UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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Investment Company Act file number
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811-03495
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DWS Money Market Trust
(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) 454-7190
Paul Schubert
345 Park Avenue
New York, NY 10154-0004
(Name and Address of Agent for Service)
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Date of fiscal year end:
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12/31
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Date of reporting period:
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12/31/09
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ITEM 1.
REPORT TO STOCKHOLDERS
|
DECEMBER 31, 2009
Annual Report
to Shareholders
|
|
|
|
DWS Money Market Series
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Contents
|
DWS Money Market Series
4
Portfolio Management
Review
7
Information About Your
Fund's Expenses
9
Portfolio Summary
10
Financial Statements
13
Financial Highlights
14
Notes to Financial
Statements
19
Report of Independent
Registered Public Accounting
Firm
20
Tax Information
Cash Management Portfolio
22
Investment Portfolio
37
Financial Statements
40
Financial Highlights
41
Notes to Financial
Statements
45
Report of Independent
Registered Public Accounting
Firm
46
Investment Management
Agreement Approval
51
Summary of Management
Fee Evaluation by
Independent Fee Consultant
56
Board Members and Officers
60
Account Management
Resources
|
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 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.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Portfolio Management Review
DWS Money Market Series: A Team Approach to Investing
Deutsche Investment Management Americas Inc. (``DIMA'' or the ``Advisor''),
which is part of Deutsche Asset Management, is the investment advisor for
Cash Management Portfolio (the ``Portfolio''), in which the fund invests all of
its assets. 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 institutional and retail clients.
Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety of
experience and investment insight across industries, regions, asset classes
and investing styles.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
funds, retail, private and commercial banking, investment banking and
insurance.
Portfolio Management Team
A group of investment professionals is responsible for the day-to-day
management of the Portfolio. These investment professionals have a broad
range of experience managing money market funds.
Market Overview
The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk.
By the first quarter of 2009, it seemed evident that the array of government
programs launched in response to the US mortgage crisis, the worldwide
"credit crunch" and the worst economic downturn since the Great
Depression of the 1930s was improving investor sentiment and the overall
tone of the financial markets. Liquidity — which had been severely disrupted
at the height of the financial crisis — was gradually restored in the short end
of the money market curve as yield spreads returned to more accustomed
levels.
1,2
By the end of the second quarter — except for the labor market,
where US unemployment hit 10% — the rate of deterioration for economic
data seemed to be slowing. In the second half of 2009, we saw continuing
improvements in market conditions. Interest rate spreads continued to
narrow, liquidity increased and credit markets functioned more efficiently. In
line with the recovery in the markets, short-term interest rates declined
steadily and substantially throughout the course of 2009.
Positive Contributors to Fund Performance
We were able to maintain a competitive yield for the fund during the period.
(All performance is historical and does not guarantee future results. Yields
fluctuate and are not guaranteed.)
At the start of 2009, when conditions in the money markets were
considerably more difficult, we employed a defensive strategy for the fund,
holding more overnight securities in the form of repurchase agreements in
seeking the highest quality possible. As conditions eased, we extended
maturity cautiously with the goal of maintaining high quality along with
substantial liquidity.
Negative Contributors to Fund Performance
The types of securities that we were investing in tended to have lower
yields than issues carrying more risk. We preferred to be cautious during a
time of significant market turbulence. In the end this cost the fund some
yield, but we believe that this represented a prudent approach to preserving
principal.
Outlook and Positioning
In the months ahead, we continue to foresee an artificially low interest rate
environment because of declining money market instrument supply, a large
number of money market issues maturing with principal needing to be
reinvested, and continued strong demand from investors seeking principal
stability and safety.
We continue our insistence on the highest credit quality within the fund. We
also plan to maintain our conservative investment strategies and standards.
We continue to apply a careful approach to investing on behalf of the fund
and to seek competitive yield for our shareholders.
Performance is historical and does not guarantee future results. Current
performance may be lower or higher than the performance data quoted.
An investment in this fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or 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 funds. Please read the fund's prospectus for specific
details regarding its risk profile.
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7-Day Current Yield
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|
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December 31, 2009
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0.13%*
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|
December 31, 2008
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1.27%*
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*
The investment advisor has agreed to waive fees/reimburse expenses. Without such fee
waivers/expense reimbursements the 7-day current yield would have been 0.02% as of
December 31, 2009 and 1.15% as of December 31, 2008.
Yields are historical, will fluctuate and do not guarantee future performance. The
7-day current yield refers to the income paid by the fund over a 7-day period
expressed as an annual percentage rate of the fund's shares outstanding. Please
visit our Web site at www.moneyfunds.deam-us.db.com for the product's most
recent month-end performance.
1
"Spread" refers to the excess yield various fixed-income or money market securities or
sectors offer over each other at similar maturities. When spreads widen, yield differences
are increasing between securities in the two sectors being compared. When spreads
narrow, the opposite is true.
2
The yield curve is a graphical representation of how yields on bonds of different maturities
compare. Normally, yield curves slant up, as bonds with longer maturities typically offer
higher yields than short-term bonds.
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 sales charges
(loads), redemption fees and 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
(July 1, 2009 to December 31, 2009)
.
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 $1,000 Investment
for the six months ended December 31, 2009
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|
Actual Fund Return*
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Institutional
Shares
|
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Beginning Account Value 7/1/09
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$ 1,000.00
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Ending Account Value 12/31/09
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$ 1,001.20
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Expenses Paid per $1,000**
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$ .86
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|
Hypothetical 5% Fund Return*
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Institutional
Shares
|
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Beginning Account Value 7/1/09
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$ 1,000.00
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Ending Account Value 12/31/09
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$ 1,024.35
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Expenses Paid per $1,000**
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$ .87
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*
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 the number of days in the most recent
six-month period, then divided by 365.
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Annualized Expense Ratio
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Institutional
Shares
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DWS Money Market Series
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.17%
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For more information, please refer to the Fund's prospectus.
Portfolio Summary
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Asset Allocation
(As a % of Investment Portfolio)
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12/31/09
|
12/31/08
|
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Commercial Paper
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47%
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42%
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Certificates of Deposit and Bank Notes
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21%
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21%
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Short-Term Notes
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11%
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11%
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Time Deposits
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10%
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13%
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Government & Agency Obligations
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6%
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2%
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Municipal Bonds and Notes
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5%
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1%
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Repurchase Agreements
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—
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10%
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|
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100%
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100%
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Weighted Average Maturity
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|
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DWS Money Market Series
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46 days
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47 days
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First Tier Institutional Money Fund Average*
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42 days
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37 days
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*
The Fund is compared to its respective iMoneyNet Category: First Tier Institutional Money
Fund Average — Category includes a widely recognized composite of money market funds
that invest in only first tier (highest rating) securities. Portfolio Holdings of First Tier funds
include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign
Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed
Commercial Paper.
Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see page
22
. A quarterly Fact Sheet is available upon
request. A complete list of the Portfolio's holdings is posted twice each month on
www.dws-investments.com. Portfolio holdings as of the 15th day of each month are posted to
the Web site on or after month-end and portfolio holdings as of each month-end are posted to
the Web site on or after the 14th day of the following month. More frequent posting of portfolio
holdings information may be made from time to time on www.dws-investments.com. Please
see the Account Management Resources section for contact information.
Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be available
on the SEC's Web site at www.sec.gov, and it also may 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.
Financial Statements
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Statement of Assets and Liabilities
as of December 31, 2009
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Assets
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Investments in Cash Management Portfolio, at value
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$ 31,984,787,158
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Receivable for Fund shares sold
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404,259
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Due from Advisor
|
527,183
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Other assets
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58,221
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Total assets
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31,985,776,821
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Liabilities
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Distributions payable
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2,182,648
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Payable for Fund shares redeemed
|
867,496
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Other accrued expenses and payables
|
743,064
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Total liabilities
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3,793,208
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Net assets, at value
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$ 31,981,983,613
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Net Assets Consist of
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Accumulated net realized gain (loss)
|
(581,555)
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Paid-in capital
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31,982,565,168
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Net assets, at value
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$ 31,981,983,613
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Net Asset Value
|
|
Institutional Shares
Net Asset Value,
offering and redemption price per share
($31,981,983,613 ÷ 31,982,642,831 outstanding shares of beneficial
interest, $.001 par value, unlimited number of shares authorized)
|
$ 1.00
|
The accompanying notes are an integral part of the financial statements.
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Statement of Operations
for the year ended December 31, 2009
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Investment Income
|
|
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Income and expenses allocated from Cash Management Portfolio:
Interest
|
130,520,545
|
|
Expenses*
|
(31,598,048)
|
|
Net investment income allocated from Cash Management Portfolio
|
98,922,497
|
|
Expenses:
Administration fee
|
23,114,716
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Services to shareholders
|
2,184,784
|
|
Professional fees
|
257,819
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Registration fees
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609,546
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|
Trustees' fees and expenses
|
50,504
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|
Reports to shareholders
|
152,541
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Temporary guarantee program participation fee
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5,438,713
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Other
|
133,154
|
|
Total expenses before expense reductions
|
31,941,777
|
|
Expense reductions
|
(24,186,583)
|
|
Total expenses after expense reductions
|
7,755,194
|
|
Net investment income
|
91,167,303
|
|
Net realized gain (loss) allocated from Cash Management Portfolio
|
2,132,668
|
|
Net increase (decrease) in net assets resulting from operations
|
$ 93,299,971
|
*
Net of $6,028,260 Advisor reimbursement allocated from Cash Management Portfolio for
the year ended December 31, 2009.
The accompanying notes are an integral part of the financial statements.
|
Statement of Changes in Net Assets
|
|
Increase (Decrease) in Net Assets
|
Years Ended December 31,
|
|
2009
|
2008
|
|
Operations:
Net investment income
|
$ 91,167,303
|
$ 623,085,773
|
|
Net realized gain (loss)
|
2,132,668
|
(2,468,777)
|
|
Net increase (decrease) in net assets resulting from
operations
|
93,299,971
|
620,616,996
|
|
Distributions to shareholders from:
Net investment income:
Prime Reserve Class S*
|
—
|
(2,514,096)
|
|
Premium Class S*
|
—
|
(15,636,532)
|
|
Managed Shares*
|
—
|
(14,094,108)
|
|
Institutional Shares
|
(94,637,731)
|
(587,370,609)
|
|
Total distributions
|
(94,637,731)
|
(619,615,345)
|
|
Fund share transactions:
Proceeds from shares sold
|
201,274,849,346
|
277,158,534,190
|
|
Reinvestment of distributions
|
53,854,707
|
381,951,460
|
|
Cost of shares redeemed
|
(189,202,323,584)
|
(280,259,674,333)
|
|
Net increase (decrease) in net assets from Fund share
transactions
|
12,126,380,469
|
(2,719,188,683)
|
|
Increase (decrease) in net assets
|
12,125,042,709
|
(2,718,187,032)
|
|
Net assets at beginning of period
|
19,856,940,904
|
22,575,127,936
|
|
Net assets at end of period (including undistributed net
investment income of $0 and $3,470,428, respectively)
|
$ 31,981,983,613
|
$ 19,856,940,904
|
*
Prime Reserve Class S, Premium Class S and Managed Shares converted into Institutional
Shares on October 6, 2008.
The accompanying notes are an integral part of the financial statements.
Financial Highlights
|
Institutional Shares
Years Ended December 31,
|
2009
|
2008
|
2007
a
|
2007
c
|
2006
c
|
2005
c
|
|
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
|
.004
|
.028
|
.030
|
.052
|
.039
|
.020
|
|
Net realized gain (loss)
***
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Total from investment operations
|
.004
|
.028
|
.030
|
.052
|
.039
|
.020
|
|
Less distributions from:
Net investment income
|
(.004)
|
(.028)
|
(.030)
|
(.052)
|
(.039)
|
(.020)
|
|
Net asset value, end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
|
Total Return (%)
b
|
.44
|
2.80
|
3.08
**
|
5.37
|
4.02
|
1.98
|
|
Ratios to Average Net Assets and Supplemental Data
|
|
Net assets, end of period ($ millions)
|
31,982
|
19,857
|
21,262
|
17,469
|
8,637
|
12,214
|
|
Ratio of expenses before expense
reductions, including expenses allocated
from Cash Management Portfolio (%)
d
|
.30
|
.29
|
.26
*
|
.24
|
.28
|
.27
|
|
Ratio of expenses after expense
reductions, including expenses allocated
from Cash Management Portfolio (%)
d
|
.17
|
.14
|
.12
*
|
.10
|
.12
|
.13
|
|
Ratio of net investment income (%)
|
.39
|
2.83
|
5.18
*
|
5.26
|
3.89
|
1.99
|
|
a
For the period from June 1, 2007 through December 31, 2007.
b
Total returns would have been lower had certain expenses not been reduced.
c
For the years ended May 31.
d
On July 30, 2007, DWS Money Market Series became a feeder of Cash Management
Portfolio. Expense ratios disclosed prior to December 31, 2007 are for DWS Money
Market Series as a stand-alone fund.
*
Annualized
**
Not annualized
***
Amount is less than $.0005.
|
Notes to Financial Statements
A. Organization and Significant Accounting Policies
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, a feeder fund, seeks to achieve its investment objective by
investing 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 advised by
Deutsche Investment Management Americas Inc. (``DIMA" or the ``Advisor'').
Details concerning the Portfolio's investment objective and policies and the
risk factors associated with the Portfolio's investments are described in the
Fund's Prospectus and Statement of Additional Information. At December
31, 2009, the Fund owned approximately 75% of the Portfolio.
Prior to October 6, 2008, the Fund offered multiple classes of shares which
provided investors with different purchase options: Prime Reserve Class S,
Premium Class S, Managed Shares and Institutional Shares. Effective
October 6, 2008, Prime Reserve Class S, Premium Class S and Managed
Shares converted into Institutional Shares.
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 determines the valuation of its investment in
the Portfolio by multiplying its proportionate ownership of the Portfolio by
the total value of the Portfolio's net assets.
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.
At December 31, 2009, the Fund had a net tax basis capital loss
carryforward of approximately $582,000, which may be applied against any
realized net taxable capital gains of each succeeding year until fully utilized
December 31, 2016 (the expiration date), whichever occurs first.
During the year ended December 31, 2009, the Fund utilized $2,133,000 of
prior year capital loss carryforward.
The Fund has reviewed the tax positions for the open tax years as of
December 31, 2009 and has determined that no provision for income tax 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.
At December 31, 2009, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:
|
|
Year Ended
December 31,
2009
|
|
Capital loss carryforward
|
$ (582,000)
|
In addition, the tax character of distributions paid to shareholders by the
Fund
is
summarized as follows:
|
|
Year Ended December 31,
|
|
|
2009
|
2008
|
|
Distributions from ordinary income
|
$ 94,637,731
|
$ 619,615,345
|
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 a daily 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
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor")
is an indirect, wholly owned subsidiary of Deutsche Bank AG and the Advisor
for the master portfolio.
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, 2009 through September 30, 2009, the
Advisor had voluntarily agreed to waive total operating expenses by 0.10%
of its average daily net assets (excluding certain expenses such as
extraordinary expenses, taxes, brokerage and interest). This voluntary
waiver or reimbursement may be terminated at any time at the option of the
Advisor.
For the period from January 1, 2009 through July 29, 2010, DIMA has
contractually agreed to waive its fees and/or reimburse certain operating
expenses of Institutional Shares including expenses of the Portfolio, to the
extent necessary to maintain the operating expenses (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) at
0.15% of the Fund's average daily net assets.
For the year ended December 31, 2009, the Administration Fee was
$23,114,716, of which $22,245,742 was waived.
Service Provider Fees.
DWS Investments Service Company ("DISC"), 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 DISC and DST Systems. Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the year ended
December 31, 2009, the amounts charged to the Fund by DISC aggregated
$1,940,841, all of which was waived.
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 year ended December 31, 2009, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders" aggregated $28,766, of which $10,679 is
unpaid.
Trustees' Fees and Expenses.
The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson.
C. Concentration of Ownership
From time to time the Fund may have a concentration of several
shareholders holding a significant percentage of shares outstanding.
Investment activities of these shareholders could have a material impact on
the Fund.
At December 31, 2009, there was one shareholder who held approximately
14% of the outstanding shares of the Fund.
D. Share Transactions
The following table summarizes share and dollar activity in the Fund:
|
|
Year Ended December 31, 2009
|
Year Ended December 31, 2008
|
|
|
Shares
|
Dollars
|
Shares
|
Dollars
|
|
Shares sold
|
|
Prime
Reserve
Class S
|
—
|
$ —
|
29,822,153
|
$ 29,822,153
|
|
Premium
Class S
|
—
|
—
|
183,122,872
|
183,122,872
|
|
Managed
Shares
|
—
|
—
|
1,661,644,987
|
1,661,644,987
|
|
Institutional
Shares
|
201,274,849,346
|
201,274,849,346
|
275,283,944,178
|
275,283,944,178
|
|
|
|
$ 201,274,849,346
|
|
$ 277,158,534,190
|
|
Shares issued to shareholders in reinvestment of distributions
|
|
Prime
Reserve
Class S
|
—
|
$ —
|
2,356,093
|
$ 2,356,093
|
|
Premium
Class S
|
—
|
—
|
14,565,684
|
14,565,684
|
|
Managed
Shares
|
—
|
—
|
2,203,699
|
2,203,699
|
|
Institutional
Shares
|
53,854,707
|
53,854,707
|
362,825,984
|
362,825,984
|
|
|
|
$ 53,854,707
|
|
$ 381,951,460
|
|
Shares redeemed
|
|
Prime
Reserve
Class S
|
—
|
$ —
|
(39,632,756)
|
$ (39,632,756)
|
|
Premium
Class S
|
—
|
—
|
(275,620,551)
|
(275,620,551)
|
|
Managed
Shares
|
—
|
—
|
(1,922,498,609)
|
(1,922,498,609)
|
|
Institutional
Shares
|
(189,202,323,584)
|
(189,202,323,584)
|
(278,021,922,417)
|
(278,021,922,417)
|
|
|
|
$
(
189,202,323,584)
|
|
$ (280,259,674,333)
|
|
Shares converted*
|
|
Prime
Reserve
Class S
|
—
|
$ —
|
(104,572,270)
|
$ (104,353,999)
|
|
Premium
Class S
|
—
|
—
|
(612,957,546)
|
(612,102,274)
|
|
Managed
Shares
|
—
|
—
|
(251,644,082)
|
(250,726,757)
|
|
Institutional
Shares
|
—
|
—
|
969,173,898
|
967,183,030
|
|
|
|
$ —
|
|
$ —
|
|
Net increase (decrease)
|
|
Prime
Reserve
Class S
|
—
|
$ —
|
(112,026,780)
|
$ (111,808,509)
|
|
Premium
Class S
|
—
|
—
|
(690,889,541)
|
(690,034,269)
|
|
Managed
Shares
|
—
|
—
|
(510,294,005)
|
(509,376,680)
|
|
Institutional
Shares
|
12,126,380,469
|
12,126,380,469
|
(1,405,978,357)
|
(1,407,969,225)
|
|
|
|
$ 12,126,380,469
|
|
$ (2,719,188,683)
|
*
On October 6, 2008, Prime Reserve Class S, Premium Class S and Managed Shares
converted into Institutional Shares.
E. Participation in the Treasury's Temporary Guarantee Program
DWS Money Market Series participated in the Temporary Guarantee
Program for Money Market Funds (the "Program") established by the U.S.
Department of the Treasury (the "Treasury"). The Program was terminated
on September 18, 2009.
The Fund paid the expenses of participating in the Program. The expense
was determined by the product of (i) the number of shares outstanding of
each class as of September 19, 2008 valued at $1.00; and (ii) the applicable
Program participation fee rate, which was based upon the market-based net
asset value outstanding of each share class as of September 19, 2008. For
the initial period ending December 18, 2008, the Program participation fee
was equal to 0.015%. For the coverage under the Program beginning on
December 19, 2008 and ending on April 30, 2009, the Program participation
fee was equal to 0.022%. For the coverage under the Program beginning on
May 1, 2009 and ending September 18, 2009, the Program participation fee
was equal to 0.023%. This expense was amortized over the length of the
participation in the Program and is included in "temporary guarantee
program participation fee" on the Statement of Operations. For the period
from January 1, 2009 through September 18, 2009, the Fund accrued
$5,438,713. This expense was borne by the Fund without regard to any
expense limitation currently in effect for the Fund.
Neither the Fund nor Deutsche Investment Management Americas Inc., the
Fund's investment advisor, are in any manner approved, endorsed,
sponsored or authorized by the Treasury.
F. Review for Subsequent Events
Management has reviewed the events and transactions for subsequent
events from January 1, 2010 through February 24, 2010, the date the
financial statements were available to be issued, and has determined that
there were no material events that would require disclosure in the Fund's
financial statements through this date.
Report of Independent Registered
Public Accounting Firm
To the Trustees of DWS Money Market Trust and Shareholders of
DWS Money Market Series
In our opinion, the accompanying statement of assets and liabilities, and the
related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of DWS Money Market Series (the "Fund") at December 31, 2009,
and the results of its operations, the changes in its net assets and the
financial highlights for each of the periods indicated therein, in conformity
with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
|
Boston, Massachusetts
February 24, 2010
|
PricewaterhouseCoopers LLP
|
Tax Information
(Unaudited)
Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have specific
questions about your account, please call (800) 730-1313.
(The following financial statements of the
Cash Management Portfolio should be read in conjunction
with the Fund's financial statements.)
Investment Portfolio
as of December 31, 2009
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|
|
Certificates of Deposit and Bank Notes 21.2%
|
|
African Development Bank, 3.75%, 1/15/2010
|
13,000,000
|
13,010,098
|
|
Australia & New Zealand Banking Group Ltd.:
|
|
|
0.28%, 3/1/2010
|
250,000,000
|
250,000,000
|
|
|
0.29%, 1/14/2010
|
204,000,000
|
204,000,000
|
|
Banco Bilbao Vizcaya Argentaria SA:
|
|
|
0.24%, 4/6/2010
|
216,000,000
|
216,000,000
|
|
|
0.25%, 2/18/2010
|
46,200,000
|
46,200,000
|
|
|
0.25%, 3/31/2010
|
174,000,000
|
174,000,000
|
|
|
0.26%, 3/19/2010
|
155,000,000
|
155,000,000
|
|
Bank of Nova Scotia:
|
|
|
0.15%, 1/25/2010
|
100,000,000
|
100,000,000
|
|
|
0.17%, 3/23/2010
|
5,200,000
|
5,200,000
|
|
Bank of Tokyo-Mitsubishi UFJ Ltd.:
|
|
|
0.22%, 3/26/2010
|
20,000,000
|
20,000,000
|
|
|
0.24%, 3/2/2010
|
50,000,000
|
50,000,000
|
|
|
0.25%, 1/28/2010
|
300,000,000
|
300,000,000
|
|
|
0.26%, 1/13/2010
|
200,000,000
|
200,000,000
|
|
Berkshire Hathaway Finance Corp., 4.125%, 1/15/2010
|
10,000,000
|
10,014,294
|
|
BNP Paribas:
|
|
|
0.23%, 3/11/2010
|
100,000,000
|
100,000,958
|
|
|
0.23%, 4/9/2010
|
290,000,000
|
290,000,000
|
|
|
0.25%, 1/19/2010
|
300,000,000
|
300,000,000
|
|
|
0.25%, 2/9/2010
|
150,000,000
|
150,000,000
|
|
|
0.25%, 3/19/2010
|
175,000,000
|
175,000,000
|
|
|
0.26%, 1/11/2010
|
275,000,000
|
275,000,000
|
|
|
0.26%, 2/22/2010
|
150,000,000
|
150,000,000
|
|
|
0.28%, 3/3/2010
|
119,100,000
|
119,100,000
|
|
|
0.28%, 5/19/2010
|
118,200,000
|
118,200,000
|
|
|
0.28%, 6/10/2010
|
300,000,000
|
300,000,000
|
|
Caixa Geral de Depositos SA, 0.27%, 1/5/2010
|
52,000,000
|
52,000,000
|
|
Credit Agricole SA:
|
|
|
0.22%, 4/6/2010
|
290,000,000
|
290,000,000
|
|
|
0.25%, 2/1/2010
|
200,000,000
|
200,000,000
|
|
Credit Industriel et Commercial, 0.34%, 1/4/2010
|
107,000,000
|
107,000,000
|
|
Dexia Credit Local:
|
|
|
0.48%, 4/6/2010
|
200,000,000
|
200,000,000
|
|
|
0.49%, 3/24/2010
|
30,000,000
|
30,000,341
|
|
|
0.49%, 4/5/2010
|
40,000,000
|
40,000,521
|
|
|
0.75%, 2/11/2010
|
104,500,000
|
104,500,593
|
|
|
1.06%, 1/4/2010
|
179,500,000
|
179,500,149
|
|
DnB NOR Bank ASA:
|
|
|
0.22%, 2/8/2010
|
100,000,000
|
100,000,000
|
|
|
0.28%, 5/20/2010
|
120,200,000
|
120,200,000
|
|
|
0.35%, 3/22/2010
|
235,000,000
|
235,015,607
|
|
Intesa Sanpaolo SpA, 0.28%, 6/8/2010
|
200,000,000
|
200,000,000
|
|
Kreditanstalt fuer Wiederaufbau, 5.0%, 6/1/2010
|
54,639,000
|
55,600,832
|
|
Landeskreditbank Baden-Wuerttemberg Foerderbank,
4.25%, 9/15/2010
|
113,000,000
|
116,007,818
|
|
Landwirtschaftliche Rentenbank, 2.625%, 2/26/2010
|
100,000,000
|
100,265,641
|
|
Mizuho Corporate Bank Ltd.:
|
|
|
0.21%, 3/9/2010
|
140,000,000
|
140,000,000
|
|
|
0.23%, 2/17/2010
|
118,200,000
|
118,200,000
|
|
|
0.25%, 1/8/2010
|
250,000,000
|
250,000,000
|
|
|
0.25%, 1/11/2010
|
300,000,000
|
300,000,000
|
|
Natixis, 0.27%, 1/11/2010
|
100,000,000
|
100,000,000
|
|
Nordea Bank Finland PLC, 0.75%, 9/23/2010
|
75,500,000
|
75,500,000
|
|
NRW.Bank, 5.375%, 7/19/2010
|
25,000,000
|
25,685,444
|
|
Rabobank Nederland NV:
|
|
|
0.2%, 3/11/2010
|
25,000,000
|
25,000,479
|
|
|
0.22%, 1/8/2010
|
98,575,000
|
98,575,191
|
|
|
0.26%, 2/24/2010
|
200,000,000
|
200,000,000
|
|
|
0.28%, 1/7/2010
|
119,750,000
|
119,750,000
|
|
|
0.36%, 3/24/2010
|
135,500,000
|
135,503,058
|
|
Societe Generale:
|
|
|
0.205%, 1/15/2010
|
300,000,000
|
300,000,000
|
|
|
0.26%, 3/1/2010
|
338,000,000
|
338,000,000
|
|
Svensk Exportkredit AB, 4.5%, 9/27/2010
|
30,000,000
|
30,844,976
|
|
Svenska Handelsbanken AB:
|
|
|
0.2%, 3/1/2010
|
100,000,000
|
100,001,638
|
|
|
0.2%, 3/22/2010
|
28,650,000
|
28,650,318
|
|
|
0.22%, 1/5/2010
|
100,000,000
|
100,000,111
|
|
|
0.22%, 1/6/2010
|
45,500,000
|
45,500,032
|
|
|
0.23%, 1/25/2010
|
85,000,000
|
85,000,566
|
|
|
0.23%, 1/26/2010
|
50,000,000
|
50,000,347
|
|
|
0.25%, 2/26/2010
|
30,000,000
|
30,000,466
|
|
Toronto-Dominion Bank:
|
|
|
0.35%, 4/23/2010
|
40,000,000
|
40,000,000
|
|
|
0.65%, 4/1/2010
|
62,000,000
|
62,000,000
|
|
|
0.75%, 2/8/2010
|
179,500,000
|
179,500,000
|
|
Wal-Mart Stores, Inc., 5.321%, 6/1/2010
|
148,500,000
|
151,345,079
|
|
Westpac Banking Corp., 0.55%, 4/23/2010
|
12,500,000
|
12,505,032
|
|
Total Certificates of Deposit and Bank Notes
(Cost $8,992,379,589)
|
8,992,379,589
|
|
|
|
Commercial Paper 46.9%
|
|
Issued at Discount**
|
|
Allied Irish Banks North America, Inc., 144A, 0.45%, 2/16/2010
|
40,000,000
|
39,977,000
|
|
Alpine Securitization:
|
|
|
144A, 0.17%, 1/19/2010
|
100,000,000
|
99,991,500
|
|
|
144A, 0.19%, 1/22/2010
|
200,000,000
|
199,977,833
|
|
Amsterdam Funding Corp., 144A, 0.17%, 1/13/2010
|
58,100,000
|
58,096,708
|
|
Anglo Irish Bank Corp., Ltd., 144A, 0.75%, 1/19/2010
|
75,000,000
|
74,971,875
|
|
Antalis US Funding Corp.:
|
|
|
144A, 0.2%, 1/12/2010
|
75,000,000
|
74,995,417
|
|
|
144A, 0.2%, 1/13/2010
|
52,000,000
|
51,996,533
|
|
|
144A, 0.22%, 1/15/2010
|
27,000,000
|
26,997,690
|
|
|
144A, 0.26%, 1/11/2010
|
30,000,000
|
29,997,833
|
|
|
144A, 0.27%, 1/12/2010
|
48,000,000
|
47,996,040
|
|
|
144A, 0.27%, 1/25/2010
|
35,000,000
|
34,993,700
|
|
ASB Finance Ltd.:
|
|
|
0.36%, 4/8/2010
|
20,000,000
|
19,980,600
|
|
|
0.48%, 2/26/2010
|
28,000,000
|
27,979,093
|
|
|
0.53%, 3/8/2010
|
23,500,000
|
23,477,166
|
|
|
1.2%, 3/12/2010
|
20,000,000
|
19,953,333
|
|
Atlantic Asset Securitization LLC:
|
|
|
144A, 0.16%, 1/6/2010
|
1,891,000
|
1,890,958
|
|
|
144A, 0.17%, 1/7/2010
|
100,000,000
|
99,997,167
|
|
Bank of Montreal:
|
|
|
0.17%, 1/11/2010
|
150,000,000
|
149,992,917
|
|
|
0.18%, 2/22/2010
|
100,000,000
|
99,974,000
|
|
BlackRock, Inc.:
|
|
|
0.19%, 1/15/2010
|
41,000,000
|
40,996,971
|
|
|
0.2%, 1/8/2010
|
56,300,000
|
56,297,811
|
|
|
0.2%, 1/19/2010
|
115,000,000
|
114,988,500
|
|
|
0.2%, 1/20/2010
|
20,000,000
|
19,997,889
|
|
|
0.2%, 1/27/2010
|
22,000,000
|
21,996,822
|
|
|
0.21%, 2/12/2010
|
33,800,000
|
33,791,719
|
|
BNP Paribas Finance, Inc., 0.11%, 1/26/2010
|
20,000,000
|
19,998,472
|
|
BNZ International Funding Ltd.:
|
|
|
144A, 0.255%, 2/5/2010
|
35,000,000
|
34,991,323
|
|
|
144A, 0.3%, 1/26/2010
|
50,000,000
|
49,989,583
|
|
|
144A, 0.34%, 4/6/2010
|
150,000,000
|
149,865,417
|
|
|
144A, 0.35%, 4/6/2010
|
30,000,000
|
29,972,292
|
|
BPCE SA:
|
|
|
0.27%, 2/2/2010
|
129,000,000
|
128,969,040
|
|
|
0.27%, 2/5/2010
|
78,500,000
|
78,479,394
|
|
|
0.27%, 2/10/2010
|
37,000,000
|
36,988,900
|
|
|
0.27%, 2/19/2010
|
17,000,000
|
16,993,753
|
|
CAFCO LLC, 144A, 0.28%, 1/7/2010
|
34,492,000
|
34,490,390
|
|
Caisse D'Amortissement de la Dette Sociale:
|
|
|
0.23%, 2/25/2010
|
149,000,000
|
148,947,643
|
|
|
0.27%, 3/19/2010
|
83,880,000
|
83,831,559
|
|
|
0.27%, 3/23/2010
|
28,000,000
|
27,982,990
|
|
|
0.48%, 4/19/2010
|
63,000,000
|
62,909,280
|
|
|
0.65%, 3/12/2010
|
124,500,000
|
124,342,646
|
|
|
0.7%, 1/8/2010
|
128,500,000
|
128,482,510
|
|
Cancara Asset Securitisation LLC:
|
|
|
144A, 0.25%, 1/13/2010
|
50,000,000
|
49,995,833
|
|
|
144A, 0.25%, 1/14/2010
|
21,000,000
|
20,998,104
|
|
|
144A, 0.26%, 2/4/2010
|
30,000,000
|
29,992,633
|
|
|
144A, 0.27%, 2/16/2010
|
22,000,000
|
21,992,410
|
|
|
144A, 0.31%, 1/7/2010
|
95,000,000
|
94,995,092
|
|
|
144A, 0.31%, 1/11/2010
|
60,000,000
|
59,994,833
|
|
|
144A, 0.32%, 1/5/2010
|
80,000,000
|
79,997,156
|
|
CBA Delaware Finance, Inc., 0.21%, 2/5/2010
|
110,000,000
|
109,977,542
|
|
Charta Corp., 144A, 0.25%, 2/2/2010
|
200,000,000
|
199,955,556
|
|
Citibank Omni Master Trust:
|
|
|
144A, 0.65%, 1/6/2010
|
100,000,000
|
99,990,972
|
|
|
144A, 0.65%, 1/13/2010
|
69,100,000
|
69,085,028
|
|
|
144A, 0.65%, 1/20/2010
|
160,631,969
|
160,576,863
|
|
Citigroup Funding, Inc., 0.3%, 1/22/2010
|
175,000,000
|
174,969,375
|
|
Clipper Receivables Co., LLC:
|
|
|
0.19%, 1/14/2010
|
150,000,000
|
149,989,708
|
|
|
0.2%, 1/22/2010
|
117,000,000
|
116,986,350
|
|
Coca-Cola Co., 0.11%, 1/21/2010
|
22,650,000
|
22,648,616
|
|
CRC Funding LLC, 144A, 0.28%, 1/7/2010
|
46,000,000
|
45,997,853
|
|
Danske Corp.:
|
|
|
144A, 0.18%, 1/5/2010
|
100,000,000
|
99,998,000
|
|
|
144A, 0.6%, 1/11/2010
|
37,000,000
|
36,993,833
|
|
Dexia Delaware LLC:
|
|
|
0.05%, 1/4/2010
|
38,278,000
|
38,277,841
|
|
|
0.29%, 1/7/2010
|
200,000,000
|
199,990,333
|
|
DnB NOR Bank ASA, 0.29%, 6/4/2010
|
500,000,000
|
499,379,722
|
|
General Electric Capital Corp.:
|
|
|
0.12%, 1/22/2010
|
10,000,000
|
9,999,300
|
|
|
0.24%, 4/14/2010
|
130,000,000
|
129,910,733
|
|
|
0.25%, 3/1/2010
|
150,000,000
|
149,938,542
|
|
|
0.28%, 5/18/2010
|
100,000,000
|
99,893,444
|
|
General Electric Capital Services, Inc.:
|
|
|
0.22%, 3/12/2010
|
125,000,000
|
124,946,528
|
|
|
0.26%, 3/22/2010
|
200,000,000
|
199,884,444
|
|
Governor & Co. of the Bank of Ireland, 0.63%, 1/21/2010
|
60,000,000
|
59,979,000
|
|
Grampian Funding LLC:
|
|
|
144A, 0.25%, 1/11/2010
|
5,000,000
|
4,999,653
|
|
|
144A, 0.27%, 2/16/2010
|
15,000,000
|
14,994,825
|
|
|
144A, 0.31%, 2/17/2010
|
300,000,000
|
299,875,972
|
|
|
144A, 0.35%, 1/21/2010
|
11,000,000
|
10,997,861
|
|
|
144A, 0.38%, 1/20/2010
|
45,500,000
|
45,490,875
|
|
|
144A, 0.4%, 1/11/2010
|
113,000,000
|
112,987,444
|
|
|
144A, 0.405%, 1/4/2010
|
106,000,000
|
105,996,423
|
|
Hannover Funding Co., LLC:
|
|
|
0.45%, 1/11/2010
|
30,000,000
|
29,996,250
|
|
|
0.45%, 1/22/2010
|
48,929,000
|
48,916,156
|
|
|
0.65%, 2/26/2010
|
30,000,000
|
29,969,667
|
|
|
0.75%, 1/22/2010
|
242,176,000
|
242,070,048
|
|
ING (US) Funding LLC:
|
|
|
0.19%, 2/17/2010
|
58,000,000
|
57,985,613
|
|
|
0.2%, 2/17/2010
|
186,000,000
|
185,951,433
|
|
|
0.21%, 2/1/2010
|
100,000,000
|
99,981,917
|
|
|
0.21%, 2/4/2010
|
50,000,000
|
49,990,083
|
|
|
0.22%, 1/6/2010
|
100,000,000
|
99,996,944
|
|
|
0.225%, 1/5/2010
|
100,000,000
|
99,997,500
|
|
Irish Life & Permanent PLC:
|
|
|
144A, 0.56%, 2/22/2010
|
17,800,000
|
17,785,602
|
|
|
144A, 0.56%, 2/23/2010
|
114,000,000
|
113,906,013
|
|
Johnson & Johnson:
|
|
|
144A, 0.1%, 1/4/2010
|
5,000,000
|
4,999,958
|
|
|
144A, 0.18%, 4/29/2010
|
200,000,000
|
199,882,000
|
|
|
144A, 0.19%, 4/26/2010
|
79,800,000
|
79,751,566
|
|
|
144A, 0.2%, 3/9/2010
|
80,000,000
|
79,970,222
|
|
|
144A, 0.2%, 5/14/2010
|
45,300,000
|
45,266,528
|
|
|
144A, 0.2%, 6/3/2010
|
100,000,000
|
99,915,000
|
|
|
144A, 0.22%, 3/25/2010
|
100,000,000
|
99,949,278
|
|
|
144A, 0.22%, 7/1/2010
|
100,000,000
|
99,889,389
|
|
|
144A, 0.22%, 8/2/2010
|
100,000,000
|
99,869,833
|
|
|
144A, 0.29%, 8/9/2010
|
50,000,000
|
49,911,389
|
|
KBC Financial Products International Ltd.:
|
|
|
144A, 0.52%, 1/11/2010
|
150,000,000
|
149,978,333
|
|
|
144A, 0.55%, 1/4/2010
|
84,000,000
|
83,996,150
|
|
|
144A, 0.58%, 1/6/2010
|
177,700,000
|
177,685,685
|
|
Liberty Street Funding LLC:
|
|
|
144A, 0.16%, 1/4/2010
|
48,160,000
|
48,159,358
|
|
|
144A, 0.225%, 2/3/2010
|
25,000,000
|
24,994,844
|
|
LMA Americas LLC, 144A, 0.2%, 1/25/2010
|
150,000,000
|
149,980,000
|
|
Market Street Funding LLC:
|
|
|
144A, 0.18%, 1/22/2010
|
27,000,000
|
26,997,165
|
|
|
144A, 0.2%, 1/21/2010
|
24,029,000
|
24,026,330
|
|
Microsoft Corp.:
|
|
|
0.07%, 3/16/2010
|
6,000,000
|
5,999,137
|
|
|
0.15%, 4/14/2010
|
25,000,000
|
24,989,271
|
|
|
0.19%, 5/10/2010
|
100,000,000
|
99,931,917
|
|
Natixis:
|
|
|
0.27%, 2/1/2010
|
71,000,000
|
70,983,493
|
|
|
0.29%, 1/21/2010
|
92,000,000
|
91,985,178
|
|
Nestle Capital Corp., 144A, 0.6%, 2/16/2010
|
100,000,000
|
99,923,333
|
|
New York Life Capital Corp.:
|
|
|
144A, 0.15%, 1/14/2010
|
88,493,000
|
88,488,207
|
|
|
144A, 0.15%, 1/15/2010
|
19,505,000
|
19,503,862
|
|
Nieuw Amsterdam Receivables Corp.:
|
|
|
144A, 0.2%, 1/8/2010
|
60,000,000
|
59,997,667
|
|
|
144A, 0.2%, 1/11/2010
|
35,000,000
|
34,998,056
|
|
|
144A, 0.21%, 2/8/2010
|
45,000,000
|
44,990,025
|
|
|
144A, 0.22%, 1/22/2010
|
131,300,000
|
131,283,150
|
|
|
144A, 0.22%, 2/1/2010
|
58,000,000
|
57,989,012
|
|
NRW.Bank:
|
|
|
0.22%, 1/29/2010
|
144,000,000
|
143,975,360
|
|
|
0.23%, 2/19/2010
|
400,000,000
|
399,874,778
|
|
|
0.25%, 3/5/2010
|
82,500,000
|
82,463,906
|
|
|
0.29%, 1/6/2010
|
37,500,000
|
37,498,490
|
|
|
0.29%, 1/13/2010
|
113,600,000
|
113,589,019
|
|
|
0.3%, 1/6/2010
|
100,000,000
|
99,995,833
|
|
|
0.36%, 2/16/2010
|
75,000,000
|
74,965,500
|
|
|
0.38%, 1/11/2010
|
26,000,000
|
25,997,256
|
|
|
0.4%, 3/3/2010
|
40,000,000
|
39,972,889
|
|
|
0.42%, 3/18/2010
|
50,000,000
|
49,955,667
|
|
|
0.445%, 4/23/2010
|
75,000,000
|
74,896,167
|
|
|
0.45%, 7/8/2010
|
188,500,000
|
188,057,025
|
|
|
0.461%, 6/28/2010
|
94,265,000
|
94,050,599
|
|
|
0.47%, 2/4/2010
|
29,000,000
|
28,987,127
|
|
|
0.48%, 2/5/2010
|
113,250,000
|
113,197,150
|
|
|
0.49%, 5/24/2010
|
125,000,000
|
124,756,701
|
|
|
0.5%, 1/11/2010
|
126,000,000
|
125,982,500
|
|
Oesterreichische Kontrollbank AG, 0.15%, 1/4/2010
|
200,000,000
|
199,997,500
|
|
Procter & Gamble International Funding SCA:
|
|
|
144A, 0.23%, 2/19/2010
|
50,000,000
|
49,984,347
|
|
|
144A, 0.25%, 1/7/2010
|
25,000,000
|
24,998,958
|
|
Rabobank USA Financial Corp.:
|
|
|
0.24%, 2/16/2010
|
25,000,000
|
24,992,333
|
|
|
0.27%, 1/19/2010
|
39,550,000
|
39,544,661
|
|
|
0.33%, 3/10/2010
|
150,000,000
|
149,906,500
|
|
Romulus Funding Corp.:
|
|
|
144A, 0.25%, 1/4/2010
|
30,000,000
|
29,999,375
|
|
|
144A, 0.32%, 1/6/2010
|
17,540,000
|
17,539,220
|
|
|
144A, 0.32%, 1/7/2010
|
26,850,000
|
26,848,568
|
|
|
0.32%, 1/8/2010
|
95,000,000
|
94,994,089
|
|
|
144A, 0.32%, 1/8/2010
|
50,000,000
|
49,996,889
|
|
|
144A, 0.32%, 1/11/2010
|
30,000,000
|
29,997,333
|
|
|
144A, 0.32%, 1/12/2010
|
17,000,000
|
16,998,338
|
|
|
144A, 0.32%, 1/13/2010
|
30,000,000
|
29,996,800
|
|
|
144A, 0.32%, 1/15/2010
|
26,378,000
|
26,374,717
|
|
Salisbury Receivables Co., LLC, 144A, 0.2%, 1/20/2010
|
125,000,000
|
124,986,806
|
|
Sanpaolo IMI US Financial Co.:
|
|
|
0.18%, 1/11/2010
|
150,000,000
|
149,992,500
|
|
|
0.2%, 1/28/2010
|
100,000,000
|
99,985,000
|
|
Scaldis Capital LLC:
|
|
|
0.24%, 1/5/2010
|
75,000,000
|
74,998,000
|
|
|
0.24%, 1/12/2010
|
100,000,000
|
99,992,667
|
|
|
0.25%, 1/6/2010
|
50,000,000
|
49,998,264
|
|
|
0.26%, 1/19/2010
|
180,000,000
|
179,976,600
|
|
|
0.26%, 1/20/2010
|
200,000,000
|
199,972,556
|
|
|
0.26%, 1/22/2010
|
119,000,000
|
118,981,952
|
|
|
0.3%, 2/23/2010
|
106,000,000
|
105,953,183
|
|
Sheffield Receivables Corp., 144A, 0.2%, 2/11/2010
|
100,000,000
|
99,977,222
|
|
Societe de Prise de Participation de l'Etat:
|
|
|
144A, 0.2%, 3/2/2010
|
144,500,000
|
144,451,833
|
|
|
144A, 0.21%, 5/20/2010
|
31,500,000
|
31,474,459
|
|
|
144A, 0.21%, 5/25/2010
|
84,000,000
|
83,929,440
|
|
|
144A, 0.25%, 5/26/2010
|
155,000,000
|
154,843,924
|
|
Societe Generale North America, Inc.:
|
|
|
0.01%, 1/4/2010
|
83,000,000
|
82,999,931
|
|
|
0.21%, 3/9/2010
|
50,000,000
|
49,980,458
|
|
|
0.245%, 1/14/2010
|
150,000,000
|
149,986,729
|
|
|
0.25%, 2/10/2010
|
11,000,000
|
10,996,944
|
|
Standard Chartered Bank:
|
|
|
0.27%, 1/15/2010
|
159,000,000
|
158,983,305
|
|
|
0.29%, 1/8/2010
|
111,000,000
|
110,993,741
|
|
Starbird Funding Corp.:
|
|
|
144A, 0.2%, 2/16/2010
|
22,500,000
|
22,494,250
|
|
|
144A, 0.2%, 2/18/2010
|
25,000,000
|
24,993,333
|
|
|
144A, 0.21%, 2/17/2010
|
50,000,000
|
49,986,292
|
|
Straight-A Funding LLC:
|
|
|
144A, 0.15%, 1/12/2010
|
80,000,000
|
79,996,333
|
|
|
144A, 0.17%, 2/16/2010
|
81,000,000
|
80,982,405
|
|
|
144A, 0.17%, 2/18/2010
|
167,000,000
|
166,962,147
|
|
|
144A, 0.18%, 1/11/2010
|
50,000,000
|
49,997,500
|
|
|
144A, 0.18%, 2/3/2010
|
50,000,000
|
49,991,750
|
|
|
144A, 0.18%, 2/5/2010
|
30,691,000
|
30,685,629
|
|
|
144A, 0.18%, 2/22/2010
|
25,000,000
|
24,993,500
|
|
|
144A, 0.18%, 3/1/2010
|
77,000,000
|
76,977,285
|
|
|
144A, 0.18%, 3/5/2010
|
90,000,000
|
89,971,650
|
|
|
144A, 0.18%, 3/9/2010
|
50,000,000
|
49,983,250
|
|
|
144A, 0.18%, 3/12/2010
|
85,000,000
|
84,970,250
|
|
|
144A, 0.19%, 1/21/2010
|
25,000,000
|
24,997,361
|
|
|
144A, 0.2%, 1/19/2010
|
47,656,000
|
47,651,234
|
|
|
144A, 0.2%, 1/25/2010
|
30,031,000
|
30,026,996
|
|
|
144A, 0.2%, 2/1/2010
|
154,423,000
|
154,396,405
|
|
|
144A, 0.2%, 2/2/2010
|
60,034,000
|
60,023,327
|
|
|
144A, 0.2%, 2/3/2010
|
50,143,000
|
50,133,807
|
|
|
144A, 0.2%, 2/8/2010
|
135,500,000
|
135,471,394
|
|
|
144A, 0.21%, 1/6/2010
|
100,000,000
|
99,997,083
|
|
|
144A, 0.21%, 1/12/2010
|
67,799,000
|
67,794,650
|
|
Swedbank AB:
|
|
|
144A, 0.33%, 3/19/2010
|
94,000,000
|
93,933,652
|
|
|
144A, 0.81%, 3/30/2010
|
117,500,000
|
117,267,350
|
|
|
144A, 0.82%, 2/19/2010
|
160,700,000
|
160,520,641
|
|
|
144A, 0.86%, 6/3/2010
|
120,000,000
|
119,561,400
|
|
|
144A, 0.89%, 5/28/2010
|
117,700,000
|
117,272,259
|
|
|
144A, 0.99%, 5/11/2010
|
100,000,000
|
99,642,500
|
|
|
144A, 1.02%, 6/24/2010
|
22,000,000
|
21,891,540
|
|
|
144A, 1.07%, 6/10/2010
|
25,000,000
|
24,881,111
|
|
|
144A, 1.09%, 6/14/2010
|
104,000,000
|
103,483,582
|
|
Swiss Re Treasury US Corp.:
|
|
|
0.25%, 2/16/2010
|
100,000,000
|
99,968,056
|
|
|
0.25%, 2/25/2010
|
150,000,000
|
149,942,708
|
|
|
0.25%, 3/4/2010
|
250,000,000
|
249,892,361
|
|
Tasman Funding, Inc.:
|
|
|
144A, 0.22%, 1/7/2010
|
89,100,000
|
89,096,733
|
|
|
144A, 0.22%, 1/22/2010
|
28,063,000
|
28,059,399
|
|
|
144A, 0.23%, 1/5/2010
|
95,000,000
|
94,997,572
|
|
Tempo Finance Corp.:
|
|
|
144A, 0.19%, 1/14/2010
|
50,000,000
|
49,996,569
|
|
|
144A, 0.23%, 1/5/2010
|
31,500,000
|
31,499,195
|
|
Total Capital Canada Ltd.:
|
|
|
144A, 0.19%, 2/25/2010
|
188,750,000
|
188,695,210
|
|
|
144A, 0.2%, 1/20/2010
|
276,000,000
|
275,970,867
|
|
Toyota Credit Canada, Inc.:
|
|
|
0.23%, 3/15/2010
|
50,000,000
|
49,976,681
|
|
|
0.24%, 1/12/2010
|
50,000,000
|
49,996,333
|
|
|
0.25%, 2/16/2010
|
12,000,000
|
11,996,167
|
|
|
0.3%, 4/22/2010
|
50,000,000
|
49,953,750
|
|
Toyota Credit de Puerto Rico:
|
|
|
0.22%, 3/15/2010
|
50,000,000
|
49,977,694
|
|
|
0.36%, 3/9/2010
|
50,000,000
|
49,966,500
|
|
Toyota Motor Credit Corp.:
|
|
|
0.15%, 1/5/2010
|
165,000,000
|
164,997,250
|
|
|
0.21%, 3/9/2010
|
175,000,000
|
174,931,604
|
|
|
0.25%, 4/8/2010
|
71,000,000
|
70,952,174
|
|
|
0.25%, 4/9/2010
|
150,000,000
|
149,897,917
|
|
Tulip Funding Corp., 144A, 0.18%, 1/19/2010
|
69,094,000
|
69,087,782
|
|
Victory Receivables Corp.:
|
|
|
144A, 0.19%, 2/2/2010
|
100,000,000
|
99,983,111
|
|
|
144A, 0.2%, 1/11/2010
|
131,824,000
|
131,816,676
|
|
|
144A, 0.2%, 1/12/2010
|
90,000,000
|
89,994,500
|
|
|
144A, 0.2%, 1/19/2010
|
100,044,000
|
100,033,996
|
|
|
144A, 0.2%, 1/21/2010
|
141,604,000
|
141,588,266
|
|
Yorktown Capital LLC, 144A, 0.18%, 2/22/2010
|
25,000,000
|
24,993,500
|
|
Total Commercial Paper
(Cost $19,898,089,072)
|
19,898,089,072
|
|
|
|
Government & Agency Obligations 6.0%
|
|
Foreign Government Obligations 0.4%
|
|
Kingdom of Sweden, 1.0%, 4/26/2010
|
162,000,000
|
162,242,524
|
|
Republic of Ireland, 0.22%**, 1/14/2010
|
20,000,000
|
19,998,411
|
|
|
182,240,935
|
|
Other Government Related 0.2%
|
|
Bank of America NA, FDIC Guaranteed, 1.7%, 12/23/2010
|
50,000,000
|
50,640,168
|
|
JPMorgan Chase & Co., FDIC Guaranteed, 2.625%, 12/1/2010
|
40,000,000
|
40,825,303
|
|
|
91,465,471
|
|
US Government Sponsored Agencies 4.4%
|
|
Federal Home Loan Bank:
|
|
|
0.019%**, 1/13/2010
|
1,036,000
|
1,035,993
|
|
|
0.21%*, 7/13/2010
|
500,000,000
|
500,013,516
|
|
|
0.25%*, 5/28/2010
|
150,000,000
|
150,000,000
|
|
|
0.27%*, 5/21/2010
|
300,000,000
|
300,000,000
|
|
|
0.5%, 7/13/2010
|
60,750,000
|
60,718,842
|
|
|
0.55%, 7/29/2010
|
98,450,000
|
98,434,779
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
0.039%**, 1/25/2010
|
5,000,000
|
4,999,867
|
|
|
0.159%**, 6/14/2010
|
83,196,000
|
83,135,359
|
|
|
0.239%**, 7/12/2010
|
56,020,000
|
55,948,295
|
|
|
0.331%**, 2/2/2010
|
53,000,000
|
52,983,982
|
|
|
0.366%**, 3/31/2010
|
46,490,000
|
46,447,475
|
|
|
0.427%**, 5/17/2010
|
19,050,000
|
19,019,054
|
|
|
1.43%, 9/3/2010
|
97,500,000
|
98,020,957
|
|
Federal National Mortgage Association:
|
|
|
0.138%**, 3/15/2010
|
150,000,000
|
149,957,417
|
|
|
0.209%**, 7/1/2010
|
55,000,000
|
54,941,929
|
|
|
0.225%**, 1/4/2010
|
50,000,000
|
49,998,750
|
|
|
0.447%**, 6/1/2010
|
20,000,000
|
19,962,250
|
|
|
0.547%**, 8/5/2010
|
18,400,000
|
18,339,280
|
|
|
3.25%, 2/10/2010
|
33,353,000
|
33,455,971
|
|
|
7.125%, 6/15/2010
|
50,000,000
|
51,485,000
|
|
|
1,848,898,716
|
|
US Treasury Obligations 1.0%
|
|
US Treasury Bills:
|
|
|
0.045%**, 1/21/2010
|
10,000,000
|
9,999,750
|
|
|
0.045%**, 2/25/2010
|
18,000,000
|
17,998,762
|
|
|
0.05%**, 4/8/2010
|
907,000
|
906,878
|
|
|
0.06%**, 3/11/2010
|
1,661,000
|
1,660,793
|
|
|
0.205%**, 6/10/2010
|
2,534,000
|
2,531,691
|
|
|
0.25%**, 1/28/2010
|
50,000,000
|
49,990,625
|
|
|
0.275%**, 2/4/2010
|
5,590,000
|
5,588,548
|
|
|
0.43%**, 7/29/2010
|
10,000,000
|
9,975,036
|
|
|
0.49%**, 7/29/2010
|
1,100,000
|
1,096,871
|
|
|
0.675%**, 3/11/2010
|
32,257,000
|
32,215,268
|
|
|
0.69%**, 2/11/2010
|
150,000,000
|
149,882,125
|
|
|
0.7%**, 3/11/2010
|
130,000,000
|
129,825,583
|
|
US Treasury Note, 1.75%, 3/31/2010
|
30,000,000
|
30,111,051
|
|
|
441,782,981
|
|
Total Government & Agency Obligations
(Cost $2,564,388,103)
|
2,564,388,103
|
|
|
|
Short-Term Notes* 10.6%
|
|
ASB Finance Ltd., 144A, 0.364%, 12/3/2010
|
100,000,000
|
100,007,529
|
|
Bank of America NA, 0.872%, 5/12/2010
|
18,025,000
|
18,045,414
|
|
Bank of New York Mellon Corp., 0.678%, 2/5/2010
|
51,350,000
|
51,375,554
|
|
Bank of Nova Scotia, 0.241%, 11/23/2010
|
35,700,000
|
35,700,000
|
|
Barclays Bank PLC, 0.43%, 4/21/2010
|
343,000,000
|
343,000,000
|
|
Bayerische Landesbank, 0.291%, 12/23/2010
|
40,000,000
|
39,964,748
|
|
Canadian Imperial Bank of Commerce:
|
|
|
0.2%, 7/26/2010
|
35,000,000
|
35,000,000
|
|
|
0.23%, 2/23/2010
|
130,000,000
|
130,000,000
|
|
|
0.23%, 3/4/2010
|
50,000,000
|
50,000,000
|
|
Commonwealth Bank of Australia, 144A, 0.348%, 6/24/2010
|
122,500,000
|
122,500,000
|
|
Dexia Credit Local, 0.534%, 4/18/2011
|
115,000,000
|
115,015,756
|
|
General Electric Capital Corp.:
|
|
|
0.284%, 3/12/2010
|
11,792,000
|
11,792,354
|
|
|
0.314%, 1/4/2010
|
34,700,000
|
34,700,246
|
|
|
0.354%, 1/20/2010
|
26,321,000
|
26,322,193
|
|
|
0.655%, 2/26/2010
|
5,208,000
|
5,211,526
|
|
Governor & Co. of the Bank of Ireland:
|
|
|
0.611%, 1/25/2010
|
130,000,000
|
130,000,000
|
|
|
0.631%, 1/26/2010
|
63,700,000
|
63,700,000
|
|
Inter-American Development Bank, 0.24%, 2/19/2010
|
302,300,000
|
302,300,000
|
|
International Bank for Reconstruction & Development:
|
|
|
0.227%, 2/8/2010
|
25,000,000
|
25,003,136
|
|
|
0.23%, 2/1/2010
|
221,000,000
|
221,000,000
|
|
JPMorgan Chase & Co., 0.783%, 1/22/2010
|
10,234,000
|
10,237,194
|
|
Kreditanstalt fuer Wiederaufbau, 0.333%, 1/21/2010
|
260,000,000
|
260,000,000
|
|
Merrill Lynch & Co., Inc., 0.498%, 2/5/2010
|
4,417,000
|
4,417,632
|
|
National Australia Bank Ltd.:
|
|
|
0.384%, 7/12/2010
|
133,000,000
|
133,000,000
|
|
|
144A, 0.725%, 2/8/2010
|
7,500,000
|
7,503,476
|
|
Natixis:
|
|
|
0.25%, 2/5/2010
|
50,000,000
|
50,000,000
|
|
|
0.26%, 3/10/2010
|
275,000,000
|
275,000,000
|
|
Procter & Gamble International Funding SCA, 0.285%, 5/7/2010
|
100,000,000
|
100,000,000
|
|
Queensland Treasury Corp., 0.275%, 6/18/2010
|
180,000,000
|
180,000,000
|
|
Rabobank Nederland NV:
|
|
|
144A, 0.233%, 2/1/2010
|
226,000,000
|
226,006,025
|
|
|
144A, 0.272%, 12/16/2010
|
75,000,000
|
75,000,000
|
|
|
144A, 0.284%, 4/7/2011
|
278,000,000
|
278,000,000
|
|
|
144A, 0.67%, 5/19/2010
|
173,894,000
|
174,203,966
|
|
Royal Bank of Scotland PLC, 0.316%, 5/21/2010
|
180,000,000
|
180,000,000
|
|
Societe Generale, 0.184%, 4/19/2010
|
275,000,000
|
275,000,000
|
|
Wachovia Bank NA, 0.321%, 5/25/2010
|
2,000,000
|
2,000,636
|
|
Westpac Banking Corp.:
|
|
|
0.19%, 4/15/2010
|
125,000,000
|
125,000,000
|
|
|
144A, 0.282%, 12/13/2010
|
100,000,000
|
100,000,000
|
|
|
0.334%, 7/6/2010
|
119,350,000
|
119,350,000
|
|
|
144A, 0.335%, 7/2/2010
|
50,000,000
|
50,000,000
|
|
Total Short-Term Notes
(Cost $4,485,357,385)
|
4,485,357,385
|
|
|
|
Supranational 0.4%
|
|
Inter-American Development Bank, 0.339%**, 8/16/2010 (Cost
$147,682,705)
|
148,000,000
|
147,682,705
|
|
|
|
Time Deposits 10.2%
|
|
ABN AMRO Bank NV, 0.0%, 1/4/2010
|
100,000,000
|
100,000,000
|
|
Banco Bilbao Vizcaya Argentaria SA, 0.0%, 1/4/2010
|
100,000,000
|
100,000,000
|
|
Barclays Bank PLC, 0.0%, 1/4/2010
|
100,000,000
|
100,000,000
|
|
Branch Banking & Trust Co., 0.01%, 1/4/2010
|
140,000,000
|
140,000,000
|
|
Calyon, 0.01%, 1/4/2010
|
380,000,000
|
380,000,000
|
|
Citibank NA, 0.07%, 1/4/2010
|
15,000,000
|
15,000,000
|
|
JPMorgan Chase Bank NA, 0.0%, 1/4/2010
|
653,000,000
|
653,000,000
|
|
KBC Bank NV, 0.01%, 1/4/2010
|
400,000,000
|
400,000,000
|
|
Lloyds TSB Bank PLC, 0.02%, 1/4/2010
|
360,000,000
|
360,000,000
|
|
Nordea Bank Finland PLC, 0.0%, 1/4/2010
|
200,000,000
|
200,000,000
|
|
Royal Bank of Canada, 0.0%, 1/4/2010
|
500,000,000
|
500,000,000
|
|
Skandinaviska Enskilda Banken AB, 0.01%, 1/4/2010
|
600,000,000
|
600,000,000
|
|
Societe Generale, 0.01%, 1/4/2010
|
45,000,000
|
45,000,000
|
|
UBS AG:
|
|
|
0.0%, 1/4/2010
|
100,000,000
|
100,000,000
|
|
|
0.5%, 1/4/2010
|
100,000,000
|
100,000,000
|
|
US Bank NA, 0.0%, 1/4/2010
|
354,000,000
|
354,000,000
|
|
Wells Fargo Bank NA, 0.0%, 1/4/2010
|
200,000,000
|
200,000,000
|
|
Total Time Deposits
(Cost $4,347,000,000)
|
4,347,000,000
|
|
|
|
Municipal Bonds and Notes 4.7%
|
|
Alaska, State Housing Finance Corp., Capital Project, Series C,
0.2%***, 7/1/2022
|
39,295,000
|
39,295,000
|
|
Alaska, State Housing Finance Corp., Governmental Purpose,
Series B, 0.2%***, 12/1/2030
|
46,875,000
|
46,875,000
|
|
Arizona, Board of Regents, State University Systems Revenue,
Series A, 0.18%***, 7/1/2034, Lloyds TSB Bank PLC (a)
|
7,440,000
|
7,440,000
|
|
Bucks County, PA, Industrial Development Authority Revenue,
Grand View Hospital, Series A, 0.23%***, 7/1/2034, TD Bank
NA (a)
|
6,900,000
|
6,900,000
|
|
California, Bay Area Toll Authority, Toll Bridge Revenue:
|
|
|
Series A2, 0.17%***, 4/1/2047
|
30,200,000
|
30,200,000
|
|
|
Series 2985, 144A, 0.24%***, 4/1/2039
|
47,350,000
|
47,350,000
|
|
California, Housing Finance Agency Revenue, Home Mortgage,
Series M, AMT, 0.35%***, 8/1/2034
|
3,450,000
|
3,450,000
|
|
California, Housing Finance Agency Revenue, Multi-Family
Housing, Series C, AMT, 0.36%***, 2/1/2033
|
20,000,000
|
20,000,000
|
|
California, State Kindergarten, Series A6, 0.19%***, 5/1/2034,
Citibank NA & California State Teacher's Retirement System
(a)
|
7,000,000
|
7,000,000
|
|
California, Statewide Communities Development Authority,
Multi-Family Housing Revenue, Series 29G, 144A, AMT,
0.25%***, 5/1/2039
|
43,660,000
|
43,660,000
|
|
California, University Revenues, 0.2%, 1/7/2010
|
23,800,000
|
23,799,207
|
|
Chicago, IL, Wastewater Transmission Revenue, Series C-2,
0.2%***, 1/1/2039, Bank of America NA (a)
|
7,000,000
|
7,000,000
|
|
Clark County, NV, Industrial Development Revenue, Southwest
Gas Corp., Series A, 0.21%***, 12/1/2039, JPMorgan Chase
Bank (a)
|
12,000,000
|
12,000,000
|
|
Colorado, Housing & Finance Authority, Single Family Program,
Series I-A1, 0.38%***, 11/1/2034
|
16,700,000
|
16,700,000
|
|
Connecticut, State Health & Educational Revenue,
Yale University:
|
|
|
|
0.32%, 3/9/2010
|
20,150,000
|
20,137,999
|
|
|
0.36%, 1/4/2010
|
27,300,000
|
27,299,181
|
|
District of Columbia, Anacostia Waterfront Corp., Pilot
Revenue, Series F02, 144A, 0.24%***, 9/30/2022
|
100,015,000
|
100,015,000
|
|
District of Columbia, General Obligation, Series C, 0.2%***,
6/1/2026, JPMorgan Chase Bank (a)
|
23,120,000
|
23,120,000
|
|
Essex County, NJ, Improvement Authority Revenue, Pooled
Governmental Loan Program, 0.19%***, 7/1/2026, First
Union National Bank (a)
|
38,050,000
|
38,050,000
|
|
Florida, Jacksonville Electric Authority, 0.2%, 1/11/2010
|
31,600,000
|
31,600,000
|
|
Georgia, Private Colleges & Universities Authority Revenue,
Emory University, Series B-2, 0.17%***, 9/1/2035
|
25,200,000
|
25,200,000
|
|
Glen Cove, NY, Housing Authority Revenue, Series 57G, 144A,
AMT, 0.26%***, 10/1/2026
|
12,850,000
|
12,850,000
|
|
Hawaii, State Department of Budget & Finance, Special
Purpose Revenue, Hawaii Pacific Health, Series A,
0.28%***, 7/1/2035, Union Bank NA (a)
|
8,250,000
|
8,250,000
|
|
Hempstead, NY, Industrial Development Agency Revenue,
Series 92G, 144A, AMT, 0.26%***, 10/1/2045
|
6,000,000
|
6,000,000
|
|
Highlands County, FL, Health Facilities Authority Revenue,
Adventist Health System, Series F, 0.22%***, 11/15/2035,
Wachovia Bank NA (a)
|
30,350,000
|
30,350,000
|
|
Hillsborough County, FL, School Board, Certificates of
Participation, Master Lease Program, Series A, 0.21%***,
7/1/2023, Wachovia Bank NA (a) (b)
|
23,000,000
|
23,000,000
|
|
Illinois, Development Finance Authority Revenue, Chicago
Symphony Project, 0.2%***, 12/1/2033, Bank One NA (a)
|
11,000,000
|
11,000,000
|
|
Illinois, Development Finance Authority, Industrial Development
Revenue, Katlaw Tretam & Co. Project, AMT, 0.35%***,
8/1/2027, LaSalle Bank NA (a)
|
2,990,000
|
2,990,000
|
|
Illinois, Development Finance Authority, Industrial Project
Revenue, Grecian Delight Foods Project, AMT, 0.35%***,
8/1/2019, LaSalle Bank NA (a)
|
1,765,000
|
1,765,000
|
|
Illinois, Educational Facilities Authority Revenues,
0.25%, 2/4/2010
|
20,000,000
|
20,000,000
|
|
Illinois, Finance Authority Revenue, Carle Foundation, Series D,
0.21%***, 2/15/2033, JPMorgan Chase Bank (a)
|
19,375,000
|
19,375,000
|
|
Illinois, Finance Authority Revenue, Rehabilitation
Institute of Chicago:
|
|
|
|
Series A, 0.22%***, 4/1/2039, JPMorgan Chase Bank (a)
|
7,565,000
|
7,565,000
|
|
|
Series B, 0.22%***, 4/1/2039, JPMorgan Chase Bank (a)
|
17,600,000
|
17,600,000
|
|
Illinois, Finance Authority Revenue, University of Chicago
Medical Center, Series A-2, 0.18%***, 8/15/2026,
Wells Fargo Bank NA (a)
|
14,000,000
|
14,000,000
|
|
Illionois, Northwestern University, 0.23%, 3/2/2010
|
34,000,000
|
33,986,967
|
|
Indiana, State Development Finance Authority, Industrial
Development Revenue, Enterprise Center VI Project, AMT,
0.4%***, 6/1/2022, LaSalle Bank NA (a)
|
4,900,000
|
4,900,000
|
|
Iowa, Finance Authority, Multi-Family Revenue, Windsor on the
River LLC, Series A, AMT, 0.34%***, 5/1/2042, Wells
Fargo Bank NA (a)
|
17,000,000
|
17,000,000
|
|
Kansas, State Department of Transportation Highway Revenue,
Series A-2, 0.18%***, 9/1/2014
|
27,100,000
|
27,100,000
|
|
Los Angeles, CA, Department of Water and Power Revenue:
|
|
|
|
Series A-4, 0.19%***, 7/1/2035
|
12,400,000
|
12,400,000
|
|
|
Series B-2, 144A, 0.2%***, 7/1/2034
|
8,800,000
|
8,800,000
|
|
Louisiana, Public Facilities Authority Revenue, Dynamic
Fuels LLC Project, 0.2%***, 10/1/2033, JPMorgan
Chase Bank (a)
|
20,000,000
|
20,000,000
|
|
Louisiana, State Gas & Fuels Tax Revenue, Series A-1,
0.2%***, 5/1/2043, JPMorgan Chase Bank (a)
|
11,000,000
|
11,000,000
|
|
Massachusetts, Bay Transportation Authority, Sales Tax
Revenue, Series A-1, 0.18%***, 7/1/2021
|
15,400,000
|
15,400,000
|
|
Massachusetts, State Development Finance Agency Revenue,
Wentworth Institute of Technology, 0.23%***, 10/1/2030,
RBS Citizens NA (a)
|
28,285,000
|
28,285,000
|
|
Massachusetts, State Development Finance Agency Revenue,
YMCA of Greater Worcester, 0.24%***, 9/1/2041, TD Bank
NA (a)
|
7,740,000
|
7,740,000
|
|
Massachusetts, State General Obligation, Series B, 0.24%***,
3/1/2026
|
25,000,000
|
25,000,000
|
|
Massachusetts, State Health & Educational Facilities Authority
Revenue, Amherst College:
|
|
|
|
Series F, 0.17%***, 11/1/2026
|
30,000,000
|
30,000,000
|
|
|
Series I, 0.17%***, 11/1/2028
|
7,160,000
|
7,160,000
|
|
|
Series J-1, 0.17%***, 11/1/2035
|
23,895,000
|
23,895,000
|
|
Massachusetts, State Health & Educational Facilities Authority
Revenue, Boston University, Series N, 0.22%***, 10/1/2034,
Bank of America NA (a)
|
13,600,000
|
13,600,000
|
|
Michigan, State University Revenues, Series A,
0.17%***, 8/15/2030
|
18,155,000
|
18,155,000
|
|
Minneapolis & St. Paul, MN, Housing & Redevelopment
Authority, Allina Health Care Systems:
|
|
|
|
Series B-1, 0.2%***, 11/15/2035, JPMorgan Chase Bank (a)
|
18,005,000
|
18,005,000
|
|
|
Series B-2, 0.2%***, 11/15/2035, JPMorgan Chase Bank (a)
|
43,765,000
|
43,765,000
|
|
Minnesota, State Housing Finance Agency,
Residential Housing:
|
|
|
|
Series J, AMT, 0.27%***, 7/1/2033
|
7,500,000
|
7,500,000
|
|
|
Series C, AMT, 0.27%***, 1/1/2037
|
18,950,000
|
18,950,000
|
|
Monroe County, GA, Development Authority Pollution Control
Revenue, Oglethorpe Power Corp., Series B, 0.22%***,
1/1/2036, JPMorgan Chase Bank (a)
|
17,500,000
|
17,500,000
|
|
Nashville & Davidson County, TN, Metropolitan Government,
Health & Educational Facilities Board Revenue, Vanderbilt
University, Series A, 0.2%***, 10/1/2030
|
24,850,000
|
24,850,000
|
|
Nassau County, NY, Industrial Development Agency Revenue,
Series 75G, 144A, AMT, 0.26%***, 12/1/2033
|
48,095,000
|
48,095,000
|
|
New Hampshire, Health & Education Facilities Authority
Revenue, Phillips Exeter Academy, 0.24%***, 9/1/2042
|
20,000,000
|
20,000,000
|
|
New Jersey, Economic Development Authority, Gas Facilities
Revenue, Pivotal Utility Holdings, AMT, 0.21%***, 6/1/2032,
Wells Fargo Bank NA (a)
|
23,800,000
|
23,800,000
|
|
New Jersey, State Transportation Trust Fund Authority,
Transportation Systems, Series D, 0.23%***, 6/15/2032,
Sumitomo Mitsui Banking (a)
|
23,000,000
|
23,000,000
|
|
New York, Metropolitan Transportation Authority Revenue,
Series E-2, 0.23%***, 11/1/2035, Fortis Bank SA (a)
|
41,455,000
|
41,455,000
|
|
New York, State Dormitory Authority Revenues, State
Supported Debt, City University of New York, Series C,
0.19%***, 7/1/2031, Bank of America NA (a)
|
29,900,000
|
29,900,000
|
|
New York, State Energy Research & Development Authority,
Pollution Control Revenue, NY State Electric & Gas, Series C,
0.17%***, 6/1/2029, Wells Fargo Bank NA (a)
|
11,800,000
|
11,800,000
|
|
New York, State Housing Finance Agency Revenue, 100
Maiden Lane Properties, Series A, 0.18%***, 5/15/2037
|
38,000,000
|
38,000,000
|
|
New York, State Housing Finance Agency Revenue, 316
Eleventh Avenue Housing, Series A, AMT,
0.2%***, 5/15/2041
|
28,800,000
|
28,800,000
|
|
New York, State Local Government Assistance Corp.,
Series B-3V, 0.17%***, 4/1/2024
|
34,700,000
|
34,700,000
|
|
New York, State Mortgage Agency, Homeowner Mortgage
Revenue, Series 142, AMT, 0.31%***, 10/1/2037
|
10,200,000
|
10,200,000
|
|
New York, Wells Fargo Stage Trust:
|
|
|
Series 72C, 144A, 0.22%***, 8/15/2039
|
19,840,000
|
19,840,000
|
|
|
Series 2009-75C, 144A, 0.24%***, 5/1/2031
|
20,505,000
|
20,505,000
|
|
New York City, NY, Housing Development Corp., Multi-Family
Rent Housing Revenue, 155 West 21st Street Development,
Series A, AMT, 0.2%***, 11/15/2037
|
7,300,000
|
7,300,000
|
|
New York City, NY, Housing Development Corp., Residential
Revenue, Queens College, Series A, 0.22%***, 6/1/2043,
RBS Citizens NA (a)
|
13,000,000
|
13,000,000
|
|
New York, NY, General Obligation:
|
|
|
Series C-4, 0.21%***, 8/1/2020, BNP Paribas (a)
|
44,150,000
|
44,150,000
|
|
|
Series I-8, 0.25%***, 4/1/2036, Bank of America NA (a)
|
5,500,000
|
5,500,000
|
|
|
Series H-1, 0.3%***, 1/1/2036, Dexia Credit Local (a)
|
2,600,000
|
2,600,000
|
|
|
Series J14, 0.32%***, 8/1/2019
|
41,855,000
|
41,855,000
|
|
North Carolina, Capital Facilities Finance Agency, Exempt
Facilities Revenue, Republic Services, Inc., 0.21%***,
9/1/2025, Bank of America NA (a)
|
5,000,000
|
5,000,000
|
|
North Carolina, Charlotte-Mecklenburg Hospital Authority,
Health Care Systems Revenue, Series H, 0.18%***,
1/15/2045, Wachovia Bank NA (a)
|
25,000,000
|
25,000,000
|
|
North Texas, Higher Education Authority, Inc., Student Loan
Revenue, Series A, AMT, 0.32%***, 12/1/2038, Lloyds TSB
Bank PLC (a)
|
8,600,000
|
8,600,000
|
|
North Texas, Tollway Authority Revenue, Series D, 0.22%***,
1/1/2049, JPMorgan Chase Bank (a)
|
27,000,000
|
27,000,000
|
|
Ohio, State Hospital Facility:
|
|
|
Series 3591, 144A, 0.24%***, 1/1/2017
|
15,000,000
|
15,000,000
|
|
|
Series 3551, 144A, 0.26%***, 1/1/2033
|
14,960,000
|
14,960,000
|
|
Orange County, FL, Educational Facilities Authority Revenue,
Rollins College Project, 0.2%***, 5/1/2031, Bank of America
NA (a)
|
1,900,000
|
1,900,000
|
|
Orange County, FL, Health Facilities Authority Revenue,
Adventist Health Sunbelt:
|
|
|
|
0.22%***, 11/15/2026, Wachovia Bank NA (a)
|
8,550,000
|
8,550,000
|
|
|
0.32%***, 11/15/2014, Wachovia Bank NA (a)
|
6,050,000
|
6,050,000
|
|
Oregon, State Veterans Welfare, Series B, 0.2%***, 12/1/2045
|
9,500,000
|
9,500,000
|
|
Philadelphia, PA, Airport Revenue, Series C, AMT, 0.24%***,
6/15/2025, TD Bank NA (a)
|
19,485,000
|
19,485,000
|
|
Pinellas County, FL, Health Facilities Authority Revenue,
Baycare Health Systems, Series A2, 0.22%***, 11/1/2038,
Northern Trust Co. (a)
|
9,750,000
|
9,750,000
|
|
Riverside County, CA, Certificates of Participation, Public
Safety, Communication & Woodcrest Library, 0.23%***,
11/1/2039, Bank of America NA (a)
|
5,000,000
|
5,000,000
|
|
San Francisco, CA, City & County Multi-Family Housing
Revenue, Series 34G, 144A, 0.22%***, 12/1/2018
|
11,235,000
|
11,235,000
|
|
Sarasota County, FL, Public Hospital District Revenue, Sarasota
Memorial Hospital, Series B, 0.21%***, 7/1/2037, Bank of
America NA (a)
|
20,000,000
|
20,000,000
|
|
Southern California, Metropolitan Water District, Waterworks
Revenue, Series B, 0.2%***, 7/1/2028
|
7,000,000
|
7,000,000
|
|
Texas, Alliance Airport Authority, Inc., Special Facilities
Revenue, Series 2088, 144A, AMT, 0.25%***, 4/1/2021
|
24,570,000
|
24,570,000
|
|
Texas, Gulf Coast Waste Disposal Authority, Environmental
Facilities Revenue, ExxonMobil Project, Series A, AMT,
0.2%***, 6/1/2030
|
21,000,000
|
21,000,000
|
|
Texas, State Taxable Veterans Housing Assistance Fund II,
Series C, 0.28%***, 6/1/2031, JPMorgan Chase & Co. (a)
|
11,700,000
|
11,700,000
|
|
Travis County, TX, Health Facilities Development Corp.,
Retirement Facilities Revenue, Longhorn Village Project,
Series B, 0.2%***, 7/1/2037, Bank of Scotland (a)
|
23,500,000
|
23,500,000
|
|
University of Chicago, 0.28%, 1/15/2010
|
21,500,000
|
21,497,659
|
|
University of Houston, 0.25%, 2/17/2010
|
16,200,000
|
16,200,000
|
|
Virginia, Commonwealth University, Health Systems Authority
Revenue, Series A, 0.19%***, 7/1/2037, Branch Banking &
Trust (a)
|
11,640,000
|
11,640,000
|
|
Washington, State Housing Finance Commission, Multi-Family
Revenue, Merrill Gardens at Tacoma, Series A, AMT,
0.32%***, 9/15/2040, Bank of America NA (a)
|
3,000,000
|
3,000,000
|
|
Wisconsin, Housing & Economic Development Authority
Revenue, Series A, 0.32%***, 5/1/2042
|
14,045,000
|
14,045,000
|
|
Wisconsin, Housing & Economic Development Authority, Home
Ownership Revenue, Series B, 0.28%***, 3/1/2033
|
16,640,000
|
16,640,000
|
|
Wisconsin, State Health & Educational Facilities Authority
Revenue, Aspirus Wausau Hospital, 0.23%***, 8/15/2036,
JPMorgan Chase Bank (a)
|
2,335,000
|
2,335,000
|
|
Wisconsin, State Health & Educational Facilities Authority
Revenue, Beloit Memorial Hospital, Inc., 0.26%***,
4/1/2036, JPMorgan Chase Bank (a) (b)
|
1,300,000
|
1,300,000
|
|
Total Municipal Bonds and Notes
(Cost $2,012,786,013)
|
2,012,786,013
|
|
|
% of Net
Assets
|
Value ($)
|
|
|
|
|
Total Investment Portfolio
(Cost $42,447,682,867)
+
|
100.0
|
42,447,682,867
|
|
Other Assets and Liabilities, Net
|
0.0
|
18,249,517
|
|
Net Assets
|
100.0
|
42,465,932,384
|
*
Floating rate notes are securities whose yields vary with a designated market index or
market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities
are shown at their current rate as of December 31, 2009.
**
Annualized yield at time of purchase; not a coupon rate.
***
Variable rate demand notes are securities whose interest rates are reset periodically at
market levels. These securities are often payable on demand and are shown at their
current rates as of December 31, 2009.
+
The cost for federal income tax purposes was $42,447,682,867.
(a)
Security incorporates a letter of credit from the bank listed.
(b)
Bond is insured by one of these companies:
|
Insurance Coverage
|
As a % of Total
Investment Portfolio
|
|
National Public Finance Guarantee Corp.
|
0.1
|
|
Radian
|
0.0
|
Many insurers who have traditionally guaranteed payment of municipal issues have been
downgraded by the major rating agencies.
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.
FDIC: Federal Deposit Insurance Corp.
Fair Value Measurements
Various inputs are used in determining the value of the Fund'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 Fund's own assumptions in determining the fair
value of investments). The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities. Securities
held by a money market fund 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 December 31, 2009 in valuing the Fund's
investments. For information on the Fund'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
|
|
Short-Term Investments
(c)
|
$ —
|
$ 42,447,682,867
|
$ —
|
$ 42,447,682,867
|
|
Total
|
$ —
|
$ 42,447,682,867
|
$ —
|
$ 42,447,682,867
|
(c)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
Financial Statements
|
Statement of Assets and Liabilities
as of December 31, 2009
|
|
Assets
|
|
Investments in securities, valued at amortized cost
|
$ 42,447,682,867
|
|
Cash
|
475,755
|
|
Receivable for investments sold
|
625,000
|
|
Interest receivable
|
21,912,958
|
|
Other assets
|
762,668
|
|
Total assets
|
42,471,459,248
|
|
Liabilities
|
|
Accrued advisory fee
|
4,234,813
|
|
Other accrued expenses and payables
|
1,292,051
|
|
Total liabilities
|
5,526,864
|
|
Net assets, at value
|
$ 42,465,932,384
|
The accompanying notes are an integral part of the financial statements.
|
Statement of Operations
for the year ended December 31, 2009
|
|
Investment Income
|
|
Income:
Interest
|
$ 186,320,002
|
|
Expenses:
Advisory fee
|
40,589,354
|
|
Administration fee
|
9,781,812
|
|
Custodian fee
|
985,905
|
|
Professional fees
|
320,767
|
|
Trustees' fees and expenses
|
596,732
|
|
Other
|
703,715
|
|
Total expenses before expense reductions
|
52,978,285
|
|
Expense reductions
|
(8,501,343)
|
|
Total expenses after expense reductions
|
44,476,942
|
|
Net investment income
|
141,843,060
|
|
Net realized gain (loss)
|
2,999,242
|
|
Net increase (decrease) in net assets resulting from operations
|
$ 144,842,302
|
The accompanying notes are an integral part of the financial statements.
|
Statement of Changes in Net Assets
|
|
Increase (Decrease) in Net Assets
|
Years Ended December 31,
|
|
2009
|
2008
|
|
Operations:
Net investment income
|
$ 141,843,060
|
$ 927,165,099
|
|
Net realized gain (loss)
|
2,999,242
|
(6,875,939)
|
|
Net increase (decrease) in net assets resulting from
operations
|
144,842,302
|
920,289,160
|
|
Capital transactions in shares of beneficial interest:
Proceeds from capital invested
|
296,774,683,917
|
373,665,603,010
|
|
Value of capital withdrawn
|
(284,106,783,365)
|
(378,671,753,786)
|
|
Net increase (decrease) in net assets from capital
transactions in shares of beneficial interest
|
12,667,900,552
|
(5,006,150,776)
|
|
Increase (decrease) in net assets
|
12,812,742,854
|
(4,085,861,616)
|
|
Net assets at beginning of period
|
29,653,189,530
|
33,739,051,146
|
|
Net assets at end of period
|
$ 42,465,932,384
|
$ 29,653,189,530
|
The accompanying notes are an integral part of the financial statements.
Financial Highlights
|
Years Ended December 31,
|
2009
|
2008
|
2007
|
2006
|
2005
|
|
Ratios to Average Net Assets and Supplemental Data
|
|
Net assets, end of period ($ millions)
|
42,466
|
29,653
|
33,739
|
8,877
|
9,931
|
|
Ratio of expenses before expense
reductions (%)
|
.16
|
.17
|
.17
|
.20
|
.21
|
|
Ratio of expenses after expense reductions (%)
|
.14
|
.13
|
.14
|
.18
|
.18
|
|
Ratio of net investment income (%)
|
.43
|
2.85
|
5.14
|
4.83
|
3.08
|
|
Total Return (%)
a,b
|
.48
|
2.81
|
5.31
|
4.97
|
3.15
|
|
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.
|
Notes to Financial Statements
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
business trust.
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 DWS 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 December
31, 2009, Cash Management Fund, Cash Reserves Fund Institutional
Shares, Cash Reserves Fund — Prime Series and DWS Money Market
Series owned approximately 5%, 15%, 3% and 75%, 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.
The Portfolio's securities are valued 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.
Investments in open-end investment companies are valued at their net
asset value each business day.
Disclosure about the classification of fair value measurements is included in
a table following the Portfolio's Investment Portfolio.
Repurchase Agreements.
The Portfolio may enter into repurchase
agreements with certain banks and broker/dealers whereby the Portfolio,
through its custodian or 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 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.
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, 2009 and has determined that no provision for income tax 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. Distributions of income and capital
gains from investment companies are recorded on the ex-dividend date.
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 a daily 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
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor")
is an indirect, wholly owned subsidiary of Deutsche Bank AG, and the
Advisor for the master portfolio.
Under the Advisor 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, 2009 through September 30, 2009, the
Advisor had voluntarily agreed to maintain total operating expenses
(excluding certain expenses such as extraordinary expenses, taxes,
brokerage and interest) at 0.13% of its average daily net assets. The amount
of the waiver and whether the Advisor waives a portion of its fee may vary
at any time without notice to shareholders.
For the period from January 1, 2009 through July 29, 2010, the Advisor has
contractually agreed to reimburse certain operating expenses to the extent
necessary to maintain operating expenses (excluding certain expenses such
as extraordinary expenses, taxes, brokerage and interest) at 0.15%.
For the year ended December 31, 2009, the Advisor waived a portion of its
management fee aggregating $8,500,336 and the amount charged
aggregated $32,089,018, which was equivalent to an annual effective rate of
0.10% of the Portfolio's average daily net assets.
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 year ended December 31, 2009, the Administration Fee was
$9,781,812, of which $1,117,724 is unpaid.
Trustees' Fees and Expenses.
The Portfolio paid each Trustee not affiliated
with the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson.
C. Fee Reductions
The Portfolio has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce a
portion of the Portfolio's custodian expenses. During the year ended
December 31, 2009, the Portfolio's custodian fee was reduced by $1,007 for
custody credits earned.
D. Line of Credit
The Portfolio and other affiliated funds (the "Participants") share in a
$450 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 5 percent of its net assets under the agreement.
E. Review for Subsequent Events
Management has reviewed the events and transactions for subsequent
events from January 1, 2010 through February 24, 2010, the date the
financial statements were available to be issued, and has determined that
there were no material events that would require disclosure in the Portfolio's
financial statements through this date.
Report of Independent Registered
Public Accounting Firm
To the Trustees and Holders of Beneficial Interest of
Cash Management Portfolio:
In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of
operations and of changes in net assets and the financial highlights presents
fairly, in all material respects, the financial position of Cash Management
Portfolio (hereafter referred to as the ``Portfolio'') at December 31, 2009, and
the results of its operations, the changes in its net assets and the financial
highlights for each of the periods indicated therein, in conformity with
accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
``financial statements'') are the responsibility of the Portfolio's management.
Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial statements
in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits, which
included confirmation of securities at December 31, 2009 by
correspondence with the custodian and brokers, provide a reasonable basis
for our opinion.
|
Boston, Massachusetts
February 24, 2010
|
PricewaterhouseCoopers LLP
|
Investment Management Agreement
Approval
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 objectives. The Portfolio's Board of Trustees (which is also the
Board of Trustees for the Fund), including the Independent Trustees,
approved the renewal of the Portfolio's investment management agreement
(the "Portfolio Agreement") with Deutsche Investment Management
Americas Inc. ("DWS") and the Fund's investment management agreement
with DWS (the "Fund Agreement," and together with the Portfolio
Agreement, the "Agreements") in September 2009.
In terms of the process that the Board followed prior to approving the
Agreements, shareholders should know that:
•
In September 2009, all but one of the Portfolio's and Fund's Trustees
were independent of DWS and its affiliates.
•
The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate substantial 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 Quant Oversight
Committee, reviewed comprehensive materials received from DWS,
independent third parties and independent counsel. These materials
included an analysis of the Fund's performance, fees and expenses, and
profitability compiled by the Fund's independent fee consultant. The
Board also received extensive information throughout the year regarding
performance of 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 Fund's
independent 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 independent fee consultant in
connection with their deliberations (the "IFC Report").
•
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
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board.
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 DWS and its predecessors have managed the
Fund since its inception, and the Board believes that a long-term relationship
with a capable, conscientious advisor is in the best interests of the Fund.
The Board considered, generally, that shareholders chose to invest or remain
invested in the Fund knowing that DWS managed the Fund. DWS is part of
Deutsche Bank, a major global banking institution that is engaged in a wide
range of financial services. The Board believes that there are significant
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.
While shareholders may focus primarily on fund performance and fees, the
Board considers these and many other factors, including the quality and
integrity of DWS'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, DWS
provides portfolio management services to the Fund and that, pursuant to
separate administrative services agreements, DWS provides administrative
services to the Fund and the Portfolio. The Board considered the experience
and skills of senior management and investment personnel, the resources
made available to such personnel, the ability of DWS to attract and retain
high-quality personnel, and the organizational depth and stability of DWS.
The Board reviewed the Fund's performance over short-term and long-term
periods and compared those returns to various agreed-upon performance
measures, including market indices and a peer universe compiled by the
independent fee consultant using information supplied by iMoneyNet. 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 iMoneyNet), and receives more frequent reporting and
information from DWS regarding such funds, along with DWS'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, 2008, 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).
On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DWS historically have been and continue to be
satisfactory.
Fees and Expenses.
The Board considered the Portfolio's investment
management fee schedule, operating expenses and total expense ratios,
and comparative information provided by Lipper and the independent 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, which include a 0.10% fee
paid to DWS under the Fund's administrative services agreement, were
higher than the median (4th quartile) of the applicable Lipper peer group
(based on Lipper data provided as of December 31, 2008). 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 also reviewed data comparing the Fund's total
(net) operating expenses to the applicable Lipper expense universe. The
Board also noted that the expense limitation agreed to by DWS helped to
ensure that the Fund's and the Portfolio's combined total (net) operating
expenses would remain competitive.
The information considered by the Board as part of its review of
management fees included information regarding fees charged by DWS and
its affiliates to similar institutional accounts and to similar funds managed by
the same portfolio management teams but 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 US
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 DWS.
Profitability.
The Board reviewed detailed information regarding revenues
received by DWS under the Portfolio Agreement. The Board considered the
estimated costs and pre-tax profits realized by DWS 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 reviewed DWS'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 DWS 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), DWS 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 DWS 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 Fund and whether the Fund
benefits from any economies of scale. The Board concluded that the Fund's
and the Portfolio's fee schedules represent an appropriate sharing between
the Fund and the Portfolio, as the case may be, and DWS of such
economies of scale as may exist in the management of the Fund and the
Portfolio at current asset levels.
Other Benefits to DWS and Its Affiliates.
The Board also considered the
character and amount of other incidental benefits received by DWS and its
affiliates, including any fees received by DWS for administrative services
provided to the Fund and any fees received by an affiliate of DWS for
distribution services. The Board also considered benefits to DWS 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 DWS related to DWS Funds
advertising and cross-selling opportunities among DWS 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 DWS to documenting and enhancing its compliance processes
in recent years. The Board noted in particular (i) the experience and seniority
of both DWS's chief compliance officer and the Fund's chief compliance
officer; (ii) the large number of DWS compliance personnel; and (iii) the
substantial commitment of resources by DWS and its affiliates to
compliance matters.
Based on all of the information considered and the conclusions reached, the
Board unanimously (including the Independent Trustees) determined that
the continuation of the Agreements is in the best interests of the Fund and
the Portfolio. 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 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.
Summary of Management Fee Evaluation by
Independent Fee Consultant
October 9, 2009, As Revised November 20, 2009
Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Funds (formerly the DWS Scudder Funds). My
duties include preparing an annual written evaluation of the management
fees DeAM charges the Funds, considering among other factors the
management fees charged by other mutual fund companies for like
services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements
and related profit margins, possible economies of scale if a Fund grows
larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2009, including my
qualifications, the evaluation process for each of the DWS Funds,
consideration of certain complex-level factors, and my conclusions. I served
in substantially the same capacity in 2007 and 2008.
Qualifications
For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.
Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past ten years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal.
I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds and serve in various leadership and financial
oversight capacities with non-profit organizations.
Evaluation of Fees for each DWS Fund
My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 124 publicly offered Fund portfolios in the DWS Fund family. For
each Fund, I considered each of the key factors mentioned above, as well as
any other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately).
In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience.
To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others.
In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.
Fees and Expenses Compared with Other Funds
The competitive fee and expense evaluation for each fund focused on two
primary comparisons:
The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being
of similar size.
The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements.
These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers.
DeAM's Fees for Similar Services to Others
DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Fund. These similar products included the
other DWS Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the
fee that would be charged to each similar product, at the subject Fund's
asset level.
Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors.
Costs and Profit Margins
DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability.
Economies of Scale
Economies of scale — an expected decline in management cost per dollar
of fund assets as fund assets grow — are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this industry
observation, I reviewed:
The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.
Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule.
How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.
Quality of Service — Performance
The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index.
In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category.
I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results.
Complex-Level Considerations
While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:
I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers.
I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization.
I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels.
I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data.
Findings
Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Funds are reasonable.
Thomas H. Mack
Board Members and Officers
The following table presents certain information regarding the Board
Members and Officers of the Trust as of December 31, 2009. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address of
each Independent Board Member is c/o Paul K. Freeman, Independent
Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as
otherwise noted below, the term of office for each Board Member is until
the election and qualification of a successor, or until such Board Member
sooner dies, resigns, is removed or as otherwise provided in the governing
documents of the fund. Because the fund does not hold an annual meeting
of shareholders, each Board Member will hold office for an indeterminate
period. The Board Members may also serve in similar capacities with other
funds in the fund complex. The Length of Time Served represents the year
in which the Board Member joined the board of one or more DWS funds
now overseen by the Board.
|
Independent Board Members
|
|
Name, Year of
Birth, Position
with the Fund
and Length of
Time Served
1
|
Business Experience and Directorships During the
Past Five Years
|
Number of
Funds in
DWS Fund
Complex
Overseen
|
|
Paul K. Freeman
(1950)
Chairperson since
2009
Board Member
since 1993
|
Consultant, World Bank/Inter-American Development Bank;
Governing Council of the Independent Directors Council
(governance, education committees); formerly, Project Leader,
International Institute for Applied Systems Analysis
(1998-2001); Chief Executive Officer, The Eric Group, Inc.
(environmental insurance) (1986-1998)
|
126
|
|
John W.
Ballantine (1946)
Board Member
since 1999
|
Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private equity).
Former Directorships: First Oak Brook Bancshares, Inc. and
Oak Brook Bank; Prisma Energy International
|
126
|
|
Henry P. Becton,
Jr. (1943)
Board Member
since 1990
|
Vice Chair and former President, WGBH Educational
Foundation. Directorships: Association of Public Television
Stations; Lead Director, Becton Dickinson and Company
3
(medical technology company); Lead Director, Belo
Corporation
3
(media company); Public Radio International;
Public Radio Exchange (PRX); The PBS Foundation. Former
Directorships: Boston Museum of Science; American Public
Television; Concord Academy; New England Aquarium; Mass.
Corporation for Educational Telecommunications; Committee
for Economic Development; Public Broadcasting Service
|
126
|
|
Dawn-Marie
Driscoll (1946)
Board Member
since 1987
|
President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley University;
formerly, Partner, Palmer & Dodge (1988-1990); Vice
President of Corporate Affairs and General Counsel, Filene's
(1978-1988). Directorships: Trustee of 20 open-end mutual
funds managed by Sun Capital Advisers, Inc. (since 2007);
Director of ICI Mutual Insurance Company (since 2007);
Advisory Board, Center for Business Ethics, Bentley
University; Trustee, Southwest Florida Community Foundation
(charitable organization). Former Directorships: Investment
Company Institute (audit, executive, nominating committees)
and Independent Directors Council (governance, executive
committees)
|
126
|
|
Keith R. Fox
(1954)
Board Member
since 1996
|
Managing General Partner, Exeter Capital Partners (a series of
private investment funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Box Top
Media Inc. (advertising); The Kennel Shop (retailer); former
Chairman, National Association of Small Business Investment
Companies
|
126
|
|
Kenneth C.
Froewiss (1945)
Board Member
since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business
(September 2009-present; Clinical Professor from
1997-September 2009); Member, Finance Committee,
Association for Asian Studies (2002-present); Director, Mitsui
Sumitomo Insurance Group (US) (2004-present); prior thereto,
Managing Director, J.P. Morgan (investment banking firm)
(until 1996)
|
126
|
|
Richard J. Herring
(1946)
Board Member
since 1990
|
Jacob Safra Professor of International Banking and Professor,
Finance Department, The Wharton School, University of
Pennsylvania (since July 1972); Co-Director, Wharton Financial
Institutions Center (since July 2000); Director, Japan Equity
Fund, Inc. (since September 2007), Thai Capital Fund, Inc.
(since September 2007), Singapore Fund, Inc. (since
September 2007). Formerly, Vice Dean and Director, Wharton
Undergraduate Division (July 1995-June 2000); Director,
Lauder Institute of International Management Studies (July
2000-June 2006)
|
126
|
|
William
McClayton (1944)
Board Member
since 2004
|
Private equity investor (since October 2009); previously,
Managing Director, Diamond Management & Technology
Consultants, Inc. (global consulting firm) (2001-2009);
Directorship: Board of Managers, YMCA of Metropolitan
Chicago; formerly: Senior Partner, Arthur Andersen LLP
(accounting) (1966-2001); Trustee, Ravinia Festival
|
126
|
|
Rebecca W.
Rimel (1951)
Board Member
since 1995
|
President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization) (1994 to
present); Trustee, Executive Committee, Philadelphia Chamber
of Commerce (2001-2007); Trustee, Pro Publica
(2007-present) (charitable organization); Director, CardioNet,
Inc.
2
(2009-present) (health care). Formerly, Executive Vice
President, The Glenmede Trust Company (investment trust
and wealth management) (1983-2004); Board Member,
Investor Education (charitable organization) (2004-2005);
Director, Viasys Health Care
2
(January 2007-June 2007)
|
126
|
|
William N. Searcy,
Jr. (1946)
Board Member
since 1993
|
Private investor since October 2003; Trustee of 20 open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
October 1998). Formerly, Pension & Savings Trust Officer,
Sprint Corporation
2
(telecommunications) (November
1989-September 2003)
|
126
|
|
Jean Gleason
Stromberg (1943)
Board Member
since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial
Markets US Government Accountability Office (1996-1997);
Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Business Leadership Council, Wellesley College. Former
Directorships: Service Source, Inc., Mutual Fund Directors
Forum (2002-2004), American Bar Retirement Association
(funding vehicle for retirement plans) (1987-1990 and
1994-1996)
|
126
|
|
Robert H.
Wadsworth
(1940)
Board Member
since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting
firm) (1983 to present); Director, The Phoenix Boys Choir
Association
|
129
|
|
Officers
4
|
|
Name, Year of Birth,
Position with the Fund and
Length of Time Served
5
|
Principal Occupation(s) During Past 5 Years and Other
Directorships Held
|
|
Michael G. Clark
6
(1965)
President, 2006-present
|
Managing Director
3
, Deutsche Asset Management
(2006-present); President of DWS family of funds; Director, ICI
Mutual Insurance Company (since October 2007); formerly,
Director of Fund Board Relations (2004-2006) and Director of
Product Development (2000-2004), Merrill Lynch Investment
Managers; Senior Vice President Operations, Merrill Lynch
Asset Management (1999-2000)
|
|
John Millette
7
(1962)
Vice President and Secretary,
1999-present
|
Director
3
, Deutsche Asset Management
|
|
Paul H. Schubert
6
(1963)
Chief Financial Officer,
2004-present
Treasurer, 2005-present
|
Managing Director
3
, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)
|
|
Caroline Pearson
7
(1962)
Assistant Secretary,
1997-present
|
Managing Director
3
, Deutsche Asset Management
|
|
Rita Rubin
8
(1970)
Assistant Secretary,
2009-present
|
Vice President and Counsel, Deutsche Asset Management
(since October 2007); formerly, Vice President, Morgan
Stanley Investment Management (2004-2007); Attorney,
Shearman & Sterling LLP (2004); Director and Associate
General Counsel, UBS Global Asset Management (US) Inc.
(2001-2004)
|
|
Paul Antosca
7
(1957)
Assistant Treasurer,
2007-present
|
Director
3
, Deutsche Asset Management (since 2006); Vice
President, The Manufacturers Life Insurance Company (U.S.A.)
(1990-2006)
|
|
Jack Clark
7
(1967)
Assistant Treasurer,
2007-present
|
Director
3
, Deutsche Asset Management (since 2007);
formerly, Vice President, State Street Corporation (2002-2007)
|
|
Diane Kenneally
7
(1966)
Assistant Treasurer,
2007-present
|
Director
3
, Deutsche Asset Management
|
|
Jason Vazquez
8
(1972)
Anti-Money Laundering
Compliance Officer,
2007-present
|
Vice President, Deutsche Asset Management (since 2006);
formerly, AML Operations Manager for Bear Stearns
(2004-2006), Supervising Compliance Principal and Operations
Manager for AXA Financial (1999-2004)
|
|
Robert Kloby
8
(1962)
Chief Compliance Officer,
2006-present
|
Managing Director
3
, Deutsche Asset Management
|
|
J. Christopher Jackson
8
(1951)
Chief Legal Officer,
2006-present
|
Director
3
, Deutsche Asset Management (2006-present);
formerly, Director, Senior Vice President, General Counsel and
Assistant Secretary, Hansberger Global Investors, Inc.
(1996-2006); Director, National Society of Compliance
Professionals (2002-2005) (2006-2009)
|
1
The length of time served represents the year in which the Board Member joined the board
of one or more DWS funds currently overseen by the Board.
2
A publicly held company with securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934.
3
Executive title, not a board directorship.
4
As a result of their respective positions held with the Advisor, these individuals are
considered "interested persons" of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the fund.
5
The length of time served represents the year in which the officer was first elected in such
capacity for one or more DWS funds.
6
Address: 345 Park Avenue, New York, New York 10154.
7
Address: One Beacon Street, Boston, MA 02108.
8
Address: 280 Park Avenue, New York, New York 10017.
The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048.
Account Management Resources
|
For shareholders of Institutional Shares and Institutional Shares MGD:
|
|
For More
Information
|
(800) 730-1313
To speak with a DWS Investments service representative.
|
|
Web Site
|
www.moneyfunds.deam-us.db.com
View your account transactions and balances, trade shares, monitor
your asset allocation, 24 hours a day.
Obtain prospectuses and applications,
blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.
|
|
Written
Correspondence
|
DWS Investments Service Company
Institutional Money Funds — Client Services
PO Box 219210
Kansas City, MO 64121-9210
ifunds@dws.com
|
|
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 — www.dws-investments.com (click on
"proxy voting"at the bottom of the page) — or on the SEC's Web site
— www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.
|
|
Principal
Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
|
Institutional Shares
|
Institutional Shares MGD
|
|
Nasdaq Symbol
|
ICAXX
|
MCAXX
|
|
Fund Number
|
2403
|
2023
|
|
For shareholders of Institutional Shares PS and Institutional Shares PRS:
|
|
For More
Information
|
(800) 728-3337
To speak with a DWS Investments service representative.
|
|
Web Site
|
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, 24 hours a day.
Obtain prospectuses and applications,
blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.
|
|
Written
Correspondence
|
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151
|
|
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 — www.dws-investments.com (click on
"proxy voting"at the bottom of the page) — or on the SEC's Web site
— www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.
|
|
Principal
Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
|
Institutional Shares PS
|
Institutional Shares PRS
|
|
Nasdaq Symbol
|
SPMXX
|
SCRXX
|
|
Fund Number
|
2402
|
2309
|
Notes
Notes
Notes
Notes
Notes
Notes
|
ITEM 2.
|
CODE OF ETHICS
|
|
|
|
|
|
As of the end of the period, December 31, 2009, DWS Money Market Series has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
|
|
|
|
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
|
|
|
|
|
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial
expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
|
|
|
|
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
|
|
|
DWS MONEY MARKET SERIES
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
|
Fiscal Year
Ended
December 31,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
|
2009
|
$17,701
|
$0
|
$0
|
$0
|
|
2008
|
$18,500
|
$0
|
$0
|
$0
|
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
|
Fiscal Year
December 31,
|
Audit-Related
Fees Billed
to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|
2009
|
$2,000
|
$0
|
$0
|
|
2008
|
$0
|
$19,000
|
$0
|
The “Audit-Related Fees” were billed for services in connection with the agreed-upon procedures and the above “Tax Fees” were billed in connection with tax compliance and tax planning.
Non-Audit Services
The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.
|
Fiscal Year
Ended
December 31,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
|
2009
|
$0
|
$0
|
$100,000
|
$100,000
|
|
2008
|
$0
|
$19,000
|
$0
|
$19,000
|
All other engagement fees were billed for services in connection with an internal control review of a subadvisor.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules. In the first instance, an employee of PwC had power of attorney over an account which included DWS funds. The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG. In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG. The trustee relationship has ceased. PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund. In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.
|
|
|
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
|
|
|
|
Not applicable.
|
|
|
|
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
|
|
|
|
Not applicable.
|
|
|
|
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
|
|
|
|
|
Not Applicable.
|
|
|
|
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
|
|
|
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
|
|
|
|
|
ITEM 11.
|
CONTROLS AND PROCEDURES
|
|
|
|
|
|
(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
|
|
|
|
(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
|
|
|
ITEM 12.
|
EXHIBITS
|
|
|
|
|
|
(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
|
|
|
|
|
|
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
|
|
|
|
|
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
Form N-CSR Item F
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:
|
DWS Money Market Series, a series of DWS Money Market Trust
|
|
|
|
|
|
|
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
|
|
|
|
Date:
|
March 2, 2010
|
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.
|
Registrant:
|
DWS Money Market Series, a series of DWS Money Market Trust
|
|
|
|
|
|
|
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
|
|
|
|
Date:
|
March 2, 2010
|
|
|
|
|
|
|
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
|
|
|
|
Date:
|
March 2, 2010
|
Scudder Money Market Series: Ins (NASDAQ:ICAXX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Scudder Money Market Series: Ins (NASDAQ:ICAXX)
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De Juin 2023 à Juin 2024
