Form N-CSR INVESTORS CASH TRUST For: Aug 31
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-06103
Investors Cash 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: | 8/31 |
| Date of reporting period: | 8/31/2023 |
| ITEM 1. | REPORT TO STOCKHOLDERS |
| (a) |
Contents
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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.
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.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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DWS ESG Liquidity Fund — Capital Shares
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You could lose money by investing
in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your
shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor
has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Incorporation of environmental, social and governance (ESG) criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of
investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Money Market investments are subject to interest-rate and credit risks. When interest rates rise, prices generally fall. In
addition, any unexpected behavior in interest rates could increase the volatility of the Fund’s yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest. Although individual securities may outperform the market, the entire market may decline as a result of rising interest rates, regulatory developments or deteriorating economic conditions. Any
investments in money market instruments of foreign issuers are subject to some of the risks of foreign investing, such as unfavorable political and legal developments, limited financial information, and regulatory risk and, economic and financial instability. Portfolio
management could be wrong in its analysis of industries, companies, economic trends and favor a security that underperforms the market. Please read the prospectus for details.
ESG criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how
a company manages relationships with employees, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant
disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
| DWS
ESG Liquidity Fund — Capital Shares |
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3 |
Portfolio Management
Review(Unaudited)
Market Overview and Fund Performance
All performance information below is historical and does not guarantee future results.
Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. Please visit liquidity.dws.com/US/index.jsp for the
Fund’s most recent month-end performance. The yield quotation more closely reflects the current earnings of the Fund rather than the total return quotation. 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.
Yields fluctuate and are not guaranteed.
For its most recent fiscal year ended August 31, 2023, DWS ESG Liquidity Fund — Capital Shares posted a total return of 4.61%. The Capital Shares’ 7-day current yield as of August 31, 2023 was 5.43%.
The Fund is also managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended, which governs the quality, maturity, diversity and liquidity of instruments in
which a money Fund may invest.
The
Fund does not seek to maintain a stable share price. As a result, the Fund’s share price, which is its net asset value per share (NAV), varies daily and reflects the effects of unrealized appreciation and depreciation and realized losses and gains.
During the 12-month period that ended on August 31, 2023, yields across the money market yield curve moved higher as the U.S. Federal Reserve (Fed) continued to raise its benchmark overnight
lending rate in the effort to rein in inflation that remained above the central bank’s target.
As period opened, the Fed was well down the path of tightening policy in response to rising U.S. consumer price inflation that peaked at 9.1% in June of 2022. At its September, November and
December meetings the
Investment Strategy
Starting from a
universe of U.S. dollar denominated money market instruments, including obligations of U.S. and foreign banks, corporate obligations, U.S. government securities, municipal securities, repurchase agreements and asset-backed securities, the
Advisor applies certain environmental, social and governance (“ESG” ) criteria and seeks to buy securities that the Advisor determines present minimal credit risks.
| 4 |
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DWS ESG Liquidity Fund — Capital Shares
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Fed implemented further successive rate hikes
totaling 225 basis points, bringing the fed funds target to a range of 4.25% to 4.50%, as compared to 0% to
0.25% entering 2022.
“During the 12-month period that ended on
August 31, 2023, yields across the money market yield curve moved higher as
the U.S. Federal Reserve (Fed) continued to raise its benchmark overnight
lending rate in the effort to rein in inflation that remained above the central bank’s target”
As inflation
showed signs of moderating going into 2023, markets became increasingly optimistic that the Fed and other leading central banks were poised to stop raising interest rates. January saw Treasury yields ease off their recent highs on the outlook for easier
monetary policy. On February 1, the Fed raised short term rates by a comparatively moderate 25 basis points, to
a target range of 4.50% to 4.75%.
March of 2023 saw the failure of a pair of U.S. banks and the collapse of
European giant Credit Suisse raise the prospect of a financial crisis. The Fed responded by initiating a new
lending facility to support bank liquidity while the market began to price in multiple cuts in fed funds before year end. The outlook for easier monetary policy and the flight to safety brought about by the specter of a banking crisis led
longer-term money market rates to drift lower. At its March 23 meeting the Fed raised the fed funds target by
another quarter-point to a range of 4.75% to 5.0%. The rate hike was well-received by financial markets as a signal that the Fed believed the financial system remained on generally sound footing.
As the period progressed, inflation continued to ease, with June U.S. consumer price inflation registering at 3.0%. With the
U.S. economy and employment displaying surprising resilience in the face of its past tightening, the Fed would
implement additional 25 basis point increases at its early May and late July meetings, leaving fed funds at 5.25% to 5.50% at the end of August 2023.
Short-term U.S. Treasury
yields finished the 12-month period higher as the Fed continued to tighten policy. As of August 31, 2023, yields of one-month, six-month and one-year Treasury bills were 5.52%, 5.48% and
| DWS
ESG Liquidity Fund — Capital Shares |
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5 |
5.37%, respectively, versus 2.40%, 3.32% and
3.50%, respectively, as of August 31, 2022 (source: U.S. Department of the Treasury).
Positive Contributors to Fund Performance
We were able to maintain what we believe to be a competitive yield for the Fund during the annual period ended August 31, 2023. During the period, the Fund held a large percentage of portfolio
assets in floating-rate securities to take advantage of rising interest rates. At the same time, the Fund
invested in overnight agency repurchase agreements for liquidity and looked for yield opportunities from three- to six-month CDs and commercial paper.
Negative Contributors to Fund Performance
Given the high level of volatility in markets, we preferred to be cautious during a time of market uncertainty, maintaining
a higher level of overnight liquidity. In the end, this cost the Fund some yield, but we believe that this
represented a prudent approach to preserving principal.
Outlook and Positioning
The Fed
appears to be approaching the end of its current rate hiking cycle, and the market has been pricing in rate cuts over the second half of 2024. While the course of Fed policy is uncertain and subject to changes in conditions, we have been evaluating opportunities to
extend portfolio duration in order to lock in higher yields.
We have continued to emphasize what we believe to be the highest credit quality within the Fund, while seeking to maintain
conservative investment strategies and standards under the current market conditions. More broadly speaking, we
have continued to apply a careful approach while seeking a competitive yield for shareholders.
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DWS ESG Liquidity Fund — Capital Shares
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Portfolio Performance (as of August 31, 2023)
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
You could lose money by investing in the Fund. Because the share price of the Fund will
fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s
liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor
has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
| |
7-Day Current Yield |
| DWS ESG Liquidity Fund — Capital Shares |
5.43%* |
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolio over a 7-day period
expressed as an annual percentage rate of the Fund’s shares outstanding. Please call the Service Center at (800) 730-1313 for the Fund’s most recent month-end
performance.
| * |
The
7-Day Current Yield would have been 5.19% had certain expenses not been reduced. |
As the period opened, the most recent Fed “dot plot” displaying the preferred trajectory for fed funds of Federal Open Market Committee members indicated the likelihood of two hikes in the benchmark overnight lending rate in 2023. This represented an
acceleration of the previously communicated timetable, reflecting inflation data that continued to surprise on
the upside.
Portfolio Management Team
A group of investment professionals is responsible for the day-to-day management of the Fund. These investment professionals have a broad range of experience managing money market
funds.
The views expressed 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.
Terms to Know
A floating rate security is a debt instrument with a variable interest rate, one that typically adjusts every six months, and is tied to a
money market instrument such as Treasury bills.
Credit quality is the ability of an issuer of fixed-income securities to repay interest and principal in a timely manner. Credit quality is measured using credit ratings, i.e.,
| DWS
ESG Liquidity Fund — Capital Shares |
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7 |
assessments of the creditworthiness of a borrower
such as a corporation, a municipality or a sovereign country by a credit ratings agency. Letter grades of “BBB” and above indicate
that the rated borrower is considered “investment grade” by a particular ratings agency.
Duration, which is expressed in
years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.
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.
| 8 |
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DWS ESG Liquidity Fund — Capital Shares
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Portfolio Summary(Unaudited)
| Asset Allocation (As a % of Investment Portfolio) |
8/31/23 |
8/31/22 |
| Commercial Paper |
48% |
54% |
| Variable Rate Demand Notes |
15% |
12% |
| Time Deposits |
14% |
15% |
| Certificates of Deposit and Bank Notes |
14% |
12% |
| Repurchase Agreements |
8% |
3% |
| Government & Agency Obligations |
1% |
4% |
| |
100% |
100% |
| Weighted Average Maturity |
8/31/23 |
8/31/22 |
| DWS ESG Liquidity Fund |
29 days |
20 days |
| iMoneyNet Money Fund Average™—First Tier Institutional—
AAA Rating* |
25 days |
13 days |
| * |
The Fund is compared to its respective iMoneyNet Money Fund Average category: First Tier Institutional — AAA Rating — Category includes institutional funds that may invest in certificates of deposit, time deposits, bankers’ acceptances and other short-term obligations issued by domestic banks, foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks and other banking institutions, commercial paper, floating and variable rate demand notes and bonds, and asset backed securities; and has been assigned a rating by one of the nationally recognized statistical rating organizations. S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings are the largest NRSROs. |
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.
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s holdings, see page 10.
| DWS
ESG Liquidity Fund — Capital Shares |
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9 |
Investment Portfolioas of August 31, 2023
| |
Principal
Amount ($) |
Value ($) | |
| Certificates of Deposit and Bank Notes 13.6% | |||
| Bank of America NA, 5.97%, 8/16/2024 |
|
5,000,000 |
5,003,105 |
| Barclays Bank PLC, SOFR + 0.38%, 5.68% (a), 11/13/2023 |
|
2,000,000 |
2,000,727 |
| Commonwealth Bank of Australia, 5.2%, 1/29/2024 |
|
5,000,000 |
4,987,949 |
| HSBC Bank USA NA: |
|
|
|
| 5.82%, 3/11/2024 |
|
2,500,000 |
2,499,539 |
| 5.97%, 8/14/2024 |
|
3,000,000 |
2,999,951 |
| Nordea Bank ABP, SOFR + 0.37%, 5.67% (a), 3/15/2024 |
|
2,500,000 |
2,500,294 |
| Oversea-Chinese Banking Corp. Ltd., SOFR + 0.27%, 5.57% (a), 9/15/2023 |
|
5,000,000 |
5,000,244 |
| Skandinaviska Enskilda Banken AB, SOFR + 0.19%, 5.49% (a), 11/30/2023 |
|
5,000,000 |
4,999,840 |
| Standard Chartered Bank, SOFR + 0.3%, 5.6% (a), 10/2/ 2023 |
|
5,000,000 |
5,000,661 |
| State Street Bank & Trust Co., SOFR + 0.21%, 5.51% (a), 11/21/2023 |
|
8,000,000 |
8,000,359 |
| Svenska Handelsbanken AB, SOFR + 0.55%, 5.85% (a), 3/5/2024 |
|
2,500,000 |
2,502,364 |
| Swedbank AB, 5.1%, 9/21/2023 |
|
2,500,000 |
2,499,538 |
| Toronto-Dominion Bank: |
|
|
|
| 5.5%, 11/27/2023 |
|
5,000,000 |
5,000,032 |
| 5.85%, 2/29/2024 |
|
5,000,000 |
5,003,416 |
| 5.86%, 3/27/2024 |
|
1,000,000 |
1,000,795 |
| Total Certificates of Deposit and Bank Notes (Cost
$59,000,000) |
58,998,814 | ||
| Commercial Paper 48.3% | |||
| Issued at Discount (b) 33.9% | |||
| Apple, Inc., 144A, 5.374%, 9/15/2023 |
|
5,000,000 |
4,988,881 |
| Banco del Estado de Chile, 144A, 5.505%, 9/25/2023 |
|
3,000,000 |
2,988,917 |
| Barclays Capital, Inc., 5.799%, 2/7/2024 |
|
2,500,000 |
2,437,622 |
| Barton Capital SA: |
|
|
|
| 144A, 5.516%, 9/22/2023 |
|
10,000,000 |
9,967,079 |
| 144A, 5.708%, 2/23/2024 |
|
2,000,000 |
1,945,157 |
| Citigroup Global Markets, Inc., 144A, 5.617%, 3/7/2024 |
|
2,500,000 |
2,425,883 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 144A, 5.374%, 9/1/2023 |
|
8,000,000 |
7,998,834 |
| Eli Lilly & Co., 144A, 5.363%, 9/5/2023 |
|
2,040,000 |
2,038,505 |
| First Abu Dhabi Bank PJSC, 144A, 5.171%, 2/8/2024 |
|
1,000,000 |
975,045 |
| Great Bear Funding LLC, 144A, 5.404%, 9/1/2023 |
|
10,000,000 |
9,998,521 |
The accompanying notes are an integral part of the financial statements.
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DWS ESG Liquidity Fund — Capital Shares
|
| |
Principal
Amount ($) |
Value ($) | |
| ING U.S. Funding LLC: |
|
|
|
| 5.029%, 10/16/2023 |
|
5,000,000 |
4,965,487 |
| 144A, 5.424%, 11/3/2023 |
|
8,000,000 |
7,922,731 |
| Kookmin Bank, 144A, 5.475%, 11/13/2023 |
|
5,000,000 |
4,943,647 |
| Kreditanstalt fuer Wiederaufbau, 144A, 5.161%, 9/20/2023 |
|
2,500,000 |
2,492,858 |
| Longship Funding LLC, 144A, 5.394%, 9/1/2023 |
|
18,000,000 |
17,997,322 |
| L’Oreal SA, 144A, 5.394%, 9/8/2023 |
|
5,000,000 |
4,994,087 |
| Macquarie Bank Ltd., 144A, 5.455%, 9/29/2023 |
|
5,000,000 |
4,978,254 |
| MetLife Short Term Funding LLC, 144A, 5.414%, 10/10/ 2023 |
|
10,000,000 |
9,940,256 |
| National Bank of Canada, 144A, 5.678%, 3/25/2024 |
|
5,000,000 |
4,839,115 |
| NRW Bank, 144A, 5.389%, 9/6/2023 |
|
7,000,000 |
6,993,859 |
| Oesterreichische Kontrollbank AG, 5.465%, 11/30/2023 |
|
5,000,000 |
4,932,218 |
| Oversea-Chinese Banking Corp. Ltd., 144A, 5.546%, 11/ 10/2023 |
|
2,000,000 |
1,978,314 |
| Pricoa Short Term Funding LLC: |
|
|
|
| 144A, 5.191%, 10/16/2023 |
|
5,000,000 |
4,965,583 |
| 144A, 5.455%, 10/4/2023 |
|
2,000,000 |
1,989,862 |
| Procter & Gamble Co., 144A, 5.13%, 11/3/2023 |
|
10,000,000 |
9,907,929 |
| Sanofi, 144A, 5.171%, 10/12/2023 |
|
2,500,000 |
2,484,489 |
| Standard Chartered Bank, 144A, 5.739%, 3/25/2024 |
|
5,000,000 |
4,835,780 |
| |
|
|
146,926,235 |
| Issued at Par 14.4% | |||
| Bank of Nova Scotia, 144A, SOFR + 0.33%, 5.63% (a), 11/ 14/2023 |
|
2,500,000 |
2,500,672 |
| Barclays Bank PLC, 144A, Series 10-1, SOFR + 0.3%, 5.6% (a), 9/1/2023 |
|
5,000,000 |
5,000,023 |
| Bedford Row Funding Corp., 144A, SOFR + 0.26%, 5.56% (a), 9/28/2023 |
|
7,000,000 |
7,000,480 |
| DNB Bank ASA, 144A, SOFR + 0.39%, 5.69% (a), 1/29/ 2024 |
|
8,000,000 |
8,003,503 |
| Great Bear Funding LLC: |
|
|
|
| OBFR01 + 0.4%, 5.71% (a), 12/8/2023 |
|
4,000,000 |
4,000,000 |
| OBFR01 + 0.4%, 5.71% (a), 1/5/2024 |
|
2,500,000 |
2,500,000 |
| Manhattan Asset Funding Co. LLC: |
|
|
|
| 144A, SOFR + 0.16%, 5.46% (a), 9/1/2023 |
|
5,000,000 |
5,000,007 |
| 144A, SOFR + 0.16%, 5.46% (a), 9/5/2023 |
|
2,000,000 |
2,000,014 |
| National Australia Bank Ltd.: |
|
|
|
| 144A, SOFR + 0.25%, 5.55% (a), 3/5/2024 |
|
3,000,000 |
2,998,152 |
| 144A, SOFR + 0.35%, 5.65% (a), 12/5/2023 |
|
10,000,000 |
10,004,512 |
| National Bank of Canada, 144A, SOFR + 0.25%, 5.55% (a), 11/10/2023 |
|
5,000,000 |
5,000,788 |
The accompanying notes are an integral part of the financial statements.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
11 |
| |
Principal
Amount ($) |
Value ($) | |
| Royal Bank of Canada, 144A, FEDL01 + 0.41%, 5.74% (a), 11/20/2023 |
|
2,500,000 |
2,500,865 |
| Salisbury Receivables Co. LLC, 144A, SOFR + 0.48%, 5.78% (a), 1/3/2024 |
|
3,000,000 |
3,000,940 |
| Skandinaviska Enskilda Banken AB, 144A, SOFR + 0.43%, 5.73% (a), 11/20/2023 |
|
3,000,000 |
3,001,584 |
| |
|
|
62,511,540 |
| Total Commercial Paper (Cost $209,461,202) |
209,437,775 | ||
| Variable Rate Demand Notes (c) 14.5% | |||
| Colorado, State Housing & Finance Authority, “II” , Series C2,
5.35%, 9/7/2023 |
|
10,000,000 |
10,000,000 |
| Colorado, State Housing & Finance Authority, Multi-Family Housing Project, “I” , Series C, 5.36%, 9/7/2023, SPA: Federal Home Loan Bank |
|
10,340,000 |
10,340,000 |
| Illinois, State Housing Development Authority: |
|
|
|
| Series A-4, 5.38%, 9/7/2023, SPA: Federal Home Loan Bank |
|
1,695,000 |
1,695,000 |
| Series A-5, 5.38%, 9/7/2023, SPA: Federal Home Loan Bank |
|
4,430,000 |
4,430,000 |
| Maine, State Housing Authority Mortgage Revenue, Series E, 5.37%, 9/7/2023, SPA: Barclays Bank PLC |
|
1,100,000 |
1,100,000 |
| Maryland, State Community Development Administration, Series B, 5.33%, 9/7/2023, LOC: TD Bank NA |
|
2,280,000 |
2,280,000 |
| Minnesota Housing Finance Agency, Series D, 5.35%, 9/7/ 2023 |
|
9,790,000 |
9,790,000 |
| New York, State Housing Finance Agency Revenue, 160 Madison Avenue LLC, Series B, 5.32%, 9/1/2023, LOC: Landesbank Hessen-Thuringen |
|
8,900,000 |
8,900,000 |
| North Dakota, State Housing Finance Agency, Mortagage Finance Program, Series E, 5.35%, 9/7/2023, SPA: Royal Bank of Canada |
|
5,000,000 |
5,000,000 |
| Wisconsin, Housing & Economic Development Authority: |
|
|
|
| Series B, 5.35%, 9/7/2023, SPA: Federal Home Loan Bank |
|
6,225,000 |
6,225,000 |
| Series F, 5.35%, 9/7/2023, SPA: JPMorgan Chase Bank NA |
|
2,990,000 |
2,990,000 |
| Total Variable Rate Demand Notes (Cost $62,750,000) |
62,750,000 | ||
The accompanying notes are an integral part of the financial statements.
| 12 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
| |
Principal
Amount ($) |
Value ($) | |
| Government & Agency Obligations 1.3% | |||
| U.S. Treasury Obligations | |||
| U.S. Treasury Bills: |
|
|
|
| 5.305% (b), 1/11/2024 |
|
5,000,000 |
4,903,154 |
| 5.323% (b), 12/7/2023 |
|
1,000,000 |
985,693 |
| Total Government & Agency Obligations (Cost $5,889,925)
|
5,888,847 | ||
| Time Deposits 13.8% | |||
| Canadian Imperial Bank of Commerce, 5.31%, 9/1/2023 |
|
20,000,000 |
20,000,000 |
| Credit Agricole CIB, 5.3%, 9/1/2023 |
|
20,000,000 |
20,000,000 |
| Mizuho Bank Ltd., 5.32%, 9/1/2023 |
|
20,000,000 |
20,000,000 |
| Total Time Deposits (Cost $60,000,000) |
60,000,000 | ||
| Repurchase Agreements 8.2% | |||
| BNP Paribas: |
|
|
|
| 5.28%, dated 8/31/2023, to be repurchased at $390,057 on 9/1/2023 (d) |
|
390,000 |
390,000 |
| 5.38%, dated 8/31/2023, to be repurchased at $15,002,242 on 9/1/2023 (e) |
|
15,000,000 |
15,000,000 |
| Fixed Income Clearing Corp., 5.3%, dated 8/31/2023, to be repurchased at $20,002,944 on 9/1/2023 (f) |
|
20,000,000 |
20,000,000 |
| Total Repurchase Agreements (Cost $35,390,000) |
35,390,000 | ||
| |
|
% of Net
Assets |
Value ($) |
| Total Investment Portfolio (Cost $432,491,127) |
|
99.7 |
432,465,436 |
| Other Assets and Liabilities, Net |
|
0.3 |
1,098,559 |
| Net Assets |
|
100.0 |
433,563,995 |
| (a) |
Floating rate security. These securities are shown at their current rate as of August 31, 2023. |
| (b) |
Annualized yield at time of purchase; not a coupon rate. |
| (c) |
Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of August 31, 2023. Date shown reflects the earlier of demand date or stated maturity date. |
The
accompanying notes are an integral part of the financial statements.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
13 |
| (d) |
Collateralized by: |
| Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
| 338,903 |
U.S. Treasury Bonds |
3.625–5.5 |
8/15/2028–5/15/2053 |
348,695 |
| 54,090 |
U.S. Treasury STRIPS |
Zero Coupon |
11/15/2023–2/15/2044 |
49,105 |
| Total Collateral Value |
397,800 | |||
| (e) |
Collateralized by: |
| Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
| 1,325,517 |
Asset-Backed Securities |
6.72–7.526 |
4/17/2034–1/20/2035 |
1,334,371 |
| 818,000 |
Medium-Term Notes |
1.15–6.135 |
12/6/2024–4/1/2050 |
653,852 |
| 15,286,000 |
Corporate Bonds |
0.375–10.75 |
1/15/2024–10/31/2082 |
13,675,080 |
| Total Collateral Value |
15,663,303 | |||
| (f) |
Collateralized by: |
| Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
| 25,431,800 |
U.S. Treasury Bonds |
2.875 |
5/15/2043 |
20,400,079 |
| 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. |
| FEDL01: U.S. Federal Funds Effective Rate |
| LOC: Letter of Credit |
| OBFR01: Overnight Bank Funding Rate |
| PJSC: Public Joint Stock Company |
| SOFR: Secured Overnight Financing Rate |
| SPA: Standby Bond Purchase Agreement |
| STRIPS: Separate Trading of Registered Interest and Principal Securities |
The accompanying notes are an integral part of the financial statements.
| 14 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 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 |
| Investments in Securities (a) |
$— |
$397,075,436 |
$— |
$397,075,436 |
| Repurchase Agreements |
— |
35,390,000 |
— |
35,390,000 |
| Total |
$— |
$432,465,436 |
$— |
$432,465,436 |
| (a) |
See
Investment Portfolio for additional detailed categorizations. |
The accompanying notes are an integral part of the financial statements.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
15 |
Statement of Assets and
Liabilities
as of August 31, 2023
| Assets |
|
| Investment in securities, at value (cost $432,491,127) |
$432,465,436 |
| Cash |
74,476 |
| Receivable for investments sold |
140,000 |
| Interest receivable |
1,479,716 |
| Other assets |
44,604 |
| Total assets |
434,204,232 |
| Liabilities |
|
| Distributions payable |
550,630 |
| Accrued Trustees' fees |
6,156 |
| Other accrued expenses and payables |
83,451 |
| Total liabilities |
640,237 |
| Net assets, at value |
$433,563,995 |
| Net Assets Consist of |
|
| Distributable earnings (loss) |
(317,987 ) |
| Paid-in capital |
433,881,982 |
| Net assets, at value |
$433,563,995 |
| Net Asset Value |
|
| Capital Shares Net Asset Value, offering and redemption price per share
($72,679,314 ÷ 72,694,076 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$0.9998 |
| Institutional Shares Net Asset Value, offering and redemption price per share
($232,787,210 ÷ 232,827,443 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$0.9998 |
| Institutional Reserved Shares Net Asset Value, offering and redemption price per share
($128,097,471 ÷ 127,974,080 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized) |
$1.0010 |
The accompanying notes are an integral part of the financial statements.
| 16 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
Statement of
Operations
for the year ended August 31, 2023
| Investment Income |
|
| Income: |
|
| Interest |
$25,404,668 |
| Expenses: |
|
| Management fee |
838,193 |
| Administration fee |
542,032 |
| Services to shareholders |
13,327 |
| Service fees |
87,528 |
| Custodian fee |
37,837 |
| Professional fees |
63,377 |
| Reports to shareholders |
28,194 |
| Registration fees |
58,351 |
| Trustees' fees and expenses |
24,807 |
| Other |
60,100 |
| Total expenses before expense reductions |
1,753,746 |
| Expense reductions |
(1,365,952 ) |
| Total expenses after expense reductions |
387,794 |
| Net investment income |
25,016,874 |
| Realized and Unrealized Gain (Loss) |
|
| Net realized gain (loss) from investments |
(12,369 ) |
| Change in net unrealized appreciation (depreciation) on investments |
32,260 |
| Net gain (loss) |
19,891 |
| Net increase (decrease) in net assets resulting from operations |
$25,036,765 |
The accompanying notes are an integral part of the financial statements.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
17 |
Statements of Changes in Net
Assets
| |
Years Ended August 31, | |
| Increase (Decrease) in Net Assets |
2023 |
2022 |
| Operations: |
|
|
| Net investment income |
$25,016,874 |
$3,295,613 |
| Net realized gain (loss) |
(12,369 ) |
(102,556 ) |
| Change in net unrealized appreciation (depreciation) |
32,260 |
(108,500 ) |
| Net increase (decrease) in net assets resulting from operations |
25,036,765 |
3,084,557 |
| Distributions to shareholders: |
|
|
| Capital Shares |
(3,190,426 ) |
(410,536 ) |
| Institutional Shares |
(14,036,432 ) |
(1,979,252 ) |
| Institutional Reserved Shares |
(7,790,016 ) |
(911,136 ) |
| Total distributions |
(25,016,874 ) |
(3,300,924 ) |
| Fund share transactions: |
|
|
| Proceeds from shares sold |
598,543,690 |
485,358,783 |
| Reinvestment of distributions |
17,767,616 |
2,541,859 |
| Payments for shares redeemed |
(753,086,229 ) |
(511,355,157 ) |
| Net increase (decrease) in net assets from Fund share transactions |
(136,774,923 ) |
(23,454,515 ) |
| Increase (decrease) in net assets |
(136,755,032 ) |
(23,670,882 ) |
| Net assets at beginning of period |
570,319,027 |
593,989,909 |
| Net assets at end of period |
$433,563,995 |
$570,319,027 |
The accompanying notes are an integral part of the financial statements.
| 18 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
Financial Highlights
| DWS ESG Liquidity Fund — Capital Shares | |||||
| |
Years Ended August 31, | ||||
| |
2023 |
2022 |
2021 |
2020 |
2019 |
| Selected Per Share Data | |||||
| Net asset value, beginning of period |
$.9996 |
$.9999 |
$1.0002 |
$1.0001 |
$1.0002 |
| Income (loss) from investment operations: |
|
|
|
|
|
| Net investment income |
.0450 |
.0059 |
.0013 |
.0126 |
.0249 |
| Net realized and unrealized gain (loss) |
.0002 |
(.0003 ) |
(.0003 ) |
.0001 |
(.0001 ) |
| Total from investment operations |
.0452 |
.0056 |
.0010 |
.0127 |
.0248 |
| Less distributions from: |
|
|
|
|
|
| Net investment income |
(.0450 ) |
(.0059 ) |
(.0013 ) |
(.0126 ) |
(.0249 ) |
| Net asset value, end of period |
$.9998 |
$.9996 |
$.9999 |
$1.0002 |
$1.0001 |
| Total Return (%)a |
4.61 |
.56 |
.10 |
1.26 |
2.53 |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) |
73 |
69 |
69 |
44 |
234 |
| Ratio of expenses before expense reductions (%) |
.30 |
.30 |
.30 |
.32 |
.35 |
| Ratio of expenses after expense reductions (%) |
.06 |
.06 |
.06 |
.04 |
.02 |
| Ratio of net investment income (%) |
4.51 |
.59 |
.13 |
1.68 |
2.50 |
| a |
Total return would have been lower had certain expenses not been reduced. |
The
accompanying notes are an integral part of the financial statements.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
19 |
Notes to Financial Statements
A.
Organization and Significant Accounting Policies
DWS ESG Liquidity Fund (the “Fund” ) is a diversified series of Investors
Cash 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 may impose liquidity fees on redemptions and/or temporarily suspend (gate) redemptions if the
Fund’s liquidity falls below required minimums because of market conditions or other factors.
The Fund offers three classes of shares: Capital Shares, Institutional Shares and Institutional Reserved Shares. Certain
detailed financial information for Institutional Shares and Institutional Reserved Shares are provided
separately and are available upon request. Capital Shares are no longer available to new external investors except under certain circumstances.
Investment income, realized
and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses
unique to that class such as services to shareholders, distribution and service fees and certain other
class-specific expenses. Differences in class-level expenses may result in payment of different per share
dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific
arrangements.
The Fund’s
financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use
of management estimates. Actual results could differ from those estimates. 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.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading.
The
Fund’s Board has designated DWS Investment Management Americas, Inc. (the
“Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using
readily available market quotations or prices supplied by independent pricing services (which are considered
fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for
fair valuing securities.
| 20 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
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 level assigned
to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account
appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics,
prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained
from broker-dealers. These securities are generally categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation
procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the Pricing Committee and are generally
categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the
security; the existence of any contractual restrictions on the security’s disposition; the price and extent
of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated
prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the
appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or
issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and
the movement of the market in which the security is normally traded. The value determined under these
procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment
Portfolio.
Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund,
through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the
| DWS
ESG Liquidity Fund — Capital Shares |
| |
21 |
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 custodial bank or another designated sub-custodian 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 Fund has the right to sell the securities and recover any resulting loss from the
financial institution. If the financial institution enters into bankruptcy, the Fund’s claims on the
collateral may be subject to legal proceedings.
As of August 31, 2023, the Fund held repurchase agreements with a gross value of $35,390,000. 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 Fund’s Investment Portfolio.
Federal Income Taxes. 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 August 31, 2023, the Fund had net tax basis capital loss carryforwards of approximately $297,000 of short-term losses, which may be applied against realized net taxable capital gains
indefinitely.
The Fund has reviewed the tax positions for the open tax years as of August 31, 2023 and has determined that no provision for income tax and/or uncertain tax positions is required in the
Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain
open subject to examination by the Internal Revenue Service.
Distribution of Income and
Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and
losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if
necessary.
Permanent book and tax 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.
| 22 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
At August 31, 2023, the Fund’s components of
distributable earnings (accumulated losses) on a tax basis were as follows:
| Undistributed ordinary income* |
$555,236 |
| Capital loss carryforwards |
$(297,000 ) |
| Net unrealized appreciation (depreciation) on investments |
$(25,691 ) |
At August 31, 2023, the aggregate cost of investments for federal income tax purposes was $432,491,127. The net unrealized depreciation for all investments based on tax cost was $25,691. This
consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value
over tax cost of $25,907 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $51,598.
In addition, the tax
character of distributions paid to shareholders by the Fund is summarized as
follows:
| |
Years Ended August 31, | |
| |
2023 |
2022 |
| Distributions from ordinary income* |
$25,016,874 |
$3,300,924 |
| * |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Liquidity Fees and Gates. The Fund may impose a liquidity fee on redemptions of up to 2% of the value of shares redeemed and/or temporarily suspend (gate) redemptions for up to 10 business
days in any 90 day period in the event that the Fund’s weekly liquid assets fall below designated
thresholds. Any liquidity fees imposed are retained by the Fund for the benefit of the remaining shareholders and are recorded as an addition to paid-in-capital. There were no liquidity fees or gates imposed for the year ended August 31, 2023.
Expenses.
Expenses of the Trust arising in connection with a specific fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the
funds in the Trust based upon the relative net assets or other appropriate measures.
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. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from
| DWS
ESG Liquidity Fund — Capital Shares |
| |
23 |
investment transactions are recorded on an
identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting
purposes.
B.
Related Parties
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
directs the investments of the Fund in accordance with its investment objectives, policies and restrictions.
The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement
with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund,
computed and accrued daily and payable monthly, at the following annual
rates:
| First $1 billion of the Fund’s average daily net assets |
.1500% |
| Next $3 billion of such net assets |
.1325% |
| Over $4 billion of such net assets |
.1200% |
Accordingly, for the year ended August 31, 2023, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of
0.15% of the Fund’s average daily net assets.
For the period from September 1, 2022 through November 30, 2023, the Advisor has contractually agreed to waive its fees
and/or reimburse certain operating expenses of the Capital Shares to the extent necessary to maintain the total
annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.10%.
For the period from
September 1, 2022 through August 31, 2023, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Capital Shares to the extent necessary to maintain the total annual operating expenses (excluding
certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.06%. This
voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
The Advisor has also agreed to maintain expenses of certain other classes of the Fund. These rates are disclosed in the
respective share classes’ annual reports that are provided separately and are available upon request.
| 24 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
For the year ended August 31, 2023, fees waived
and/or expenses reimbursed for each class are as follows:
| Capital Shares |
$168,359 |
| Institutional Shares |
740,940 |
| Institutional Reserved Shares |
456,653 |
| |
$1,365,952 |
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 year ended August 31, 2023, the
Administration Fee was $542,032, of which $36,100 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 year ended August 31, 2023, the amounts
charged to the Fund by DSC were as follows:
| Services to Shareholders |
Total
Aggregated |
Unpaid at
August 31, 2023 |
| Capital Shares |
$854 |
$144 |
| Institutional Shares |
3,114 |
423 |
| Institutional Reserved Shares |
8,762 |
1,535 |
| |
$12,730 |
$2,102 |
Shareholder Servicing Fee. DWS Distributors, Inc., (“DDI” ), an
affiliate of the Advisor, provides information and administrative services for a fee (“Service Fee” ) at an annual rate of up to 0.05% of the average daily net assets for the Institutional Reserved Shares. DDI in turn has various agreements with financial services firms that provide
these services and pays these fees based upon the assets of the shareholder accounts the firms service. For the
year ended August 31, 2023, the Service Fee was as follows:
| Service Fee |
Total
Aggregated |
Unpaid at
August 31, 2023 |
Annual
Rate |
| Institutional Reserved Shares |
$87,528 |
$5,423 |
.05% |
| DWS
ESG Liquidity Fund — Capital Shares |
| |
25 |
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended August 31, 2023, the amount charged to
the Fund by DIMA included in the Statement of Operations under “Reports to
shareholders” aggregated $2,710, of which $936 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.
Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to
having a common investment adviser, common officers or common trustees. During the year ended August 31, 2023,
the Fund engaged in securities purchases of $0 and securities sales of $3,000,000 with a net gain (loss) on
securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.
C.
Ownership of the Fund
From time to time, the Fund may have a concentration of several
shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these
shareholders could have a material impact on the Fund.
At August 31, 2023, there were five non-affiliated shareholder accounts that held approximately 20%, 18%, 14%, 12% and 11%
of the total outstanding shares of the Fund.
D.
Line of Credit
The Fund and other affiliated funds (the
“Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund 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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of
the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a
maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at August 31, 2023.
| 26 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
E.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
| |
Year Ended
August 31, 2023 |
Year Ended
August 31, 2022 | ||
| |
Shares |
Dollars |
Shares |
Dollars |
| Shares sold | ||||
| Institutional Shares |
364,452,166 |
$364,421,973 |
277,148,446 |
$277,070,069 |
| Institutional Reserved Shares |
233,918,077 |
234,121,717 |
208,184,523 |
208,288,714 |
| |
|
$598,543,690 |
|
$485,358,783 |
| Shares issued to shareholders in reinvestment of distributions | ||||
| Capital Shares |
3,191,271 |
$3,190,426 |
410,763 |
$410,532 |
| Institutional Shares |
10,403,900 |
10,401,395 |
1,741,263 |
1,740,286 |
| Institutional Reserved Shares |
4,172,041 |
4,175,795 |
390,807 |
391,041 |
| |
|
$17,767,616 |
|
$2,541,859 |
| Shares redeemed | ||||
| Capital Shares |
— |
$— |
(218 ) |
$(218 ) |
| Institutional Shares |
(462,095,438 ) |
(461,982,338 ) |
(393,078,625 ) |
(392,897,117 ) |
| Institutional Reserved Shares |
(290,871,477 ) |
(291,103,891 ) |
(118,410,267 ) |
(118,457,822 ) |
| |
|
$(753,086,229
) |
|
$(511,355,157
) |
| Net increase (decrease) | ||||
| Capital Shares |
3,191,271 |
$3,190,426 |
410,545 |
$410,314 |
| Institutional Shares |
(87,239,372 ) |
(87,158,970 ) |
(114,188,916 ) |
(114,086,762 ) |
| Institutional Reserved Shares |
(52,781,359 ) |
(52,806,379 ) |
90,165,063 |
90,221,933 |
| |
|
$(136,774,923
) |
|
$(23,454,515
) |
F.
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. Recently, there have been signs of inflationary price movements. As such,
fixed-income and related markets may experience heightened levels of interest rate volatility and liquidity
risk. A sharp rise in interest rates could cause the value of the Fund’s investments to decline.
Conversely, any decline in interest rates is likely to
| DWS
ESG Liquidity Fund — Capital Shares |
| |
27 |
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. 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. Recent
and potential future 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 this risk by purchasing short-term
securities.
| 28 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Investors Cash Trust and Shareholders of DWS ESG Liquidity
Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of DWS ESG Liquidity Fund (the “Fund” ) (one of the funds constituting Investors Cash Trust) (the “Trust” ), including the investment portfolio, as
of August 31, 2023, and the related statement of operations for the year then ended, the statements of changes
in net assets for each of the two years in the period then ended, the financial highlights for each of the five
years in the period then ended and the related notes (collectively referred to as the “financial
statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Investors Cash
Trust) at August 31, 2023, the results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the
Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
29 |
Our audits included performing procedures to assess the
risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by
correspondence with the custodian, brokers, and others; when replies were not received from brokers and others,
we performed other auditing procedures. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
October 23, 2023
| 30 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
Other Information (Unaudited)
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF” )
annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are
registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring
“concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information,
portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by
consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Fund’s current shareholder reports, including the Fund’s investment
portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be
available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also
include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At
this time, management is evaluating the impact of the amended rules and form amendments on the content of the
Fund’s current shareholder reports.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
31 |
Information About Your
Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction
costs include account maintenance fees, which are not shown in this section. The following tables are intended
to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare
these expenses with the ongoing expenses of investing in other
mutual funds. In the most
recent six-month period, the Fund limited these expenses for Capital Shares; 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 (March 1, 2023 to August 31, 2023).
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.
| 32 |
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DWS ESG Liquidity Fund — Capital Shares
|
Expenses and Value of a $1,000
Investment
for the six months ended August 31, 2023 (Unaudited)
| Actual Fund Return |
Capital
Shares |
| Beginning Account Value 3/1/23 |
$1,000.00 |
| Ending Account Value 8/31/23 |
$1,026.09 |
| Expenses Paid per $1,000* |
$.31 |
| Hypothetical 5% Fund Return |
Capital
Shares |
| Beginning Account Value 3/1/23 |
$1,000.00 |
| Ending Account Value 8/31/23 |
$1,024.90 |
| Expenses Paid per $1,000* |
$.31 |
| * |
Expenses are equal to the Capital Shares’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
| Annualized Expense Ratio |
|
| Capital Shares |
.06% |
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
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)
728-3337.
| DWS
ESG Liquidity Fund — Capital Shares |
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33 |
Advisory Agreement Board
Considerations and Fee Evaluation
The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS ESG Liquidity Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management
Americas, Inc. (“DIMA” ) in September 2022.
In terms of the process that the
Board followed prior to approving the Agreement, shareholders should know that:
—
During the entire process, all of 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. These materials
included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee
consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ).
—
The Board also received extensive information throughout the year regarding performance of the Fund.
—
The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the
course of their review of the Fund’s contractual arrangements and considered a comprehensive report
prepared by the Fee Consultant in connection with their deliberations.
—
In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and 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 has 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 DIMA managed 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. In 2018,
| 34 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
approximately 20% of DWS Group’s shares were
sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.
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 Fund’s 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 Agreement, including the scope of advisory services provided under the Agreement. The Board noted that,
under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services to 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 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 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, 2021, the Fund’s gross performance (Capital Shares) was in the 3rd quartile of the
applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge
Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds
(1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates
| DWS
ESG Liquidity Fund — Capital Shares |
| |
35 |
paid by the Fund, which include a 0.097% fee paid
to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of
the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). Based on Broadridge data provided as of December 31, 2021, the Board noted that the Fund’s total (net) operating expenses (excluding 12b-1
fees and/or shareholder administration fees, if applicable) were lower than the median of the applicable
Broadridge expense universe (less any applicable 12b-1 fees) for the following share classes: Capital Shares (1st quartile), Institutional Reserved Shares (1st quartile) and Institutional Shares (1st quartile). The Board noted the expense limitations 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 Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. 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 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 Agreement. 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 and the Fee Consultant reviewed
DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information
provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed 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
| 36 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
affiliates) was lower than 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 Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes
fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing
between the Fund and DIMA of such economies of scale as may exist in the management of 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 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 Fund’s management fees were reasonable.
Compliance.
The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in
recent years. 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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the
Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular
weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual
Independent Trustees may have weighed these factors differently in reaching their individual decisions to
approve the continuation of the Agreement.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
37 |
Board Members and
Officers
The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. 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 Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential
Tower, 800 Boylston
Street, Boston, MA 02199-3600. 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 Trust/Corporation.
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 number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by
the Advisor and any registered funds that have an investment advisor that is an affiliated person of the
Advisor.
Independent Board Members/Independent Advisory Board Members
| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
| Keith R. Fox,
CFA (1954) Chairperson
since 2017, and Board Member
since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
69 |
— |
| 38 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
| 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); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2(population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn. |
69 |
— |
| Mary Schmid
Daugherty, NACD.DC, PHD,
CFA (1958)
Board Member or Advisory
Board Member since 20233
|
Senior Fellow in Applied Finance, Department
of Finance, Opus College of Business at the
University of St. Thomas (1987–present);
Directorships: The Meritex Company
(2017–present); Driessen Water, Inc.
(2016–present); and The Hardenbergh
Foundation (2021–present); Former
Directorships: Mairs & Power Funds Trust
(mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214 |
— |
| Dawn-Marie
Driscoll (1946) Board Member
since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) |
69 |
— |
| DWS
ESG Liquidity Fund — Capital Shares |
| |
39 |
| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
| Richard J.
Herring (1946) Board Member
since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) |
69 |
— |
| Chad D. Perry
(1972) Board Member or
Advisory Board Member
since 20213 |
Executive Vice President and General
Counsel, RLJ Lodging Trust2 (since 2023);
formerly Executive Vice President, General
Counsel and Secretary, Tanger Factory Outlet
Centers, Inc.2 (2011–2023); Executive Vice
President and Deputy General Counsel, LPL
Financial Holdings Inc.2 (2006–2011); Senior
Corporate Counsel, EMC Corporation
(2005–2006); Associate, Ropes & Gray
LLP (1997–2005) |
214 |
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
| Rebecca W.
Rimel (1951) Board Member
since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) |
69 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
| 40 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
| Catherine
Schrand (1964) Board Member
since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Director, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) |
69 |
— |
| William N.
Searcy, Jr. (1946) Board
Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
69 |
— |
Officers5
| Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
| Hepsen Uzcan7 (1974) President
and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc.(2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
| DWS
ESG Liquidity Fund — Capital Shares |
| |
41 |
| Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
| John Millette8 (1962) Vice
President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
| Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
| Diane Kenneally8 (1966) Chief
Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
| Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
| Scott D. Hogan8 (1970) Chief
Compliance Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
| Caroline Pearson8 (1962) Chief
Legal Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
| Christian Rijs7 (1980) Anti-Money
Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
| 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. |
| 42 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
| 2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
| 3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/ International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Daugherty are each a Board Member of each other Trust. |
| 4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. |
| 5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
| 6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
| 7 |
Address: 875 Third Avenue, New York, New York 10022. |
| 8 |
Address: 100 Summer Street, Boston, MA 02110. |
| 9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the
Advisor.
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) 728-3337.
| DWS
ESG Liquidity Fund — Capital Shares |
| |
43 |
Account Management
Resources
| Automated
Information Line |
Institutional Investor Services (800) 730-1313 Personalized account information, information on other DWS funds and services via touchtone telephone and the ability to exchange or redeem shares. |
| Web Site |
liquidity.dws.com/US/products/fund_facts_prospectus_l2.jsp View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. |
| Obtain prospectuses and applications, news about DWS funds,
insight from DWS economists and investment specialists and access
to DWS fund account information. | |
| For More
Information |
(800) 730-1313, option 1 To speak with a fund service representative. |
| Written
Correspondence |
DWS
PO Box 219210 Kansas City, MO 64121-9210 |
| Proxy Voting |
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site —
dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site
— sec.gov. To
obtain a written copy of the Fund’s policies and procedures without charge, upon
request, call us toll free at (800) 728-3337. |
| Portfolio Holdings |
Each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information. |
| Principal
Underwriter |
If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 dws.com (800)
621-1148 |
| 44 |
| |
DWS ESG Liquidity Fund — Capital Shares
|
| Investment
Management |
DWS Investment Management Americas, Inc. (“DIMA” or the
“Advisor”
), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
| |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
| |
Capital Shares |
Institutional Shares |
Institutional Reserved Shares |
| Nasdaq Symbol |
ESIXX |
ESGXX |
ESRXX |
| CUSIP Number |
461473 845 |
461473 837 |
461473 811 |
| Fund Number |
1011 |
1411 |
1211 |
| DWS
ESG Liquidity Fund — Capital Shares |
| |
45 |
| (b) Not applicable | |
| ITEM 2. | CODE OF ETHICS |
|
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
| The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, 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 ESG Liquidity Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), 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 EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
| Fiscal Year Ended August 31, |
Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund | All Other Fees Billed to Fund |
| 2023 | $29,545 | $0 | $5,969 | $0 |
| 2022 | $29,545 | $0 | $7,880 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
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 EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“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 Ended August 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 |
| 2023 | $0 | $539,907 | $0 |
| 2022 | $0 | $32,448 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY 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 EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
| Fiscal Year Ended August 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) |
| 2023 | $5,969 | $539,907 | $0 | $545,876 |
| 2022 | $7,880 | $32,448 | $0 | $40,328 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
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, substantially 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 and (i) and (j) are not applicable.
***
In connection with the audit of the 2022 and 2023 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
| · | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
| Not applicable | ||
| ITEM 6. | 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 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 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 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
| Not applicable | ||
| ITEM 13. | 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. | |
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 ESG Liquidity Fund (Capital Shares), a series of Investors Cash Trust |
| By: |
/s/Hepsen Uzcan Hepsen Uzcan President |
| Date: | 10/30/2023 |
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 President |
| Date: | 10/30/2023 |
| By: |
/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
| Date: | 10/30/2023 |
ATTACHMENTS / EXHIBITS
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