000,000 | ||||||
Total Repurchase Agreements (Cost $2,028,000,000)
|
2,028,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $3,813,603,916)†
|
110.1 | 3,813,603,916 | ||||||
Other Assets and Liabilities, Net
|
(10.1 | ) | (348,283,153 | ) | ||||
Net Assets
|
100.0 | 3,465,320,763 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
3,425,000 |
Federal Farm Credit Bank
|
0.25 |
9/11/2014– 4/23/2015
|
3,429,216 | ||||||||
49,446,000 |
Federal Home Loan Bank
|
Zero Coupon– 7.0
|
6/27/2014– 1/16/2015
|
49,457,505 | ||||||||
144,348,364 |
Federal Home Loan Mortgage Corp.
|
2.375–5.05 |
1/26/2015– 2/1/2044
|
153,434,270 | ||||||||
386,408,665 |
Federal National Mortgage Association
|
0.5–4.0 |
12/19/2014– 9/1/2043
|
405,679,817 | ||||||||
33,975,600 |
U.S. Treasury Inflation-Indexed Bond
|
1.75 |
1/15/2028
|
42,840,002 | ||||||||
Total Collateral Value
|
654,840,810 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
911,300 |
U.S. Treasury Inflation-Indexed Note
|
1.125 |
1/15/2021
|
1,044,887 | ||||||||
138,295,100 |
U.S. Treasury Notes
|
0.25–3.375 |
7/31/2015– 11/30/2020
|
142,556,669 | ||||||||
129,873,981 |
U.S. Treasury STRIPS
|
Zero Coupon
|
8/15/2014– 11/15/2043
|
68,558,496 | ||||||||
Total Collateral Value
|
212,160,052 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
55,127,183 |
Government National Mortgage Association
|
4.5 |
2/20/2044
|
59,948,290 | ||||||||
30,408,100 |
U.S. Treasury Inflation-Indexed Notes
|
0.125–2.5 |
7/15/2015– 7/15/2023
|
34,578,291 | ||||||||
163,083,425 |
U.S. Treasury STRIPS
|
Zero Coupon–4.75
|
5/15/2014– 2/15/2044
|
58,473,771 | ||||||||
Total Collateral Value
|
153,000,352 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
65,174,800 |
U.S. Treasury Bills
|
Zero Coupon
|
6/19/2014– 8/28/2014
|
65,172,084 | ||||||||
123,303,700 |
U.S. Treasury Note
|
0.25 |
7/15/2015
|
123,528,006 | ||||||||
Total Collateral Value
|
188,700,090 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
87,008,038 |
Federal Home Loan Mortgage Corp.
|
1.98–5.0 |
1/1/2037– 4/1/2044
|
88,641,752 | ||||||||
60,986,625 |
Federal National Mortgage Association
|
2.104–6.091 |
12/1/2019– 1/1/2048
|
64,358,248 | ||||||||
Total Collateral Value
|
153,000,000 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
85,000,000 |
U.S. Treasury Bill
|
Zero Coupon
|
9/11/2014
|
84,990,480 | ||||||||
54,461,800 |
U.S. Treasury Floating Rate Note
|
Zero Coupon
|
4/30/2016
|
54,476,777 | ||||||||
94,091,700 |
U.S. Treasury Notes
|
0.25–2.125 |
7/31/2015– 2/28/2018
|
96,152,928 | ||||||||
Total Collateral Value
|
235,620,185 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,000,000 |
Federal Agricultural Mortgage Corp.
|
4.35 |
8/4/2025
|
1,070,212 | ||||||||
13,942,000 |
Federal Home Loan Bank
|
Zero Coupon– 5.375
|
9/30/2014– 3/13/2020
|
14,213,306 | ||||||||
12,245,334 |
Federal Home Loan Mortgage Corp.
|
3.0–6.5 |
9/1/2039– 2/1/2044
|
12,018,431 | ||||||||
228,464,986 |
Federal Home Loan Mortgage Corp. — Interest Only
|
2.5–4.5 |
4/15/2026– 2/15/2043
|
36,075,808 | ||||||||
4,027,115 |
Federal Home Loan Mortgage Corp. — Principal Only
|
Zero Coupon
|
5/15/2037
|
3,650,611 | ||||||||
87,001,183 |
Federal National Mortgage Association
|
Zero Coupon– 5.375
|
10/22/2014– 4/1/2044
|
83,340,870 | ||||||||
186,232,967 |
Federal National Mortgage Association — Interest Only
|
2.5–4.5 |
4/25/2022– 5/25/2043
|
26,717,154 | ||||||||
2,390,927 |
Federal National Mortgage Association — Principal Only
|
Zero Coupon
|
5/25/2037– 7/25/2037
|
2,129,587 | ||||||||
900,000 |
Financing Corp. Fico
|
Zero Coupon
|
2/3/2016– 6/6/2019
|
862,037 | ||||||||
7,077,489 |
Government National Mortgage Association
|
3.5–4.5 |
6/15/2040– 3/15/2044
|
7,415,038 | ||||||||
79,000 |
Residual Funding Corp. Principal Strip
|
Zero Coupon
|
10/15/2019
|
70,109 | ||||||||
3,035,000 |
Resolution Funding Corp. Interest Strip
|
Zero Coupon
|
4/15/2016– 1/15/2030
|
2,156,838 | ||||||||
Total Collateral Value
|
189,720,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 1,785,603,916 | $ | — | $ | 1,785,603,916 | ||||||||
Repurchase Agreements
|
— | 2,028,000,000 | — | 2,028,000,000 | ||||||||||||
Total
|
$ | — | $ | 3,813,603,916 | $ | — | $ | 3,813,603,916 |
as of April 30, 2014
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,785,603,916 | ||
Repurchase agreements, valued at amortized cost
|
2,028,000,000 | |||
Investments in securities, at value (cost $3,813,603,916)
|
3,813,603,916 | |||
Receivable for Fund shares sold
|
78,889 | |||
Interest receivable
|
707,194 | |||
Other assets
|
67,523 | |||
Total assets
|
3,814,457,522 | |||
Liabilities
|
||||
Cash overdraft
|
348,865,296 | |||
Payable for Fund shares redeemed
|
2,372 | |||
Distributions payable
|
41,610 | |||
Accrued Trustees' fees
|
40,679 | |||
Other accrued expenses and payables
|
186,802 | |||
Total liabilities
|
349,136,759 | |||
Net assets, at value
|
$ | 3,465,320,763 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,509 | |||
Accumulated net realized gain (loss)
|
(436,981 | ) | ||
Paid-in capital
|
3,465,556,235 | |||
Net assets, at value
|
$ | 3,465,320,763 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($4,946,995 ÷ 4,947,263 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 ($12,854,501 ÷ 12,855,195 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 ($89,797,118 ÷ 89,801,972 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 ($93,620,927 ÷ 93,625,984 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 ($3,004,883,965 ÷ 3,005,046,390 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 ($214,082,575 ÷ 214,094,147 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 ($45,134,682 ÷ 45,137,122 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 2,966,479 | ||
Expenses:
Management fee
|
2,152,694 | |||
Administration fee
|
3,254,202 | |||
Services to shareholders
|
1,064,493 | |||
Distribution and service fees
|
1,534,178 | |||
Custodian fee
|
55,535 | |||
Professional fees
|
135,238 | |||
Reports to shareholders
|
134,804 | |||
Registration fees
|
135,555 | |||
Trustees' fees and expenses
|
138,970 | |||
Other
|
134,844 | |||
Total expenses before expense reductions
|
8,740,513 | |||
Expense reductions
|
(6,635,886 | ) | ||
Total expenses after expense reductions
|
2,104,627 | |||
Net investment income
|
861,852 | |||
Net realized gain (loss) from investments
|
(1,480 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 860,372 |
Government & Agency Securities Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 861,852 | $ | 738,566 | ||||
Net realized gain (loss)
|
(1,480 | ) | 11,278 | |||||
Net increase in net assets resulting from operations
|
860,372 | 749,844 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(4,732 | ) | (17,994 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,632 | ) | (2,284 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(10,633 | ) | (9,941 | ) | ||||
DWS Government & Agency Money Fund
|
(10,180 | ) | (12,034 | ) | ||||
DWS Government Cash Institutional Shares
|
(805,459 | ) | (662,372 | ) | ||||
Government Cash Managed Shares
|
(23,588 | ) | (24,703 | ) | ||||
Service Shares
|
(5,624 | ) | (9,225 | ) | ||||
Total distributions
|
(861,848 | ) | (738,553 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
21,197,843,278 | 17,983,371,115 | ||||||
Reinvestment of distributions
|
388,853 | 400,224 | ||||||
Cost of shares redeemed
|
(20,673,267,054 | ) | (18,573,676,534 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
524,965,077 | (589,905,195 | ) | |||||
Increase (decrease) in net assets
|
524,963,601 | (589,893,904 | ) | |||||
Net assets at beginning of period
|
2,940,357,162 | 3,530,251,066 | ||||||
Net assets at end of period (including undistributed net investment income of $201,509 and $201,505, respectively)
|
$ | 3,465,320,763 | $ | 2,940,357,162 |
Government & Agency Securities Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
13 | 20 | 25 | 19 | 20 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.99 | .99 | .99 | .99 | .96 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.08 | .17 | .11 | .22 | .31 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio
Davidson Cash Equivalent Plus Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
90 | 108 | 94 | 33 | 50 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.84 | .84 | .83 | .84 | .85 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.08 | .17 | .11 | .23 | .29 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .03 | .02 | .01 | .01 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
64 | 70 | 62 | 75 | 80 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.90 | .90 | .89 | .89 | .90 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .19 | .22 | .35 | .43 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 243,119 | ||
Capital loss carryforwards
|
$ | (437,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
Portfolio
|
2014
|
2013
|
||||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 861,848 | $ | 738,553 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Government & Agency Securities Portfolio
|
$ | 3,254,202 | $ | 2,071,542 | $ | 51,249 | ||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 105,315 | $ | 1,179 | ||||||
Davidson Cash Equivalent Shares
|
40,803 | 37,216 | 747 | |||||||||
Davidson Cash Equivalent Plus Shares
|
212,229 | 189,207 | 4,834 | |||||||||
DWS Government & Agency Money Fund
|
82,001 | 60,725 | 7,395 | |||||||||
DWS Government Cash Institutional Shares
|
194,384 | 194,384 | — | |||||||||
Government Cash Managed Shares
|
211,521 | 162,365 | 6,511 | |||||||||
Service Shares
|
140,499 | 128,260 | 1,410 | |||||||||
$ | 999,703 | $ | 877,472 | $ | 22,076 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 156,111 | $ | 156,111 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
48,964 | 48,964 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
265,759 | 265,759 | .00 | % | .25 | % | ||||||||||
Service Shares
|
337,641 | 337,641 | .00 | % | .60 | % | ||||||||||
$ | 808,475 | $ | 808,475 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 118,266 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
40,803 | 40,803 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
212,607 | 212,607 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
354,027 | 354,027 | .00 | % | .15 | % | ||||||||||
$ | 725,703 | $ | 725,703 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Government & Agency Securities Portfolio
|
$ | 59,558 | $ | 20,228 | ||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
23,472,158 | $ | 23,472,158 | 106,697,232 | $ | 106,697,232 | ||||||||||
Davidson Cash Equivalent Shares
|
23,323,116 | 23,323,116 | 31,099,071 | 31,099,071 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
324,560,498 | 324,560,498 | 222,327,364 | 222,327,364 | ||||||||||||
DWS Government & Agency Money Fund
|
53,844,639 | 53,844,639 | 53,121,349 | 53,121,349 | ||||||||||||
DWS Government Cash Institutional Shares
|
19,589,178,943 | 19,589,178,943 | 15,315,065,657 | 15,315,065,657 | ||||||||||||
Government Cash Managed Shares
|
1,020,393,570 | 1,020,393,570 | 1,990,326,289 | 1,990,326,289 | ||||||||||||
Service Shares
|
163,039,940 | 163,039,940 | 264,734,153 | 264,734,153 | ||||||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 21,197,843,278 | $ | 17,983,371,115 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
4,732 | $ | 4,732 | 17,994 | $ | 17,994 | ||||||||||
Davidson Cash Equivalent Shares
|
1,566 | 1,566 | 2,284 | 2,284 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
10,259 | 10,259 | 9,940 | 9,940 | ||||||||||||
DWS Government & Agency Money Fund
|
9,920 | 9,920 | 11,818 | 11,818 | ||||||||||||
DWS Government Cash Institutional Shares
|
348,922 | 348,922 | 341,515 | 341,515 | ||||||||||||
Government Cash Managed Shares
|
7,831 | 7,831 | 7,714 | 7,714 | ||||||||||||
Service Shares
|
5,623 | 5,623 | 8,959 | 8,959 | ||||||||||||
$ | 388,853 | $ | 400,224 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(156,347,801 | ) | $ | (156,347,801 | ) | (205,489,534 | ) | $ | (205,489,534 | ) | ||||||
Davidson Cash Equivalent Shares
|
(30,738,402 | ) | (30,738,402 | ) | (35,645,815 | ) | (35,645,815 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(343,026,773 | ) | (343,026,773 | ) | (207,586,537 | ) | (207,586,537 | ) | ||||||||
DWS Government & Agency Money Fund
|
(77,602,543 | ) | (77,602,543 | ) | (75,265,565 | ) | (75,265,565 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(18,840,729,361 | ) | (18,840,729,361 | ) | (15,771,839,065 | ) | (15,771,839,065 | ) | ||||||||
Government Cash Managed Shares
|
(1,028,565,693 | ) | (1,028,565,693 | ) | (1,983,483,875 | ) | (1,983,483,875 | ) | ||||||||
Service Shares
|
(196,256,481 | ) | (196,256,481 | ) | (294,366,143 | ) | (294,366,143 | ) | ||||||||
$ | (20,673,267,054 | ) | $ | (18,573,676,534 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(132,870,911 | ) | $ | (132,870,911 | ) | (98,774,308 | ) | $ | (98,774,308 | ) | ||||||
Davidson Cash Equivalent Shares
|
(7,413,720 | ) | (7,413,720 | ) | (4,544,460 | ) | (4,544,460 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(18,456,016 | ) | (18,456,016 | ) | 14,750,767 | 14,750,767 | ||||||||||
DWS Government & Agency Money Fund
|
(23,747,984 | ) | (23,747,984 | ) | (22,132,398 | ) | (22,132,398 | ) | ||||||||
DWS Government Cash Institutional Shares
|
748,798,504 | 748,798,504 | (456,431,893 | ) | (456,431,893 | ) | ||||||||||
Government Cash Managed Shares
|
(8,164,292 | ) | (8,164,292 | ) | 6,850,128 | 6,850,128 | ||||||||||
Service Shares
|
(33,210,918 | ) | (33,210,918 | ) | (29,623,031 | ) | (29,623,031 | ) | ||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 524,965,077 | $ | (589,905,195 | ) |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Davidson Cash Equivalent Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||
Actual Fund Return
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,000.05 | $ | 1,000.18 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,024.40 | $ | 1,024.20 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||
Annualized Expense Ratios
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Davidson Cash Equivalent Shares
|
.08 | % | .12 | % | ||||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
Davidson Cash Equivalent Plus Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||
Actual Fund Return
|
Government & Agency Securities Portfolio
|
|||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,000.05 | ||
Expenses Paid per $1,000*
|
$ | .40 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,024.40 | ||
Expenses Paid per $1,000*
|
$ | .40 | ||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||
Annualized Expense Ratios
|
Government & Agency Securities Portfolio
|
|||
Davidson Cash Equivalent Plus Shares
|
.08 | % | ||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
Government & Agency Securities Portfolio
7 Portfolio Summary
8 Investment Portfolio
14 Statement of Assets and Liabilities
16 Statement of Operations
17 Statement of Changes in Net Assets
18 Financial Highlights
Tax-Exempt Portfolio
19 Portfolio Summary
20 Investment Portfolio
28 Statement of Assets and Liabilities
30 Statement of Operations
31 Statement of Changes in Net Assets
33 Financial Highlights
34 Notes to Financial Statements
48 Report of Independent Registered Public Accounting Firm
49 Information About Each Fund's Expenses
50 Tax Information
51 Other Information
52 Advisory Agreement Board Considerations and Fee Evaluation
62 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
|
||||
7-Day Current Yield
|
||||
Government & Agency Securities Portfolio — Capital Assets Funds Shares
|
.01 | %* | ||
Tax-Exempt Portfolio — Capital Assets Funds Shares
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (888) 466-4250.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Government & Agency Obligations 51.6%
|
||||||||
U.S. Government Sponsored Agencies 44.5%
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.088%*, 6/26/2014
|
35,000,000 | 34,995,100 | ||||||
0.109%*, 8/13/2014
|
10,000,000 | 9,996,822 | ||||||
0.122%**, 10/27/2014
|
36,000,000 | 36,002,773 | ||||||
0.129%*, 7/16/2014
|
15,000,000 | 14,995,883 | ||||||
0.131%**, 3/3/2016
|
25,000,000 | 25,000,000 | ||||||
0.132%**, 11/26/2014
|
22,000,000 | 22,001,961 | ||||||
0.132%**, 10/20/2014
|
60,000,000 | 60,001,611 | ||||||
0.139%*, 8/7/2014
|
15,000,000 | 14,994,283 | ||||||
0.14%**, 2/2/2015
|
25,000,000 | 24,997,124 | ||||||
0.24%**, 3/4/2015
|
45,000,000 | 45,034,616 | ||||||
Federal Home Loan Bank:
|
||||||||
0.057%*, 5/12/2014
|
35,000,000 | 34,999,358 | ||||||
0.071%*, 7/25/2014
|
18,400,000 | 18,396,872 | ||||||
0.095%*, 5/19/2014
|
38,000,000 | 37,998,100 | ||||||
0.1%*, 1/26/2015
|
30,000,000 | 29,977,500 | ||||||
0.104%*, 8/1/2014
|
70,000,000 | 69,981,217 | ||||||
0.12%, 7/8/2014
|
60,000,000 | 59,998,792 | ||||||
0.12%, 10/27/2014
|
42,000,000 | 41,996,075 | ||||||
0.125%, 2/5/2015
|
40,000,000 | 39,983,942 | ||||||
0.128%*, 6/11/2014
|
35,000,000 | 34,994,818 | ||||||
0.134%*, 8/25/2014
|
12,000,000 | 11,994,780 | ||||||
0.138%**, 8/1/2014
|
20,000,000 | 20,000,000 | ||||||
0.14%, 5/22/2014
|
20,000,000 | 19,999,861 | ||||||
0.17%, 8/1/2014
|
28,000,000 | 27,999,488 | ||||||
0.17%, 9/5/2014
|
35,000,000 | 34,997,869 | ||||||
0.17%, 2/12/2015
|
40,000,000 | 40,000,842 | ||||||
Federal Home Loan Mortgage Corp.:
|
||||||||
0.069%*, 8/6/2014
|
50,000,000 | 49,990,570 | ||||||
0.083%*, 5/13/2014
|
12,500,000 | 12,499,625 | ||||||
0.087%*, 5/22/2014
|
10,000,000 | 9,999,475 | ||||||
0.095%*, 10/2/2014
|
25,000,000 | 24,989,840 | ||||||
0.098%*, 6/4/2014
|
15,000,000 | 14,998,583 | ||||||
0.099%*, 9/5/2014
|
25,000,000 | 24,991,181 | ||||||
0.099%*, 10/15/2014
|
30,000,000 | 29,986,083 | ||||||
0.099%*, 10/28/2014
|
40,000,000 | 39,980,001 | ||||||
0.1%*, 10/24/2014
|
20,000,000 | 19,990,222 | ||||||
0.1%*, 5/9/2014
|
35,000,000 | 34,999,145 | ||||||
0.106%*, 5/22/2014
|
12,500,000 | 12,499,198 | ||||||
0.11%*, 11/5/2014
|
75,000,000 | 74,956,917 | ||||||
0.114%*, 8/18/2014
|
35,000,000 | 34,987,813 | ||||||
0.116%*, 5/27/2014
|
17,500,000 | 17,498,483 | ||||||
0.118%*, 6/18/2014
|
50,000,000 | 49,992,000 | ||||||
0.129%*, 7/22/2014
|
15,000,000 | 14,995,558 | ||||||
0.139%*, 8/26/2014
|
18,000,000 | 17,991,810 | ||||||
0.162%*, 7/7/2014
|
25,000,000 | 24,992,370 | ||||||
0.169%*, 12/3/2014
|
8,000,000 | 7,991,840 | ||||||
Federal National Mortgage Association:
|
||||||||
0.065%*, 9/10/2014
|
49,500,000 | 49,488,203 | ||||||
0.079%*, 7/14/2014
|
40,000,000 | 39,993,422 | ||||||
0.097%*, 6/2/2014
|
30,000,000 | 29,997,333 | ||||||
0.099%*, 9/3/2014
|
25,000,000 | 24,991,320 | ||||||
0.119%*, 9/15/2014
|
50,000,000 | 49,977,167 | ||||||
0.136%*, 6/2/2014
|
18,000,000 | 17,997,760 | ||||||
1,542,115,606 | ||||||||
U.S. Treasury Obligations 7.1%
|
||||||||
U.S. Treasury Notes:
|
||||||||
0.075%, 1/31/2016
|
125,000,000 | 124,980,467 | ||||||
0.5%, 8/15/2014
|
31,000,000 | 31,031,520 | ||||||
2.25%, 1/31/2015
|
12,500,000 | 12,697,979 | ||||||
2.375%, 9/30/2014
|
11,700,000 | 11,807,671 | ||||||
2.625%, 6/30/2014
|
7,500,000 | 7,530,745 | ||||||
2.625%, 7/31/2014
|
40,000,000 | 40,257,089 | ||||||
4.25%, 8/15/2014
|
15,000,000 | 15,182,839 | ||||||
243,488,310 | ||||||||
Total Government & Agency Obligations (Cost $1,785,603,916)
|
1,785,603,916 | |||||||
Repurchase Agreements 58.5%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $26,000,029 on 5/1/2014 (a)
|
26,000,000 | 26,000,000 | ||||||
BNP Paribas, 0.05%, dated 4/30/2014, to be repurchased at $642,000,892 on 5/1/2014 (b)
|
642,000,000 | 642,000,000 | ||||||
BNP Paribas, 0.06%, dated 4/30/2014, to be repurchased at $200,000,333 on 5/1/2014 (c)
|
200,000,000 | 200,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $208,000,231 on 5/1/2014 (d)
|
208,000,000 | 208,000,000 | ||||||
HSBC Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $150,000,208 on 5/1/2014 (e)
|
150,000,000 | 150,000,000 | ||||||
JPMorgan Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $50,000,069 on 5/1/2014 (f)
|
50,000,000 | 50,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.04%, dated 4/30/2014, to be repurchased at $185,000,206 on 5/1/2014 (g)
|
185,000,000 | 185,000,000 | ||||||
Morgan Stanley & Co., Inc., 0.07%, dated 4/30/2014, to be repurchased at $150,000,292 on 5/1/2014 (h)
|
150,000,000 | 150,000,000 | ||||||
Wells Fargo Bank, 0.05%, dated 4/30/2014, to be repurchased at $231,000,321 on 5/1/2014 (i)
|
231,000,000 | 231,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $186,000,310 on 5/1/2014 (j)
|
186,000,000 | 186,000,000 | ||||||
Total Repurchase Agreements (Cost $2,028,000,000)
|
2,028,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $3,813,603,916)†
|
110.1 | 3,813,603,916 | ||||||
Other Assets and Liabilities, Net
|
(10.1 | ) | (348,283,153 | ) | ||||
Net Assets
|
100.0 | 3,465,320,763 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
3,425,000 |
Federal Farm Credit Bank
|
0.25 |
9/11/2014– 4/23/2015
|
3,429,216 | ||||||||
49,446,000 |
Federal Home Loan Bank
|
Zero Coupon– 7.0
|
6/27/2014– 1/16/2015
|
49,457,505 | ||||||||
144,348,364 |
Federal Home Loan Mortgage Corp.
|
2.375–5.05 |
1/26/2015– 2/1/2044
|
153,434,270 | ||||||||
386,408,665 |
Federal National Mortgage Association
|
0.5–4.0 |
12/19/2014– 9/1/2043
|
405,679,817 | ||||||||
33,975,600 |
U.S. Treasury Inflation-Indexed Bond
|
1.75 |
1/15/2028
|
42,840,002 | ||||||||
Total Collateral Value
|
654,840,810 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
911,300 |
U.S. Treasury Inflation-Indexed Note
|
1.125 |
1/15/2021
|
1,044,887 | ||||||||
138,295,100 |
U.S. Treasury Notes
|
0.25–3.375 |
7/31/2015– 11/30/2020
|
142,556,669 | ||||||||
129,873,981 |
U.S. Treasury STRIPS
|
Zero Coupon
|
8/15/2014– 11/15/2043
|
68,558,496 | ||||||||
Total Collateral Value
|
212,160,052 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
55,127,183 |
Government National Mortgage Association
|
4.5 |
2/20/2044
|
59,948,290 | ||||||||
30,408,100 |
U.S. Treasury Inflation-Indexed Notes
|
0.125–2.5 |
7/15/2015– 7/15/2023
|
34,578,291 | ||||||||
163,083,425 |
U.S. Treasury STRIPS
|
Zero Coupon–4.75
|
5/15/2014– 2/15/2044
|
58,473,771 | ||||||||
Total Collateral Value
|
153,000,352 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
65,174,800 |
U.S. Treasury Bills
|
Zero Coupon
|
6/19/2014– 8/28/2014
|
65,172,084 | ||||||||
123,303,700 |
U.S. Treasury Note
|
0.25 |
7/15/2015
|
123,528,006 | ||||||||
Total Collateral Value
|
188,700,090 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
87,008,038 |
Federal Home Loan Mortgage Corp.
|
1.98–5.0 |
1/1/2037– 4/1/2044
|
88,641,752 | ||||||||
60,986,625 |
Federal National Mortgage Association
|
2.104–6.091 |
12/1/2019– 1/1/2048
|
64,358,248 | ||||||||
Total Collateral Value
|
153,000,000 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
85,000,000 |
U.S. Treasury Bill
|
Zero Coupon
|
9/11/2014
|
84,990,480 | ||||||||
54,461,800 |
U.S. Treasury Floating Rate Note
|
Zero Coupon
|
4/30/2016
|
54,476,777 | ||||||||
94,091,700 |
U.S. Treasury Notes
|
0.25–2.125 |
7/31/2015– 2/28/2018
|
96,152,928 | ||||||||
Total Collateral Value
|
235,620,185 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,000,000 |
Federal Agricultural Mortgage Corp.
|
4.35 |
8/4/2025
|
1,070,212 | ||||||||
13,942,000 |
Federal Home Loan Bank
|
Zero Coupon– 5.375
|
9/30/2014– 3/13/2020
|
14,213,306 | ||||||||
12,245,334 |
Federal Home Loan Mortgage Corp.
|
3.0–6.5 |
9/1/2039– 2/1/2044
|
12,018,431 | ||||||||
228,464,986 |
Federal Home Loan Mortgage Corp. — Interest Only
|
2.5–4.5 |
4/15/2026– 2/15/2043
|
36,075,808 | ||||||||
4,027,115 |
Federal Home Loan Mortgage Corp. — Principal Only
|
Zero Coupon
|
5/15/2037
|
3,650,611 | ||||||||
87,001,183 |
Federal National Mortgage Association
|
Zero Coupon– 5.375
|
10/22/2014– 4/1/2044
|
83,340,870 | ||||||||
186,232,967 |
Federal National Mortgage Association — Interest Only
|
2.5–4.5 |
4/25/2022– 5/25/2043
|
26,717,154 | ||||||||
2,390,927 |
Federal National Mortgage Association — Principal Only
|
Zero Coupon
|
5/25/2037– 7/25/2037
|
2,129,587 | ||||||||
900,000 |
Financing Corp. Fico
|
Zero Coupon
|
2/3/2016– 6/6/2019
|
862,037 | ||||||||
7,077,489 |
Government National Mortgage Association
|
3.5–4.5 |
6/15/2040– 3/15/2044
|
7,415,038 | ||||||||
79,000 |
Residual Funding Corp. Principal Strip
|
Zero Coupon
|
10/15/2019
|
70,109 | ||||||||
3,035,000 |
Resolution Funding Corp. Interest Strip
|
Zero Coupon
|
4/15/2016– 1/15/2030
|
2,156,838 | ||||||||
Total Collateral Value
|
189,720,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 1,785,603,916 | $ | — | $ | 1,785,603,916 | ||||||||
Repurchase Agreements
|
— | 2,028,000,000 | — | 2,028,000,000 | ||||||||||||
Total
|
$ | — | $ | 3,813,603,916 | $ | — | $ | 3,813,603,916 |
as of April 30, 2014
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,785,603,916 | ||
Repurchase agreements, valued at amortized cost
|
2,028,000,000 | |||
Investments in securities, at value (cost $3,813,603,916)
|
3,813,603,916 | |||
Receivable for Fund shares sold
|
78,889 | |||
Interest receivable
|
707,194 | |||
Other assets
|
67,523 | |||
Total assets
|
3,814,457,522 | |||
Liabilities
|
||||
Cash overdraft
|
348,865,296 | |||
Payable for Fund shares redeemed
|
2,372 | |||
Distributions payable
|
41,610 | |||
Accrued Trustees' fees
|
40,679 | |||
Other accrued expenses and payables
|
186,802 | |||
Total liabilities
|
349,136,759 | |||
Net assets, at value
|
$ | 3,465,320,763 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,509 | |||
Accumulated net realized gain (loss)
|
(436,981 | ) | ||
Paid-in capital
|
3,465,556,235 | |||
Net assets, at value
|
$ | 3,465,320,763 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($4,946,995 ÷ 4,947,263 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 ($12,854,501 ÷ 12,855,195 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 ($89,797,118 ÷ 89,801,972 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 ($93,620,927 ÷ 93,625,984 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 ($3,004,883,965 ÷ 3,005,046,390 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 ($214,082,575 ÷ 214,094,147 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 ($45,134,682 ÷ 45,137,122 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 2,966,479 | ||
Expenses:
Management fee
|
2,152,694 | |||
Administration fee
|
3,254,202 | |||
Services to shareholders
|
1,064,493 | |||
Distribution and service fees
|
1,534,178 | |||
Custodian fee
|
55,535 | |||
Professional fees
|
135,238 | |||
Reports to shareholders
|
134,804 | |||
Registration fees
|
135,555 | |||
Trustees' fees and expenses
|
138,970 | |||
Other
|
134,844 | |||
Total expenses before expense reductions
|
8,740,513 | |||
Expense reductions
|
(6,635,886 | ) | ||
Total expenses after expense reductions
|
2,104,627 | |||
Net investment income
|
861,852 | |||
Net realized gain (loss) from investments
|
(1,480 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 860,372 |
Government & Agency Securities Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 861,852 | $ | 738,566 | ||||
Net realized gain (loss)
|
(1,480 | ) | 11,278 | |||||
Net increase in net assets resulting from operations
|
860,372 | 749,844 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(4,732 | ) | (17,994 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,632 | ) | (2,284 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(10,633 | ) | (9,941 | ) | ||||
DWS Government & Agency Money Fund
|
(10,180 | ) | (12,034 | ) | ||||
DWS Government Cash Institutional Shares
|
(805,459 | ) | (662,372 | ) | ||||
Government Cash Managed Shares
|
(23,588 | ) | (24,703 | ) | ||||
Service Shares
|
(5,624 | ) | (9,225 | ) | ||||
Total distributions
|
(861,848 | ) | (738,553 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
21,197,843,278 | 17,983,371,115 | ||||||
Reinvestment of distributions
|
388,853 | 400,224 | ||||||
Cost of shares redeemed
|
(20,673,267,054 | ) | (18,573,676,534 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
524,965,077 | (589,905,195 | ) | |||||
Increase (decrease) in net assets
|
524,963,601 | (589,893,904 | ) | |||||
Net assets at beginning of period
|
2,940,357,162 | 3,530,251,066 | ||||||
Net assets at end of period (including undistributed net investment income of $201,509 and $201,505, respectively)
|
$ | 3,465,320,763 | $ | 2,940,357,162 |
Government & Agency Securities Portfolio
Capital Assets Funds Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gain
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
5 | 138 | 237 | 284 | 304 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.02 | 1.02 | 1.01 | 1.01 | 1.03 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.09 | .17 | .11 | .22 | .30 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
Capital Assets Funds Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gain
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .03 | .02 | .01 | .01 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
7 | 10 | 12 | 11 | 18 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.03 | 1.03 | 1.02 | 1.02 | 1.03 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .20 | .22 | .35 | .46 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio:
Undistributed ordinary income*
|
$ | 243,119 | ||
Capital loss carryforwards
|
$ | (437,000 | ) | |
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
Portfolio
|
2014
|
2013
|
||||||
Government & Agency Securities Portfolio:
Distributions from ordinary income*
|
$ | 861,848 | $ | 738,553 | ||||
Tax-Exempt Portfolio:
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Government & Agency Securities Portfolio
|
$ | 3,254,202 | $ | 2,071,542 | $ | 51,249 | ||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 105,315 | $ | 1,179 | ||||||
Davidson Cash Equivalent Shares
|
40,803 | 37,216 | 747 | |||||||||
Davidson Cash Equivalent Plus Shares
|
212,229 | 189,207 | 4,834 | |||||||||
DWS Government & Agency Money Fund
|
82,001 | 60,725 | 7,395 | |||||||||
DWS Government Cash Institutional Shares
|
194,384 | 194,384 | — | |||||||||
Government Cash Managed Shares
|
211,521 | 162,365 | 6,511 | |||||||||
Service Shares
|
140,499 | 128,260 | 1,410 | |||||||||
$ | 999,703 | $ | 877,472 | $ | 22,076 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 156,111 | $ | 156,111 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
48,964 | 48,964 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
265,759 | 265,759 | .00 | % | .25 | % | ||||||||||
Service Shares
|
337,641 | 337,641 | .00 | % | .60 | % | ||||||||||
$ | 808,475 | $ | 808,475 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 118,266 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
40,803 | 40,803 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
212,607 | 212,607 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
354,027 | 354,027 | .00 | % | .15 | % | ||||||||||
$ | 725,703 | $ | 725,703 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Government & Agency Securities Portfolio
|
$ | 59,558 | $ | 20,228 | ||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
23,472,158 | $ | 23,472,158 | 106,697,232 | $ | 106,697,232 | ||||||||||
Davidson Cash Equivalent Shares
|
23,323,116 | 23,323,116 | 31,099,071 | 31,099,071 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
324,560,498 | 324,560,498 | 222,327,364 | 222,327,364 | ||||||||||||
DWS Government & Agency Money Fund
|
53,844,639 | 53,844,639 | 53,121,349 | 53,121,349 | ||||||||||||
DWS Government Cash Institutional Shares
|
19,589,178,943 | 19,589,178,943 | 15,315,065,657 | 15,315,065,657 | ||||||||||||
Government Cash Managed Shares
|
1,020,393,570 | 1,020,393,570 | 1,990,326,289 | 1,990,326,289 | ||||||||||||
Service Shares
|
163,039,940 | 163,039,940 | 264,734,153 | 264,734,153 | ||||||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 21,197,843,278 | $ | 17,983,371,115 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
4,732 | $ | 4,732 | 17,994 | $ | 17,994 | ||||||||||
Davidson Cash Equivalent Shares
|
1,566 | 1,566 | 2,284 | 2,284 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
10,259 | 10,259 | 9,940 | 9,940 | ||||||||||||
DWS Government & Agency Money Fund
|
9,920 | 9,920 | 11,818 | 11,818 | ||||||||||||
DWS Government Cash Institutional Shares
|
348,922 | 348,922 | 341,515 | 341,515 | ||||||||||||
Government Cash Managed Shares
|
7,831 | 7,831 | 7,714 | 7,714 | ||||||||||||
Service Shares
|
5,623 | 5,623 | 8,959 | 8,959 | ||||||||||||
$ | 388,853 | $ | 400,224 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(156,347,801 | ) | $ | (156,347,801 | ) | (205,489,534 | ) | $ | (205,489,534 | ) | ||||||
Davidson Cash Equivalent Shares
|
(30,738,402 | ) | (30,738,402 | ) | (35,645,815 | ) | (35,645,815 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(343,026,773 | ) | (343,026,773 | ) | (207,586,537 | ) | (207,586,537 | ) | ||||||||
DWS Government & Agency Money Fund
|
(77,602,543 | ) | (77,602,543 | ) | (75,265,565 | ) | (75,265,565 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(18,840,729,361 | ) | (18,840,729,361 | ) | (15,771,839,065 | ) | (15,771,839,065 | ) | ||||||||
Government Cash Managed Shares
|
(1,028,565,693 | ) | (1,028,565,693 | ) | (1,983,483,875 | ) | (1,983,483,875 | ) | ||||||||
Service Shares
|
(196,256,481 | ) | (196,256,481 | ) | (294,366,143 | ) | (294,366,143 | ) | ||||||||
$ | (20,673,267,054 | ) | $ | (18,573,676,534 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(132,870,911 | ) | $ | (132,870,911 | ) | (98,774,308 | ) | $ | (98,774,308 | ) | ||||||
Davidson Cash Equivalent Shares
|
(7,413,720 | ) | (7,413,720 | ) | (4,544,460 | ) | (4,544,460 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(18,456,016 | ) | (18,456,016 | ) | 14,750,767 | 14,750,767 | ||||||||||
DWS Government & Agency Money Fund
|
(23,747,984 | ) | (23,747,984 | ) | (22,132,398 | ) | (22,132,398 | ) | ||||||||
DWS Government Cash Institutional Shares
|
748,798,504 | 748,798,504 | (456,431,893 | ) | (456,431,893 | ) | ||||||||||
Government Cash Managed Shares
|
(8,164,292 | ) | (8,164,292 | ) | 6,850,128 | 6,850,128 | ||||||||||
Service Shares
|
(33,210,918 | ) | (33,210,918 | ) | (29,623,031 | ) | (29,623,031 | ) | ||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 524,965,077 | $ | (589,905,195 | ) |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Capital Assets Funds Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||
Actual Fund Return
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,000.05 | $ | 1,000.18 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,024.40 | $ | 1,024.20 | ||||
Expenses Paid per $1,000*
|
$ | .40 | $ | .60 | ||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||
Annualized Expense Ratios
|
Government & Agency Securities Portfolio
|
Tax-Exempt Portfolio
|
||||||
Capital Assets Funds Shares
|
.08 | % | .12 | % | ||||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
12 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
20 Notes to Financial Statements
29 Report of Independent Registered Public Accounting Firm
30 Information About Your Fund's Expenses
32 Tax Information
33 Other Information
34 Advisory Agreement Board Considerations and Fee Evaluation
39 Board Members and Officers
|
Upon the recommendation of Deutsche Investment Management Americas Inc., the Board of Cash Account Trust (the "Trust") has approved the liquidation and termination of Money Market Portfolio, a series of the Trust, effective on June 18, 2014 (the "Liquidation Date"). Money Market Portfolio will redeem all of its shares outstanding on the Liquidation Date.
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
Davidson Cash Equivalent Shares
|
.01 | %* | ||
Davidson Cash Equivalent Plus Shares
|
.01 | %* | ||
Premium Reserve Money Market Shares
|
.01 | %* | ||
Service Shares
|
.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
|
Money Market Portfolio seeks to provide maximum current income consistent with stability of capital. |
Principal Amount ($)
|
Value ($)
|
|||||||
Certificates of Deposit and Bank Notes 8.5%
|
||||||||
Banco del Estado de Chile:
|
||||||||
0.26%, 5/12/2014
|
3,000,000 | 3,000,000 | ||||||
0.26%, 5/14/2014
|
4,000,000 | 4,000,000 | ||||||
Bank of America NA, 0.19%, 5/1/2014
|
1,800,000 | 1,800,000 | ||||||
DZ Bank AG:
|
||||||||
0.25%, 9/10/2014
|
1,000,000 | 1,000,000 | ||||||
0.26%, 8/25/2014
|
4,000,000 | 4,000,000 | ||||||
Fortis Bank SA:
|
||||||||
0.155%, 5/5/2014
|
4,500,000 | 4,500,002 | ||||||
0.235%, 5/16/2014
|
1,800,000 | 1,800,004 | ||||||
Mitsubishi UFJ Trust & Banking Corp., 0.2%, 5/2/2014
|
3,000,000 | 3,000,000 | ||||||
Norinchukin Bank, 0.22%, 5/28/2014
|
3,000,000 | 3,000,000 | ||||||
Total Certificates of Deposit and Bank Notes (Cost $26,100,006)
|
26,100,006 | |||||||
Commercial Paper 54.0%
|
||||||||
Issued at Discount** 49.9%
|
||||||||
Atlantic Asset Securitization LLC, 144A, 0.09%, 5/1/2014
|
6,233,000 | 6,233,000 | ||||||
Autobahn Funding Co., LLC, 144A, 0.13%, 6/3/2014
|
7,000,000 | 6,999,166 | ||||||
Bank Nederlandse Gemeenten:
|
||||||||
0.22%, 6/17/2014
|
1,500,000 | 1,499,569 | ||||||
0.255%, 10/20/2014
|
1,500,000 | 1,498,173 | ||||||
BNZ International Funding Ltd., 144A, 0.16%, 6/5/2014
|
2,000,000 | 1,999,689 | ||||||
Caisse Centrale Desjardins:
|
||||||||
0.13%, 5/27/2014
|
5,637,000 | 5,636,471 | ||||||
0.185%, 5/20/2014
|
4,500,000 | 4,499,561 | ||||||
DBS Bank Ltd., 144A, 0.235%, 9/10/2014
|
1,500,000 | 1,498,707 | ||||||
Dexia Credit Local, 0.33%, 8/18/2014
|
1,500,000 | 1,498,501 | ||||||
Erste Abwicklungsanstalt:
|
||||||||
144A, 0.16%, 5/28/2014
|
4,300,000 | 4,299,484 | ||||||
144A, 0.17%, 6/19/2014
|
5,000,000 | 4,998,843 | ||||||
GlaxoSmithkline Finance PLC, 0.09%, 5/8/2014
|
3,500,000 | 3,499,939 | ||||||
Hannover Funding Co., LLC:
|
||||||||
0.17%, 5/5/2014
|
2,500,000 | 2,499,953 | ||||||
0.18%, 5/2/2014
|
7,000,000 | 6,999,965 | ||||||
LMA Americas LLC:
|
||||||||
144A, 0.16%, 5/2/2014
|
3,000,000 | 2,999,987 | ||||||
144A, 0.16%, 5/7/2014
|
994,000 | 993,973 | ||||||
Macquarie Bank Ltd., 144A, 0.22%, 6/17/2014
|
2,000,000 | 1,999,412 | ||||||
Manhattan Asset Funding Co., LLC, 144A, 0.18%, 5/14/2014
|
7,000,000 | 6,999,545 | ||||||
MetLife Short Term Funding LLC:
|
||||||||
144A, 0.21%, 6/2/2014
|
3,500,000 | 3,499,347 | ||||||
144A, 0.22%, 9/15/2014
|
2,000,000 | 1,998,326 | ||||||
Natixis U.S. Finance Co., LLC, 0.09%, 5/1/2014
|
2,000,000 | 2,000,000 | ||||||
Nieuw Amsterdam Receivables Corp., 144A, 0.13%, 6/5/2014
|
10,000,000 | 9,998,736 | ||||||
Nissan Motor Acceptance Corp., 0.22%, 5/8/2014
|
500,000 | 499,979 | ||||||
Old Line Funding LLC, 144A, 0.23%, 6/5/2014
|
2,000,000 | 1,999,553 | ||||||
Regency Markets No. 1 LLC, 144A, 0.13%, 5/2/2014
|
7,500,000 | 7,499,973 | ||||||
Siemens Capital Co., LLC, 144A, 0.09%, 5/6/2014
|
3,000,000 | 2,999,962 | ||||||
Skandinaviska Enskilda Banken AB, 0.28%, 5/8/2014
|
1,500,000 | 1,499,918 | ||||||
Standard Chartered Bank:
|
||||||||
0.27%, 5/19/2014
|
6,000,000 | 5,999,190 | ||||||
0.27%, 8/4/2014
|
3,000,000 | 2,997,862 | ||||||
0.29%, 5/1/2014
|
3,300,000 | 3,300,000 | ||||||
Swedbank AB:
|
||||||||
0.24%, 5/8/2014
|
2,500,000 | 2,499,883 | ||||||
0.255%, 5/7/2014
|
3,500,000 | 3,499,851 | ||||||
Total Capital SA, 144A, 0.09%, 5/7/2014
|
3,000,000 | 2,999,955 | ||||||
United Overseas Bank Ltd., 0.24%, 7/14/2014
|
2,500,000 | 2,498,767 | ||||||
Victory Receivables Corp.:
|
||||||||
144A, 0.145%, 5/30/2014
|
10,000,000 | 9,998,832 | ||||||
144A, 0.15%, 5/8/2014
|
1,000,000 | 999,971 | ||||||
White Point Funding, Inc., 144A, 0.16%, 5/27/2014
|
10,000,000 | 9,998,844 | ||||||
Working Capital Management Co., 144A, 0.17%, 6/3/2014
|
10,000,000 | 9,998,442 | ||||||
153,441,329 | ||||||||
Issued at Par* 4.1%
|
||||||||
ASB Finance Ltd.:
|
||||||||
144A, 0.24%, 6/11/2014
|
1,000,000 | 1,000,000 | ||||||
144A, 0.262%, 10/9/2014
|
2,000,000 | 1,999,937 | ||||||
Bank of Montreal, 0.182%, 8/14/2014
|
1,500,000 | 1,499,980 | ||||||
DNB Bank ASA, 0.19%, 8/11/2014
|
3,000,000 | 3,000,000 | ||||||
Natixis, 0.221%, 3/3/2015
|
1,700,000 | 1,700,000 | ||||||
PNC Bank NA, 0.27%, 9/5/2014
|
3,500,000 | 3,500,000 | ||||||
12,699,917 | ||||||||
Total Commercial Paper (Cost $166,141,246)
|
166,141,246 | |||||||
Short-Term Notes* 2.4%
|
||||||||
Bank of Nova Scotia, 0.28%, 9/3/2014
|
2,000,000 | 2,000,000 | ||||||
Commonwealth Bank of Australia, 144A, 0.26%, 6/11/2014
|
4,500,000 | 4,500,000 | ||||||
Wells Fargo Bank NA, 0.27%, 12/10/2014
|
1,000,000 | 1,000,000 | ||||||
Total Short-Term Notes (Cost $7,500,000)
|
7,500,000 | |||||||
Government & Agency Obligations 2.8%
|
||||||||
U.S. Government Sponsored Agencies
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.113%*, 10/29/2014
|
4,000,000 | 4,000,305 | ||||||
0.132%*, 10/20/2014
|
2,500,000 | 2,500,067 | ||||||
Federal National Mortgage Association, 0.136%**, 6/2/2014
|
2,000,000 | 1,999,751 | ||||||
Total Government & Agency Obligations (Cost $8,500,123)
|
8,500,123 | |||||||
Time Deposits 7.9%
|
||||||||
Bank of Scotland PLC, 0.07%, 5/1/2014
|
10,000,000 | 10,000,000 | ||||||
Credit Agricole Corporate & Investment Bank, 0.08%, 5/1/2014
|
14,269,389 | 14,269,389 | ||||||
Total Time Deposits (Cost $24,269,389)
|
24,269,389 | |||||||
Repurchase Agreements 22.7%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $10,000,011 on 5/1/2014 (a)
|
10,000,000 | 10,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $11,000,012 on 5/1/2014 (b)
|
11,000,000 | 11,000,000 | ||||||
JPMorgan Securities, Inc., 0.355%, dated 3/18/2014, to be repurchased at $8,006,948 on 6/14/2014 (c)
|
8,000,000 | 8,000,000 | ||||||
JPMorgan Securities, Inc., 0.386%, dated 2/13/2014, to be repurchased at $2,504,475 on 7/30/2014 (d)
|
2,500,000 | 2,500,000 | ||||||
Nomura Securities International, 0.06%, dated 4/30/2014, to be repurchased at $10,000,017 on 5/1/2014 (e)
|
10,000,000 | 10,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $26,000,043 on 5/1/2014 (f)
|
26,000,000 | 26,000,000 | ||||||
Wells Fargo Bank, 0.38%, dated 2/7/2014, to be repurchased at $2,502,375 on 5/8/2014 (g)
|
2,500,000 | 2,500,000 | ||||||
Total Repurchase Agreements (Cost $70,000,000)
|
70,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $302,510,764)†
|
98.3 | 302,510,764 | ||||||
Other Assets and Liabilities, Net
|
1.7 | 5,219,622 | ||||||
Net Assets
|
100.0 | 307,730,386 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
18,159,930 |
Federal Home Loan Mortgage Corp.
|
2.0–3.417 |
4/15/2040– 3/1/2044
|
18,489,858 | ||||||||
6,556,325 |
Federal National Mortgage Association
|
3.0–3.5 |
11/1/2028– 7/1/2043
|
6,726,124 | ||||||||
88,801 |
Federal National Mortgage Association — Interest Only
|
4.0 |
12/25/2042
|
18,308 | ||||||||
1,215,993 |
Government National Mortgage Association
|
3.5–5.5 |
5/20/2028– 2/15/2042
|
1,285,711 | ||||||||
Total Collateral Value
|
26,520,001 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,960,065 |
Bank of New York Mellon Corp.
|
2.2 |
3/4/2019
|
1,954,675 | ||||||||
2,476 |
Berkshire Hathaway Finance Corp.
|
4.25 |
1/15/2021
|
2,738 | ||||||||
24,140 |
FHLMC Multifamily Structured Pass Through Certificates
|
3.989 |
6/25/2021
|
26,058 | ||||||||
650 |
The Travelers Companies, Inc.
|
6.25 |
6/15/2037
|
837 | ||||||||
590,399 |
Wells Fargo & Co.
|
0.428 |
10/28/2015
|
590,437 | ||||||||
Total Collateral Value
|
2,574,745 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (h)
|
$ | — | $ | 232,510,764 | $ | — | $ | 232,510,764 | ||||||||
Repurchase Agreements
|
— | 70,000,000 | — | 70,000,000 | ||||||||||||
Total
|
$ | — | $ | 302,510,764 | $ | — | $ | 302,510,764 |
as of April 30, 2014
|
||||
Assets
|
Money Market Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 232,510,764 | ||
Repurchase agreements, valued at amortized cost
|
70,000,000 | |||
Total investments in securities, valued at amortized cost
|
302,510,764 | |||
Receivable for investments sold
|
5,331,971 | |||
Receivable for Fund shares sold
|
1,168 | |||
Interest receivable
|
28,914 | |||
Due from Advisor
|
1,287 | |||
Other assets
|
37,511 | |||
Total assets
|
307,911,615 | |||
Liabilities
|
||||
Payable for Fund shares redeemed
|
16,518 | |||
Accrued management fee
|
16,120 | |||
Accrued Trustees' fees
|
4,038 | |||
Other accrued expenses and payables
|
144,553 | |||
Total liabilities
|
181,229 | |||
Net assets, at value
|
$ | 307,730,386 | ||
Net Assets Consist of
|
||||
Paid-in capital
|
307,730,386 | |||
Net assets, at value
|
$ | 307,730,386 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Money Market Portfolio
|
|||
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($6,614,390 ÷ 6,603,528 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 ($494,851 ÷ 494,039 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 ($51,188,475 ÷ 51,104,387 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 ($249,432,670 ÷ 249,023,036 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Money Market Portfolio
|
|||
Income:
Interest
|
$ | 1,214,124 | ||
Expenses:
Management fee
|
1,113,955 | |||
Services to shareholders
|
1,677,621 | |||
Distribution and service fees
|
3,851,552 | |||
Custodian fee
|
35,882 | |||
Professional fees
|
121,611 | |||
Reports to shareholders
|
34,590 | |||
Registration fees
|
124,565 | |||
Trustees' fees and expenses
|
25,066 | |||
Other
|
39,933 | |||
Total expenses before expense reductions
|
7,024,775 | |||
Expense reductions
|
(5,892,493 | ) | ||
Total expenses after expense reductions
|
1,132,282 | |||
Net investment income
|
81,842 | |||
Net realized gain (loss) from investments
|
51,427 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 133,269 |
Money Market Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 81,842 | $ | 241,606 | ||||
Net realized gain (loss)
|
51,427 | 9,230 | ||||||
Net increase in net assets resulting from operations
|
133,269 | 250,836 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(45,140 | ) | (135,785 | ) | ||||
Capital Assets Funds Preferred Shares
|
(189 | ) | (1,152 | ) | ||||
Davidson Cash Equivalent Shares
|
(781 | ) | (895 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(62 | ) | (69 | ) | ||||
Premium Reserve Money Market Shares
|
(4,924 | ) | (5,207 | ) | ||||
Service Shares
|
(95,265 | ) | (98,502 | ) | ||||
Net realized gains:
Capital Assets Funds Shares
|
— | (4,805 | ) | |||||
Capital Assets Funds Preferred Shares
|
— | (18 | ) | |||||
Davidson Cash Equivalent Shares
|
— | (64 | ) | |||||
Davidson Cash Equivalent Plus Shares
|
— | (6 | ) | |||||
Premium Reserve Money Market Shares
|
— | (447 | ) | |||||
Service Shares
|
— | (6,802 | ) | |||||
Return of capital:
Capital Assets Funds Shares
|
(118,893 | ) | — | |||||
Capital Assets Funds Preferred Shares
|
(498 | ) | — | |||||
Davidson Cash Equivalent Shares
|
(2,057 | ) | — | |||||
Davidson Cash Equivalent Plus Shares
|
(163 | ) | — | |||||
Premium Reserve Money Market Shares
|
(12,971 | ) | — | |||||
Service Shares
|
(250,917 | ) | — | |||||
Total distributions
|
(531,860 | ) | (253,752 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
829,821,349 | 1,530,799,135 | ||||||
Reinvestment of distributions
|
178,603 | 251,713 | ||||||
Cost of shares redeemed
|
(2,102,252,359 | ) | (1,744,126,197 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(1,272,252,407 | ) | (213,075,349 | ) | ||||
Increase (decrease) in net assets
|
(1,272,650,998 | ) | (213,078,265 | ) | ||||
Net assets at beginning of period
|
1,580,381,384 | 1,793,459,649 | ||||||
Net assets at end of period (including undistributed net investment income of $0 and $26,943, respectively)
|
$ | 307,730,386 | $ | 1,580,381,384 |
Money Market Portfolio
Davidson Cash Equivalent Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | (.000 | )* | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | (.000 | )* | |||||||||||||
Return of capital
|
(.000 | )* | — | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.04 | b | .01 | .01 | .01 | .03 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
7 | 8 | 9 | 13 | 18 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.05 | 1.03 | 1.03 | 1.01 | .94 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.18 | .28 | .26 | .35 | .46 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Total return includes a return of capital amounting to $.0003 per share. Excluding this return of capital, total return would have been 0.01%.
* Amount is less than $.0005.
|
Money Market Portfolio
Davidson Cash Equivalent Plus Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | (.000 | )* | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | (.000 | )* | |||||||||||||
Return of capital
|
(.000 | )* | — | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.04 | b | .01 | .01 | .01 | .03 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
.5 | 1 | 1 | 1 | 2 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.93 | .92 | .90 | .88 | .86 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.19 | .28 | .26 | .35 | .46 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Total return includes a return of capital amounting to $.0003 per share. Excluding this return of capital, total return would have been 0.01%.
* Amount is less than $.0005.
|
Money Market Portfolio
Premium Reserve Money Market Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .001 | |||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | (.000 | )* | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .001 | |||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | (.000 | )* | |||||||||||||
Return of capital
|
(.000 | )* | — | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.04 | b | .01 | .01 | .01 | .06 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
51 | 57 | 54 | 62 | 70 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.63 | .61 | .61 | .58 | .56 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.19 | .28 | .26 | .35 | .46 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .05 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Total return includes a return of capital amounting to $.0003 per share. Excluding this return of capital, total return would have been 0.01%.
* Amount is less than $.0005.
|
Money Market Portfolio
Service Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | (.000 | )* | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | (.000 | )* | — | — | (.000 | )* | |||||||||||||
Return of capital
|
(.000 | )* | — | — | — | — | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.04 | b | .01 | .01 | .01 | .03 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
249 | 931 | 993 | 1,659 | 1,236 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.08 | 1.06 | 1.06 | 1.05 | 1.06 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.17 | .28 | .26 | .35 | .44 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .01 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Total return includes a return of capital amounting to $.0003 per share. Excluding this return of capital, total return would have been 0.01%.
* Amount is less than $.0005.
|
Years Ended April 30,
|
||||||||
Portfolio
|
2014
|
2013
|
||||||
Distributions from ordinary income*
|
$ | 146,361 | $ | 253,752 | ||||
Return of capital
|
$ | 385,499 | $ | — |
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 | % |
Money Market Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 356,381 | $ | 313,569 | $ | — | ||||||
Capital Assets Funds Preferred Shares
|
683 | 683 | — | |||||||||
Davidson Cash Equivalent Shares
|
18,147 | 14,579 | 852 | |||||||||
Davidson Cash Equivalent Plus Shares
|
1,441 | 1,113 | 102 | |||||||||
Premium Reserve Money Market Shares
|
72,112 | 45,719 | 5,098 | |||||||||
Service Shares
|
1,201,058 | 975,974 | 18,682 | |||||||||
$ | 1,649,822 | $ | 1,351,637 | $ | 24,734 |
Money Market Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 470,422 | $ | 470,422 | .00 | % | .33 | % | ||||||||
Capital Assets Funds Preferred Shares
|
911 | 911 | .00 | % | .20 | % | ||||||||||
Davidson Cash Equivalent Shares
|
20,459 | 20,459 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
1,436 | 1,436 | .00 | % | .25 | % | ||||||||||
Service Shares
|
2,861,175 | 2,861,175 | .00 | % | .60 | % | ||||||||||
$ | 3,354,403 | $ | 3,354,403 |
Money Market Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 356,381 | $ | 356,381 | .00 | % | .25 | % | ||||||||
Capital Assets Funds Preferred Shares
|
455 | 455 | .00 | % | .10 | % | ||||||||||
Davidson Cash Equivalent Shares
|
17,049 | 17,049 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
1,149 | 1,149 | .00 | % | .20 | % | ||||||||||
Premium Reserve Money Market Shares
|
122,115 | 122,115 | .00 | % | .25 | % | ||||||||||
$ | 497,149 | $ | 497,149 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Money Market Portfolio
|
$ | 31,975 | $ | 8,401 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares*
|
106,732,273 | $ | 106,732,273 | 629,975,145 | $ | 629,975,145 | ||||||||||
Capital Assets Funds Preferred Shares*
|
973,752 | 973,752 | 15,876,680 | 15,876,680 | ||||||||||||
Davidson Cash Equivalent Shares
|
15,190,370 | 15,190,370 | 4,424,439 | 4,424,439 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
4,901,477 | 4,901,477 | 667,261 | 667,261 | ||||||||||||
Premium Reserve Money Market Shares
|
117,329,478 | 117,329,478 | 119,393,312 | 119,393,312 | ||||||||||||
Service Shares
|
584,693,999 | 584,693,999 | 760,462,298 | 760,462,298 | ||||||||||||
$ | 829,821,349 | $ | 1,530,799,135 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares*
|
26,946 | $ | 26,946 | 140,590 | $ | 140,590 | ||||||||||
Capital Assets Funds Preferred Shares*
|
210 | 210 | 1,170 | 1,170 | ||||||||||||
Davidson Cash Equivalent Shares
|
2,813 | 2,813 | 959 | 959 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
223 | 223 | 75 | 75 | ||||||||||||
Premium Reserve Money Market Shares
|
12,511 | 12,511 | 3,797 | 3,797 | ||||||||||||
Service Shares
|
135,900 | 135,900 | 105,122 | 105,122 | ||||||||||||
$ | 178,603 | $ | 251,713 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares*
|
(689,335,717 | ) | $ | (689,335,717 | ) | (780,874,399 | ) | $ | (780,874,399 | ) | ||||||
Capital Assets Funds Preferred Shares*
|
(2,669,103 | ) | (2,669,103 | ) | (16,735,077 | ) | (16,735,077 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(16,194,227 | ) | (16,194,227 | ) | (6,174,353 | ) | (6,174,353 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(4,990,917 | ) | (4,990,917 | ) | (791,706 | ) | (791,706 | ) | ||||||||
Premium Reserve Money Market Shares
|
(123,178,570 | ) | (123,178,570 | ) | (116,890,479 | ) | (116,890,479 | ) | ||||||||
Service Shares
|
(1,265,883,825 | ) | (1,265,883,825 | ) | (822,660,183 | ) | (822,660,183 | ) | ||||||||
$ | (2,102,252,359 | ) | $ | (1,744,126,197 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares*
|
(582,576,498 | ) | $ | (582,576,498 | ) | (150,758,664 | ) | $ | (150,758,664 | ) | ||||||
Capital Assets Funds Preferred Shares*
|
(1,695,141 | ) | (1,695,141 | ) | (857,227 | ) | (857,227 | ) | ||||||||
Davidson Cash Equivalent Shares
|
(1,001,044 | ) | (1,001,044 | ) | (1,748,955 | ) | (1,748,955 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(89,217 | ) | (89,217 | ) | (124,370 | ) | (124,370 | ) | ||||||||
Premium Reserve Money Market Shares
|
(5,836,581 | ) | (5,836,581 | ) | 2,506,630 | 2,506,630 | ||||||||||
Service Shares
|
(681,053,926 | ) | (681,053,926 | ) | (62,092,763 | ) | (62,092,763 | ) | ||||||||
$ | (1,272,252,407 | ) | $ | (213,075,349 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||||||||||
Actual Fund Return
|
Davidson Cash Equivalent Shares
|
Davidson Cash Equivalent Plus Shares
|
Premium Reserve Money Market Shares
|
Service Shares
|
||||||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value 4/30/14
|
$ | 1,000.05 | $ | 1,000.05 | $ | 1,000.05 | $ | 1,000.05 | ||||||||
Expenses Paid per $1,000*
|
$ | .94 | $ | .94 | $ | .94 | $ | .94 | ||||||||
Hypothetical 5% Fund Return
|
||||||||||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value 4/30/14
|
$ | 1,023.84 | $ | 1,023.85 | $ | 1,023.85 | $ | 1,023.85 | ||||||||
Expenses Paid per $1,000*
|
$ | .95 | $ | .95 | $ | .95 | $ | .95 | ||||||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||||||||||
Annualized Expense Ratios
|
Davidson Cash Equivalent Shares
|
Davidson Cash Equivalent Plus Shares
|
Premium Reserve Money Market Shares
|
Service Shares
|
||||||||||||
Money Market Portfolio
|
.19 | % | .19 | % | .19 | % | .19 | % | ||||||||
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 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
29 Report of Independent Registered Public Accounting Firm
30 Information About Your Fund's Expenses
31 Tax Information
32 Other Information
33 Advisory Agreement Board Considerations and Fee Evaluation
38 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
DWS Government Cash Institutional Shares
|
.03 | %* | ||
Government Cash Managed Shares
|
.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
|
Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Government & Agency Obligations 51.6%
|
||||||||
U.S. Government Sponsored Agencies 44.5%
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.088%*, 6/26/2014
|
35,000,000 | 34,995,100 | ||||||
0.109%*, 8/13/2014
|
10,000,000 | 9,996,822 | ||||||
0.122%**, 10/27/2014
|
36,000,000 | 36,002,773 | ||||||
0.129%*, 7/16/2014
|
15,000,000 | 14,995,883 | ||||||
0.131%**, 3/3/2016
|
25,000,000 | 25,000,000 | ||||||
0.132%**, 11/26/2014
|
22,000,000 | 22,001,961 | ||||||
0.132%**, 10/20/2014
|
60,000,000 | 60,001,611 | ||||||
0.139%*, 8/7/2014
|
15,000,000 | 14,994,283 | ||||||
0.14%**, 2/2/2015
|
25,000,000 | 24,997,124 | ||||||
0.24%**, 3/4/2015
|
45,000,000 | 45,034,616 | ||||||
Federal Home Loan Bank:
|
||||||||
0.057%*, 5/12/2014
|
35,000,000 | 34,999,358 | ||||||
0.071%*, 7/25/2014
|
18,400,000 | 18,396,872 | ||||||
0.095%*, 5/19/2014
|
38,000,000 | 37,998,100 | ||||||
0.1%*, 1/26/2015
|
30,000,000 | 29,977,500 | ||||||
0.104%*, 8/1/2014
|
70,000,000 | 69,981,217 | ||||||
0.12%, 7/8/2014
|
60,000,000 | 59,998,792 | ||||||
0.12%, 10/27/2014
|
42,000,000 | 41,996,075 | ||||||
0.125%, 2/5/2015
|
40,000,000 | 39,983,942 | ||||||
0.128%*, 6/11/2014
|
35,000,000 | 34,994,818 | ||||||
0.134%*, 8/25/2014
|
12,000,000 | 11,994,780 | ||||||
0.138%**, 8/1/2014
|
20,000,000 | 20,000,000 | ||||||
0.14%, 5/22/2014
|
20,000,000 | 19,999,861 | ||||||
0.17%, 8/1/2014
|
28,000,000 | 27,999,488 | ||||||
0.17%, 9/5/2014
|
35,000,000 | 34,997,869 | ||||||
0.17%, 2/12/2015
|
40,000,000 | 40,000,842 | ||||||
Federal Home Loan Mortgage Corp.:
|
||||||||
0.069%*, 8/6/2014
|
50,000,000 | 49,990,570 | ||||||
0.083%*, 5/13/2014
|
12,500,000 | 12,499,625 | ||||||
0.087%*, 5/22/2014
|
10,000,000 | 9,999,475 | ||||||
0.095%*, 10/2/2014
|
25,000,000 | 24,989,840 | ||||||
0.098%*, 6/4/2014
|
15,000,000 | 14,998,583 | ||||||
0.099%*, 9/5/2014
|
25,000,000 | 24,991,181 | ||||||
0.099%*, 10/15/2014
|
30,000,000 | 29,986,083 | ||||||
0.099%*, 10/28/2014
|
40,000,000 | 39,980,001 | ||||||
0.1%*, 10/24/2014
|
20,000,000 | 19,990,222 | ||||||
0.1%*, 5/9/2014
|
35,000,000 | 34,999,145 | ||||||
0.106%*, 5/22/2014
|
12,500,000 | 12,499,198 | ||||||
0.11%*, 11/5/2014
|
75,000,000 | 74,956,917 | ||||||
0.114%*, 8/18/2014
|
35,000,000 | 34,987,813 | ||||||
0.116%*, 5/27/2014
|
17,500,000 | 17,498,483 | ||||||
0.118%*, 6/18/2014
|
50,000,000 | 49,992,000 | ||||||
0.129%*, 7/22/2014
|
15,000,000 | 14,995,558 | ||||||
0.139%*, 8/26/2014
|
18,000,000 | 17,991,810 | ||||||
0.162%*, 7/7/2014
|
25,000,000 | 24,992,370 | ||||||
0.169%*, 12/3/2014
|
8,000,000 | 7,991,840 | ||||||
Federal National Mortgage Association:
|
||||||||
0.065%*, 9/10/2014
|
49,500,000 | 49,488,203 | ||||||
0.079%*, 7/14/2014
|
40,000,000 | 39,993,422 | ||||||
0.097%*, 6/2/2014
|
30,000,000 | 29,997,333 | ||||||
0.099%*, 9/3/2014
|
25,000,000 | 24,991,320 | ||||||
0.119%*, 9/15/2014
|
50,000,000 | 49,977,167 | ||||||
0.136%*, 6/2/2014
|
18,000,000 | 17,997,760 | ||||||
1,542,115,606 | ||||||||
U.S. Treasury Obligations 7.1%
|
||||||||
U.S. Treasury Notes:
|
||||||||
0.075%, 1/31/2016
|
125,000,000 | 124,980,467 | ||||||
0.5%, 8/15/2014
|
31,000,000 | 31,031,520 | ||||||
2.25%, 1/31/2015
|
12,500,000 | 12,697,979 | ||||||
2.375%, 9/30/2014
|
11,700,000 | 11,807,671 | ||||||
2.625%, 6/30/2014
|
7,500,000 | 7,530,745 | ||||||
2.625%, 7/31/2014
|
40,000,000 | 40,257,089 | ||||||
4.25%, 8/15/2014
|
15,000,000 | 15,182,839 | ||||||
243,488,310 | ||||||||
Total Government & Agency Obligations (Cost $1,785,603,916)
|
1,785,603,916 | |||||||
Repurchase Agreements 58.5%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $26,000,029 on 5/1/2014 (a)
|
26,000,000 | 26,000,000 | ||||||
BNP Paribas, 0.05%, dated 4/30/2014, to be repurchased at $642,000,892 on 5/1/2014 (b)
|
642,000,000 | 642,000,000 | ||||||
BNP Paribas, 0.06%, dated 4/30/2014, to be repurchased at $200,000,333 on 5/1/2014 (c)
|
200,000,000 | 200,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $208,000,231 on 5/1/2014 (d)
|
208,000,000 | 208,000,000 | ||||||
HSBC Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $150,000,208 on 5/1/2014 (e)
|
150,000,000 | 150,000,000 | ||||||
JPMorgan Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $50,000,069 on 5/1/2014 (f)
|
50,000,000 | 50,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.04%, dated 4/30/2014, to be repurchased at $185,000,206 on 5/1/2014 (g)
|
185,000,000 | 185,000,000 | ||||||
Morgan Stanley & Co., Inc., 0.07%, dated 4/30/2014, to be repurchased at $150,000,292 on 5/1/2014 (h)
|
150,000,000 | 150,000,000 | ||||||
Wells Fargo Bank, 0.05%, dated 4/30/2014, to be repurchased at $231,000,321 on 5/1/2014 (i)
|
231,000,000 | 231,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $186,000,310 on 5/1/2014 (j)
|
186,000,000 | 186,000,000 | ||||||
Total Repurchase Agreements (Cost $2,028,000,000)
|
2,028,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $3,813,603,916)†
|
110.1 | 3,813,603,916 | ||||||
Other Assets and Liabilities, Net
|
(10.1 | ) | (348,283,153 | ) | ||||
Net Assets
|
100.0 | 3,465,320,763 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
3,425,000 |
Federal Farm Credit Bank
|
0.25 |
9/11/2014– 4/23/2015
|
3,429,216 | ||||||||
49,446,000 |
Federal Home Loan Bank
|
Zero Coupon– 7.0
|
6/27/2014– 1/16/2015
|
49,457,505 | ||||||||
144,348,364 |
Federal Home Loan Mortgage Corp.
|
2.375–5.05 |
1/26/2015– 2/1/2044
|
153,434,270 | ||||||||
386,408,665 |
Federal National Mortgage Association
|
0.5–4.0 |
12/19/2014– 9/1/2043
|
405,679,817 | ||||||||
33,975,600 |
U.S. Treasury Inflation-Indexed Bond
|
1.75 |
1/15/2028
|
42,840,002 | ||||||||
Total Collateral Value
|
654,840,810 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
911,300 |
U.S. Treasury Inflation-Indexed Note
|
1.125 |
1/15/2021
|
1,044,887 | ||||||||
138,295,100 |
U.S. Treasury Notes
|
0.25–3.375 |
7/31/2015– 11/30/2020
|
142,556,669 | ||||||||
129,873,981 |
U.S. Treasury STRIPS
|
Zero Coupon
|
8/15/2014– 11/15/2043
|
68,558,496 | ||||||||
Total Collateral Value
|
212,160,052 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
55,127,183 |
Government National Mortgage Association
|
4.5 |
2/20/2044
|
59,948,290 | ||||||||
30,408,100 |
U.S. Treasury Inflation-Indexed Notes
|
0.125–2.5 |
7/15/2015– 7/15/2023
|
34,578,291 | ||||||||
163,083,425 |
U.S. Treasury STRIPS
|
Zero Coupon–4.75
|
5/15/2014– 2/15/2044
|
58,473,771 | ||||||||
Total Collateral Value
|
153,000,352 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
65,174,800 |
U.S. Treasury Bills
|
Zero Coupon
|
6/19/2014– 8/28/2014
|
65,172,084 | ||||||||
123,303,700 |
U.S. Treasury Note
|
0.25 |
7/15/2015
|
123,528,006 | ||||||||
Total Collateral Value
|
188,700,090 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
87,008,038 |
Federal Home Loan Mortgage Corp.
|
1.98–5.0 |
1/1/2037– 4/1/2044
|
88,641,752 | ||||||||
60,986,625 |
Federal National Mortgage Association
|
2.104–6.091 |
12/1/2019– 1/1/2048
|
64,358,248 | ||||||||
Total Collateral Value
|
153,000,000 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
85,000,000 |
U.S. Treasury Bill
|
Zero Coupon
|
9/11/2014
|
84,990,480 | ||||||||
54,461,800 |
U.S. Treasury Floating Rate Note
|
Zero Coupon
|
4/30/2016
|
54,476,777 | ||||||||
94,091,700 |
U.S. Treasury Notes
|
0.25–2.125 |
7/31/2015– 2/28/2018
|
96,152,928 | ||||||||
Total Collateral Value
|
235,620,185 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,000,000 |
Federal Agricultural Mortgage Corp.
|
4.35 |
8/4/2025
|
1,070,212 | ||||||||
13,942,000 |
Federal Home Loan Bank
|
Zero Coupon– 5.375
|
9/30/2014– 3/13/2020
|
14,213,306 | ||||||||
12,245,334 |
Federal Home Loan Mortgage Corp.
|
3.0–6.5 |
9/1/2039– 2/1/2044
|
12,018,431 | ||||||||
228,464,986 |
Federal Home Loan Mortgage Corp. — Interest Only
|
2.5–4.5 |
4/15/2026– 2/15/2043
|
36,075,808 | ||||||||
4,027,115 |
Federal Home Loan Mortgage Corp. — Principal Only
|
Zero Coupon
|
5/15/2037
|
3,650,611 | ||||||||
87,001,183 |
Federal National Mortgage Association
|
Zero Coupon– 5.375
|
10/22/2014– 4/1/2044
|
83,340,870 | ||||||||
186,232,967 |
Federal National Mortgage Association — Interest Only
|
2.5–4.5 |
4/25/2022– 5/25/2043
|
26,717,154 | ||||||||
2,390,927 |
Federal National Mortgage Association — Principal Only
|
Zero Coupon
|
5/25/2037– 7/25/2037
|
2,129,587 | ||||||||
900,000 |
Financing Corp. Fico
|
Zero Coupon
|
2/3/2016– 6/6/2019
|
862,037 | ||||||||
7,077,489 |
Government National Mortgage Association
|
3.5–4.5 |
6/15/2040– 3/15/2044
|
7,415,038 | ||||||||
79,000 |
Residual Funding Corp. Principal Strip
|
Zero Coupon
|
10/15/2019
|
70,109 | ||||||||
3,035,000 |
Resolution Funding Corp. Interest Strip
|
Zero Coupon
|
4/15/2016– 1/15/2030
|
2,156,838 | ||||||||
Total Collateral Value
|
189,720,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 1,785,603,916 | $ | — | $ | 1,785,603,916 | ||||||||
Repurchase Agreements
|
— | 2,028,000,000 | — | 2,028,000,000 | ||||||||||||
Total
|
$ | — | $ | 3,813,603,916 | $ | — | $ | 3,813,603,916 |
as of April 30, 2014
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,785,603,916 | ||
Repurchase agreements, valued at amortized cost
|
2,028,000,000 | |||
Investments in securities, at value (cost $3,813,603,916)
|
3,813,603,916 | |||
Receivable for Fund shares sold
|
78,889 | |||
Interest receivable
|
707,194 | |||
Other assets
|
67,523 | |||
Total assets
|
3,814,457,522 | |||
Liabilities
|
||||
Cash overdraft
|
348,865,296 | |||
Payable for Fund shares redeemed
|
2,372 | |||
Distributions payable
|
41,610 | |||
Accrued Trustees' fees
|
40,679 | |||
Other accrued expenses and payables
|
186,802 | |||
Total liabilities
|
349,136,759 | |||
Net assets, at value
|
$ | 3,465,320,763 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,509 | |||
Accumulated net realized gain (loss)
|
(436,981 | ) | ||
Paid-in capital
|
3,465,556,235 | |||
Net assets, at value
|
$ | 3,465,320,763 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($4,946,995 ÷ 4,947,263 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 ($12,854,501 ÷ 12,855,195 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 ($89,797,118 ÷ 89,801,972 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 ($93,620,927 ÷ 93,625,984 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 ($3,004,883,965 ÷ 3,005,046,390 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 ($214,082,575 ÷ 214,094,147 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 ($45,134,682 ÷ 45,137,122 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 2,966,479 | ||
Expenses:
Management fee
|
2,152,694 | |||
Administration fee
|
3,254,202 | |||
Services to shareholders
|
1,064,493 | |||
Distribution and service fees
|
1,534,178 | |||
Custodian fee
|
55,535 | |||
Professional fees
|
135,238 | |||
Reports to shareholders
|
134,804 | |||
Registration fees
|
135,555 | |||
Trustees' fees and expenses
|
138,970 | |||
Other
|
134,844 | |||
Total expenses before expense reductions
|
8,740,513 | |||
Expense reductions
|
(6,635,886 | ) | ||
Total expenses after expense reductions
|
2,104,627 | |||
Net investment income
|
861,852 | |||
Net realized gain (loss) from investments
|
(1,480 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 860,372 |
Government & Agency Securities Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 861,852 | $ | 738,566 | ||||
Net realized gain (loss)
|
(1,480 | ) | 11,278 | |||||
Net increase in net assets resulting from operations
|
860,372 | 749,844 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(4,732 | ) | (17,994 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,632 | ) | (2,284 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(10,633 | ) | (9,941 | ) | ||||
DWS Government & Agency Money Fund
|
(10,180 | ) | (12,034 | ) | ||||
DWS Government Cash Institutional Shares
|
(805,459 | ) | (662,372 | ) | ||||
Government Cash Managed Shares
|
(23,588 | ) | (24,703 | ) | ||||
Service Shares
|
(5,624 | ) | (9,225 | ) | ||||
Total distributions
|
(861,848 | ) | (738,553 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
21,197,843,278 | 17,983,371,115 | ||||||
Reinvestment of distributions
|
388,853 | 400,224 | ||||||
Cost of shares redeemed
|
(20,673,267,054 | ) | (18,573,676,534 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
524,965,077 | (589,905,195 | ) | |||||
Increase (decrease) in net assets
|
524,963,601 | (589,893,904 | ) | |||||
Net assets at beginning of period
|
2,940,357,162 | 3,530,251,066 | ||||||
Net assets at end of period (including undistributed net investment income of $201,509 and $201,505, respectively)
|
$ | 3,465,320,763 | $ | 2,940,357,162 |
Government & Agency Securities Portfolio
DWS Government Cash Institutional Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .001 | .001 | ||||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .001 | .001 | ||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.001 | ) | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.001 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.03 | .03 | .04 | .06 | .14 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
3,005 | 2,256 | 2,713 | 4,772 | 6,899 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.20 | .20 | .19 | .19 | .19 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.06 | .15 | .08 | .16 | .18 | |||||||||||||||
Ratio of net investment income (%)
|
.03 | .03 | .04 | .07 | .14 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Government & Agency Securities Portfolio
Government Cash Managed Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
214 | 222 | 215 | 180 | 280 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.43 | .42 | .41 | .41 | .42 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.08 | .17 | .11 | .22 | .31 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed ordinary income*
|
$ | 243,119 | ||
Capital loss carryforwards
|
$ | (437,000 | ) |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from ordinary income*
|
$ | 861,848 | $ | 738,553 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Government & Agency Securities Portfolio
|
$ | 3,254,202 | $ | 2,071,542 | $ | 51,249 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 105,315 | $ | 1,179 | ||||||
Davidson Cash Equivalent Shares
|
40,803 | 37,216 | 747 | |||||||||
Davidson Cash Equivalent Plus Shares
|
212,229 | 189,207 | 4,834 | |||||||||
DWS Government & Agency Money Fund
|
82,001 | 60,725 | 7,395 | |||||||||
DWS Government Cash Institutional Shares
|
194,384 | 194,384 | — | |||||||||
Government Cash Managed Shares
|
211,521 | 162,365 | 6,511 | |||||||||
Service Shares
|
140,499 | 128,260 | 1,410 | |||||||||
$ | 999,703 | $ | 877,472 | $ | 22,076 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 156,111 | $ | 156,111 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
48,964 | 48,964 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
265,759 | 265,759 | .00 | % | .25 | % | ||||||||||
Service Shares
|
337,641 | 337,641 | .00 | % | .60 | % | ||||||||||
$ | 808,475 | $ | 808,475 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 118,266 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
40,803 | 40,803 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
212,607 | 212,607 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
354,027 | 354,027 | .00 | % | .15 | % | ||||||||||
$ | 725,703 | $ | 725,703 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Government & Agency Securities Portfolio
|
$ | 59,558 | $ | 20,228 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
23,472,158 | $ | 23,472,158 | 106,697,232 | $ | 106,697,232 | ||||||||||
Davidson Cash Equivalent Shares
|
23,323,116 | 23,323,116 | 31,099,071 | 31,099,071 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
324,560,498 | 324,560,498 | 222,327,364 | 222,327,364 | ||||||||||||
DWS Government & Agency Money Fund
|
53,844,639 | 53,844,639 | 53,121,349 | 53,121,349 | ||||||||||||
DWS Government Cash Institutional Shares
|
19,589,178,943 | 19,589,178,943 | 15,315,065,657 | 15,315,065,657 | ||||||||||||
Government Cash Managed Shares
|
1,020,393,570 | 1,020,393,570 | 1,990,326,289 | 1,990,326,289 | ||||||||||||
Service Shares
|
163,039,940 | 163,039,940 | 264,734,153 | 264,734,153 | ||||||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 21,197,843,278 | $ | 17,983,371,115 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
4,732 | $ | 4,732 | 17,994 | $ | 17,994 | ||||||||||
Davidson Cash Equivalent Shares
|
1,566 | 1,566 | 2,284 | 2,284 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
10,259 | 10,259 | 9,940 | 9,940 | ||||||||||||
DWS Government & Agency Money Fund
|
9,920 | 9,920 | 11,818 | 11,818 | ||||||||||||
DWS Government Cash Institutional Shares
|
348,922 | 348,922 | 341,515 | 341,515 | ||||||||||||
Government Cash Managed Shares
|
7,831 | 7,831 | 7,714 | 7,714 | ||||||||||||
Service Shares
|
5,623 | 5,623 | 8,959 | 8,959 | ||||||||||||
$ | 388,853 | $ | 400,224 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(156,347,801 | ) | $ | (156,347,801 | ) | (205,489,534 | ) | $ | (205,489,534 | ) | ||||||
Davidson Cash Equivalent Shares
|
(30,738,402 | ) | (30,738,402 | ) | (35,645,815 | ) | (35,645,815 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(343,026,773 | ) | (343,026,773 | ) | (207,586,537 | ) | (207,586,537 | ) | ||||||||
DWS Government & Agency Money Fund
|
(77,602,543 | ) | (77,602,543 | ) | (75,265,565 | ) | (75,265,565 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(18,840,729,361 | ) | (18,840,729,361 | ) | (15,771,839,065 | ) | (15,771,839,065 | ) | ||||||||
Government Cash Managed Shares
|
(1,028,565,693 | ) | (1,028,565,693 | ) | (1,983,483,875 | ) | (1,983,483,875 | ) | ||||||||
Service Shares
|
(196,256,481 | ) | (196,256,481 | ) | (294,366,143 | ) | (294,366,143 | ) | ||||||||
$ | (20,673,267,054 | ) | $ | (18,573,676,534 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(132,870,911 | ) | $ | (132,870,911 | ) | (98,774,308 | ) | $ | (98,774,308 | ) | ||||||
Davidson Cash Equivalent Shares
|
(7,413,720 | ) | (7,413,720 | ) | (4,544,460 | ) | (4,544,460 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(18,456,016 | ) | (18,456,016 | ) | 14,750,767 | 14,750,767 | ||||||||||
DWS Government & Agency Money Fund
|
(23,747,984 | ) | (23,747,984 | ) | (22,132,398 | ) | (22,132,398 | ) | ||||||||
DWS Government Cash Institutional Shares
|
748,798,504 | 748,798,504 | (456,431,893 | ) | (456,431,893 | ) | ||||||||||
Government Cash Managed Shares
|
(8,164,292 | ) | (8,164,292 | ) | 6,850,128 | 6,850,128 | ||||||||||
Service Shares
|
(33,210,918 | ) | (33,210,918 | ) | (29,623,031 | ) | (29,623,031 | ) | ||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 524,965,077 | $ | (589,905,195 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||
Actual Fund Return
|
DWS Government Cash Institutional Shares
|
Government Cash Managed Shares
|
||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,000.15 | $ | 1,000.05 | ||||
Expenses Paid per $1,000*
|
$ | .30 | $ | .40 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,024.50 | $ | 1,024.40 | ||||
Expenses Paid per $1,000*
|
$ | .30 | $ | .40 | ||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||
Annualized Expense Ratios
|
||||||||
DWS Government Cash Institutional Shares
|
.06 | % | ||||||
Government Cash Managed Shares
|
.08 | % | ||||||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
19 Statement of Assets and Liabilities
21 Statement of Operations
22 Statement of Changes in Net Assets
23 Financial Highlights
24 Notes to Financial Statements
34 Report of Independent Registered Public Accounting Firm
35 Information About Your Fund's Expenses
37 Tax Information
38 Other Information
39 Advisory Agreement Board Considerations and Fee Evaluation
44 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
DWS Government & Agency Money Fund
|
.01 | %* | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
|
Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Government & Agency Obligations 51.6%
|
||||||||
U.S. Government Sponsored Agencies 44.5%
|
||||||||
Federal Farm Credit Bank:
|
||||||||
0.088%*, 6/26/2014
|
35,000,000 | 34,995,100 | ||||||
0.109%*, 8/13/2014
|
10,000,000 | 9,996,822 | ||||||
0.122%**, 10/27/2014
|
36,000,000 | 36,002,773 | ||||||
0.129%*, 7/16/2014
|
15,000,000 | 14,995,883 | ||||||
0.131%**, 3/3/2016
|
25,000,000 | 25,000,000 | ||||||
0.132%**, 11/26/2014
|
22,000,000 | 22,001,961 | ||||||
0.132%**, 10/20/2014
|
60,000,000 | 60,001,611 | ||||||
0.139%*, 8/7/2014
|
15,000,000 | 14,994,283 | ||||||
0.14%**, 2/2/2015
|
25,000,000 | 24,997,124 | ||||||
0.24%**, 3/4/2015
|
45,000,000 | 45,034,616 | ||||||
Federal Home Loan Bank:
|
||||||||
0.057%*, 5/12/2014
|
35,000,000 | 34,999,358 | ||||||
0.071%*, 7/25/2014
|
18,400,000 | 18,396,872 | ||||||
0.095%*, 5/19/2014
|
38,000,000 | 37,998,100 | ||||||
0.1%*, 1/26/2015
|
30,000,000 | 29,977,500 | ||||||
0.104%*, 8/1/2014
|
70,000,000 | 69,981,217 | ||||||
0.12%, 7/8/2014
|
60,000,000 | 59,998,792 | ||||||
0.12%, 10/27/2014
|
42,000,000 | 41,996,075 | ||||||
0.125%, 2/5/2015
|
40,000,000 | 39,983,942 | ||||||
0.128%*, 6/11/2014
|
35,000,000 | 34,994,818 | ||||||
0.134%*, 8/25/2014
|
12,000,000 | 11,994,780 | ||||||
0.138%**, 8/1/2014
|
20,000,000 | 20,000,000 | ||||||
0.14%, 5/22/2014
|
20,000,000 | 19,999,861 | ||||||
0.17%, 8/1/2014
|
28,000,000 | 27,999,488 | ||||||
0.17%, 9/5/2014
|
35,000,000 | 34,997,869 | ||||||
0.17%, 2/12/2015
|
40,000,000 | 40,000,842 | ||||||
Federal Home Loan Mortgage Corp.:
|
||||||||
0.069%*, 8/6/2014
|
50,000,000 | 49,990,570 | ||||||
0.083%*, 5/13/2014
|
12,500,000 | 12,499,625 | ||||||
0.087%*, 5/22/2014
|
10,000,000 | 9,999,475 | ||||||
0.095%*, 10/2/2014
|
25,000,000 | 24,989,840 | ||||||
0.098%*, 6/4/2014
|
15,000,000 | 14,998,583 | ||||||
0.099%*, 9/5/2014
|
25,000,000 | 24,991,181 | ||||||
0.099%*, 10/15/2014
|
30,000,000 | 29,986,083 | ||||||
0.099%*, 10/28/2014
|
40,000,000 | 39,980,001 | ||||||
0.1%*, 10/24/2014
|
20,000,000 | 19,990,222 | ||||||
0.1%*, 5/9/2014
|
35,000,000 | 34,999,145 | ||||||
0.106%*, 5/22/2014
|
12,500,000 | 12,499,198 | ||||||
0.11%*, 11/5/2014
|
75,000,000 | 74,956,917 | ||||||
0.114%*, 8/18/2014
|
35,000,000 | 34,987,813 | ||||||
0.116%*, 5/27/2014
|
17,500,000 | 17,498,483 | ||||||
0.118%*, 6/18/2014
|
50,000,000 | 49,992,000 | ||||||
0.129%*, 7/22/2014
|
15,000,000 | 14,995,558 | ||||||
0.139%*, 8/26/2014
|
18,000,000 | 17,991,810 | ||||||
0.162%*, 7/7/2014
|
25,000,000 | 24,992,370 | ||||||
0.169%*, 12/3/2014
|
8,000,000 | 7,991,840 | ||||||
Federal National Mortgage Association:
|
||||||||
0.065%*, 9/10/2014
|
49,500,000 | 49,488,203 | ||||||
0.079%*, 7/14/2014
|
40,000,000 | 39,993,422 | ||||||
0.097%*, 6/2/2014
|
30,000,000 | 29,997,333 | ||||||
0.099%*, 9/3/2014
|
25,000,000 | 24,991,320 | ||||||
0.119%*, 9/15/2014
|
50,000,000 | 49,977,167 | ||||||
0.136%*, 6/2/2014
|
18,000,000 | 17,997,760 | ||||||
1,542,115,606 | ||||||||
U.S. Treasury Obligations 7.1%
|
||||||||
U.S. Treasury Notes:
|
||||||||
0.075%, 1/31/2016
|
125,000,000 | 124,980,467 | ||||||
0.5%, 8/15/2014
|
31,000,000 | 31,031,520 | ||||||
2.25%, 1/31/2015
|
12,500,000 | 12,697,979 | ||||||
2.375%, 9/30/2014
|
11,700,000 | 11,807,671 | ||||||
2.625%, 6/30/2014
|
7,500,000 | 7,530,745 | ||||||
2.625%, 7/31/2014
|
40,000,000 | 40,257,089 | ||||||
4.25%, 8/15/2014
|
15,000,000 | 15,182,839 | ||||||
243,488,310 | ||||||||
Total Government & Agency Obligations (Cost $1,785,603,916)
|
1,785,603,916 | |||||||
Repurchase Agreements 58.5%
|
||||||||
Barclays Capital, 0.04%, dated 4/30/2014, to be repurchased at $26,000,029 on 5/1/2014 (a)
|
26,000,000 | 26,000,000 | ||||||
BNP Paribas, 0.05%, dated 4/30/2014, to be repurchased at $642,000,892 on 5/1/2014 (b)
|
642,000,000 | 642,000,000 | ||||||
BNP Paribas, 0.06%, dated 4/30/2014, to be repurchased at $200,000,333 on 5/1/2014 (c)
|
200,000,000 | 200,000,000 | ||||||
Citigroup Global Markets, Inc., 0.04%, dated 4/30/2014, to be repurchased at $208,000,231 on 5/1/2014 (d)
|
208,000,000 | 208,000,000 | ||||||
HSBC Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $150,000,208 on 5/1/2014 (e)
|
150,000,000 | 150,000,000 | ||||||
JPMorgan Securities, Inc., 0.05%, dated 4/30/2014, to be repurchased at $50,000,069 on 5/1/2014 (f)
|
50,000,000 | 50,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.04%, dated 4/30/2014, to be repurchased at $185,000,206 on 5/1/2014 (g)
|
185,000,000 | 185,000,000 | ||||||
Morgan Stanley & Co., Inc., 0.07%, dated 4/30/2014, to be repurchased at $150,000,292 on 5/1/2014 (h)
|
150,000,000 | 150,000,000 | ||||||
Wells Fargo Bank, 0.05%, dated 4/30/2014, to be repurchased at $231,000,321 on 5/1/2014 (i)
|
231,000,000 | 231,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 4/30/2014, to be repurchased at $186,000,310 on 5/1/2014 (j)
|
186,000,000 | 186,000,000 | ||||||
Total Repurchase Agreements (Cost $2,028,000,000)
|
2,028,000,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $3,813,603,916)†
|
110.1 | 3,813,603,916 | ||||||
Other Assets and Liabilities, Net
|
(10.1 | ) | (348,283,153 | ) | ||||
Net Assets
|
100.0 | 3,465,320,763 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
3,425,000 |
Federal Farm Credit Bank
|
0.25 |
9/11/2014– 4/23/2015
|
3,429,216 | ||||||||
49,446,000 |
Federal Home Loan Bank
|
Zero Coupon– 7.0
|
6/27/2014– 1/16/2015
|
49,457,505 | ||||||||
144,348,364 |
Federal Home Loan Mortgage Corp.
|
2.375–5.05 |
1/26/2015– 2/1/2044
|
153,434,270 | ||||||||
386,408,665 |
Federal National Mortgage Association
|
0.5–4.0 |
12/19/2014– 9/1/2043
|
405,679,817 | ||||||||
33,975,600 |
U.S. Treasury Inflation-Indexed Bond
|
1.75 |
1/15/2028
|
42,840,002 | ||||||||
Total Collateral Value
|
654,840,810 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
911,300 |
U.S. Treasury Inflation-Indexed Note
|
1.125 |
1/15/2021
|
1,044,887 | ||||||||
138,295,100 |
U.S. Treasury Notes
|
0.25–3.375 |
7/31/2015– 11/30/2020
|
142,556,669 | ||||||||
129,873,981 |
U.S. Treasury STRIPS
|
Zero Coupon
|
8/15/2014– 11/15/2043
|
68,558,496 | ||||||||
Total Collateral Value
|
212,160,052 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
55,127,183 |
Government National Mortgage Association
|
4.5 |
2/20/2044
|
59,948,290 | ||||||||
30,408,100 |
U.S. Treasury Inflation-Indexed Notes
|
0.125–2.5 |
7/15/2015– 7/15/2023
|
34,578,291 | ||||||||
163,083,425 |
U.S. Treasury STRIPS
|
Zero Coupon–4.75
|
5/15/2014– 2/15/2044
|
58,473,771 | ||||||||
Total Collateral Value
|
153,000,352 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
65,174,800 |
U.S. Treasury Bills
|
Zero Coupon
|
6/19/2014– 8/28/2014
|
65,172,084 | ||||||||
123,303,700 |
U.S. Treasury Note
|
0.25 |
7/15/2015
|
123,528,006 | ||||||||
Total Collateral Value
|
188,700,090 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
87,008,038 |
Federal Home Loan Mortgage Corp.
|
1.98–5.0 |
1/1/2037– 4/1/2044
|
88,641,752 | ||||||||
60,986,625 |
Federal National Mortgage Association
|
2.104–6.091 |
12/1/2019– 1/1/2048
|
64,358,248 | ||||||||
Total Collateral Value
|
153,000,000 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
85,000,000 |
U.S. Treasury Bill
|
Zero Coupon
|
9/11/2014
|
84,990,480 | ||||||||
54,461,800 |
U.S. Treasury Floating Rate Note
|
Zero Coupon
|
4/30/2016
|
54,476,777 | ||||||||
94,091,700 |
U.S. Treasury Notes
|
0.25–2.125 |
7/31/2015– 2/28/2018
|
96,152,928 | ||||||||
Total Collateral Value
|
235,620,185 |
Principal Amount ($)
|
Security
|
Rate (%)
|
Maturity Date
|
Collateral Value ($)
|
||||||||
1,000,000 |
Federal Agricultural Mortgage Corp.
|
4.35 |
8/4/2025
|
1,070,212 | ||||||||
13,942,000 |
Federal Home Loan Bank
|
Zero Coupon– 5.375
|
9/30/2014– 3/13/2020
|
14,213,306 | ||||||||
12,245,334 |
Federal Home Loan Mortgage Corp.
|
3.0–6.5 |
9/1/2039– 2/1/2044
|
12,018,431 | ||||||||
228,464,986 |
Federal Home Loan Mortgage Corp. — Interest Only
|
2.5–4.5 |
4/15/2026– 2/15/2043
|
36,075,808 | ||||||||
4,027,115 |
Federal Home Loan Mortgage Corp. — Principal Only
|
Zero Coupon
|
5/15/2037
|
3,650,611 | ||||||||
87,001,183 |
Federal National Mortgage Association
|
Zero Coupon– 5.375
|
10/22/2014– 4/1/2044
|
83,340,870 | ||||||||
186,232,967 |
Federal National Mortgage Association — Interest Only
|
2.5–4.5 |
4/25/2022– 5/25/2043
|
26,717,154 | ||||||||
2,390,927 |
Federal National Mortgage Association — Principal Only
|
Zero Coupon
|
5/25/2037– 7/25/2037
|
2,129,587 | ||||||||
900,000 |
Financing Corp. Fico
|
Zero Coupon
|
2/3/2016– 6/6/2019
|
862,037 | ||||||||
7,077,489 |
Government National Mortgage Association
|
3.5–4.5 |
6/15/2040– 3/15/2044
|
7,415,038 | ||||||||
79,000 |
Residual Funding Corp. Principal Strip
|
Zero Coupon
|
10/15/2019
|
70,109 | ||||||||
3,035,000 |
Resolution Funding Corp. Interest Strip
|
Zero Coupon
|
4/15/2016– 1/15/2030
|
2,156,838 | ||||||||
Total Collateral Value
|
189,720,001 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities (k)
|
$ | — | $ | 1,785,603,916 | $ | — | $ | 1,785,603,916 | ||||||||
Repurchase Agreements
|
— | 2,028,000,000 | — | 2,028,000,000 | ||||||||||||
Total
|
$ | — | $ | 3,813,603,916 | $ | — | $ | 3,813,603,916 |
as of April 30, 2014
|
||||
Assets
|
Government & Agency Securities Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,785,603,916 | ||
Repurchase agreements, valued at amortized cost
|
2,028,000,000 | |||
Investments in securities, at value (cost $3,813,603,916)
|
3,813,603,916 | |||
Receivable for Fund shares sold
|
78,889 | |||
Interest receivable
|
707,194 | |||
Other assets
|
67,523 | |||
Total assets
|
3,814,457,522 | |||
Liabilities
|
||||
Cash overdraft
|
348,865,296 | |||
Payable for Fund shares redeemed
|
2,372 | |||
Distributions payable
|
41,610 | |||
Accrued Trustees' fees
|
40,679 | |||
Other accrued expenses and payables
|
186,802 | |||
Total liabilities
|
349,136,759 | |||
Net assets, at value
|
$ | 3,465,320,763 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
201,509 | |||
Accumulated net realized gain (loss)
|
(436,981 | ) | ||
Paid-in capital
|
3,465,556,235 | |||
Net assets, at value
|
$ | 3,465,320,763 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Government & Agency Securities Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($4,946,995 ÷ 4,947,263 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 ($12,854,501 ÷ 12,855,195 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 ($89,797,118 ÷ 89,801,972 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 ($93,620,927 ÷ 93,625,984 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 ($3,004,883,965 ÷ 3,005,046,390 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 ($214,082,575 ÷ 214,094,147 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 ($45,134,682 ÷ 45,137,122 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Government & Agency Securities Portfolio
|
|||
Income:
Interest
|
$ | 2,966,479 | ||
Expenses:
Management fee
|
2,152,694 | |||
Administration fee
|
3,254,202 | |||
Services to shareholders
|
1,064,493 | |||
Distribution and service fees
|
1,534,178 | |||
Custodian fee
|
55,535 | |||
Professional fees
|
135,238 | |||
Reports to shareholders
|
134,804 | |||
Registration fees
|
135,555 | |||
Trustees' fees and expenses
|
138,970 | |||
Other
|
134,844 | |||
Total expenses before expense reductions
|
8,740,513 | |||
Expense reductions
|
(6,635,886 | ) | ||
Total expenses after expense reductions
|
2,104,627 | |||
Net investment income
|
861,852 | |||
Net realized gain (loss) from investments
|
(1,480 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 860,372 |
Government & Agency Securities Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 861,852 | $ | 738,566 | ||||
Net realized gain (loss)
|
(1,480 | ) | 11,278 | |||||
Net increase in net assets resulting from operations
|
860,372 | 749,844 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(4,732 | ) | (17,994 | ) | ||||
Davidson Cash Equivalent Shares
|
(1,632 | ) | (2,284 | ) | ||||
Davidson Cash Equivalent Plus Shares
|
(10,633 | ) | (9,941 | ) | ||||
DWS Government & Agency Money Fund
|
(10,180 | ) | (12,034 | ) | ||||
DWS Government Cash Institutional Shares
|
(805,459 | ) | (662,372 | ) | ||||
Government Cash Managed Shares
|
(23,588 | ) | (24,703 | ) | ||||
Service Shares
|
(5,624 | ) | (9,225 | ) | ||||
Total distributions
|
(861,848 | ) | (738,553 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
21,197,843,278 | 17,983,371,115 | ||||||
Reinvestment of distributions
|
388,853 | 400,224 | ||||||
Cost of shares redeemed
|
(20,673,267,054 | ) | (18,573,676,534 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
524,965,077 | (589,905,195 | ) | |||||
Increase (decrease) in net assets
|
524,963,601 | (589,893,904 | ) | |||||
Net assets at beginning of period
|
2,940,357,162 | 3,530,251,066 | ||||||
Net assets at end of period (including undistributed net investment income of $201,509 and $201,505, respectively)
|
$ | 3,465,320,763 | $ | 2,940,357,162 |
Government & Agency Securities Portfolio
DWS Government & Agency Money Fund
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .001 | |||||||||||
Net realized gain (loss)
|
(.000 | )* | .000 | * | .000 | * | (.000 | )* | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .001 | |||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net realized gains
|
— | — | — | — | (.000 | )* | ||||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.01 | .01 | .01 | .02 | .07 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
94 | 117 | 139 | 170 | 233 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.27 | .28 | .26 | .28 | .27 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.08 | .17 | .11 | .22 | .26 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .06 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed ordinary income*
|
$ | 243,119 | ||
Capital loss carryforwards
|
$ | (437,000 | ) |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from ordinary income*
|
$ | 861,848 | $ | 738,553 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Government & Agency Securities Portfolio
|
$ | 3,254,202 | $ | 2,071,542 | $ | 51,249 |
Government & Agency Securities Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 105,315 | $ | 1,179 | ||||||
Davidson Cash Equivalent Shares
|
40,803 | 37,216 | 747 | |||||||||
Davidson Cash Equivalent Plus Shares
|
212,229 | 189,207 | 4,834 | |||||||||
DWS Government & Agency Money Fund
|
82,001 | 60,725 | 7,395 | |||||||||
DWS Government Cash Institutional Shares
|
194,384 | 194,384 | — | |||||||||
Government Cash Managed Shares
|
211,521 | 162,365 | 6,511 | |||||||||
Service Shares
|
140,499 | 128,260 | 1,410 | |||||||||
$ | 999,703 | $ | 877,472 | $ | 22,076 |
Government & Agency Securities Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 156,111 | $ | 156,111 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
48,964 | 48,964 | .00 | % | .30 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
265,759 | 265,759 | .00 | % | .25 | % | ||||||||||
Service Shares
|
337,641 | 337,641 | .00 | % | .60 | % | ||||||||||
$ | 808,475 | $ | 808,475 |
Government & Agency Securities Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 118,266 | $ | 118,266 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
40,803 | 40,803 | .00 | % | .25 | % | ||||||||||
Davidson Cash Equivalent Plus Shares
|
212,607 | 212,607 | .00 | % | .20 | % | ||||||||||
Government Cash Managed Shares
|
354,027 | 354,027 | .00 | % | .15 | % | ||||||||||
$ | 725,703 | $ | 725,703 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Government & Agency Securities Portfolio
|
$ | 59,558 | $ | 20,228 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
23,472,158 | $ | 23,472,158 | 106,697,232 | $ | 106,697,232 | ||||||||||
Davidson Cash Equivalent Shares
|
23,323,116 | 23,323,116 | 31,099,071 | 31,099,071 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
324,560,498 | 324,560,498 | 222,327,364 | 222,327,364 | ||||||||||||
DWS Government & Agency Money Fund
|
53,844,639 | 53,844,639 | 53,121,349 | 53,121,349 | ||||||||||||
DWS Government Cash Institutional Shares
|
19,589,178,943 | 19,589,178,943 | 15,315,065,657 | 15,315,065,657 | ||||||||||||
Government Cash Managed Shares
|
1,020,393,570 | 1,020,393,570 | 1,990,326,289 | 1,990,326,289 | ||||||||||||
Service Shares
|
163,039,940 | 163,039,940 | 264,734,153 | 264,734,153 | ||||||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 21,197,843,278 | $ | 17,983,371,115 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
4,732 | $ | 4,732 | 17,994 | $ | 17,994 | ||||||||||
Davidson Cash Equivalent Shares
|
1,566 | 1,566 | 2,284 | 2,284 | ||||||||||||
Davidson Cash Equivalent Plus Shares
|
10,259 | 10,259 | 9,940 | 9,940 | ||||||||||||
DWS Government & Agency Money Fund
|
9,920 | 9,920 | 11,818 | 11,818 | ||||||||||||
DWS Government Cash Institutional Shares
|
348,922 | 348,922 | 341,515 | 341,515 | ||||||||||||
Government Cash Managed Shares
|
7,831 | 7,831 | 7,714 | 7,714 | ||||||||||||
Service Shares
|
5,623 | 5,623 | 8,959 | 8,959 | ||||||||||||
$ | 388,853 | $ | 400,224 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(156,347,801 | ) | $ | (156,347,801 | ) | (205,489,534 | ) | $ | (205,489,534 | ) | ||||||
Davidson Cash Equivalent Shares
|
(30,738,402 | ) | (30,738,402 | ) | (35,645,815 | ) | (35,645,815 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(343,026,773 | ) | (343,026,773 | ) | (207,586,537 | ) | (207,586,537 | ) | ||||||||
DWS Government & Agency Money Fund
|
(77,602,543 | ) | (77,602,543 | ) | (75,265,565 | ) | (75,265,565 | ) | ||||||||
DWS Government Cash Institutional Shares
|
(18,840,729,361 | ) | (18,840,729,361 | ) | (15,771,839,065 | ) | (15,771,839,065 | ) | ||||||||
Government Cash Managed Shares
|
(1,028,565,693 | ) | (1,028,565,693 | ) | (1,983,483,875 | ) | (1,983,483,875 | ) | ||||||||
Service Shares
|
(196,256,481 | ) | (196,256,481 | ) | (294,366,143 | ) | (294,366,143 | ) | ||||||||
$ | (20,673,267,054 | ) | $ | (18,573,676,534 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(132,870,911 | ) | $ | (132,870,911 | ) | (98,774,308 | ) | $ | (98,774,308 | ) | ||||||
Davidson Cash Equivalent Shares
|
(7,413,720 | ) | (7,413,720 | ) | (4,544,460 | ) | (4,544,460 | ) | ||||||||
Davidson Cash Equivalent Plus Shares
|
(18,456,016 | ) | (18,456,016 | ) | 14,750,767 | 14,750,767 | ||||||||||
DWS Government & Agency Money Fund
|
(23,747,984 | ) | (23,747,984 | ) | (22,132,398 | ) | (22,132,398 | ) | ||||||||
DWS Government Cash Institutional Shares
|
748,798,504 | 748,798,504 | (456,431,893 | ) | (456,431,893 | ) | ||||||||||
Government Cash Managed Shares
|
(8,164,292 | ) | (8,164,292 | ) | 6,850,128 | 6,850,128 | ||||||||||
Service Shares
|
(33,210,918 | ) | (33,210,918 | ) | (29,623,031 | ) | (29,623,031 | ) | ||||||||
Account Maintenance Fees
|
— | 30,414 | — | — | ||||||||||||
$ | 524,965,077 | $ | (589,905,195 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||
Actual Fund Return
|
DWS Government & Agency Money Fund
|
|||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,000.05 | ||
Expenses Paid per $1,000*
|
$ | .40 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,024.40 | ||
Expenses Paid per $1,000*
|
$ | .40 | ||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||
Annualized Expense Ratio
|
||||
DWS Government & Agency Money Fund
|
.08 | % | ||
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
15 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
20 Financial Highlights
22 Notes to Financial Statements
31 Report of Independent Registered Public Accounting Firm
32 Information About Your Fund's Expenses
33 Tax Information
34 Other Information
35 Advisory Agreement Board Considerations and Fee Evaluation
40 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
DWS Tax-Exempt Cash Institutional Shares
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Tax-Exempt Cash Managed Shares
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
DWS Tax-Exempt Cash Institutional Shares
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .002 | .002 | ||||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .002 | .002 | ||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.002 | ) | (.002 | ) | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.002 | ) | (.002 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.02 | a | .04 | a | .05 | a | .16 | .25 | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
993 | 970 | 1,106 | 1,492 | 1,725 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.22 | .21 | .21 | .20 | .21 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .18 | .19 | .20 | .21 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .02 | .04 | .17 | .24 | |||||||||||||||
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,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .001 | |||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .001 | |||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .03 | .02 | .01 | .07 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
103 | 115 | 166 | 127 | 209 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.41 | .42 | .42 | .39 | .44 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .19 | .22 | .35 | .39 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .06 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||||||
Actual Fund Return
|
DWS Tax-Exempt Cash Institutional Shares
|
Tax-Exempt Cash Managed Shares
|
||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,000.18 | $ | 1,000.18 | ||||
Expenses Paid per $1,000*
|
$ | .60 | $ | .60 | ||||
Hypothetical 5% Fund Return
|
||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 4/30/14
|
$ | 1,024.20 | $ | 1,024.20 | ||||
Expenses Paid per $1,000*
|
$ | .60 | $ | .60 | ||||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||||||
Annualized Expense Ratios
|
||||||||
DWS Tax-Exempt Cash Institutional Shares
|
.12 | % | ||||||
Tax-Exempt Cash Managed Shares
|
.12 | % | ||||||
For more information, please refer to each Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
16 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
21 Financial Highlights
22 Notes to Financial Statements
31 Report of Independent Registered Public Accounting Firm
32 Information About Your Fund's Expenses
34 Tax Information
35 Other Information
36 Advisory Agreement Board Considerations and Fee Evaluation
41 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
DWS Tax-Exempt Money Fund
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
DWS Tax-Exempt Money Fund
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .001 | .002 | ||||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .001 | .002 | ||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.002 | ) | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.002 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.02 | a | .03 | a | .03 | a | .14 | .22 | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
212 | 242 | 313 | 366 | 428 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.23 | .23 | .22 | .22 | .24 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .19 | .21 | .22 | .24 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .02 | .14 | .22 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||
Actual Fund Return
|
DWS Tax-Exempt Money Fund
|
|||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,000.18 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,024.20 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||
Annualized Expense Ratio
|
||||
DWS Tax-Exempt Money Fund
|
.12 | % | ||
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
16 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
21 Financial Highlights
22 Notes to Financial Statements
31 Report of Independent Registered Public Accounting Firm
32 Information About Your Fund's Expenses
34 Tax Information
35 Other Information
36 Advisory Agreement Board Considerations and Fee Evaluation
41 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
DWS Tax-Free Money Fund Class S
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
DWS Tax-Free Money Fund Class S
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .001 | .002 | ||||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .001 | .002 | ||||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.002 | ) | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | (.000 | )* | ||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.001 | ) | (.002 | ) | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)
|
.02 | a | .03 | a | .02 | a | .12 | .19 | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
89 | 100 | 110 | 125 | 141 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.26 | .26 | .25 | .24 | .27 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .20 | .22 | .24 | .27 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .12 | .18 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||
Actual Fund Return
|
DWS Tax-Free Money Fund Class S
|
|||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,000.18 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,024.20 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||
Annualized Expense Ratio
|
||||
DWS Tax-Free Money Fund Class S
|
.12 | % | ||
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
3 Portfolio Management Review
6 Portfolio Summary
7 Investment Portfolio
15 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
20 Financial Highlights
21 Notes to Financial Statements
30 Report of Independent Registered Public Accounting Firm
31 Information About Your Fund's Expenses
32 Tax Information
33 Other Information
34 Advisory Agreement Board Considerations and Fee Evaluation
39 Board Members and Officers
|
Fund Performance (as of April 30, 2014)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
|
||||
7-Day Current Yield
|
||||
Tax-Free Investment Class
|
.01 | %* | ||
Equivalent Taxable Yield
|
.02 | %** | ||
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
|
Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Investments 98.2%
|
||||||||
Alaska 2.8%
|
||||||||
Anchorage, AK, Municipality of Anchor:
|
||||||||
Series A-1, TECP, 0.12%, 7/9/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
Series A-1, TECP, 0.12%, 7/29/2014, LOC: Wells Fargo Bank NA
|
25,000,000 | 25,000,000 | ||||||
50,000,000 | ||||||||
California 16.2%
|
||||||||
California, Metropolitan Water District of Southern California, Series A-2, 0.13%**, Mandatory Put 2/9/2015 @ 100, 7/1/2030
|
16,000,000 | 16,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.27%*, 6/1/2041, LIQ: Morgan Stanley Bank
|
5,000,000 | 5,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.2%*, 9/1/2043, LIQ: Barclays Bank PLC
|
13,800,000 | 13,800,000 | ||||||
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
|
10,500,000 | 10,500,000 | ||||||
California, State Revenue Notes:
|
||||||||
Series A-1, 2.0%, 5/28/2014
|
29,800,000 | 29,839,860 | ||||||
Series A-2, 2.0%, 6/23/2014
|
33,000,000 | 33,084,640 | ||||||
California, Wells Fargo Stage Trust, Series 74C, 144A, 0.17%*, Mandatory Put 5/29/2014 @ 100, 11/15/2040, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
California, West Hills Community College District, 0.09%*, 7/1/2033, LOC: Union Bank of California NA
|
35,000,000 | 35,000,000 | ||||||
Los Angeles County, CA, Capital Asset Lease Revenue, Series A, TECP, 0.08%, 6/16/2014, LOC: Wells Fargo Bank NA
|
10,000,000 | 10,000,000 | ||||||
San Bernardino County, CA, Tax And Revenue Anticipation Notes, Series A, 2.0%, 6/30/2014
|
40,000,000 | 40,119,407 | ||||||
San Francisco City & County, CA, Airports Commission, Series 36A, 0.09%*, 5/1/2026, LOC: U.S. Bank NA
|
9,700,000 | 9,700,000 | ||||||
San Jose, CA, Redevelopment Agency, Series 96-A, TECP, 0.14%, 10/10/2014, LOC: JPMorgan Chase Bank NA
|
10,400,000 | 10,400,000 | ||||||
University of California, State Revenues, Series AL-3, 0.11%*, 5/15/2048
|
58,300,000 | 58,300,000 | ||||||
291,743,907 | ||||||||
District of Columbia 3.6%
|
||||||||
District of Columbia, JPMorgan Chase Putters/Drivers Trust, Series 4418, 144A, 0.19%*, Mandatory Put 4/17/2014 @ 100, 11/19/2014, LIQ: JPMorgan Chase Bank NA, LOC: JPMorgan Chase Bank NA
|
54,995,000 | 54,995,000 | ||||||
District of Columbia, Metropolitan Washington Airports Authority System Revenue, Series D-1, 0.12%*, 10/1/2039, LOC: TD Bank NA
|
9,300,000 | 9,300,000 | ||||||
64,295,000 | ||||||||
Florida 1.9%
|
||||||||
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.12%*, 7/15/2024, LIQ: Fannie Mae
|
5,100,000 | 5,100,000 | ||||||
Lee County, FL, Industrial Development Authority, Improvement Hope Hospice Project, 0.09%*, 10/1/2027, LOC: Northern Trust Co.
|
18,900,000 | 18,900,000 | ||||||
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series B, 0.13%*, 1/1/2039, LOC: Northern Trust Co.
|
9,700,000 | 9,700,000 | ||||||
33,700,000 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, Wells Fargo Stage Trust, Series 54C, 144A, 0.13%*, Mandatory Put 7/31/2014 @ 100, 4/1/2029, GTY: Freddie Mac, LIQ: Wells Fargo Bank NA
|
9,235,000 | 9,235,000 | ||||||
Idaho 4.1%
|
||||||||
Idaho, State Tax Anticipation Notes, 2.0%, 6/30/2014
|
73,000,000 | 73,216,714 | ||||||
Illinois 8.7%
|
||||||||
Channahon, IL, Morris Hospital Revenue, 0.12%*, 12/1/2034, LOC: U.S. Bank NA
|
8,070,000 | 8,070,000 | ||||||
Illinois, BB&T Municipal Trust, Series 2008-43, 144A, 0.16%*, 1/1/2016, LIQ: Branch Banking & Trust
|
14,225,000 | 14,225,000 | ||||||
Illinois, Education Facility Authority Revenue, TECP, 0.08%, 6/2/2014
|
25,000,000 | 25,000,000 | ||||||
Illinois, Educational Facilities Authority Revenue, University of Chicago, Series B-3, 0.16%*, Mandatory Put 3/12/2015 @ 100, 7/1/2036
|
10,000,000 | 10,000,000 | ||||||
Illinois, Educational Facilities Authority Revenues, TECP, 0.09%, 8/6/2014
|
34,065,000 | 34,065,000 | ||||||
Illinois, State Development Finance Authority, Chicago Symphony Orchestra Project, 0.1%*, 12/1/2033, LOC: PNC Bank NA
|
12,500,000 | 12,500,000 | ||||||
Illinois, State Educational Facilities Authority, Cultural Pooled Financing, 0.11%*, 3/1/2028, LOC: JPMorgan Chase Bank NA
|
15,050,000 | 15,050,000 | ||||||
Illinois, State Finance Authority Revenue, Series RR-14078, 144A, 0.13%*, 4/1/2021, LIQ: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Illinois, State Finance Authority Revenue, Northwestern University, Series D, 144A, 0.09%*, 12/1/2046
|
13,000,000 | 13,000,000 | ||||||
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2C, 0.11%*, 7/1/2030, LOC: Northern Trust Co.
|
20,000,000 | 20,000,000 | ||||||
156,410,000 | ||||||||
Indiana 0.6%
|
||||||||
Indiana, IPS Multi-School Building Corp., Series R-885WF, 144A, 0.19%*, 1/15/2025, INS: AGMC, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
|
3,140,000 | 3,140,000 | ||||||
Indiana, Wells Fargo State Trust, Series 100C, 144A, 0.14%*, Mandatory Put 8/14/2014 @ 100, 8/1/2021, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
7,495,000 | 7,495,000 | ||||||
10,635,000 | ||||||||
Kansas 0.9%
|
||||||||
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.17%*, 12/1/2036, LOC: U.S. Bank NA
|
3,650,000 | 3,650,000 | ||||||
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.11%*, 9/1/2032, LOC: Bank of America NA
|
1,000,000 | 1,000,000 | ||||||
Olathe, KS, Temporary Notes, Series A, 2.0%, 7/1/2014
|
11,655,000 | 11,690,009 | ||||||
16,340,009 | ||||||||
Kentucky 2.6%
|
||||||||
Kentucky, State Economic Development Finance Authority, Catholic Health Initiatives:
|
||||||||
Series B, 0.27%**, 2/1/2046
|
10,680,000 | 10,680,000 | ||||||
Series B-2, 0.27%**, 2/1/2046
|
12,000,000 | 12,000,000 | ||||||
Series B-3, 0.27%**, 2/1/2046
|
12,415,000 | 12,415,000 | ||||||
Kentucky, State Housing Corp., Housing Revenue, Series F, AMT, 0.11%*, 7/1/2029, SPA: PNC Bank NA
|
12,765,000 | 12,765,000 | ||||||
47,860,000 | ||||||||
Louisiana 3.7%
|
||||||||
East Baton Rouge Parish, LA, Industrial Development Board, Inc. Revenue, Exxon Mobil Project, Gulf Opportunity Zone:
|
||||||||
Series A, 0.08%*, 8/1/2035
|
23,000,000 | 23,000,000 | ||||||
Series B, 0.08%*, 12/1/2040
|
43,000,000 | 43,000,000 | ||||||
66,000,000 | ||||||||
Maryland 0.3%
|
||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Pooled Loan Program, Series D, 144A, 0.15%*, 1/1/2029, LOC: Bank of America NA
|
5,850,000 | 5,850,000 | ||||||
Massachusetts 0.6%
|
||||||||
Massachusetts, State Consolidated Loan, Series C, 5.5%, 11/1/2014, INS: NATL
|
10,000,000 | 10,268,444 | ||||||
Michigan 4.2%
|
||||||||
Michigan, RBC Municipal Products, Inc. Trust:
|
||||||||
Series L-27, 144A, AMT, 0.14%*, 3/1/2031, LOC: Royal Bank of Canada
|
40,000,000 | 40,000,000 | ||||||
Series L-25, 144A, AMT, 0.14%*, 9/1/2033, LOC: Royal Bank of Canada
|
10,000,000 | 10,000,000 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
|
||||||||
Series F-6, 0.18%**, 11/15/2047
|
8,650,000 | 8,650,000 | ||||||
Series F-8, 0.18%**, 11/15/2047
|
7,100,000 | 7,100,000 | ||||||
Michigan, State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-7, 0.18%**, 11/15/2047
|
10,110,000 | 10,110,000 | ||||||
75,860,000 | ||||||||
Minnesota 1.4%
|
||||||||
Cohasset, MN, State Power & Light Co. Project, Series A, 0.16%*, 6/1/2020, LOC: JPMorgan Chase Bank NA
|
24,630,000 | 24,630,000 | ||||||
Mississippi 0.5%
|
||||||||
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.24%*, 12/1/2047, LOC: Mizuho Corporate Bank
|
9,150,000 | 9,150,000 | ||||||
Nevada 1.5%
|
||||||||
Clark County, NV, Airport Revenue, Series D-2A, 0.11%*, 7/1/2040, LOC: Wells Fargo Bank NA
|
8,100,000 | 8,100,000 | ||||||
Nevada, BB&T Municipal Trust, Series 6, 144A, 0.16%*, 12/15/2015, LIQ: Branch Banking & Trust
|
18,600,000 | 18,600,000 | ||||||
26,700,000 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, RIB Floater Trust, Series 14WE, 144A, 0.17%*, 7/3/2017, LOC: Barclays Bank PLC
|
28,500,000 | 28,500,000 | ||||||
New Jersey, State Economic Development Authority, Cigarette Tax, Prerefunded 6/15/2014 @ 100, 5.75%, 6/15/2029
|
8,000,000 | 8,055,244 | ||||||
36,555,244 | ||||||||
New York 7.3%
|
||||||||
BlackRock New York Municipal Income Quality Trust, Series W-7-40, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
5,000,000 | 5,000,000 | ||||||
BlackRock New York Municipal Intermediate Duration Fund, Inc., Series W-7-296, 144A, AMT, 0.2%*, 10/1/2041, LIQ: Barclays Bank PLC
|
13,500,000 | 13,500,000 | ||||||
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09%*, 11/1/2031, LOC: Morgan Stanley Bank
|
20,000,000 | 20,000,000 | ||||||
New York, State Housing Finance Agency Revenue, Clinton Park Phase II, Series A-1, 0.1%*, 11/1/2049, LOC: Wells Fargo Bank NA
|
12,730,000 | 12,730,000 | ||||||
New York, State Housing Finance Agency, Rip Van Winkle House LLC, Series A, 144A, AMT, 0.12%*, 11/1/2034, LIQ: Freddie Mac
|
10,700,000 | 10,700,000 | ||||||
New York, State Power Authority:
|
||||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2016, LIQ: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
0.1%*, Mandatory Put 9/2/2014 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia
|
29,500,000 | 29,500,000 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C, 144A, 0.08%*, 2/1/2032, SPA: PNC Bank NA
|
20,700,000 | 20,700,000 | ||||||
Port Authority of New York & New Jersey, Series 180, 3.0%, 6/1/2014
|
13,500,000 | 13,532,962 | ||||||
132,662,962 | ||||||||
North Carolina 1.6%
|
||||||||
North Carolina, BB&T Municipal Trust:
|
||||||||
Series 1008, 144A, 0.22%*, 3/1/2024, LIQ: Branch Banking & Trust
|
5,325,000 | 5,325,000 | ||||||
Series 1009, 144A, 0.22%*, 6/1/2024, LIQ: Branch Banking & Trust
|
14,975,000 | 14,975,000 | ||||||
North Carolina, Capital Facilities Finance Agency, TECP, 0.08%, 6/9/2014
|
8,500,000 | 8,500,000 | ||||||
28,800,000 | ||||||||
Ohio 5.1%
|
||||||||
Franklin County, OH, Healthcare Facilities Revenue, State Presbyterian Services, Series A, 0.11%*, 7/1/2036, LOC: PNC Bank NA
|
18,250,000 | 18,250,000 | ||||||
Ohio, Nuveen Quality Income Municipal Fund, Series 1-1480, 144A, AMT, 0.21%*, 9/1/2043, LIQ: Royal Bank of Canada
|
15,000,000 | 15,000,000 | ||||||
Ohio, Puttable Floating Option Tax-Exempt Receipts, Series 808, 144A, AMT, 0.35%*, 12/1/2041, INS: AMBAC, GTY: Bank of America NA, LIQ: Bank of America NA
|
30,000,000 | 30,000,000 | ||||||
Ohio, Wells Fargo Stage Trust, Series 12C, 144A, 0.13%*, Mandatory Put 8/28/2014 @ 100, 3/1/2031, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
28,550,000 | 28,550,000 | ||||||
91,800,000 | ||||||||
Other Territories 6.2%
|
||||||||
BB&T Municipal Trust, Series 5000, 144A, 0.22%*, 10/1/2028, LIQ: Rabobank International, LOC: Rabobank International
|
4,990,000 | 4,990,000 | ||||||
BlackRock Municipal Bond Investment Trust, Series W-7-178, 144A, AMT, 0.21%*, 10/1/2041, LIQ: Barclays Bank PLC
|
9,300,000 | 9,300,000 | ||||||
Eagle Tax- Exempt Trust, 144A, AMT, 0.17%*, 4/15/2049, LIQ: Federal Home Loan Bank
|
13,800,000 | 13,800,000 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:
|
||||||||
"A", Series MO27, 0.13%*, 10/15/2029
|
16,250,000 | 16,250,000 | ||||||
"A", Series M024, AMT, 0.15%**, 7/15/2050, LIQ: Freddie Mac
|
15,415,000 | 15,415,000 | ||||||
Nuveen Premier Income Municipal Fund 2, Inc., Series 1-4895, 144A, AMT, 0.21%*, 5/1/2041, LIQ: Barclays Bank PLC
|
52,000,000 | 52,000,000 | ||||||
111,755,000 | ||||||||
Pennsylvania 2.2%
|
||||||||
Delaware County, PA, Industrial Development Authority, Solid Waste System Revenue, Scott Paper Co., Series D, 0.12%*, 12/1/2018, GTY: Kimberly-Clark Corp.
|
5,700,000 | 5,700,000 | ||||||
Pennsylvania, State Economic Development Financing Authority, IESI PA Corp., 0.16%*, 11/1/2028, GTY: IESI Corp., LOC: Bank of America NA
|
35,000,000 | 35,000,000 | ||||||
40,700,000 | ||||||||
Puerto Rico 4.1%
|
||||||||
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.23%*, 9/1/2015, LOC: Royal Bank of Canada
|
74,100,000 | 74,100,000 | ||||||
Tennessee 4.2%
|
||||||||
Tennessee, Metropolitan Government Nashville & Davidson, Series A, TECP, 0.12%, 11/4/2014
|
17,000,000 | 17,000,000 | ||||||
Tennessee, Tennergy Corp., Gas Revenue, Stars Certificates, Series 2006-001, 144A, 0.28%*, 5/1/2016, LOC: BNP Paribas
|
57,975,000 | 57,975,000 | ||||||
74,975,000 | ||||||||
Texas 9.0%
|
||||||||
Harris County, TX, Cultural Education Facility, Series 9C-1, TECP, 144A, 0.16%, 11/20/2014
|
25,000,000 | 25,000,000 | ||||||
Houston, TX, Series G-2, TECP, 0.11%, 5/28/2014
|
5,000,000 | 5,000,000 | ||||||
Lamar, TX, Consolidated Independent School District, Series R-12266, 144A, 0.13%*, 8/1/2015, SPA: Citibank NA
|
20,485,000 | 20,485,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%*, 11/15/2050, LOC: Wells Fargo Bank NA
|
12,940,000 | 12,940,000 | ||||||
Texas, Dallas Performing Arts Cultural Facilities Corp., Dallas Arts Center Foundation Project, Series A, 0.12%*, 9/1/2041, LOC: Bank of America NA
|
20,170,000 | 20,170,000 | ||||||
Texas, Lower Neches Valley Authority, Pollution Control Revenue, Chevron U.S.A., Inc. Project, 0.12%*, Mandatory Put 8/15/2014 @ 100, 2/15/2017
|
11,660,000 | 11,660,000 | ||||||
Texas, State Transportation Revenue, 2.0%, 8/28/2014
|
35,000,000 | 35,204,886 | ||||||
Texas, State Veterans Housing Assistance Fund II, Series A, 144A, AMT, 0.14%*, 6/1/2034, SPA: Landesbank Hessen-Thuringen
|
16,200,000 | 16,200,000 | ||||||
Texas, Wells Fargo Stage Trust, Series 20C, 144A, AMT, 0.22%*, Mandatory Put 5/29/2014 @ 100, 5/1/2038, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
|
16,120,000 | 16,120,000 | ||||||
162,779,886 | ||||||||
Virginia 0.9%
|
||||||||
Virginia, Nuveen Premium Income Municipal Fund, 144A, AMT, 0.22%*, 8/3/2043, LIQ: Toronto-dominion Bank
|
15,000,000 | 15,000,000 | ||||||
Virginia, State Public School Authority, School Financing 1997, Series A, 5.0%, 8/1/2014
|
1,900,000 | 1,923,018 | ||||||
16,923,018 | ||||||||
Wisconsin 1.0%
|
||||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Alliance Senor Credit Group, Series B, 0.18%**, 11/15/2043
|
18,740,000 | 18,740,000 | ||||||
Wyoming 0.5%
|
||||||||
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 0.12%*, 12/1/2020, LOC: Bank of Nova Scotia
|
9,035,000 | 9,035,000 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,770,720,184)†
|
98.2 | 1,770,720,184 | ||||||
Other Assets and Liabilities, Net
|
1.8 | 32,106,691 | ||||||
Net Assets
|
100.0 | 1,802,826,875 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (a)
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 | ||||||||
Total
|
$ | — | $ | 1,770,720,184 | $ | — | $ | 1,770,720,184 |
as of April 30, 2014
|
||||
Assets
|
Tax-Exempt Portfolio
|
|||
Investments:
Investments in securities, valued at amortized cost
|
$ | 1,770,720,184 | ||
Receivable for investments sold
|
30,695,000 | |||
Receivable for Fund shares sold
|
272,943 | |||
Interest receivable
|
4,615,033 | |||
Due from Advisor
|
15,765 | |||
Other assets
|
73,245 | |||
Total assets
|
1,806,392,170 | |||
Liabilities
|
||||
Cash overdraft
|
1,348,715 | |||
Payable for Fund shares redeemed
|
1,824,130 | |||
Distributions payable
|
7,089 | |||
Accrued management fee
|
22,390 | |||
Accrued Trustees' fees
|
18,388 | |||
Other accrued expenses and payables
|
344,583 | |||
Total liabilities
|
3,565,295 | |||
Net assets, at value
|
$ | 1,802,826,875 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
127,646 | |||
Accumulated net realized gain (loss)
|
88,643 | |||
Paid-in capital
|
1,802,610,586 | |||
Net assets, at value
|
$ | 1,802,826,875 |
Statement of Assets and Liabilities as of April 30, 2014 (continued)
|
||||
Net Asset Value
|
Tax-Exempt Portfolio
|
|||
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($6,533,260 ÷ 6,531,635 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 ($63,872,344 ÷ 63,856,458 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 ($993,279,958 ÷ 993,032,905 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 ($212,486,905 ÷ 212,433,675 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 ($89,430,093 ÷ 89,407,843 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 ($51,653,206 ÷ 51,640,358 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 ($102,690,307 ÷ 102,664,766 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 ($282,880,802 ÷ 282,810,443 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 1.00 |
for the year ended April 30, 2014
|
||||
Investment Income
|
Tax-Exempt Portfolio
|
|||
Income:
Interest
|
$ | 2,670,050 | ||
Expenses:
Management fee
|
1,280,327 | |||
Administration fee
|
1,934,898 | |||
Services to shareholders
|
1,080,070 | |||
Distribution and service fees
|
2,004,924 | |||
Custodian fee
|
26,458 | |||
Professional fees
|
123,838 | |||
Reports to shareholders
|
144,915 | |||
Registration fees
|
162,664 | |||
Trustees' fees and expenses
|
74,634 | |||
Other
|
112,487 | |||
Total expenses before expense reductions
|
6,945,215 | |||
Expense reductions
|
(4,469,701 | ) | ||
Total expenses after expense reductions
|
2,475,514 | |||
Net investment income
|
194,536 | |||
Net realized gain (loss) from investments
|
265,795 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 460,331 |
Tax-Exempt Portfolio
|
||||||||
Years Ended April 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2014
|
2013
|
||||||
Operations:
Net investment income
|
$ | 194,536 | $ | 312,710 | ||||
Net realized gain (loss)
|
265,795 | 119,059 | ||||||
Net increase in net assets resulting from operations
|
460,331 | 431,769 | ||||||
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
|
(1,029 | ) | (2,578 | ) | ||||
Davidson Cash Equivalent Shares
|
(10,123 | ) | (16,635 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(149,743 | ) | (347,411 | ) | ||||
DWS Tax-Exempt Money Fund
|
(32,614 | ) | (63,056 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(13,619 | ) | (22,814 | ) | ||||
Service Shares
|
(7,577 | ) | (12,350 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(17,870 | ) | (36,504 | ) | ||||
Tax-Free Investment Class
|
(46,966 | ) | (80,485 | ) | ||||
Net realized gain:
Capital Assets Funds Shares
|
(661 | ) | (686 | ) | ||||
Davidson Cash Equivalent Shares
|
(6,124 | ) | (4,358 | ) | ||||
DWS Tax-Exempt Cash Institutional Shares
|
(97,598 | ) | (58,793 | ) | ||||
DWS Tax-Exempt Money Fund
|
(19,703 | ) | (15,872 | ) | ||||
DWS Tax-Free Money Fund Class S
|
(8,598 | ) | (5,799 | ) | ||||
Service Shares
|
(4,985 | ) | (2,541 | ) | ||||
Tax-Exempt Cash Managed Shares
|
(11,262 | ) | (9,837 | ) | ||||
Tax-Free Investment Class
|
(28,221 | ) | (21,062 | ) | ||||
Total distributions
|
(456,693 | ) | (700,781 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
3,597,601,782 | 3,574,503,665 | ||||||
Reinvestment of distributions
|
261,601 | 409,744 | ||||||
Cost of shares redeemed
|
(3,659,342,320 | ) | (3,871,064,788 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(61,478,937 | ) | (296,151,379 | ) | ||||
Increase (decrease) in net assets
|
(61,475,299 | ) | (296,420,391 | ) | ||||
Net assets at beginning of period
|
1,864,302,174 | 2,160,722,565 | ||||||
Net assets at end of period (including undistributed net investment income of $127,646 and $212,651, respectively)
|
$ | 1,802,826,875 | $ | 1,864,302,174 |
Tax-Exempt Portfolio
Tax-Free Investment Class
|
||||||||||||||||||||
Years Ended April 30,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
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 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Net realized gain (loss)
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Total from investment operations
|
.000 | * | .000 | * | .000 | * | .000 | * | .000 | * | ||||||||||
Less distributions from:
Net investment income
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net realized gains
|
(.000 | )* | (.000 | )* | — | — | — | |||||||||||||
Total distributions
|
(.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | (.000 | )* | ||||||||||
Net asset value, end of period
|
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return (%)a
|
.02 | .03 | .02 | .01 | .04 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
283 | 312 | 314 | 383 | 407 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.64 | .63 | .62 | .61 | .62 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.13 | .19 | .22 | .35 | .45 | |||||||||||||||
Ratio of net investment income (%)
|
.01 | .01 | .01 | .01 | .02 | |||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
|
Undistributed tax-exempt income*
|
$ | 134,735 | ||
Undistributed short-term capital gains
|
$ | 88,643 |
Years Ended April 30,
|
||||||||
2014
|
2013
|
|||||||
Distributions from tax-exempt income
|
$ | 279,541 | $ | 581,722 | ||||
Distributions from ordinary income*
|
$ | 177,152 | $ | 119,059 |
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
|
Administration Fee
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Tax-Exempt Portfolio
|
$ | 1,934,898 | $ | 185,063 | $ | 135,335 |
Tax-Exempt Portfolio:
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2014
|
|||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,437 | $ | — | ||||||
Davidson Cash Equivalent Shares
|
107,515 | 106,760 | 447 | |||||||||
DWS Tax-Exempt Cash Institutional Shares
|
150,631 | 150,451 | — | |||||||||
DWS Tax-Exempt Money Fund
|
71,573 | 71,573 | — | |||||||||
DWS Tax-Free Money Fund Class S
|
54,040 | 53,659 | 381 | |||||||||
Service Shares
|
127,630 | 127,630 | — | |||||||||
Tax-Exempt Cash Managed Shares
|
76,944 | 76,366 | — | |||||||||
Tax-Free Investment Class
|
396,763 | 395,452 | — | |||||||||
$ | 1,002,907 | $ | 999,328 | $ | 828 |
Tax-Exempt Portfolio:
|
Distribution Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 23,511 | $ | 23,511 | .00 | % | .33 | % | ||||||||
Davidson Cash Equivalent Shares
|
215,557 | 215,557 | .00 | % | .30 | % | ||||||||||
Service Shares
|
311,159 | 311,159 | .00 | % | .60 | % | ||||||||||
Tax-Free Investment Class
|
836,104 | 836,104 | .00 | % | .25 | % | ||||||||||
$ | 1,386,331 | $ | 1,386,331 |
Tax-Exempt Portfolio:
|
Service Fee
|
Waived
|
Annual Effective Rate
|
Contractual Rate
|
||||||||||||
Capital Assets Funds Shares
|
$ | 17,811 | $ | 17,811 | .00 | % | .25 | % | ||||||||
Davidson Cash Equivalent Shares
|
179,631 | 179,631 | .00 | % | .25 | % | ||||||||||
Tax-Exempt Cash Managed Shares
|
187,041 | 187,041 | .00 | % | .15 | % | ||||||||||
Tax-Free Investment Class
|
234,110 | 234,110 | .00 | % | .07 | % | ||||||||||
$ | 618,593 | $ | 618,593 |
Fund
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Tax-Exempt Portfolio
|
$ | 85,562 | $ | 30,113 |
Year Ended April 30, 2014
|
Year Ended April 30, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Capital Assets Funds Shares
|
26,205,364 | $ | 26,205,364 | 33,780,270 | $ | 33,780,270 | ||||||||||
Davidson Cash Equivalent Shares
|
170,954,338 | 170,954,338 | 115,063,476 | 115,063,476 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
2,312,875,707 | 2,312,875,707 | 2,372,880,502 | 2,372,880,502 | ||||||||||||
DWS Tax-Exempt Money Fund
|
223,893,131 | 223,893,131 | 251,306,829 | 251,306,829 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
45,072,485 | 45,072,485 | 28,082,317 | 28,082,317 | ||||||||||||
Service Shares
|
114,181,684 | 114,181,684 | 138,095,905 | 138,095,905 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
334,227,547 | 334,227,547 | 238,693,476 | 238,693,476 | ||||||||||||
Tax-Free Investment Class
|
370,158,099 | 370,158,099 | 396,600,890 | 396,600,890 | ||||||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | 3,597,601,782 | $ | 3,574,503,665 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Capital Assets Funds Shares
|
1,690 | $ | 1,690 | 3,264 | $ | 3,264 | ||||||||||
Davidson Cash Equivalent Shares
|
16,011 | 16,011 | 20,992 | 20,992 | ||||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
82,435 | 82,435 | 163,290 | 163,290 | ||||||||||||
DWS Tax-Exempt Money Fund
|
51,299 | 51,299 | 76,913 | 76,913 | ||||||||||||
DWS Tax-Free Money Fund Class S
|
23,098 | 23,098 | 27,387 | 27,387 | ||||||||||||
Service Shares
|
12,559 | 12,559 | 14,768 | 14,768 | ||||||||||||
Tax-Exempt Cash Managed Shares
|
18 | 18 | 2,584 | 2,584 | ||||||||||||
Tax-Free Investment Class
|
74,491 | 74,491 | 100,546 | 100,546 | ||||||||||||
$ | 261,601 | $ | 409,744 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Capital Assets Funds Shares
|
(29,732,300 | ) | $ | (29,732,300 | ) | (35,324,040 | ) | $ | (35,324,040 | ) | ||||||
Davidson Cash Equivalent Shares
|
(177,491,875 | ) | (177,491,875 | ) | (106,210,991 | ) | (106,210,991 | ) | ||||||||
DWS Tax-Exempt Cash Institutional Shares
|
(2,290,162,893 | ) | (2,290,162,893 | ) | (2,508,359,723 | ) | (2,508,359,723 | ) | ||||||||
DWS Tax-Exempt Money Fund
|
(253,450,226 | ) | (253,450,226 | ) | (322,145,746 | ) | (322,145,746 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(55,566,665 | ) | (55,566,665 | ) | (38,170,621 | ) | (38,170,621 | ) | ||||||||
Service Shares
|
(107,448,656 | ) | (107,448,656 | ) | (171,243,303 | ) | (171,243,303 | ) | ||||||||
Tax-Exempt Cash Managed Shares
|
(346,623,661 | ) | (346,623,661 | ) | (290,012,104 | ) | (290,012,104 | ) | ||||||||
Tax-Free Investment Class
|
(398,866,044 | ) | (398,866,044 | ) | (399,598,260 | ) | (399,598,260 | ) | ||||||||
$ | (3,659,342,320 | ) | $ | (3,871,064,788 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Capital Assets Funds Shares
|
(3,525,246 | ) | $ | (3,525,246 | ) | (1,540,506 | ) | $ | (1,540,506 | ) | ||||||
Davidson Cash Equivalent Shares
|
(6,521,526 | ) | (6,521,526 | ) | 8,873,477 | 8,873,477 | ||||||||||
DWS Tax-Exempt Cash Institutional Shares
|
22,795,249 | 22,795,249 | (135,315,931 | ) | (135,315,931 | ) | ||||||||||
DWS Tax-Exempt Money Fund
|
(29,505,796 | ) | (29,505,796 | ) | (70,762,004 | ) | (70,762,004 | ) | ||||||||
DWS Tax-Free Money Fund Class S
|
(10,471,082 | ) | (10,471,082 | ) | (10,060,917 | ) | (10,060,917 | ) | ||||||||
Service Shares
|
6,745,587 | 6,745,587 | (33,132,630 | ) | (33,132,630 | ) | ||||||||||
Tax-Exempt Cash Managed Shares
|
(12,396,096 | ) | (12,396,096 | ) | (51,316,044 | ) | (51,316,044 | ) | ||||||||
Tax-Free Investment Class
|
(28,633,454 | ) | (28,633,454 | ) | (2,896,824 | ) | (2,896,824 | ) | ||||||||
Account Maintenance Fees
|
— | 33,427 | — | — | ||||||||||||
$ | (61,478,937 | ) | $ | (296,151,379 | ) |
![]() |
||
Boston, Massachusetts
June 20, 2014
|
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2014 (Unaudited)
|
||||
Actual Fund Return
|
Tax-Free Investment Class
|
|||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,000.18 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
Hypothetical 5% Fund Return
|
||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | ||
Ending Account Value 4/30/14
|
$ | 1,024.20 | ||
Expenses Paid per $1,000*
|
$ | .60 | ||
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
|
||||
Annualized Expense Ratio
|
||||
Tax-Free Investment Class
|
.12 | % | ||
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
|
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
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and 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)
|
104
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and 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
|
104
|
—
|
|
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); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
104
|
Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003– present); Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
104
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus 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 and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
104
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
104
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
104
|
—
|
|
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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
104
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
104
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
104
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, 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)
|
104
|
—
|
|
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
|
107
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth 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,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan7 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6,9 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth 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. Paul K. Freeman, 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
|
||||||||||||
2014
|
$ | 87,797 | $ | 0 | $ | 8,089 | $ | 0 | ||||||||
2013
|
$ | 88,032 | $ | 0 | $ | 7,854 | $ | 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
|
|||||||||
2014
|
$ | 0 | $ | 292,970 | $ | 3,911,026 | ||||||
2013
|
$ | 0 | $ | 243,066 | $ | 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)
|
||||||||||||
2014
|
$ | 8,089 | $ | 4,203,996 | $ | 759,260 | $ | 4,971,345 | ||||||||
2013
|
$ | 7,854 | $ | 243,066 | $ | 328,132 | $ | 579,052 |
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
|
||||||||||||
2014
|
$ | 89,831 | $ | 0 | $ | 7,226 | $ | 0 | ||||||||
2013
|
$ | 90,042 | $ | 0 | $ | 7,015 | $ | 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
|
|||||||||
2014
|
$ | 0 | $ | 292,970 | $ | 3,911,026 | ||||||
2013
|
$ | 0 | $ | 243,066 | $ | 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)
|
||||||||||||
2014
|
$ | 7,226 | $ | 4,203,996 | $ | 759,260 | $ | 4,970,482 | ||||||||
2013
|
$ | 7,015 | $ | 243,066 | $ | 328,132 | $ | 578,213 |
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
|
||||||||||||
2014
|
$ | 87,571 | $ | 0 | $ | 7,027 | $ | 0 | ||||||||
2013
|
$ | 87,776 | $ | 0 | $ | 6,823 | $ | 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
|
|||||||||
2014
|
$ | 0 | $ | 292,970 | $ | 3,911,026 | ||||||
2013
|
$ | 0 | $ | 243,066 | $ | 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)
|
||||||||||||
2014
|
$ | 7,027 | $ | 4,203,996 | $ | 759,260 | $ | 4,970,283 | ||||||||
2013
|
$ | 6,823 | $ | 243,066 | $ | 328,132 | $ | 578,021 |
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 Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.
|
||
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/Brian E. Binder
Brian E. Binder
President
|
Date:
|
June 27, 2014
|
By:
|
/s/Brian E. Binder
Brian E. Binder
President
|
Date:
|
June 27, 2014
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
June 27, 2014
|
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
|
Brian Binder5
|
Paul Schubert
|
Paul Schubert
|
Germany*
|
Brian Binder
|
Paul Schubert
|
Paul Schubert
|
As of: | December 6, 2013 |
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.
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2.
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I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
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3.
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I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
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4.
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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.
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5.
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I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
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Signature | Date |
Print Name
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Department
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Location
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Telephone
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1.
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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.
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2.
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I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
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3.
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I have adhered to the Officer Code.
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4.
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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.
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5.
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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.
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6.
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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.
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7.
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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.
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8.
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I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
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Signature | Date |
1.
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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;
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2.
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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;
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3.
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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;
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4.
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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;
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(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;
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(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
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(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
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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
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(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.
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June 27, 2014
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/s/Brian E. Binder
|
Brian E. Binder
|
|
President
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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 27, 2014
|
/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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