Deutsche DWS Money Market Trust

08/28/2026 | Press release | Distributed by Public on 08/28/2026 09:54

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03495

Deutsche DWS Money Market Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31
Date of reporting period: 6/30/2026
Item 1. Reports to Stockholders.
(a)

DWS Government Money Market Series

Institutional Shares: ICAXX

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about DWS Government Money Market Series (the "Fund") for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$5
0.10%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

The Fund is a feeder fund which invests all of its investable assets in a master portfolio, Government Cash Management Portfolio. Fund costs reflect the expenses of both the feeder and master fund.

Gross expense ratio as of the latest prospectus: 0.25%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Table Summary
Net Assets ($)
34,312,923,363
Number of Portfolio Holdings
106
Total Net Advisory Fees Paid ($)
8,745,191
Weighted Average Maturity
22 days
7-Day Current Yield
3.59%

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of June 30, 2026. The 7-Day Current Yield would have been 3.43% had certain expenses not been reduced.

What did the Fund invest in?

Asset Allocation

Table Summary
Asset Type
% of Net Assets
Repurchase Agreements
53%
Government & Agency Obligations
47%
Other Assets and Liabilities, Net
0%
Total
100%

Holdings-based data is subject to change.

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. 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. Please read the prospectus for specific details regarding the Fund's risk profile.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DGMMF-TSRS

R-101802-3 (08/26)

(b) Not applicable
Item 2. Code of Ethics.
Not applicable
Item 3. Audit Committee Financial Expert.
Not applicable
Item 4. Principal Accountant Fees and Services.
Not applicable
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)
 
June 30, 2026
Semiannual Financial Statements and Other Information
DWS Government Money Market Series
 
Contents 
DWS Government Money Market Series
3
Statement of Assets and Liabilities
4
Statement of Operations
5
Statements of Changes in Net Assets
6
Financial Highlights
7
Notes to Financial Statements
Government Cash Management Portfolio
13
Investment Portfolio
22
Statement of Assets and Liabilities
23
Statement of Operations
24
Statements of Changes in Net Assets
25
Financial Highlights
26
Notes to Financial Statements
31
Advisory Agreement Board Considerations and Fee Evaluation
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.
 
2
|
DWS Government Money Market Series
Statement of Assets and Liabilities
as of June 30, 2026 (Unaudited)  
Assets
 
Investment in Government Cash Management Portfolio, at value
$34,364,025,189
Receivable for Fund shares sold
1,552,567
Other assets
24,970
Total assets
34,365,602,726
Liabilities
Payable for Fund shares redeemed
72,771
Distributions payable
52,275,997
Accrued Trustees' fees
1,759
Other accrued expenses and payables
328,836
Total liabilities
52,679,363
Net assets, at value
$34,312,923,363
Net Assets Consist of
Distributable earnings (loss)
(7,406,689
)
Paid-in capital
34,320,330,052
Net assets, at value
$34,312,923,363
Net Asset Value
Institutional Shares
Net Asset Value, offering and redemption price per share
($34,312,923,363 ÷ 34,320,742,145 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)
$1.00
The accompanying notes are an integral part of the financial statements.
 
DWS Government Money Market Series
|
3
Statement of Operations
for the six months ended June 30, 2026 (Unaudited)  
Investment Income
Income and expenses allocated from Government Cash
Management Portfolio:
Interest
$559,926,378
Expenses*
(14,832,441
)
Net investment income allocated from Government Cash
Management Portfolio
545,093,937
Expenses:
Administration fee
14,704,039
Services to shareholders
2,750,504
Professional fees
23,052
Reports to shareholders
10,324
Registration fees
47,832
Trustees' fees and expenses
8,026
Other
120,718
Total expenses before expense reductions
17,664,495
Expense reductions
(17,664,495
)
Total expenses after expense reductions
0
Net investment income
545,093,937
Net realized gain (loss) allocated from Government Cash
Management Portfolio
(6
)
Net increase (decrease) in net assets resulting from operations
$545,093,931
 
*
Net of $5,607,551 Advisor reimbursement allocated from Government Cash
Management Portfolio for the six months ended June 30, 2026.
The accompanying notes are an integral part of the financial statements.
 
4
|
DWS Government Money Market Series
Statements of Changes in Net Assets 
Six Months
Ended
June 30, 2026
Year Ended
December 31,
Increase (Decrease) in Net Assets
(Unaudited)
2025
Operations:
Net investment income
$545,093,937
$1,410,971,291
Net realized gain (loss)
(6
)
3,000,390
Net increase (decrease) in net assets resulting
from operations
545,093,931
1,413,971,681
Distributions to shareholders:
 Institutional Shares
(545,093,945
)
(1,410,971,284
)
Fund share transactions:
Proceeds from shares sold
206,496,109,147
418,495,870,305
Reinvestment of distributions
245,108,247
766,561,003
Payments for shares redeemed
(204,647,410,535
)
(419,068,725,241
)
Net increase (decrease) in net assets from Fund
share transactions
2,093,806,859
193,706,067
Increase (decrease) in net assets
2,093,806,845
196,706,464
Net assets at beginning of period
32,219,116,518
32,022,410,054
Net assets at end of period
$34,312,923,363
$32,219,116,518
Other Information:
Shares outstanding at beginning of period
32,226,951,436
32,033,245,369
Shares sold
206,496,109,147
418,495,870,305
Shares issued to shareholders in reinvestment
of distributions
245,108,247
766,561,003
Shares redeemed
(204,647,426,685
)
(419,068,725,241
)
Net increase (decrease) in Fund shares
2,093,790,709
193,706,067
Shares outstanding at end of period
34,320,742,145
32,226,951,436
 
The accompanying notes are an integral part of the financial statements.
 
DWS Government Money Market Series
|
5
Financial Highlights 
DWS Government Money Market Series - Institutional Shares
Six Months
Ended 6/30/26
Years Ended December 31,
(Unaudited)
2025
2024
2023
2022
2021
Selected Per Share Data
Net asset value, beginning
of period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income (loss) from
investment operations:
Net investment income
.018
.042
.051
.050
.016
.000
*
Net realized gain (loss)
(.000
)*
.000
*
.000
*
.000
*
(.000
)*
.000
*
Total from
investment operations
.018
.042
.051
.050
.016
.000
*
Less distributions from:
Net investment income
(.018
)
(.042
)
(.051
)
(.050
)
(.016
)
(.000
)*
Net asset value, end
of period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return (%)a
1.80
**
4.25
5.23
5.08
1.62
.03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
34,313
32,219
32,022
37,742
31,982
33,285
Ratio of expenses before
expense reductions, including
expenses allocated from
Government Cash
Management Portfolio (%)
.25
***
.25
.25
.25
.25
.25
Ratio of expenses after
expense reductions, including
expenses allocated from
Government Cash
Management Portfolio (%)
.10
b***
.12
b
.11
b
.09
.06
.03
Ratio of net investment
income (%)
3.60
***
4.18
5.10
5.01
1.68
.03
 
a
Total return would have been lower had certain expenses not been reduced.
b
The ratio of expenses would have been .08%, .03% and .03% higher had the Advisor
not voluntarily waived or reimbursed certain operating expenses for the periods ended
June 30, 2026, December 31, 2025 and December 31, 2024, respectively.
*
Amount is less than $.0005.
**
Not annualized
***
Annualized
The accompanying notes are an integral part of the financial statements.
 
6
|
DWS Government Money Market Series
Notes to Financial Statements (Unaudited)
A.
Organization and Significant Accounting Policies
DWS Government Money Market Series (the "Fund" ) is a diversified series of Deutsche DWS Money Market Trust (the "Trust" ), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act" ), as an open-end management investment company organized as a Massachusetts business trust. The Fund currently offers one class of shares, Institutional Shares, to investors.
The Fund is a feeder fund that seeks to achieve its investment objective by investing substantially all of its investable assets in a master portfolio, the Government Cash Management Portfolio (the "Portfolio" ), an open-end management investment company registered under the 1940 Act and organized as a New York trust advised by DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor" ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group" ). A master/ feeder fund structure is one in which a fund (a "feeder fund" ), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund" ) with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. At June 30, 2026, the Fund owned approximately 99.4% of the Portfolio.
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" ) which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio and is categorized as Level 1. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.
Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.
 
DWS Government Money Market Series
|
7
Operating Segment. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07" ). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.
Tax Information.  The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
At December 31, 2025, the Fund had net tax basis capital loss carryforwards of $7,998,093, including short-term losses ($7,998,090) and long-term losses ($3), which may be applied against realized net taxable capital gains indefinitely.
The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.
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.
 
8
|
DWS Government Money Market Series
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. The Fund receives an allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.
B.
Fees and Transactions with Affiliates
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA"  or the "Advisor" ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group" ), the Advisor serves as the Investment Manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure listed above in Note A.
Under the Investment Management Agreement, the Fund pays no management fee to the Advisor so long as the Fund is a feeder fund that invests substantially all of its assets in the Portfolio. In the event the Board of Trustees ("Board" ) determines it is in the best interest of the Fund to withdraw its investment from the Portfolio, the Advisor may become responsible for directly managing the assets of the Fund under the Investment Management Agreement. In such event, the Fund would pay the Advisor a management fee as follows: 
First $3.0 billion of the Fund's average daily net assets
.1200%
Next $4.5 billion of such net assets
.1025%
Over $7.5 billion of such net assets
.0900%
For the period from January 1, 2026 through April 30, 2027, DIMA has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the total annual operating
 
DWS Government Money Market Series
|
9
expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.18% of the Fund's average daily net assets.
In addition, the Advisor agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Fund.
For the six months ended June 30, 2026, fees waived and/or expenses reimbursed are $23,272,046, including $5,607,551 allocated from the Government Cash Management 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 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2026, the Administration Fee was $14,704,039, of which $2,676,176 is unpaid.
Service Provider Fees. DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C" ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2026, the amounts charged to the Fund by DSC aggregated $2,687,299, of which $715,031 is unpaid.
In addition, for the six months ended June 30, 2026, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders,"  were at $5,293.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2026, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders"  aggregated $673, of which $360 is unpaid.
Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
C.
Concentration of Ownership
From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a
 
10
|
DWS Government Money Market Series
material impact on the Fund. At June 30, 2026, there were two shareholder accounts that held approximately 23% and 22% of the outstanding shares of the Fund, respectively.
D.
Money Market Fund Investments and Yield
Rising interest rates could cause the value of the Fund's investments - and therefore its share price as well - to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and during periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and, at times, could impair the Fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Fund.
 
DWS Government Money Market Series
|
11
(The following financial statements of the Government Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)
 
12
|
DWS Government Money Market Series
Investment Portfolioas of June 30, 2026 (Unaudited)
 
Principal
Amount ($)
Value ($)
Government & Agency Obligations 47.1%
U.S. Government Sponsored Agencies 26.8%
Federal Farm Credit Banks Funding Corp.:
1 day USD SOFR + 0.025%, 3.645% (a),
12/1/2026
151,000,000
151,000,000
1 day USD SOFR + 0.03%, 3.65% (a), 12/8/2026
80,000,000
80,000,000
1 day USD SOFR + 0.03%, 3.65% (a), 1/19/2027
83,500,000
83,500,000
1 day USD SOFR + 0.04%, 3.66% (a), 12/24/2026
170,000,000
170,000,000
1 day USD SOFR + 0.04%, 3.66% (a), 3/1/2027
90,000,000
90,000,000
1 day USD SOFR + 0.04%, 3.66% (a), 4/7/2027
244,250,000
244,250,000
1 day USD SOFR + 0.045%, 3.665% (a),
4/19/2027
50,000,000
50,000,000
1 day USD SOFR + 0.05%, 3.67% (a), 4/23/2027
113,000,000
113,000,000
1 day USD SOFR + 0.05%, 3.67% (a), 6/3/2027
115,000,000
115,000,000
1 day USD SOFR + 0.055%, 3.675% (a),
5/24/2027
127,000,000
127,000,000
1 day USD SOFR + 0.065%, 3.685% (a),
9/18/2026
25,000,000
25,000,000
1 day USD SOFR + 0.1%, 3.72% (a), 1/8/2027
86,000,000
86,000,000
1 day USD SOFR + 0.1%, 3.72% (a), 5/27/2027
68,800,000
68,800,000
1 day USD SOFR + 0.1%, 3.72% (a), 7/9/2027
129,000,000
129,000,000
1 day USD SOFR + 0.115%, 3.735% (a),
7/30/2027
63,500,000
63,500,000
1 day USD SOFR + 0.125%, 3.745% (a),
8/18/2027
127,250,000
127,250,000
1 day USD SOFR + 0.13%, 3.75% (a), 2/3/2027
176,000,000
176,000,000
1 day USD SOFR + 0.135%, 3.755% (a),
12/18/2026
59,000,000
59,000,000
1 day USD SOFR + 0.135%, 3.755% (a), 1/8/2027
260,000,000
260,000,000
1 day USD SOFR + 0.14%, 3.76% (a), 8/26/2026
86,500,000
86,500,000
1 day USD SOFR + 0.145%, 3.765% (a), 9/3/2027
247,000,000
247,000,000
Federal Farm Credit Discount Notes:
3.67% (b), 7/16/2026
183,000,000
182,723,975
3.691% (b), 8/7/2026
145,000,000
144,457,539
Federal Home Loan Banks:
3.478% (b), 7/1/2026
35,607,000
35,607,000
3.5%, 3/1/2027
166,250,000
166,184,740
3.604% (b), 1/29/2027
650,000
636,392
1 day USD SOFR + 0.01%, 3.63% (a), 8/28/2026
124,000,000
124,000,000
1 day USD SOFR + 0.01%, 3.63% (a), 9/3/2026
206,500,000
206,500,000
1 day USD SOFR + 0.01%, 3.63% (a), 9/4/2026
122,750,000
122,750,000
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
13
Principal
Amount ($)
Value ($)
1 day USD SOFR + 0.015%, 3.635% (a),
9/10/2026
124,000,000
124,000,000
1 day USD SOFR + 0.015%, 3.635% (a),
9/18/2026
124,500,000
124,500,000
3.64% (b), 12/7/2026
208,500,000
205,194,059
1 day USD SOFR + 0.025%, 3.645% (a),
11/25/2026
205,000,000
205,000,000
3.65% (b), 11/6/2026
311,500,000
307,512,800
3.65% (b), 11/17/2026
311,500,000
307,170,150
3.655% (b), 8/20/2026
330,000,000
328,347,708
1 day USD SOFR + 0.035%, 3.655% (a),
12/17/2026
206,250,000
206,250,000
1 day USD SOFR + 0.035%, 3.655% (a),
12/21/2026
273,000,000
273,000,000
3.66% (b), 7/30/2026
29,500,000
29,414,213
3.66% (b), 10/21/2026
220,000,000
217,529,156
1 day USD SOFR + 0.04%, 3.66% (a), 5/3/2027
125,500,000
125,500,000
1 day USD SOFR + 0.04%, 3.66% (a), 6/1/2027
163,500,000
163,500,000
3.67% (b), 8/6/2026
17,500,000
17,436,650
3.67% (b), 8/27/2026
325,000,000
323,137,208
1 day USD SOFR + 0.055%, 3.675% (a), 6/1/2027
331,000,000
331,000,000
1 day USD SOFR + 0.06%, 3.68% (a), 7/20/2027
208,250,000
208,250,000
1 day USD SOFR + 0.065%, 3.685% (a),
8/12/2026
128,500,000
128,500,000
1 day USD SOFR + 0.075%, 3.695% (a),
12/2/2027
165,000,000
165,000,000
3.701% (b), 8/14/2026
20,000,000
19,910,778
1 day USD SOFR + 0.085%, 3.705% (a), 4/6/2028
163,500,000
163,500,000
1 day USD SOFR + 0.095%, 3.715% (a),
6/17/2027
50,000,000
50,000,000
1 day USD SOFR + 0.12%, 3.74% (a), 4/9/2027
87,500,000
87,500,000
1 day USD SOFR + 0.17%, 3.79% (a), 9/22/2027
125,000,000
125,000,000
1 day USD SOFR + 0.17%, 3.79% (a), 9/24/2027
84,000,000
84,000,000
Federal Home Loan Mortgage Corp.:
1 day USD SOFR + 0.095%, 3.715% (a), 5/5/2027
73,500,000
73,500,000
1 day USD SOFR + 0.14%, 3.76% (a), 9/4/2026
55,000,000
55,000,000
1 day USD SOFR + 0.14%, 3.76% (a), 10/6/2027
200,000,000
200,000,000
Federal National Mortgage Association:
3.5%, 2/16/2027
123,000,000
122,938,500
1 day USD SOFR + 0.12%, 3.74% (a), 7/29/2026
60,000,000
60,000,000
1 day USD SOFR + 0.135%, 3.755% (a),
8/21/2026
213,250,000
213,250,000
1 day USD SOFR + 0.14%, 3.76% (a), 9/11/2026
367,000,000
367,000,000
The accompanying notes are an integral part of the financial statements.
 
14
|
Government Cash Management Portfolio
Principal
Amount ($)
Value ($)
1 day USD SOFR + 0.14%, 3.76% (a), 10/23/2026
73,750,000
73,750,000
1 day USD SOFR + 0.14%, 3.76% (a), 12/11/2026
237,500,000
237,500,000
9,257,750,868
U.S. Treasury Obligations 20.3%
U.S. Treasury Bills:
3.45% (b), 2/18/2027
145,000,000
141,820,553
3.49% (b), 12/24/2026
80,750,000
79,390,977
3.514% (b), 7/9/2026
162,500,000
162,374,839
3.549% (b), 8/13/2026
280,500,000
279,327,187
3.554% (b), 9/10/2026
286,000,000
284,022,986
3.57% (b), 7/23/2026
300,000,000
299,354,483
3.572% (b), 8/27/2026
282,500,000
280,924,191
3.645% (b), 11/5/2026
412,500,000
407,268,526
3.646% (b), 7/21/2026
426,000,000
425,148,828
3.647% (b), 7/14/2026
475,000,000
474,383,015
3.651% (b), 7/7/2026
299,500,000
299,320,250
3.66% (b), 10/8/2026
404,000,000
399,989,290
3.661% (b), 8/4/2026
607,500,000
605,428,189
3.661% (b), 9/22/2026
823,000,000
816,149,177
3.663% (b), 10/1/2026
285,500,000
282,864,280
3.665% (b), 3/18/2027
146,250,000
142,431,603
3.681% (b), 12/3/2026
445,000,000
438,044,064
3.693% (b), 11/19/2026
420,000,000
414,008,087
U.S. Treasury Floating Rate Notes, 3 mo. Treasury
money market yield + 0.16%, 3.936% (a),
4/30/2027
785,250,000
785,955,704
7,018,206,229
Total Government & Agency Obligations (Cost $16,275,957,097)
16,275,957,097
Repurchase Agreements 52.8%
Banco Santander SA, 3.65%, dated 6/30/2026, to be
repurchased at $750,076,042 on 7/1/2026 (c)
750,000,000
750,000,000
BNP Paribas, 3.65%, dated 6/30/2026, to be
repurchased at $2,220,225,083 on 7/1/2026 (d)
2,220,000,000
2,220,000,000
Citigroup Global Markets, Inc., 3.64%, dated
6/30/2026, to be repurchased at $40,004,044 on
7/1/2026 (e)
40,000,000
40,000,000
Fixed Income Clearing Corp.:
3.5%, dated 6/30/2026, to be repurchased at
$123,812,036 on 7/1/2026 (f)
123,800,000
123,800,000
3.65%, dated 6/30/2026, to be repurchased at
$400,040,556 on 7/1/2026 (g)
400,000,000
400,000,000
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
15
Principal
Amount ($)
Value ($)
3.65%, dated 6/30/2026, to be repurchased at
$3,350,339,653 on 7/1/2026 (h)
3,350,000,000
3,350,000,000
3.66%, dated 6/30/2026, to be repurchased at
$3,100,315,167 on 7/1/2026 (i)
3,100,000,000
3,100,000,000
3.68%, dated 6/30/2026, to be repurchased at
$350,035,778 on 7/1/2026 (j)
350,000,000
350,000,000
3.7%, dated 6/30/2026, to be repurchased at
$600,061,667 on 7/1/2026 (k)
600,000,000
600,000,000
Goldman Sachs & Co.:
3.64%, dated 6/30/2026, to be repurchased at
$750,075,833 on 7/1/2026 (l)
750,000,000
750,000,000
3.65%, dated 6/30/2026, to be repurchased at
$600,060,833 on 7/1/2026 (m)
600,000,000
600,000,000
HSBC Securities, Inc., 3.64%, dated 6/30/2026, to
be repurchased at $550,055,611 on 7/1/2026 (n)
550,000,000
550,000,000
JPMorgan Securities, Inc.:
3.64%, dated 6/30/2026, to be repurchased at
$94,909,595 on 7/1/2026 (o)
94,900,000
94,900,000
3.65%, dated 6/30/2026, to be repurchased at
$498,050,492 on 7/1/2026 (p)
498,000,000
498,000,000
Merrill Lynch & Co., Inc.:
3.59%, dated 6/30/2026, to be repurchased at
$100,009,972 on 7/1/2026 (q)
100,000,000
100,000,000
3.64%, dated 6/30/2026, to be repurchased at
$150,015,167 on 7/1/2026 (r)
150,000,000
150,000,000
Royal Bank of Canada:
3.63%, dated 6/30/2026, to be repurchased at
$2,573,259,444 on 7/1/2026 (s)
2,573,000,000
2,573,000,000
3.64%, dated 6/30/2026, to be repurchased at
$1,146,115,873 on 7/1/2026 (t)
1,146,000,000
1,146,000,000
Wells Fargo Bank:
3.64%, dated 6/30/2026, to be repurchased at
$274,127,715 on 7/1/2026 (u)
274,100,000
274,100,000
3.65%, dated 6/30/2026, to be repurchased at
$602,361,067 on 7/1/2026 (v)
602,300,000
602,300,000
Total Repurchase Agreements (Cost $18,272,100,000)
18,272,100,000
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $34,548,057,097)
99.9
34,548,057,097
Other Assets and Liabilities, Net
0.1
37,477,903
Net Assets
100.0
34,585,535,000
 
(a)
Floating rate security. These securities are shown at their current rate as of
June 30, 2026.
The accompanying notes are an integral part of the financial statements.
 
16
|
Government Cash Management Portfolio
(b)
Annualized yield at time of purchase; not a coupon rate.
(c)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
105,552,300
U.S. Treasury Notes
4.125
2/15/2036
104,965,776
310,850,263
Federal Home Loan
Mortgage Corporation
2.0-6.5
3/1/2041-6/1/2056
300,902,425
319,843,156
Federal National
Mortgage Association
2.5-6.5
5/1/2039-6/1/2063
317,595,999
43,741,621
Government National
Mortgage Association
4.0
10/20/2052
41,535,828
Total Collateral Value
765,000,028
 
(d)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
904,339,000
U.S. Treasury Bills
Zero Coupon
7/7/2026-6/10/2027
887,400,445
20,574,900
U.S. Treasury Bonds
6.5-6.75
8/15/2026-11/15/2026
20,949,417
476,699,300
U.S. Treasury Notes
0.625-4.625
8/15/2026-6/30/2033
476,609,979
684,773,200
U.S. Treasury Inflation
Index Notes
0.125-1.875
10/15/2026-1/15/2036
826,250,046
87,690,895
U.S. Treasury STRIPS
Zero Coupon
8/15/2026-5/15/2053
53,190,185
Total Collateral Value
2,264,400,072
 
(e)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
1,033,600
U.S. Treasury Bonds
1.75-5.25
11/15/2028-8/15/2047
1,066,506
800
U.S. Treasury Inflation
Index Notes
0.125
7/15/2031
914
39,814,000
U.S. Treasury Notes
1.25-4.625
7/31/2026-3/31/2031
39,732,581
Total Collateral Value
40,800,001
 
(f)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
126,094,900
U.S. Treasury Notes
3.5
9/30/2027
126,276,088
 
(g)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
408,000,000
U.S. Treasury Notes
4.125
6/30/2031
408,000,000
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
17
 
(h)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
3,042,428,000
U.S. Treasury Notes
1.25-4.25
2/28/2031-8/31/2032
2,860,307,612
500,112,900
U.S. Treasury Inflation
Index Notes
0.125-0.625
7/15/2031-7/15/2032
556,692,391
Total Collateral Value
3,417,000,003
 
(i)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
3,232,744,500
U.S. Treasury Notes
3.5-3.625
9/30/2030-11/30/2030
3,162,000,000
 
(j)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
365,041,400
U.S. Treasury Notes
3.5
11/30/2030
357,000,000
 
(k)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
608,499,500
U.S. Treasury Notes
3.5
1/31/2028
612,000,000
 
(l)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
764,790,500
U.S. Treasury Notes
4.125
6/30/2028
765,000,053
 
(m)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
245,871,981
Federal Home Loan
Mortgage Corporation
0.0-6.5
2/25/2027-6/1/2056
173,168,261
695,385,739
Federal National
Mortgage Association
0.0-7.0
11/25/2027-2/25/2056
344,658,453
96,584,738
Government National
Mortgage Association
4.5-6.0
7/20/2052-6/20/2056
94,173,287
Total Collateral Value
612,000,001
The accompanying notes are an integral part of the financial statements.
 
18
|
Government Cash Management Portfolio
 
(n)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
51,005,700
U.S. Treasury Bonds
1.125-5.25
2/15/2029-5/15/2054
38,650,200
3,100,100
U.S. Treasury Inflation
Index Notes
0.125-1.125
1/15/2030-10/15/2030
3,281,968
223,738,200
U.S. Treasury Notes
0.625-4.625
1/31/2027-2/15/2034
226,992,786
660,517,903
U.S. Treasury STRIPS
Zero Coupon
7/31/2026-5/15/2056
292,075,047
Total Collateral Value
561,000,001
 
(o)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
3,014,000
U.S. Treasury Bonds
1.375-4.625
11/15/2040-5/15/2044
2,946,696
200
U.S. Treasury Floating
Rate Notes
3.875
1/31/2028
201
1,346,400
U.S. Treasury Inflation
Index Notes
0.125-1.625
10/15/2026-4/15/2031
1,620,516
24,904,400
U.S. Treasury Notes
0.875-4.625
10/15/2026-5/31/2033
24,779,358
70,574,595
U.S. Treasury STRIPS
Zero Coupon
5/15/2027-5/15/2056
67,451,229
Total Collateral Value
96,798,000
 
(p)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
553,221,554
Federal National
Mortgage Association
2.5-7.5
10/1/2050-6/1/2055
507,960,000
 
(q)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
109,691,100
U.S. Treasury Bonds
3.625-4.625
2/15/2046-5/15/2053
102,000,037
 
(r)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
12,300,000
U.S. Treasury Bonds
4.75
5/15/2055
12,136,625
269,430,556
U.S. Treasury STRIPS
Zero Coupon
2/15/2040-8/15/2042
140,863,376
Total Collateral Value
153,000,001
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
19
 
(s)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
100
U.S. Treasury Bills
Zero Coupon
7/28/2026
100
625,294,700
U.S. Treasury Bonds
1.125-5.0
8/15/2040-11/15/2055
511,739,849
204,626,700
U.S. Treasury Inflation
Index Bonds
0.125-3.875
4/15/2029-2/15/2052
230,440,305
180,773,600
U.S. Treasury Inflation
Index Notes
1.625-2.375
10/15/2027-7/15/2034
191,912,199
1,602,253,900
U.S. Treasury Notes
0.5-4.875
7/31/2026-8/15/2035
1,566,677,673
275,885,743
U.S. Treasury STRIPS
Zero Coupon
5/15/2029-2/15/2049
123,954,588
Total Collateral Value
2,624,724,714
 
(t)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
733,600
U.S. Treasury Bills
Zero Coupon
7/14/2026-8/27/2026
731,575
95,655,300
U.S. Treasury Bonds
1.375-4.0
5/15/2048-11/15/2052
55,295,479
300
U.S. Treasury Inflation
Index Bonds
0.125
2/15/2052
188
25,001,700
U.S. Treasury Notes
3.5-3.875
11/30/2027-2/15/2033
25,015,619
1,805
U.S. Treasury STRIPS
Zero Coupon
2/15/2034-2/15/2046
1,189
586,844,857
Federal Home Loan
Mortgage Corporation
1.5-7.0
3/1/2028-7/1/2056
577,750,203
307,834,714
Federal National
Mortgage Association
2.0-6.5
9/1/2033-6/1/2056
303,034,068
205,608,268
Government National
Mortgage Association
2.0-7.0
8/15/2028-10/20/2067
207,209,877
Total Collateral Value
1,169,038,198
 
(u)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
315,807,125
U.S. Treasury Bonds
1.875-4.75
2/15/2038-11/15/2044
279,582,016
The accompanying notes are an integral part of the financial statements.
 
20
|
Government Cash Management Portfolio
 
(v)
Collateralized by:
 
Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)
628,968,927
Federal National
Mortgage Association
1.5-7.5
10/1/2029-4/1/2059
614,346,000
 
SOFR:
Secured Overnight Financing Rate
STRIPS:
Separate Trading of Registered Interest and Principal Securities
Fair Value Measurements
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
The following is a summary of the inputs used as of June 30, 2026 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements. 
Assets
Level 1
Level 2
Level 3
Total
Investments in Securities (a)
$-
$16,275,957,097
$-
$16,275,957,097
Repurchase Agreements
-
18,272,100,000
-
18,272,100,000
Total
$-
$34,548,057,097
$-
$34,548,057,097
 
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
21
Statement of Assets and Liabilities
as of June 30, 2026 (Unaudited)  
Assets
 
Investments in non-affiliated securities, valued at amortized cost
$16,275,957,097
Repurchase agreements, valued at amortized cost
18,272,100,000
Cash
95,944
Interest receivable
40,225,463
Other assets
363,477
Total assets
34,588,741,981
Liabilities
Accrued investment advisory fee
1,648,964
Accrued Trustees' fees
77,879
Other accrued expenses and payables
1,480,138
Total liabilities
3,206,981
Net assets, at value
$34,585,535,000
The accompanying notes are an integral part of the financial statements.
 
22
|
Government Cash Management Portfolio
Statement of Operations
for the six months ended June 30, 2026 (Unaudited)  
Investment Income
Income:
Interest
$563,667,436
Expenses:
Management fee
14,478,677
Administration fee
4,584,479
Custodian fee
64,508
Professional fees
212,124
Reports to shareholders
17,919
Trustees' fees and expenses
550,325
Other
668,576
Total expenses before expense reductions
20,576,608
Expense reductions
(5,645,150
)
Total expenses after expense reductions
14,931,458
Net investment income
548,735,978
Net realized gain (loss) from investments
(6
)
Net increase (decrease) in net assets resulting from operations
$548,735,972
The accompanying notes are an integral part of the financial statements.
 
Government Cash Management Portfolio
|
23
Statements of Changes in Net Assets 
Six Months
Ended
June 30, 2026
Year Ended
December 31,
Increase (Decrease) in Net Assets
(Unaudited)
2025
Operations:
Net investment income
$548,735,978
$1,419,592,020
Net realized gain (loss)
(6
)
3,019,548
Net increase (decrease) in net assets resulting
from operations
548,735,972
1,422,611,568
Capital transactions in shares of beneficial interest:
Proceeds from capital invested
79,639,044,125
160,638,508,194
Value of capital withdrawn
(78,060,430,691
)
(161,869,430,071
)
Net increase (decrease) in net assets from capital
transactions in shares of beneficial interest
1,578,613,434
(1,230,921,877
)
Increase (decrease) in net assets
2,127,349,406
191,689,691
Net assets at beginning of period
32,458,185,594
32,266,495,903
Net assets at end of period
$34,585,535,000
$32,458,185,594
 
The accompanying notes are an integral part of the financial statements.
 
24
|
Government Cash Management Portfolio
Financial Highlights 
Government Cash Management Portfolio
Six Months
Ended 6/30/26
Years Ended December 31,
(Unaudited)
2025
2024
2023
2022
2021
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
34,586
32,458
32,266
37,970
32,214
33,649
Ratio of expenses before
expense reductions (%)
.13
*
.13
.13
.13
.14
.13
Ratio of expenses after
expense reductions (%)
.10
a*
.11
a
.11
a
.09
.06
.03
Ratio of net investment
income (%)
3.59
*
4.17
5.09
5.00
1.67
.03
Total Return (%)b,c
1.80
**
4.26
5.23
5.08
1.62
.03
 
a
The ratio of expenses would have been .04%, .02% and .02% higher had the Advisor
not voluntarily waived or reimbursed certain operating expenses for the periods ended
June 30, 2026, December 31, 2025 and December 31, 2024, respectively.
b
Total return for the Portfolio was derived from the performance of DWS Government
Money Market Series.
c
Total return would have been lower had certain expenses not been reduced.
*
Annualized
**
Not annualized
The accompanying notes are an integral part of the financial statements.
 
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Notes to Financial Statements (Unaudited)
A.
Organization and Significant Accounting Policies
Government Cash Management Portfolio (the "Portfolio" ) is registered under the Investment Company Act of 1940, as amended (the "1940 Act" ), as an open-end management investment company organized as a New York trust.
The Portfolio is a master fund; A master/feeder fund structure is one in which a fund (a "feeder fund" ), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund" ) with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds and unaffiliated feeder funds, with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2026, DWS Government Money Market Series owned approximately 99.4% of the Portfolio.
The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" ) which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.
Security Valuation. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/
 
26
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amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Operating Segment. The Portfolio adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07" ). ASU 2023-07 impacts financial statement disclosures only and does not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole, and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.
Repurchase Agreements. The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-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
 
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the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.
As of June 30, 2026, the Portfolio held repurchase agreements with a gross value of $18,272,100,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.
Tax Information. The Portfolio is considered a Partnership under the Internal Revenue Code of 1986, 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.
At June 30, 2026, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $34,548,057,097.
The Portfolio files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.
Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.
B.
Fees and Transactions with Affiliates
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA"  or the "Advisor" ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group" ), the Advisor determines the securities,
 
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instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.
Under the Investment Management Agreement with the Advisor, the Portfolio pays 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
.1200%
Next $4.5 billion of such net assets
.1025%
Over $7.5 billion of such net assets
.0900%
Accordingly, for the six months ended June 30, 2026, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.095% of the Portfolio's average daily net assets.
The Advisor agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Portfolio.
For the six months ended June 30, 2026, fees waived and/or expenses reimbursed are $5,645,150.
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 paid the Advisor an annual fee ("Administration Fee" ) of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2026, the Administration Fee was $4,584,479, of which $834,169 is unpaid.
Other Service Fees. Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the six months ended June 30, 2026, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders"  aggregated $438, of which $225 is unpaid.
Trustees' Fees and Expenses. The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
C.
Line of Credit
The Portfolio and other affiliated funds (the "Participants" ) share in a $345 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
 
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the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2026.
D.
Money Market Fund Investments and Yield
Rising interest rates could cause the value of the Portfolio's investments - and therefore its share price as well - to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Portfolio. Increased redemptions from the Portfolio may force the Portfolio to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Portfolio's yield to decline, and during periods of unusually low or negative interest rates, the Portfolio's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Portfolio from providing a positive yield or paying Portfolio expenses out of current income and, at times, could impair the Portfolio's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Portfolio.
 
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Government Cash Management Portfolio
Advisory Agreement Board Considerations and Fee Evaluation
DWS Government Money Market Series (the "Fund" ), a series of Deutsche DWS Money Market Trust, invests substantially all of its assets in Government Cash Management Portfolio (the "Portfolio" ) in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement" ) with DWS Investment Management Americas, Inc. ("DIMA" ) and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement"  and together with the Portfolio Agreement, the "Agreements" ) in September 2025. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board"  or "Trustees." 
In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:
- 
During the entire process, all of the Portfolio's and the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees" ).
- 
The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on performance, fees and expenses, profitability, economies of scale and fall-out benefits.
- 
The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.
- 
The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.
- 
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 certain other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders
 
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chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group" ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.
While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA provides portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Portfolio and the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review"  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's 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, 2024, the Fund's gross performance (Institutional Shares) was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).
 
32
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Fees and Expenses. The Board considered the Portfolio's and the Fund's investment management fee schedules, the Fund's operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge" ) regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.097% fees paid to DIMA under the respective administrative services agreements, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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. Based on Broadridge data provided as of December 31, 2024, the Board noted that the Fund's total operating expenses, which include Portfolio expenses allocated to the Fund, were higher than the median of the applicable Broadridge expense universe (less any applicable 12b-1 fees) for Institutional Shares (4th quartile). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds" ) and considered differences between the Portfolio and the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds" ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Portfolio and the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board
 
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concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. The Board noted that the Portfolio's and the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Portfolio's and the Fund's fee schedule represents an appropriate sharing between the Portfolio and the Fund and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or "fall-out"  benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Portfolio's and the Fund's management fees were reasonable.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination,
 
34
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the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present.
DGMMF-BFE2025
 
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DGMMF-NCSRS
(b) The Financial Highlights are included with the Financial Statements under Item 7(a).
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
See Item 7(a)
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a)
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
Item 16. Controls and Procedures.
(a) The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits
(a)(1) Not applicable
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Registrant: DWS Government Money Market Series, a series of Deutsche DWS Money Market Trust
By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

Date: 8/28/2026

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

By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

Date: 8/28/2026
By:

/s/Diane Kenneally

Diane Kenneally

Principal Financial Officer

Date: 8/28/2026
Deutsche DWS Money Market Trust published this content on August 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 28, 2026 at 15:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]