N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number:  811-06073

Cash Management Portfolio

 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-3220

Paul Schubert

60 Wall Street

New York, NY 10005

 (Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	6/30/2014

ITEM 1. REPORT TO STOCKHOLDERS

June 30, 2014

Semiannual Report

to Shareholders

Cash Management Fund

Institutional Shares

Contents

Cash Management Fund

3 Portfolio Summary

4 Statement of Assets and Liabilities

5 Statement of Operations

6 Statement of Changes in Net Assets

7 Financial Highlights

8 Notes to Financial Statements

12 Information About Your Fund's Expenses

Cash Management Portfolio

15 Investment Portfolio

37 Statement of Assets and Liabilities

38 Statement of Operations

39 Statement of Changes in Net Assets

40 Financial Highlights

41 Notes to Financial Statements

45 Advisory Agreement Board Considerations and Fee Evaluation

50 Account Management Resources

52 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this 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. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors of the fund may have a significant adverse effect on the share price of the fund. See the prospectus for specific details regarding the fund's risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Summary (Unaudited)

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investment in Cash Management Portfolio, at value	$	1,763,415,764
Receivable for Fund shares sold		1,688
Due from Advisor		9,765
Other assets		11,066
Total assets		1,763,438,283
Liabilities
Payable for Fund shares redeemed		3,986
Distributions payable		2,636
Accrued Trustees' fees		935
Other accrued expenses and payables		239,442
Total liabilities		246,999
Net assets, at value	$	1,763,191,284
Net Assets Consist of
Undistributed net investment income		1
Accumulated net realized gain (loss)		(157,001	)
Paid-in capital		1,763,348,284
Net assets, at value	$	1,763,191,284
Net Asset Value
Institutional Shares Net Asset Value, offering and redemption price per share ($1,763,191,284 ÷ 1,763,421,722 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income and expenses allocated from Cash Management Portfolio: Interest	$	1,595,583
Expenses*		(1,190,288	)
Net investment income allocated from Cash Management Portfolio		405,295
Expenses: Administration fee		855,449
Services to shareholders		41,775
Service fees		473,979
Professional fees		17,124
Reports to shareholders		18,462
Registration fees		10,370
Trustees' fees and expenses		2,896
Other		15,493
Total expenses before expense reductions		1,435,548
Expense reductions		(1,115,808	)
Total expenses after expense reductions		319,740
Net investment income		85,555
Net realized gain (loss) allocated from Cash Management Portfolio		(191	)
Net increase (decrease) in net assets resulting from operations	$	85,364

* Net of $243,337 Advisor reimbursement allocated from Cash Management Portfolio for the six months ended June 30, 2014.

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	85,555		$	210,288
Operations: Net investment income	$	85,555		$	210,288
Net realized gain (loss)		(191	)		24,775
Net increase (decrease) in net assets resulting from operations		85,364			235,063
Distributions to shareholders from: Net investment income		(85,556	)		(210,286	)
Fund share transactions: Proceeds from shares sold		4,120,780,181			7,971,573,757
Reinvestment of distributions		76,183			188,004
Payments for shares redeemed		(3,894,158,868	)		(8,911,304,631	)
Net increase (decrease) in net assets from Fund share transactions		226,697,496			(939,542,870	)
Increase (decrease) in net assets		226,697,304			(939,518,093	)
Net assets at beginning of period		1,536,493,980			2,476,012,073
Net assets at end of period (including undistributed net investment income of $1 and $2, respectively)	$	1,763,191,284		$	1,536,493,980
Other Information
Shares outstanding at beginning of period		1,536,724,226			2,476,267,096
Shares sold		4,120,780,181			7,971,573,757
Shares issued to shareholders in reinvestment of distributions		76,183			188,004
Shares redeemed		(3,894,158,868	)		(8,911,304,631	)
Net increase (decrease) in Fund shares		226,697,496			(939,542,870	)
Shares outstanding at end of period		1,763,421,722			1,536,724,226

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Institutional Shares
				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	a		.000	a		.000	a		.000	a		.001			.004
Net realized gain (loss)		(.000	)a		.000	a		.000	a		.000	a		.000	a		.000	a
Total from investment operations		.000	a		.000	a		.000	a		.000	a		.001			.004
Less distributions from: Net investment income		(.000	)a		(.000	)a		(.000	)a		(.000	)a		(.001	)		(.004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)b		.00	**c		.01			.01			.01			.05			.37
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,763			1,536			2,476			2,269			2,533			2,037
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		.34	*		.33			.33			.33			.34			.38
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.18	*		.21			.27			.24			.28			.26
Ratio of net investment income (%)		.01	*		.01			.01			.01			.05			.34
a Amount is less than $.0005. b Total return would have been lower had certain expenses not been reduced. c Amount is less than .005%. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Management Fund (the "Fund") is a diversified series of DWS Money Market Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund currently offers one class of shares, Institutional Shares, to investors.

The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Cash Management Portfolio (the "Portfolio"), an open-end management investment company registered under the 1940 Act and organized as a New York trust advised by Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2014, the Fund owned approximately 9% of the Portfolio.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2013, the Fund had a net tax basis capital loss carryforward of approximately $157,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2016, the expiration date, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. The Fund receives an allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor serves as the investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

For the period from January 1, 2014 through April 30, 2015, DIMA has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.30% of the Fund's average daily net assets.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under this arrangement, the Advisor waived certain expenses of the Fund.

For the six months ended June 30, 2014, the Administration Fee was $855,449, of which $605,895 was waived and $39,719 is unpaid.

Service Provider Fees. DeAWM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DSC aggregated $35,934, all of which was waived.

Shareholder Servicing Fee. DeAWM Distributors, Inc. ("DDI"), an affiliate of the Advisor, provides information and administrative services for a fee ("Service Fee") to shareholders at an annual rate of up to 0.25% of average daily net assets. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firm services. For the six months ended June 30, 2014, the Service Fee was as follows:

	Total Aggregated		Waived		Annualized Effective Rate
Cash Management Fund	$	473,979	$	473,979		.00	%

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,808, of which $5,307 is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Concentration of Ownership

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At June 30, 2014, there was one shareholder account that held approximately 53% of the outstanding shares of the Fund.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Fund is required to comply with money market reform over the next two years. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2014 to June 30, 2014).

The tables illustrate your Fund's expenses in two ways:

—Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2014 (Unaudited)
Actual Fund Return*	Institutional Shares
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,000.05
Expenses Paid per $1,000**	$	.89
Hypothetical 5% Fund Return*	Institutional Shares
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,023.90
Expenses Paid per $1,000**	$	.90

* Expenses include amounts allocated proportionally from the master portfolio.

** Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratio	Institutional Shares
Cash Management Fund	.18%

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.

(The following financial statements of the Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2014 (Unaudited)

	Principal Amount ($)		Value ($)
Certificates of Deposit and Bank Notes 12.0%
Bank of America NA, 0.17%, 7/31/2014		200,000,000		200,000,000
Bank of Montreal:
0.17%, 9/10/2014		79,000,000		79,000,000
0.2%, 12/5/2014		44,000,000		43,999,999
Bank of Nova Scotia, 1.85%, 1/12/2015		27,060,000		27,286,268
China Construction Bank Corp.:
0.37%, 7/14/2014		50,000,000		50,000,000
0.37%, 7/29/2014		50,000,000		50,000,000
DNB Bank ASA:
0.22%, 7/7/2014		60,000,000		60,000,000
0.225%, 7/16/2014		114,000,000		114,000,000
0.23%, 10/1/2014		100,000,000		100,000,000
0.23%, 10/9/2014		23,000,000		23,000,000
DZ Bank AG:
0.25%, 9/10/2014		120,500,000		120,500,000
0.25%, 10/3/2014		135,000,000		135,000,000
0.27%, 11/7/2014		112,750,000		112,750,000
Fortis Bank SA:
0.18%, 7/2/2014		82,600,000		82,600,011
0.22%, 7/1/2014		182,500,000		182,500,000
Industrial & Commercial Bank of China Ltd.:
0.35%, 7/11/2014		115,000,000		115,000,000
0.37%, 7/29/2014		75,750,000		75,750,000
Mitsubishi UFJ Trust & Banking Corp., 0.17%, 7/3/2014		53,000,000		53,000,000
National Australia Bank Ltd., 2.0%, 3/9/2015		20,000,000		20,233,221
Natixis, 0.223%, 7/14/2014		150,000,000		150,000,000
Nordea Bank Finland PLC, 0.21%, 7/7/2014		101,000,000		101,000,000
Province of Ontario Canada, 2.95%, 2/5/2015		3,030,000		3,078,457
Rabobank Nederland NV:
0.245%, 3/13/2015		140,000,000		140,000,000
0.27%, 10/3/2014		65,000,000		65,000,000
Sumitomo Mitsui Banking Corp., 0.17%, 8/11/2014		29,000,000		29,000,000
Svenska Handelsbanken AB, 0.22%, 9/30/2014		138,750,000		138,749,999
Wal-Mart Stores, Inc., 5.319%, 6/1/2015		34,000,000		35,599,715
Total Certificates of Deposit and Bank Notes (Cost $2,307,047,670)				2,307,047,670
Commercial Paper 41.6%
Issued at Discount** 29.1%
Albion Capital Corp. SA:
0.13%, 7/7/2014		24,260,000		24,259,474
0.16%, 7/15/2014		52,960,000		52,956,705
Alpine Securitzation, 144A, 0.02%, 7/1/2014		50,000,000		50,000,000
Antalis U.S. Funding Corp., 144A, 0.1%, 7/2/2014		29,792,000		29,791,917
Apple, Inc.:
0.07%, 7/7/2014		34,000,000		33,999,603
0.08%, 8/1/2014		20,000,000		19,998,622
0.15%, 11/10/2014		20,000,000		19,989,000
0.18%, 2/6/2015		20,000,000		19,978,000
0.18%, 2/10/2015		20,000,000		19,977,600
Bank Nederlandse Gemeenten, 0.245%, 6/2/2015		30,000,000		29,931,400
Bedford Row Funding Corp.:
144A, 0.26%, 7/25/2014		23,000,000		22,996,013
144A, 0.3%, 6/9/2015		50,000,000		49,857,083
144A, 0.31%, 10/27/2014		77,000,000		76,921,759
144A, 0.32%, 12/17/2014		35,500,000		35,446,671
144A, 0.32%, 4/1/2015		35,000,000		34,914,756
BNZ International Funding Ltd., 144A, 0.2%, 12/12/2014		100,000,000		99,908,889
Caisse Centrale Desjardins:
0.165%, 9/16/2014		38,500,000		38,486,413
0.17%, 10/1/2014		40,000,000		39,982,622
Caisse des Depots et Consignations, 144A, 0.15%, 9/4/2014		137,800,000		137,762,679
Catholic Health Initiatives, 0.2%, 12/10/2014		17,150,000		17,134,565
Chevron Corp., 144A, 0.12%, 9/16/2014		54,750,000		54,735,948
CNPC Finance HK Ltd.:
144A, 0.35%, 7/8/2014		95,000,000		94,993,535
144A, 0.38%, 8/21/2014		40,000,000		39,978,467
144A, 0.4%, 7/2/2014		45,060,000		45,059,499
Coca-Cola Co.:
0.19%, 11/3/2014		3,000,000		2,998,021
0.19%, 12/2/2014		50,000,000		49,959,361
Collateralized Commercial Paper Co., LLC, 0.21%, 9/25/2014		132,500,000		132,433,529
Collateralized Commercial Paper II Co., LLC, 144A, 0.22%, 11/13/2014		112,000,000		111,907,600
CPPIB Capital, Inc.:
0.3%, 2/11/2015		21,000,000		20,960,625
0.3%, 2/17/2015		10,000,000		9,980,750
0.3%, 2/27/2015		10,000,000		9,979,917
DBS Bank Ltd., 144A, 0.235%, 9/10/2014		160,000,000		159,925,844
Dexia Credit Local:
0.263%, 8/21/2014		65,000,000		64,976,058
0.27%, 8/25/2014		24,000,000		23,990,100
0.27%, 9/4/2014		24,750,000		24,737,934
0.325%, 8/18/2014		100,000,000		99,956,667
0.325%, 8/19/2014		50,000,000		49,977,882
DNB Bank ASA:
0.15%, 8/25/2014		122,940,000		122,911,826
0.225%, 7/30/2014		100,000,000		99,981,875
0.235%, 9/8/2014		157,000,000		156,929,285
0.24%, 10/6/2014		34,000,000		33,978,013
eBay, Inc., 144A, 0.09%, 8/19/2014		118,500,000		118,485,484
Erste Abwicklungsanstalt:
144A, 0.11%, 7/7/2014		23,000,000		22,999,578
144A, 0.15%, 9/8/2014		23,500,000		23,493,244
144A, 0.16%, 9/22/2014		100,000,000		99,963,111
Exxon Mobil Corp., 0.05%, 7/9/2014		4,498,000		4,497,950
General Electric Capital Corp., 0.2%, 9/3/2014		52,000,000		51,981,511
Gotham Funding Corp.:
144A, 0.14%, 7/16/2014		25,000,000		24,998,542
144A, 0.15%, 7/11/2014		47,649,000		47,647,015
144A, 0.16%, 7/25/2014		59,736,000		59,729,628
144A, 0.16%, 7/29/2014		125,054,000		125,038,438
Hannover Funding Co., LLC:
0.179%, 8/5/2014		20,000,000		19,996,500
0.18%, 7/17/2014		15,000,000		14,998,800
0.18%, 8/18/2014		88,000,000		87,978,880
Johnson & Johnson, 144A, 0.05%, 7/1/2014		33,109,000		33,109,000
Kells Funding LLC:
144A, 0.2%, 7/11/2014		50,000,000		49,997,222
144A, 0.22%, 9/19/2014		85,000,000		84,958,445
144A, 0.25%, 8/12/2014		51,700,000		51,684,921
Macquarie Bank Ltd., 144A, 0.2%, 9/18/2014		46,000,000		45,979,811
Manhattan Asset Funding Co., LLC, 144A, 0.16%, 7/7/2014		3,000,000		2,999,920
Matchpoint Master Trust:
0.1%, 7/2/2014		150,000,000		149,999,583
0.1%, 7/3/2014		50,000,000		49,999,722
0.12%, 7/1/2014		60,000,000		60,000,000
MetLife Short Term Funding LLC:
144A, 0.2%, 8/6/2014		24,000,000		23,995,200
144A, 0.22%, 9/15/2014		21,472,000		21,462,028
Microsoft Corp., 0.06%, 8/6/2014		18,906,000		18,904,299
Nestle Capital Corp., 0.15%, 9/8/2014		50,000,000		49,985,625
New York Life Capital Corp.:
144A, 0.07%, 7/31/2014		8,485,000		8,484,505
144A, 0.11%, 9/2/2014		3,590,000		3,589,309
Nordea Bank AB:
0.165%, 7/28/2014		28,465,000		28,461,478
0.22%, 10/14/2014		200,000,000		199,871,667
Old Line Funding LLC:
144A, 0.21%, 8/4/2014		50,000,000		49,990,083
144A, 0.22%, 9/10/2014		76,000,000		75,967,024
PepsiCo, Inc., 0.07%, 7/22/2014		14,000,000		13,999,428
Philip Morris International, Inc., 144A, 0.09%, 7/16/2014		2,271,000		2,270,915
Procter & Gamble Co.:
0.08%, 7/21/2014		5,000,000		4,999,778
0.12%, 9/3/2014		8,500,000		8,498,187
0.15%, 10/29/2014		64,000,000		63,968,000
Prudential Funding LLC, 0.06%, 7/1/2014		11,000,000		11,000,000
PSP Capital, Inc., 0.14%, 9/10/2014		15,192,000		15,187,805
Queensland Treasury Corp., 0.15%, 7/30/2014		4,000,000		3,999,517
Roche Holding, Inc., 144A, 0.09%, 7/23/2014		30,000,000		29,998,350
Siemens Capital Co., LLC, 144A, 0.13%, 9/19/2014		100,000,000		99,971,111
Sinopec Century Bright Capital Investment Ltd.:
0.35%, 8/27/2014		50,000,000		49,972,292
0.37%, 7/17/2014		38,000,000		37,993,751
Skandinaviska Enskilda Banken AB, 0.235%, 9/2/2014		45,600,000		45,581,247
Standard Chartered Bank:
0.16%, 7/14/2014		4,615,000		4,614,733
0.27%, 8/4/2014		60,000,000		59,984,700
0.28%, 11/3/2014		183,500,000		183,321,597
Starbird Funding Corp.:
144A, 0.1%, 7/2/2014		57,500,000		57,499,840
144A, 0.1%, 7/3/2014		50,219,000		50,218,721
144A, 0.12%, 7/1/2014		75,000,000		75,000,000
Svenska Handelsbanken AB, 0.18%, 10/14/2014		61,750,000		61,717,581
Swedbank AB:
0.245%, 9/8/2014		73,271,000		73,236,593
0.25%, 10/1/2014		200,000,000		199,872,222
United Overseas Bank Ltd.:
0.24%, 10/14/2014		28,000,000		27,980,400
0.26%, 1/5/2015		19,000,000		18,974,202
Victory Receivables Corp.:
144A, 0.15%, 7/16/2014		88,328,000		88,322,480
144A, 0.16%, 7/28/2014		75,000,000		74,991,000
Wal-Mart Stores, Inc.:
0.07%, 7/7/2014		3,000,000		2,999,965
0.1%, 7/28/2014		183,100,000		183,086,268
Walt Disney Co.:
0.1%, 7/11/2014		20,000,000		19,999,445
0.1%, 7/31/2014		35,300,000		35,297,058
Working Capital Management Co.:
144A, 0.15%, 7/7/2014		4,000,000		3,999,900
144A, 0.16%, 7/8/2014		33,550,000		33,548,956
				5,618,001,072
Issued at Par 12.5%
ANZ New Zealand International Ltd., 144A, 0.213%*, 1/12/2015		100,000,000		100,000,000
ASB Finance Ltd.:
144A, 0.244%*, 6/16/2015		100,000,000		100,000,000
144A, 0.264%*, 10/9/2014		1,000,000		1,000,107
Atlantic Asset Securitization LLC, 144A, 0.181%*, 8/7/2014		100,000,000		100,000,000
Australia & New Zealand Banking Group Ltd., 144A, 0.229%*, 4/30/2015		40,000,000		39,998,307
Bank of Montreal:
0.181%*, 8/14/2014		150,000,000		149,999,155
0.22%*, 9/5/2014		49,000,000		49,002,450
Bank of Nova Scotia, 0.28%*, 1/13/2015		102,000,000		102,000,000
Barton Capital LLC, 144A, 0.184%*, 11/18/2014		26,037,000		26,036,631
BNZ International Funding Ltd.:
144A, 0.242%*, 6/10/2015		20,000,000		20,000,000
144A, 0.243%*, 2/2/2015		50,000,000		50,000,000
Caisse Centrale Desjardins, 144A, 0.227%*, 1/26/2015		100,000,000		99,994,258
Canadian Imperial Bank of Commerce, 0.223%*, 5/8/2015		50,000,000		50,000,000
DBS Bank Ltd., 144A, 0.238%*, 2/20/2015		35,000,000		35,001,927
DNB Bank ASA, 0.192%*, 8/11/2014		36,000,000		36,000,048
Kells Funding LLC:
144A, 0.228%*, 10/22/2014		198,500,000		198,492,930
144A, 0.23%*, 10/10/2014		75,000,000		75,000,000
144A, 0.23%*, 1/27/2015		110,000,000		109,996,700
144A, 0.232%*, 11/17/2014		48,800,000		48,799,902
144A, 0.233%*, 2/13/2015		26,000,000		26,001,448
144A, 0.243%*, 2/5/2015		65,000,000		65,003,359
Kommunalbanken AS, 144A, 0.247%*, 1/26/2015		21,370,000		21,377,608
Nederlandse Waterschapsbank NV:
144A, 0.201%*, 8/13/2014		150,000,000		150,000,000
144A, 0.231%*, 11/3/2014		100,000,000		100,000,000
144A, 0.265%*, 8/15/2014		67,200,000		67,200,000
Old Line Funding LLC:
144A, 0.181%*, 2/2/2015		83,000,000		83,000,000
144A, 0.183%*, 10/10/2014		63,800,000		63,800,000
144A, 0.21%*, 12/5/2014		4,000,000		4,000,000
PepsiCo, Inc., 0.08%*, 7/22/2014		10,000,000		9,999,533
PNC Bank NA:
0.27%, 9/5/2014		35,000,000		35,000,000
0.28%, 10/8/2014		20,000,000		20,000,000
Rabobank Nederland NV, 0.259%*, 8/28/2014		64,000,000		64,009,834
Royal Bank of Canada:
0.232%*, 2/12/2015		100,000,000		100,000,000
0.27%*, 12/11/2014		83,000,000		83,000,000
Versailles Commercial Paper LLC:
144A, 0.191%*, 10/3/2014		70,000,000		70,000,000
144A, 0.211%*, 7/16/2014		33,000,000		33,000,000
Westpac Banking Corp., 0.228%*, 2/20/2015		14,500,000		14,500,644
				2,401,214,841
Total Commercial Paper (Cost $8,019,215,913)				8,019,215,913
Government & Agency Obligations 2.2%
Other Government Related (a) 0.3%
International Bank for Reconstruction & Development, 0.17%*, 7/23/2014		61,600,000		61,600,321
U.S. Government Sponsored Agencies 1.5%
Federal Farm Credit Bank, 0.131%*, 3/3/2016		35,000,000		35,000,000
Federal Home Loan Mortgage Corp.:
0.065%**, 10/16/2014		75,000,000		74,985,510
0.068%**, 8/8/2014		50,000,000		49,996,305
0.08%**, 11/26/2014		50,000,000		49,983,556
0.094%**, 10/2/2014		29,000,000		28,992,883
0.099%**, 9/5/2014		25,000,000		24,995,417
0.099%**, 10/28/2014		15,000,000		14,995,042
				278,948,713
U.S. Treasury Obligations 0.4%
U.S. Treasury Bill, 0.07%**, 8/21/2014		7,000,000		6,999,306
U.S. Treasury Notes:
0.25%, 9/15/2014		25,000,000		25,008,246
2.125%, 11/30/2014		15,000,000		15,122,654
2.375%, 10/31/2014		60,000		60,462
4.25%, 8/15/2014		35,000,000		35,181,114
				82,371,782
Total Government & Agency Obligations (Cost $422,920,816)				422,920,816
Short-Term Notes* 10.5%
Australia & New Zealand Banking Group Ltd., 144A, 0.327%, 5/18/2015		120,700,000		120,700,000
Bank of Nova Scotia:
0.28%, 9/3/2014		62,000,000		62,000,000
0.294%, 6/24/2015		85,000,000		85,000,000
Canadian Imperial Bank of Commerce, 0.34%, 7/17/2015		176,750,000		176,750,000
Commonwealth Bank of Australia:
144A, 0.241%, 7/10/2015		180,000,000		180,000,000
144A, 0.506%, 1/29/2015		29,450,000		29,496,704
JPMorgan Chase Bank NA, 0.347%, 6/22/2015		164,250,000		164,250,000
National Australia Bank Ltd., 144A, 1.177%, 7/25/2014		25,000,000		25,017,121
Rabobank Nederland NV:
0.277%, 12/1/2014		190,500,000		190,500,000
0.277%, 4/10/2015		59,500,000		59,500,000
0.296%, 6/1/2015		70,000,000		70,000,000
0.307%, 7/6/2015		136,500,000		136,500,000
Svenska Handelsbanken AB, 144A, 0.308%, 10/3/2014		168,000,000		168,000,000
Toyota Motor Credit Corp., 0.308%, 8/22/2014		54,800,000		54,814,102
Wells Fargo Bank NA:
0.25%, 11/24/2014		17,810,000		17,810,000
0.25%, 6/16/2015		125,000,000		125,000,000
0.27%, 12/10/2014		125,000,000		125,000,000
Westpac Banking Corp.:
0.231%, 5/11/2015		110,000,000		110,000,000
0.24%, 5/4/2015		125,000,000		125,000,000
Total Short-Term Notes (Cost $2,025,337,927)				2,025,337,927
Time Deposits 11.0%
Citibank NA, 0.08%, 7/2/2014		72,000,000		72,000,000
Credit Agricole Corporate & Investment Bank, 0.07%, 7/1/2014		278,483,794		278,483,794
Fortis Bank SA, 0.03%, 7/1/2014		73,000,000		73,000,000
National Australia Bank Ltd., 0.06%, 7/1/2014		31,146,000		31,146,000
Natixis, 0.09%, 7/3/2014		225,000,000		225,000,000
Skandinaviska Enskilda Banken AB, 0.02%, 7/1/2014		200,000,000		200,000,000
Sumitomo Mitsui Banking Corp., 0.08%, 7/1/2014		837,000,000		837,000,000
Svenska Handelsbanken AB, 0.02%, 7/1/2014		400,000,000		400,000,000
Total Time Deposits (Cost $2,116,629,794)				2,116,629,794
Municipal Investments 2.4%
Chicago, IL, TECP, 0.18%**, 7/29/2014		31,475,000		31,470,594
Colorado, RBC Municipal Products, Inc. Trust, Series E-25, 144A, AMT, 0.08%***, 8/29/2014, LOC: Royal Bank of Canada		22,000,000		22,000,000
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 0.06%***, 5/1/2049, LOC: Northern Trust Co.		305,000		305,000
Johnson City, TN, Health & Educational Facilities Board, Hospital Revenue, Mountain States Health Alliance, Series B, 0.12%***, 8/15/2043, LOC: U.S. Bank NA		11,075,000		11,075,000
Kentucky, State Housing Corp. Revenue, Series O, 0.12%***, 1/1/2036, SPA: State Street Bank & Trust Co.		15,520,000		15,520,000
Metropolitan Washington, DC, Airports Authority System Revenue, Series D-1, 0.07%***, 10/1/2039, LOC: TD Bank NA		18,020,000		18,020,000
Michigan, Finance Authority, School Loan:
Series B, 0.11%***, 9/1/2050, LOC: PNC Bank NA		25,000,000		25,000,000
Series C, 0.12%***, 9/1/2050, LOC: Bank of Montreal		21,000,000		21,000,000
Michigan, RBC Municipal Products, Inc. Trust:
Series L-27, 144A, AMT, 0.1%***, 3/1/2031, LOC: Royal Bank of Canada		24,245,000		24,245,000
Series L-25, 144A, AMT, 0.1%***, 9/1/2033, LOC: Royal Bank of Canada		56,745,000		56,745,000
Michigan, State Finance Authority Revenue, School Loan Revolving Fund, Series A, 144A, 0.1%***, 9/1/2053, LOC: JPMorgan Chase Bank NA		25,000,000		25,000,000
Minnesota, State Office of Higher Education Revenue, Supplementary Student, Series A, 0.11%***, 12/1/2043, LOC: U.S. Bank NA		11,500,000		11,500,000
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:
Series J, 0.03%***, 11/1/2035, GTY: Chevron Corp.		3,450,000		3,450,000
Series A, 0.05%***, 12/1/2030, GTY: Chevron Corp.		14,950,000		14,950,000
New Hampshire, State Health & Education Facilities Authority Revenue, Higher Education Loan Corp., Series A, 0.11%***, 12/1/2032, LOC: Royal Bank of Canada		16,199,000		16,199,000
New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Housing Revenue, Series C, 0.11%***, 11/1/2039, LOC: Bank of America NA		9,840,000		9,840,000
New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series A, 144A, 0.11%***, 11/1/2037, LOC: Landesbank Hessen-Thuringen		11,750,000		11,750,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series TR-T30001-I, 144A, 0.13%***, 6/15/2044, LIQ: Citibank NA		8,000,000		8,000,000
Nuveen Select Quality Municipal Fund, Inc., Series 1-2525, AMT, 0.15%***, 5/1/2041, LIQ: Barclays Bank PLC		40,000,000		40,000,000
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series N, AMT, 0.09%***, 9/1/2036, SPA: State Street Bank & Trust Co.		100,000		100,000
Ohio, University Hospitals Health System, Inc., Hospital Revenue, Series C, 0.11%***, 1/15/2050, LOC: Barclays Bank PLC		25,000,000		25,000,000
Utah, State Housing Corp., Single Family Mortgage Revenue:
"I", Series E-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		4,065,000		4,065,000
"I", Series G-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		8,040,000		8,040,000
"1", Series C, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,390,000		5,390,000
"I", Series B-2, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,425,000		5,425,000
"I", Series F, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		4,380,000		4,380,000
Vermont, Economic Development Authority, Series A, TECP, 0.2%, 8/7/2014, LOC: JPMorgan Chase Bank NA		33,750,000		33,750,000
Total Municipal Investments (Cost $452,219,594)				452,219,594
Repurchase Agreements 7.8%
BNP Paribas, 0.08%, dated 6/30/2014, to be repurchased at $55,003,122 on 7/1/2014 (c)		55,003,000		55,003,000
BNP Paribas, 0.23%, dated 1/9/2014, to be repurchased at $200,264,500 on 8/4/2014 (b) (d)		200,000,000		200,000,000
Citigroup Global Markets, Inc., 0.06%, dated 6/30/2014, to be repurchased at $61,000,102 on 7/1/2014 (e)		61,000,000		61,000,000
JPMorgan Securities, Inc., 0.36%, dated 3/18/2014, to be repurchased at $358,533,420 on 8/14/2014 (b) (f)		358,000,000		358,000,000
JPMorgan Securities, Inc., 0.39%, dated 2/13/2014, to be repurchased at $152,872,667 on 9/29/2014 (b) (g)		152,500,000		152,500,000
Merrill Lynch & Co., Inc., 0.06%, dated 6/30/2014, to be repurchased at $71,000,118 on 7/1/2014 (h)		71,000,000		71,000,000
The Goldman Sachs & Co., 0.1%, dated 6/30/2014, to be repurchased at $60,000,167 on 7/1/2014 (i)		60,000,000		60,000,000
The Toronto-Dominion Bank, 0.11%, dated 6/30/2014, to be repurchased at $115,000,351 on 7/1/2014 (j)		115,000,000		115,000,000
Wells Fargo Securities LLC, 0.27%, dated 6/26/2014, to be repurchased at $200,010,500 on 7/3/2014 (k)		200,000,000		200,000,000
Wells Fargo Securities LLC, 0.38%, dated 5/8/2014, to be repurchased at $238,726,575 on 8/6/2014 (l)		238,500,000		238,500,000
Total Repurchase Agreements (Cost $1,511,003,000)				1,511,003,000

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $16,854,374,714)†		87.5		16,854,374,714
Other Assets and Liabilities, Net		12.5		2,417,375,609
Net Assets		100.0		19,271,750,323

* Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2014.

** Annualized yield at time of purchase; not a coupon rate.

*** Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of June 30, 2014.

† The cost for federal income tax purposes was $16,854,374,714.

(a) Government-backed debt issued by financial companies or government sponsored enterprises.

(b) Open maturity repurchase agreement whose interest rate resets periodically and is shown at the current rate as of June 30, 2014. The dated date is the original day the repurchase agreement was entered into, the maturity date represents the next repurchase date. Upon notice, both the Portfolio and counterparty have the right to terminate the repurchase agreement at any time.

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	22,859,866	Federal National Mortgage Association		3.5–6.5	12/1/2028–5/1/2044		24,370,459
	5,095,911	Federal Home Loan Mortgage Corp.		3.5–4.5	4/1/2019–5/1/2044		5,420,385
	24,320,379	Government National Mortgage Association		4.0–5.0	9/15/2024–5/20/2044		26,601,448
Total Collateral Value							56,392,292

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	3,791,392	Anheuser-Busch InBev Finance, Inc.		3.7	2/1/2024		3,882,954
	3,675,000	Caterpillar, Inc.		0.95	6/26/2015		3,699,643
	5,000,000	College Loan Corp Trust I	Zero Coupon		3/1/2042		5,000,000
	4,100,000	Credit Agricole SA		3.875	4/15/2024		4,187,260
	4,950,000	Credit Suisse		2.3	5/28/2019		4,960,219
	76,990,834	FHLMC Multifamily Structured Pass Through Certificates		1.203–3.389	3/15/2024		27,684,313
	10,000,000	GoldenTree Loan Opportunities VII Ltd.		1.379	4/25/2025		9,940,994
	4,300,000	Honeywell International, Inc.		5.4	3/15/2016		4,727,161
	3,510,000	ING Bank NV		3.75	3/7/2017		3,773,744
	3,000,000	International Business Machines Corp.		0.75	5/11/2015		3,016,503
	3,796,805	Macquarie Bank Ltd.		3.45	7/27/2015		3,948,098
	400,000	Mercedes Benz Auto Lease Trust		0.9	12/16/2019		401,040
	30,000,000	Mountain Hawk II CLO Ltd.		1.388	7/22/2024		29,472,600
	25,710,717	OZLM VII Ltd.		1.675	7/17/2026		26,431,186
	80,923,153	SLM Student Loan Trust		0.369	10/27/2031		78,874,285
Total Collateral Value							210,000,000

(e) Collateralized by $58,691,300 U.S. Treasury Notes, with the various coupon rates from 0.125–2.75%, with various maturity dates of 2/28/2018–1/15/2022 with a value of $62,220,002.

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	690,791	Access Group, Inc.		0.629–0.828	7/25/2034–2/22/2044		643,178
	45,000	ADT Corp		2.25–4.125	7/15/2017–6/15/2023		43,193
	21,714,000	Alcoa, Inc.		5.55–6.75	2/1/2017–1/15/2028		25,029,240
	11,313,000	Asset Backed Securities Corp Home Equity Loan Trust		0.782	5/25/2035		10,579,128
	1,193,000	Aviation Capital Group Corp.		3.875–7.125	9/27/2016–4/6/2021		1,275,076
	1,795,000	Barclays Bank PLC		7.75	4/10/2023		2,046,932
	85,000	Brinker International, Inc.		2.6	5/15/2018		85,246
	14,372	Chase Funding Trust		0.732	11/25/2034		13,432
	79,000	Choice Hotels International, Inc.		5.75	7/1/2022		84,825
	1,832,550	Citigroup Mortgage Loan Trust, Inc.		0.797	8/25/2035		1,805,109
	1,000	Clearwire Communications LLC		14.75	12/1/2016		1,368
	71,275,000	College Loan Corp Trust I	Zero Coupon– 5.448		3/1/2042–1/25/2047		44,979,194
	269,355,694	Commercial Mortgage Trust		0.146	12/10/2049		2,511,978
	2,430,000	Continental Airlines Pass Through Trust		5.5	10/29/2020		2,436,718
	1,463,261	Countrywide Home Equity Loan Trust		0.305	11/15/2036		1,239,517
	4,055,000	Credit Agricole SA		6.637–8.375	8/14/2014		4,518,413
	3,675,000	Delta Air Lines Pass Through Trust		6.75	11/23/2015		3,962,339
	170,000	Dresdner Bank AG		7.25	9/15/2015		184,035
	68,000	Embarq Corp.		7.082	6/1/2016		76,235
	269,000	Expedia, Inc.		5.95–7.456	8/15/2018–8/15/2020		322,375
	3,000	First Horizon National Corp.		5.375	12/15/2015		3,178
	24,267,000	FirstEnergy Corp.		2.75–4.25	3/15/2018–3/15/2023		24,469,670
	3,299,000	FirstEnergy Transmission LLC		4.35–5.45	1/15/2025–7/15/2044		3,345,956
	126,000	Flextronics International Ltd.		4.625–5.0	2/15/2020–2/15/2023		132,353
	4,412,000	GLP Capital LP		4.375–5.375	11/1/2018–11/1/2023		4,580,358
	2,886,936	Goal Capital Funding Trust		0.633	6/25/2042		3,247,658
	7,797,662	Home Equity Mortgage Loan Asset-Backed Trust		0.312	7/25/2037		6,940,881
	583,000	Hospira, Inc.		5.2–6.05	3/30/2017–9/15/2040		629,584
	3,776,914	HSI Asset Securitization Corp Trust		0.342	1/25/2036		3,684,038
	270,000	Icahn Enterprises LP		4.875–6.0	3/15/2019–8/1/2020		296,643
	599,000	ING Capital Funding Trust III		3.834	12/29/2049		599,000
	22,916,000	International Lease Finance Corp.		6.5–7.125	9/1/2014–9/1/2018		26,473,540
	21,805,000	Intesa Sanpaolo SpA		5.017	6/26/2024		22,085,359
	5,000	IPALCO Enterprises, Inc.		7.25	4/1/2016		5,526
	3,013,000	Jabil Circuit, Inc.		4.7–8.25	7/15/2016–9/15/2022		3,327,388
	9,787,000	JetBlue Airways Pass Through Trust		0.674	11/15/2016		9,526,101
	462,518,006	JP Morgan Chase Commercial Mortgage Securities Trust		0.184	12/12/2044		653,094
	320,000	Liberty Mutual Group, Inc.		10.75	6/15/2058		491,762
	9,350,000	Masco Corp.		4.8–7.125	6/15/2015–8/15/2032		10,420,884
	9,317,852	Mastr Asset Backed Securities Trust		0.452	5/25/2037		8,206,826
	375,000	Midcontinent Express Pipeline LLC		5.45	9/15/2014		383,169
	4,318,318	Morgan Stanley Capital I Trust		1.376	6/15/2044		181,162
	10,950,000	Nelnet Education Loan Funding, Inc.		1.2	2/25/2039		10,557,344
	1,014,000	Newfield Exploration Co.		5.75	1/30/2022		1,138,849
	735,710	N-Star REL CDO IV Ltd.		0.501	7/27/2040		719,393
	661,000	Omega Healthcare Investors, Inc.		4.95–6.75	10/15/2022–4/1/2024		691,868
	71,000	ONEOK, Inc.		6.0	6/15/2035		72,153
	567,000	Owens Corning		4.2–9.0	12/1/2016–12/15/2022		596,096
	60,000	PVH Corp.		7.75	11/15/2023		74,666
	1,955,000	QVC, Inc.		5.125–7.375	10/15/2020–7/2/2022		2,119,132
	100,000	Regions Bank		7.5	5/15/2018		119,899
	150,000	Regions Financial Corp.		5.75–7.75	11/10/2014–6/15/2015		158,194
	24,686,000	Royal Bank of Scotland Group PLC		6.0–6.1	6/10/2023–12/19/2023		26,814,318
	280,000	Seminole Tribe of Florida, Inc.		7.804	10/1/2020		320,584
	19,895,000	Signet UK Finance PLC		4.7	6/15/2024		20,344,483
	90,000	SL Green Realty Corp.		5.0	8/15/2018		99,738
	24,177,947	SLM Private Credit Student Loan Trust		0.501–0.631	6/15/2039–12/15/2039		21,684,437
	2,000,000	SLM Private Education Loan Trust		3.0	5/16/2044		1,941,022
	300,000	Societe Generale SA		5.922	8/14/2014		325,195
	873,000	Telecom Italia Capital SA		4.95–5.25	9/30/2014–10/1/2015		920,536
	5,136,000	Telecom Italia SpA		5.303	5/30/2024		5,165,117
	3,000	Toll Brothers Finance Corp.		6.75	11/1/2019		3,483
	4,573,000	TRW Automotive, Inc.		4.45–4.5	3/1/2021–12/1/2023		4,890,130
	50,000	United States Cellular Corp.		6.7	12/15/2033		50,655
	13,840,467	US Education Loan Trust IV LLC		0.08	9/1/2047		17,627,642
	3,601,000	VeriSign, Inc.		4.625	5/1/2023		3,577,768
	8,365,000	Williams Companies, Inc.		7.5	1/15/2031		10,156,741
	7,744,000	Wynn Las Vegas LLC		5.375–7.875	5/1/2020–3/15/2022		8,323,522
Total Collateral Value							370,014,626

(g) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	4,578,303	BBVA US Senior SAU		4.664	10/9/2015		4,836,173
	500,000	Best Buy Co., Inc.		3.75–5.5	3/15/2016–3/15/2021		520,783
	3,200,000	BNP Paribas		5.186	9/29/2014		3,260,461
	15,000	Boardwalk Pipelines LP		5.5	2/1/2017		16,677
	7,765,000	Capital One Bank U.S.A. NA		2.25	2/13/2019		7,877,457
	40,000	ComEd Financing III		6.35	3/15/2033		40,841
	9,005,000	Delta Air Lines Pass Through Trust		6.375–9.75	1/2/2016–12/17/2016		8,508,665
	3,000	Discover Bank		8.7	11/18/2019		3,843
	34,000	Discover Financial Services		3.85	11/21/2022		34,944
	18,513,000	El Paso Pipeline Partners Operating Co., LLC		4.1–6.5	11/15/2015–11/1/2042		21,254,214
	450,000	EPR Properties		5.75	8/15/2022		498,618
	474,000	Interpublic Group of Companies, Inc.		4.2	4/15/2024		492,898
	30,743,500	JPMorgan Chase & Co.	Zero Coupon–7.9		7/2/2014–7/20/2014		32,132,348
	79,000	Leucadia National Corp.		8.125	9/15/2015		86,915
	3,907,616	Manufacturers & Traders Trust Co.		6.625	12/4/2017		4,564,152
	68,000	Martin Marietta Materials, Inc.		6.25	5/1/2037		73,390
	7,910,000	MBIA, Inc.		6.625–7.0	12/15/2025–10/1/2028		8,524,508
	5,825,000	Midcontinent Express Pipeline LLC		5.45–6.7	9/15/2014–9/15/2019		6,546,807
	12,795,000	Monsanto Co.		0.423	11/7/2016		12,806,316
	1,825,000	MUFG Capital Finance 1 Ltd.		6.346	9/29/2014		2,029,989
	2,791,134	NextEra Energy Capital Holdings, Inc.		1.2	6/1/2015		2,817,203
	2,441,713	Ohio Edison Co.		8.25	10/15/2038		3,798,040
	3,620,000	People's United Financial, Inc.		3.65	12/6/2022		3,633,370
	1,210,000	Signet UK Finance PLC		4.7	6/15/2024		1,237,337
	2,000,000	State Street Capital Trust I		0.784	5/15/2028		1,720,025
	415,000	State Street Capital Trust IV		1.231	6/15/2037		352,937
	11,000	State Street Corp.		4.956	3/15/2018		12,275
	3,878,042	TransCanada PipeLines Ltd.		0.875	3/2/2015		3,903,087
	25,000	Tyson Foods, Inc.		7.0	5/1/2018		29,288
	65,000	UBS Preferred Funding Trust V		6.243	5/29/2049		69,813
	100,000	UniCredit Luxembourg Finance SA		6.0	10/31/2017		111,381
	24,404,000	Verizon Communications, Inc.		1.002–4.15	6/17/2019–3/15/2024		25,283,556
Total Collateral Value							157,078,311

(h) Collateralized by $70,850,000 U.S. Treasury Notes, with the various coupon rates from 0.125–1.0%, with various maturity dates of 8/31/2016–4/15/2019 with a value of $72,420,083.

(i) Collateralized by $55,877,808 Government National Mortgage Association, with the various coupon rates from 4.0–6.0%, with various maturity dates of 7/20/2038–1/15/2044 with a value of $61,200,000.

(j) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	78,000	Actavis, Inc.		3.25	10/1/2022		77,170
	1,000,000	Aon PLC		4.6	6/14/2044		995,357
	2,000,000	Apollo Management Holdings LP		4.0	5/30/2024		2,012,767
	15,308,375	Apple, Inc.		1.05–4.45	5/5/2017–5/6/2044		15,431,109
	1,037,000	Australia & New Zealand Banking Group Ltd.		0.842–2.4	10/6/2015–11/23/2016		1,046,634
	5,000,000	Bank of Montreal		1.95	1/30/2017		5,168,025
	12,513,051	Bank of Nova Scotia		1.65–1.75	10/29/2015–3/22/2017		12,787,682
	1,000,000	Capital One Financial Corp.		3.75	4/24/2024		1,020,535
	955,000	CareFusion Corp.		3.875	5/15/2024		963,633
	734,903	Caterpillar, Inc.		4.3	5/15/2044		740,680
	472,402	Cisco Systems, Inc.		5.5	2/22/2016		519,735
	4,130,707	Citigroup, Inc.		2.55–3.75	4/8/2019–6/16/2024		4,156,969
	1,165,000	Comcast Corp.		4.75	3/1/2044		1,242,287
	600,000	Commonwealth Bank of Australia		2.0–2.25	3/16/2017–6/18/2019		618,558
	707,049	Danaher Corp.		5.4	3/1/2019		823,832
	622,871	DIRECTV Holdings LLC		4.6	2/15/2021		690,203
	400,000	eBay, Inc.		2.6	7/15/2022		387,539
	1,000,000	Express Scripts Holding Co.		2.25	6/15/2019		997,863
	179,000	General Electric Capital Corp.		2.95	5/9/2016		187,350
	5,016	Georgia Power Co.		5.7	6/1/2017		5,673
	200,000	Hartford Financial Services Group, Inc.		6.1	10/1/2041		250,780
	375,000	Honeywell International, Inc.		4.25	3/1/2021		420,378
	1,250,000	Hospitality Properties Trust		4.65	3/15/2024		1,301,185
	6,144,017	HSBC Bank PLC		3.1	5/24/2013		6,438,807
	1,000,000	Icahn Enterprises LP		4.875	3/15/2019		1,034,526
	287	International Business Machines Corp.		3.625	2/12/2024		298
	950,000	Johnson Controls, Inc.		3.625–4.625	7/2/2024–7/2/2044		952,120
	4,101,070	Legg Mason, Inc.		2.7–5.625	7/15/2019–1/15/2044		4,178,314
	2,638,316	Manulife Financial Corp.		4.9	9/17/2020		2,947,868
	5,174,664	MasterCard, Inc.		3.375	4/1/2024		5,235,829
	468,000	Merck Sharp & Dohme Corp.		4.75	3/1/2015		489,229
	49,186	National Australia Bank Ltd.		2.0	6/20/2017		50,332
	1,635,000	National Bank of Canada		2.2	10/19/2016		1,692,321
	2,442,879	Pfizer, Inc.		5.35	3/15/2015		2,564,911
	725,787	Province of Nova Scotia Canada		8.75	4/1/2022		1,014,964
	3,000,000	Prudential Financial, Inc.		3.5–4.6	5/15/2024–5/15/2044		3,014,750
	15,123,410	Royal Bank of Canada		1.125–3.125	4/14/2015–10/1/2018		15,466,830
	12,000	Statoil ASA		2.9	10/15/2014		12,163
	163,000	Swedbank Hypotek AB		1.375	3/28/2018		162,794
	1,221,000	Target Corp.		2.3–3.5	6/26/2019–7/1/2024		1,234,236
	2,599,662	The Toronto-Dominion Bank		1.5–1.625	9/14/2016–3/13/2017		2,648,952
	500,000	Time Warner, Inc.		3.55	6/1/2024		497,553
	1,000,000	TJX Companies, Inc.		2.75	6/15/2021		1,003,820
	3,303,424	Total Capital SA		3.0	6/24/2015		3,389,346
	5,090,445	Verizon Communications, Inc.		1.35–6.55	6/9/2017–9/15/2043		6,041,010
	2,870,032	Wells Fargo & Co.		2.15–7.98	1/15/2019		3,265,687
	2,158,713	Westpac Banking Corp.		1.375–2.0	7/17/2015–5/21/2019		2,163,816
	1,850,000	Xerox Corp.		2.8–3.8	5/15/2020–5/15/2024		1,850,692
Total Collateral Value							119,197,112

(k) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	160,000	Ally Auto Receivables Trust		1.21	7/15/2016		161,080
	1,500,000	American Express Credit Account Master Trust		1.412	9/15/2020		1,553,929
	230,000	Atlantic City Electric Transition Funding LLC		5.55	10/20/2023		264,300
	7,000,000	Cabela's Master Credit Card Trust		0.702	10/15/2019		7,050,293
	1,000,000	CarMax Auto Owner Trust		0.8	7/16/2018		999,738
	2,050,000	Entergy Texas Restoration Funding LLC		4.38	11/1/2023		2,285,531
	208,015,264	FHLMC Multifamily Structured Pass Through Certificates		0.502–3.882	11/25/2017–6/25/2041		42,358,626
	18,585,000	Freddie Mac Structured Agency Credit Risk Debt Notes		4.402–4.652	11/25/2023–2/25/2024		20,769,698
	44,031,000	FREMF Mortgage Trust		4.41–5.405	9/25/2043–1/25/2045		48,299,367
	1,490,397	GE Equipment Small Ticket LLC		1.02	2/24/2017		1,500,334
	899,516	General Electric Capital Corp.		1.0	9/23/2015		906,464
	36,520,000	Hertz Vehicle Financing LLC		2.2	3/25/2016		36,818,790
	1,255,593	Honda Auto Receivables Owner Trust		0.37	10/16/2015		1,255,901
	13,050,000	Hyundai Auto Receivables Trust		2.1	6/15/2017		13,377,855
	9,711,867	Illinois Tool Works, Inc.		3.9	9/1/2042		9,243,965
	769,909	Intel Corp.		1.35	12/15/2017		770,211
	5,000,000	International Bank for Reconstruction & Development		0.375	8/24/2015		5,009,975
	4,011,000	LSTAR Commercial Mortgage Trust		2.767	1/20/2041		4,058,176
	4,250,000	MMAF Equipment Finance LLC		2.1	7/15/2017		4,321,536
	1,898,707	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		1,900,508
	2,000,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		2,001,295
Total Collateral Value							204,907,572

(l) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	900,000	Ally Auto Receivables Trust		0.52	10/20/2016		900,270
	7,059	AmeriCredit Automobile Receivables Trust		0.68–1.17	5/9/2016–10/11/216		7,068
	500,000	Australia & New Zealand Banking Group Ltd.		0.477	1/29/2015		501,175
	250,000	Bank of China Ltd.		0.38	8/6/2014		249,965
	1,500,000	Barclays Dryrock Issuance Trust		0.64	8/15/2018		1,500,448
	35,000,000	BMW Floorplan Master Owner Trust		0.552	9/15/2017		35,115,140
	1,740,000	BMW Vehicle Owner Trust		0.67	11/27/2017		1,741,985
	2,459,653	Capital Auto Receivables Asset Trust		0.62	7/20/2016		2,461,075
	770,000	Capital One Multi-Asset Execution Trust		0.232–0.426	11/15/2019–12/16/2019		768,097
	8,605,572	CarMax Auto Owner Trust		0.52–1.07	6/15/2016–1/16/2018		8,615,874
	825,000	Chase Issuance Trust		0.202–0.252	2/15/2017–4/15/2019		822,110
	1	CIT Equipment Collateral		1.1	8/22/2016		1
	6,563,000	Citibank Credit Card Issuance Trust		0.254–4.85	3/10/2017–12/17/2018		6,708,791
	5,102,566	CNH Equipment Trust		0.45–1.16	4/15/2016–6/15/2020		5,108,334
	4,334,439	Credit Suisse AG		0.38	8/6/2014		4,337,950
	8,300,000	Discover Card Execution Note Trust		0.582	7/15/2021		8,328,317
	21,665,000	FHLMC Multifamily Structured Pass Through Certificates		2.307–2.573	5/25/2022–9/25/2022		21,339,620
	200,000	Fifth Third Auto Trust		0.89	11/15/2018		200,023
	29,503	First Investors Auto Owner Trust		1.96	11/15/2017		29,584
	2,060,000	Ford Credit Auto Lease Trust		1.61	10/15/2016		2,064,464
	14,030,000	Ford Credit Auto Owner Trust		0.57	10/15/2017		14,049,396
	15,600,000	Ford Credit Floorplan Master Owner Trust A		0.3–0.85	1/15/2018–6/15/2020		15,654,187
	5,000,000	GE Capital Credit Card Master Note Trust		1.36	8/17/2020		4,978,153
	1,635,000	GE Dealer Floorplan Master Note Trust		0.753	7/20/2016		1,635,647
	505,971	GE Equipment Midticket LLC		0.78–0.64	3/22/2016–9/22/2020		506,240
	2,779,603	GE Equipment Small Ticket LLC		1.02	2/24/2017		2,798,135
	1,550,000	Golden Credit Card Trust		0.402–0.602	7/17/2017–2/15/2018		1,553,554
	1,705,902	Honda Auto Receivables Owner Trust		0.35–0.77	6/22/2015–2/16/2017		1,707,813
	500,000	Hyundai Auto Lease Securitization Trust		0.52	7/15/2016		500,414
	2,900,000	Hyundai Auto Receivables Trust		0.79–2.1	6/15/2017–7/16/2018		2,970,918
	1,450,000	ING U.S. Funding LLC		0.38	8/6/2014		1,449,694
	1,332,118	Intel Corp.		1.35	12/15/2017		1,332,641
	67,595	John Deere Owner Trust		0.55	1/15/2016		67,649
	4,750,000	Kookmin Bank		0.38	8/6/2014		4,748,161
	3,000,000	Lloyds Bank PLC NY Branch		0.38	8/6/2014		3,003,054
	11,755,539	LSTAR Commercial Mortgage Trust		1.519–2.767	1/20/2041		11,874,823
	3,348,923	M&T Bank Auto Receivables Trust		0.66	2/16/2016		3,352,217
	500,000	Mercedes Benz Auto Lease Trust		0.62	7/15/2016		500,805
	1,270,000	Mercedes-Benz Master Owner Trust		0.422	11/15/2016		1,270,430
	120,000	Navistar Financial Dealer Note Master Trust		0.822	1/25/2018		120,028
	2,000,000	Nissan Auto Lease Trust		0.74	9/17/2018		2,004,493
	27,645,983	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		27,672,201
	5,100,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		5,103,302
	5,190,000	PHEAA Student Loan Trust I		1.653	4/25/2044		5,099,294
	5,000,000	Porsche Innovative Lease Owner Trust		0.88	10/22/2019		5,011,068
	2,517,000	River Fuel Company No. 2		0.38	8/6/2014		2,516,613
	3,931,941	Santander Drive Auto Receivables Trust		0.472–1.02	9/15/2016–1/16/2018		3,939,514
	5,700,000	SLM Student Loan Trust		0.432	9/25/2019		5,701,550
	25,224	Toyota Auto Receivables Owner Trust		0.48	2/15/2016		25,239
	1,700,000	Volkswagen Auto Lease Trust		0.84	7/20/2016		1,706,356
	1,900,000	Volkswagen Credit Auto Master Owner Trust		0.833	9/20/2016		1,902,278
	1,890,000	Volvo Financial Equipment LLC		0.74	3/15/2017		1,894,002
	4,142,504	Wells Fargo Bank NA		6.6	1/15/2038		5,703,440
	2,124,000	World Omni Auto Receivables Trust		0.61	6/15/2017		2,127,418
Total Collateral Value							245,281,018

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2014 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (m)	$	—	$	15,343,371,714	$	—	$	15,343,371,714
Repurchase Agreements		—		1,511,003,000		—		1,511,003,000
Total	$	—	$	16,854,374,714	$	—	$	16,854,374,714

There have been no transfers between fair value measurement levels during the period ended June 30, 2014.

(m) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investments in non-affiliated securities, valued at amortized cost	$	16,854,374,714
Cash		2,413,957,491
Receivable for investments sold		1,665,000
Interest receivable		4,061,882
Other assets		150,351
Total assets		19,274,209,438
Liabilities
Accrued management fee		1,588,584
Accrued Trustees' fees		196,831
Other accrued expenses and payables		673,700
Total liabilities		2,459,115
Net assets, at value	$	19,271,750,323

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income: Interest	$	18,309,992
Expenses: Management fee		12,541,716
Administration fee		2,954,118
Custodian fee		128,809
Professional fees		126,965
Reports to shareholders		9,412
Trustees' fees and expenses		462,862
Other		268,405
Total expenses before expense reductions		16,492,287
Expense reductions		(2,801,035	)
Total expenses after expense reductions		13,691,252
Net investment income		4,618,740
Net realized gain (loss) from investments		(560	)
Net increase (decrease) in net assets resulting from operations	$	4,618,180

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	4,618,740		$	18,689,800
Operations: Net investment income	$	4,618,740		$	18,689,800
Net realized gain (loss)		(560	)		269,542
Net increase (decrease) in net assets resulting from operations		4,618,180			18,959,342
Capital transactions in shares of beneficial interest: Proceeds from capital invested		99,340,972,068			203,102,122,625
Value of capital withdrawn		(100,288,082,077	)		(207,716,596,936	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(947,110,009	)		(4,614,474,311	)
Increase (decrease) in net assets		(942,491,829	)		(4,595,514,969	)
Net assets at beginning of period		20,214,242,152			24,809,757,121
Net assets at end of period	$	19,271,750,323		$	20,214,242,152

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013		2012		2011		2010		2009
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		19,272			20,214		24,810		20,784		34,432		42,466
Ratio of expenses before expense reductions (%)		.17	*		.16		.17		.16		.17		.16
Ratio of expenses after expense reductions (%)		.14	*		.14		.14		.15		.16		.14
Ratio of net investment income (%)		.05	*		.08		.14		.10		.16		.43
Total Return (%)a,b		.02	**		.08		.14		.11		.17		.48
a Total return would have been lower had certain expenses not been reduced. b Total return for the Portfolio was derived from the performance of Cash Reserves Fund Institutional. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.

The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated Deutsche feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2014, Cash Management Fund, Cash Reserves Fund Institutional, Cash Reserves Fund — Prime Series and Deutsche Money Market Series (formerly DWS Money Market Series) owned approximately 9%, 5%, 5% and 79%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

As of June 30, 2014, the Portfolio held repurchase agreements with a gross value of $1,511,003,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $3.0 billion of the Portfolio's average daily net assets	.1500	%
Next $4.5 billion of such net assets	.1325	%
Over $7.5 billion of such net assets	.1200	%

For the period from January 1, 2014 through June 30, 2014, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Portfolio's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2014, the Advisor waived a portion of its management fee aggregating $2,801,035, and the amount charged aggregated $9,740,681, which was equivalent to an annualized effective rate of 0.10%.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2014, the Administration Fee was $2,954,118, of which $469,283 is unpaid.

Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2014, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $905, all of which is unpaid.

Trustees' Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2014.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Portfolio is required to comply with money market reform over the next two years. As a result, the Portfolio may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Portfolio.

Advisory Agreement Board Considerations and Fee Evaluation

Cash Management Fund (the "Fund"), a series of DWS Money Market Trust, invests all of its assets in Cash Management Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement," and together with the Portfolio Agreement, the "Agreements") in September 2013. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

— In September 2013, all of the Portfolio's and Fund's Trustees were independent of DIMA and its affiliates.

— The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Asset Allocation Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability compiled by a fee consultant retained by the Portfolio's and the Fund's Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

— The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund, and that the Fund Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled by the Fee Consultant using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2012, the Fund's gross performance (Institutional Shares) was in the 3rd quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Portfolio's and the Fund's investment management fee schedules and the Fund's operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.10% fees paid to DIMA under the respective administrative services agreements, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. The Board noted that the Fund's total (net) operating expenses, which include Portfolio expenses allocated to the Fund, were higher than the median of the applicable Lipper expense universe for Institutional Shares (3rd quartile) (based on Lipper data provided as of December 31, 2012). The Board considered the Portfolio's management fee rate as compared to fees charged by DIMA to comparable funds and considered differences between the Portfolio and the comparable funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board noted the expense limitation agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DIMA and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio's management fee schedule includes fee breakpoints. The Board concluded that the Portfolio's and the Fund's fee schedules represent an appropriate sharing between the Portfolio and the Fund, as the case may be, and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their independent counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Account Management Resources

Automated Information Line	Institutional Investor Services (800) 730-1313 Personalized account information, information on other Deutsche funds and services via touchtone telephone and the ability to exchange or redeem shares.
Web Site	deutscheliquidity.com/US View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about the funds, retirement planning information, and more.
For More Information	(800) 730-1313, option 1 To speak with a fund service representative.
Written Correspondence	Deutsche Asset & Wealth Management PO Box 219210 Kansas City, MO 64121-9210
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at 800) 728-3337.
Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month, information about the fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148
Investment Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
Nasdaq Symbol	BICXX
CUSIP Number	23337T 110
Fund Number	541

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@db.com

Who we are
Who is providing this notice?	DeAWM Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAWM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 08/2014

Notes

Notes

Notes

Notes

June 30, 2014

Semiannual Report

to Shareholders

Cash Reserve Fund
Prime Series

Contents

Cash Reserve Fund — Prime Series

3 Portfolio Summary

4 Statement of Assets and Liabilities

5 Statement of Operations

6 Statement of Changes in Net Assets

7 Financial Highlights

11 Notes to Financial Statements

16 Information About Your Fund's Expenses

Cash Management Portfolio

19 Investment Portfolio

41 Statement of Assets and Liabilities

42 Statement of Operations

43 Statement of Changes in Net Assets

44 Financial Highlights

45 Notes to Financial Statements

49 Other Information

50 Advisory Agreement Board Considerations and Fee Evaluation

55 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit deutschefunds.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this 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. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Summary (Unaudited)

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investment in Cash Management Portfolio, at value	$	908,821,236
Receivable for Fund shares sold		6,874
Due from Advisor		43,762
Other assets		41,185
Total assets		908,913,057
Liabilities
Payable for Fund shares redeemed		8,874
Distributions payable		716
Accrued Directors' fees		698
Other accrued expenses and payables		88,172
Total liabilities		98,460
Net assets, at value	$	908,814,597
Net Assets Consist of
Undistributed net investment income		53,131
Accumulated net realized gain (loss)		9,958
Paid-in capital		908,751,508
Net assets, at value	$	908,814,597
Net Asset Value
Prime Shares Net Asset Value, offering and redemption price per share ($630,213,276 ÷ 630,319,210 outstanding shares of beneficial interest, $.001 par value, 9,000,000,000 shares authorized)	$	1.00
Prime Institutional Shares Net Asset Value, offering and redemption price per share ($278,597,321 ÷ 278,656,906 outstanding shares of beneficial interest, $.001 par value, 3,200,000,000 shares authorized)	$	1.00
Managed Shares Net Asset Value, offering and redemption price per share ($4,000 ÷ 4,002 outstanding shares of beneficial interest, $.001 par value, 200,000,000 shares authorized)	$	1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income and expenses allocated from Cash Management Portfolio: Interest	$	742,106
Expenses*		(554,313	)
Net investment income allocated from Cash Management Portfolio		187,793
Expenses: Administration fee		398,113
Services to shareholders		262,201
Distribution and service fees		953,981
Professional fees		17,126
Reports to shareholders		38,913
Registration fees		23,217
Directors' fees and expenses		2,715
Other		16,341
Total expenses before expense reductions		1,712,607
Expense reductions		(1,564,583	)
Total expenses after expense reductions		148,024
Net investment income (loss)		39,769
Net realized gain (loss) allocated from Cash Management Portfolio		(47	)
Net increase (decrease) in net assets resulting from operations	$	39,722

* Net of $113,245 Advisor reimbursement allocated from Cash Management Portfolio for the six months ended June 30, 2014.

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	39,769		$	85,870
Operations: Net investment income	$	39,769		$	85,870
Net realized gain (loss)		(47	)		10,005
Net increase (decrease) in net assets resulting from operations		39,722			95,875
Distributions to shareholders from: Net investment income: Prime Shares		(29,769	)		(65,218	)
Prime Institutional Shares		(9,999	)		(23,153	)
Net realized gains: Prime Shares		—			(6,026	)
Prime Institutional Shares		—			(1,829	)
Total distributions		(39,768	)		(96,226	)
Fund share transactions: Proceeds from shares sold		760,897,415			1,824,228,835
Reinvestment of distributions		36,229			86,206
Payments for shares redeemed		(693,214,816	)		(1,888,941,164	)
Net increase (decrease) in net assets from Fund share transactions		67,718,828			(64,626,123	)
Increase (decrease) in net assets		67,718,782			(64,626,474	)
Net assets at beginning of period		841,095,815			905,722,289
Net assets at end of period (including undistributed net investment income of $53,131 and $53,130, respectively)	$	908,814,597		$	841,095,815

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Prime Shares
				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	***		.000	***		.000	***		.000	***		.000	***		.001
Net realized gain (loss)		(.000	)***		.000	***		.000	***		.000	***		.001			.000	***
Total from investment operations		.000	***		.000	***		.000	***		.000	***		.001			.001
Less distributions from: Net investment income		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.001	)
Net realized gains		—			(.000	)***		(.000	)***		—			—			—
Total distributions		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)a		.00	**b		.01			.01			.02			.01			.10
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		630			652			659			620			754			850
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		.69	*		.68			.68			.69			.67			.72
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.18	*		.21			.28			.24			.31			.55
Ratio of net investment income (%)		.01	*		.01			.01			.01			.01			.08
a Total return would have been lower had certain expenses not been reduced. b Amount is less than .005%. * Annualized ** Not annualized *** Amount is less than $.0005.

Prime Institutional Shares
				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	***		.000	***		.000	***		.000	***		.001			.003
Net realized gain (loss)		(.000	)***		.000	***		.000	***		.000	***		.001			.000	***
Total from investment operations		.000	***		.000	***		.000	***		.000	***		.002			.003
Less distributions from: Net investment income		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.001	)		(.003	)
Net realized gains		—			(.000	)***		(.000	)***		—			—			—
Total distributions		(.000	)***		(.000	)***		(.000	)***		(.000	)***		(.001	)		(.003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)a		.00	**b		.01			.02			.02			.05			.32
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		279			189			247			514			589			557
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		.31	*		.30			.30			.30			.29			.35
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.18	*		.21			.27			.24			.27			.32
Ratio of net investment income (%)		.01	*		.01			.02			.01			.05			.32
a Total return would have been lower had certain expenses not been reduced. b Amount is less than .005%. * Annualized ** Not annualized *** Amount is less than $.0005.

Managed Shares
				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013			2012			Period Ended 12/31/11a
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	***		.000	***		.000	***		.000	***
Net realized gain (loss)		(.000	)***		.000	***		.000	***		.000	***
Total from investment operations		.000	***		.000	***		.000	***		.000	***
Less distributions from: Net investment income		—			—			—			(.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)b		.00	**		.00			.00			.07	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		4			4			4			4
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		1.54	*		1.57			1.22			2.26	*
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.19	*		.22			.28			.23	*
Ratio of net investment income (%)		.00	*		.00			.00			.00	*
a For the period from January 18, 2011 (commencement of operations of Managed Shares class) to December 31, 2011. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.0005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Reserve Fund — Prime Series (the "Fund") is a diversified series of Cash Reserve Fund, Inc., (the "Corporation") which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and is organized as a corporation under the laws of the state of Maryland.

The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Cash Management Portfolio (the "Portfolio''), an open-end management investment company registered under the 1940 Act and organized as a New York trust advised by Deutsche Investment Management Americas Inc. ("DIMA'' or the "Advisor''), an indirect, wholly owned subsidiary of Deutsche Bank AG. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2014, the Fund owned approximately 5% of the Portfolio.

The Fund offers three classes of shares to investors: Cash Reserve Prime Shares ("Prime Shares"), Cash Reserve Prime Institutional Shares ("Prime Institutional Shares") and Managed Shares.

Investment income, realized gains and losses, and certain fund-level expenses and expense reductions, if any, were borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal periods/years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. The Fund receives an allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Corporation are allocated among the Funds in the Corporation on the basis of relative net assets.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor serves as the investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

For the period from January 1, 2014 through April 30, 2015, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of Managed Shares, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.29%.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under this arrangement, the Advisor waived certain expenses of the Fund.

For the six months ended June 30, 2014, the Administration Fee was $398,113, of which $355,655 was waived and $9,257 is unpaid.

Service Provider Fees. DeAWM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"). DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2014, the amounts charged to the Fund by DSC were as follows:

	Total Aggregated		Waived
Prime Shares	$	239,658	$	239,658
Prime Institutional Shares		15,468		15,268
Managed Shares		22		21
	$	255,148	$	254,947

Distribution and Service Fees. DeAWM Distributors, Inc. ("DDI") is the Fund's Distributor. The Fund pays the Distributor an annual fee, pursuant to a Rule 12b-1 plan, based on its average daily net assets, which is calculated daily and payable monthly at 0.25% of Prime Shares average daily net assets. For the six months ended June 30, 2014, the Distribution Fee was as follows:

	Total Aggregated		Waived		Annualized Effective Rate
Prime Shares	$	745,297	$	745,297		.00	%

The Fund pays the Distributor a shareholder servicing fee based on the average daily net assets which is calculated daily and paid monthly at a rate of 0.07% of Prime Shares and 0.15% of Managed Shares. The Distributor uses this fee to compensate third parties that provide shareholder services to their clients who own shares. For the six months ended June 30, 2014, the shareholder servicing fee was as follows:

	Total Aggregated		Waived		Annualized Effective Rate
Prime Shares	$	208,681	$	208,681		.00	%
Managed Shares		3		3		.00	%
	$	208,684	$	208,684

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DIMA included in Statement of Operations under "reports to shareholders" aggregated $12,668, of which $2,240 is unpaid.

Directors' Fees and Expenses. The Fund paid retainer fees to each Director not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended June 30, 2014						Year Ended December 31, 2013
	Shares			Dollars			Shares			Dollars
Shares sold
Prime Shares		301,225,846		$	301,225,846			712,101,839		$	712,101,839
Prime Institutional Shares		459,671,569			459,671,569			1,112,126,996			1,112,126,996
				$	760,897,415					$	1,824,228,835
Shares issued to shareholders in reinvestment of distributions
Prime Shares		27,590		$	27,590			65,466		$	65,466
Prime Institutional Shares		8,639			8,639			20,740			20,740
				$	36,229					$	86,206
Shares redeemed
Prime Shares		(322,830,832	)	$	(322,830,832	)		(719,406,221	)	$	(719,406,221	)
Prime Institutional Shares		(370,383,984	)		(370,383,984	)		(1,169,534,943	)		(1,169,534,943	)
				$	(693,214,816	)				$	(1,888,941,164	)
Net increase (decrease)
Prime Shares		(21,577,396	)	$	(21,577,396	)		(7,238,916	)	$	(7,238,916	)
Prime Institutional Shares		89,296,224			89,296,224			(57,387,207	)		(57,387,207	)
				$	67,718,828					$	(64,626,123	)

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Fund is required to comply with money market reform over the next two years. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2014 to June 30, 2014).

The tables illustrate your Fund's expenses in two ways:

—Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2014 (Unaudited)
Actual Fund Return*	Prime Shares		Prime Institutional Shares		Managed Shares
Beginning Account Value 1/1/14	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/14	$	1,000.05	$	1,000.05	$	1,000.00
Expenses Paid per $1,000**	$	.89	$	.89	$	.94
Hypothetical 5% Fund Return*	Prime Shares		Prime Institutional Shares		Managed Shares
Beginning Account Value 1/1/14	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/14	$	1,023.90	$	1,023.90	$	1,023.85
Expenses Paid per $1,000**	$	.90	$	.90	$	.95

* Expenses include amounts allocated proportionally from the master portfolio.

** 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	Prime Shares	Prime Institutional Shares	Managed Shares
Cash Reserve Fund — Prime Series	.18%	.18%	.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.

(The following financial statements of the Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2014 (Unaudited)

	Principal Amount ($)		Value ($)
Certificates of Deposit and Bank Notes 12.0%
Bank of America NA, 0.17%, 7/31/2014		200,000,000		200,000,000
Bank of Montreal:
0.17%, 9/10/2014		79,000,000		79,000,000
0.2%, 12/5/2014		44,000,000		43,999,999
Bank of Nova Scotia, 1.85%, 1/12/2015		27,060,000		27,286,268
China Construction Bank Corp.:
0.37%, 7/14/2014		50,000,000		50,000,000
0.37%, 7/29/2014		50,000,000		50,000,000
DNB Bank ASA:
0.22%, 7/7/2014		60,000,000		60,000,000
0.225%, 7/16/2014		114,000,000		114,000,000
0.23%, 10/1/2014		100,000,000		100,000,000
0.23%, 10/9/2014		23,000,000		23,000,000
DZ Bank AG:
0.25%, 9/10/2014		120,500,000		120,500,000
0.25%, 10/3/2014		135,000,000		135,000,000
0.27%, 11/7/2014		112,750,000		112,750,000
Fortis Bank SA:
0.18%, 7/2/2014		82,600,000		82,600,011
0.22%, 7/1/2014		182,500,000		182,500,000
Industrial & Commercial Bank of China Ltd.:
0.35%, 7/11/2014		115,000,000		115,000,000
0.37%, 7/29/2014		75,750,000		75,750,000
Mitsubishi UFJ Trust & Banking Corp., 0.17%, 7/3/2014		53,000,000		53,000,000
National Australia Bank Ltd., 2.0%, 3/9/2015		20,000,000		20,233,221
Natixis, 0.223%, 7/14/2014		150,000,000		150,000,000
Nordea Bank Finland PLC, 0.21%, 7/7/2014		101,000,000		101,000,000
Province of Ontario Canada, 2.95%, 2/5/2015		3,030,000		3,078,457
Rabobank Nederland NV:
0.245%, 3/13/2015		140,000,000		140,000,000
0.27%, 10/3/2014		65,000,000		65,000,000
Sumitomo Mitsui Banking Corp., 0.17%, 8/11/2014		29,000,000		29,000,000
Svenska Handelsbanken AB, 0.22%, 9/30/2014		138,750,000		138,749,999
Wal-Mart Stores, Inc., 5.319%, 6/1/2015		34,000,000		35,599,715
Total Certificates of Deposit and Bank Notes (Cost $2,307,047,670)				2,307,047,670
Commercial Paper 41.6%
Issued at Discount** 29.1%
Albion Capital Corp. SA:
0.13%, 7/7/2014		24,260,000		24,259,474
0.16%, 7/15/2014		52,960,000		52,956,705
Alpine Securitzation, 144A, 0.02%, 7/1/2014		50,000,000		50,000,000
Antalis U.S. Funding Corp., 144A, 0.1%, 7/2/2014		29,792,000		29,791,917
Apple, Inc.:
0.07%, 7/7/2014		34,000,000		33,999,603
0.08%, 8/1/2014		20,000,000		19,998,622
0.15%, 11/10/2014		20,000,000		19,989,000
0.18%, 2/6/2015		20,000,000		19,978,000
0.18%, 2/10/2015		20,000,000		19,977,600
Bank Nederlandse Gemeenten, 0.245%, 6/2/2015		30,000,000		29,931,400
Bedford Row Funding Corp.:
144A, 0.26%, 7/25/2014		23,000,000		22,996,013
144A, 0.3%, 6/9/2015		50,000,000		49,857,083
144A, 0.31%, 10/27/2014		77,000,000		76,921,759
144A, 0.32%, 12/17/2014		35,500,000		35,446,671
144A, 0.32%, 4/1/2015		35,000,000		34,914,756
BNZ International Funding Ltd., 144A, 0.2%, 12/12/2014		100,000,000		99,908,889
Caisse Centrale Desjardins:
0.165%, 9/16/2014		38,500,000		38,486,413
0.17%, 10/1/2014		40,000,000		39,982,622
Caisse des Depots et Consignations, 144A, 0.15%, 9/4/2014		137,800,000		137,762,679
Catholic Health Initiatives, 0.2%, 12/10/2014		17,150,000		17,134,565
Chevron Corp., 144A, 0.12%, 9/16/2014		54,750,000		54,735,948
CNPC Finance HK Ltd.:
144A, 0.35%, 7/8/2014		95,000,000		94,993,535
144A, 0.38%, 8/21/2014		40,000,000		39,978,467
144A, 0.4%, 7/2/2014		45,060,000		45,059,499
Coca-Cola Co.:
0.19%, 11/3/2014		3,000,000		2,998,021
0.19%, 12/2/2014		50,000,000		49,959,361
Collateralized Commercial Paper Co., LLC, 0.21%, 9/25/2014		132,500,000		132,433,529
Collateralized Commercial Paper II Co., LLC, 144A, 0.22%, 11/13/2014		112,000,000		111,907,600
CPPIB Capital, Inc.:
0.3%, 2/11/2015		21,000,000		20,960,625
0.3%, 2/17/2015		10,000,000		9,980,750
0.3%, 2/27/2015		10,000,000		9,979,917
DBS Bank Ltd., 144A, 0.235%, 9/10/2014		160,000,000		159,925,844
Dexia Credit Local:
0.263%, 8/21/2014		65,000,000		64,976,058
0.27%, 8/25/2014		24,000,000		23,990,100
0.27%, 9/4/2014		24,750,000		24,737,934
0.325%, 8/18/2014		100,000,000		99,956,667
0.325%, 8/19/2014		50,000,000		49,977,882
DNB Bank ASA:
0.15%, 8/25/2014		122,940,000		122,911,826
0.225%, 7/30/2014		100,000,000		99,981,875
0.235%, 9/8/2014		157,000,000		156,929,285
0.24%, 10/6/2014		34,000,000		33,978,013
eBay, Inc., 144A, 0.09%, 8/19/2014		118,500,000		118,485,484
Erste Abwicklungsanstalt:
144A, 0.11%, 7/7/2014		23,000,000		22,999,578
144A, 0.15%, 9/8/2014		23,500,000		23,493,244
144A, 0.16%, 9/22/2014		100,000,000		99,963,111
Exxon Mobil Corp., 0.05%, 7/9/2014		4,498,000		4,497,950
General Electric Capital Corp., 0.2%, 9/3/2014		52,000,000		51,981,511
Gotham Funding Corp.:
144A, 0.14%, 7/16/2014		25,000,000		24,998,542
144A, 0.15%, 7/11/2014		47,649,000		47,647,015
144A, 0.16%, 7/25/2014		59,736,000		59,729,628
144A, 0.16%, 7/29/2014		125,054,000		125,038,438
Hannover Funding Co., LLC:
0.179%, 8/5/2014		20,000,000		19,996,500
0.18%, 7/17/2014		15,000,000		14,998,800
0.18%, 8/18/2014		88,000,000		87,978,880
Johnson & Johnson, 144A, 0.05%, 7/1/2014		33,109,000		33,109,000
Kells Funding LLC:
144A, 0.2%, 7/11/2014		50,000,000		49,997,222
144A, 0.22%, 9/19/2014		85,000,000		84,958,445
144A, 0.25%, 8/12/2014		51,700,000		51,684,921
Macquarie Bank Ltd., 144A, 0.2%, 9/18/2014		46,000,000		45,979,811
Manhattan Asset Funding Co., LLC, 144A, 0.16%, 7/7/2014		3,000,000		2,999,920
Matchpoint Master Trust:
0.1%, 7/2/2014		150,000,000		149,999,583
0.1%, 7/3/2014		50,000,000		49,999,722
0.12%, 7/1/2014		60,000,000		60,000,000
MetLife Short Term Funding LLC:
144A, 0.2%, 8/6/2014		24,000,000		23,995,200
144A, 0.22%, 9/15/2014		21,472,000		21,462,028
Microsoft Corp., 0.06%, 8/6/2014		18,906,000		18,904,299
Nestle Capital Corp., 0.15%, 9/8/2014		50,000,000		49,985,625
New York Life Capital Corp.:
144A, 0.07%, 7/31/2014		8,485,000		8,484,505
144A, 0.11%, 9/2/2014		3,590,000		3,589,309
Nordea Bank AB:
0.165%, 7/28/2014		28,465,000		28,461,478
0.22%, 10/14/2014		200,000,000		199,871,667
Old Line Funding LLC:
144A, 0.21%, 8/4/2014		50,000,000		49,990,083
144A, 0.22%, 9/10/2014		76,000,000		75,967,024
PepsiCo, Inc., 0.07%, 7/22/2014		14,000,000		13,999,428
Philip Morris International, Inc., 144A, 0.09%, 7/16/2014		2,271,000		2,270,915
Procter & Gamble Co.:
0.08%, 7/21/2014		5,000,000		4,999,778
0.12%, 9/3/2014		8,500,000		8,498,187
0.15%, 10/29/2014		64,000,000		63,968,000
Prudential Funding LLC, 0.06%, 7/1/2014		11,000,000		11,000,000
PSP Capital, Inc., 0.14%, 9/10/2014		15,192,000		15,187,805
Queensland Treasury Corp., 0.15%, 7/30/2014		4,000,000		3,999,517
Roche Holding, Inc., 144A, 0.09%, 7/23/2014		30,000,000		29,998,350
Siemens Capital Co., LLC, 144A, 0.13%, 9/19/2014		100,000,000		99,971,111
Sinopec Century Bright Capital Investment Ltd.:
0.35%, 8/27/2014		50,000,000		49,972,292
0.37%, 7/17/2014		38,000,000		37,993,751
Skandinaviska Enskilda Banken AB, 0.235%, 9/2/2014		45,600,000		45,581,247
Standard Chartered Bank:
0.16%, 7/14/2014		4,615,000		4,614,733
0.27%, 8/4/2014		60,000,000		59,984,700
0.28%, 11/3/2014		183,500,000		183,321,597
Starbird Funding Corp.:
144A, 0.1%, 7/2/2014		57,500,000		57,499,840
144A, 0.1%, 7/3/2014		50,219,000		50,218,721
144A, 0.12%, 7/1/2014		75,000,000		75,000,000
Svenska Handelsbanken AB, 0.18%, 10/14/2014		61,750,000		61,717,581
Swedbank AB:
0.245%, 9/8/2014		73,271,000		73,236,593
0.25%, 10/1/2014		200,000,000		199,872,222
United Overseas Bank Ltd.:
0.24%, 10/14/2014		28,000,000		27,980,400
0.26%, 1/5/2015		19,000,000		18,974,202
Victory Receivables Corp.:
144A, 0.15%, 7/16/2014		88,328,000		88,322,480
144A, 0.16%, 7/28/2014		75,000,000		74,991,000
Wal-Mart Stores, Inc.:
0.07%, 7/7/2014		3,000,000		2,999,965
0.1%, 7/28/2014		183,100,000		183,086,268
Walt Disney Co.:
0.1%, 7/11/2014		20,000,000		19,999,445
0.1%, 7/31/2014		35,300,000		35,297,058
Working Capital Management Co.:
144A, 0.15%, 7/7/2014		4,000,000		3,999,900
144A, 0.16%, 7/8/2014		33,550,000		33,548,956
				5,618,001,072
Issued at Par 12.5%
ANZ New Zealand International Ltd., 144A, 0.213%*, 1/12/2015		100,000,000		100,000,000
ASB Finance Ltd.:
144A, 0.244%*, 6/16/2015		100,000,000		100,000,000
144A, 0.264%*, 10/9/2014		1,000,000		1,000,107
Atlantic Asset Securitization LLC, 144A, 0.181%*, 8/7/2014		100,000,000		100,000,000
Australia & New Zealand Banking Group Ltd., 144A, 0.229%*, 4/30/2015		40,000,000		39,998,307
Bank of Montreal:
0.181%*, 8/14/2014		150,000,000		149,999,155
0.22%*, 9/5/2014		49,000,000		49,002,450
Bank of Nova Scotia, 0.28%*, 1/13/2015		102,000,000		102,000,000
Barton Capital LLC, 144A, 0.184%*, 11/18/2014		26,037,000		26,036,631
BNZ International Funding Ltd.:
144A, 0.242%*, 6/10/2015		20,000,000		20,000,000
144A, 0.243%*, 2/2/2015		50,000,000		50,000,000
Caisse Centrale Desjardins, 144A, 0.227%*, 1/26/2015		100,000,000		99,994,258
Canadian Imperial Bank of Commerce, 0.223%*, 5/8/2015		50,000,000		50,000,000
DBS Bank Ltd., 144A, 0.238%*, 2/20/2015		35,000,000		35,001,927
DNB Bank ASA, 0.192%*, 8/11/2014		36,000,000		36,000,048
Kells Funding LLC:
144A, 0.228%*, 10/22/2014		198,500,000		198,492,930
144A, 0.23%*, 10/10/2014		75,000,000		75,000,000
144A, 0.23%*, 1/27/2015		110,000,000		109,996,700
144A, 0.232%*, 11/17/2014		48,800,000		48,799,902
144A, 0.233%*, 2/13/2015		26,000,000		26,001,448
144A, 0.243%*, 2/5/2015		65,000,000		65,003,359
Kommunalbanken AS, 144A, 0.247%*, 1/26/2015		21,370,000		21,377,608
Nederlandse Waterschapsbank NV:
144A, 0.201%*, 8/13/2014		150,000,000		150,000,000
144A, 0.231%*, 11/3/2014		100,000,000		100,000,000
144A, 0.265%*, 8/15/2014		67,200,000		67,200,000
Old Line Funding LLC:
144A, 0.181%*, 2/2/2015		83,000,000		83,000,000
144A, 0.183%*, 10/10/2014		63,800,000		63,800,000
144A, 0.21%*, 12/5/2014		4,000,000		4,000,000
PepsiCo, Inc., 0.08%*, 7/22/2014		10,000,000		9,999,533
PNC Bank NA:
0.27%, 9/5/2014		35,000,000		35,000,000
0.28%, 10/8/2014		20,000,000		20,000,000
Rabobank Nederland NV, 0.259%*, 8/28/2014		64,000,000		64,009,834
Royal Bank of Canada:
0.232%*, 2/12/2015		100,000,000		100,000,000
0.27%*, 12/11/2014		83,000,000		83,000,000
Versailles Commercial Paper LLC:
144A, 0.191%*, 10/3/2014		70,000,000		70,000,000
144A, 0.211%*, 7/16/2014		33,000,000		33,000,000
Westpac Banking Corp., 0.228%*, 2/20/2015		14,500,000		14,500,644
				2,401,214,841
Total Commercial Paper (Cost $8,019,215,913)				8,019,215,913
Government & Agency Obligations 2.2%
Other Government Related (a) 0.3%
International Bank for Reconstruction & Development, 0.17%*, 7/23/2014		61,600,000		61,600,321
U.S. Government Sponsored Agencies 1.5%
Federal Farm Credit Bank, 0.131%*, 3/3/2016		35,000,000		35,000,000
Federal Home Loan Mortgage Corp.:
0.065%**, 10/16/2014		75,000,000		74,985,510
0.068%**, 8/8/2014		50,000,000		49,996,305
0.08%**, 11/26/2014		50,000,000		49,983,556
0.094%**, 10/2/2014		29,000,000		28,992,883
0.099%**, 9/5/2014		25,000,000		24,995,417
0.099%**, 10/28/2014		15,000,000		14,995,042
				278,948,713
U.S. Treasury Obligations 0.4%
U.S. Treasury Bill, 0.07%**, 8/21/2014		7,000,000		6,999,306
U.S. Treasury Notes:
0.25%, 9/15/2014		25,000,000		25,008,246
2.125%, 11/30/2014		15,000,000		15,122,654
2.375%, 10/31/2014		60,000		60,462
4.25%, 8/15/2014		35,000,000		35,181,114
				82,371,782
Total Government & Agency Obligations (Cost $422,920,816)				422,920,816
Short-Term Notes* 10.5%
Australia & New Zealand Banking Group Ltd., 144A, 0.327%, 5/18/2015		120,700,000		120,700,000
Bank of Nova Scotia:
0.28%, 9/3/2014		62,000,000		62,000,000
0.294%, 6/24/2015		85,000,000		85,000,000
Canadian Imperial Bank of Commerce, 0.34%, 7/17/2015		176,750,000		176,750,000
Commonwealth Bank of Australia:
144A, 0.241%, 7/10/2015		180,000,000		180,000,000
144A, 0.506%, 1/29/2015		29,450,000		29,496,704
JPMorgan Chase Bank NA, 0.347%, 6/22/2015		164,250,000		164,250,000
National Australia Bank Ltd., 144A, 1.177%, 7/25/2014		25,000,000		25,017,121
Rabobank Nederland NV:
0.277%, 12/1/2014		190,500,000		190,500,000
0.277%, 4/10/2015		59,500,000		59,500,000
0.296%, 6/1/2015		70,000,000		70,000,000
0.307%, 7/6/2015		136,500,000		136,500,000
Svenska Handelsbanken AB, 144A, 0.308%, 10/3/2014		168,000,000		168,000,000
Toyota Motor Credit Corp., 0.308%, 8/22/2014		54,800,000		54,814,102
Wells Fargo Bank NA:
0.25%, 11/24/2014		17,810,000		17,810,000
0.25%, 6/16/2015		125,000,000		125,000,000
0.27%, 12/10/2014		125,000,000		125,000,000
Westpac Banking Corp.:
0.231%, 5/11/2015		110,000,000		110,000,000
0.24%, 5/4/2015		125,000,000		125,000,000
Total Short-Term Notes (Cost $2,025,337,927)				2,025,337,927
Time Deposits 11.0%
Citibank NA, 0.08%, 7/2/2014		72,000,000		72,000,000
Credit Agricole Corporate & Investment Bank, 0.07%, 7/1/2014		278,483,794		278,483,794
Fortis Bank SA, 0.03%, 7/1/2014		73,000,000		73,000,000
National Australia Bank Ltd., 0.06%, 7/1/2014		31,146,000		31,146,000
Natixis, 0.09%, 7/3/2014		225,000,000		225,000,000
Skandinaviska Enskilda Banken AB, 0.02%, 7/1/2014		200,000,000		200,000,000
Sumitomo Mitsui Banking Corp., 0.08%, 7/1/2014		837,000,000		837,000,000
Svenska Handelsbanken AB, 0.02%, 7/1/2014		400,000,000		400,000,000
Total Time Deposits (Cost $2,116,629,794)				2,116,629,794
Municipal Investments 2.4%
Chicago, IL, TECP, 0.18%**, 7/29/2014		31,475,000		31,470,594
Colorado, RBC Municipal Products, Inc. Trust, Series E-25, 144A, AMT, 0.08%***, 8/29/2014, LOC: Royal Bank of Canada		22,000,000		22,000,000
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 0.06%***, 5/1/2049, LOC: Northern Trust Co.		305,000		305,000
Johnson City, TN, Health & Educational Facilities Board, Hospital Revenue, Mountain States Health Alliance, Series B, 0.12%***, 8/15/2043, LOC: U.S. Bank NA		11,075,000		11,075,000
Kentucky, State Housing Corp. Revenue, Series O, 0.12%***, 1/1/2036, SPA: State Street Bank & Trust Co.		15,520,000		15,520,000
Metropolitan Washington, DC, Airports Authority System Revenue, Series D-1, 0.07%***, 10/1/2039, LOC: TD Bank NA		18,020,000		18,020,000
Michigan, Finance Authority, School Loan:
Series B, 0.11%***, 9/1/2050, LOC: PNC Bank NA		25,000,000		25,000,000
Series C, 0.12%***, 9/1/2050, LOC: Bank of Montreal		21,000,000		21,000,000
Michigan, RBC Municipal Products, Inc. Trust:
Series L-27, 144A, AMT, 0.1%***, 3/1/2031, LOC: Royal Bank of Canada		24,245,000		24,245,000
Series L-25, 144A, AMT, 0.1%***, 9/1/2033, LOC: Royal Bank of Canada		56,745,000		56,745,000
Michigan, State Finance Authority Revenue, School Loan Revolving Fund, Series A, 144A, 0.1%***, 9/1/2053, LOC: JPMorgan Chase Bank NA		25,000,000		25,000,000
Minnesota, State Office of Higher Education Revenue, Supplementary Student, Series A, 0.11%***, 12/1/2043, LOC: U.S. Bank NA		11,500,000		11,500,000
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:
Series J, 0.03%***, 11/1/2035, GTY: Chevron Corp.		3,450,000		3,450,000
Series A, 0.05%***, 12/1/2030, GTY: Chevron Corp.		14,950,000		14,950,000
New Hampshire, State Health & Education Facilities Authority Revenue, Higher Education Loan Corp., Series A, 0.11%***, 12/1/2032, LOC: Royal Bank of Canada		16,199,000		16,199,000
New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Housing Revenue, Series C, 0.11%***, 11/1/2039, LOC: Bank of America NA		9,840,000		9,840,000
New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series A, 144A, 0.11%***, 11/1/2037, LOC: Landesbank Hessen-Thuringen		11,750,000		11,750,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series TR-T30001-I, 144A, 0.13%***, 6/15/2044, LIQ: Citibank NA		8,000,000		8,000,000
Nuveen Select Quality Municipal Fund, Inc., Series 1-2525, AMT, 0.15%***, 5/1/2041, LIQ: Barclays Bank PLC		40,000,000		40,000,000
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series N, AMT, 0.09%***, 9/1/2036, SPA: State Street Bank & Trust Co.		100,000		100,000
Ohio, University Hospitals Health System, Inc., Hospital Revenue, Series C, 0.11%***, 1/15/2050, LOC: Barclays Bank PLC		25,000,000		25,000,000
Utah, State Housing Corp., Single Family Mortgage Revenue:
"I", Series E-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		4,065,000		4,065,000
"I", Series G-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		8,040,000		8,040,000
"1", Series C, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,390,000		5,390,000
"I", Series B-2, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,425,000		5,425,000
"I", Series F, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		4,380,000		4,380,000
Vermont, Economic Development Authority, Series A, TECP, 0.2%, 8/7/2014, LOC: JPMorgan Chase Bank NA		33,750,000		33,750,000
Total Municipal Investments (Cost $452,219,594)				452,219,594
Repurchase Agreements 7.8%
BNP Paribas, 0.08%, dated 6/30/2014, to be repurchased at $55,003,122 on 7/1/2014 (c)		55,003,000		55,003,000
BNP Paribas, 0.23%, dated 1/9/2014, to be repurchased at $200,264,500 on 8/4/2014 (b) (d)		200,000,000		200,000,000
Citigroup Global Markets, Inc., 0.06%, dated 6/30/2014, to be repurchased at $61,000,102 on 7/1/2014 (e)		61,000,000		61,000,000
JPMorgan Securities, Inc., 0.36%, dated 3/18/2014, to be repurchased at $358,533,420 on 8/14/2014 (b) (f)		358,000,000		358,000,000
JPMorgan Securities, Inc., 0.39%, dated 2/13/2014, to be repurchased at $152,872,667 on 9/29/2014 (b) (g)		152,500,000		152,500,000
Merrill Lynch & Co., Inc., 0.06%, dated 6/30/2014, to be repurchased at $71,000,118 on 7/1/2014 (h)		71,000,000		71,000,000
The Goldman Sachs & Co., 0.1%, dated 6/30/2014, to be repurchased at $60,000,167 on 7/1/2014 (i)		60,000,000		60,000,000
The Toronto-Dominion Bank, 0.11%, dated 6/30/2014, to be repurchased at $115,000,351 on 7/1/2014 (j)		115,000,000		115,000,000
Wells Fargo Securities LLC, 0.27%, dated 6/26/2014, to be repurchased at $200,010,500 on 7/3/2014 (k)		200,000,000		200,000,000
Wells Fargo Securities LLC, 0.38%, dated 5/8/2014, to be repurchased at $238,726,575 on 8/6/2014 (l)		238,500,000		238,500,000
Total Repurchase Agreements (Cost $1,511,003,000)				1,511,003,000

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $16,854,374,714)†		87.5		16,854,374,714
Other Assets and Liabilities, Net		12.5		2,417,375,609
Net Assets		100.0		19,271,750,323

* Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2014.

** Annualized yield at time of purchase; not a coupon rate.

*** Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of June 30, 2014.

† The cost for federal income tax purposes was $16,854,374,714.

(a) Government-backed debt issued by financial companies or government sponsored enterprises.

(b) Open maturity repurchase agreement whose interest rate resets periodically and is shown at the current rate as of June 30, 2014. The dated date is the original day the repurchase agreement was entered into, the maturity date represents the next repurchase date. Upon notice, both the Portfolio and counterparty have the right to terminate the repurchase agreement at any time.

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	22,859,866	Federal National Mortgage Association		3.5–6.5	12/1/2028–5/1/2044		24,370,459
	5,095,911	Federal Home Loan Mortgage Corp.		3.5–4.5	4/1/2019–5/1/2044		5,420,385
	24,320,379	Government National Mortgage Association		4.0–5.0	9/15/2024–5/20/2044		26,601,448
Total Collateral Value							56,392,292

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	3,791,392	Anheuser-Busch InBev Finance, Inc.		3.7	2/1/2024		3,882,954
	3,675,000	Caterpillar, Inc.		0.95	6/26/2015		3,699,643
	5,000,000	College Loan Corp Trust I	Zero Coupon		3/1/2042		5,000,000
	4,100,000	Credit Agricole SA		3.875	4/15/2024		4,187,260
	4,950,000	Credit Suisse		2.3	5/28/2019		4,960,219
	76,990,834	FHLMC Multifamily Structured Pass Through Certificates		1.203–3.389	3/15/2024		27,684,313
	10,000,000	GoldenTree Loan Opportunities VII Ltd.		1.379	4/25/2025		9,940,994
	4,300,000	Honeywell International, Inc.		5.4	3/15/2016		4,727,161
	3,510,000	ING Bank NV		3.75	3/7/2017		3,773,744
	3,000,000	International Business Machines Corp.		0.75	5/11/2015		3,016,503
	3,796,805	Macquarie Bank Ltd.		3.45	7/27/2015		3,948,098
	400,000	Mercedes Benz Auto Lease Trust		0.9	12/16/2019		401,040
	30,000,000	Mountain Hawk II CLO Ltd.		1.388	7/22/2024		29,472,600
	25,710,717	OZLM VII Ltd.		1.675	7/17/2026		26,431,186
	80,923,153	SLM Student Loan Trust		0.369	10/27/2031		78,874,285
Total Collateral Value							210,000,000

(e) Collateralized by $58,691,300 U.S. Treasury Notes, with the various coupon rates from 0.125–2.75%, with various maturity dates of 2/28/2018–1/15/2022 with a value of $62,220,002.

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	690,791	Access Group, Inc.		0.629–0.828	7/25/2034–2/22/2044		643,178
	45,000	ADT Corp		2.25–4.125	7/15/2017–6/15/2023		43,193
	21,714,000	Alcoa, Inc.		5.55–6.75	2/1/2017–1/15/2028		25,029,240
	11,313,000	Asset Backed Securities Corp Home Equity Loan Trust		0.782	5/25/2035		10,579,128
	1,193,000	Aviation Capital Group Corp.		3.875–7.125	9/27/2016–4/6/2021		1,275,076
	1,795,000	Barclays Bank PLC		7.75	4/10/2023		2,046,932
	85,000	Brinker International, Inc.		2.6	5/15/2018		85,246
	14,372	Chase Funding Trust		0.732	11/25/2034		13,432
	79,000	Choice Hotels International, Inc.		5.75	7/1/2022		84,825
	1,832,550	Citigroup Mortgage Loan Trust, Inc.		0.797	8/25/2035		1,805,109
	1,000	Clearwire Communications LLC		14.75	12/1/2016		1,368
	71,275,000	College Loan Corp Trust I	Zero Coupon– 5.448		3/1/2042–1/25/2047		44,979,194
	269,355,694	Commercial Mortgage Trust		0.146	12/10/2049		2,511,978
	2,430,000	Continental Airlines Pass Through Trust		5.5	10/29/2020		2,436,718
	1,463,261	Countrywide Home Equity Loan Trust		0.305	11/15/2036		1,239,517
	4,055,000	Credit Agricole SA		6.637–8.375	8/14/2014		4,518,413
	3,675,000	Delta Air Lines Pass Through Trust		6.75	11/23/2015		3,962,339
	170,000	Dresdner Bank AG		7.25	9/15/2015		184,035
	68,000	Embarq Corp.		7.082	6/1/2016		76,235
	269,000	Expedia, Inc.		5.95–7.456	8/15/2018–8/15/2020		322,375
	3,000	First Horizon National Corp.		5.375	12/15/2015		3,178
	24,267,000	FirstEnergy Corp.		2.75–4.25	3/15/2018–3/15/2023		24,469,670
	3,299,000	FirstEnergy Transmission LLC		4.35–5.45	1/15/2025–7/15/2044		3,345,956
	126,000	Flextronics International Ltd.		4.625–5.0	2/15/2020–2/15/2023		132,353
	4,412,000	GLP Capital LP		4.375–5.375	11/1/2018–11/1/2023		4,580,358
	2,886,936	Goal Capital Funding Trust		0.633	6/25/2042		3,247,658
	7,797,662	Home Equity Mortgage Loan Asset-Backed Trust		0.312	7/25/2037		6,940,881
	583,000	Hospira, Inc.		5.2–6.05	3/30/2017–9/15/2040		629,584
	3,776,914	HSI Asset Securitization Corp Trust		0.342	1/25/2036		3,684,038
	270,000	Icahn Enterprises LP		4.875–6.0	3/15/2019–8/1/2020		296,643
	599,000	ING Capital Funding Trust III		3.834	12/29/2049		599,000
	22,916,000	International Lease Finance Corp.		6.5–7.125	9/1/2014–9/1/2018		26,473,540
	21,805,000	Intesa Sanpaolo SpA		5.017	6/26/2024		22,085,359
	5,000	IPALCO Enterprises, Inc.		7.25	4/1/2016		5,526
	3,013,000	Jabil Circuit, Inc.		4.7–8.25	7/15/2016–9/15/2022		3,327,388
	9,787,000	JetBlue Airways Pass Through Trust		0.674	11/15/2016		9,526,101
	462,518,006	JP Morgan Chase Commercial Mortgage Securities Trust		0.184	12/12/2044		653,094
	320,000	Liberty Mutual Group, Inc.		10.75	6/15/2058		491,762
	9,350,000	Masco Corp.		4.8–7.125	6/15/2015–8/15/2032		10,420,884
	9,317,852	Mastr Asset Backed Securities Trust		0.452	5/25/2037		8,206,826
	375,000	Midcontinent Express Pipeline LLC		5.45	9/15/2014		383,169
	4,318,318	Morgan Stanley Capital I Trust		1.376	6/15/2044		181,162
	10,950,000	Nelnet Education Loan Funding, Inc.		1.2	2/25/2039		10,557,344
	1,014,000	Newfield Exploration Co.		5.75	1/30/2022		1,138,849
	735,710	N-Star REL CDO IV Ltd.		0.501	7/27/2040		719,393
	661,000	Omega Healthcare Investors, Inc.		4.95–6.75	10/15/2022–4/1/2024		691,868
	71,000	ONEOK, Inc.		6.0	6/15/2035		72,153
	567,000	Owens Corning		4.2–9.0	12/1/2016–12/15/2022		596,096
	60,000	PVH Corp.		7.75	11/15/2023		74,666
	1,955,000	QVC, Inc.		5.125–7.375	10/15/2020–7/2/2022		2,119,132
	100,000	Regions Bank		7.5	5/15/2018		119,899
	150,000	Regions Financial Corp.		5.75–7.75	11/10/2014–6/15/2015		158,194
	24,686,000	Royal Bank of Scotland Group PLC		6.0–6.1	6/10/2023–12/19/2023		26,814,318
	280,000	Seminole Tribe of Florida, Inc.		7.804	10/1/2020		320,584
	19,895,000	Signet UK Finance PLC		4.7	6/15/2024		20,344,483
	90,000	SL Green Realty Corp.		5.0	8/15/2018		99,738
	24,177,947	SLM Private Credit Student Loan Trust		0.501–0.631	6/15/2039–12/15/2039		21,684,437
	2,000,000	SLM Private Education Loan Trust		3.0	5/16/2044		1,941,022
	300,000	Societe Generale SA		5.922	8/14/2014		325,195
	873,000	Telecom Italia Capital SA		4.95–5.25	9/30/2014–10/1/2015		920,536
	5,136,000	Telecom Italia SpA		5.303	5/30/2024		5,165,117
	3,000	Toll Brothers Finance Corp.		6.75	11/1/2019		3,483
	4,573,000	TRW Automotive, Inc.		4.45–4.5	3/1/2021–12/1/2023		4,890,130
	50,000	United States Cellular Corp.		6.7	12/15/2033		50,655
	13,840,467	US Education Loan Trust IV LLC		0.08	9/1/2047		17,627,642
	3,601,000	VeriSign, Inc.		4.625	5/1/2023		3,577,768
	8,365,000	Williams Companies, Inc.		7.5	1/15/2031		10,156,741
	7,744,000	Wynn Las Vegas LLC		5.375–7.875	5/1/2020–3/15/2022		8,323,522
Total Collateral Value							370,014,626

(g) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	4,578,303	BBVA US Senior SAU		4.664	10/9/2015		4,836,173
	500,000	Best Buy Co., Inc.		3.75–5.5	3/15/2016–3/15/2021		520,783
	3,200,000	BNP Paribas		5.186	9/29/2014		3,260,461
	15,000	Boardwalk Pipelines LP		5.5	2/1/2017		16,677
	7,765,000	Capital One Bank U.S.A. NA		2.25	2/13/2019		7,877,457
	40,000	ComEd Financing III		6.35	3/15/2033		40,841
	9,005,000	Delta Air Lines Pass Through Trust		6.375–9.75	1/2/2016–12/17/2016		8,508,665
	3,000	Discover Bank		8.7	11/18/2019		3,843
	34,000	Discover Financial Services		3.85	11/21/2022		34,944
	18,513,000	El Paso Pipeline Partners Operating Co., LLC		4.1–6.5	11/15/2015–11/1/2042		21,254,214
	450,000	EPR Properties		5.75	8/15/2022		498,618
	474,000	Interpublic Group of Companies, Inc.		4.2	4/15/2024		492,898
	30,743,500	JPMorgan Chase & Co.	Zero Coupon–7.9		7/2/2014–7/20/2014		32,132,348
	79,000	Leucadia National Corp.		8.125	9/15/2015		86,915
	3,907,616	Manufacturers & Traders Trust Co.		6.625	12/4/2017		4,564,152
	68,000	Martin Marietta Materials, Inc.		6.25	5/1/2037		73,390
	7,910,000	MBIA, Inc.		6.625–7.0	12/15/2025–10/1/2028		8,524,508
	5,825,000	Midcontinent Express Pipeline LLC		5.45–6.7	9/15/2014–9/15/2019		6,546,807
	12,795,000	Monsanto Co.		0.423	11/7/2016		12,806,316
	1,825,000	MUFG Capital Finance 1 Ltd.		6.346	9/29/2014		2,029,989
	2,791,134	NextEra Energy Capital Holdings, Inc.		1.2	6/1/2015		2,817,203
	2,441,713	Ohio Edison Co.		8.25	10/15/2038		3,798,040
	3,620,000	People's United Financial, Inc.		3.65	12/6/2022		3,633,370
	1,210,000	Signet UK Finance PLC		4.7	6/15/2024		1,237,337
	2,000,000	State Street Capital Trust I		0.784	5/15/2028		1,720,025
	415,000	State Street Capital Trust IV		1.231	6/15/2037		352,937
	11,000	State Street Corp.		4.956	3/15/2018		12,275
	3,878,042	TransCanada PipeLines Ltd.		0.875	3/2/2015		3,903,087
	25,000	Tyson Foods, Inc.		7.0	5/1/2018		29,288
	65,000	UBS Preferred Funding Trust V		6.243	5/29/2049		69,813
	100,000	UniCredit Luxembourg Finance SA		6.0	10/31/2017		111,381
	24,404,000	Verizon Communications, Inc.		1.002–4.15	6/17/2019–3/15/2024		25,283,556
Total Collateral Value							157,078,311

(h) Collateralized by $70,850,000 U.S. Treasury Notes, with the various coupon rates from 0.125–1.0%, with various maturity dates of 8/31/2016–4/15/2019 with a value of $72,420,083.

(i) Collateralized by $55,877,808 Government National Mortgage Association, with the various coupon rates from 4.0–6.0%, with various maturity dates of 7/20/2038–1/15/2044 with a value of $61,200,000.

(j) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	78,000	Actavis, Inc.		3.25	10/1/2022		77,170
	1,000,000	Aon PLC		4.6	6/14/2044		995,357
	2,000,000	Apollo Management Holdings LP		4.0	5/30/2024		2,012,767
	15,308,375	Apple, Inc.		1.05–4.45	5/5/2017–5/6/2044		15,431,109
	1,037,000	Australia & New Zealand Banking Group Ltd.		0.842–2.4	10/6/2015–11/23/2016		1,046,634
	5,000,000	Bank of Montreal		1.95	1/30/2017		5,168,025
	12,513,051	Bank of Nova Scotia		1.65–1.75	10/29/2015–3/22/2017		12,787,682
	1,000,000	Capital One Financial Corp.		3.75	4/24/2024		1,020,535
	955,000	CareFusion Corp.		3.875	5/15/2024		963,633
	734,903	Caterpillar, Inc.		4.3	5/15/2044		740,680
	472,402	Cisco Systems, Inc.		5.5	2/22/2016		519,735
	4,130,707	Citigroup, Inc.		2.55–3.75	4/8/2019–6/16/2024		4,156,969
	1,165,000	Comcast Corp.		4.75	3/1/2044		1,242,287
	600,000	Commonwealth Bank of Australia		2.0–2.25	3/16/2017–6/18/2019		618,558
	707,049	Danaher Corp.		5.4	3/1/2019		823,832
	622,871	DIRECTV Holdings LLC		4.6	2/15/2021		690,203
	400,000	eBay, Inc.		2.6	7/15/2022		387,539
	1,000,000	Express Scripts Holding Co.		2.25	6/15/2019		997,863
	179,000	General Electric Capital Corp.		2.95	5/9/2016		187,350
	5,016	Georgia Power Co.		5.7	6/1/2017		5,673
	200,000	Hartford Financial Services Group, Inc.		6.1	10/1/2041		250,780
	375,000	Honeywell International, Inc.		4.25	3/1/2021		420,378
	1,250,000	Hospitality Properties Trust		4.65	3/15/2024		1,301,185
	6,144,017	HSBC Bank PLC		3.1	5/24/2013		6,438,807
	1,000,000	Icahn Enterprises LP		4.875	3/15/2019		1,034,526
	287	International Business Machines Corp.		3.625	2/12/2024		298
	950,000	Johnson Controls, Inc.		3.625–4.625	7/2/2024–7/2/2044		952,120
	4,101,070	Legg Mason, Inc.		2.7–5.625	7/15/2019–1/15/2044		4,178,314
	2,638,316	Manulife Financial Corp.		4.9	9/17/2020		2,947,868
	5,174,664	MasterCard, Inc.		3.375	4/1/2024		5,235,829
	468,000	Merck Sharp & Dohme Corp.		4.75	3/1/2015		489,229
	49,186	National Australia Bank Ltd.		2.0	6/20/2017		50,332
	1,635,000	National Bank of Canada		2.2	10/19/2016		1,692,321
	2,442,879	Pfizer, Inc.		5.35	3/15/2015		2,564,911
	725,787	Province of Nova Scotia Canada		8.75	4/1/2022		1,014,964
	3,000,000	Prudential Financial, Inc.		3.5–4.6	5/15/2024–5/15/2044		3,014,750
	15,123,410	Royal Bank of Canada		1.125–3.125	4/14/2015–10/1/2018		15,466,830
	12,000	Statoil ASA		2.9	10/15/2014		12,163
	163,000	Swedbank Hypotek AB		1.375	3/28/2018		162,794
	1,221,000	Target Corp.		2.3–3.5	6/26/2019–7/1/2024		1,234,236
	2,599,662	The Toronto-Dominion Bank		1.5–1.625	9/14/2016–3/13/2017		2,648,952
	500,000	Time Warner, Inc.		3.55	6/1/2024		497,553
	1,000,000	TJX Companies, Inc.		2.75	6/15/2021		1,003,820
	3,303,424	Total Capital SA		3.0	6/24/2015		3,389,346
	5,090,445	Verizon Communications, Inc.		1.35–6.55	6/9/2017–9/15/2043		6,041,010
	2,870,032	Wells Fargo & Co.		2.15–7.98	1/15/2019		3,265,687
	2,158,713	Westpac Banking Corp.		1.375–2.0	7/17/2015–5/21/2019		2,163,816
	1,850,000	Xerox Corp.		2.8–3.8	5/15/2020–5/15/2024		1,850,692
Total Collateral Value							119,197,112

(k) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	160,000	Ally Auto Receivables Trust		1.21	7/15/2016		161,080
	1,500,000	American Express Credit Account Master Trust		1.412	9/15/2020		1,553,929
	230,000	Atlantic City Electric Transition Funding LLC		5.55	10/20/2023		264,300
	7,000,000	Cabela's Master Credit Card Trust		0.702	10/15/2019		7,050,293
	1,000,000	CarMax Auto Owner Trust		0.8	7/16/2018		999,738
	2,050,000	Entergy Texas Restoration Funding LLC		4.38	11/1/2023		2,285,531
	208,015,264	FHLMC Multifamily Structured Pass Through Certificates		0.502–3.882	11/25/2017–6/25/2041		42,358,626
	18,585,000	Freddie Mac Structured Agency Credit Risk Debt Notes		4.402–4.652	11/25/2023–2/25/2024		20,769,698
	44,031,000	FREMF Mortgage Trust		4.41–5.405	9/25/2043–1/25/2045		48,299,367
	1,490,397	GE Equipment Small Ticket LLC		1.02	2/24/2017		1,500,334
	899,516	General Electric Capital Corp.		1.0	9/23/2015		906,464
	36,520,000	Hertz Vehicle Financing LLC		2.2	3/25/2016		36,818,790
	1,255,593	Honda Auto Receivables Owner Trust		0.37	10/16/2015		1,255,901
	13,050,000	Hyundai Auto Receivables Trust		2.1	6/15/2017		13,377,855
	9,711,867	Illinois Tool Works, Inc.		3.9	9/1/2042		9,243,965
	769,909	Intel Corp.		1.35	12/15/2017		770,211
	5,000,000	International Bank for Reconstruction & Development		0.375	8/24/2015		5,009,975
	4,011,000	LSTAR Commercial Mortgage Trust		2.767	1/20/2041		4,058,176
	4,250,000	MMAF Equipment Finance LLC		2.1	7/15/2017		4,321,536
	1,898,707	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		1,900,508
	2,000,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		2,001,295
Total Collateral Value							204,907,572

(l) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	900,000	Ally Auto Receivables Trust		0.52	10/20/2016		900,270
	7,059	AmeriCredit Automobile Receivables Trust		0.68–1.17	5/9/2016–10/11/216		7,068
	500,000	Australia & New Zealand Banking Group Ltd.		0.477	1/29/2015		501,175
	250,000	Bank of China Ltd.		0.38	8/6/2014		249,965
	1,500,000	Barclays Dryrock Issuance Trust		0.64	8/15/2018		1,500,448
	35,000,000	BMW Floorplan Master Owner Trust		0.552	9/15/2017		35,115,140
	1,740,000	BMW Vehicle Owner Trust		0.67	11/27/2017		1,741,985
	2,459,653	Capital Auto Receivables Asset Trust		0.62	7/20/2016		2,461,075
	770,000	Capital One Multi-Asset Execution Trust		0.232–0.426	11/15/2019–12/16/2019		768,097
	8,605,572	CarMax Auto Owner Trust		0.52–1.07	6/15/2016–1/16/2018		8,615,874
	825,000	Chase Issuance Trust		0.202–0.252	2/15/2017–4/15/2019		822,110
	1	CIT Equipment Collateral		1.1	8/22/2016		1
	6,563,000	Citibank Credit Card Issuance Trust		0.254–4.85	3/10/2017–12/17/2018		6,708,791
	5,102,566	CNH Equipment Trust		0.45–1.16	4/15/2016–6/15/2020		5,108,334
	4,334,439	Credit Suisse AG		0.38	8/6/2014		4,337,950
	8,300,000	Discover Card Execution Note Trust		0.582	7/15/2021		8,328,317
	21,665,000	FHLMC Multifamily Structured Pass Through Certificates		2.307–2.573	5/25/2022–9/25/2022		21,339,620
	200,000	Fifth Third Auto Trust		0.89	11/15/2018		200,023
	29,503	First Investors Auto Owner Trust		1.96	11/15/2017		29,584
	2,060,000	Ford Credit Auto Lease Trust		1.61	10/15/2016		2,064,464
	14,030,000	Ford Credit Auto Owner Trust		0.57	10/15/2017		14,049,396
	15,600,000	Ford Credit Floorplan Master Owner Trust A		0.3–0.85	1/15/2018–6/15/2020		15,654,187
	5,000,000	GE Capital Credit Card Master Note Trust		1.36	8/17/2020		4,978,153
	1,635,000	GE Dealer Floorplan Master Note Trust		0.753	7/20/2016		1,635,647
	505,971	GE Equipment Midticket LLC		0.78–0.64	3/22/2016–9/22/2020		506,240
	2,779,603	GE Equipment Small Ticket LLC		1.02	2/24/2017		2,798,135
	1,550,000	Golden Credit Card Trust		0.402–0.602	7/17/2017–2/15/2018		1,553,554
	1,705,902	Honda Auto Receivables Owner Trust		0.35–0.77	6/22/2015–2/16/2017		1,707,813
	500,000	Hyundai Auto Lease Securitization Trust		0.52	7/15/2016		500,414
	2,900,000	Hyundai Auto Receivables Trust		0.79–2.1	6/15/2017–7/16/2018		2,970,918
	1,450,000	ING U.S. Funding LLC		0.38	8/6/2014		1,449,694
	1,332,118	Intel Corp.		1.35	12/15/2017		1,332,641
	67,595	John Deere Owner Trust		0.55	1/15/2016		67,649
	4,750,000	Kookmin Bank		0.38	8/6/2014		4,748,161
	3,000,000	Lloyds Bank PLC NY Branch		0.38	8/6/2014		3,003,054
	11,755,539	LSTAR Commercial Mortgage Trust		1.519–2.767	1/20/2041		11,874,823
	3,348,923	M&T Bank Auto Receivables Trust		0.66	2/16/2016		3,352,217
	500,000	Mercedes Benz Auto Lease Trust		0.62	7/15/2016		500,805
	1,270,000	Mercedes-Benz Master Owner Trust		0.422	11/15/2016		1,270,430
	120,000	Navistar Financial Dealer Note Master Trust		0.822	1/25/2018		120,028
	2,000,000	Nissan Auto Lease Trust		0.74	9/17/2018		2,004,493
	27,645,983	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		27,672,201
	5,100,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		5,103,302
	5,190,000	PHEAA Student Loan Trust I		1.653	4/25/2044		5,099,294
	5,000,000	Porsche Innovative Lease Owner Trust		0.88	10/22/2019		5,011,068
	2,517,000	River Fuel Company No. 2		0.38	8/6/2014		2,516,613
	3,931,941	Santander Drive Auto Receivables Trust		0.472–1.02	9/15/2016–1/16/2018		3,939,514
	5,700,000	SLM Student Loan Trust		0.432	9/25/2019		5,701,550
	25,224	Toyota Auto Receivables Owner Trust		0.48	2/15/2016		25,239
	1,700,000	Volkswagen Auto Lease Trust		0.84	7/20/2016		1,706,356
	1,900,000	Volkswagen Credit Auto Master Owner Trust		0.833	9/20/2016		1,902,278
	1,890,000	Volvo Financial Equipment LLC		0.74	3/15/2017		1,894,002
	4,142,504	Wells Fargo Bank NA		6.6	1/15/2038		5,703,440
	2,124,000	World Omni Auto Receivables Trust		0.61	6/15/2017		2,127,418
Total Collateral Value							245,281,018

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2014 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (m)	$	—	$	15,343,371,714	$	—	$	15,343,371,714
Repurchase Agreements		—		1,511,003,000		—		1,511,003,000
Total	$	—	$	16,854,374,714	$	—	$	16,854,374,714

There have been no transfers between fair value measurement levels during the period ended June 30, 2014.

(m) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investments in non-affiliated securities, valued at amortized cost	$	16,854,374,714
Cash		2,413,957,491
Receivable for investments sold		1,665,000
Interest receivable		4,061,882
Other assets		150,351
Total assets		19,274,209,438
Liabilities
Accrued management fee		1,588,584
Accrued Trustees' fees		196,831
Other accrued expenses and payables		673,700
Total liabilities		2,459,115
Net assets, at value	$	19,271,750,323

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income: Interest	$	18,309,992
Expenses: Management fee		12,541,716
Administration fee		2,954,118
Custodian fee		128,809
Professional fees		126,965
Reports to shareholders		9,412
Trustees' fees and expenses		462,862
Other		268,405
Total expenses before expense reductions		16,492,287
Expense reductions		(2,801,035	)
Total expenses after expense reductions		13,691,252
Net investment income		4,618,740
Net realized gain (loss) from investments		(560	)
Net increase (decrease) in net assets resulting from operations	$	4,618,180

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	4,618,740		$	18,689,800
Operations: Net investment income	$	4,618,740		$	18,689,800
Net realized gain (loss)		(560	)		269,542
Net increase (decrease) in net assets resulting from operations		4,618,180			18,959,342
Capital transactions in shares of beneficial interest: Proceeds from capital invested		99,340,972,068			203,102,122,625
Value of capital withdrawn		(100,288,082,077	)		(207,716,596,936	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(947,110,009	)		(4,614,474,311	)
Increase (decrease) in net assets		(942,491,829	)		(4,595,514,969	)
Net assets at beginning of period		20,214,242,152			24,809,757,121
Net assets at end of period	$	19,271,750,323		$	20,214,242,152

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013		2012		2011		2010		2009
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		19,272			20,214		24,810		20,784		34,432		42,466
Ratio of expenses before expense reductions (%)		.17	*		.16		.17		.16		.17		.16
Ratio of expenses after expense reductions (%)		.14	*		.14		.14		.15		.16		.14
Ratio of net investment income (%)		.05	*		.08		.14		.10		.16		.43
Total Return (%)a,b		.02	**		.08		.14		.11		.17		.48
a Total return would have been lower had certain expenses not been reduced. b Total return for the Portfolio was derived from the performance of Cash Reserves Fund Institutional. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.

The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated Deutsche feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2014, Cash Management Fund, Cash Reserves Fund Institutional, Cash Reserves Fund — Prime Series and Deutsche Money Market Series (formerly DWS Money Market Series) owned approximately 9%, 5%, 5% and 79%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

As of June 30, 2014, the Portfolio held repurchase agreements with a gross value of $1,511,003,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $3.0 billion of the Portfolio's average daily net assets	.1500	%
Next $4.5 billion of such net assets	.1325	%
Over $7.5 billion of such net assets	.1200	%

For the period from January 1, 2014 through June 30, 2014, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Portfolio's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2014, the Advisor waived a portion of its management fee aggregating $2,801,035, and the amount charged aggregated $9,740,681, which was equivalent to an annualized effective rate of 0.10%.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2014, the Administration Fee was $2,954,118, of which $469,283 is unpaid.

Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2014, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $905, all of which is unpaid.

Trustees' Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2014.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Portfolio is required to comply with money market reform over the next two years. As a result, the Portfolio may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Portfolio.

Other Information

Proxy Voting

The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund's voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of each fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

Cash Reserve Fund — Prime Series (the "Fund"), a series of Cash Reserve Fund, Inc., invests all of its assets in Cash Management Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and the Fund's Board of Directors (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement," and together with the Portfolio Agreement, the "Agreements") in September 2013. The Portfolio's Board of Trustees and the Fund's Board of Directors are collectively referred to as the "Board."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

— In September 2013, all of the Portfolio's Trustees and the Fund's Directors were independent of DIMA and its affiliates.

— The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Asset Allocation Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability compiled by a fee consultant retained by the Portfolio's and the Fund's Independent Trustees/Directors (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

— The Independent Trustees/Directors regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees/Directors were also advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund, and that the Fund Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees/Directors that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled by the Fee Consultant using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2012, the Fund's gross performance (Cash Reserve Prime Shares) was in the 2nd quartile and 3rd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Portfolio's and the Fund's investment management fee schedules and the Fund's operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.10% fees paid to DIMA under the respective administrative services agreements, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. The Board noted that the Fund's total (net) operating expenses, which include Portfolio expenses allocated to the Fund, were higher than the median of the applicable Lipper expense universe for the Prime Institutional Shares (3rd quartile), Managed Shares (4th quartile) and Cash Reserve Prime Shares (4th quartile) (based on Lipper data provided as of December 31, 2012). The Board considered the Portfolio's management fee rate as compared to fees charged by DIMA to comparable funds and considered differences between the Portfolio and the comparable funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board noted the expense limitation agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DIMA and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio's management fee schedule includes fee breakpoints. The Board concluded that the Portfolio's and the Fund's fee schedules represent an appropriate sharing between the Portfolio and the Fund, as the case may be, and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees/Directors and their independent counsel present. It is possible that individual Trustees/Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@db.com

Who we are
Who is providing this notice?	DeAWM Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAWM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 08/2014

Notes

Notes

June 30, 2014

Semiannual Report

to Shareholders

Cash Reserves Fund Institutional

Contents

Cash Reserves Fund Institutional

3 Portfolio Summary

4 Statement of Assets and Liabilities

5 Statement of Operations

6 Statement of Changes in Net Assets

7 Financial Highlights

8 Notes to Financial Statements

12 Information About Your Fund's Expenses

Cash Management Portfolio

15 Investment Portfolio

37 Statement of Assets and Liabilities

38 Statement of Operations

39 Statement of Changes in Net Assets

40 Financial Highlights

41 Notes to Financial Statements

45 Advisory Agreement Board Considerations and Fee Evaluation

50 Account Management Resources

52 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this 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. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors of the fund may have a significant adverse effect on the share price of the fund. See the prospectus for specific details regarding the fund's risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Summary (Unaudited)

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investment in Cash Management Portfolio, at value	$	967,709,592
Receivable for Fund shares sold		72,856
Due from Advisor		1,445
Other assets		13,154
Total assets		967,797,047
Liabilities
Distributions payable		1,133
Accrued Trustees' fees		911
Other accrued expenses and payables		96,173
Total liabilities		98,217
Net assets, at value	$	967,698,830
Net Assets Consist of
Accumulated net realized gain (loss)		(239,012	)
Paid-in capital		967,937,842
Net assets, at value	$	967,698,830
Net Asset Value
Net Asset Value, offering and redemption price per share ($967,698,830 ÷ 968,147,616 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the period ended June 30, 2014 (Unaudited)
Investment Income
Income and expenses allocated from Cash Management Portfolio: Interest	$	1,357,760
Expenses*		(1,016,795	)
Net investment income allocated from Cash Management Portfolio		340,965
Expenses: Administration fee		730,478
Services to shareholders		27,519
Service fees		2,551
Professional fees		17,301
Reports to shareholders		17,010
Registration fees		12,660
Trustees' fees and expenses		2,896
Other		17,053
Total expenses before expense reductions		827,468
Expense reductions		(559,589	)
Total expenses after expense reductions		267,879
Net investment income		73,086
Net realized gain (loss) allocated from Cash Management Portfolio		(108	)
Net increase (decrease) in net assets resulting from operations	$	72,978

* Net of $207,788 Advisor reimbursement allocated from Cash Management Portfolio for the six months ended June 30, 2014.

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	73,086		$	375,228
Operations: Net investment income	$	73,086		$	375,228
Net realized gain (loss)		(108	)		22,534
Net increase (decrease) in net assets resulting from operations		72,978			397,762
Distributions to shareholders from: Net investment income		(73,086	)		(396,227	)
Fund share transactions: Proceeds from shares sold		7,782,043,797			20,444,803,483
Reinvestment of distributions		48,993			270,851
Payments for shares redeemed		(8,181,041,317	)		(20,735,692,063	)
Net increase (decrease) in net assets from Fund share transactions		(398,948,527	)		(290,617,729	)
Increase (decrease) in net assets		(398,948,635	)		(290,616,194	)
Net assets at beginning of period		1,366,647,465			1,657,263,659
Net assets at end of period (including undistributed net investment income of $0 and $0, respectively)	$	967,698,830		$	1,366,647,465
Other Information
Shares outstanding at beginning of period		1,367,096,143			1,657,713,872
Shares sold		7,782,043,797			20,444,803,483
Shares issued to shareholders in reinvestment of distributions		48,993			270,851
Shares redeemed		(8,181,041,317	)		(20,735,692,063	)
Net increase (decrease) in Fund shares		(398,948,527	)		(290,617,729	)
Shares outstanding at end of period		968,147,616			1,367,096,143

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	a		.000	a		.001			.000	a		.001			.004
Net realized gain (loss)		(.000	)a		.000	a		.000	a		.000	a		.000	a		.000	a
Total from investment operations		.000	a		.000	a		.001			.000	a		.001			.004
Less distributions from: Net investment income		(.000	)a		(.000	)a		(.001	)		(.000	)a		(.001	)		(.004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)b		.00	**c		.02			.07			.05			.13			.41
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		968			1,367			1,657			1,993			4,040			6,409
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		.28	*		.27			.28			.28			.28			.31
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.18	*		.20			.21			.21			.20			.21
Ratio of net investment income (%)		.01	*		.02			.07			.05			.12			.36
a Amount is less than $.0005. b Total return would have been lower had certain expenses not been reduced. c Amount is less than .005%. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Reserves Fund Institutional (the "Fund'') is a diversified series of DWS Money Market Trust (the "Trust''), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act''), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Cash Management Portfolio (the "Portfolio''), an open-end management investment company registered under the 1940 Act and organized as a New York trust advised by Deutsche Investment Management Americas Inc. ("DIMA'' or the "Advisor''), an indirect, wholly owned subsidiary of Deutsche Bank AG. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2014, the Fund owned approximately 5% of the Portfolio.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2013, the Fund had a net tax basis capital loss carryforward of approximately $239,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2016, the expiration date, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2013, and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. The Fund receives an allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor serves as the investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

For the period from January 1, 2014 through April 30, 2015, DIMA has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.21% of the Fund's average daily net assets.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under this arrangement, the Advisor waived certain expenses of the Fund.

For the six months ended June 30, 2014, the Administration Fee was $730,478, of which $535,122 was waived and $30,104 is unpaid.

Service Provider Fees. DeAWM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DSC aggregated $21,916, all of which was waived.

Shareholder Servicing Fee. DeAWM Distributors, Inc. ("DDI"), an affiliate of the Advisor, provides information and administrative services for a fee ("Service Fee") to shareholders at an annual rate of up to 0.25% of average daily net assets. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firm services. For the six months ended June 30, 2014, the Service Fee was as follows:

	Total Aggregated		Waived		Annualized Effective Rate
Cash Reserves Fund Institutional	$	2,551	$	2,551		.00	%

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DIMA included in Statement of Operations under "reports to shareholders" aggregated $8,747, of which $5,377 is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Concentration of Ownership

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At June 30, 2014, there were two shareholder accounts that held approximately 12% and 11% of the outstanding shares of the Fund, respectively.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Fund is required to comply with money market reform over the next two years. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2014 to June 30, 2014).

The tables illustrate your Fund's expenses in two ways:

—Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2014 (Unaudited)
Actual Fund Return*
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,000.05
Expenses Paid per $1,000**	$	.89
Hypothetical 5% Fund Return*
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,023.90
Expenses Paid per $1,000**	$	.90

* Expenses include amounts allocated proportionally from the master portfolio.

** Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratio
Cash Reserves Fund Institutional	.18%

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.

(The following financial statements of the Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2014 (Unaudited)

	Principal Amount ($)		Value ($)
Certificates of Deposit and Bank Notes 12.0%
Bank of America NA, 0.17%, 7/31/2014		200,000,000		200,000,000
Bank of Montreal:
0.17%, 9/10/2014		79,000,000		79,000,000
0.2%, 12/5/2014		44,000,000		43,999,999
Bank of Nova Scotia, 1.85%, 1/12/2015		27,060,000		27,286,268
China Construction Bank Corp.:
0.37%, 7/14/2014		50,000,000		50,000,000
0.37%, 7/29/2014		50,000,000		50,000,000
DNB Bank ASA:
0.22%, 7/7/2014		60,000,000		60,000,000
0.225%, 7/16/2014		114,000,000		114,000,000
0.23%, 10/1/2014		100,000,000		100,000,000
0.23%, 10/9/2014		23,000,000		23,000,000
DZ Bank AG:
0.25%, 9/10/2014		120,500,000		120,500,000
0.25%, 10/3/2014		135,000,000		135,000,000
0.27%, 11/7/2014		112,750,000		112,750,000
Fortis Bank SA:
0.18%, 7/2/2014		82,600,000		82,600,011
0.22%, 7/1/2014		182,500,000		182,500,000
Industrial & Commercial Bank of China Ltd.:
0.35%, 7/11/2014		115,000,000		115,000,000
0.37%, 7/29/2014		75,750,000		75,750,000
Mitsubishi UFJ Trust & Banking Corp., 0.17%, 7/3/2014		53,000,000		53,000,000
National Australia Bank Ltd., 2.0%, 3/9/2015		20,000,000		20,233,221
Natixis, 0.223%, 7/14/2014		150,000,000		150,000,000
Nordea Bank Finland PLC, 0.21%, 7/7/2014		101,000,000		101,000,000
Province of Ontario Canada, 2.95%, 2/5/2015		3,030,000		3,078,457
Rabobank Nederland NV:
0.245%, 3/13/2015		140,000,000		140,000,000
0.27%, 10/3/2014		65,000,000		65,000,000
Sumitomo Mitsui Banking Corp., 0.17%, 8/11/2014		29,000,000		29,000,000
Svenska Handelsbanken AB, 0.22%, 9/30/2014		138,750,000		138,749,999
Wal-Mart Stores, Inc., 5.319%, 6/1/2015		34,000,000		35,599,715
Total Certificates of Deposit and Bank Notes (Cost $2,307,047,670)				2,307,047,670
Commercial Paper 41.6%
Issued at Discount** 29.1%
Albion Capital Corp. SA:
0.13%, 7/7/2014		24,260,000		24,259,474
0.16%, 7/15/2014		52,960,000		52,956,705
Alpine Securitzation, 144A, 0.02%, 7/1/2014		50,000,000		50,000,000
Antalis U.S. Funding Corp., 144A, 0.1%, 7/2/2014		29,792,000		29,791,917
Apple, Inc.:
0.07%, 7/7/2014		34,000,000		33,999,603
0.08%, 8/1/2014		20,000,000		19,998,622
0.15%, 11/10/2014		20,000,000		19,989,000
0.18%, 2/6/2015		20,000,000		19,978,000
0.18%, 2/10/2015		20,000,000		19,977,600
Bank Nederlandse Gemeenten, 0.245%, 6/2/2015		30,000,000		29,931,400
Bedford Row Funding Corp.:
144A, 0.26%, 7/25/2014		23,000,000		22,996,013
144A, 0.3%, 6/9/2015		50,000,000		49,857,083
144A, 0.31%, 10/27/2014		77,000,000		76,921,759
144A, 0.32%, 12/17/2014		35,500,000		35,446,671
144A, 0.32%, 4/1/2015		35,000,000		34,914,756
BNZ International Funding Ltd., 144A, 0.2%, 12/12/2014		100,000,000		99,908,889
Caisse Centrale Desjardins:
0.165%, 9/16/2014		38,500,000		38,486,413
0.17%, 10/1/2014		40,000,000		39,982,622
Caisse des Depots et Consignations, 144A, 0.15%, 9/4/2014		137,800,000		137,762,679
Catholic Health Initiatives, 0.2%, 12/10/2014		17,150,000		17,134,565
Chevron Corp., 144A, 0.12%, 9/16/2014		54,750,000		54,735,948
CNPC Finance HK Ltd.:
144A, 0.35%, 7/8/2014		95,000,000		94,993,535
144A, 0.38%, 8/21/2014		40,000,000		39,978,467
144A, 0.4%, 7/2/2014		45,060,000		45,059,499
Coca-Cola Co.:
0.19%, 11/3/2014		3,000,000		2,998,021
0.19%, 12/2/2014		50,000,000		49,959,361
Collateralized Commercial Paper Co., LLC, 0.21%, 9/25/2014		132,500,000		132,433,529
Collateralized Commercial Paper II Co., LLC, 144A, 0.22%, 11/13/2014		112,000,000		111,907,600
CPPIB Capital, Inc.:
0.3%, 2/11/2015		21,000,000		20,960,625
0.3%, 2/17/2015		10,000,000		9,980,750
0.3%, 2/27/2015		10,000,000		9,979,917
DBS Bank Ltd., 144A, 0.235%, 9/10/2014		160,000,000		159,925,844
Dexia Credit Local:
0.263%, 8/21/2014		65,000,000		64,976,058
0.27%, 8/25/2014		24,000,000		23,990,100
0.27%, 9/4/2014		24,750,000		24,737,934
0.325%, 8/18/2014		100,000,000		99,956,667
0.325%, 8/19/2014		50,000,000		49,977,882
DNB Bank ASA:
0.15%, 8/25/2014		122,940,000		122,911,826
0.225%, 7/30/2014		100,000,000		99,981,875
0.235%, 9/8/2014		157,000,000		156,929,285
0.24%, 10/6/2014		34,000,000		33,978,013
eBay, Inc., 144A, 0.09%, 8/19/2014		118,500,000		118,485,484
Erste Abwicklungsanstalt:
144A, 0.11%, 7/7/2014		23,000,000		22,999,578
144A, 0.15%, 9/8/2014		23,500,000		23,493,244
144A, 0.16%, 9/22/2014		100,000,000		99,963,111
Exxon Mobil Corp., 0.05%, 7/9/2014		4,498,000		4,497,950
General Electric Capital Corp., 0.2%, 9/3/2014		52,000,000		51,981,511
Gotham Funding Corp.:
144A, 0.14%, 7/16/2014		25,000,000		24,998,542
144A, 0.15%, 7/11/2014		47,649,000		47,647,015
144A, 0.16%, 7/25/2014		59,736,000		59,729,628
144A, 0.16%, 7/29/2014		125,054,000		125,038,438
Hannover Funding Co., LLC:
0.179%, 8/5/2014		20,000,000		19,996,500
0.18%, 7/17/2014		15,000,000		14,998,800
0.18%, 8/18/2014		88,000,000		87,978,880
Johnson & Johnson, 144A, 0.05%, 7/1/2014		33,109,000		33,109,000
Kells Funding LLC:
144A, 0.2%, 7/11/2014		50,000,000		49,997,222
144A, 0.22%, 9/19/2014		85,000,000		84,958,445
144A, 0.25%, 8/12/2014		51,700,000		51,684,921
Macquarie Bank Ltd., 144A, 0.2%, 9/18/2014		46,000,000		45,979,811
Manhattan Asset Funding Co., LLC, 144A, 0.16%, 7/7/2014		3,000,000		2,999,920
Matchpoint Master Trust:
0.1%, 7/2/2014		150,000,000		149,999,583
0.1%, 7/3/2014		50,000,000		49,999,722
0.12%, 7/1/2014		60,000,000		60,000,000
MetLife Short Term Funding LLC:
144A, 0.2%, 8/6/2014		24,000,000		23,995,200
144A, 0.22%, 9/15/2014		21,472,000		21,462,028
Microsoft Corp., 0.06%, 8/6/2014		18,906,000		18,904,299
Nestle Capital Corp., 0.15%, 9/8/2014		50,000,000		49,985,625
New York Life Capital Corp.:
144A, 0.07%, 7/31/2014		8,485,000		8,484,505
144A, 0.11%, 9/2/2014		3,590,000		3,589,309
Nordea Bank AB:
0.165%, 7/28/2014		28,465,000		28,461,478
0.22%, 10/14/2014		200,000,000		199,871,667
Old Line Funding LLC:
144A, 0.21%, 8/4/2014		50,000,000		49,990,083
144A, 0.22%, 9/10/2014		76,000,000		75,967,024
PepsiCo, Inc., 0.07%, 7/22/2014		14,000,000		13,999,428
Philip Morris International, Inc., 144A, 0.09%, 7/16/2014		2,271,000		2,270,915
Procter & Gamble Co.:
0.08%, 7/21/2014		5,000,000		4,999,778
0.12%, 9/3/2014		8,500,000		8,498,187
0.15%, 10/29/2014		64,000,000		63,968,000
Prudential Funding LLC, 0.06%, 7/1/2014		11,000,000		11,000,000
PSP Capital, Inc., 0.14%, 9/10/2014		15,192,000		15,187,805
Queensland Treasury Corp., 0.15%, 7/30/2014		4,000,000		3,999,517
Roche Holding, Inc., 144A, 0.09%, 7/23/2014		30,000,000		29,998,350
Siemens Capital Co., LLC, 144A, 0.13%, 9/19/2014		100,000,000		99,971,111
Sinopec Century Bright Capital Investment Ltd.:
0.35%, 8/27/2014		50,000,000		49,972,292
0.37%, 7/17/2014		38,000,000		37,993,751
Skandinaviska Enskilda Banken AB, 0.235%, 9/2/2014		45,600,000		45,581,247
Standard Chartered Bank:
0.16%, 7/14/2014		4,615,000		4,614,733
0.27%, 8/4/2014		60,000,000		59,984,700
0.28%, 11/3/2014		183,500,000		183,321,597
Starbird Funding Corp.:
144A, 0.1%, 7/2/2014		57,500,000		57,499,840
144A, 0.1%, 7/3/2014		50,219,000		50,218,721
144A, 0.12%, 7/1/2014		75,000,000		75,000,000
Svenska Handelsbanken AB, 0.18%, 10/14/2014		61,750,000		61,717,581
Swedbank AB:
0.245%, 9/8/2014		73,271,000		73,236,593
0.25%, 10/1/2014		200,000,000		199,872,222
United Overseas Bank Ltd.:
0.24%, 10/14/2014		28,000,000		27,980,400
0.26%, 1/5/2015		19,000,000		18,974,202
Victory Receivables Corp.:
144A, 0.15%, 7/16/2014		88,328,000		88,322,480
144A, 0.16%, 7/28/2014		75,000,000		74,991,000
Wal-Mart Stores, Inc.:
0.07%, 7/7/2014		3,000,000		2,999,965
0.1%, 7/28/2014		183,100,000		183,086,268
Walt Disney Co.:
0.1%, 7/11/2014		20,000,000		19,999,445
0.1%, 7/31/2014		35,300,000		35,297,058
Working Capital Management Co.:
144A, 0.15%, 7/7/2014		4,000,000		3,999,900
144A, 0.16%, 7/8/2014		33,550,000		33,548,956
				5,618,001,072
Issued at Par 12.5%
ANZ New Zealand International Ltd., 144A, 0.213%*, 1/12/2015		100,000,000		100,000,000
ASB Finance Ltd.:
144A, 0.244%*, 6/16/2015		100,000,000		100,000,000
144A, 0.264%*, 10/9/2014		1,000,000		1,000,107
Atlantic Asset Securitization LLC, 144A, 0.181%*, 8/7/2014		100,000,000		100,000,000
Australia & New Zealand Banking Group Ltd., 144A, 0.229%*, 4/30/2015		40,000,000		39,998,307
Bank of Montreal:
0.181%*, 8/14/2014		150,000,000		149,999,155
0.22%*, 9/5/2014		49,000,000		49,002,450
Bank of Nova Scotia, 0.28%*, 1/13/2015		102,000,000		102,000,000
Barton Capital LLC, 144A, 0.184%*, 11/18/2014		26,037,000		26,036,631
BNZ International Funding Ltd.:
144A, 0.242%*, 6/10/2015		20,000,000		20,000,000
144A, 0.243%*, 2/2/2015		50,000,000		50,000,000
Caisse Centrale Desjardins, 144A, 0.227%*, 1/26/2015		100,000,000		99,994,258
Canadian Imperial Bank of Commerce, 0.223%*, 5/8/2015		50,000,000		50,000,000
DBS Bank Ltd., 144A, 0.238%*, 2/20/2015		35,000,000		35,001,927
DNB Bank ASA, 0.192%*, 8/11/2014		36,000,000		36,000,048
Kells Funding LLC:
144A, 0.228%*, 10/22/2014		198,500,000		198,492,930
144A, 0.23%*, 10/10/2014		75,000,000		75,000,000
144A, 0.23%*, 1/27/2015		110,000,000		109,996,700
144A, 0.232%*, 11/17/2014		48,800,000		48,799,902
144A, 0.233%*, 2/13/2015		26,000,000		26,001,448
144A, 0.243%*, 2/5/2015		65,000,000		65,003,359
Kommunalbanken AS, 144A, 0.247%*, 1/26/2015		21,370,000		21,377,608
Nederlandse Waterschapsbank NV:
144A, 0.201%*, 8/13/2014		150,000,000		150,000,000
144A, 0.231%*, 11/3/2014		100,000,000		100,000,000
144A, 0.265%*, 8/15/2014		67,200,000		67,200,000
Old Line Funding LLC:
144A, 0.181%*, 2/2/2015		83,000,000		83,000,000
144A, 0.183%*, 10/10/2014		63,800,000		63,800,000
144A, 0.21%*, 12/5/2014		4,000,000		4,000,000
PepsiCo, Inc., 0.08%*, 7/22/2014		10,000,000		9,999,533
PNC Bank NA:
0.27%, 9/5/2014		35,000,000		35,000,000
0.28%, 10/8/2014		20,000,000		20,000,000
Rabobank Nederland NV, 0.259%*, 8/28/2014		64,000,000		64,009,834
Royal Bank of Canada:
0.232%*, 2/12/2015		100,000,000		100,000,000
0.27%*, 12/11/2014		83,000,000		83,000,000
Versailles Commercial Paper LLC:
144A, 0.191%*, 10/3/2014		70,000,000		70,000,000
144A, 0.211%*, 7/16/2014		33,000,000		33,000,000
Westpac Banking Corp., 0.228%*, 2/20/2015		14,500,000		14,500,644
				2,401,214,841
Total Commercial Paper (Cost $8,019,215,913)				8,019,215,913
Government & Agency Obligations 2.2%
Other Government Related (a) 0.3%
International Bank for Reconstruction & Development, 0.17%*, 7/23/2014		61,600,000		61,600,321
U.S. Government Sponsored Agencies 1.5%
Federal Farm Credit Bank, 0.131%*, 3/3/2016		35,000,000		35,000,000
Federal Home Loan Mortgage Corp.:
0.065%**, 10/16/2014		75,000,000		74,985,510
0.068%**, 8/8/2014		50,000,000		49,996,305
0.08%**, 11/26/2014		50,000,000		49,983,556
0.094%**, 10/2/2014		29,000,000		28,992,883
0.099%**, 9/5/2014		25,000,000		24,995,417
0.099%**, 10/28/2014		15,000,000		14,995,042
				278,948,713
U.S. Treasury Obligations 0.4%
U.S. Treasury Bill, 0.07%**, 8/21/2014		7,000,000		6,999,306
U.S. Treasury Notes:
0.25%, 9/15/2014		25,000,000		25,008,246
2.125%, 11/30/2014		15,000,000		15,122,654
2.375%, 10/31/2014		60,000		60,462
4.25%, 8/15/2014		35,000,000		35,181,114
				82,371,782
Total Government & Agency Obligations (Cost $422,920,816)				422,920,816
Short-Term Notes* 10.5%
Australia & New Zealand Banking Group Ltd., 144A, 0.327%, 5/18/2015		120,700,000		120,700,000
Bank of Nova Scotia:
0.28%, 9/3/2014		62,000,000		62,000,000
0.294%, 6/24/2015		85,000,000		85,000,000
Canadian Imperial Bank of Commerce, 0.34%, 7/17/2015		176,750,000		176,750,000
Commonwealth Bank of Australia:
144A, 0.241%, 7/10/2015		180,000,000		180,000,000
144A, 0.506%, 1/29/2015		29,450,000		29,496,704
JPMorgan Chase Bank NA, 0.347%, 6/22/2015		164,250,000		164,250,000
National Australia Bank Ltd., 144A, 1.177%, 7/25/2014		25,000,000		25,017,121
Rabobank Nederland NV:
0.277%, 12/1/2014		190,500,000		190,500,000
0.277%, 4/10/2015		59,500,000		59,500,000
0.296%, 6/1/2015		70,000,000		70,000,000
0.307%, 7/6/2015		136,500,000		136,500,000
Svenska Handelsbanken AB, 144A, 0.308%, 10/3/2014		168,000,000		168,000,000
Toyota Motor Credit Corp., 0.308%, 8/22/2014		54,800,000		54,814,102
Wells Fargo Bank NA:
0.25%, 11/24/2014		17,810,000		17,810,000
0.25%, 6/16/2015		125,000,000		125,000,000
0.27%, 12/10/2014		125,000,000		125,000,000
Westpac Banking Corp.:
0.231%, 5/11/2015		110,000,000		110,000,000
0.24%, 5/4/2015		125,000,000		125,000,000
Total Short-Term Notes (Cost $2,025,337,927)				2,025,337,927
Time Deposits 11.0%
Citibank NA, 0.08%, 7/2/2014		72,000,000		72,000,000
Credit Agricole Corporate & Investment Bank, 0.07%, 7/1/2014		278,483,794		278,483,794
Fortis Bank SA, 0.03%, 7/1/2014		73,000,000		73,000,000
National Australia Bank Ltd., 0.06%, 7/1/2014		31,146,000		31,146,000
Natixis, 0.09%, 7/3/2014		225,000,000		225,000,000
Skandinaviska Enskilda Banken AB, 0.02%, 7/1/2014		200,000,000		200,000,000
Sumitomo Mitsui Banking Corp., 0.08%, 7/1/2014		837,000,000		837,000,000
Svenska Handelsbanken AB, 0.02%, 7/1/2014		400,000,000		400,000,000
Total Time Deposits (Cost $2,116,629,794)				2,116,629,794
Municipal Investments 2.4%
Chicago, IL, TECP, 0.18%**, 7/29/2014		31,475,000		31,470,594
Colorado, RBC Municipal Products, Inc. Trust, Series E-25, 144A, AMT, 0.08%***, 8/29/2014, LOC: Royal Bank of Canada		22,000,000		22,000,000
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 0.06%***, 5/1/2049, LOC: Northern Trust Co.		305,000		305,000
Johnson City, TN, Health & Educational Facilities Board, Hospital Revenue, Mountain States Health Alliance, Series B, 0.12%***, 8/15/2043, LOC: U.S. Bank NA		11,075,000		11,075,000
Kentucky, State Housing Corp. Revenue, Series O, 0.12%***, 1/1/2036, SPA: State Street Bank & Trust Co.		15,520,000		15,520,000
Metropolitan Washington, DC, Airports Authority System Revenue, Series D-1, 0.07%***, 10/1/2039, LOC: TD Bank NA		18,020,000		18,020,000
Michigan, Finance Authority, School Loan:
Series B, 0.11%***, 9/1/2050, LOC: PNC Bank NA		25,000,000		25,000,000
Series C, 0.12%***, 9/1/2050, LOC: Bank of Montreal		21,000,000		21,000,000
Michigan, RBC Municipal Products, Inc. Trust:
Series L-27, 144A, AMT, 0.1%***, 3/1/2031, LOC: Royal Bank of Canada		24,245,000		24,245,000
Series L-25, 144A, AMT, 0.1%***, 9/1/2033, LOC: Royal Bank of Canada		56,745,000		56,745,000
Michigan, State Finance Authority Revenue, School Loan Revolving Fund, Series A, 144A, 0.1%***, 9/1/2053, LOC: JPMorgan Chase Bank NA		25,000,000		25,000,000
Minnesota, State Office of Higher Education Revenue, Supplementary Student, Series A, 0.11%***, 12/1/2043, LOC: U.S. Bank NA		11,500,000		11,500,000
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:
Series J, 0.03%***, 11/1/2035, GTY: Chevron Corp.		3,450,000		3,450,000
Series A, 0.05%***, 12/1/2030, GTY: Chevron Corp.		14,950,000		14,950,000
New Hampshire, State Health & Education Facilities Authority Revenue, Higher Education Loan Corp., Series A, 0.11%***, 12/1/2032, LOC: Royal Bank of Canada		16,199,000		16,199,000
New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Housing Revenue, Series C, 0.11%***, 11/1/2039, LOC: Bank of America NA		9,840,000		9,840,000
New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series A, 144A, 0.11%***, 11/1/2037, LOC: Landesbank Hessen-Thuringen		11,750,000		11,750,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series TR-T30001-I, 144A, 0.13%***, 6/15/2044, LIQ: Citibank NA		8,000,000		8,000,000
Nuveen Select Quality Municipal Fund, Inc., Series 1-2525, AMT, 0.15%***, 5/1/2041, LIQ: Barclays Bank PLC		40,000,000		40,000,000
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series N, AMT, 0.09%***, 9/1/2036, SPA: State Street Bank & Trust Co.		100,000		100,000
Ohio, University Hospitals Health System, Inc., Hospital Revenue, Series C, 0.11%***, 1/15/2050, LOC: Barclays Bank PLC		25,000,000		25,000,000
Utah, State Housing Corp., Single Family Mortgage Revenue:
"I", Series E-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		4,065,000		4,065,000
"I", Series G-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		8,040,000		8,040,000
"1", Series C, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,390,000		5,390,000
"I", Series B-2, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,425,000		5,425,000
"I", Series F, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		4,380,000		4,380,000
Vermont, Economic Development Authority, Series A, TECP, 0.2%, 8/7/2014, LOC: JPMorgan Chase Bank NA		33,750,000		33,750,000
Total Municipal Investments (Cost $452,219,594)				452,219,594
Repurchase Agreements 7.8%
BNP Paribas, 0.08%, dated 6/30/2014, to be repurchased at $55,003,122 on 7/1/2014 (c)		55,003,000		55,003,000
BNP Paribas, 0.23%, dated 1/9/2014, to be repurchased at $200,264,500 on 8/4/2014 (b) (d)		200,000,000		200,000,000
Citigroup Global Markets, Inc., 0.06%, dated 6/30/2014, to be repurchased at $61,000,102 on 7/1/2014 (e)		61,000,000		61,000,000
JPMorgan Securities, Inc., 0.36%, dated 3/18/2014, to be repurchased at $358,533,420 on 8/14/2014 (b) (f)		358,000,000		358,000,000
JPMorgan Securities, Inc., 0.39%, dated 2/13/2014, to be repurchased at $152,872,667 on 9/29/2014 (b) (g)		152,500,000		152,500,000
Merrill Lynch & Co., Inc., 0.06%, dated 6/30/2014, to be repurchased at $71,000,118 on 7/1/2014 (h)		71,000,000		71,000,000
The Goldman Sachs & Co., 0.1%, dated 6/30/2014, to be repurchased at $60,000,167 on 7/1/2014 (i)		60,000,000		60,000,000
The Toronto-Dominion Bank, 0.11%, dated 6/30/2014, to be repurchased at $115,000,351 on 7/1/2014 (j)		115,000,000		115,000,000
Wells Fargo Securities LLC, 0.27%, dated 6/26/2014, to be repurchased at $200,010,500 on 7/3/2014 (k)		200,000,000		200,000,000
Wells Fargo Securities LLC, 0.38%, dated 5/8/2014, to be repurchased at $238,726,575 on 8/6/2014 (l)		238,500,000		238,500,000
Total Repurchase Agreements (Cost $1,511,003,000)				1,511,003,000

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $16,854,374,714)†		87.5		16,854,374,714
Other Assets and Liabilities, Net		12.5		2,417,375,609
Net Assets		100.0		19,271,750,323

* Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2014.

** Annualized yield at time of purchase; not a coupon rate.

*** Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of June 30, 2014.

† The cost for federal income tax purposes was $16,854,374,714.

(a) Government-backed debt issued by financial companies or government sponsored enterprises.

(b) Open maturity repurchase agreement whose interest rate resets periodically and is shown at the current rate as of June 30, 2014. The dated date is the original day the repurchase agreement was entered into, the maturity date represents the next repurchase date. Upon notice, both the Portfolio and counterparty have the right to terminate the repurchase agreement at any time.

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	22,859,866	Federal National Mortgage Association		3.5–6.5	12/1/2028–5/1/2044		24,370,459
	5,095,911	Federal Home Loan Mortgage Corp.		3.5–4.5	4/1/2019–5/1/2044		5,420,385
	24,320,379	Government National Mortgage Association		4.0–5.0	9/15/2024–5/20/2044		26,601,448
Total Collateral Value							56,392,292

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	3,791,392	Anheuser-Busch InBev Finance, Inc.		3.7	2/1/2024		3,882,954
	3,675,000	Caterpillar, Inc.		0.95	6/26/2015		3,699,643
	5,000,000	College Loan Corp Trust I	Zero Coupon		3/1/2042		5,000,000
	4,100,000	Credit Agricole SA		3.875	4/15/2024		4,187,260
	4,950,000	Credit Suisse		2.3	5/28/2019		4,960,219
	76,990,834	FHLMC Multifamily Structured Pass Through Certificates		1.203–3.389	3/15/2024		27,684,313
	10,000,000	GoldenTree Loan Opportunities VII Ltd.		1.379	4/25/2025		9,940,994
	4,300,000	Honeywell International, Inc.		5.4	3/15/2016		4,727,161
	3,510,000	ING Bank NV		3.75	3/7/2017		3,773,744
	3,000,000	International Business Machines Corp.		0.75	5/11/2015		3,016,503
	3,796,805	Macquarie Bank Ltd.		3.45	7/27/2015		3,948,098
	400,000	Mercedes Benz Auto Lease Trust		0.9	12/16/2019		401,040
	30,000,000	Mountain Hawk II CLO Ltd.		1.388	7/22/2024		29,472,600
	25,710,717	OZLM VII Ltd.		1.675	7/17/2026		26,431,186
	80,923,153	SLM Student Loan Trust		0.369	10/27/2031		78,874,285
Total Collateral Value							210,000,000

(e) Collateralized by $58,691,300 U.S. Treasury Notes, with the various coupon rates from 0.125–2.75%, with various maturity dates of 2/28/2018–1/15/2022 with a value of $62,220,002.

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	690,791	Access Group, Inc.		0.629–0.828	7/25/2034–2/22/2044		643,178
	45,000	ADT Corp		2.25–4.125	7/15/2017–6/15/2023		43,193
	21,714,000	Alcoa, Inc.		5.55–6.75	2/1/2017–1/15/2028		25,029,240
	11,313,000	Asset Backed Securities Corp Home Equity Loan Trust		0.782	5/25/2035		10,579,128
	1,193,000	Aviation Capital Group Corp.		3.875–7.125	9/27/2016–4/6/2021		1,275,076
	1,795,000	Barclays Bank PLC		7.75	4/10/2023		2,046,932
	85,000	Brinker International, Inc.		2.6	5/15/2018		85,246
	14,372	Chase Funding Trust		0.732	11/25/2034		13,432
	79,000	Choice Hotels International, Inc.		5.75	7/1/2022		84,825
	1,832,550	Citigroup Mortgage Loan Trust, Inc.		0.797	8/25/2035		1,805,109
	1,000	Clearwire Communications LLC		14.75	12/1/2016		1,368
	71,275,000	College Loan Corp Trust I	Zero Coupon– 5.448		3/1/2042–1/25/2047		44,979,194
	269,355,694	Commercial Mortgage Trust		0.146	12/10/2049		2,511,978
	2,430,000	Continental Airlines Pass Through Trust		5.5	10/29/2020		2,436,718
	1,463,261	Countrywide Home Equity Loan Trust		0.305	11/15/2036		1,239,517
	4,055,000	Credit Agricole SA		6.637–8.375	8/14/2014		4,518,413
	3,675,000	Delta Air Lines Pass Through Trust		6.75	11/23/2015		3,962,339
	170,000	Dresdner Bank AG		7.25	9/15/2015		184,035
	68,000	Embarq Corp.		7.082	6/1/2016		76,235
	269,000	Expedia, Inc.		5.95–7.456	8/15/2018–8/15/2020		322,375
	3,000	First Horizon National Corp.		5.375	12/15/2015		3,178
	24,267,000	FirstEnergy Corp.		2.75–4.25	3/15/2018–3/15/2023		24,469,670
	3,299,000	FirstEnergy Transmission LLC		4.35–5.45	1/15/2025–7/15/2044		3,345,956
	126,000	Flextronics International Ltd.		4.625–5.0	2/15/2020–2/15/2023		132,353
	4,412,000	GLP Capital LP		4.375–5.375	11/1/2018–11/1/2023		4,580,358
	2,886,936	Goal Capital Funding Trust		0.633	6/25/2042		3,247,658
	7,797,662	Home Equity Mortgage Loan Asset-Backed Trust		0.312	7/25/2037		6,940,881
	583,000	Hospira, Inc.		5.2–6.05	3/30/2017–9/15/2040		629,584
	3,776,914	HSI Asset Securitization Corp Trust		0.342	1/25/2036		3,684,038
	270,000	Icahn Enterprises LP		4.875–6.0	3/15/2019–8/1/2020		296,643
	599,000	ING Capital Funding Trust III		3.834	12/29/2049		599,000
	22,916,000	International Lease Finance Corp.		6.5–7.125	9/1/2014–9/1/2018		26,473,540
	21,805,000	Intesa Sanpaolo SpA		5.017	6/26/2024		22,085,359
	5,000	IPALCO Enterprises, Inc.		7.25	4/1/2016		5,526
	3,013,000	Jabil Circuit, Inc.		4.7–8.25	7/15/2016–9/15/2022		3,327,388
	9,787,000	JetBlue Airways Pass Through Trust		0.674	11/15/2016		9,526,101
	462,518,006	JP Morgan Chase Commercial Mortgage Securities Trust		0.184	12/12/2044		653,094
	320,000	Liberty Mutual Group, Inc.		10.75	6/15/2058		491,762
	9,350,000	Masco Corp.		4.8–7.125	6/15/2015–8/15/2032		10,420,884
	9,317,852	Mastr Asset Backed Securities Trust		0.452	5/25/2037		8,206,826
	375,000	Midcontinent Express Pipeline LLC		5.45	9/15/2014		383,169
	4,318,318	Morgan Stanley Capital I Trust		1.376	6/15/2044		181,162
	10,950,000	Nelnet Education Loan Funding, Inc.		1.2	2/25/2039		10,557,344
	1,014,000	Newfield Exploration Co.		5.75	1/30/2022		1,138,849
	735,710	N-Star REL CDO IV Ltd.		0.501	7/27/2040		719,393
	661,000	Omega Healthcare Investors, Inc.		4.95–6.75	10/15/2022–4/1/2024		691,868
	71,000	ONEOK, Inc.		6.0	6/15/2035		72,153
	567,000	Owens Corning		4.2–9.0	12/1/2016–12/15/2022		596,096
	60,000	PVH Corp.		7.75	11/15/2023		74,666
	1,955,000	QVC, Inc.		5.125–7.375	10/15/2020–7/2/2022		2,119,132
	100,000	Regions Bank		7.5	5/15/2018		119,899
	150,000	Regions Financial Corp.		5.75–7.75	11/10/2014–6/15/2015		158,194
	24,686,000	Royal Bank of Scotland Group PLC		6.0–6.1	6/10/2023–12/19/2023		26,814,318
	280,000	Seminole Tribe of Florida, Inc.		7.804	10/1/2020		320,584
	19,895,000	Signet UK Finance PLC		4.7	6/15/2024		20,344,483
	90,000	SL Green Realty Corp.		5.0	8/15/2018		99,738
	24,177,947	SLM Private Credit Student Loan Trust		0.501–0.631	6/15/2039–12/15/2039		21,684,437
	2,000,000	SLM Private Education Loan Trust		3.0	5/16/2044		1,941,022
	300,000	Societe Generale SA		5.922	8/14/2014		325,195
	873,000	Telecom Italia Capital SA		4.95–5.25	9/30/2014–10/1/2015		920,536
	5,136,000	Telecom Italia SpA		5.303	5/30/2024		5,165,117
	3,000	Toll Brothers Finance Corp.		6.75	11/1/2019		3,483
	4,573,000	TRW Automotive, Inc.		4.45–4.5	3/1/2021–12/1/2023		4,890,130
	50,000	United States Cellular Corp.		6.7	12/15/2033		50,655
	13,840,467	US Education Loan Trust IV LLC		0.08	9/1/2047		17,627,642
	3,601,000	VeriSign, Inc.		4.625	5/1/2023		3,577,768
	8,365,000	Williams Companies, Inc.		7.5	1/15/2031		10,156,741
	7,744,000	Wynn Las Vegas LLC		5.375–7.875	5/1/2020–3/15/2022		8,323,522
Total Collateral Value							370,014,626

(g) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	4,578,303	BBVA US Senior SAU		4.664	10/9/2015		4,836,173
	500,000	Best Buy Co., Inc.		3.75–5.5	3/15/2016–3/15/2021		520,783
	3,200,000	BNP Paribas		5.186	9/29/2014		3,260,461
	15,000	Boardwalk Pipelines LP		5.5	2/1/2017		16,677
	7,765,000	Capital One Bank U.S.A. NA		2.25	2/13/2019		7,877,457
	40,000	ComEd Financing III		6.35	3/15/2033		40,841
	9,005,000	Delta Air Lines Pass Through Trust		6.375–9.75	1/2/2016–12/17/2016		8,508,665
	3,000	Discover Bank		8.7	11/18/2019		3,843
	34,000	Discover Financial Services		3.85	11/21/2022		34,944
	18,513,000	El Paso Pipeline Partners Operating Co., LLC		4.1–6.5	11/15/2015–11/1/2042		21,254,214
	450,000	EPR Properties		5.75	8/15/2022		498,618
	474,000	Interpublic Group of Companies, Inc.		4.2	4/15/2024		492,898
	30,743,500	JPMorgan Chase & Co.	Zero Coupon–7.9		7/2/2014–7/20/2014		32,132,348
	79,000	Leucadia National Corp.		8.125	9/15/2015		86,915
	3,907,616	Manufacturers & Traders Trust Co.		6.625	12/4/2017		4,564,152
	68,000	Martin Marietta Materials, Inc.		6.25	5/1/2037		73,390
	7,910,000	MBIA, Inc.		6.625–7.0	12/15/2025–10/1/2028		8,524,508
	5,825,000	Midcontinent Express Pipeline LLC		5.45–6.7	9/15/2014–9/15/2019		6,546,807
	12,795,000	Monsanto Co.		0.423	11/7/2016		12,806,316
	1,825,000	MUFG Capital Finance 1 Ltd.		6.346	9/29/2014		2,029,989
	2,791,134	NextEra Energy Capital Holdings, Inc.		1.2	6/1/2015		2,817,203
	2,441,713	Ohio Edison Co.		8.25	10/15/2038		3,798,040
	3,620,000	People's United Financial, Inc.		3.65	12/6/2022		3,633,370
	1,210,000	Signet UK Finance PLC		4.7	6/15/2024		1,237,337
	2,000,000	State Street Capital Trust I		0.784	5/15/2028		1,720,025
	415,000	State Street Capital Trust IV		1.231	6/15/2037		352,937
	11,000	State Street Corp.		4.956	3/15/2018		12,275
	3,878,042	TransCanada PipeLines Ltd.		0.875	3/2/2015		3,903,087
	25,000	Tyson Foods, Inc.		7.0	5/1/2018		29,288
	65,000	UBS Preferred Funding Trust V		6.243	5/29/2049		69,813
	100,000	UniCredit Luxembourg Finance SA		6.0	10/31/2017		111,381
	24,404,000	Verizon Communications, Inc.		1.002–4.15	6/17/2019– 3/15/2024		25,283,556
Total Collateral Value							157,078,311

(h) Collateralized by $70,850,000 U.S. Treasury Notes, with the various coupon rates from 0.125–1.0%, with various maturity dates of 8/31/2016–4/15/2019 with a value of $72,420,083.

(i) Collateralized by $55,877,808 Government National Mortgage Association, with the various coupon rates from 4.0–6.0%, with various maturity dates of 7/20/2038–1/15/2044 with a value of $61,200,000.

(j) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	78,000	Actavis, Inc.		3.25	10/1/2022		77,170
	1,000,000	Aon PLC		4.6	6/14/2044		995,357
	2,000,000	Apollo Management Holdings LP		4.0	5/30/2024		2,012,767
	15,308,375	Apple, Inc.		1.05–4.45	5/5/2017–5/6/2044		15,431,109
	1,037,000	Australia & New Zealand Banking Group Ltd.		0.842–2.4	10/6/2015–11/23/2016		1,046,634
	5,000,000	Bank of Montreal		1.95	1/30/2017		5,168,025
	12,513,051	Bank of Nova Scotia		1.65–1.75	10/29/2015–3/22/2017		12,787,682
	1,000,000	Capital One Financial Corp.		3.75	4/24/2024		1,020,535
	955,000	CareFusion Corp.		3.875	5/15/2024		963,633
	734,903	Caterpillar, Inc.		4.3	5/15/2044		740,680
	472,402	Cisco Systems, Inc.		5.5	2/22/2016		519,735
	4,130,707	Citigroup, Inc.		2.55–3.75	4/8/2019–6/16/2024		4,156,969
	1,165,000	Comcast Corp.		4.75	3/1/2044		1,242,287
	600,000	Commonwealth Bank of Australia		2.0–2.25	3/16/2017–6/18/2019		618,558
	707,049	Danaher Corp.		5.4	3/1/2019		823,832
	622,871	DIRECTV Holdings LLC		4.6	2/15/2021		690,203
	400,000	eBay, Inc.		2.6	7/15/2022		387,539
	1,000,000	Express Scripts Holding Co.		2.25	6/15/2019		997,863
	179,000	General Electric Capital Corp.		2.95	5/9/2016		187,350
	5,016	Georgia Power Co.		5.7	6/1/2017		5,673
	200,000	Hartford Financial Services Group, Inc.		6.1	10/1/2041		250,780
	375,000	Honeywell International, Inc.		4.25	3/1/2021		420,378
	1,250,000	Hospitality Properties Trust		4.65	3/15/2024		1,301,185
	6,144,017	HSBC Bank PLC		3.1	5/24/2013		6,438,807
	1,000,000	Icahn Enterprises LP		4.875	3/15/2019		1,034,526
	287	International Business Machines Corp.		3.625	2/12/2024		298
	950,000	Johnson Controls, Inc.		3.625–4.625	7/2/2024–7/2/2044		952,120
	4,101,070	Legg Mason, Inc.		2.7–5.625	7/15/2019–1/15/2044		4,178,314
	2,638,316	Manulife Financial Corp.		4.9	9/17/2020		2,947,868
	5,174,664	MasterCard, Inc.		3.375	4/1/2024		5,235,829
	468,000	Merck Sharp & Dohme Corp.		4.75	3/1/2015		489,229
	49,186	National Australia Bank Ltd.		2.0	6/20/2017		50,332
	1,635,000	National Bank of Canada		2.2	10/19/2016		1,692,321
	2,442,879	Pfizer, Inc.		5.35	3/15/2015		2,564,911
	725,787	Province of Nova Scotia Canada		8.75	4/1/2022		1,014,964
	3,000,000	Prudential Financial, Inc.		3.5–4.6	5/15/2024–5/15/2044		3,014,750
	15,123,410	Royal Bank of Canada		1.125–3.125	4/14/2015–10/1/2018		15,466,830
	12,000	Statoil ASA		2.9	10/15/2014		12,163
	163,000	Swedbank Hypotek AB		1.375	3/28/2018		162,794
	1,221,000	Target Corp.		2.3–3.5	6/26/2019–7/1/2024		1,234,236
	2,599,662	The Toronto-Dominion Bank		1.5–1.625	9/14/2016–3/13/2017		2,648,952
	500,000	Time Warner, Inc.		3.55	6/1/2024		497,553
	1,000,000	TJX Companies, Inc.		2.75	6/15/2021		1,003,820
	3,303,424	Total Capital SA		3.0	6/24/2015		3,389,346
	5,090,445	Verizon Communications, Inc.		1.35–6.55	6/9/2017–9/15/2043		6,041,010
	2,870,032	Wells Fargo & Co.		2.15–7.98	1/15/2019		3,265,687
	2,158,713	Westpac Banking Corp.		1.375–2.0	7/17/2015–5/21/2019		2,163,816
	1,850,000	Xerox Corp.		2.8–3.8	5/15/2020–5/15/2024		1,850,692
Total Collateral Value							119,197,112

(k) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	160,000	Ally Auto Receivables Trust		1.21	7/15/2016		161,080
	1,500,000	American Express Credit Account Master Trust		1.412	9/15/2020		1,553,929
	230,000	Atlantic City Electric Transition Funding LLC		5.55	10/20/2023		264,300
	7,000,000	Cabela's Master Credit Card Trust		0.702	10/15/2019		7,050,293
	1,000,000	CarMax Auto Owner Trust		0.8	7/16/2018		999,738
	2,050,000	Entergy Texas Restoration Funding LLC		4.38	11/1/2023		2,285,531
	208,015,264	FHLMC Multifamily Structured Pass Through Certificates		0.502–3.882	11/25/2017–6/25/2041		42,358,626
	18,585,000	Freddie Mac Structured Agency Credit Risk Debt Notes		4.402–4.652	11/25/2023–2/25/2024		20,769,698
	44,031,000	FREMF Mortgage Trust		4.41–5.405	9/25/2043–1/25/2045		48,299,367
	1,490,397	GE Equipment Small Ticket LLC		1.02	2/24/2017		1,500,334
	899,516	General Electric Capital Corp.		1.0	9/23/2015		906,464
	36,520,000	Hertz Vehicle Financing LLC		2.2	3/25/2016		36,818,790
	1,255,593	Honda Auto Receivables Owner Trust		0.37	10/16/2015		1,255,901
	13,050,000	Hyundai Auto Receivables Trust		2.1	6/15/2017		13,377,855
	9,711,867	Illinois Tool Works, Inc.		3.9	9/1/2042		9,243,965
	769,909	Intel Corp.		1.35	12/15/2017		770,211
	5,000,000	International Bank for Reconstruction & Development		0.375	8/24/2015		5,009,975
	4,011,000	LSTAR Commercial Mortgage Trust		2.767	1/20/2041		4,058,176
	4,250,000	MMAF Equipment Finance LLC		2.1	7/15/2017		4,321,536
	1,898,707	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		1,900,508
	2,000,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		2,001,295
Total Collateral Value							204,907,572

(l) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	900,000	Ally Auto Receivables Trust		0.52	10/20/2016		900,270
	7,059	AmeriCredit Automobile Receivables Trust		0.68–1.17	5/9/2016–10/11/216		7,068
	500,000	Australia & New Zealand Banking Group Ltd.		0.477	1/29/2015		501,175
	250,000	Bank of China Ltd.		0.38	8/6/2014		249,965
	1,500,000	Barclays Dryrock Issuance Trust		0.64	8/15/2018		1,500,448
	35,000,000	BMW Floorplan Master Owner Trust		0.552	9/15/2017		35,115,140
	1,740,000	BMW Vehicle Owner Trust		0.67	11/27/2017		1,741,985
	2,459,653	Capital Auto Receivables Asset Trust		0.62	7/20/2016		2,461,075
	770,000	Capital One Multi-Asset Execution Trust		0.232–0.426	11/15/2019–12/16/2019		768,097
	8,605,572	CarMax Auto Owner Trust		0.52–1.07	6/15/2016–1/16/2018		8,615,874
	825,000	Chase Issuance Trust		0.202–0.252	2/15/2017–4/15/2019		822,110
	1	CIT Equipment Collateral		1.1	8/22/2016		1
	6,563,000	Citibank Credit Card Issuance Trust		0.254–4.85	3/10/2017–12/17/2018		6,708,791
	5,102,566	CNH Equipment Trust		0.45–1.16	4/15/2016–6/15/2020		5,108,334
	4,334,439	Credit Suisse AG		0.38	8/6/2014		4,337,950
	8,300,000	Discover Card Execution Note Trust		0.582	7/15/2021		8,328,317
	21,665,000	FHLMC Multifamily Structured Pass Through Certificates		2.307–2.573	5/25/2022–9/25/2022		21,339,620
	200,000	Fifth Third Auto Trust		0.89	11/15/2018		200,023
	29,503	First Investors Auto Owner Trust		1.96	11/15/2017		29,584
	2,060,000	Ford Credit Auto Lease Trust		1.61	10/15/2016		2,064,464
	14,030,000	Ford Credit Auto Owner Trust		0.57	10/15/2017		14,049,396
	15,600,000	Ford Credit Floorplan Master Owner Trust A		0.3–0.85	1/15/2018–6/15/2020		15,654,187
	5,000,000	GE Capital Credit Card Master Note Trust		1.36	8/17/2020		4,978,153
	1,635,000	GE Dealer Floorplan Master Note Trust		0.753	7/20/2016		1,635,647
	505,971	GE Equipment Midticket LLC		0.78–0.64	3/22/2016–9/22/2020		506,240
	2,779,603	GE Equipment Small Ticket LLC		1.02	2/24/2017		2,798,135
	1,550,000	Golden Credit Card Trust		0.402–0.602	7/17/2017–2/15/2018		1,553,554
	1,705,902	Honda Auto Receivables Owner Trust		0.35–0.77	6/22/2015–2/16/2017		1,707,813
	500,000	Hyundai Auto Lease Securitization Trust		0.52	7/15/2016		500,414
	2,900,000	Hyundai Auto Receivables Trust		0.79–2.1	6/15/2017–7/16/2018		2,970,918
	1,450,000	ING U.S. Funding LLC		0.38	8/6/2014		1,449,694
	1,332,118	Intel Corp.		1.35	12/15/2017		1,332,641
	67,595	John Deere Owner Trust		0.55	1/15/2016		67,649
	4,750,000	Kookmin Bank		0.38	8/6/2014		4,748,161
	3,000,000	Lloyds Bank PLC NY Branch		0.38	8/6/2014		3,003,054
	11,755,539	LSTAR Commercial Mortgage Trust		1.519–2.767	1/20/2041		11,874,823
	3,348,923	M&T Bank Auto Receivables Trust		0.66	2/16/2016		3,352,217
	500,000	Mercedes Benz Auto Lease Trust		0.62	7/15/2016		500,805
	1,270,000	Mercedes-Benz Master Owner Trust		0.422	11/15/2016		1,270,430
	120,000	Navistar Financial Dealer Note Master Trust		0.822	1/25/2018		120,028
	2,000,000	Nissan Auto Lease Trust		0.74	9/17/2018		2,004,493
	27,645,983	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		27,672,201
	5,100,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		5,103,302
	5,190,000	PHEAA Student Loan Trust I		1.653	4/25/2044		5,099,294
	5,000,000	Porsche Innovative Lease Owner Trust		0.88	10/22/2019		5,011,068
	2,517,000	River Fuel Company No. 2		0.38	8/6/2014		2,516,613
	3,931,941	Santander Drive Auto Receivables Trust		0.472–1.02	9/15/2016–1/16/2018		3,939,514
	5,700,000	SLM Student Loan Trust		0.432	9/25/2019		5,701,550
	25,224	Toyota Auto Receivables Owner Trust		0.48	2/15/2016		25,239
	1,700,000	Volkswagen Auto Lease Trust		0.84	7/20/2016		1,706,356
	1,900,000	Volkswagen Credit Auto Master Owner Trust		0.833	9/20/2016		1,902,278
	1,890,000	Volvo Financial Equipment LLC		0.74	3/15/2017		1,894,002
	4,142,504	Wells Fargo Bank NA		6.6	1/15/2038		5,703,440
	2,124,000	World Omni Auto Receivables Trust		0.61	6/15/2017		2,127,418
Total Collateral Value							245,281,018

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2014 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (m)	$	—	$	15,343,371,714	$	—	$	15,343,371,714
Repurchase Agreements		—		1,511,003,000		—		1,511,003,000
Total	$	—	$	16,854,374,714	$	—	$	16,854,374,714

There have been no transfers between fair value measurement levels during the period ended June 30, 2014.

(m) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investments in non-affiliated securities, valued at amortized cost	$	16,854,374,714
Cash		2,413,957,491
Receivable for investments sold		1,665,000
Interest receivable		4,061,882
Other assets		150,351
Total assets		19,274,209,438
Liabilities
Accrued management fee		1,588,584
Accrued Trustees' fees		196,831
Other accrued expenses and payables		673,700
Total liabilities		2,459,115
Net assets, at value	$	19,271,750,323

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income: Interest	$	18,309,992
Expenses: Management fee		12,541,716
Administration fee		2,954,118
Custodian fee		128,809
Professional fees		126,965
Reports to shareholders		9,412
Trustees' fees and expenses		462,862
Other		268,405
Total expenses before expense reductions		16,492,287
Expense reductions		(2,801,035	)
Total expenses after expense reductions		13,691,252
Net investment income		4,618,740
Net realized gain (loss) from investments		(560	)
Net increase (decrease) in net assets resulting from operations	$	4,618,180

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	4,618,740		$	18,689,800
Operations: Net investment income	$	4,618,740		$	18,689,800
Net realized gain (loss)		(560	)		269,542
Net increase (decrease) in net assets resulting from operations		4,618,180			18,959,342
Capital transactions in shares of beneficial interest: Proceeds from capital invested		99,340,972,068			203,102,122,625
Value of capital withdrawn		(100,288,082,077	)		(207,716,596,936	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(947,110,009	)		(4,614,474,311	)
Increase (decrease) in net assets		(942,491,829	)		(4,595,514,969	)
Net assets at beginning of period		20,214,242,152			24,809,757,121
Net assets at end of period	$	19,271,750,323		$	20,214,242,152

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013		2012		2011		2010		2009
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		19,272			20,214		24,810		20,784		34,432		42,466
Ratio of expenses before expense reductions (%)		.17	*		.16		.17		.16		.17		.16
Ratio of expenses after expense reductions (%)		.14	*		.14		.14		.15		.16		.14
Ratio of net investment income (%)		.05	*		.08		.14		.10		.16		.43
Total Return (%)a,b		.02	**		.08		.14		.11		.17		.48
a Total return would have been lower had certain expenses not been reduced. b Total return for the Portfolio was derived from the performance of Cash Reserves Fund Institutional. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.

The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated Deutsche feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2014, Cash Management Fund, Cash Reserves Fund Institutional, Cash Reserves Fund — Prime Series and Deutsche Money Market Series (formerly DWS Money Market Series) owned approximately 9%, 5%, 5% and 79%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

As of June 30, 2014, the Portfolio held repurchase agreements with a gross value of $1,511,003,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $3.0 billion of the Portfolio's average daily net assets	.1500	%
Next $4.5 billion of such net assets	.1325	%
Over $7.5 billion of such net assets	.1200	%

For the period from January 1, 2014 through June 30, 2014, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Portfolio's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2014, the Advisor waived a portion of its management fee aggregating $2,801,035, and the amount charged aggregated $9,740,681, which was equivalent to an annualized effective rate of 0.10%.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2014, the Administration Fee was $2,954,118, of which $469,283 is unpaid.

Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2014, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $905, all of which is unpaid.

Trustees' Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2014.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Portfolio is required to comply with money market reform over the next two years. As a result, the Portfolio may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Portfolio.

Advisory Agreement Board Considerations and Fee Evaluation

Cash Reserves Fund Institutional (the "Fund"), a series of DWS Money Market Trust, invests all of its assets in Cash Management Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement," and together with the Portfolio Agreement, the "Agreements") in September 2013. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

— In September 2013, all of the Portfolio's and Fund's Trustees were independent of DIMA and its affiliates.

— The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Asset Allocation Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability compiled by a fee consultant retained by the Portfolio's and the Fund's Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

— The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund, and that the Fund Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled by the Fee Consultant using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2012, the Fund's gross performance (Institutional Class shares) was in the 3rd quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Portfolio's and the Fund's investment management fee schedules and the Fund's operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.10% fees paid to DIMA under the respective administrative services agreements, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. The Board noted that the Fund's total (net) operating expenses, which include Portfolio expenses allocated to the Fund, were lower than the median of the applicable Lipper expense universe for Institutional Class shares (2nd quartile) (based on Lipper data provided as of December 31, 2012). The Board considered the Portfolio's management fee rate as compared to fees charged by DIMA to comparable funds and considered differences between the Portfolio and the comparable funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board noted the expense limitation agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DIMA and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio's management fee schedule includes fee breakpoints. The Board concluded that the Portfolio's and the Fund's fee schedules represent an appropriate sharing between the Portfolio and the Fund, as the case may be, and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their independent counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Account Management Resources

Automated Information Line	Institutional Investor Services (800) 730-1313 Personalized account information, information on other Deutsche funds and services via touchtone telephone and the ability to exchange or redeem shares.
Web Site	deutscheliquidity.com/US View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about the funds, retirement planning information, and more.
For More Information	(800) 730-1313, option 1 To speak with a fund service representative.
Written Correspondence	Deutsche Asset & Wealth Management PO Box 219210 Kansas City, MO 64121-9210
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at 800) 728-3337.
Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month, information about the fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148
Investment Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
Nasdaq Symbol	BIRXX
CUSIP Number	23337T 128
Fund Number	500

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@db.com

Who we are
Who is providing this notice?	DeAWM Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAWM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 08/2014

Notes

Notes

Notes

Notes

June 30, 2014

Semiannual Report

to Shareholders

Deutsche Money Market Series

(formerly DWS Money Market Series)

Contents

Deutsche Money Market Series

3 Portfolio Summary

4 Statement of Assets and Liabilities

5 Statement of Operations

6 Statement of Changes in Net Assets

7 Financial Highlights

8 Notes to Financial Statements

12 Information About Your Fund's Expenses

Cash Management Portfolio

15 Investment Portfolio

37 Statement of Assets and Liabilities

38 Statement of Operations

39 Statement of Changes in Net Assets

40 Financial Highlights

41 Notes to Financial Statements

45 Advisory Agreement Board Considerations and Fee Evaluation

50 Account Management Resources

52 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this 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. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors of the fund may have a significant adverse effect on the share price of the fund. See the prospectus for specific details regarding the fund's risk profile.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DeAWM Distributors, Inc.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Summary (Unaudited)

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investment in Cash Management Portfolio, at value	$	15,257,084,759
Due from Advisor		26,502
Other assets		14,314
Total assets		15,257,125,575
Liabilities
Payable for Fund shares redeemed		5,222,423
Distributions payable		152,102
Accrued Trustees' fees		5,017
Other accrued expenses and payables		286,650
Total liabilities		5,666,192
Net assets, at value	$	15,251,459,383
Net Assets Consist of
Distributions in excess of net investment income		(4	)
Accumulated net realized gain (loss)		(770,564	)
Paid-in capital		15,252,229,951
Net assets, at value	$	15,251,459,383
Net Asset Value
Institutional Shares Net Asset Value, offering and redemption price per share ($15,251,459,383 ÷ 15,252,919,165 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income and expenses allocated from Cash Management Portfolio: Interest	$	14,174,593
Expenses*		(10,601,652	)
Net investment income allocated from Cash Management Portfolio		3,572,941
Expenses: Administration fee		7,626,950
Services to shareholders		467,572
Professional fees		17,360
Reports to shareholders		20,870
Registration fees		14,134
Trustees' fees and expenses		6,760
Other		72,472
Total expenses before expense reductions		8,226,118
Expense reductions		(8,226,118	)
Net investment income (loss)		3,572,941
Net realized gain (loss) allocated from Cash Management Portfolio		(130	)
Net increase (decrease) in net assets resulting from operations	$	3,572,811

* Net of $2,169,525 Advisor reimbursement allocated from Cash Management Portfolio for the six months ended June 30, 2014.

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	3,572,941		$	14,630,299
Operations: Net investment income	$	3,572,941		$	14,630,299
Net realized gain (loss)		(130	)		213,710
Net increase (decrease) in net assets resulting from operations		3,572,811			14,844,009
Distributions to shareholders from: Net investment income: Institutional Shares		(3,572,945	)		(15,000,298	)
Fund share transactions: Proceeds from shares sold		82,882,204,887			165,674,740,876
Reinvestment of distributions		2,393,603			9,527,061
Payments for shares redeemed		(83,611,839,230	)		(168,998,375,729	)
Net increase (decrease) in net assets from Fund share transactions		(727,240,740	)		(3,314,107,792	)
Increase (decrease) in net assets		(727,240,874	)		(3,314,264,081	)
Net assets at beginning of period		15,978,700,257			19,292,964,338
Net assets at end of period (including distributions in excess of net investment income of $4 and $0, respectively)	$	15,251,459,383		$	15,978,700,257
Other Information
Shares outstanding at beginning of period		15,980,159,905			19,294,267,697
Shares sold		82,882,204,887			165,674,740,876
Shares issued to shareholders in reinvestment of distributions		2,393,603			9,527,061
Shares redeemed		(83,611,839,230	)		(168,998,375,729	)
Net increase (decrease) in Fund shares		(727,240,740	)		(3,314,107,792	)
Shares outstanding at end of period		15,252,919,165			15,980,159,905

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Institutional Shares
	Six Months Ended 6/30/14 (Unaudited)			Years Ended December 31,
				2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	a		.001			.001			.001			.002			.004
Net realized gain (loss)		(.000	)a		.000	a		.000	a		.000	a		.000	a		.000	a
Total from investment operations		.000	a		.001			.001			.001			.002			.004
Less distributions from: Net investment income		(.000	)a		(.001	)		(.001	)		(.001	)		(.002	)		(.004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)b		.02	**		.08			.15			.10			.17			.44
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		15,251			15,979			19,293			14,887			25,925			31,982
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)		.28	*		.27			.27			.27			.28			.30
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)		.14	*		.14			.14			.15			.15			.17
Ratio of net investment income (%)		.05	*		.08			.14			.10			.17			.39
a Amount is less than $.0005. b Total returns would have been lower had certain expenses not been reduced. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche Money Market Series (formerly DWS Money Market Series) (the "Fund") is a diversified investment portfolio of DWS Money Market Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund currently offers one class of shares, Institutional Shares, to investors.

The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Cash Management Portfolio (the "Portfolio''), an open-end management investment company registered under the 1940 Act and organized as a New York trust advised by Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor''), an indirect, wholly owned subsidiary of Deutsche Bank AG. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2014, the Fund owned approximately 79% of the Portfolio.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2013, the Fund had a net tax basis capital loss carryforward of approximately $770,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2018, the expiration date, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal periods/years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. The Fund receives an allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor serves as the Investment Manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.

Pursuant to the Investment Management Agreement, the Fund pays no management fee to the Advisor so long as the Fund is a feeder fund that invests substantially all of its assets in the Portfolio. In the event the Board of Trustees determines it is in the best interest of the Fund to withdraw its investment from the Portfolio, the Advisor may become responsible for directly managing the assets of the Fund under the Investment Management Agreement. In such event, the Fund would pay the Advisor a management fee as follows:

First $1.5 billion of the Fund's average daily net assets	.1650	%
Next $1.75 billion of such net assets	.1500	%
Next $1.75 billion of such net assets	.1350	%
Over $5 billion of such net assets	.1200	%

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

For the period from January 1, 2014 through April 30, 2015, DIMA has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.18% of the Fund's average daily net assets.

In addition, for the period from January 1, 2014 through June 30, 2014, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Fund's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2014, the Administration Fee was $7,626,950, all of which was waived.

In addition, the Advisor reimbursed $193,275 of other expenses.

Service Provider Fees. DeAWM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems. Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2014, the amounts charged to the Fund by DSC aggregated $404,545, all of which was waived.

For the six months ended June 30, 2014, the Advisor reimbursed the Fund $1,348 of sub-recordkeeping expense.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,867, of which $5,610 is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Concentration of Ownership

From time to time the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At June 30, 2014, there were three shareholder accounts that each held approximately 17%, 13% and 11% of the outstanding shares of the Fund, respectively.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Fund is required to comply with money market reform over the next two years. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

E. Fund Name Change

Effective August 11, 2014, the "DWS Funds" were rebranded "Deutsche Funds."

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2014 to June 30, 2014).

The tables illustrate your Fund's expenses in two ways:

—Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2014 (Unaudited)
Actual Fund Return*	Institutional Shares
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,000.20
Expenses Paid per $1,000**	$	.69
Hypothetical 5% Fund Return*	Institutional Shares
Beginning Account Value 1/1/14	$	1,000.00
Ending Account Value 6/30/14	$	1,024.10
Expenses Paid per $1,000**	$	.70

* Expenses include amounts allocated proportionally from the master portfolio.

** Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratio	Institutional Shares
Deutsche Money Market Series	.14%

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.

(The following financial statements of the Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2014 (Unaudited)

	Principal Amount ($)		Value ($)
Certificates of Deposit and Bank Notes 12.0%
Bank of America NA, 0.17%, 7/31/2014		200,000,000		200,000,000
Bank of Montreal:
0.17%, 9/10/2014		79,000,000		79,000,000
0.2%, 12/5/2014		44,000,000		43,999,999
Bank of Nova Scotia, 1.85%, 1/12/2015		27,060,000		27,286,268
China Construction Bank Corp.:
0.37%, 7/14/2014		50,000,000		50,000,000
0.37%, 7/29/2014		50,000,000		50,000,000
DNB Bank ASA:
0.22%, 7/7/2014		60,000,000		60,000,000
0.225%, 7/16/2014		114,000,000		114,000,000
0.23%, 10/1/2014		100,000,000		100,000,000
0.23%, 10/9/2014		23,000,000		23,000,000
DZ Bank AG:
0.25%, 9/10/2014		120,500,000		120,500,000
0.25%, 10/3/2014		135,000,000		135,000,000
0.27%, 11/7/2014		112,750,000		112,750,000
Fortis Bank SA:
0.18%, 7/2/2014		82,600,000		82,600,011
0.22%, 7/1/2014		182,500,000		182,500,000
Industrial & Commercial Bank of China Ltd.:
0.35%, 7/11/2014		115,000,000		115,000,000
0.37%, 7/29/2014		75,750,000		75,750,000
Mitsubishi UFJ Trust & Banking Corp., 0.17%, 7/3/2014		53,000,000		53,000,000
National Australia Bank Ltd., 2.0%, 3/9/2015		20,000,000		20,233,221
Natixis, 0.223%, 7/14/2014		150,000,000		150,000,000
Nordea Bank Finland PLC, 0.21%, 7/7/2014		101,000,000		101,000,000
Province of Ontario Canada, 2.95%, 2/5/2015		3,030,000		3,078,457
Rabobank Nederland NV:
0.245%, 3/13/2015		140,000,000		140,000,000
0.27%, 10/3/2014		65,000,000		65,000,000
Sumitomo Mitsui Banking Corp., 0.17%, 8/11/2014		29,000,000		29,000,000
Svenska Handelsbanken AB, 0.22%, 9/30/2014		138,750,000		138,749,999
Wal-Mart Stores, Inc., 5.319%, 6/1/2015		34,000,000		35,599,715
Total Certificates of Deposit and Bank Notes (Cost $2,307,047,670)				2,307,047,670
Commercial Paper 41.6%
Issued at Discount** 29.1%
Albion Capital Corp. SA:
0.13%, 7/7/2014		24,260,000		24,259,474
0.16%, 7/15/2014		52,960,000		52,956,705
Alpine Securitzation, 144A, 0.02%, 7/1/2014		50,000,000		50,000,000
Antalis U.S. Funding Corp., 144A, 0.1%, 7/2/2014		29,792,000		29,791,917
Apple, Inc.:
0.07%, 7/7/2014		34,000,000		33,999,603
0.08%, 8/1/2014		20,000,000		19,998,622
0.15%, 11/10/2014		20,000,000		19,989,000
0.18%, 2/6/2015		20,000,000		19,978,000
0.18%, 2/10/2015		20,000,000		19,977,600
Bank Nederlandse Gemeenten, 0.245%, 6/2/2015		30,000,000		29,931,400
Bedford Row Funding Corp.:
144A, 0.26%, 7/25/2014		23,000,000		22,996,013
144A, 0.3%, 6/9/2015		50,000,000		49,857,083
144A, 0.31%, 10/27/2014		77,000,000		76,921,759
144A, 0.32%, 12/17/2014		35,500,000		35,446,671
144A, 0.32%, 4/1/2015		35,000,000		34,914,756
BNZ International Funding Ltd., 144A, 0.2%, 12/12/2014		100,000,000		99,908,889
Caisse Centrale Desjardins:
0.165%, 9/16/2014		38,500,000		38,486,413
0.17%, 10/1/2014		40,000,000		39,982,622
Caisse des Depots et Consignations, 144A, 0.15%, 9/4/2014		137,800,000		137,762,679
Catholic Health Initiatives, 0.2%, 12/10/2014		17,150,000		17,134,565
Chevron Corp., 144A, 0.12%, 9/16/2014		54,750,000		54,735,948
CNPC Finance HK Ltd.:
144A, 0.35%, 7/8/2014		95,000,000		94,993,535
144A, 0.38%, 8/21/2014		40,000,000		39,978,467
144A, 0.4%, 7/2/2014		45,060,000		45,059,499
Coca-Cola Co.:
0.19%, 11/3/2014		3,000,000		2,998,021
0.19%, 12/2/2014		50,000,000		49,959,361
Collateralized Commercial Paper Co., LLC, 0.21%, 9/25/2014		132,500,000		132,433,529
Collateralized Commercial Paper II Co., LLC, 144A, 0.22%, 11/13/2014		112,000,000		111,907,600
CPPIB Capital, Inc.:
0.3%, 2/11/2015		21,000,000		20,960,625
0.3%, 2/17/2015		10,000,000		9,980,750
0.3%, 2/27/2015		10,000,000		9,979,917
DBS Bank Ltd., 144A, 0.235%, 9/10/2014		160,000,000		159,925,844
Dexia Credit Local:
0.263%, 8/21/2014		65,000,000		64,976,058
0.27%, 8/25/2014		24,000,000		23,990,100
0.27%, 9/4/2014		24,750,000		24,737,934
0.325%, 8/18/2014		100,000,000		99,956,667
0.325%, 8/19/2014		50,000,000		49,977,882
DNB Bank ASA:
0.15%, 8/25/2014		122,940,000		122,911,826
0.225%, 7/30/2014		100,000,000		99,981,875
0.235%, 9/8/2014		157,000,000		156,929,285
0.24%, 10/6/2014		34,000,000		33,978,013
eBay, Inc., 144A, 0.09%, 8/19/2014		118,500,000		118,485,484
Erste Abwicklungsanstalt:
144A, 0.11%, 7/7/2014		23,000,000		22,999,578
144A, 0.15%, 9/8/2014		23,500,000		23,493,244
144A, 0.16%, 9/22/2014		100,000,000		99,963,111
Exxon Mobil Corp., 0.05%, 7/9/2014		4,498,000		4,497,950
General Electric Capital Corp., 0.2%, 9/3/2014		52,000,000		51,981,511
Gotham Funding Corp.:
144A, 0.14%, 7/16/2014		25,000,000		24,998,542
144A, 0.15%, 7/11/2014		47,649,000		47,647,015
144A, 0.16%, 7/25/2014		59,736,000		59,729,628
144A, 0.16%, 7/29/2014		125,054,000		125,038,438
Hannover Funding Co., LLC:
0.179%, 8/5/2014		20,000,000		19,996,500
0.18%, 7/17/2014		15,000,000		14,998,800
0.18%, 8/18/2014		88,000,000		87,978,880
Johnson & Johnson, 144A, 0.05%, 7/1/2014		33,109,000		33,109,000
Kells Funding LLC:
144A, 0.2%, 7/11/2014		50,000,000		49,997,222
144A, 0.22%, 9/19/2014		85,000,000		84,958,445
144A, 0.25%, 8/12/2014		51,700,000		51,684,921
Macquarie Bank Ltd., 144A, 0.2%, 9/18/2014		46,000,000		45,979,811
Manhattan Asset Funding Co., LLC, 144A, 0.16%, 7/7/2014		3,000,000		2,999,920
Matchpoint Master Trust:
0.1%, 7/2/2014		150,000,000		149,999,583
0.1%, 7/3/2014		50,000,000		49,999,722
0.12%, 7/1/2014		60,000,000		60,000,000
MetLife Short Term Funding LLC:
144A, 0.2%, 8/6/2014		24,000,000		23,995,200
144A, 0.22%, 9/15/2014		21,472,000		21,462,028
Microsoft Corp., 0.06%, 8/6/2014		18,906,000		18,904,299
Nestle Capital Corp., 0.15%, 9/8/2014		50,000,000		49,985,625
New York Life Capital Corp.:
144A, 0.07%, 7/31/2014		8,485,000		8,484,505
144A, 0.11%, 9/2/2014		3,590,000		3,589,309
Nordea Bank AB:
0.165%, 7/28/2014		28,465,000		28,461,478
0.22%, 10/14/2014		200,000,000		199,871,667
Old Line Funding LLC:
144A, 0.21%, 8/4/2014		50,000,000		49,990,083
144A, 0.22%, 9/10/2014		76,000,000		75,967,024
PepsiCo, Inc., 0.07%, 7/22/2014		14,000,000		13,999,428
Philip Morris International, Inc., 144A, 0.09%, 7/16/2014		2,271,000		2,270,915
Procter & Gamble Co.:
0.08%, 7/21/2014		5,000,000		4,999,778
0.12%, 9/3/2014		8,500,000		8,498,187
0.15%, 10/29/2014		64,000,000		63,968,000
Prudential Funding LLC, 0.06%, 7/1/2014		11,000,000		11,000,000
PSP Capital, Inc., 0.14%, 9/10/2014		15,192,000		15,187,805
Queensland Treasury Corp., 0.15%, 7/30/2014		4,000,000		3,999,517
Roche Holding, Inc., 144A, 0.09%, 7/23/2014		30,000,000		29,998,350
Siemens Capital Co., LLC, 144A, 0.13%, 9/19/2014		100,000,000		99,971,111
Sinopec Century Bright Capital Investment Ltd.:
0.35%, 8/27/2014		50,000,000		49,972,292
0.37%, 7/17/2014		38,000,000		37,993,751
Skandinaviska Enskilda Banken AB, 0.235%, 9/2/2014		45,600,000		45,581,247
Standard Chartered Bank:
0.16%, 7/14/2014		4,615,000		4,614,733
0.27%, 8/4/2014		60,000,000		59,984,700
0.28%, 11/3/2014		183,500,000		183,321,597
Starbird Funding Corp.:
144A, 0.1%, 7/2/2014		57,500,000		57,499,840
144A, 0.1%, 7/3/2014		50,219,000		50,218,721
144A, 0.12%, 7/1/2014		75,000,000		75,000,000
Svenska Handelsbanken AB, 0.18%, 10/14/2014		61,750,000		61,717,581
Swedbank AB:
0.245%, 9/8/2014		73,271,000		73,236,593
0.25%, 10/1/2014		200,000,000		199,872,222
United Overseas Bank Ltd.:
0.24%, 10/14/2014		28,000,000		27,980,400
0.26%, 1/5/2015		19,000,000		18,974,202
Victory Receivables Corp.:
144A, 0.15%, 7/16/2014		88,328,000		88,322,480
144A, 0.16%, 7/28/2014		75,000,000		74,991,000
Wal-Mart Stores, Inc.:
0.07%, 7/7/2014		3,000,000		2,999,965
0.1%, 7/28/2014		183,100,000		183,086,268
Walt Disney Co.:
0.1%, 7/11/2014		20,000,000		19,999,445
0.1%, 7/31/2014		35,300,000		35,297,058
Working Capital Management Co.:
144A, 0.15%, 7/7/2014		4,000,000		3,999,900
144A, 0.16%, 7/8/2014		33,550,000		33,548,956
				5,618,001,072
Issued at Par 12.5%
ANZ New Zealand International Ltd., 144A, 0.213%*, 1/12/2015		100,000,000		100,000,000
ASB Finance Ltd.:
144A, 0.244%*, 6/16/2015		100,000,000		100,000,000
144A, 0.264%*, 10/9/2014		1,000,000		1,000,107
Atlantic Asset Securitization LLC, 144A, 0.181%*, 8/7/2014		100,000,000		100,000,000
Australia & New Zealand Banking Group Ltd., 144A, 0.229%*, 4/30/2015		40,000,000		39,998,307
Bank of Montreal:
0.181%*, 8/14/2014		150,000,000		149,999,155
0.22%*, 9/5/2014		49,000,000		49,002,450
Bank of Nova Scotia, 0.28%*, 1/13/2015		102,000,000		102,000,000
Barton Capital LLC, 144A, 0.184%*, 11/18/2014		26,037,000		26,036,631
BNZ International Funding Ltd.:
144A, 0.242%*, 6/10/2015		20,000,000		20,000,000
144A, 0.243%*, 2/2/2015		50,000,000		50,000,000
Caisse Centrale Desjardins, 144A, 0.227%*, 1/26/2015		100,000,000		99,994,258
Canadian Imperial Bank of Commerce, 0.223%*, 5/8/2015		50,000,000		50,000,000
DBS Bank Ltd., 144A, 0.238%*, 2/20/2015		35,000,000		35,001,927
DNB Bank ASA, 0.192%*, 8/11/2014		36,000,000		36,000,048
Kells Funding LLC:
144A, 0.228%*, 10/22/2014		198,500,000		198,492,930
144A, 0.23%*, 10/10/2014		75,000,000		75,000,000
144A, 0.23%*, 1/27/2015		110,000,000		109,996,700
144A, 0.232%*, 11/17/2014		48,800,000		48,799,902
144A, 0.233%*, 2/13/2015		26,000,000		26,001,448
144A, 0.243%*, 2/5/2015		65,000,000		65,003,359
Kommunalbanken AS, 144A, 0.247%*, 1/26/2015		21,370,000		21,377,608
Nederlandse Waterschapsbank NV:
144A, 0.201%*, 8/13/2014		150,000,000		150,000,000
144A, 0.231%*, 11/3/2014		100,000,000		100,000,000
144A, 0.265%*, 8/15/2014		67,200,000		67,200,000
Old Line Funding LLC:
144A, 0.181%*, 2/2/2015		83,000,000		83,000,000
144A, 0.183%*, 10/10/2014		63,800,000		63,800,000
144A, 0.21%*, 12/5/2014		4,000,000		4,000,000
PepsiCo, Inc., 0.08%*, 7/22/2014		10,000,000		9,999,533
PNC Bank NA:
0.27%, 9/5/2014		35,000,000		35,000,000
0.28%, 10/8/2014		20,000,000		20,000,000
Rabobank Nederland NV, 0.259%*, 8/28/2014		64,000,000		64,009,834
Royal Bank of Canada:
0.232%*, 2/12/2015		100,000,000		100,000,000
0.27%*, 12/11/2014		83,000,000		83,000,000
Versailles Commercial Paper LLC:
144A, 0.191%*, 10/3/2014		70,000,000		70,000,000
144A, 0.211%*, 7/16/2014		33,000,000		33,000,000
Westpac Banking Corp., 0.228%*, 2/20/2015		14,500,000		14,500,644
				2,401,214,841
Total Commercial Paper (Cost $8,019,215,913)				8,019,215,913
Government & Agency Obligations 2.2%
Other Government Related (a) 0.3%
International Bank for Reconstruction & Development, 0.17%*, 7/23/2014		61,600,000		61,600,321
U.S. Government Sponsored Agencies 1.5%
Federal Farm Credit Bank, 0.131%*, 3/3/2016		35,000,000		35,000,000
Federal Home Loan Mortgage Corp.:
0.065%**, 10/16/2014		75,000,000		74,985,510
0.068%**, 8/8/2014		50,000,000		49,996,305
0.08%**, 11/26/2014		50,000,000		49,983,556
0.094%**, 10/2/2014		29,000,000		28,992,883
0.099%**, 9/5/2014		25,000,000		24,995,417
0.099%**, 10/28/2014		15,000,000		14,995,042
				278,948,713
U.S. Treasury Obligations 0.4%
U.S. Treasury Bill, 0.07%**, 8/21/2014		7,000,000		6,999,306
U.S. Treasury Notes:
0.25%, 9/15/2014		25,000,000		25,008,246
2.125%, 11/30/2014		15,000,000		15,122,654
2.375%, 10/31/2014		60,000		60,462
4.25%, 8/15/2014		35,000,000		35,181,114
				82,371,782
Total Government & Agency Obligations (Cost $422,920,816)				422,920,816
Short-Term Notes* 10.5%
Australia & New Zealand Banking Group Ltd., 144A, 0.327%, 5/18/2015		120,700,000		120,700,000
Bank of Nova Scotia:
0.28%, 9/3/2014		62,000,000		62,000,000
0.294%, 6/24/2015		85,000,000		85,000,000
Canadian Imperial Bank of Commerce, 0.34%, 7/17/2015		176,750,000		176,750,000
Commonwealth Bank of Australia:
144A, 0.241%, 7/10/2015		180,000,000		180,000,000
144A, 0.506%, 1/29/2015		29,450,000		29,496,704
JPMorgan Chase Bank NA, 0.347%, 6/22/2015		164,250,000		164,250,000
National Australia Bank Ltd., 144A, 1.177%, 7/25/2014		25,000,000		25,017,121
Rabobank Nederland NV:
0.277%, 12/1/2014		190,500,000		190,500,000
0.277%, 4/10/2015		59,500,000		59,500,000
0.296%, 6/1/2015		70,000,000		70,000,000
0.307%, 7/6/2015		136,500,000		136,500,000
Svenska Handelsbanken AB, 144A, 0.308%, 10/3/2014		168,000,000		168,000,000
Toyota Motor Credit Corp., 0.308%, 8/22/2014		54,800,000		54,814,102
Wells Fargo Bank NA:
0.25%, 11/24/2014		17,810,000		17,810,000
0.25%, 6/16/2015		125,000,000		125,000,000
0.27%, 12/10/2014		125,000,000		125,000,000
Westpac Banking Corp.:
0.231%, 5/11/2015		110,000,000		110,000,000
0.24%, 5/4/2015		125,000,000		125,000,000
Total Short-Term Notes (Cost $2,025,337,927)				2,025,337,927
Time Deposits 11.0%
Citibank NA, 0.08%, 7/2/2014		72,000,000		72,000,000
Credit Agricole Corporate & Investment Bank, 0.07%, 7/1/2014		278,483,794		278,483,794
Fortis Bank SA, 0.03%, 7/1/2014		73,000,000		73,000,000
National Australia Bank Ltd., 0.06%, 7/1/2014		31,146,000		31,146,000
Natixis, 0.09%, 7/3/2014		225,000,000		225,000,000
Skandinaviska Enskilda Banken AB, 0.02%, 7/1/2014		200,000,000		200,000,000
Sumitomo Mitsui Banking Corp., 0.08%, 7/1/2014		837,000,000		837,000,000
Svenska Handelsbanken AB, 0.02%, 7/1/2014		400,000,000		400,000,000
Total Time Deposits (Cost $2,116,629,794)				2,116,629,794
Municipal Investments 2.4%
Chicago, IL, TECP, 0.18%**, 7/29/2014		31,475,000		31,470,594
Colorado, RBC Municipal Products, Inc. Trust, Series E-25, 144A, AMT, 0.08%***, 8/29/2014, LOC: Royal Bank of Canada		22,000,000		22,000,000
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, Series A, 0.06%***, 5/1/2049, LOC: Northern Trust Co.		305,000		305,000
Johnson City, TN, Health & Educational Facilities Board, Hospital Revenue, Mountain States Health Alliance, Series B, 0.12%***, 8/15/2043, LOC: U.S. Bank NA		11,075,000		11,075,000
Kentucky, State Housing Corp. Revenue, Series O, 0.12%***, 1/1/2036, SPA: State Street Bank & Trust Co.		15,520,000		15,520,000
Metropolitan Washington, DC, Airports Authority System Revenue, Series D-1, 0.07%***, 10/1/2039, LOC: TD Bank NA		18,020,000		18,020,000
Michigan, Finance Authority, School Loan:
Series B, 0.11%***, 9/1/2050, LOC: PNC Bank NA		25,000,000		25,000,000
Series C, 0.12%***, 9/1/2050, LOC: Bank of Montreal		21,000,000		21,000,000
Michigan, RBC Municipal Products, Inc. Trust:
Series L-27, 144A, AMT, 0.1%***, 3/1/2031, LOC: Royal Bank of Canada		24,245,000		24,245,000
Series L-25, 144A, AMT, 0.1%***, 9/1/2033, LOC: Royal Bank of Canada		56,745,000		56,745,000
Michigan, State Finance Authority Revenue, School Loan Revolving Fund, Series A, 144A, 0.1%***, 9/1/2053, LOC: JPMorgan Chase Bank NA		25,000,000		25,000,000
Minnesota, State Office of Higher Education Revenue, Supplementary Student, Series A, 0.11%***, 12/1/2043, LOC: U.S. Bank NA		11,500,000		11,500,000
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:
Series J, 0.03%***, 11/1/2035, GTY: Chevron Corp.		3,450,000		3,450,000
Series A, 0.05%***, 12/1/2030, GTY: Chevron Corp.		14,950,000		14,950,000
New Hampshire, State Health & Education Facilities Authority Revenue, Higher Education Loan Corp., Series A, 0.11%***, 12/1/2032, LOC: Royal Bank of Canada		16,199,000		16,199,000
New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Housing Revenue, Series C, 0.11%***, 11/1/2039, LOC: Bank of America NA		9,840,000		9,840,000
New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series A, 144A, 0.11%***, 11/1/2037, LOC: Landesbank Hessen-Thuringen		11,750,000		11,750,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series TR-T30001-I, 144A, 0.13%***, 6/15/2044, LIQ: Citibank NA		8,000,000		8,000,000
Nuveen Select Quality Municipal Fund, Inc., Series 1-2525, AMT, 0.15%***, 5/1/2041, LIQ: Barclays Bank PLC		40,000,000		40,000,000
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series N, AMT, 0.09%***, 9/1/2036, SPA: State Street Bank & Trust Co.		100,000		100,000
Ohio, University Hospitals Health System, Inc., Hospital Revenue, Series C, 0.11%***, 1/15/2050, LOC: Barclays Bank PLC		25,000,000		25,000,000
Utah, State Housing Corp., Single Family Mortgage Revenue:
"I", Series E-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		4,065,000		4,065,000
"I", Series G-2, 144A, AMT, 0.09%***, 1/1/2034, SPA: JPMorgan Chase Bank NA		8,040,000		8,040,000
"1", Series C, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,390,000		5,390,000
"I", Series B-2, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		5,425,000		5,425,000
"I", Series F, 144A, AMT, 0.09%***, 7/1/2034, SPA: JPMorgan Chase Bank NA		4,380,000		4,380,000
Vermont, Economic Development Authority, Series A, TECP, 0.2%, 8/7/2014, LOC: JPMorgan Chase Bank NA		33,750,000		33,750,000
Total Municipal Investments (Cost $452,219,594)				452,219,594
Repurchase Agreements 7.8%
BNP Paribas, 0.08%, dated 6/30/2014, to be repurchased at $55,003,122 on 7/1/2014 (c)		55,003,000		55,003,000
BNP Paribas, 0.23%, dated 1/9/2014, to be repurchased at $200,264,500 on 8/4/2014 (b) (d)		200,000,000		200,000,000
Citigroup Global Markets, Inc., 0.06%, dated 6/30/2014, to be repurchased at $61,000,102 on 7/1/2014 (e)		61,000,000		61,000,000
JPMorgan Securities, Inc., 0.36%, dated 3/18/2014, to be repurchased at $358,533,420 on 8/14/2014 (b) (f)		358,000,000		358,000,000
JPMorgan Securities, Inc., 0.39%, dated 2/13/2014, to be repurchased at $152,872,667 on 9/29/2014 (b) (g)		152,500,000		152,500,000
Merrill Lynch & Co., Inc., 0.06%, dated 6/30/2014, to be repurchased at $71,000,118 on 7/1/2014 (h)		71,000,000		71,000,000
The Goldman Sachs & Co., 0.1%, dated 6/30/2014, to be repurchased at $60,000,167 on 7/1/2014 (i)		60,000,000		60,000,000
The Toronto-Dominion Bank, 0.11%, dated 6/30/2014, to be repurchased at $115,000,351 on 7/1/2014 (j)		115,000,000		115,000,000
Wells Fargo Securities LLC, 0.27%, dated 6/26/2014, to be repurchased at $200,010,500 on 7/3/2014 (k)		200,000,000		200,000,000
Wells Fargo Securities LLC, 0.38%, dated 5/8/2014, to be repurchased at $238,726,575 on 8/6/2014 (l)		238,500,000		238,500,000
Total Repurchase Agreements (Cost $1,511,003,000)				1,511,003,000

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $16,854,374,714)†		87.5		16,854,374,714
Other Assets and Liabilities, Net		12.5		2,417,375,609
Net Assets		100.0		19,271,750,323

* Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2014.

** Annualized yield at time of purchase; not a coupon rate.

*** Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of June 30, 2014.

† The cost for federal income tax purposes was $16,854,374,714.

(a) Government-backed debt issued by financial companies or government sponsored enterprises.

(b) Open maturity repurchase agreement whose interest rate resets periodically and is shown at the current rate as of June 30, 2014. The dated date is the original day the repurchase agreement was entered into, the maturity date represents the next repurchase date. Upon notice, both the Portfolio and counterparty have the right to terminate the repurchase agreement at any time.

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	22,859,866	Federal National Mortgage Association		3.5–6.5	12/1/2028–5/1/2044		24,370,459
	5,095,911	Federal Home Loan Mortgage Corp.		3.5–4.5	4/1/2019–5/1/2044		5,420,385
	24,320,379	Government National Mortgage Association		4.0–5.0	9/15/2024–5/20/2044		26,601,448
Total Collateral Value							56,392,292

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	3,791,392	Anheuser-Busch InBev Finance, Inc.		3.7	2/1/2024		3,882,954
	3,675,000	Caterpillar, Inc.		0.95	6/26/2015		3,699,643
	5,000,000	College Loan Corp Trust I	Zero Coupon		3/1/2042		5,000,000
	4,100,000	Credit Agricole SA		3.875	4/15/2024		4,187,260
	4,950,000	Credit Suisse		2.3	5/28/2019		4,960,219
	76,990,834	FHLMC Multifamily Structured Pass Through Certificates		1.203–3.389	3/15/2024		27,684,313
	10,000,000	GoldenTree Loan Opportunities VII Ltd.		1.379	4/25/2025		9,940,994
	4,300,000	Honeywell International, Inc.		5.4	3/15/2016		4,727,161
	3,510,000	ING Bank NV		3.75	3/7/2017		3,773,744
	3,000,000	International Business Machines Corp.		0.75	5/11/2015		3,016,503
	3,796,805	Macquarie Bank Ltd.		3.45	7/27/2015		3,948,098
	400,000	Mercedes Benz Auto Lease Trust		0.9	12/16/2019		401,040
	30,000,000	Mountain Hawk II CLO Ltd.		1.388	7/22/2024		29,472,600
	25,710,717	OZLM VII Ltd.		1.675	7/17/2026		26,431,186
	80,923,153	SLM Student Loan Trust		0.369	10/27/2031		78,874,285
Total Collateral Value							210,000,000

(e) Collateralized by $58,691,300 U.S. Treasury Notes, with the various coupon rates from 0.125–2.75%, with various maturity dates of 2/28/2018–1/15/2022 with a value of $62,220,002.

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	690,791	Access Group, Inc.		0.629–0.828	7/25/2034–2/22/2044		643,178
	45,000	ADT Corp		2.25–4.125	7/15/2017–6/15/2023		43,193
	21,714,000	Alcoa, Inc.		5.55–6.75	2/1/2017–1/15/2028		25,029,240
	11,313,000	Asset Backed Securities Corp Home Equity Loan Trust		0.782	5/25/2035		10,579,128
	1,193,000	Aviation Capital Group Corp.		3.875–7.125	9/27/2016–4/6/2021		1,275,076
	1,795,000	Barclays Bank PLC		7.75	4/10/2023		2,046,932
	85,000	Brinker International, Inc.		2.6	5/15/2018		85,246
	14,372	Chase Funding Trust		0.732	11/25/2034		13,432
	79,000	Choice Hotels International, Inc.		5.75	7/1/2022		84,825
	1,832,550	Citigroup Mortgage Loan Trust, Inc.		0.797	8/25/2035		1,805,109
	1,000	Clearwire Communications LLC		14.75	12/1/2016		1,368
	71,275,000	College Loan Corp Trust I	Zero Coupon– 5.448		3/1/2042–1/25/2047		44,979,194
	269,355,694	Commercial Mortgage Trust		0.146	12/10/2049		2,511,978
	2,430,000	Continental Airlines Pass Through Trust		5.5	10/29/2020		2,436,718
	1,463,261	Countrywide Home Equity Loan Trust		0.305	11/15/2036		1,239,517
	4,055,000	Credit Agricole SA		6.637–8.375	8/14/2014		4,518,413
	3,675,000	Delta Air Lines Pass Through Trust		6.75	11/23/2015		3,962,339
	170,000	Dresdner Bank AG		7.25	9/15/2015		184,035
	68,000	Embarq Corp.		7.082	6/1/2016		76,235
	269,000	Expedia, Inc.		5.95–7.456	8/15/2018–8/15/2020		322,375
	3,000	First Horizon National Corp.		5.375	12/15/2015		3,178
	24,267,000	FirstEnergy Corp.		2.75–4.25	3/15/2018–3/15/2023		24,469,670
	3,299,000	FirstEnergy Transmission LLC		4.35–5.45	1/15/2025–7/15/2044		3,345,956
	126,000	Flextronics International Ltd.		4.625–5.0	2/15/2020–2/15/2023		132,353
	4,412,000	GLP Capital LP		4.375–5.375	11/1/2018–11/1/2023		4,580,358
	2,886,936	Goal Capital Funding Trust		0.633	6/25/2042		3,247,658
	7,797,662	Home Equity Mortgage Loan Asset-Backed Trust		0.312	7/25/2037		6,940,881
	583,000	Hospira, Inc.		5.2–6.05	3/30/2017–9/15/2040		629,584
	3,776,914	HSI Asset Securitization Corp Trust		0.342	1/25/2036		3,684,038
	270,000	Icahn Enterprises LP		4.875–6.0	3/15/2019–8/1/2020		296,643
	599,000	ING Capital Funding Trust III		3.834	12/29/2049		599,000
	22,916,000	International Lease Finance Corp.		6.5–7.125	9/1/2014–9/1/2018		26,473,540
	21,805,000	Intesa Sanpaolo SpA		5.017	6/26/2024		22,085,359
	5,000	IPALCO Enterprises, Inc.		7.25	4/1/2016		5,526
	3,013,000	Jabil Circuit, Inc.		4.7–8.25	7/15/2016–9/15/2022		3,327,388
	9,787,000	JetBlue Airways Pass Through Trust		0.674	11/15/2016		9,526,101
	462,518,006	JP Morgan Chase Commercial Mortgage Securities Trust		0.184	12/12/2044		653,094
	320,000	Liberty Mutual Group, Inc.		10.75	6/15/2058		491,762
	9,350,000	Masco Corp.		4.8–7.125	6/15/2015–8/15/2032		10,420,884
	9,317,852	Mastr Asset Backed Securities Trust		0.452	5/25/2037		8,206,826
	375,000	Midcontinent Express Pipeline LLC		5.45	9/15/2014		383,169
	4,318,318	Morgan Stanley Capital I Trust		1.376	6/15/2044		181,162
	10,950,000	Nelnet Education Loan Funding, Inc.		1.2	2/25/2039		10,557,344
	1,014,000	Newfield Exploration Co.		5.75	1/30/2022		1,138,849
	735,710	N-Star REL CDO IV Ltd.		0.501	7/27/2040		719,393
	661,000	Omega Healthcare Investors, Inc.		4.95–6.75	10/15/2022–4/1/2024		691,868
	71,000	ONEOK, Inc.		6.0	6/15/2035		72,153
	567,000	Owens Corning		4.2–9.0	12/1/2016–12/15/2022		596,096
	60,000	PVH Corp.		7.75	11/15/2023		74,666
	1,955,000	QVC, Inc.		5.125–7.375	10/15/2020–7/2/2022		2,119,132
	100,000	Regions Bank		7.5	5/15/2018		119,899
	150,000	Regions Financial Corp.		5.75–7.75	11/10/2014–6/15/2015		158,194
	24,686,000	Royal Bank of Scotland Group PLC		6.0–6.1	6/10/2023–12/19/2023		26,814,318
	280,000	Seminole Tribe of Florida, Inc.		7.804	10/1/2020		320,584
	19,895,000	Signet UK Finance PLC		4.7	6/15/2024		20,344,483
	90,000	SL Green Realty Corp.		5.0	8/15/2018		99,738
	24,177,947	SLM Private Credit Student Loan Trust		0.501–0.631	6/15/2039–12/15/2039		21,684,437
	2,000,000	SLM Private Education Loan Trust		3.0	5/16/2044		1,941,022
	300,000	Societe Generale SA		5.922	8/14/2014		325,195
	873,000	Telecom Italia Capital SA		4.95–5.25	9/30/2014–10/1/2015		920,536
	5,136,000	Telecom Italia SpA		5.303	5/30/2024		5,165,117
	3,000	Toll Brothers Finance Corp.		6.75	11/1/2019		3,483
	4,573,000	TRW Automotive, Inc.		4.45–4.5	3/1/2021–12/1/2023		4,890,130
	50,000	United States Cellular Corp.		6.7	12/15/2033		50,655
	13,840,467	US Education Loan Trust IV LLC		0.08	9/1/2047		17,627,642
	3,601,000	VeriSign, Inc.		4.625	5/1/2023		3,577,768
	8,365,000	Williams Companies, Inc.		7.5	1/15/2031		10,156,741
	7,744,000	Wynn Las Vegas LLC		5.375–7.875	5/1/2020–3/15/2022		8,323,522
Total Collateral Value							370,014,626

(g) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	4,578,303	BBVA US Senior SAU		4.664	10/9/2015		4,836,173
	500,000	Best Buy Co., Inc.		3.75–5.5	3/15/2016–3/15/2021		520,783
	3,200,000	BNP Paribas		5.186	9/29/2014		3,260,461
	15,000	Boardwalk Pipelines LP		5.5	2/1/2017		16,677
	7,765,000	Capital One Bank U.S.A. NA		2.25	2/13/2019		7,877,457
	40,000	ComEd Financing III		6.35	3/15/2033		40,841
	9,005,000	Delta Air Lines Pass Through Trust		6.375–9.75	1/2/2016–12/17/2016		8,508,665
	3,000	Discover Bank		8.7	11/18/2019		3,843
	34,000	Discover Financial Services		3.85	11/21/2022		34,944
	18,513,000	El Paso Pipeline Partners Operating Co., LLC		4.1–6.5	11/15/2015–11/1/2042		21,254,214
	450,000	EPR Properties		5.75	8/15/2022		498,618
	474,000	Interpublic Group of Companies, Inc.		4.2	4/15/2024		492,898
	30,743,500	JPMorgan Chase & Co.	Zero Coupon–7.9		7/2/2014–7/20/2014		32,132,348
	79,000	Leucadia National Corp.		8.125	9/15/2015		86,915
	3,907,616	Manufacturers & Traders Trust Co.		6.625	12/4/2017		4,564,152
	68,000	Martin Marietta Materials, Inc.		6.25	5/1/2037		73,390
	7,910,000	MBIA, Inc.		6.625–7.0	12/15/2025–10/1/2028		8,524,508
	5,825,000	Midcontinent Express Pipeline LLC		5.45–6.7	9/15/2014–9/15/2019		6,546,807
	12,795,000	Monsanto Co.		0.423	11/7/2016		12,806,316
	1,825,000	MUFG Capital Finance 1 Ltd.		6.346	9/29/2014		2,029,989
	2,791,134	NextEra Energy Capital Holdings, Inc.		1.2	6/1/2015		2,817,203
	2,441,713	Ohio Edison Co.		8.25	10/15/2038		3,798,040
	3,620,000	People's United Financial, Inc.		3.65	12/6/2022		3,633,370
	1,210,000	Signet UK Finance PLC		4.7	6/15/2024		1,237,337
	2,000,000	State Street Capital Trust I		0.784	5/15/2028		1,720,025
	415,000	State Street Capital Trust IV		1.231	6/15/2037		352,937
	11,000	State Street Corp.		4.956	3/15/2018		12,275
	3,878,042	TransCanada PipeLines Ltd.		0.875	3/2/2015		3,903,087
	25,000	Tyson Foods, Inc.		7.0	5/1/2018		29,288
	65,000	UBS Preferred Funding Trust V		6.243	5/29/2049		69,813
	100,000	UniCredit Luxembourg Finance SA		6.0	10/31/2017		111,381
	24,404,000	Verizon Communications, Inc.		1.002–4.15	6/17/2019–3/15/2024		25,283,556
Total Collateral Value							157,078,311

(h) Collateralized by $70,850,000 U.S. Treasury Notes, with the various coupon rates from 0.125–1.0%, with various maturity dates of 8/31/2016–4/15/2019 with a value of $72,420,083.

(i) Collateralized by $55,877,808 Government National Mortgage Association, with the various coupon rates from 4.0–6.0%, with various maturity dates of 7/20/2038–1/15/2044 with a value of $61,200,000.

(j) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	78,000	Actavis, Inc.		3.25	10/1/2022		77,170
	1,000,000	Aon PLC		4.6	6/14/2044		995,357
	2,000,000	Apollo Management Holdings LP		4.0	5/30/2024		2,012,767
	15,308,375	Apple, Inc.		1.05–4.45	5/5/2017–5/6/2044		15,431,109
	1,037,000	Australia & New Zealand Banking Group Ltd.		0.842–2.4	10/6/2015–11/23/2016		1,046,634
	5,000,000	Bank of Montreal		1.95	1/30/2017		5,168,025
	12,513,051	Bank of Nova Scotia		1.65–1.75	10/29/2015–3/22/2017		12,787,682
	1,000,000	Capital One Financial Corp.		3.75	4/24/2024		1,020,535
	955,000	CareFusion Corp.		3.875	5/15/2024		963,633
	734,903	Caterpillar, Inc.		4.3	5/15/2044		740,680
	472,402	Cisco Systems, Inc.		5.5	2/22/2016		519,735
	4,130,707	Citigroup, Inc.		2.55–3.75	4/8/2019–6/16/2024		4,156,969
	1,165,000	Comcast Corp.		4.75	3/1/2044		1,242,287
	600,000	Commonwealth Bank of Australia		2.0–2.25	3/16/2017–6/18/2019		618,558
	707,049	Danaher Corp.		5.4	3/1/2019		823,832
	622,871	DIRECTV Holdings LLC		4.6	2/15/2021		690,203
	400,000	eBay, Inc.		2.6	7/15/2022		387,539
	1,000,000	Express Scripts Holding Co.		2.25	6/15/2019		997,863
	179,000	General Electric Capital Corp.		2.95	5/9/2016		187,350
	5,016	Georgia Power Co.		5.7	6/1/2017		5,673
	200,000	Hartford Financial Services Group, Inc.		6.1	10/1/2041		250,780
	375,000	Honeywell International, Inc.		4.25	3/1/2021		420,378
	1,250,000	Hospitality Properties Trust		4.65	3/15/2024		1,301,185
	6,144,017	HSBC Bank PLC		3.1	5/24/2013		6,438,807
	1,000,000	Icahn Enterprises LP		4.875	3/15/2019		1,034,526
	287	International Business Machines Corp.		3.625	2/12/2024		298
	950,000	Johnson Controls, Inc.		3.625–4.625	7/2/2024–7/2/2044		952,120
	4,101,070	Legg Mason, Inc.		2.7–5.625	7/15/2019–1/15/2044		4,178,314
	2,638,316	Manulife Financial Corp.		4.9	9/17/2020		2,947,868
	5,174,664	MasterCard, Inc.		3.375	4/1/2024		5,235,829
	468,000	Merck Sharp & Dohme Corp.		4.75	3/1/2015		489,229
	49,186	National Australia Bank Ltd.		2.0	6/20/2017		50,332
	1,635,000	National Bank of Canada		2.2	10/19/2016		1,692,321
	2,442,879	Pfizer, Inc.		5.35	3/15/2015		2,564,911
	725,787	Province of Nova Scotia Canada		8.75	4/1/2022		1,014,964
	3,000,000	Prudential Financial, Inc.		3.5–4.6	5/15/2024–5/15/2044		3,014,750
	15,123,410	Royal Bank of Canada		1.125–3.125	4/14/2015–10/1/2018		15,466,830
	12,000	Statoil ASA		2.9	10/15/2014		12,163
	163,000	Swedbank Hypotek AB		1.375	3/28/2018		162,794
	1,221,000	Target Corp.		2.3–3.5	6/26/2019–7/1/2024		1,234,236
	2,599,662	The Toronto-Dominion Bank		1.5–1.625	9/14/2016–3/13/2017		2,648,952
	500,000	Time Warner, Inc.		3.55	6/1/2024		497,553
	1,000,000	TJX Companies, Inc.		2.75	6/15/2021		1,003,820
	3,303,424	Total Capital SA		3.0	6/24/2015		3,389,346
	5,090,445	Verizon Communications, Inc.		1.35–6.55	6/9/2017–9/15/2043		6,041,010
	2,870,032	Wells Fargo & Co.		2.15–7.98	1/15/2019		3,265,687
	2,158,713	Westpac Banking Corp.		1.375–2.0	7/17/2015–5/21/2019		2,163,816
	1,850,000	Xerox Corp.		2.8–3.8	5/15/2020–5/15/2024		1,850,692
Total Collateral Value							119,197,112

(k) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	160,000	Ally Auto Receivables Trust		1.21	7/15/2016		161,080
	1,500,000	American Express Credit Account Master Trust		1.412	9/15/2020		1,553,929
	230,000	Atlantic City Electric Transition Funding LLC		5.55	10/20/2023		264,300
	7,000,000	Cabela's Master Credit Card Trust		0.702	10/15/2019		7,050,293
	1,000,000	CarMax Auto Owner Trust		0.8	7/16/2018		999,738
	2,050,000	Entergy Texas Restoration Funding LLC		4.38	11/1/2023		2,285,531
	208,015,264	FHLMC Multifamily Structured Pass Through Certificates		0.502–3.882	11/25/2017–6/25/2041		42,358,626
	18,585,000	Freddie Mac Structured Agency Credit Risk Debt Notes		4.402–4.652	11/25/2023–2/25/2024		20,769,698
	44,031,000	FREMF Mortgage Trust		4.41–5.405	9/25/2043–1/25/2045		48,299,367
	1,490,397	GE Equipment Small Ticket LLC		1.02	2/24/2017		1,500,334
	899,516	General Electric Capital Corp.		1.0	9/23/2015		906,464
	36,520,000	Hertz Vehicle Financing LLC		2.2	3/25/2016		36,818,790
	1,255,593	Honda Auto Receivables Owner Trust		0.37	10/16/2015		1,255,901
	13,050,000	Hyundai Auto Receivables Trust		2.1	6/15/2017		13,377,855
	9,711,867	Illinois Tool Works, Inc.		3.9	9/1/2042		9,243,965
	769,909	Intel Corp.		1.35	12/15/2017		770,211
	5,000,000	International Bank for Reconstruction & Development		0.375	8/24/2015		5,009,975
	4,011,000	LSTAR Commercial Mortgage Trust		2.767	1/20/2041		4,058,176
	4,250,000	MMAF Equipment Finance LLC		2.1	7/15/2017		4,321,536
	1,898,707	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		1,900,508
	2,000,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		2,001,295
Total Collateral Value							204,907,572

(l) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	900,000	Ally Auto Receivables Trust		0.52	10/20/2016		900,270
	7,059	AmeriCredit Automobile Receivables Trust		0.68–1.17	5/9/2016–10/11/216		7,068
	500,000	Australia & New Zealand Banking Group Ltd.		0.477	1/29/2015		501,175
	250,000	Bank of China Ltd.		0.38	8/6/2014		249,965
	1,500,000	Barclays Dryrock Issuance Trust		0.64	8/15/2018		1,500,448
	35,000,000	BMW Floorplan Master Owner Trust		0.552	9/15/2017		35,115,140
	1,740,000	BMW Vehicle Owner Trust		0.67	11/27/2017		1,741,985
	2,459,653	Capital Auto Receivables Asset Trust		0.62	7/20/2016		2,461,075
	770,000	Capital One Multi-Asset Execution Trust		0.232–0.426	11/15/2019–12/16/2019		768,097
	8,605,572	CarMax Auto Owner Trust		0.52–1.07	6/15/2016–1/16/2018		8,615,874
	825,000	Chase Issuance Trust		0.202–0.252	2/15/2017–4/15/2019		822,110
	1	CIT Equipment Collateral		1.1	8/22/2016		1
	6,563,000	Citibank Credit Card Issuance Trust		0.254–4.85	3/10/2017–12/17/2018		6,708,791
	5,102,566	CNH Equipment Trust		0.45–1.16	4/15/2016–6/15/2020		5,108,334
	4,334,439	Credit Suisse AG		0.38	8/6/2014		4,337,950
	8,300,000	Discover Card Execution Note Trust		0.582	7/15/2021		8,328,317
	21,665,000	FHLMC Multifamily Structured Pass Through Certificates		2.307–2.573	5/25/2022–9/25/2022		21,339,620
	200,000	Fifth Third Auto Trust		0.89	11/15/2018		200,023
	29,503	First Investors Auto Owner Trust		1.96	11/15/2017		29,584
	2,060,000	Ford Credit Auto Lease Trust		1.61	10/15/2016		2,064,464
	14,030,000	Ford Credit Auto Owner Trust		0.57	10/15/2017		14,049,396
	15,600,000	Ford Credit Floorplan Master Owner Trust A		0.3–0.85	1/15/2018–6/15/2020		15,654,187
	5,000,000	GE Capital Credit Card Master Note Trust		1.36	8/17/2020		4,978,153
	1,635,000	GE Dealer Floorplan Master Note Trust		0.753	7/20/2016		1,635,647
	505,971	GE Equipment Midticket LLC		0.78–0.64	3/22/2016–9/22/2020		506,240
	2,779,603	GE Equipment Small Ticket LLC		1.02	2/24/2017		2,798,135
	1,550,000	Golden Credit Card Trust		0.402–0.602	7/17/2017–2/15/2018		1,553,554
	1,705,902	Honda Auto Receivables Owner Trust		0.35–0.77	6/22/2015–2/16/2017		1,707,813
	500,000	Hyundai Auto Lease Securitization Trust		0.52	7/15/2016		500,414
	2,900,000	Hyundai Auto Receivables Trust		0.79–2.1	6/15/2017–7/16/2018		2,970,918
	1,450,000	ING U.S. Funding LLC		0.38	8/6/2014		1,449,694
	1,332,118	Intel Corp.		1.35	12/15/2017		1,332,641
	67,595	John Deere Owner Trust		0.55	1/15/2016		67,649
	4,750,000	Kookmin Bank		0.38	8/6/2014		4,748,161
	3,000,000	Lloyds Bank PLC NY Branch		0.38	8/6/2014		3,003,054
	11,755,539	LSTAR Commercial Mortgage Trust		1.519–2.767	1/20/2041		11,874,823
	3,348,923	M&T Bank Auto Receivables Trust		0.66	2/16/2016		3,352,217
	500,000	Mercedes Benz Auto Lease Trust		0.62	7/15/2016		500,805
	1,270,000	Mercedes-Benz Master Owner Trust		0.422	11/15/2016		1,270,430
	120,000	Navistar Financial Dealer Note Master Trust		0.822	1/25/2018		120,028
	2,000,000	Nissan Auto Lease Trust		0.74	9/17/2018		2,004,493
	27,645,983	Nissan Auto Receivables Owner Trust		0.5	5/15/2017		27,672,201
	5,100,000	Nissan Master Owner Trust Receivables		0.452	2/15/2018		5,103,302
	5,190,000	PHEAA Student Loan Trust I		1.653	4/25/2044		5,099,294
	5,000,000	Porsche Innovative Lease Owner Trust		0.88	10/22/2019		5,011,068
	2,517,000	River Fuel Company No. 2		0.38	8/6/2014		2,516,613
	3,931,941	Santander Drive Auto Receivables Trust		0.472–1.02	9/15/2016–1/16/2018		3,939,514
	5,700,000	SLM Student Loan Trust		0.432	9/25/2019		5,701,550
	25,224	Toyota Auto Receivables Owner Trust		0.48	2/15/2016		25,239
	1,700,000	Volkswagen Auto Lease Trust		0.84	7/20/2016		1,706,356
	1,900,000	Volkswagen Credit Auto Master Owner Trust		0.833	9/20/2016		1,902,278
	1,890,000	Volvo Financial Equipment LLC		0.74	3/15/2017		1,894,002
	4,142,504	Wells Fargo Bank NA		6.6	1/15/2038		5,703,440
	2,124,000	World Omni Auto Receivables Trust		0.61	6/15/2017		2,127,418
Total Collateral Value							245,281,018

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2014 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (m)	$	—	$	15,343,371,714	$	—	$	15,343,371,714
Repurchase Agreements		—		1,511,003,000		—		1,511,003,000
Total	$	—	$	16,854,374,714	$	—	$	16,854,374,714

There have been no transfers between fair value measurement levels during the period ended June 30, 2014.

(m) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of June 30, 2014 (Unaudited)
Assets
Investments in non-affiliated securities, valued at amortized cost	$	16,854,374,714
Cash		2,413,957,491
Receivable for investments sold		1,665,000
Interest receivable		4,061,882
Other assets		150,351
Total assets		19,274,209,438
Liabilities
Accrued management fee		1,588,584
Accrued Trustees' fees		196,831
Other accrued expenses and payables		673,700
Total liabilities		2,459,115
Net assets, at value	$	19,271,750,323

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2014 (Unaudited)
Investment Income
Income: Interest	$	18,309,992
Expenses: Management fee		12,541,716
Administration fee		2,954,118
Custodian fee		128,809
Professional fees		126,965
Reports to shareholders		9,412
Trustees' fees and expenses		462,862
Other		268,405
Total expenses before expense reductions		16,492,287
Expense reductions		(2,801,035	)
Total expenses after expense reductions		13,691,252
Net investment income		4,618,740
Net realized gain (loss) from investments		(560	)
Net increase (decrease) in net assets resulting from operations	$	4,618,180

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Operations: Net investment income	$	4,618,740		$	18,689,800
Operations: Net investment income	$	4,618,740		$	18,689,800
Net realized gain (loss)		(560	)		269,542
Net increase (decrease) in net assets resulting from operations		4,618,180			18,959,342
Capital transactions in shares of beneficial interest: Proceeds from capital invested		99,340,972,068			203,102,122,625
Value of capital withdrawn		(100,288,082,077	)		(207,716,596,936	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(947,110,009	)		(4,614,474,311	)
Increase (decrease) in net assets		(942,491,829	)		(4,595,514,969	)
Net assets at beginning of period		20,214,242,152			24,809,757,121
Net assets at end of period	$	19,271,750,323		$	20,214,242,152

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended December 31,
	Six Months Ended 6/30/14 (Unaudited)			2013		2012		2011		2010		2009
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		19,272			20,214		24,810		20,784		34,432		42,466
Ratio of expenses before expense reductions (%)		.17	*		.16		.17		.16		.17		.16
Ratio of expenses after expense reductions (%)		.14	*		.14		.14		.15		.16		.14
Ratio of net investment income (%)		.05	*		.08		.14		.10		.16		.43
Total Return (%)a,b		.02	**		.08		.14		.11		.17		.48
a Total return would have been lower had certain expenses not been reduced. b Total return for the Portfolio was derived from the performance of Cash Reserves Fund Institutional. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.

The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated Deutsche feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2014, Cash Management Fund, Cash Reserves Fund Institutional, Cash Reserves Fund — Prime Series and Deutsche Money Market Series (formerly DWS Money Market Series) owned approximately 9%, 5%, 5% and 79%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

As of June 30, 2014, the Portfolio held repurchase agreements with a gross value of $1,511,003,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $3.0 billion of the Portfolio's average daily net assets	.1500	%
Next $4.5 billion of such net assets	.1325	%
Over $7.5 billion of such net assets	.1200	%

For the period from January 1, 2014 through June 30, 2014, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Portfolio's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

For the six months ended June 30, 2014, the Advisor waived a portion of its management fee aggregating $2,801,035, and the amount charged aggregated $9,740,681, which was equivalent to an annualized effective rate of 0.10%.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2014, the Administration Fee was $2,954,118, of which $469,283 is unpaid.

Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2014, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $905, all of which is unpaid.

Trustees' Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2014.

D. Money Market Fund Reform

In July 2014, the SEC adopted money market fund reform to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The Portfolio is required to comply with money market reform over the next two years. As a result, the Portfolio may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Portfolio.

Advisory Agreement Board Considerations and Fee Evaluation

DWS Money Market Series (the "Fund"), a series of DWS Money Market Trust, invests all of its assets in Cash Management Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement," and together with the Portfolio Agreement, the "Agreements") in September 2013. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

— In September 2013, all of the Portfolio's and Fund's Trustees were independent of DIMA and its affiliates.

— The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Asset Allocation Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability compiled by a fee consultant retained by the Portfolio's and the Fund's Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

— The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund, and that the Fund Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled by the Fee Consultant using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2012, the Fund's gross performance (Institutional Shares) was in the 3rd quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Portfolio's and the Fund's investment management fee schedules and the Fund's operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.10% fees paid to DIMA under the respective administrative services agreements, were higher than the median (4th quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. The Board noted that the Fund's total (net) operating expenses, which include Portfolio expenses allocated to the Fund, were lower than the median of the applicable Lipper expense universe for Institutional Shares (1st quartile) (based on Lipper data provided as of December 31, 2012). The Board considered the Portfolio's management fee rate as compared to fees charged by DIMA to comparable funds and considered differences between the Portfolio and the comparable funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board noted the expense limitation agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DIMA and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio's management fee schedule includes fee breakpoints. The Board concluded that the Portfolio's and the Fund's fee schedules represent an appropriate sharing between the Portfolio and the Fund, as the case may be, and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their independent counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Account Management Resources

Investment Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month, information about the fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

For shareholders of Institutional Shares and Institutional Shares MGD:
For More Information	(800) 730-1313 To speak with a Shareholder Service representative.
Web Site	deutscheliquidity.com/US View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
Written Correspondence	DeAWM Service Company Institutional Money Funds — Client Services PO Box 219210 Kansas City, MO 64121-9210 ifunds@db.com

For shareholders of Institutional Shares PS and Institutional Shares PRS:
For More Information	(800) 728-3337 To speak with a Shareholder Service representative.
Web Site	deutschefunds.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
Written Correspondence	Deutsche Asset & Wealth Management PO Box 219151 Kansas City, MO 64121-9151

	Institutional Shares	Institutional Shares MGD	Institutional Shares PS	Institutional Shares PRS
Nasdaq Symbol	ICAXX	MCAXX	SPMXX	SCRXX
Fund Number	2403	2023	2402	2309

The fund currently offers one class of shares, Institutional Shares. Managed Shares ("Institutional Shares MGD"), Prime Reserve Class S Shares ("Institutional Shares PRS") and Premium Class S Shares ("Institutional Shares PS") (the "legacy classes") were combined into Institutional Shares as of the close of business on October 1, 2008. The legacy classes are no longer offered separately. Because the eligibility and minimum investment requirements for each of the legacy classes differ from the Institutional Shares, shareholders of the fund who were shareholders of a legacy class may continue to purchase shares of the fund in accordance with the investment requirements in effect for each applicable legacy class prior to the share classes being combined. Any account privileges previously available to shareholders of the legacy classes remain unchanged.

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions? Call (800) 728-3337 or e-mail us at service@db.com

Who we are
Who is providing this notice?	DeAWM Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAWM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 08/2014

Notes

Notes

Notes

Notes

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.
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)	Not applicable
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Cash Management Portfolio
By:	/s/Brian E. Binder Brian E. Binder President
Date:	August 29, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Brian E. Binder Brian E. Binder President
Date:	August 29, 2014
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	August 29, 2014

EX-99.CERT

President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Brian E. Binder, certify that:

1.   I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

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.

August 29, 2014	/s/Brian E. Binder
	Brian E. Binder
	President

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.   I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

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.

August 29, 2014	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Brian E. Binder, certify that:

1.   I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

2.   Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

August 29, 2014	/s/Brian E. Binder
	Brian E. Binder
	President

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.   I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

2.   Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

August 29, 2014	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer