DWS GOVERNMENT CASH RESERVES 4Q18 FUND …

1 4Q18. DWS GOVERNMENT CASH RESERVES . FUND institutional . Share Class: INST I 25160K405 I BIRXX I 500. Objective Average annual total returns (as of 12/31/18). The fund seeks maximum current income to Share Class 1-year 3-year 5-year 10-year Life of YTD Inception the extent consistent with stability of portfolio date principal. INST 1/25/94. Strategy iMoneyNet n/a n/a GOVERNMENT &. The fund is a feeder fund that invests Agencies institutional substantially all of its assets in a master category average1. portfolio, the Cash Management Portfolio (the Portfolio ), which will invest directly in Historical total returns annual returns for INST Class shares (as of 12/31/18).

2 Securities and other instruments. The Portfolio has the same investment objective 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009. as the fund. References to the fund may refer to actions undertaken by the Portfolio. The fund operates as a GOVERNMENT money Performance is historical and does not guarantee future results. Investment return and principal value market fund, as such term is defined under fluctuate with changing market conditions so when redeemed, shares may be worth more or less than federal regulations. The fund invests at least the original cost. Current performance may be lower or higher than the performance data quoted.

3 Of its total assets at the time of Please call (800) 730-1313 for the product's most recent month-end performance. You could lose investment in cash, GOVERNMENT money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at securities, and/or repurchase agreements $ per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your that are collateralized by these instruments. shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required The fund is managed in accordance with minimums because of market conditions or other factors.

4 An investment in the Fund is not insured or Rule 2a-7 under the Investment Company 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 Act of 1940, as amended. The fund follows that the sponsor will provide financial support to the Fund at any time. You should not rely on or expect policies designed to maintain a stable share the Advisor to enter into support agreements or take other actions to maintain the fund's $ share price: Fund securities are denominated in price.

5 The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a dollars and have remaining maturities single holding could have an adverse impact on the fund's share price. The fund's share price can also be of 397 days (about 13 months) or less at the negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a time of purchase. The fund may invest in few large investors in one class of shares of the fund may have a significant adverse effect on the share securities that have certain maturity prices of all classes of shares of the fund.

6 See the prospectus for specific details regarding the fund's risk profile. shortening features (such as interest rate Performance includes reinvestment of all distributions. Index returns may include fees and/or expenses. It is not possible resets and demand features) that have the to invest directly in an index. While all share classes have the same underlying portfolio, their performance will differ. effect of reducing their maturities to 397. days or less at the time of purchase; the Yield information (as of 12/31/18). fund maintains a dollar-weighted average Class: INST. maturity of (i) 60 days or less and (ii) 120 Current 7-day yield days or less determined without regard to Current 7-day yield (Non-subsidized) interest rate resets; the fund maintains certain minimum liquidity standards.

7 Compound 7-day yield Compound 7-day yield (Non-subsidized) Expense ratio (as of latest prospectus). Simple 30-day yield Class Net Gross Contractual Simple 30-day yield (Non-subsidized) Waiver The nonsubsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during INST 04/30/2019. the period shown. Without a waiver, returns would have been lower and any Yields fluctuate and are not guaranteed. The 7-day yield quotation more closely reflects the current earnings of the fund rankings/ratings might have been less favorable. than the total return quotation. Money market 7-day current yield is the annualized net investment income per share for the period shown.

8 The compound yield is calculated similarly but when annualized, the income earned by an investment in the fund is assumed to be reinvested. The Daily Net Yield and/or 30-Day Yield may include capital gain distributions when applicable. The Simple 30-day yield is the net investment income per share earned over the month ended 12/31/18, shown as an annualized percentage of net asset value on that date. For current yield information, visit our website at or call (800) 730-1313. DWS GOVERNMENT CASH RESERVES . FUND institutional 4Q18 /. Portfolio and risk statistics2 (12/31/18) Growth of $1 million investment in INST Class shares from 12/31/08 to 12/31/18.

9 Fund inception date 1/25/1994. $1,250. (in thousands). $1,033,545. Credit rating3 AAAm/Aaa-mf $1,000. Purchase cut-off time 5:00PM $750. $500. Redemption cut-off time 5:00PM. $250. Number of holdings 95. Total net assets $3 billion 12/08 12/10 12/12 12/14 12/16 12/18. Weighted average maturity days Minimum initial investment $10 million Source: DWS. Includes reinvestment of all distributions. Performance is historical and does not guarantee future results. Top holdings (12/31/18) Security type (12/31/18) Features Fixed Income Clearing Corp. Agency 45%. A group of investment professionals is Treasury Floating Rate Notes responsible for the day-to-day management Federal Home Loan Banks Repurchase of the fund.

10 These investment professionals 14%. agreements have a broad range of experience in Treasury Floating Rate Notes Tri-party repurchase 13% managing money market funds. Federal Home Loan Bank agreements Experienced team of portfolio managers, Federal Home Loan Mortgage Corp. Cash 12% credit analysts and client investment Federal Home Loan Mortgage Corp. specialists Treasuries 9% Managing liquidity strategies for more Federal Home Loan Bank than 25 years Federal Home Loan Mortgage Corp. Treasury bills 8% Diverse line-up of products and services Federal Farm Credit Bank Same-day liquidity Global liquidity management resources Holdings-based data is subject to change.