0000088053-11-000970.txt : 20110629 0000088053-11-000970.hdr.sgml : 20110629 20110629154555 ACCESSION NUMBER: 0000088053-11-000970 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20110430 FILED AS OF DATE: 20110629 DATE AS OF CHANGE: 20110629 EFFECTIVENESS DATE: 20110629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH ACCOUNT TRUST CENTRAL INDEX KEY: 0000858372 IRS NUMBER: 371259201 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05970 FILM NUMBER: 11938882 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 0000858372 S000006301 Government & Agency Securities Portfolio C000017334 Service Shares CAGXX C000017335 Capital Assets Funds Shares CAAXX C000017336 Davidson Cash Equivalent Shares CDGXX C000017337 Davidson Cash Equivalent Plus Shares CDPXX C000035155 DWS Government & Agency Money Fund DTGXX C000035156 DWS Government Cash Institutional Shares DBBXX C000035157 Government Cash Managed Shares DCMXX 0000858372 S000006302 Money Market Portfolio C000017338 Capital Assets Funds Shares CAMXX C000017339 Capital Assets Funds Preferred Shares CAQXX C000017342 Service Shares CSAXX C000017343 Davidson Cash Equivalent Plus Shares CSPXX C000019814 Premium Reserve Money Market Shares CXPXX C000019815 Davidson Cash Equivalent Shares CSDXX 0000858372 S000006303 Tax-Exempt Portfolio C000017345 Capital Assets Funds Shares CABXX C000017346 Davidson Cash Equivalent Shares CHDXX C000017348 DWS Tax-Exempt Cash Institutional Shares SCIXX C000017349 Service Shares CHSXX C000017350 Tax-Exempt Cash Managed Shares TXMXX C000035158 DWS Tax-Exempt Money Fund DTBXX C000035159 DWS Tax-Free Money Fund Class S DTCXX C000035160 Tax-Free Investment Class DTDXX N-CSR 1 ar043011cat.htm MONEY MARKET PORTFOLIO, GOVERNMENT & AGENCY SECURITIES PORTFOLIO AND TAX-EXEMPT PORTFOLIO ar043011cat.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number   811-05970

 
Cash Account Trust
 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue
New York, NY 10154-0004
 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (201) 593-6408

Paul Schubert
100 Plaza One
Jersey City, NJ 07311
(Name and Address of Agent for Service)

Date of fiscal year end:
4/30
   
Date of reporting period:
4/30/2011

ITEM 1.
REPORT TO STOCKHOLDERS

 
This N-CSRS filing contains the semiannual reports relating to the classes of the following series of the registrant:
 
·  
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio — Service Shares
·  
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio – Capital Assets Funds Shares and Capital Assets Funds Preferred Shares
·  
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio — Davidson Cash Equivalent Shares and Davidson Cash Equivalent Plus Shares
·  
Money Market Portfolio — Premium Reserve Money Market Shares
·  
Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares and Government Cash Managed Shares
·  
Government & Agency Securities Portfolio — DWS Government & Agency Money Fund
·  
Tax-Exempt Portfolio — DWS Tax-Exempt Cash Institutional Shares and Tax-Exempt Cash Managed Shares
·  
Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund
·  
Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S
·  
Tax-Exempt Portfolio — Tax-Free Investment Class
 
ANNUAL REPORT TO SHAREHOLDERS
 
Cash Account Trust
 
Service Shares
 
Money Market Portfolio
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
April 30, 2011
 
Contents
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
24 Portfolio Summary
25 Investment Portfolio
30 Statement of Assets and Liabilities
32 Statement of Operations
33 Statement of Changes in Net Assets
34 Financial Highlights
DWS Tax-Exempt Portfolio
35 Portfolio Summary
36 Investment Portfolio
48 Statement of Assets and Liabilities
50 Statement of Operations
51 Statement of Changes in Net Assets
53 Financial Highlights
54 Notes to Financial Statements
71 Report of Independent Registered Public Accounting Firm
72 Tax Information
73 Summary of Management Fee Evaluation by Independent Fee Consultant
77 Summary of Administrative Fee Evaluation by Independent Fee Consultant
78 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the funds may have a significant adverse effect on the share prices of all classes of shares of the funds. See the prospectus for specific details regarding the funds' risk profile.
 
The funds' policies and procedures for voting proxies for portfolio securities and information about how the funds voted proxies related to their portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the funds' policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the funds' most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the funds during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
For the Money Market Portfolio, with yields trending lower through most of the period, we continued to hold a large percentage of portfolio assets in short-maturity instruments for yield, high-quality and liquidity purposes. We also maintained a conservative average maturity, with portfolio assets broadly diversified among a number of sectors, including banks, asset-backed securities, commercial paper and sovereign debt.4,5 Toward the end of the period, we permitted the fund's average maturity to shorten, as we believed that money market yields could move up if Congress again raises the US debt ceiling.
 
For the Government & Agency Securities Portfolio, we maintained an increased focus on overnight repurchase agreements and one- to three-month government and agency securities, as we believe that there was not a great deal of value in longer-maturity issues during the period ending April 30, 2011.6
 
For the Tax-Exempt Portfolio, in light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period ending April 30, 2011, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)7 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the funds.
 
Negative Contributors to Fund Performance
 
For all three funds, the types of securities that we were investing in tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost each fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the funds.8 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the funds and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the funds' risk profile.
   
   
7-Day Current Yield
  
Money Market Portfolio — Service Shares
     0.01 %*
Government & Agency Securities Portfolio — Service Shares
     0.01 %*
Tax-Exempt Portfolio — Service Shares
     0.01 %*
(Equivalent Taxable Yield)
     0.02 %**
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield of the Money Market Portfolio — Service Shares, the Government & Agency Securities Portfolio — Service Shares and the Tax-Exempt Portfolio — Service Shares would have been -0.82%, -0.84% and -0.70%, respectively, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 Asset-backed securities are securities backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. Sovereign debt is bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth.
 
6 Overnight repurchase agreements — a form of short-term borrowing whereby a government security is sold on an overnight basis and purchased back the next day.
 
7 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
8 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
Information About Each Fund's Expenses
 
As an investor of a Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) 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 each 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 Funds limited these expenses; had they not done so, expenses would have been higher for the Service Shares. 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 (November 1, 2010 to April 30, 2011).
 
The tables illustrate each 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 each Fund using each 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% Portfolio Return. This helps you to compare each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each 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.
 
Service Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Money Market Portfolio
    
Government & Agency Securities Portfolio
    
Tax-Exempt Portfolio
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.08     $ 1,000.05     $ 1,000.05  
Expenses Paid per $1,000*
   $ 1.64     $ .89     $ 1.64  
Hypothetical 5% Fund Return
                        
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.16     $ 1,023.90     $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.66     $ .90     $ 1.66  
 
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Money Market Portfolio
Government & Agency Securities Portfolio
Tax-Exempt Portfolio
Service Shares
.33%
.18%
.33%
 
For more information, please refer to each Fund's prospectus.
 
Portfolio Summary
 
Money Market Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Commercial Paper
34%
38%
Short-Term Notes
17%
26%
Repurchase Agreements
16%
12%
Certificates of Deposit and Bank Notes
16%
13%
Government & Agency Obligations
14%
10%
Time Deposits
3%
—
Supranational
—
1%
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Money Market Portfolio
48 days
41 days
iMoneyNet First Tier Retail Money Fund Average*
40 days
46 days
 
* The Fund is compared to its respective iMoneyNet Category: First Tier Retail Money Fund Average — Category includes a widely recognized composite of money market funds that invest in only first tier (highest rating) securities. Portfolio holdings of First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed Commercial Paper.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 10-17. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Money Market Portfolio
 
Principal Amount ($)
Value ($)
  
     
Certificates of Deposit and Bank Notes 15.8%
  
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
6,500,000
6,828,336
  
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
25,000,000
25,000,000
  
BNP Paribas:
  
 
0.35%, 8/8/2011
  
20,000,000
20,000,000
  
 
0.45%, 7/25/2011
  
7,000,000
6,999,834
  
 
0.55%, 5/13/2011
  
7,000,000
7,000,093
  
Credit Agricole SA, 0.3%, 8/4/2011
12,000,000
12,000,000
  
Dexia Credit Local:
  
 
0.24%, 5/3/2011
  
23,437,000
23,437,000
  
 
144A, 2.375%, 9/23/2011
  
8,000,000
8,055,854
  
International Finance Corp., 3.0%, 11/15/2011
6,000,000
6,084,144
  
KBC Bank NV, 0.3%, 5/6/2011
6,500,000
6,500,000
  
Landesbank Hessen-Thueringen Girozentrale:
  
 
0.2%, 5/12/2011
  
3,000,000
3,000,000
  
 
0.2%, 5/20/2011
  
6,000,000
6,000,000
  
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
8,500,000
8,500,000
  
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
12,000,000
12,000,000
  
Natixis, 0.22%, 6/24/2011
20,000,000
20,000,000
  
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
10,000,000
10,078,955
  
Nordea Bank Finland PLC:
  
 
0.27%, 6/28/2011
  
12,000,000
12,000,000
  
 
0.28%, 7/5/2011
  
25,000,000
25,000,226
  
 
0.44%, 6/30/2011
  
10,000,000
10,000,498
  
 
0.67%, 7/20/2011
  
15,000,000
15,008,950
  
Skandinaviska Enskilda Banken AB:
  
 
0.24%, 6/20/2011
  
25,000,000
25,000,000
  
 
0.25%, 6/10/2011
  
6,000,000
6,000,000
  
 
0.26%, 6/3/2011
  
15,000,000
15,000,000
  
 
0.26%, 6/6/2011
  
15,000,000
15,000,000
  
 
0.31%, 5/27/2011
  
18,000,000
18,000,000
  
Societe Generale:
  
 
0.2%, 7/5/2011
  
6,000,000
6,000,000
  
 
0.35%, 5/16/2011
  
12,000,000
12,000,000
  
Sumitomo Mitsui Banking Corp.:
  
 
0.28%, 6/1/2011
  
28,000,000
28,000,000
  
 
0.3%, 5/3/2011
  
6,000,000
6,000,000
  
Svenska Handelsbanken AB:
  
 
0.24%, 7/6/2011
  
20,500,000
20,500,000
  
 
0.275%, 6/23/2011
  
15,000,000
15,000,055
  
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
409,993,945
  
   
Commercial Paper 34.6%
  
Issued at Discount**
  
Abbey National North America LLC, 0.3%, 6/27/2011
6,500,000
6,496,912
  
Alpine Securitization, 144A, 0.16%, 6/2/2011
40,000,000
39,994,311
  
Argento Variable Funding:
  
 
144A, 0.31%, 6/20/2011
  
15,000,000
14,993,542
  
 
144A, 0.319%, 5/3/2011
  
6,500,000
6,499,884
  
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
25,000,000
24,999,472
  
Barclays Bank PLC, 0.31%, 5/26/2011
12,500,000
12,497,309
  
BPCE SA, 0.27%, 7/26/2011
9,000,000
8,994,195
  
Caisse d'Amortissement de la Dette Sociale:
  
 
0.22%, 8/5/2011
  
12,000,000
11,992,960
  
 
0.25%, 7/25/2011
  
18,000,000
17,989,375
  
 
0.27%, 5/31/2011
  
16,620,000
16,616,261
  
 
0.28%, 6/1/2011
  
12,800,000
12,796,914
  
 
0.29%, 5/31/2011
  
15,000,000
14,996,375
  
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
20,000,000
19,998,311
  
Comcast Corp., 0.31%, 5/6/2011
10,000,000
9,999,569
  
Eksportfinans ASA, 0.15%, 5/5/2011
37,500,000
37,499,375
  
ENI Coordination Center SA, 0.3%, 5/26/2011
12,500,000
12,497,396
  
Google, Inc., 0.4%, 9/16/2011
8,000,000
7,987,733
  
Grampian Funding LLC:
  
 
144A, 0.26%, 7/14/2011
  
10,000,000
9,994,656
  
 
144A, 0.26%, 7/19/2011
  
3,000,000
2,998,288
  
 
144A, 0.27%, 7/8/2011
  
12,000,000
11,993,880
  
 
144A, 0.27%, 7/11/2011
  
25,000,000
24,986,688
  
 
144A, 0.28%, 7/7/2011
  
10,000,000
9,994,789
  
 
144A, 0.28%, 7/8/2011
  
13,000,000
12,993,124
  
Johnson & Johnson:
  
 
144A, 0.18%, 6/3/2011
  
12,850,000
12,847,880
  
 
144A, 0.19%, 8/22/2011
  
15,000,000
14,991,054
  
Kells Funding LLC:
  
 
144A, 0.33%, 5/9/2011
  
6,000,000
5,999,560
  
 
144A, 0.35%, 5/18/2011
  
3,000,000
2,999,504
  
 
144A, 0.35%, 6/6/2011
  
6,000,000
5,997,900
  
 
144A, 0.36%, 5/17/2011
  
18,000,000
17,997,120
  
 
144A, 0.37%, 6/17/2011
  
15,000,000
14,992,754
  
 
144A, 0.38%, 6/17/2011
  
12,000,000
11,994,047
  
 
144A, 0.39%, 7/5/2011
  
10,000,000
9,992,958
  
 
144A, 0.39%, 9/6/2011
  
13,750,000
13,730,933
  
 
144A, 0.4%, 7/1/2011
  
8,000,000
7,994,578
  
LMA Americas LLC, 144A, 0.17%, 5/9/2011
6,000,000
5,999,773
  
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
12,419,000
12,417,603
  
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
12,500,000
12,492,500
  
Nieuw Amsterdam Receivables Corp.:
  
 
144A, 0.24%, 6/2/2011
  
13,500,000
13,497,120
  
 
144A, 0.25%, 5/6/2011
  
12,000,000
11,999,583
  
NRW.Bank:
  
 
0.19%, 6/28/2011
  
13,500,000
13,495,868
  
 
0.22%, 7/14/2011
  
6,000,000
5,997,287
  
 
0.275%, 6/10/2011
  
8,000,000
7,997,556
  
 
0.3%, 5/2/2011
  
12,000,000
11,999,900
  
 
0.3%, 5/3/2011
  
30,000,000
29,999,500
  
 
0.3%, 5/23/2011
  
12,500,000
12,497,708
  
Procter & Gamble Co., 0.19%, 6/3/2011
16,513,000
16,510,124
  
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
26,000,000
25,996,707
  
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
3,000,000
2,999,425
  
Sanofi-Aventis SA, 0.3%, 8/15/2011
12,500,000
12,488,958
  
SBAB Bank AB:
  
 
144A, 0.35%, 7/19/2011
  
6,000,000
5,995,392
  
 
144A, 0.37%, 7/13/2011
  
12,500,000
12,490,622
  
 
144A, 0.39%, 6/9/2011
  
12,000,000
11,994,930
  
 
144A, 0.39%, 7/5/2011
  
12,500,000
12,491,198
  
 
144A, 0.4%, 6/23/2011
  
6,000,000
5,996,467
  
Scaldis Capital LLC:
  
 
0.32%, 5/20/2011
  
5,000,000
4,999,156
  
 
0.32%, 6/2/2011
  
9,000,000
8,997,440
  
Shell International Finance BV, 0.4%, 5/2/2011
5,000,000
4,999,944
  
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
15,000,000
14,999,375
  
Standard Chartered Bank, 0.29%, 5/24/2011
20,000,000
19,996,294
  
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
15,000,000
14,999,896
  
Svenska Handelsbanken AB, 0.28%, 5/18/2011
6,000,000
5,999,207
  
Swedbank AB:
  
 
0.26%, 7/27/2011
  
12,000,000
11,992,460
  
 
0.27%, 7/11/2011
  
10,000,000
9,994,675
  
 
0.27%, 7/26/2011
  
10,000,000
9,993,550
  
 
0.285%, 5/23/2011
  
12,000,000
11,997,910
  
 
0.3%, 5/13/2011
  
28,000,000
27,997,200
  
 
0.34%, 7/5/2011
  
20,000,000
19,987,722
  
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
12,500,000
12,485,253
  
Total Commercial Paper (Cost $894,147,910)
894,147,910
  
   
Short-Term Notes* 17.7%
  
Abbey National Treasury Services PLC:
  
 
0.38%, 4/16/2012
  
18,000,000
18,000,000
  
 
0.49%, 11/2/2011
  
12,500,000
12,500,000
  
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
12,500,000
12,500,000
  
Bank of Nova Scotia:
  
 
0.22%, 8/25/2011
  
16,500,000
16,500,000
  
 
0.27%, 9/12/2011
  
7,000,000
7,000,000
  
 
0.35%, 12/8/2011
  
8,000,000
8,000,000
  
Barclays Bank PLC, 0.533%, 7/19/2011
15,000,000
15,000,000
  
BNP Paribas, 0.492%, 8/22/2011
25,000,000
25,000,000
  
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
26,000,000
25,996,945
  
Canadian Imperial Bank of Commerce:
  
 
0.18%, 5/12/2011
  
20,000,000
20,000,000
  
 
0.292%, 4/26/2012
  
21,600,000
21,600,000
  
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
12,000,000
12,000,000
  
Credit Suisse, 0.19%, 6/3/2011
12,000,000
12,000,000
  
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
11,500,000
11,500,000
  
Kells Funding LLC:
  
 
144A, 0.318%, 8/15/2011
  
12,500,000
12,500,000
  
 
144A, 0.342%, 2/24/2012
  
13,750,000
13,750,000
  
 
144A, 0.383%, 12/1/2011
  
10,000,000
10,000,000
  
National Australia Bank Ltd.:
  
 
0.261%, 10/5/2011
  
12,500,000
12,500,000
  
 
0.291%, 6/10/2011
  
15,000,000
15,000,000
  
Nordea Bank Finland PLC:
  
 
0.56%, 2/3/2012
  
3,000,000
3,004,662
  
 
0.574%, 10/20/2011
  
12,500,000
12,517,260
  
 
0.58%, 10/14/2011
  
10,000,000
10,013,284
  
Rabobank Nederland NV:
  
 
0.263%, 5/13/2011
  
14,000,000
14,000,001
  
 
0.307%, 4/24/2012
  
7,750,000
7,749,616
  
 
0.311%, 1/10/2012
  
8,000,000
8,000,000
  
 
144A, 0.384%, 3/16/2012
  
12,000,000
12,000,000
  
 
144A, 0.458%, 9/28/2011
  
6,000,000
6,003,687
  
Royal Bank of Canada, 0.31%, 8/12/2011
11,300,000
11,300,000
  
Societe Generale, 0.32%, 5/19/2011
24,000,000
24,000,000
  
Westpac Banking Corp.:
  
 
0.27%, 10/12/2011
  
16,000,000
16,000,000
  
 
0.293%, 6/1/2011
  
8,000,000
8,000,000
  
 
0.321%, 5/9/2012
  
17,000,000
17,000,000
  
 
144A, 0.323%, 10/28/2011
  
12,000,000
12,001,367
  
 
0.36%, 1/10/2012
  
14,000,000
14,000,000
  
Total Short-Term Notes (Cost $456,936,822)
456,936,822
  
   
Government & Agency Obligations 13.9%
  
Foreign Government Obligations 0.5%
  
Kingdom of Denmark, 2.75%, 11/15/2011
11,500,000
11,643,626
  
Other Government Related (a) 1.6%
  
European Investment Bank:
  
 
0.24%, 6/28/2011
  
13,000,000
12,994,973
  
 
2.625%, 5/16/2011
  
7,000,000
7,006,628
  
 
2.625%, 11/15/2011
  
22,000,000
22,267,637
  
 
42,269,238
  
US Government Sponsored Agencies 5.5%
  
Federal Farm Credit Bank:
  
 
0.223%*, 11/2/2011
  
12,250,000
12,249,690
  
 
0.259%**, 10/20/2011
  
5,000,000
4,993,789
  
 
0.259%**, 4/4/2012
  
5,000,000
4,987,758
  
 
0.319%**, 12/16/2011
  
10,200,000
10,179,237
  
Federal Home Loan Bank:
  
 
0.24%, 10/28/2011
  
14,000,000
13,995,584
  
 
0.25%, 10/28/2011
  
14,000,000
13,999,429
  
 
0.268%**, 9/12/2011
  
10,000,000
9,989,950
  
 
0.54%, 5/24/2011
  
4,400,000
4,400,022
  
 
1.0%, 12/28/2011
  
10,000,000
10,053,762
  
Federal National Mortgage Association:
  
 
0.113%*, 7/27/2011
  
12,500,000
12,498,033
  
 
0.159%**, 11/21/2011
  
15,000,000
14,986,400
  
 
0.182%**, 6/16/2011
  
12,500,000
12,497,045
  
 
4.68%, 6/15/2011
  
7,000,000
7,038,043
  
 
5.375%, 11/15/2011
  
10,000,000
10,280,209
  
 
142,148,951
  
US Treasury Obligations 6.3%
  
US Treasury Bills:
  
 
0.155%**, 7/28/2011
  
996,000
995,623
  
 
0.16%**, 9/1/2011
  
12,500,000
12,493,167
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
39,500,000
39,518,687
  
 
0.875%, 1/31/2012
  
13,500,000
13,567,775
  
 
1.0%, 9/30/2011
  
37,000,000
37,117,154
  
 
4.5%, 11/30/2011
  
7,000,000
7,170,545
  
 
4.625%, 8/31/2011
  
27,500,000
27,899,749
  
 
4.625%, 10/31/2011
  
17,000,000
17,369,535
  
 
5.125%, 6/30/2011
  
7,500,000
7,560,710
  
 
163,692,945
  
Total Government & Agency Obligations (Cost $359,754,760)
359,754,760
  
   
Time Deposits 2.6%
  
Citibank NA, 0.13%, 5/5/2011
58,000,000
58,000,000
  
National Australia Bank Ltd., 0.08%, 5/2/2011
9,315,483
9,315,483
  
Total Time Deposits (Cost $67,315,483)
67,315,483
  
   
Municipal Bonds and Notes 0.2%
  
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
4,085,000
4,085,000
  
   
Repurchase Agreements 16.2%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
5,000,000
5,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
39,285,715
39,285,715
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
124,000,000
124,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
64,281,428
64,281,428
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
23,000,000
23,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
15,000,000
15,000,000
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
142,000,000
142,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
6,000,000
6,000,000
  
Total Repurchase Agreements (Cost $418,567,143)
418,567,143
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,610,801,063)+
     101.0       2,610,801,063  
Other Assets and Liabilities, Net
     (1.0 )     (24,871,551 )
Net Assets
     100.0       2,585,929,512  
 
* These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
** Annualized yield at time of purchase; not a coupon rate.
 
*** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
+ The cost for federal income tax purposes was $2,610,801,063.
 
(a) Government-backed debt issued by financial companies or government sponsored enterprises.
 
(b) Collateralized by $5,100,300 US Treasury Bill, maturing on 7/7/2011 with a value of $5,100,045.
 
(c) Collateralized by $41,890,600 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $40,071,491.
 
(d) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  29,000,000  
Federal Home Loan Bank
     3.125  
3/11/2016
     30,474,263  
  91,202,000  
Federal National Mortgage Association
     2.625  
11/20/2014
     96,010,512  
Total Collateral Value
               126,484,775  
 
(e) Collateralized by $87,016,788 US Treasury STRIPS, with various maturity dates of 5/15/2019-8/15/2020 with a value of $65,568,029.
 
(f) Collateralized by $23,827,802 Federal Home Loan Mortgage Corp., with various coupon rates from 2.0-2.75%, with various maturity dates of 11/15/2038-9/15/2040 with a value of $23,464,662.
 
(g) Collateralized by $14,787,810 Federal Home Loan Mortgage Corp., 3.295%, maturing on 1/1/2041 with a value of $15,300,001.
 
(h) Collateralized by $138,402,899 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 8/1/2038-4/1/2041 with a value of $144,840,000.
 
(i) Collateralized by $7,977,887 Federal National Mortgage Association — Principal Only, with various maturity dates of 3/25/2036-5/25/2040 with a value of $6,120,000.
 
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.
 
LOC: Letter of Credit
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying morgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (j)
   $ —     $ 2,192,233,920     $ —     $ 2,192,233,920  
Repurchase Agreements
     —       418,567,143       —       418,567,143  
Total
   $ —     $ 2,610,801,063     $ —     $ 2,610,801,063  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(j) See Investment Portfolio for additional categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Money Market Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,192,233,920  
Repurchase agreements, valued at amortized cost
     418,567,143  
Total investments, valued at amortized cost
     2,610,801,063  
Cash
     2,856  
Receivable for Fund shares sold
     3,963  
Interest receivable
     2,616,479  
Due from Advisor
     16,735  
Other assets
     93,812  
Total assets
     2,613,534,908  
Liabilities
  
Payable for investments purchased
     25,996,945  
Payable for Fund shares redeemed
     22,024  
Accrued management fee
     322,306  
Other accrued expenses and payables
     1,264,121  
Total liabilities
     27,605,396  
Net assets, at value
   $ 2,585,929,512  
Net Assets Consist of
  
Undistributed net investment income
     39,083  
Paid-in capital
     2,585,890,429  
Net assets, at value
   $ 2,585,929,512  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Money Market Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Money Market Portfolio
  
Income:
Interest
   $ 8,798,068  
Expenses:
Management fee
     3,881,269  
Services to shareholders
     6,076,379  
Custodian fee
     74,890  
Distribution and service fees
     14,110,025  
Professional fees
     138,516  
Trustees' fees and expenses
     77,791  
Reports to shareholders
     320,727  
Registration fees
     165,621  
Other
     109,278  
Total expenses before expense reductions
     24,954,496  
Expense reductions
     (16,494,317 )
Total expenses after expense reductions
     8,460,179  
Net investment income
     337,889  
Net realized gain (loss) from investments
     46,708  
Net increase (decrease) in net assets resulting from operations
   $ 384,597  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Money Market Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 337,889     $ 1,401,172  
Net realized gain (loss)
     46,708       163,092  
Net increase in net assets resulting from operations
     384,597       1,564,264  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (187,975 )     (325,020 )
Capital Assets Funds Preferred Shares
     (13,299 )     (22,211 )
Davidson Cash Equivalent Shares
     (1,869 )     (2,135 )
Davidson Cash Equivalent Plus Shares
     (221 )     (304 )
Institutional Money Market Shares
     —       (739,919 )
Institutional Select Money Market Shares
     —       (18 )
Premier Money Market Shares
     (5,042 )     (80,727 )
Premium Reserve Money Market Shares
     (7,826 )     (119,850 )
Service Shares
     (183,668 )     (110,887 )
Net realized gains:
Capital Assets Funds Shares
     —       (185,696 )
Capital Assets Funds Preferred Shares
     —       (11,952 )
Davidson Cash Equivalent Shares
     —       (4,764 )
Davidson Cash Equivalent Plus Shares
     —       (692 )
Institutional Money Market Shares
     —       (48,898 )
Institutional Select Money Market Shares
     —       (1 )
Premier Money Market Shares
     —       (232,203 )
Premium Reserve Money Market Shares
     —       (48,826 )
Service Shares
     —       (238,491 )
Total distributions
     (399,900 )     (2,172,594 )
Fund share transactions:
Proceeds from shares sold
     2,807,221,339       3,753,564,969  
Reinvestment of distributions
     395,534       2,086,161  
Cost of shares redeemed
     (2,616,619,588 )     (6,446,352,321 )
Net increase (decrease) in net assets from Fund share transactions
     190,997,285       (2,690,701,191 )
Increase (decrease) in net assets
     190,981,982       (2,691,309,521 )
Net assets at beginning of period
     2,394,947,530       5,086,257,051  
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
   $ 2,585,929,512     $ 2,394,947,530  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Money Market Portfolio
Service Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .012       .038       .043  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .012       .038       .043  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.012 )     (.038 )     (.043 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.012 )     (.038 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .03       1.21       3.91       4.38  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     1,659       1,236       1,136       1,249       1,097  
Ratio of expenses before expense reductions (%)
     1.05       1.06       1.06       1.06       1.08  
Ratio of expenses after expense reductions (%)
     .35       .44       1.00       1.02       1.00  
Ratio of net investment income (%)
     .01       .01       1.16       3.79       4.28  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Government & Agency Securities Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Government & Agency Obligations
50%
85%
Repurchase Agreements
48%
15%
Commercial Paper
2%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Government & Agency Securities Portfolio
49 days
52 days
iMoneyNet Government & Agencies Retail Money Fund Average*
38 days
45 days
 
* The Fund is compared to its respective iMoney Net Category: Government & Agencies Retail Money Fund Average consists of all non-institutional government money market funds. Category includes the most broadly based of the government retail funds. These funds can invest in US Treasuries, US Other, Repos, whether or not they are backed by US Treasuries and government-backed Floating Rate Notes.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 25-29. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Government & Agency Securities Portfolio
 
Principal Amount ($)
Value ($)
  
     
Commercial Paper 1.8%
  
Issued at Discount
  
Straight-A Funding LLC:
  
 
144A, 0.15%, 5/11/2011
  
20,000,000
19,999,167
  
 
144A, 0.2%, 7/5/2011
  
80,000,000
79,971,111
  
Total Commercial Paper (Cost $99,970,278)
99,970,278
  
   
Government & Agency Obligations 51.6%
  
US Government Sponsored Agencies 45.9%
  
Federal Farm Credit Bank:
  
 
0.119%**, 5/18/2012
  
165,000,000
164,991,321
  
 
0.12%**, 1/12/2012
  
100,000,000
100,001,775
  
 
0.129%*, 9/9/2011
  
25,000,000
24,988,174
  
 
0.134%**, 7/15/2011
  
85,000,000
84,999,308
  
 
0.164%*, 5/24/2011
  
50,000,000
49,994,569
  
 
0.208%*, 8/3/2011
  
43,500,000
43,476,148
  
 
0.259%*, 10/20/2011
  
34,500,000
34,457,143
  
 
0.259%*, 4/4/2012
  
12,500,000
12,469,396
  
 
0.269%*, 3/23/2012
  
25,000,000
24,938,688
  
 
0.319%*, 12/16/2011
  
28,000,000
27,943,004
  
 
0.319%*, 1/12/2012
  
33,000,000
32,924,907
  
Federal Home Loan Bank:
  
 
0.018%*, 5/2/2011
  
12,737,000
12,737,000
  
 
0.064%*, 7/20/2011
  
100,000,000
99,985,556
  
 
0.068%*, 5/27/2011
  
50,000,000
49,997,472
  
 
0.076%*, 5/18/2011
  
55,000,000
54,997,922
  
 
0.089%*, 9/6/2011
  
50,000,000
49,984,000
  
 
0.149%*, 8/12/2011
  
7,500,000
7,496,781
  
 
0.149%*, 8/17/2011
  
12,207,000
12,201,507
  
 
0.17%**, 1/18/2012
  
22,000,000
22,006,379
  
 
0.183%**, 9/26/2011
  
12,500,000
12,499,749
  
 
0.24%, 10/28/2011
  
36,275,000
36,266,384
  
 
0.248%*, 8/22/2011
  
5,000,000
4,996,076
  
 
0.268%*, 9/12/2011
  
15,900,000
15,884,021
  
 
0.3%, 12/27/2011
  
75,000,000
75,022,455
  
 
0.76%, 7/19/2011
  
15,000,000
15,017,910
  
 
1.0%, 12/28/2011
  
13,460,000
13,532,363
  
 
5.375%, 8/19/2011
  
14,900,000
15,129,895
  
Federal Home Loan Mortgage Corp.:
  
 
0.028%*, 5/19/2011
  
15,000,000
14,999,775
  
 
0.08%**, 11/9/2011
  
75,000,000
74,967,946
  
 
0.14%**, 11/10/2011
  
200,000,000
200,000,000
  
 
0.149%*, 7/27/2011
  
85,000,000
84,969,188
  
 
0.164%*, 9/1/2011
  
8,935,000
8,929,963
  
 
0.167%*, 6/13/2011
  
27,061,000
27,055,505
  
 
0.193%*, 7/25/2011
  
34,494,000
34,478,118
  
 
0.198%*, 7/12/2011
  
100,000,000
99,960,000
  
Federal National Mortgage Association:
  
 
0.059%*, 6/13/2011
  
75,000,000
74,994,625
  
 
0.079%*, 7/21/2011
  
100,000,000
99,982,000
  
 
0.099%*, 8/8/2011
  
32,500,000
32,491,063
  
 
0.113%**, 7/27/2011
  
190,000,000
189,983,791
  
 
0.119%*, 8/22/2011
  
25,000,000
24,990,583
  
 
0.119%*, 9/13/2011
  
100,000,000
99,955,000
  
 
0.129%*, 9/26/2011
  
65,000,000
64,965,261
  
 
0.159%*, 11/21/2011
  
100,000,000
99,909,333
  
 
0.174%**, 9/19/2011
  
30,000,000
29,999,404
  
 
0.178%*, 7/20/2011
  
44,000,000
43,982,400
  
 
0.178%*, 7/27/2011
  
51,659,000
51,636,528
  
 
0.182%*, 6/16/2011
  
35,000,000
34,991,726
  
 
5.0%, 10/15/2011
  
50,000,000
51,082,031
  
 
5.375%, 11/15/2011
  
16,040,000
16,489,455
  
 
2,559,753,598
  
US Treasury Obligations 5.7%
  
US Treasury Bill, 0.16%*, 9/1/2011
  
17,500,000
17,490,433
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
25,000,000
25,014,282
  
 
1.0%, 9/30/2011
  
84,500,000
84,768,848
  
 
1.75%, 11/15/2011
  
50,000,000
50,394,064
  
 
4.625%, 8/31/2011
  
43,500,000
44,134,573
  
 
4.625%, 10/31/2011
  
45,000,000
45,986,196
  
 
5.125%, 6/30/2011
  
50,000,000
50,404,731
  
 
318,193,127
  
Total Government & Agency Obligations (Cost $2,877,946,725)
2,877,946,725
  
   
Repurchase Agreements 49.5%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
215,000,000
215,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
42,428,571
42,428,571
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
704,000,000
704,000,000
  
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
22,000,000
22,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
432,618,951
432,618,951
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
223,000,000
223,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
123,926,503
123,926,503
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
252,000,000
252,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
441,000,000
441,000,000
  
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
300,000,000
300,000,000
  
Total Repurchase Agreements (Cost $2,755,974,025)
2,755,974,025
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $5,733,891,028)+
     102.9       5,733,891,028  
Other Assets and Liabilities, Net
     (2.9 )     (162,027,136 )
Net Assets
     100.0       5,571,863,892  
 
* Annualized yield at time of purchase; not a coupon rate.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $5,733,891,028.
 
(a) Collateralized by $207,105,300 US Treasury Note, 3.125%, maturing on 9/30/2013 with a value of $219,300,094.
 
(b) Collateralized by $45,241,800 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $43,277,165.
 
(c) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  522,522,000  
Federal Home Loan Mortgage Corp.
     1.65-5.5  
4/28/2014-
4/8/2030
     546,732,677  
  161,294,000  
Federal National Mortgage Association
     3.25-4.75  
2/21/2013-
4/9/2013
     171,348,112  
Total Collateral Value
     718,080,789  
 
(d) Collateralized by $22,443,000 Federal Home Loan Bank, maturing on 7/29/2011 with a value of $22,440,082.
 
(e) Collateralized by $531,439,126 US Treasury STRIPS, maturing on 11/15/2013-2/15/2020 with a value of $441,272,531.
 
(f) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  185,181,947  
Federal Home Loan Mortgage Corp.
  
Zero Coupon-6.5
  
7/15/2015-
8/15/2039
     192,999,725  
  54,470,688  
Federal Home Loan Mortgage Corp. —
Interest only
     5.281  
1/15/2039
     5,749,091  
  7,680,197  
Federal Home Loan Mortgage Corp. — Principal only
  
Zero Coupon
  
11/15/2036-
5/15/2037
     6,713,414  
  23,268,926  
Federal National Mortgage Association
     0.513-6.47  
2/25/2029-
6/25/2037
     22,905,889  
Total Collateral Value
     228,368,119  
 
(g) Collateralized by $124,768,369 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-4.5%, with various maturity dates of 3/1/2039-12/1/2040 with a value of $126,405,034.
 
(h) Collateralized by $242,597,416 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 3/1/2038-4/1/2041 with a value of $257,040,001.
 
(i) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  22,370,889  
Federal Home Loan Mortgage Corp.
     4.0-5.5  
4/15/2040-
4/15/2041
     21,981,083  
  491,792,871  
Federal Home Loan Mortgage Corp. —
Interest only
     5.781-6.431  
9/15/2033-
11/15/2038
     77,032,731  
  210,576,230  
Federal National Mortgage Association
  
Zero Coupon — 5.5
  
6/25/2021-
3/25/2041
     213,820,002  
  914,052,013  
Federal National Mortgage Association — Interest only
     5.787-6.266  
6/25/2038-
1/25/2041
     136,986,185  
Total Collateral Value
     449,820,001  
 
(j) Collateralized by $295,084,262 Federal National Mortgage Association, with various coupon rates from 3.5-4.5%, with various maturity dates of 10/25/2039-2/25/2041 with a value of $306,000,000.
 
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.
 
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (k)
   $ —     $ 2,977,917,003     $ —     $ 2,977,917,003  
Repurchase Agreements
     —       2,755,974,025       —       2,755,974,025  
Total
   $ —     $ 5,733,891,028     $ —     $ 5,733,891,028  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(k) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Government & Agency Securities Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,977,917,003  
Repurchase agreements, valued at amortized cost
     2,755,974,025  
Total investments, valued at amortized cost
     5,733,891,028  
Receivable for Fund shares sold
     142,451  
Interest receivable
     3,670,502  
Due from Advisor
     136,428  
Other assets
     95,442  
Total assets
     5,737,935,851  
Liabilities
  
Payable for investments purchased
     164,991,321  
Payable for Fund shares redeemed
     126,472  
Distributions payable
     106,265  
Accrued management fee
     99,239  
Other accrued expenses and payables
     748,662  
Total liabilities
     166,071,959  
Net assets, at value
   $ 5,571,863,892  
Net Assets Consist of
  
Undistributed net investment income
     201,484  
Accumulated net realized gain (loss)
     (602,497 )
Paid-in capital
     5,572,264,905  
Net assets, at value
   $ 5,571,863,892  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Government & Agency Securities Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Government & Agency Securities Portfolio
  
Income:
Interest
   $ 9,770,345  
Expenses:
Management fee
     2,506,115  
Administration fee
     4,222,727  
Services to shareholders
     1,845,325  
Custodian fee
     76,975  
Distribution and service fees
     3,146,324  
Professional fees
     150,210  
Trustees' fees and expenses
     127,065  
Reports to shareholders
     10,937  
Registration fees
     141,522  
Other
     393,329  
Total expenses before expense reductions
     12,620,529  
Expense reductions
     (5,190,147 )
Total expenses after expense reductions
     7,430,382  
Net investment income
     2,339,963  
Net realized gain (loss) from investments
     (602,497 )
Net increase (decrease) in net assets resulting from operations
   $ 1,737,466  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Government & Agency Securities Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 2,339,963     $ 18,279,158  
Net realized gain (loss)
     (602,497 )     683,254  
Net increase in net assets resulting from operations
     1,737,466       18,962,412  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (29,745 )     (30,842 )
Davidson Cash Equivalent Shares
     (2,133 )     (2,419 )
Davidson Cash Equivalent Plus Shares
     (5,528 )     (3,042 )
DWS Government & Agency Money Fund
     (28,169 )     (168,152 )
DWS Government Cash Institutional Shares
     (2,230,405 )     (17,853,361 )
Government Cash Managed Shares
     (21,680 )     (46,318 )
Premier Money Market Shares
     —       (176,438 )
Service Shares
     (12,160 )     (13,091 )
Net realized gains:
Capital Assets Funds Shares
     —       (34,871 )
Davidson Cash Equivalent Shares
     —       (2,710 )
Davidson Cash Equivalent Plus Shares
     —       (2,843 )
DWS Government & Agency Money Fund
     —       (32,168 )
DWS Government Cash Institutional Shares
     —       (1,560,440 )
Government Cash Managed Shares
     —       (38,058 )
Premier Money Market Shares
     —       (242,870 )
Service Shares
     —       (14,378 )
Total distributions
     (2,329,820 )     (20,222,001 )
Fund share transactions:
Proceeds from shares sold
     38,138,317,757       89,328,240,895  
Reinvestment of distributions
     1,201,174       9,173,740  
Cost of shares redeemed
     (40,469,462,394 )     (101,467,650,200 )
Net increase (decrease) in net assets from Fund share transactions
     (2,329,943,463 )     (12,130,235,565 )
Increase (decrease) in net assets
     (2,330,535,817 )     (12,131,495,154 )
Net assets at beginning of period
     7,902,399,709       20,033,894,863  
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
   $ 5,571,863,892     $ 7,902,399,709  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Government & Agency Securities Portfolio
Service Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .007       .036       .043  
Net realized and unrealized gain (loss)
     (.000 )*     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .007       .036       .043  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.007 )     (.036 )     (.043 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.007 )     (.036 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .02       .73       3.66       4.36  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     113       117       152       100       53  
Ratio of expenses before expense reductions (%)
     1.04       1.04       1.04       1.05       1.09  
Ratio of expenses after expense reductions (%)
     .22       .31       .93       1.02       1.00  
Ratio of net investment income (%)
     .01       .01       .65 b     3.43       4.28  
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 36-47. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
Service Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income (loss)
     .000 *     .000 *     .008       .024       .026  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     (.000 )*
Total from investment operations
     .000 *     .000 *     .008       .024       .026  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.008 )     (.024 )     (.026 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.008 )     (.024 )     (.026 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .01       .82       2.38       2.64  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     82       37       62       76       18  
Ratio of expenses before expense reductions (%)
     1.04       1.05       1.06       1.05       1.05  
Ratio of expenses after expense reductions (%)
     .34       .46       .97       1.00       1.00  
Ratio of net investment income (%)
     .01       .01       .81       2.32       2.61  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio (the "Funds").
 
Money Market Portfolio offers six classes of shares: Capital Assets Funds Shares, Capital Assets Funds Preferred Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, Premium Reserve Money Market Shares and Service Shares. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio offers seven classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than Service Shares, are provided separately and are available upon request.
 
Each Fund's investment income, realized 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 of that Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
Each Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Funds in the preparation of their financial statements.
 
Security Valuation. Various inputs are used in determining the value of each 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 each Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Funds value all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. Each Fund may enter into repurchase agreements with certain banks and broker/dealers whereby each Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Funds have the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Funds' claims on the collateral may be subject to legal proceedings.
 
Federal Income Taxes. Each of the Funds' policies is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
At April 30, 2011, DWS Government & Agency Securities Portfolio had a net tax basis capital loss carryforward of approximately $602,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until April 30, 2019 (the expiration date), whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Funds have reviewed the tax positions for the open tax years as of April 30, 2011 and have determined that no provision for income tax is required in the Funds' financial statements. The Funds' federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. Net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly. Each Fund may take into account capital gains and losses in its daily dividend declarations. Each 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 Funds.
 
At April 30, 2011, the Funds' components of distributable earnings on a tax basis are as follows:
Money Market Portfolio:
Undistributed ordinary income*
   $ 39,083  
Government & Agency Securities Portfolio:
Undistributed ordinary income*
   $ 307,749  
Capital loss carryforwards
   $ (602,000 )
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by each Fund is summarized as follows:
   
Years Ended April 30,
  
Portfolio
  
2011
    
2010
  
Money Market Portfolio:
Distributions from ordinary income*
   $ 399,900     $ 2,172,594  
Government & Agency Securities Portfolio:
Distributions from ordinary income*
   $ 2,329,820     $ 20,222,001  
Tax-Exempt Portfolio:
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
Contingencies. In the normal course of business, the Funds may enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet been made. However, based on experience, the Funds expect the risk of loss to be remote.
 
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement for Money Market Portfolio. Under an Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of Money Market Portfolio 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.
 
In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement to the Money Market Portfolio. The Money Market Portfolio pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Money Market Portfolio based on its relative net assets, computed and accrued daily and payable monthly, at 1/12 of the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .220 %
Next $500 million of such net assets
     .200 %
Next $1 billion of such net assets
     .175 %
Next $1 billion of such net assets
     .160 %
Over $3 billion of such net assets
     .150 %
 
Management Agreement for Government & Agency Securities Portfolio and Tax-Exempt Portfolio. Under an Amended and Restated Investment Management Agreement with the Advisor, the Advisor directs the investments of Government & Agency Securities Portfolio and Tax-Exempt Portfolio in accordance with their respective 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 each Fund.
 
The Government & Agency Securities Portfolio and Tax-Exempt Portfolio pay a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Government & Agency Securities Portfolio and Tax-Exempt Portfolio based on their relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
The Advisor has agreed to contractually reduce its management fee for the Government & Agency Securities Portfolio such that the annual effective rate is limited to 0.05% of the Government & Agency Securities Portfolio's average daily net assets.
 
The Advisor has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Service Shares for Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio.
 
Accordingly, for the year ended April 30, 2011, the Advisor waived a portion of its management fee on the Government & Agency Securities Portfolio aggregating $713,093, and the amount charged aggregated $1,793,022.
 
For the year ended April 30, 2011, the Funds incurred management fees equivalent to the following annual effective rates of each Fund's average daily net assets:
Fund
Annual Effective Rate
Money Market Portfolio
.16%
Government & Agency Securities Portfolio
.04%
Tax-Exempt Portfolio
.06%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Government & Agency Securities Portfolio and Tax-Exempt Portfolio. For all services provided under the Administrative Services Agreement, each of these two Funds pays the Advisor an annual fee ("Administration Fee") of 0.10% of each of these two Funds' average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee from the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio was as follows:
Fund
  
Administration Fee
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 4,222,727     $ 388,699  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Funds. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DISC were as follows:
Money Market Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 2,080,639     $ 876,994     $ 307,215  
Capital Assets Funds Preferred Shares
     39,377       5,147       1,069  
Davidson Cash Equivalent Shares
     40,021       16,669       6,168  
Davidson Cash Equivalent Plus Shares
     4,140       1,364       470  
Premier Money Market Shares
     126,996       39,884       —  
Premium Reserve Money Market Shares
     85,973       —       30,586  
Service Shares
     3,662,660       1,457,787       594,910  
    $ 6,039,806     $ 2,397,845     $ 940,418  
 

Government & Agency Securities Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 719,797     $ 567,755     $ 74,011  
Davidson Cash Equivalent Shares
     53,615       42,434       4,461  
Davidson Cash Equivalent Plus Shares
     107,807       80,013       10,625  
DWS Government & Agency Money Fund
     183,413       87,726       38,977  
DWS Government Cash Institutional Shares
     268,801       268,801       —  
Government Cash Managed Shares
     153,563       42,737       35,695  
Service Shares
     303,676       241,264       21,188  
    $ 1,790,672     $ 1,330,730     $ 184,957  
 

Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Money Market Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,755,491     $ 2,755,491       .00 %     .33 %
Capital Assets Funds Preferred Shares
     52,348       52,348       .00 %     .20 %
Davidson Cash Equivalent Shares
     45,045       45,045       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     4,430       4,430       .00 %     .25 %
Premier Money Market Shares
     126,560       126,560       .00 %     .25 %
Service Shares
     8,684,015       8,684,015       .00 %     .60 %
    $ 11,667,889     $ 11,667,889                  
 

Government & Agency Securities Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 981,550     $ 981,550       .00 %     .33 %
Davidson Cash Equivalent Shares
     63,985       63,985       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     138,178       138,178       .00 %     .25 %
Service Shares
     729,893       729,893       .00 %     .60 %
    $ 1,913,606     $ 1,913,606                  
 

Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Money Market Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,087,493     $ 2,087,493       .00 %     .25 %
Capital Assets Funds Preferred Shares
     26,174       26,174       .00 %     .10 %
Davidson Cash Equivalent Shares
     37,537       37,537       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     3,544       3,544       .00 %     .20 %
Premier Money Market Shares
     126,561       126,561       .00 %     .25 %
Premium Reserve Money Market Shares
     160,827       147,274       .02 %     .25 %
    $ 2,442,136     $ 2,428,583                  
 

Government & Agency Securities Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 743,598     $ 743,598       .00 %     .25 %
Davidson Cash Equivalent Shares
     53,321       53,321       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     110,542       110,542       .00 %     .20 %
Government Cash Managed Shares
     325,257       325,257       .00 %     .15 %
    $ 1,232,718     $ 1,232,718                  
 

Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DIMA included in the Statement of Operations under "reports to shareholders" were as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Money Market Portfolio
   $ 46,559     $ 16,156  
Government & Agency Securities Portfolio
   $ 10,937     $ 10,937  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Funds paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Funds 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 Funds.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Funds and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. Each 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Funds:
 
Money Market Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     839,154,629     $ 839,154,629       751,023,837     $ 751,023,837  
Capital Assets Funds Preferred Shares
     16,426,872       16,426,872       46,317,102       46,317,102  
Davidson Cash Equivalent Shares
     3,734,002       3,734,002       4,223,891       4,223,891  
Davidson Cash Equivalent Plus Shares
     870,248       870,248       1,119,054       1,119,054  
Institutional Money Market Shares*
     —       —       878,782,978       878,782,978  
Premier Money Market Shares***
     44,284,933       44,284,933       564,549,506       564,549,506  
Premium Reserve Money Market Shares
     111,139,828       111,139,828       250,797,721       250,797,721  
Service Shares
     1,791,610,827       1,791,610,827       1,256,750,880       1,256,750,880  
            $ 2,807,221,339             $ 3,753,564,969  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     187,455     $ 187,455       511,699     $ 511,699  
Capital Assets Funds Preferred Shares
     13,160       13,160       34,310       34,310  
Davidson Cash Equivalent Shares
     1,863       1,863       6,909       6,909  
Davidson Cash Equivalent Plus Shares
     220       220       997       997  
Institutional Money Market Shares*
     —       —       781,281       781,281  
Institutional Select Money Market Shares**
     —       —       17       17  
Premier Money Market Shares***
     4,160       4,160       259,732       259,732  
Premium Reserve Money Market Shares
     5,371       5,371       141,496       141,496  
Service Shares
     183,305       183,305       349,720       349,720  
            $ 395,534             $ 2,086,161  
Shares redeemed
  
Capital Assets Funds Shares
     (890,506,653 )   $ (890,506,653 )     (773,833,097 )   $ (773,833,097 )
Capital Assets Funds Preferred Shares
     (64,951,835 )     (64,951,835 )     (42,319,981 )     (42,319,981 )
Davidson Cash Equivalent Shares
     (8,417,805 )     (8,417,805 )     (15,960,223 )     (15,960,223 )
Davidson Cash Equivalent Plus Shares
     (1,850,907 )     (1,850,907 )     (3,704,435 )     (3,704,435 )
Institutional Money Market Shares*
     —       —       (1,394,027,289 )     (1,394,027,289 )
Institutional Select Money Market Shares**
     —       —       (10,576 )     (10,576 )
Premier Money Market Shares***
     (163,286,900 )     (163,286,900 )     (2,466,530,608 )     (2,466,530,608 )
Premium Reserve Money Market Shares
     (119,115,201 )     (119,115,201 )     (592,438,461 )     (592,438,461 )
Service Shares
     (1,368,490,287 )     (1,368,490,287 )     (1,157,527,651 )     (1,157,527,651 )
            $ (2,616,619,588 )           $ (6,446,352,321 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (51,164,569 )   $ (51,164,569 )     (22,297,561 )   $ (22,297,561 )
Capital Assets Funds Preferred Shares
     (48,511,803 )     (48,511,803 )     4,031,431       4,031,431  
Davidson Cash Equivalent Shares
     (4,681,940 )     (4,681,940 )     (11,729,423 )     (11,729,423 )
Davidson Cash Equivalent Plus Shares
     (980,439 )     (980,439 )     (2,584,384 )     (2,584,384 )
Institutional Money Market Shares*
     —       —       (514,463,030 )     (514,463,030 )
Institutional Select Money Market Shares**
     —       —       (10,559 )     (10,559 )
Premier Money Market Shares***
     (118,997,807 )     (118,997,807 )     (1,901,721,370 )     (1,901,721,370 )
Premium Reserve Money Market Shares
     (7,970,002 )     (7,970,002 )     (341,499,244 )     (341,499,244 )
Service Shares
     423,303,845       423,303,845       99,572,949       99,572,949  
            $ 190,997,285             $ (2,690,701,191 )
 
* The Institutional Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
** The Institutional Select Money Market Shares class was liquidated on October 27, 2009 and is no longer offered.
 
*** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     628,481,114     $ 628,481,114       649,627,293     $ 649,627,293  
Davidson Cash Equivalent Shares
     24,463,758       24,463,758       14,397,365       14,397,365  
Davidson Cash Equivalent Plus Shares
     275,786,862       275,786,862       185,485,990       185,485,990  
DWS Government & Agency Money Fund
     72,103,322       72,103,322       105,758,351       105,758,351  
DWS Government Cash Institutional Shares
     34,835,288,142       34,835,288,142       86,737,251,385       86,737,251,385  
Government Cash Managed Shares
     2,032,853,974       2,032,853,974       1,141,762,346       1,141,762,346  
Premier Money Market Shares****
     —       —       265,266,569       265,266,569  
Service Shares
     269,340,585       269,340,585       228,691,596       228,691,596  
            $ 38,138,317,757             $ 89,328,240,895  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     29,657     $ 29,657       65,880     $ 65,880  
Davidson Cash Equivalent Shares
     2,127       2,127       5,141       5,141  
Davidson Cash Equivalent Plus Shares
     5,509       5,509       5,913       5,913  
DWS Government & Agency Money Fund
     27,796       27,796       195,740       195,740  
DWS Government Cash Institutional Shares
     1,118,270       1,118,270       8,526,918       8,526,918  
Government Cash Managed Shares
     5,696       5,696       8,301       8,301  
Premier Money Market Shares****
     —       —       338,346       338,346  
Service Shares
     12,119       12,119       27,501       27,501  
            $ 1,201,174             $ 9,173,740  
Shares redeemed
  
Capital Assets Funds Shares
     (648,126,914 )   $ (648,126,914 )     (625,330,611 )   $ (625,330,611 )
Davidson Cash Equivalent Shares
     (25,307,057 )     (25,307,057 )     (23,739,455 )     (23,739,455 )
Davidson Cash Equivalent Plus Shares
     (292,761,983 )     (292,761,983 )     (158,769,431 )     (158,769,431 )
DWS Government & Agency Money Fund
     (134,495,012 )     (134,495,012 )     (198,527,517 )     (198,527,517 )
DWS Government Cash Institutional Shares
     (36,963,523,481 )     (36,963,523,481 )     (94,492,111,010 )     (94,492,111,010 )
Government Cash Managed Shares
     (2,132,755,829 )     (2,132,755,829 )     (1,338,740,329 )     (1,338,740,329 )
Premier Money Market Shares****
     —       —       (4,366,260,819 )     (4,366,260,819 )
Service Shares
     (272,492,118 )     (272,492,118 )     (264,171,028 )     (264,171,028 )
            $ (40,469,462,394 )           $ (101,467,650,200 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (19,616,143 )   $ (19,616,143 )     24,362,562     $ 24,362,562  
Davidson Cash Equivalent Shares
     (841,172 )     (841,172 )     (9,336,949 )     (9,336,949 )
Davidson Cash Equivalent Plus Shares
     (16,969,612 )     (16,969,612 )     26,722,472       26,722,472  
DWS Government & Agency Money Fund
     (62,363,894 )     (62,363,894 )     (92,573,426 )     (92,573,426 )
DWS Government Cash Institutional Shares
     (2,127,117,069 )     (2,127,117,069 )     (7,746,332,707 )     (7,746,332,707 )
Government Cash Managed Shares
     (99,896,159 )     (99,896,159 )     (196,969,682 )     (196,969,682 )
Premier Money Market Shares****
     —       —       (4,100,655,904 )     (4,100,655,904 )
Service Shares
     (3,139,414 )     (3,139,414 )     (35,451,931 )     (35,451,931 )
            $ (2,329,943,463 )           $ (12,130,235,565 )
 
**** The Premier Money Market Shares Class was liquidated on February 16, 2010 and is no longer offered.
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*****
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*****
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*****
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*****
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
***** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statements of assets and liabilities of Cash Account Trust (the "Trust") (comprising the Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio) (collectively, the "Portfolios"), including the investment portfolios, as of April 30, 2011, and the related statements 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, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Portfolios of Cash Account Trust at April 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
For the Money Market Portfolio, a total of 6% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Government & Agency Securities Portfolio, a total of 44% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the follow
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
 

 
 
 
 
 
ANNUAL REPORT TO SHAREHOLDERS
 
Capital Assets Funds Shares
 
Money Market Portfolio
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
Capital Assets Funds Preferred Shares
 
Money Market Portfolio
 
April 30, 2011
 
Contents
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
25 Portfolio Summary
26 Investment Portfolio
31 Statement of Assets and Liabilities
33 Statement of Operations
34 Statement of Changes in Net Assets
35 Financial Highlights
DWS Tax-Exempt Portfolio
36 Portfolio Summary
37 Investment Portfolio
49 Statement of Assets and Liabilities
51 Statement of Operations
52 Statement of Changes in Net Assets
54 Financial Highlights
55 Notes to Financial Statements
72 Report of Independent Registered Public Accounting Firm
73 Tax Information
74 Summary of Management Fee Evaluation by Independent Fee Consultant
78 Summary of Administrative Fee Evaluation by Independent Fee Consultant
79 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the funds may have a significant adverse effect on the share prices of all classes of shares of the funds. See the prospectus for specific details regarding the funds' risk profile.
 
The funds' policies and procedures for voting proxies for portfolio securities and information about how the funds voted proxies related to their portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the funds' policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the funds' most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the funds during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
For the Money Market Portfolio, with yields trending lower through most of the period, we continued to hold a large percentage of portfolio assets in short-maturity instruments for yield, high-quality and liquidity purposes. We also maintained a conservative average maturity, with portfolio assets broadly diversified among a number of sectors, including banks, asset-backed securities, commercial paper and sovereign debt.4,5 Toward the end of the period, we permitted the fund's average maturity to shorten, as we believed that money market yields could move up if Congress again raises the US debt ceiling.
 
For the Government & Agency Securities Portfolio, we maintained an increased focus on overnight repurchase agreements and one- to three-month government and agency securities, as we believe that there was not a great deal of value in longer-maturity issues during the period ending April 30, 2011.6
 
For the Tax-Exempt Portfolio, in light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period ending April 30, 2011, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)7 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the funds.
 
Negative Contributors to Fund Performance
 
For all three funds, the types of securities that we were investing in tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost each fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the funds.8 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the funds and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the funds' risk profile.
   
   
7-Day Current Yield
  
Money Market Portfolio — Capital Assets Funds Shares
     0.02 %*
Government & Agency Securities Portfolio — Capital Assets Funds Shares
     0.01 %*
Tax-Exempt Portfolio — Capital Assets Funds Shares
     0.01 %*
(Equivalent Taxable Yield)
     0.02 %**
Money Market Portfolio — Capital Assets Funds Preferred Shares
     0.05 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (888) 466-4250.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield for Capital Assets Funds Shares would have been -0.77%, -0.81% and -0.68% for the Money Market Portfolio, Government & Agency Securities Portfolio and the Tax-Exempt Portfolio, respectively, and -0.43% for the Money Market Portfolio — Capital Assets Funds Preferred Shares, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 Asset-backed securities are securities backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. Sovereign debt is bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth.
 
6 Overnight repurchase agreements — a form of short-term borrowing whereby a government security is sold on an overnight basis and purchased back the next day.
 
7 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
8 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
Information About Each Fund's Expenses
 
As an investor of a Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) 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 each 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 Funds limited these expenses; had they not done so, expenses would have been higher for the Capital Assets Funds Shares and the Capital Assets Funds Preferred Shares. 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 (November 1, 2010 to April 30, 2011).
 
The tables illustrate each 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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each 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.
 
Capital Assets Funds Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Money Market Portfolio
    
Government & Agency Securities Portfolio
    
Tax-Exempt Portfolio
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.12     $ 1,000.05     $ 1,000.05  
Expenses Paid per $1,000*
   $ 1.59     $ .84     $ 1.64  
Hypothetical 5% Fund Return
                        
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.21     $ 1,023.95     $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.61     $ .85     $ 1.66  
 
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Money Market Portfolio
Government & Agency Securities Portfolio
Tax-Exempt Portfolio
Capital Assets Funds Shares
.32%
.17%
.33%
 
For more information, please refer to each Fund's prospectus.
 
Capital Assets Funds Preferred Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Money Market Portfolio
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.27  
Expenses Paid per $1,000*
   $ 1.44  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.36  
Expenses Paid per $1,000*
   $ 1.45  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratio
Money Market Portfolio
Capital Assets Funds Preferred Shares
.29%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Money Market Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Commercial Paper
34%
38%
Short-Term Notes
17%
26%
Repurchase Agreements
16%
12%
Certificates of Deposit and Bank Notes
16%
13%
Government & Agency Obligations
14%
10%
Time Deposits
3%
—
Supranational
—
1%
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Money Market Portfolio
48 days
41 days
iMoneyNet First Tier Retail Money Fund Average*
40 days
46 days
 
* The Fund is compared to its respective iMoneyNet Category: First Tier Retail Money Fund Average — Category includes a widely recognized composite of money market funds that invest in only first tier (highest rating) securities. Portfolio holdings of First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed Commercial Paper.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 10-17. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Money Market Portfolio
 
Principal Amount ($)
Value ($)
  
     
Certificates of Deposit and Bank Notes 15.8%
  
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
6,500,000
6,828,336
  
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
25,000,000
25,000,000
  
BNP Paribas:
  
 
0.35%, 8/8/2011
  
20,000,000
20,000,000
  
 
0.45%, 7/25/2011
  
7,000,000
6,999,834
  
 
0.55%, 5/13/2011
  
7,000,000
7,000,093
  
Credit Agricole SA, 0.3%, 8/4/2011
12,000,000
12,000,000
  
Dexia Credit Local:
  
 
0.24%, 5/3/2011
  
23,437,000
23,437,000
  
 
144A, 2.375%, 9/23/2011
  
8,000,000
8,055,854
  
International Finance Corp., 3.0%, 11/15/2011
6,000,000
6,084,144
  
KBC Bank NV, 0.3%, 5/6/2011
6,500,000
6,500,000
  
Landesbank Hessen-Thueringen Girozentrale:
  
 
0.2%, 5/12/2011
  
3,000,000
3,000,000
  
 
0.2%, 5/20/2011
  
6,000,000
6,000,000
  
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
8,500,000
8,500,000
  
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
12,000,000
12,000,000
  
Natixis, 0.22%, 6/24/2011
20,000,000
20,000,000
  
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
10,000,000
10,078,955
  
Nordea Bank Finland PLC:
  
 
0.27%, 6/28/2011
  
12,000,000
12,000,000
  
 
0.28%, 7/5/2011
  
25,000,000
25,000,226
  
 
0.44%, 6/30/2011
  
10,000,000
10,000,498
  
 
0.67%, 7/20/2011
  
15,000,000
15,008,950
  
Skandinaviska Enskilda Banken AB:
  
 
0.24%, 6/20/2011
  
25,000,000
25,000,000
  
 
0.25%, 6/10/2011
  
6,000,000
6,000,000
  
 
0.26%, 6/3/2011
  
15,000,000
15,000,000
  
 
0.26%, 6/6/2011
  
15,000,000
15,000,000
  
 
0.31%, 5/27/2011
  
18,000,000
18,000,000
  
Societe Generale:
  
 
0.2%, 7/5/2011
  
6,000,000
6,000,000
  
 
0.35%, 5/16/2011
  
12,000,000
12,000,000
  
Sumitomo Mitsui Banking Corp.:
  
 
0.28%, 6/1/2011
  
28,000,000
28,000,000
  
 
0.3%, 5/3/2011
  
6,000,000
6,000,000
  
Svenska Handelsbanken AB:
  
 
0.24%, 7/6/2011
  
20,500,000
20,500,000
  
 
0.275%, 6/23/2011
  
15,000,000
15,000,055
  
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
409,993,945
  
   
Commercial Paper 34.6%
  
Issued at Discount**
  
Abbey National North America LLC, 0.3%, 6/27/2011
6,500,000
6,496,912
  
Alpine Securitization, 144A, 0.16%, 6/2/2011
40,000,000
39,994,311
  
Argento Variable Funding:
  
 
144A, 0.31%, 6/20/2011
  
15,000,000
14,993,542
  
 
144A, 0.319%, 5/3/2011
  
6,500,000
6,499,884
  
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
25,000,000
24,999,472
  
Barclays Bank PLC, 0.31%, 5/26/2011
12,500,000
12,497,309
  
BPCE SA, 0.27%, 7/26/2011
9,000,000
8,994,195
  
Caisse d'Amortissement de la Dette Sociale:
  
 
0.22%, 8/5/2011
  
12,000,000
11,992,960
  
 
0.25%, 7/25/2011
  
18,000,000
17,989,375
  
 
0.27%, 5/31/2011
  
16,620,000
16,616,261
  
 
0.28%, 6/1/2011
  
12,800,000
12,796,914
  
 
0.29%, 5/31/2011
  
15,000,000
14,996,375
  
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
20,000,000
19,998,311
  
Comcast Corp., 0.31%, 5/6/2011
10,000,000
9,999,569
  
Eksportfinans ASA, 0.15%, 5/5/2011
37,500,000
37,499,375
  
ENI Coordination Center SA, 0.3%, 5/26/2011
12,500,000
12,497,396
  
Google, Inc., 0.4%, 9/16/2011
8,000,000
7,987,733
  
Grampian Funding LLC:
  
 
144A, 0.26%, 7/14/2011
  
10,000,000
9,994,656
  
 
144A, 0.26%, 7/19/2011
  
3,000,000
2,998,288
  
 
144A, 0.27%, 7/8/2011
  
12,000,000
11,993,880
  
 
144A, 0.27%, 7/11/2011
  
25,000,000
24,986,688
  
 
144A, 0.28%, 7/7/2011
  
10,000,000
9,994,789
  
 
144A, 0.28%, 7/8/2011
  
13,000,000
12,993,124
  
Johnson & Johnson:
  
 
144A, 0.18%, 6/3/2011
  
12,850,000
12,847,880
  
 
144A, 0.19%, 8/22/2011
  
15,000,000
14,991,054
  
Kells Funding LLC:
  
 
144A, 0.33%, 5/9/2011
  
6,000,000
5,999,560
  
 
144A, 0.35%, 5/18/2011
  
3,000,000
2,999,504
  
 
144A, 0.35%, 6/6/2011
  
6,000,000
5,997,900
  
 
144A, 0.36%, 5/17/2011
  
18,000,000
17,997,120
  
 
144A, 0.37%, 6/17/2011
  
15,000,000
14,992,754
  
 
144A, 0.38%, 6/17/2011
  
12,000,000
11,994,047
  
 
144A, 0.39%, 7/5/2011
  
10,000,000
9,992,958
  
 
144A, 0.39%, 9/6/2011
  
13,750,000
13,730,933
  
 
144A, 0.4%, 7/1/2011
  
8,000,000
7,994,578
  
LMA Americas LLC, 144A, 0.17%, 5/9/2011
6,000,000
5,999,773
  
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
12,419,000
12,417,603
  
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
12,500,000
12,492,500
  
Nieuw Amsterdam Receivables Corp.:
  
 
144A, 0.24%, 6/2/2011
  
13,500,000
13,497,120
  
 
144A, 0.25%, 5/6/2011
  
12,000,000
11,999,583
  
NRW.Bank:
  
 
0.19%, 6/28/2011
  
13,500,000
13,495,868
  
 
0.22%, 7/14/2011
  
6,000,000
5,997,287
  
 
0.275%, 6/10/2011
  
8,000,000
7,997,556
  
 
0.3%, 5/2/2011
  
12,000,000
11,999,900
  
 
0.3%, 5/3/2011
  
30,000,000
29,999,500
  
 
0.3%, 5/23/2011
  
12,500,000
12,497,708
  
Procter & Gamble Co., 0.19%, 6/3/2011
16,513,000
16,510,124
  
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
26,000,000
25,996,707
  
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
3,000,000
2,999,425
  
Sanofi-Aventis SA, 0.3%, 8/15/2011
12,500,000
12,488,958
  
SBAB Bank AB:
  
 
144A, 0.35%, 7/19/2011
  
6,000,000
5,995,392
  
 
144A, 0.37%, 7/13/2011
  
12,500,000
12,490,622
  
 
144A, 0.39%, 6/9/2011
  
12,000,000
11,994,930
  
 
144A, 0.39%, 7/5/2011
  
12,500,000
12,491,198
  
 
144A, 0.4%, 6/23/2011
  
6,000,000
5,996,467
  
Scaldis Capital LLC:
  
 
0.32%, 5/20/2011
  
5,000,000
4,999,156
  
 
0.32%, 6/2/2011
  
9,000,000
8,997,440
  
Shell International Finance BV, 0.4%, 5/2/2011
5,000,000
4,999,944
  
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
15,000,000
14,999,375
  
Standard Chartered Bank, 0.29%, 5/24/2011
20,000,000
19,996,294
  
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
15,000,000
14,999,896
  
Svenska Handelsbanken AB, 0.28%, 5/18/2011
6,000,000
5,999,207
  
Swedbank AB:
  
 
0.26%, 7/27/2011
  
12,000,000
11,992,460
  
 
0.27%, 7/11/2011
  
10,000,000
9,994,675
  
 
0.27%, 7/26/2011
  
10,000,000
9,993,550
  
 
0.285%, 5/23/2011
  
12,000,000
11,997,910
  
 
0.3%, 5/13/2011
  
28,000,000
27,997,200
  
 
0.34%, 7/5/2011
  
20,000,000
19,987,722
  
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
12,500,000
12,485,253
  
Total Commercial Paper (Cost $894,147,910)
894,147,910
  
   
Short-Term Notes* 17.7%
  
Abbey National Treasury Services PLC:
  
 
0.38%, 4/16/2012
  
18,000,000
18,000,000
  
 
0.49%, 11/2/2011
  
12,500,000
12,500,000
  
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
12,500,000
12,500,000
  
Bank of Nova Scotia:
  
 
0.22%, 8/25/2011
  
16,500,000
16,500,000
  
 
0.27%, 9/12/2011
  
7,000,000
7,000,000
  
 
0.35%, 12/8/2011
  
8,000,000
8,000,000
  
Barclays Bank PLC, 0.533%, 7/19/2011
15,000,000
15,000,000
  
BNP Paribas, 0.492%, 8/22/2011
25,000,000
25,000,000
  
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
26,000,000
25,996,945
  
Canadian Imperial Bank of Commerce:
  
 
0.18%, 5/12/2011
  
20,000,000
20,000,000
  
 
0.292%, 4/26/2012
  
21,600,000
21,600,000
  
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
12,000,000
12,000,000
  
Credit Suisse, 0.19%, 6/3/2011
12,000,000
12,000,000
  
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
11,500,000
11,500,000
  
Kells Funding LLC:
  
 
144A, 0.318%, 8/15/2011
  
12,500,000
12,500,000
  
 
144A, 0.342%, 2/24/2012
  
13,750,000
13,750,000
  
 
144A, 0.383%, 12/1/2011
  
10,000,000
10,000,000
  
National Australia Bank Ltd.:
  
 
0.261%, 10/5/2011
  
12,500,000
12,500,000
  
 
0.291%, 6/10/2011
  
15,000,000
15,000,000
  
Nordea Bank Finland PLC:
  
 
0.56%, 2/3/2012
  
3,000,000
3,004,662
  
 
0.574%, 10/20/2011
  
12,500,000
12,517,260
  
 
0.58%, 10/14/2011
  
10,000,000
10,013,284
  
Rabobank Nederland NV:
  
 
0.263%, 5/13/2011
  
14,000,000
14,000,001
  
 
0.307%, 4/24/2012
  
7,750,000
7,749,616
  
 
0.311%, 1/10/2012
  
8,000,000
8,000,000
  
 
144A, 0.384%, 3/16/2012
  
12,000,000
12,000,000
  
 
144A, 0.458%, 9/28/2011
  
6,000,000
6,003,687
  
Royal Bank of Canada, 0.31%, 8/12/2011
11,300,000
11,300,000
  
Societe Generale, 0.32%, 5/19/2011
24,000,000
24,000,000
  
Westpac Banking Corp.:
  
 
0.27%, 10/12/2011
  
16,000,000
16,000,000
  
 
0.293%, 6/1/2011
  
8,000,000
8,000,000
  
 
0.321%, 5/9/2012
  
17,000,000
17,000,000
  
 
144A, 0.323%, 10/28/2011
  
12,000,000
12,001,367
  
 
0.36%, 1/10/2012
  
14,000,000
14,000,000
  
Total Short-Term Notes (Cost $456,936,822)
456,936,822
  
   
Government & Agency Obligations 13.9%
  
Foreign Government Obligations 0.5%
  
Kingdom of Denmark, 2.75%, 11/15/2011
11,500,000
11,643,626
  
Other Government Related (a) 1.6%
  
European Investment Bank:
  
 
0.24%, 6/28/2011
  
13,000,000
12,994,973
  
 
2.625%, 5/16/2011
  
7,000,000
7,006,628
  
 
2.625%, 11/15/2011
  
22,000,000
22,267,637
  
 
42,269,238
  
US Government Sponsored Agencies 5.5%
  
Federal Farm Credit Bank:
  
 
0.223%*, 11/2/2011
  
12,250,000
12,249,690
  
 
0.259%**, 10/20/2011
  
5,000,000
4,993,789
  
 
0.259%**, 4/4/2012
  
5,000,000
4,987,758
  
 
0.319%**, 12/16/2011
  
10,200,000
10,179,237
  
Federal Home Loan Bank:
  
 
0.24%, 10/28/2011
  
14,000,000
13,995,584
  
 
0.25%, 10/28/2011
  
14,000,000
13,999,429
  
 
0.268%**, 9/12/2011
  
10,000,000
9,989,950
  
 
0.54%, 5/24/2011
  
4,400,000
4,400,022
  
 
1.0%, 12/28/2011
  
10,000,000
10,053,762
  
Federal National Mortgage Association:
  
 
0.113%*, 7/27/2011
  
12,500,000
12,498,033
  
 
0.159%**, 11/21/2011
  
15,000,000
14,986,400
  
 
0.182%**, 6/16/2011
  
12,500,000
12,497,045
  
 
4.68%, 6/15/2011
  
7,000,000
7,038,043
  
 
5.375%, 11/15/2011
  
10,000,000
10,280,209
  
 
142,148,951
  
US Treasury Obligations 6.3%
  
US Treasury Bills:
  
 
0.155%**, 7/28/2011
  
996,000
995,623
  
 
0.16%**, 9/1/2011
  
12,500,000
12,493,167
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
39,500,000
39,518,687
  
 
0.875%, 1/31/2012
  
13,500,000
13,567,775
  
 
1.0%, 9/30/2011
  
37,000,000
37,117,154
  
 
4.5%, 11/30/2011
  
7,000,000
7,170,545
  
 
4.625%, 8/31/2011
  
27,500,000
27,899,749
  
 
4.625%, 10/31/2011
  
17,000,000
17,369,535
  
 
5.125%, 6/30/2011
  
7,500,000
7,560,710
  
 
163,692,945
  
Total Government & Agency Obligations (Cost $359,754,760)
359,754,760
  
   
Time Deposits 2.6%
  
Citibank NA, 0.13%, 5/5/2011
58,000,000
58,000,000
  
National Australia Bank Ltd., 0.08%, 5/2/2011
9,315,483
9,315,483
  
Total Time Deposits (Cost $67,315,483)
67,315,483
  
   
Municipal Bonds and Notes 0.2%
  
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
4,085,000
4,085,000
  
   
Repurchase Agreements 16.2%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
5,000,000
5,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
39,285,715
39,285,715
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
124,000,000
124,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
64,281,428
64,281,428
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
23,000,000
23,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
15,000,000
15,000,000
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
142,000,000
142,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
6,000,000
6,000,000
  
Total Repurchase Agreements (Cost $418,567,143)
418,567,143
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,610,801,063)+
     101.0       2,610,801,063  
Other Assets and Liabilities, Net
     (1.0 )     (24,871,551 )
Net Assets
     100.0       2,585,929,512  
 
* These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
** Annualized yield at time of purchase; not a coupon rate.
 
*** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
+ The cost for federal income tax purposes was $2,610,801,063.
 
(a) Government-backed debt issued by financial companies or government sponsored enterprises.
 
(b) Collateralized by $5,100,300 US Treasury Bill, maturing on 7/7/2011 with a value of $5,100,045.
 
(c) Collateralized by $41,890,600 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $40,071,491.
 
(d) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  29,000,000  
Federal Home Loan Bank
     3.125  
3/11/2016
     30,474,263  
  91,202,000  
Federal National Mortgage Association
     2.625  
11/20/2014
     96,010,512  
Total Collateral Value
               126,484,775  
 
(e) Collateralized by $87,016,788 US Treasury STRIPS, with various maturity dates of 5/15/2019-8/15/2020 with a value of $65,568,029.
 
(f) Collateralized by $23,827,802 Federal Home Loan Mortgage Corp., with various coupon rates from 2.0-2.75%, with various maturity dates of 11/15/2038-9/15/2040 with a value of $23,464,662.
 
(g) Collateralized by $14,787,810 Federal Home Loan Mortgage Corp., 3.295%, maturing on 1/1/2041 with a value of $15,300,001.
 
(h) Collateralized by $138,402,899 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 8/1/2038-4/1/2041 with a value of $144,840,000.
 
(i) Collateralized by $7,977,887 Federal National Mortgage Association — Principal Only, with various maturity dates of 3/25/2036-5/25/2040 with a value of $6,120,000.
 
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.
 
LOC: Letter of Credit
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying morgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (j)
   $ —     $ 2,192,233,920     $ —     $ 2,192,233,920  
Repurchase Agreements
     —       418,567,143       —       418,567,143  
Total
   $ —     $ 2,610,801,063     $ —     $ 2,610,801,063  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(j) See Investment Portfolio for additional categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Money Market Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,192,233,920  
Repurchase agreements, valued at amortized cost
     418,567,143  
Total investments, valued at amortized cost
     2,610,801,063  
Cash
     2,856  
Receivable for Fund shares sold
     3,963  
Interest receivable
     2,616,479  
Due from Advisor
     16,735  
Other assets
     93,812  
Total assets
     2,613,534,908  
Liabilities
  
Payable for investments purchased
     25,996,945  
Payable for Fund shares redeemed
     22,024  
Accrued management fee
     322,306  
Other accrued expenses and payables
     1,264,121  
Total liabilities
     27,605,396  
Net assets, at value
   $ 2,585,929,512  
Net Assets Consist of
  
Undistributed net investment income
     39,083  
Paid-in capital
     2,585,890,429  
Net assets, at value
   $ 2,585,929,512  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Money Market Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Money Market Portfolio
  
Income:
Interest
   $ 8,798,068  
Expenses:
Management fee
     3,881,269  
Services to shareholders
     6,076,379  
Custodian fee
     74,890  
Distribution and service fees
     14,110,025  
Professional fees
     138,516  
Trustees' fees and expenses
     77,791  
Reports to shareholders
     320,727  
Registration fees
     165,621  
Other
     109,278  
Total expenses before expense reductions
     24,954,496  
Expense reductions
     (16,494,317 )
Total expenses after expense reductions
     8,460,179  
Net investment income
     337,889  
Net realized gain (loss) from investments
     46,708  
Net increase (decrease) in net assets resulting from operations
   $ 384,597  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Money Market Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 337,889     $ 1,401,172  
Net realized gain (loss)
     46,708       163,092  
Net increase in net assets resulting from operations
     384,597       1,564,264  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (187,975 )     (325,020 )
Capital Assets Funds Preferred Shares
     (13,299 )     (22,211 )
Davidson Cash Equivalent Shares
     (1,869 )     (2,135 )
Davidson Cash Equivalent Plus Shares
     (221 )     (304 )
Institutional Money Market Shares
     —       (739,919 )
Institutional Select Money Market Shares
     —       (18 )
Premier Money Market Shares
     (5,042 )     (80,727 )
Premium Reserve Money Market Shares
     (7,826 )     (119,850 )
Service Shares
     (183,668 )     (110,887 )
Net realized gains:
Capital Assets Funds Shares
     —       (185,696 )
Capital Assets Funds Preferred Shares
     —       (11,952 )
Davidson Cash Equivalent Shares
     —       (4,764 )
Davidson Cash Equivalent Plus Shares
     —       (692 )
Institutional Money Market Shares
     —       (48,898 )
Institutional Select Money Market Shares
     —       (1 )
Premier Money Market Shares
     —       (232,203 )
Premium Reserve Money Market Shares
     —       (48,826 )
Service Shares
     —       (238,491 )
Total distributions
     (399,900 )     (2,172,594 )
Fund share transactions:
Proceeds from shares sold
     2,807,221,339       3,753,564,969  
Reinvestment of distributions
     395,534       2,086,161  
Cost of shares redeemed
     (2,616,619,588 )     (6,446,352,321 )
Net increase (decrease) in net assets from Fund share transactions
     190,997,285       (2,690,701,191 )
Increase (decrease) in net assets
     190,981,982       (2,691,309,521 )
Net assets at beginning of period
     2,394,947,530       5,086,257,051  
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
   $ 2,585,929,512     $ 2,394,947,530  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Money Market Portfolio
Capital Assets Funds Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .001       .012       .038       .043  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .001       .012       .038       .043  
Less distributions from:
Net investment income
     (.000 )*     (.001 )     (.012 )     (.038 )     (.043 )
Net realized gain
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.001 )     (.012 )     (.038 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .02       .06       1.21       3.90       4.38  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     846       897       919       1,057       979  
Ratio of expenses before expense reductions (%)
     1.03       1.03       1.04       1.05       1.04  
Ratio of expenses after expense reductions (%)
     .34       .42       1.00       1.03       1.00  
Ratio of net investment income (%)
     .02       .04       1.16       3.78       4.28  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 

Money Market Portfolio
Capital Assets Funds Preferred Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .001       .001       .016       .042       .047  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .001       .001       .016       .042       .047  
Less distributions from:
Net investment income
     (.001 )     (.001 )     (.016 )     (.042 )     (.047 )
Net realized gain
     —       (.000 )*     —       —       —  
Total distributions
     (.001 )     (.001 )     (.016 )     (.042 )     (.047 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .05       .06       1.60       4.30       4.80  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     5       53       49       75       .063  
Ratio of expenses before expense reductions (%)
     .65       .65       .65       .66       .67  
Ratio of expenses after expense reductions (%)
     .33       .41       .61       .61       .60  
Ratio of net investment income (%)
     .05       .04       1.55       4.20       4.68  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Government & Agency Securities Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Government & Agency Obligations
50%
85%
Repurchase Agreements
48%
15%
Commercial Paper
2%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Government & Agency Securities Portfolio
49 days
52 days
iMoneyNet Government & Agencies Retail Money Fund Average*
38 days
45 days
 
* The Fund is compared to its respective iMoney Net Category: Government & Agencies Retail Money Fund Average consists of all non-institutional government money market funds. Category includes the most broadly based of the government retail funds. These funds can invest in US Treasuries, US Other, Repos, whether or not they are backed by US Treasuries and government-backed Floating Rate Notes.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 26-30. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Government & Agency Securities Portfolio
 
Principal Amount ($)
Value ($)
  
     
Commercial Paper 1.8%
  
Issued at Discount
  
Straight-A Funding LLC:
  
 
144A, 0.15%, 5/11/2011
  
20,000,000
19,999,167
  
 
144A, 0.2%, 7/5/2011
  
80,000,000
79,971,111
  
Total Commercial Paper (Cost $99,970,278)
99,970,278
  
   
Government & Agency Obligations 51.6%
  
US Government Sponsored Agencies 45.9%
  
Federal Farm Credit Bank:
  
 
0.119%**, 5/18/2012
  
165,000,000
164,991,321
  
 
0.12%**, 1/12/2012
  
100,000,000
100,001,775
  
 
0.129%*, 9/9/2011
  
25,000,000
24,988,174
  
 
0.134%**, 7/15/2011
  
85,000,000
84,999,308
  
 
0.164%*, 5/24/2011
  
50,000,000
49,994,569
  
 
0.208%*, 8/3/2011
  
43,500,000
43,476,148
  
 
0.259%*, 10/20/2011
  
34,500,000
34,457,143
  
 
0.259%*, 4/4/2012
  
12,500,000
12,469,396
  
 
0.269%*, 3/23/2012
  
25,000,000
24,938,688
  
 
0.319%*, 12/16/2011
  
28,000,000
27,943,004
  
 
0.319%*, 1/12/2012
  
33,000,000
32,924,907
  
Federal Home Loan Bank:
  
 
0.018%*, 5/2/2011
  
12,737,000
12,737,000
  
 
0.064%*, 7/20/2011
  
100,000,000
99,985,556
  
 
0.068%*, 5/27/2011
  
50,000,000
49,997,472
  
 
0.076%*, 5/18/2011
  
55,000,000
54,997,922
  
 
0.089%*, 9/6/2011
  
50,000,000
49,984,000
  
 
0.149%*, 8/12/2011
  
7,500,000
7,496,781
  
 
0.149%*, 8/17/2011
  
12,207,000
12,201,507
  
 
0.17%**, 1/18/2012
  
22,000,000
22,006,379
  
 
0.183%**, 9/26/2011
  
12,500,000
12,499,749
  
 
0.24%, 10/28/2011
  
36,275,000
36,266,384
  
 
0.248%*, 8/22/2011
  
5,000,000
4,996,076
  
 
0.268%*, 9/12/2011
  
15,900,000
15,884,021
  
 
0.3%, 12/27/2011
  
75,000,000
75,022,455
  
 
0.76%, 7/19/2011
  
15,000,000
15,017,910
  
 
1.0%, 12/28/2011
  
13,460,000
13,532,363
  
 
5.375%, 8/19/2011
  
14,900,000
15,129,895
  
Federal Home Loan Mortgage Corp.:
  
 
0.028%*, 5/19/2011
  
15,000,000
14,999,775
  
 
0.08%**, 11/9/2011
  
75,000,000
74,967,946
  
 
0.14%**, 11/10/2011
  
200,000,000
200,000,000
  
 
0.149%*, 7/27/2011
  
85,000,000
84,969,188
  
 
0.164%*, 9/1/2011
  
8,935,000
8,929,963
  
 
0.167%*, 6/13/2011
  
27,061,000
27,055,505
  
 
0.193%*, 7/25/2011
  
34,494,000
34,478,118
  
 
0.198%*, 7/12/2011
  
100,000,000
99,960,000
  
Federal National Mortgage Association:
  
 
0.059%*, 6/13/2011
  
75,000,000
74,994,625
  
 
0.079%*, 7/21/2011
  
100,000,000
99,982,000
  
 
0.099%*, 8/8/2011
  
32,500,000
32,491,063
  
 
0.113%**, 7/27/2011
  
190,000,000
189,983,791
  
 
0.119%*, 8/22/2011
  
25,000,000
24,990,583
  
 
0.119%*, 9/13/2011
  
100,000,000
99,955,000
  
 
0.129%*, 9/26/2011
  
65,000,000
64,965,261
  
 
0.159%*, 11/21/2011
  
100,000,000
99,909,333
  
 
0.174%**, 9/19/2011
  
30,000,000
29,999,404
  
 
0.178%*, 7/20/2011
  
44,000,000
43,982,400
  
 
0.178%*, 7/27/2011
  
51,659,000
51,636,528
  
 
0.182%*, 6/16/2011
  
35,000,000
34,991,726
  
 
5.0%, 10/15/2011
  
50,000,000
51,082,031
  
 
5.375%, 11/15/2011
  
16,040,000
16,489,455
  
 
2,559,753,598
  
US Treasury Obligations 5.7%
  
US Treasury Bill, 0.16%*, 9/1/2011
  
17,500,000
17,490,433
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
25,000,000
25,014,282
  
 
1.0%, 9/30/2011
  
84,500,000
84,768,848
  
 
1.75%, 11/15/2011
  
50,000,000
50,394,064
  
 
4.625%, 8/31/2011
  
43,500,000
44,134,573
  
 
4.625%, 10/31/2011
  
45,000,000
45,986,196
  
 
5.125%, 6/30/2011
  
50,000,000
50,404,731
  
 
318,193,127
  
Total Government & Agency Obligations (Cost $2,877,946,725)
2,877,946,725
  
   
Repurchase Agreements 49.5%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
215,000,000
215,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
42,428,571
42,428,571
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
704,000,000
704,000,000
  
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
22,000,000
22,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
432,618,951
432,618,951
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
223,000,000
223,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
123,926,503
123,926,503
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
252,000,000
252,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
441,000,000
441,000,000
  
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
300,000,000
300,000,000
  
Total Repurchase Agreements (Cost $2,755,974,025)
2,755,974,025
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $5,733,891,028)+
     102.9       5,733,891,028  
Other Assets and Liabilities, Net
     (2.9 )     (162,027,136 )
Net Assets
     100.0       5,571,863,892  
 
* Annualized yield at time of purchase; not a coupon rate.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $5,733,891,028.
 
(a) Collateralized by $207,105,300 US Treasury Note, 3.125%, maturing on 9/30/2013 with a value of $219,300,094.
 
(b) Collateralized by $45,241,800 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $43,277,165.
 
(c) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  522,522,000  
Federal Home Loan Mortgage Corp.
     1.65-5.5  
4/28/2014-
4/8/2030
     546,732,677  
  161,294,000  
Federal National Mortgage Association
     3.25-4.75  
2/21/2013-
4/9/2013
     171,348,112  
Total Collateral Value
     718,080,789  
 
(d) Collateralized by $22,443,000 Federal Home Loan Bank, maturing on 7/29/2011 with a value of $22,440,082.
 
(e) Collateralized by $531,439,126 US Treasury STRIPS, maturing on 11/15/2013-2/15/2020 with a value of $441,272,531.
 
(f) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  185,181,947  
Federal Home Loan Mortgage Corp.
  
Zero Coupon-6.5
  
7/15/2015-
8/15/2039
     192,999,725  
  54,470,688  
Federal Home Loan Mortgage Corp. —
Interest only
     5.281  
1/15/2039
     5,749,091  
  7,680,197  
Federal Home Loan Mortgage Corp. — Principal only
  
Zero Coupon
  
11/15/2036-
5/15/2037
     6,713,414  
  23,268,926  
Federal National Mortgage Association
     0.513-6.47  
2/25/2029-
6/25/2037
     22,905,889  
Total Collateral Value
     228,368,119  
 
(g) Collateralized by $124,768,369 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-4.5%, with various maturity dates of 3/1/2039-12/1/2040 with a value of $126,405,034.
 
(h) Collateralized by $242,597,416 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 3/1/2038-4/1/2041 with a value of $257,040,001.
 
(i) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  22,370,889  
Federal Home Loan Mortgage Corp.
     4.0-5.5  
4/15/2040-
4/15/2041
     21,981,083  
  491,792,871  
Federal Home Loan Mortgage Corp. —
Interest only
     5.781-6.431  
9/15/2033-
11/15/2038
     77,032,731  
  210,576,230  
Federal National Mortgage Association
  
Zero Coupon — 5.5
  
6/25/2021-
3/25/2041
     213,820,002  
  914,052,013  
Federal National Mortgage Association — Interest only
     5.787-6.266  
6/25/2038-
1/25/2041
     136,986,185  
Total Collateral Value
     449,820,001  
 
(j) Collateralized by $295,084,262 Federal National Mortgage Association, with various coupon rates from 3.5-4.5%, with various maturity dates of 10/25/2039-2/25/2041 with a value of $306,000,000.
 
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.
 
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (k)
   $ —     $ 2,977,917,003     $ —     $ 2,977,917,003  
Repurchase Agreements
     —       2,755,974,025       —       2,755,974,025  
Total
   $ —     $ 5,733,891,028     $ —     $ 5,733,891,028  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(k) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Government & Agency Securities Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,977,917,003  
Repurchase agreements, valued at amortized cost
     2,755,974,025  
Total investments, valued at amortized cost
     5,733,891,028  
Receivable for Fund shares sold
     142,451  
Interest receivable
     3,670,502  
Due from Advisor
     136,428  
Other assets
     95,442  
Total assets
     5,737,935,851  
Liabilities
  
Payable for investments purchased
     164,991,321  
Payable for Fund shares redeemed
     126,472  
Distributions payable
     106,265  
Accrued management fee
     99,239  
Other accrued expenses and payables
     748,662  
Total liabilities
     166,071,959  
Net assets, at value
   $ 5,571,863,892  
Net Assets Consist of
  
Undistributed net investment income
     201,484  
Accumulated net realized gain (loss)
     (602,497 )
Paid-in capital
     5,572,264,905  
Net assets, at value
   $ 5,571,863,892  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Government & Agency Securities Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Government & Agency Securities Portfolio
  
Income:
Interest
   $ 9,770,345  
Expenses:
Management fee
     2,506,115  
Administration fee
     4,222,727  
Services to shareholders
     1,845,325  
Custodian fee
     76,975  
Distribution and service fees
     3,146,324  
Professional fees
     150,210  
Trustees' fees and expenses
     127,065  
Reports to shareholders
     10,937  
Registration fees
     141,522  
Other
     393,329  
Total expenses before expense reductions
     12,620,529  
Expense reductions
     (5,190,147 )
Total expenses after expense reductions
     7,430,382  
Net investment income
     2,339,963  
Net realized gain (loss) from investments
     (602,497 )
Net increase (decrease) in net assets resulting from operations
   $ 1,737,466  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Government & Agency Securities Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 2,339,963     $ 18,279,158  
Net realized gain (loss)
     (602,497 )     683,254  
Net increase in net assets resulting from operations
     1,737,466       18,962,412  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (29,745 )     (30,842 )
Davidson Cash Equivalent Shares
     (2,133 )     (2,419 )
Davidson Cash Equivalent Plus Shares
     (5,528 )     (3,042 )
DWS Government & Agency Money Fund
     (28,169 )     (168,152 )
DWS Government Cash Institutional Shares
     (2,230,405 )     (17,853,361 )
Government Cash Managed Shares
     (21,680 )     (46,318 )
Premier Money Market Shares
     —       (176,438 )
Service Shares
     (12,160 )     (13,091 )
Net realized gains:
Capital Assets Funds Shares
     —       (34,871 )
Davidson Cash Equivalent Shares
     —       (2,710 )
Davidson Cash Equivalent Plus Shares
     —       (2,843 )
DWS Government & Agency Money Fund
     —       (32,168 )
DWS Government Cash Institutional Shares
     —       (1,560,440 )
Government Cash Managed Shares
     —       (38,058 )
Premier Money Market Shares
     —       (242,870 )
Service Shares
     —       (14,378 )
Total distributions
     (2,329,820 )     (20,222,001 )
Fund share transactions:
Proceeds from shares sold
     38,138,317,757       89,328,240,895  
Reinvestment of distributions
     1,201,174       9,173,740  
Cost of shares redeemed
     (40,469,462,394 )     (101,467,650,200 )
Net increase (decrease) in net assets from Fund share transactions
     (2,329,943,463 )     (12,130,235,565 )
Increase (decrease) in net assets
     (2,330,535,817 )     (12,131,495,154 )
Net assets at beginning of period
     7,902,399,709       20,033,894,863  
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
   $ 5,571,863,892     $ 7,902,399,709  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Government & Agency Securities Portfolio
Capital Assets Funds Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .007       .036       .043  
Net realized and unrealized gain (loss)
     (.000 )*     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .007       .036       .043  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.007 )     (.036 )     (.043 )
Net realized gain
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.007 )     (.036 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .02       .75       3.67       4.37  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     284       304       280       199       76  
Ratio of expenses before expense reductions (%)
     1.01       1.03       1.03       1.03       1.05  
Ratio of expenses after expense reductions (%)
     .22       .30       .92       1.01       1.00  
Ratio of net investment income (%)
     .01       .01       .60 b     3.44       4.30  
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 37-48. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
Capital Assets Funds Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .008       .024       .026  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     (.000 )*
Total from investment operations
     .000 *     .000 *     .008       .024       .026  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.008 )     (.024 )     (.026 )
Net realized gain
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.008 )     (.024 )     (.026 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .01       .83       2.38       2.64  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     11       18       26       17       18  
Ratio of expenses before expense reductions (%)
     1.02       1.03       1.03       1.02       1.04  
Ratio of expenses after expense reductions (%)
     .35       .46       .96       1.00       1.00  
Ratio of net investment income (%)
     .01       .01       .82       2.32       2.61  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio (the "Funds").
 
Money Market Portfolio offers six classes of shares: Capital Assets Funds Shares, Capital Assets Funds Preferred Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, Premium Reserve Money Market Shares and Service Shares. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio offers seven classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than Capital Assets Funds Shares and Capital Assets Funds Preferred Shares, are provided separately and are available upon request.
 
Each Fund's investment income, realized 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 of that Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
Each Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Funds in the preparation of their financial statements.
 
Security Valuation. Various inputs are used in determining the value of each 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 each Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Funds value all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. Each Fund may enter into repurchase agreements with certain banks and broker/dealers whereby each Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Funds have the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Funds' claims on the collateral may be subject to legal proceedings.
 
Federal Income Taxes. Each of the Funds' policies is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
At April 30, 2011, DWS Government & Agency Securities Portfolio had a net tax basis capital loss carryforward of approximately $602,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until April 30, 2019 (the expiration date), whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Funds have reviewed the tax positions for the open tax years as of April 30, 2011 and have determined that no provision for income tax is required in the Funds' financial statements. The Funds' federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. Net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly. Each Fund may take into account capital gains and losses in its daily dividend declarations. Each 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 Funds.
 
At April 30, 2011, the Funds' components of distributable earnings on a tax basis are as follows:
Money Market Portfolio:
Undistributed ordinary income*
   $ 39,083  
Government & Agency Securities Portfolio:
Undistributed ordinary income*
   $ 307,749  
Capital loss carryforwards
   $ (602,000 )
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by each Fund is summarized as follows:
   
Years Ended April 30,
  
Portfolio
  
2011
    
2010
  
Money Market Portfolio:
Distributions from ordinary income*
   $ 399,900     $ 2,172,594  
Government & Agency Securities Portfolio:
Distributions from ordinary income*
   $ 2,329,820     $ 20,222,001  
Tax-Exempt Portfolio:
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
Contingencies. In the normal course of business, the Funds may enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet been made. However, based on experience, the Funds expect the risk of loss to be remote.
 
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement for Money Market Portfolio. Under an Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of Money Market Portfolio 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.
 
In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement to the Money Market Portfolio. The Money Market Portfolio pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Money Market Portfolio based on its relative net assets, computed and accrued daily and payable monthly, at 1/12 of the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .220 %
Next $500 million of such net assets
     .200 %
Next $1 billion of such net assets
     .175 %
Next $1 billion of such net assets
     .160 %
Over $3 billion of such net assets
     .150 %
 
Management Agreement for Government & Agency Securities Portfolio and Tax-Exempt Portfolio. Under an Amended and Restated Investment Management Agreement with the Advisor, the Advisor directs the investments of Government & Agency Securities Portfolio and Tax-Exempt Portfolio in accordance with their respective 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 each Fund.
 
The Government & Agency Securities Portfolio and Tax-Exempt Portfolio pay a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Government & Agency Securities Portfolio and Tax-Exempt Portfolio based on their relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
The Advisor has agreed to contractually reduce its management fee for the Government & Agency Securities Portfolio such that the annual effective rate is limited to 0.05% of the Government & Agency Securities Portfolio's average daily net assets.
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Capital Assets Funds Shares of the Tax-Exempt Portfolio, and for Capital Assets Funds Preferred Shares of the Money Market Portfolio to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 1.03% and 0.60%, respectively.
 
The Advisor has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
Accordingly, for the year ended April 30, 2011, the Advisor waived a portion of its management fee on the Government & Agency Securities Portfolio aggregating $713,093, and the amount charged aggregated $1,793,022.
 
For the year ended April 30, 2011, the Funds incurred management fees equivalent to the following annual effective rates of each Fund's average daily net assets:
Fund
Annual Effective Rate
Money Market Portfolio
.16%
Government & Agency Securities Portfolio
.04%
Tax-Exempt Portfolio
.06%
 
In addition, the Advisor and Pension Financial Services, Inc., the sole sub-distributor, have agreed to voluntarily waive additional expenses. These waivers may be changed or terminated at any time without notice. Under these arrangements, certain expenses were waived on Capital Assets Funds Shares for Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, and on Capital Assets Funds Preferred Shares for Money Market Portfolio.
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Government & Agency Securities Portfolio and Tax-Exempt Portfolio. For all services provided under the Administrative Services Agreement, each of these two Funds pays the Advisor an annual fee ("Administration Fee") of 0.10% of each of these two Funds' average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee from the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio was as follows:
Fund
  
Administration Fee
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 4,222,727     $ 388,699  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Funds. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DISC were as follows:
Money Market Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 2,080,639     $ 876,994     $ 307,215  
Capital Assets Funds Preferred Shares
     39,377       5,147       1,069  
Davidson Cash Equivalent Shares
     40,021       16,669       6,168  
Davidson Cash Equivalent Plus Shares
     4,140       1,364       470  
Premier Money Market Shares
     126,996       39,884       —  
Premium Reserve Money Market Shares
     85,973       —       30,586  
Service Shares
     3,662,660       1,457,787       594,910  
    $ 6,039,806     $ 2,397,845     $ 940,418  
 

Government & Agency Securities Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 719,797     $ 567,755     $ 74,011  
Davidson Cash Equivalent Shares
     53,615       42,434       4,461  
Davidson Cash Equivalent Plus Shares
     107,807       80,013       10,625  
DWS Government & Agency Money Fund
     183,413       87,726       38,977  
DWS Government Cash Institutional Shares
     268,801       268,801       —  
Government Cash Managed Shares
     153,563       42,737       35,695  
Service Shares
     303,676       241,264       21,188  
    $ 1,790,672     $ 1,330,730     $ 184,957  
 

Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Money Market Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,755,491     $ 2,755,491       .00 %     .33 %
Capital Assets Funds Preferred Shares
     52,348       52,348       .00 %     .20 %
Davidson Cash Equivalent Shares
     45,045       45,045       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     4,430       4,430       .00 %     .25 %
Premier Money Market Shares
     126,560       126,560       .00 %     .25 %
Service Shares
     8,684,015       8,684,015       .00 %     .60 %
    $ 11,667,889     $ 11,667,889                  
 

Government & Agency Securities Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 981,550     $ 981,550       .00 %     .33 %
Davidson Cash Equivalent Shares
     63,985       63,985       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     138,178       138,178       .00 %     .25 %
Service Shares
     729,893       729,893       .00 %     .60 %
    $ 1,913,606     $ 1,913,606                  
 

Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Money Market Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,087,493     $ 2,087,493       .00 %     .25 %
Capital Assets Funds Preferred Shares
     26,174       26,174       .00 %     .10 %
Davidson Cash Equivalent Shares
     37,537       37,537       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     3,544       3,544       .00 %     .20 %
Premier Money Market Shares
     126,561       126,561       .00 %     .25 %
Premium Reserve Money Market Shares
     160,827       147,274       .02 %     .25 %
    $ 2,442,136     $ 2,428,583                  
 

Government & Agency Securities Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 743,598     $ 743,598       .00 %     .25 %
Davidson Cash Equivalent Shares
     53,321       53,321       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     110,542       110,542       .00 %     .20 %
Government Cash Managed Shares
     325,257       325,257       .00 %     .15 %
    $ 1,232,718     $ 1,232,718                  
 

Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DIMA included in the Statement of Operations under "reports to shareholders" were as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Money Market Portfolio
   $ 46,559     $ 16,156  
Government & Agency Securities Portfolio
   $ 10,937     $ 10,937  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Funds paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Funds 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 Funds.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Funds and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. Each 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Funds:
 
Money Market Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     839,154,629     $ 839,154,629       751,023,837     $ 751,023,837  
Capital Assets Funds Preferred Shares
     16,426,872       16,426,872       46,317,102       46,317,102  
Davidson Cash Equivalent Shares
     3,734,002       3,734,002       4,223,891       4,223,891  
Davidson Cash Equivalent Plus Shares
     870,248       870,248       1,119,054       1,119,054  
Institutional Money Market Shares*
     —       —       878,782,978       878,782,978  
Premier Money Market Shares***
     44,284,933       44,284,933       564,549,506       564,549,506  
Premium Reserve Money Market Shares
     111,139,828       111,139,828       250,797,721       250,797,721  
Service Shares
     1,791,610,827       1,791,610,827       1,256,750,880       1,256,750,880  
            $ 2,807,221,339             $ 3,753,564,969  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     187,455     $ 187,455       511,699     $ 511,699  
Capital Assets Funds Preferred Shares
     13,160       13,160       34,310       34,310  
Davidson Cash Equivalent Shares
     1,863       1,863       6,909       6,909  
Davidson Cash Equivalent Plus Shares
     220       220       997       997  
Institutional Money Market Shares*
     —       —       781,281       781,281  
Institutional Select Money Market Shares**
     —       —       17       17  
Premier Money Market Shares***
     4,160       4,160       259,732       259,732  
Premium Reserve Money Market Shares
     5,371       5,371       141,496       141,496  
Service Shares
     183,305       183,305       349,720       349,720  
            $ 395,534             $ 2,086,161  
Shares redeemed
  
Capital Assets Funds Shares
     (890,506,653 )   $ (890,506,653 )     (773,833,097 )   $ (773,833,097 )
Capital Assets Funds Preferred Shares
     (64,951,835 )     (64,951,835 )     (42,319,981 )     (42,319,981 )
Davidson Cash Equivalent Shares
     (8,417,805 )     (8,417,805 )     (15,960,223 )     (15,960,223 )
Davidson Cash Equivalent Plus Shares
     (1,850,907 )     (1,850,907 )     (3,704,435 )     (3,704,435 )
Institutional Money Market Shares*
     —       —       (1,394,027,289 )     (1,394,027,289 )
Institutional Select Money Market Shares**
     —       —       (10,576 )     (10,576 )
Premier Money Market Shares***
     (163,286,900 )     (163,286,900 )     (2,466,530,608 )     (2,466,530,608 )
Premium Reserve Money Market Shares
     (119,115,201 )     (119,115,201 )     (592,438,461 )     (592,438,461 )
Service Shares
     (1,368,490,287 )     (1,368,490,287 )     (1,157,527,651 )     (1,157,527,651 )
            $ (2,616,619,588 )           $ (6,446,352,321 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (51,164,569 )   $ (51,164,569 )     (22,297,561 )   $ (22,297,561 )
Capital Assets Funds Preferred Shares
     (48,511,803 )     (48,511,803 )     4,031,431       4,031,431  
Davidson Cash Equivalent Shares
     (4,681,940 )     (4,681,940 )     (11,729,423 )     (11,729,423 )
Davidson Cash Equivalent Plus Shares
     (980,439 )     (980,439 )     (2,584,384 )     (2,584,384 )
Institutional Money Market Shares*
     —       —       (514,463,030 )     (514,463,030 )
Institutional Select Money Market Shares**
     —       —       (10,559 )     (10,559 )
Premier Money Market Shares***
     (118,997,807 )     (118,997,807 )     (1,901,721,370 )     (1,901,721,370 )
Premium Reserve Money Market Shares
     (7,970,002 )     (7,970,002 )     (341,499,244 )     (341,499,244 )
Service Shares
     423,303,845       423,303,845       99,572,949       99,572,949  
            $ 190,997,285             $ (2,690,701,191 )
 
* The Institutional Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
** The Institutional Select Money Market Shares class was liquidated on October 27, 2009 and is no longer offered.
 
*** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     628,481,114     $ 628,481,114       649,627,293     $ 649,627,293  
Davidson Cash Equivalent Shares
     24,463,758       24,463,758       14,397,365       14,397,365  
Davidson Cash Equivalent Plus Shares
     275,786,862       275,786,862       185,485,990       185,485,990  
DWS Government & Agency Money Fund
     72,103,322       72,103,322       105,758,351       105,758,351  
DWS Government Cash Institutional Shares
     34,835,288,142       34,835,288,142       86,737,251,385       86,737,251,385  
Government Cash Managed Shares
     2,032,853,974       2,032,853,974       1,141,762,346       1,141,762,346  
Premier Money Market Shares****
     —       —       265,266,569       265,266,569  
Service Shares
     269,340,585       269,340,585       228,691,596       228,691,596  
            $ 38,138,317,757             $ 89,328,240,895  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     29,657     $ 29,657       65,880     $ 65,880  
Davidson Cash Equivalent Shares
     2,127       2,127       5,141       5,141  
Davidson Cash Equivalent Plus Shares
     5,509       5,509       5,913       5,913  
DWS Government & Agency Money Fund
     27,796       27,796       195,740       195,740  
DWS Government Cash Institutional Shares
     1,118,270       1,118,270       8,526,918       8,526,918  
Government Cash Managed Shares
     5,696       5,696       8,301       8,301  
Premier Money Market Shares****
     —       —       338,346       338,346  
Service Shares
     12,119       12,119       27,501       27,501  
            $ 1,201,174             $ 9,173,740  
Shares redeemed
  
Capital Assets Funds Shares
     (648,126,914 )   $ (648,126,914 )     (625,330,611 )   $ (625,330,611 )
Davidson Cash Equivalent Shares
     (25,307,057 )     (25,307,057 )     (23,739,455 )     (23,739,455 )
Davidson Cash Equivalent Plus Shares
     (292,761,983 )     (292,761,983 )     (158,769,431 )     (158,769,431 )
DWS Government & Agency Money Fund
     (134,495,012 )     (134,495,012 )     (198,527,517 )     (198,527,517 )
DWS Government Cash Institutional Shares
     (36,963,523,481 )     (36,963,523,481 )     (94,492,111,010 )     (94,492,111,010 )
Government Cash Managed Shares
     (2,132,755,829 )     (2,132,755,829 )     (1,338,740,329 )     (1,338,740,329 )
Premier Money Market Shares****
     —       —       (4,366,260,819 )     (4,366,260,819 )
Service Shares
     (272,492,118 )     (272,492,118 )     (264,171,028 )     (264,171,028 )
            $ (40,469,462,394 )           $ (101,467,650,200 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (19,616,143 )   $ (19,616,143 )     24,362,562     $ 24,362,562  
Davidson Cash Equivalent Shares
     (841,172 )     (841,172 )     (9,336,949 )     (9,336,949 )
Davidson Cash Equivalent Plus Shares
     (16,969,612 )     (16,969,612 )     26,722,472       26,722,472  
DWS Government & Agency Money Fund
     (62,363,894 )     (62,363,894 )     (92,573,426 )     (92,573,426 )
DWS Government Cash Institutional Shares
     (2,127,117,069 )     (2,127,117,069 )     (7,746,332,707 )     (7,746,332,707 )
Government Cash Managed Shares
     (99,896,159 )     (99,896,159 )     (196,969,682 )     (196,969,682 )
Premier Money Market Shares****
     —       —       (4,100,655,904 )     (4,100,655,904 )
Service Shares
     (3,139,414 )     (3,139,414 )     (35,451,931 )     (35,451,931 )
            $ (2,329,943,463 )           $ (12,130,235,565 )
 
**** The Premier Money Market Shares Class was liquidated on February 16, 2010 and is no longer offered.
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*****
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*****
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*****
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*****
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
***** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statements of assets and liabilities of Cash Account Trust (the "Trust") (comprising the Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio) (collectively, the "Portfolios"), including the investment portfolios, as of April 30, 2011, and the related statements 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, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Portfolios of Cash Account Trust at April 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
For the Money Market Portfolio, a total of 6% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Government & Agency Securities Portfolio, a total of 44% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
 

 
 
 
 
 
ANNUAL REPORT TO SHAREHOLDERS
 
Davidson Cash Equivalent Shares
 
Money Market Portfolio
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
Davidson Cash Equivalent Plus Shares
 
Money Market Portfolio
 
Government & Agency Securities Portfolio
 
April 30, 2011
 
Contents
3 Portfolio Management Review
7 Information About Each Fund's Expenses
DWS Money Market Portfolio
9 Portfolio Summary
10 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
23 Financial Highlights
DWS Government & Agency Securities Portfolio
25 Portfolio Summary
26 Investment Portfolio
31 Statement of Assets and Liabilities
33 Statement of Operations
34 Statement of Changes in Net Assets
35 Financial Highlights
DWS Tax-Exempt Portfolio
37 Portfolio Summary
38 Investment Portfolio
50 Statement of Assets and Liabilities
52 Statement of Operations
53 Statement of Changes in Net Assets
55 Financial Highlights
56 Notes to Financial Statements
73 Report of Independent Registered Public Accounting Firm
74 Tax Information
75 Summary of Management Fee Evaluation by Independent Fee Consultant
79 Summary of Administrative Fee Evaluation by Independent Fee Consultant
80 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the funds may have a significant adverse effect on the share prices of all classes of shares of the funds. See the prospectus for specific details regarding the funds' risk profile.
 
The funds' policies and procedures for voting proxies for portfolio securities and information about how the funds voted proxies related to their portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the funds' policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the funds' most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the funds during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
For the Money Market Portfolio, with yields trending lower through most of the period, we continued to hold a large percentage of portfolio assets in short-maturity instruments for yield, high-quality and liquidity purposes. We also maintained a conservative average maturity, with portfolio assets broadly diversified among a number of sectors, including banks, asset-backed securities, commercial paper and sovereign debt.4,5 Toward the end of the period, we permitted the fund's average maturity to shorten, as we believed that money market yields could move up if Congress again raises the US debt ceiling.
 
For the Government & Agency Securities Portfolio, we maintained an increased focus on overnight repurchase agreements and one- to three-month government and agency securities, as we believe that there was not a great deal of value in longer-maturity issues during the period ending April 30, 2011.6
 
For the Tax-Exempt Portfolio, in light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period ending April 30, 2011, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)7 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the funds.
 
Negative Contributors to Fund Performance
 
For all three funds, the types of securities that we were investing in tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost each fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the funds.8 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the funds and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the funds' risk profile.
   
7-Day Current Yield
  
Money Market Portfolio — Davidson Cash Equivalent Shares
     0.01 %*
Government & Agency Securities Portfolio — Davidson Cash Equivalent Shares
     0.01 %*
Tax-Exempt Portfolio — Davidson Cash Equivalent Shares
     0.01 %*
(Equivalent Taxable Yield)
     0.02 %**
Money Market Portfolio — Davidson Cash Equivalent Plus Shares
     0.01 %*
Government & Agency Securities Portfolio — Davidson Cash Equivalent Plus Shares
     0.01 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the funds over a 7-day period expressed as an annual percentage rate of the funds' shares outstanding. For the most current yield information, call (800) 332-5915.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield for Davidson Cash Equivalent Shares would have been -0.75%, -0.72% and -0.55% for the Money Market Portfolio, the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio, respectively, and -0.71% and -0.45% for Davidson Cash Equivalent Plus Shares for the Money Market Portfolio and Government & Agency Securities Portfolio, respectively, as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 Asset-backed securities are securities backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. Sovereign debt is bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth.
 
6 Overnight repurchase agreements — a form of short-term borrowing whereby a government security is sold on an overnight basis and purchased back the next day.
 
7 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
8 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
Information About Each Fund's Expenses
 
As an investor of a Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) 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 each 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 Funds limited these expenses; had they not done so, expenses would have been higher for the Davidson Cash Equivalent Shares and the Davidson Cash Equivalent Plus Shares. 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 (November 1, 2010 to April 30, 2011).
 
The tables illustrate each 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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each 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.
 
Davidson Cash Equivalent Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Money Market Portfolio
    
Government & Agency Securities Portfolio
    
Tax-Exempt Portfolio
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.08     $ 1,000.05     $ 1,000.05  
Expenses Paid per $1,000*
   $ 1.64     $ .89     $ 1.64  
Hypothetical 5% Fund Return
                        
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.16     $ 1,023.90     $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.66     $ .90     $ 1.66  
 
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Money Market Portfolio
Government & Agency Securities Portfolio
Tax-Exempt Portfolio
Davidson Cash Equivalent Shares
.33%
.18%
.33%
 
For more information, please refer to each Fund's prospectus.
 
Davidson Cash Equivalent Plus Shares
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Money Market Portfolio
    
Government & Agency Securities Portfolio
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.08     $ 1,000.05  
Expenses Paid per $1,000*
   $ 1.64     $ .89  
Hypothetical 5% Fund Return
                
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.16     $ 1,023.90  
Expenses Paid per $1,000*
   $ 1.66     $ .90  
 
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Money Market Portfolio
Government & Agency Securities Portfolio
Davidson Cash Equivalent Plus Shares
.33%
.18%
 
For more information, please refer to each Fund's prospectus.
 
Portfolio Summary
 
Money Market Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Commercial Paper
34%
38%
Short-Term Notes
17%
26%
Repurchase Agreements
16%
12%
Certificates of Deposit and Bank Notes
16%
13%
Government & Agency Obligations
14%
10%
Time Deposits
3%
—
Supranational
—
1%
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Money Market Portfolio
48 days
41 days
iMoneyNet First Tier Retail Money Fund Average*
40 days
46 days
 
* The Fund is compared to its respective iMoneyNet Category: First Tier Retail Money Fund Average — Category includes a widely recognized composite of money market funds that invest in only first tier (highest rating) securities. Portfolio holdings of First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed Commercial Paper.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 10-17. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Money Market Portfolio
 
Principal Amount ($)
Value ($)
  
     
Certificates of Deposit and Bank Notes 15.8%
  
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
6,500,000
6,828,336
  
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
25,000,000
25,000,000
  
BNP Paribas:
  
 
0.35%, 8/8/2011
  
20,000,000
20,000,000
  
 
0.45%, 7/25/2011
  
7,000,000
6,999,834
  
 
0.55%, 5/13/2011
  
7,000,000
7,000,093
  
Credit Agricole SA, 0.3%, 8/4/2011
12,000,000
12,000,000
  
Dexia Credit Local:
  
 
0.24%, 5/3/2011
  
23,437,000
23,437,000
  
 
144A, 2.375%, 9/23/2011
  
8,000,000
8,055,854
  
International Finance Corp., 3.0%, 11/15/2011
6,000,000
6,084,144
  
KBC Bank NV, 0.3%, 5/6/2011
6,500,000
6,500,000
  
Landesbank Hessen-Thueringen Girozentrale:
  
 
0.2%, 5/12/2011
  
3,000,000
3,000,000
  
 
0.2%, 5/20/2011
  
6,000,000
6,000,000
  
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
8,500,000
8,500,000
  
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
12,000,000
12,000,000
  
Natixis, 0.22%, 6/24/2011
20,000,000
20,000,000
  
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
10,000,000
10,078,955
  
Nordea Bank Finland PLC:
  
 
0.27%, 6/28/2011
  
12,000,000
12,000,000
  
 
0.28%, 7/5/2011
  
25,000,000
25,000,226
  
 
0.44%, 6/30/2011
  
10,000,000
10,000,498
  
 
0.67%, 7/20/2011
  
15,000,000
15,008,950
  
Skandinaviska Enskilda Banken AB:
  
 
0.24%, 6/20/2011
  
25,000,000
25,000,000
  
 
0.25%, 6/10/2011
  
6,000,000
6,000,000
  
 
0.26%, 6/3/2011
  
15,000,000
15,000,000
  
 
0.26%, 6/6/2011
  
15,000,000
15,000,000
  
 
0.31%, 5/27/2011
  
18,000,000
18,000,000
  
Societe Generale:
  
 
0.2%, 7/5/2011
  
6,000,000
6,000,000
  
 
0.35%, 5/16/2011
  
12,000,000
12,000,000
  
Sumitomo Mitsui Banking Corp.:
  
 
0.28%, 6/1/2011
  
28,000,000
28,000,000
  
 
0.3%, 5/3/2011
  
6,000,000
6,000,000
  
Svenska Handelsbanken AB:
  
 
0.24%, 7/6/2011
  
20,500,000
20,500,000
  
 
0.275%, 6/23/2011
  
15,000,000
15,000,055
  
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
409,993,945
  
   
Commercial Paper 34.6%
  
Issued at Discount**
  
Abbey National North America LLC, 0.3%, 6/27/2011
6,500,000
6,496,912
  
Alpine Securitization, 144A, 0.16%, 6/2/2011
40,000,000
39,994,311
  
Argento Variable Funding:
  
 
144A, 0.31%, 6/20/2011
  
15,000,000
14,993,542
  
 
144A, 0.319%, 5/3/2011
  
6,500,000
6,499,884
  
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
25,000,000
24,999,472
  
Barclays Bank PLC, 0.31%, 5/26/2011
12,500,000
12,497,309
  
BPCE SA, 0.27%, 7/26/2011
9,000,000
8,994,195
  
Caisse d'Amortissement de la Dette Sociale:
  
 
0.22%, 8/5/2011
  
12,000,000
11,992,960
  
 
0.25%, 7/25/2011
  
18,000,000
17,989,375
  
 
0.27%, 5/31/2011
  
16,620,000
16,616,261
  
 
0.28%, 6/1/2011
  
12,800,000
12,796,914
  
 
0.29%, 5/31/2011
  
15,000,000
14,996,375
  
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
20,000,000
19,998,311
  
Comcast Corp., 0.31%, 5/6/2011
10,000,000
9,999,569
  
Eksportfinans ASA, 0.15%, 5/5/2011
37,500,000
37,499,375
  
ENI Coordination Center SA, 0.3%, 5/26/2011
12,500,000
12,497,396
  
Google, Inc., 0.4%, 9/16/2011
8,000,000
7,987,733
  
Grampian Funding LLC:
  
 
144A, 0.26%, 7/14/2011
  
10,000,000
9,994,656
  
 
144A, 0.26%, 7/19/2011
  
3,000,000
2,998,288
  
 
144A, 0.27%, 7/8/2011
  
12,000,000
11,993,880
  
 
144A, 0.27%, 7/11/2011
  
25,000,000
24,986,688
  
 
144A, 0.28%, 7/7/2011
  
10,000,000
9,994,789
  
 
144A, 0.28%, 7/8/2011
  
13,000,000
12,993,124
  
Johnson & Johnson:
  
 
144A, 0.18%, 6/3/2011
  
12,850,000
12,847,880
  
 
144A, 0.19%, 8/22/2011
  
15,000,000
14,991,054
  
Kells Funding LLC:
  
 
144A, 0.33%, 5/9/2011
  
6,000,000
5,999,560
  
 
144A, 0.35%, 5/18/2011
  
3,000,000
2,999,504
  
 
144A, 0.35%, 6/6/2011
  
6,000,000
5,997,900
  
 
144A, 0.36%, 5/17/2011
  
18,000,000
17,997,120
  
 
144A, 0.37%, 6/17/2011
  
15,000,000
14,992,754
  
 
144A, 0.38%, 6/17/2011
  
12,000,000
11,994,047
  
 
144A, 0.39%, 7/5/2011
  
10,000,000
9,992,958
  
 
144A, 0.39%, 9/6/2011
  
13,750,000
13,730,933
  
 
144A, 0.4%, 7/1/2011
  
8,000,000
7,994,578
  
LMA Americas LLC, 144A, 0.17%, 5/9/2011
6,000,000
5,999,773
  
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
12,419,000
12,417,603
  
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
12,500,000
12,492,500
  
Nieuw Amsterdam Receivables Corp.:
  
 
144A, 0.24%, 6/2/2011
  
13,500,000
13,497,120
  
 
144A, 0.25%, 5/6/2011
  
12,000,000
11,999,583
  
NRW.Bank:
  
 
0.19%, 6/28/2011
  
13,500,000
13,495,868
  
 
0.22%, 7/14/2011
  
6,000,000
5,997,287
  
 
0.275%, 6/10/2011
  
8,000,000
7,997,556
  
 
0.3%, 5/2/2011
  
12,000,000
11,999,900
  
 
0.3%, 5/3/2011
  
30,000,000
29,999,500
  
 
0.3%, 5/23/2011
  
12,500,000
12,497,708
  
Procter & Gamble Co., 0.19%, 6/3/2011
16,513,000
16,510,124
  
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
26,000,000
25,996,707
  
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
3,000,000
2,999,425
  
Sanofi-Aventis SA, 0.3%, 8/15/2011
12,500,000
12,488,958
  
SBAB Bank AB:
  
 
144A, 0.35%, 7/19/2011
  
6,000,000
5,995,392
  
 
144A, 0.37%, 7/13/2011
  
12,500,000
12,490,622
  
 
144A, 0.39%, 6/9/2011
  
12,000,000
11,994,930
  
 
144A, 0.39%, 7/5/2011
  
12,500,000
12,491,198
  
 
144A, 0.4%, 6/23/2011
  
6,000,000
5,996,467
  
Scaldis Capital LLC:
  
 
0.32%, 5/20/2011
  
5,000,000
4,999,156
  
 
0.32%, 6/2/2011
  
9,000,000
8,997,440
  
Shell International Finance BV, 0.4%, 5/2/2011
5,000,000
4,999,944
  
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
15,000,000
14,999,375
  
Standard Chartered Bank, 0.29%, 5/24/2011
20,000,000
19,996,294
  
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
15,000,000
14,999,896
  
Svenska Handelsbanken AB, 0.28%, 5/18/2011
6,000,000
5,999,207
  
Swedbank AB:
  
 
0.26%, 7/27/2011
  
12,000,000
11,992,460
  
 
0.27%, 7/11/2011
  
10,000,000
9,994,675
  
 
0.27%, 7/26/2011
  
10,000,000
9,993,550
  
 
0.285%, 5/23/2011
  
12,000,000
11,997,910
  
 
0.3%, 5/13/2011
  
28,000,000
27,997,200
  
 
0.34%, 7/5/2011
  
20,000,000
19,987,722
  
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
12,500,000
12,485,253
  
Total Commercial Paper (Cost $894,147,910)
894,147,910
  
   
Short-Term Notes* 17.7%
  
Abbey National Treasury Services PLC:
  
 
0.38%, 4/16/2012
  
18,000,000
18,000,000
  
 
0.49%, 11/2/2011
  
12,500,000
12,500,000
  
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
12,500,000
12,500,000
  
Bank of Nova Scotia:
  
 
0.22%, 8/25/2011
  
16,500,000
16,500,000
  
 
0.27%, 9/12/2011
  
7,000,000
7,000,000
  
 
0.35%, 12/8/2011
  
8,000,000
8,000,000
  
Barclays Bank PLC, 0.533%, 7/19/2011
15,000,000
15,000,000
  
BNP Paribas, 0.492%, 8/22/2011
25,000,000
25,000,000
  
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
26,000,000
25,996,945
  
Canadian Imperial Bank of Commerce:
  
 
0.18%, 5/12/2011
  
20,000,000
20,000,000
  
 
0.292%, 4/26/2012
  
21,600,000
21,600,000
  
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
12,000,000
12,000,000
  
Credit Suisse, 0.19%, 6/3/2011
12,000,000
12,000,000
  
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
11,500,000
11,500,000
  
Kells Funding LLC:
  
 
144A, 0.318%, 8/15/2011
  
12,500,000
12,500,000
  
 
144A, 0.342%, 2/24/2012
  
13,750,000
13,750,000
  
 
144A, 0.383%, 12/1/2011
  
10,000,000
10,000,000
  
National Australia Bank Ltd.:
  
 
0.261%, 10/5/2011
  
12,500,000
12,500,000
  
 
0.291%, 6/10/2011
  
15,000,000
15,000,000
  
Nordea Bank Finland PLC:
  
 
0.56%, 2/3/2012
  
3,000,000
3,004,662
  
 
0.574%, 10/20/2011
  
12,500,000
12,517,260
  
 
0.58%, 10/14/2011
  
10,000,000
10,013,284
  
Rabobank Nederland NV:
  
 
0.263%, 5/13/2011
  
14,000,000
14,000,001
  
 
0.307%, 4/24/2012
  
7,750,000
7,749,616
  
 
0.311%, 1/10/2012
  
8,000,000
8,000,000
  
 
144A, 0.384%, 3/16/2012
  
12,000,000
12,000,000
  
 
144A, 0.458%, 9/28/2011
  
6,000,000
6,003,687
  
Royal Bank of Canada, 0.31%, 8/12/2011
11,300,000
11,300,000
  
Societe Generale, 0.32%, 5/19/2011
24,000,000
24,000,000
  
Westpac Banking Corp.:
  
 
0.27%, 10/12/2011
  
16,000,000
16,000,000
  
 
0.293%, 6/1/2011
  
8,000,000
8,000,000
  
 
0.321%, 5/9/2012
  
17,000,000
17,000,000
  
 
144A, 0.323%, 10/28/2011
  
12,000,000
12,001,367
  
 
0.36%, 1/10/2012
  
14,000,000
14,000,000
  
Total Short-Term Notes (Cost $456,936,822)
456,936,822
  
   
Government & Agency Obligations 13.9%
  
Foreign Government Obligations 0.5%
  
Kingdom of Denmark, 2.75%, 11/15/2011
11,500,000
11,643,626
  
Other Government Related (a) 1.6%
  
European Investment Bank:
  
 
0.24%, 6/28/2011
  
13,000,000
12,994,973
  
 
2.625%, 5/16/2011
  
7,000,000
7,006,628
  
 
2.625%, 11/15/2011
  
22,000,000
22,267,637
  
 
42,269,238
  
US Government Sponsored Agencies 5.5%
  
Federal Farm Credit Bank:
  
 
0.223%*, 11/2/2011
  
12,250,000
12,249,690
  
 
0.259%**, 10/20/2011
  
5,000,000
4,993,789
  
 
0.259%**, 4/4/2012
  
5,000,000
4,987,758
  
 
0.319%**, 12/16/2011
  
10,200,000
10,179,237
  
Federal Home Loan Bank:
  
 
0.24%, 10/28/2011
  
14,000,000
13,995,584
  
 
0.25%, 10/28/2011
  
14,000,000
13,999,429
  
 
0.268%**, 9/12/2011
  
10,000,000
9,989,950
  
 
0.54%, 5/24/2011
  
4,400,000
4,400,022
  
 
1.0%, 12/28/2011
  
10,000,000
10,053,762
  
Federal National Mortgage Association:
  
 
0.113%*, 7/27/2011
  
12,500,000
12,498,033
  
 
0.159%**, 11/21/2011
  
15,000,000
14,986,400
  
 
0.182%**, 6/16/2011
  
12,500,000
12,497,045
  
 
4.68%, 6/15/2011
  
7,000,000
7,038,043
  
 
5.375%, 11/15/2011
  
10,000,000
10,280,209
  
 
142,148,951
  
US Treasury Obligations 6.3%
  
US Treasury Bills:
  
 
0.155%**, 7/28/2011
  
996,000
995,623
  
 
0.16%**, 9/1/2011
  
12,500,000
12,493,167
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
39,500,000
39,518,687
  
 
0.875%, 1/31/2012
  
13,500,000
13,567,775
  
 
1.0%, 9/30/2011
  
37,000,000
37,117,154
  
 
4.5%, 11/30/2011
  
7,000,000
7,170,545
  
 
4.625%, 8/31/2011
  
27,500,000
27,899,749
  
 
4.625%, 10/31/2011
  
17,000,000
17,369,535
  
 
5.125%, 6/30/2011
  
7,500,000
7,560,710
  
 
163,692,945
  
Total Government & Agency Obligations (Cost $359,754,760)
359,754,760
  
   
Time Deposits 2.6%
  
Citibank NA, 0.13%, 5/5/2011
58,000,000
58,000,000
  
National Australia Bank Ltd., 0.08%, 5/2/2011
9,315,483
9,315,483
  
Total Time Deposits (Cost $67,315,483)
67,315,483
  
   
Municipal Bonds and Notes 0.2%
  
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
4,085,000
4,085,000
  
   
Repurchase Agreements 16.2%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
5,000,000
5,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
39,285,715
39,285,715
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
124,000,000
124,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
64,281,428
64,281,428
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
23,000,000
23,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
15,000,000
15,000,000
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
142,000,000
142,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
6,000,000
6,000,000
  
Total Repurchase Agreements (Cost $418,567,143)
418,567,143
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,610,801,063)+
     101.0       2,610,801,063  
Other Assets and Liabilities, Net
     (1.0 )     (24,871,551 )
Net Assets
     100.0       2,585,929,512  
 
* These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
** Annualized yield at time of purchase; not a coupon rate.
 
*** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
+ The cost for federal income tax purposes was $2,610,801,063.
 
(a) Government-backed debt issued by financial companies or government sponsored enterprises.
 
(b) Collateralized by $5,100,300 US Treasury Bill, maturing on 7/7/2011 with a value of $5,100,045.
 
(c) Collateralized by $41,890,600 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $40,071,491.
 
(d) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  29,000,000  
Federal Home Loan Bank
     3.125  
3/11/2016
     30,474,263  
  91,202,000  
Federal National Mortgage Association
     2.625  
11/20/2014
     96,010,512  
Total Collateral Value
               126,484,775  
 
(e) Collateralized by $87,016,788 US Treasury STRIPS, with various maturity dates of 5/15/2019-8/15/2020 with a value of $65,568,029.
 
(f) Collateralized by $23,827,802 Federal Home Loan Mortgage Corp., with various coupon rates from 2.0-2.75%, with various maturity dates of 11/15/2038-9/15/2040 with a value of $23,464,662.
 
(g) Collateralized by $14,787,810 Federal Home Loan Mortgage Corp., 3.295%, maturing on 1/1/2041 with a value of $15,300,001.
 
(h) Collateralized by $138,402,899 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 8/1/2038-4/1/2041 with a value of $144,840,000.
 
(i) Collateralized by $7,977,887 Federal National Mortgage Association — Principal Only, with various maturity dates of 3/25/2036-5/25/2040 with a value of $6,120,000.
 
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.
 
LOC: Letter of Credit
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying morgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (j)
   $ —     $ 2,192,233,920     $ —     $ 2,192,233,920  
Repurchase Agreements
     —       418,567,143       —       418,567,143  
Total
   $ —     $ 2,610,801,063     $ —     $ 2,610,801,063  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(j) See Investment Portfolio for additional categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Money Market Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,192,233,920  
Repurchase agreements, valued at amortized cost
     418,567,143  
Total investments, valued at amortized cost
     2,610,801,063  
Cash
     2,856  
Receivable for Fund shares sold
     3,963  
Interest receivable
     2,616,479  
Due from Advisor
     16,735  
Other assets
     93,812  
Total assets
     2,613,534,908  
Liabilities
  
Payable for investments purchased
     25,996,945  
Payable for Fund shares redeemed
     22,024  
Accrued management fee
     322,306  
Other accrued expenses and payables
     1,264,121  
Total liabilities
     27,605,396  
Net assets, at value
   $ 2,585,929,512  
Net Assets Consist of
  
Undistributed net investment income
     39,083  
Paid-in capital
     2,585,890,429  
Net assets, at value
   $ 2,585,929,512  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Money Market Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Money Market Portfolio
  
Income:
Interest
   $ 8,798,068  
Expenses:
Management fee
     3,881,269  
Services to shareholders
     6,076,379  
Custodian fee
     74,890  
Distribution and service fees
     14,110,025  
Professional fees
     138,516  
Trustees' fees and expenses
     77,791  
Reports to shareholders
     320,727  
Registration fees
     165,621  
Other
     109,278  
Total expenses before expense reductions
     24,954,496  
Expense reductions
     (16,494,317 )
Total expenses after expense reductions
     8,460,179  
Net investment income
     337,889  
Net realized gain (loss) from investments
     46,708  
Net increase (decrease) in net assets resulting from operations
   $ 384,597  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Money Market Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 337,889     $ 1,401,172  
Net realized gain (loss)
     46,708       163,092  
Net increase in net assets resulting from operations
     384,597       1,564,264  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (187,975 )     (325,020 )
Capital Assets Funds Preferred Shares
     (13,299 )     (22,211 )
Davidson Cash Equivalent Shares
     (1,869 )     (2,135 )
Davidson Cash Equivalent Plus Shares
     (221 )     (304 )
Institutional Money Market Shares
     —       (739,919 )
Institutional Select Money Market Shares
     —       (18 )
Premier Money Market Shares
     (5,042 )     (80,727 )
Premium Reserve Money Market Shares
     (7,826 )     (119,850 )
Service Shares
     (183,668 )     (110,887 )
Net realized gains:
Capital Assets Funds Shares
     —       (185,696 )
Capital Assets Funds Preferred Shares
     —       (11,952 )
Davidson Cash Equivalent Shares
     —       (4,764 )
Davidson Cash Equivalent Plus Shares
     —       (692 )
Institutional Money Market Shares
     —       (48,898 )
Institutional Select Money Market Shares
     —       (1 )
Premier Money Market Shares
     —       (232,203 )
Premium Reserve Money Market Shares
     —       (48,826 )
Service Shares
     —       (238,491 )
Total distributions
     (399,900 )     (2,172,594 )
Fund share transactions:
Proceeds from shares sold
     2,807,221,339       3,753,564,969  
Reinvestment of distributions
     395,534       2,086,161  
Cost of shares redeemed
     (2,616,619,588 )     (6,446,352,321 )
Net increase (decrease) in net assets from Fund share transactions
     190,997,285       (2,690,701,191 )
Increase (decrease) in net assets
     190,981,982       (2,691,309,521 )
Net assets at beginning of period
     2,394,947,530       5,086,257,051  
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
   $ 2,585,929,512     $ 2,394,947,530  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Money Market Portfolio
Davidson Cash Equivalent Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .012       .039       .043  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .012       .039       .043  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.012 )     (.039 )     (.043 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.012 )     (.039 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .03       1.25       3.93       4.39  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     13       18       30       59       240  
Ratio of expenses before expense reductions (%)
     1.01       .94       .98       1.00       1.07  
Ratio of expenses after expense reductions (%)
     .35       .46       .97       .99       1.00  
Ratio of net investment income (%)
     .01       .01       1.19       3.82       4.28  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 

Money Market Portfolio
Davidson Cash Equivalent Plus Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .013       .040       .044  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .013       .040       .044  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.013 )     (.040 )     (.044 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.013 )     (.040 )     (.044 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .03       1.35       4.07       4.54  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     1       2       5       12       83  
Ratio of expenses before expense reductions (%)
     .88       .86       .86       .85       .88  
Ratio of expenses after expense reductions (%)
     .35       .46       .86       .85       .85  
Ratio of net investment income (%)
     .01       .01       1.30       3.96       4.43  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Government & Agency Securities Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Government & Agency Obligations
50%
85%
Repurchase Agreements
48%
15%
Commercial Paper
2%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Government & Agency Securities Portfolio
49 days
52 days
iMoneyNet Government & Agencies Retail Money Fund Average*
38 days
45 days
 
* The Fund is compared to its respective iMoney Net Category: Government & Agencies Retail Money Fund Average consists of all non-institutional government money market funds. Category includes the most broadly based of the government retail funds. These funds can invest in US Treasuries, US Other, Repos, whether or not they are backed by US Treasuries and government-backed Floating Rate Notes.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 26-30. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Government & Agency Securities Portfolio
 
Principal Amount ($)
Value ($)
  
     
Commercial Paper 1.8%
  
Issued at Discount
  
Straight-A Funding LLC:
  
 
144A, 0.15%, 5/11/2011
  
20,000,000
19,999,167
  
 
144A, 0.2%, 7/5/2011
  
80,000,000
79,971,111
  
Total Commercial Paper (Cost $99,970,278)
99,970,278
  
   
Government & Agency Obligations 51.6%
  
US Government Sponsored Agencies 45.9%
  
Federal Farm Credit Bank:
  
 
0.119%**, 5/18/2012
  
165,000,000
164,991,321
  
 
0.12%**, 1/12/2012
  
100,000,000
100,001,775
  
 
0.129%*, 9/9/2011
  
25,000,000
24,988,174
  
 
0.134%**, 7/15/2011
  
85,000,000
84,999,308
  
 
0.164%*, 5/24/2011
  
50,000,000
49,994,569
  
 
0.208%*, 8/3/2011
  
43,500,000
43,476,148
  
 
0.259%*, 10/20/2011
  
34,500,000
34,457,143
  
 
0.259%*, 4/4/2012
  
12,500,000
12,469,396
  
 
0.269%*, 3/23/2012
  
25,000,000
24,938,688
  
 
0.319%*, 12/16/2011
  
28,000,000
27,943,004
  
 
0.319%*, 1/12/2012
  
33,000,000
32,924,907
  
Federal Home Loan Bank:
  
 
0.018%*, 5/2/2011
  
12,737,000
12,737,000
  
 
0.064%*, 7/20/2011
  
100,000,000
99,985,556
  
 
0.068%*, 5/27/2011
  
50,000,000
49,997,472
  
 
0.076%*, 5/18/2011
  
55,000,000
54,997,922
  
 
0.089%*, 9/6/2011
  
50,000,000
49,984,000
  
 
0.149%*, 8/12/2011
  
7,500,000
7,496,781
  
 
0.149%*, 8/17/2011
  
12,207,000
12,201,507
  
 
0.17%**, 1/18/2012
  
22,000,000
22,006,379
  
 
0.183%**, 9/26/2011
  
12,500,000
12,499,749
  
 
0.24%, 10/28/2011
  
36,275,000
36,266,384
  
 
0.248%*, 8/22/2011
  
5,000,000
4,996,076
  
 
0.268%*, 9/12/2011
  
15,900,000
15,884,021
  
 
0.3%, 12/27/2011
  
75,000,000
75,022,455
  
 
0.76%, 7/19/2011
  
15,000,000
15,017,910
  
 
1.0%, 12/28/2011
  
13,460,000
13,532,363
  
 
5.375%, 8/19/2011
  
14,900,000
15,129,895
  
Federal Home Loan Mortgage Corp.:
  
 
0.028%*, 5/19/2011
  
15,000,000
14,999,775
  
 
0.08%**, 11/9/2011
  
75,000,000
74,967,946
  
 
0.14%**, 11/10/2011
  
200,000,000
200,000,000
  
 
0.149%*, 7/27/2011
  
85,000,000
84,969,188
  
 
0.164%*, 9/1/2011
  
8,935,000
8,929,963
  
 
0.167%*, 6/13/2011
  
27,061,000
27,055,505
  
 
0.193%*, 7/25/2011
  
34,494,000
34,478,118
  
 
0.198%*, 7/12/2011
  
100,000,000
99,960,000
  
Federal National Mortgage Association:
  
 
0.059%*, 6/13/2011
  
75,000,000
74,994,625
  
 
0.079%*, 7/21/2011
  
100,000,000
99,982,000
  
 
0.099%*, 8/8/2011
  
32,500,000
32,491,063
  
 
0.113%**, 7/27/2011
  
190,000,000
189,983,791
  
 
0.119%*, 8/22/2011
  
25,000,000
24,990,583
  
 
0.119%*, 9/13/2011
  
100,000,000
99,955,000
  
 
0.129%*, 9/26/2011
  
65,000,000
64,965,261
  
 
0.159%*, 11/21/2011
  
100,000,000
99,909,333
  
 
0.174%**, 9/19/2011
  
30,000,000
29,999,404
  
 
0.178%*, 7/20/2011
  
44,000,000
43,982,400
  
 
0.178%*, 7/27/2011
  
51,659,000
51,636,528
  
 
0.182%*, 6/16/2011
  
35,000,000
34,991,726
  
 
5.0%, 10/15/2011
  
50,000,000
51,082,031
  
 
5.375%, 11/15/2011
  
16,040,000
16,489,455
  
 
2,559,753,598
  
US Treasury Obligations 5.7%
  
US Treasury Bill, 0.16%*, 9/1/2011
  
17,500,000
17,490,433
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
25,000,000
25,014,282
  
 
1.0%, 9/30/2011
  
84,500,000
84,768,848
  
 
1.75%, 11/15/2011
  
50,000,000
50,394,064
  
 
4.625%, 8/31/2011
  
43,500,000
44,134,573
  
 
4.625%, 10/31/2011
  
45,000,000
45,986,196
  
 
5.125%, 6/30/2011
  
50,000,000
50,404,731
  
 
318,193,127
  
Total Government & Agency Obligations (Cost $2,877,946,725)
2,877,946,725
  
   
Repurchase Agreements 49.5%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
215,000,000
215,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
42,428,571
42,428,571
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
704,000,000
704,000,000
  
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
22,000,000
22,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
432,618,951
432,618,951
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
223,000,000
223,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
123,926,503
123,926,503
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
252,000,000
252,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
441,000,000
441,000,000
  
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
300,000,000
300,000,000
  
Total Repurchase Agreements (Cost $2,755,974,025)
2,755,974,025
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $5,733,891,028)+
     102.9       5,733,891,028  
Other Assets and Liabilities, Net
     (2.9 )     (162,027,136 )
Net Assets
     100.0       5,571,863,892  
 
* Annualized yield at time of purchase; not a coupon rate.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $5,733,891,028.
 
(a) Collateralized by $207,105,300 US Treasury Note, 3.125%, maturing on 9/30/2013 with a value of $219,300,094.
 
(b) Collateralized by $45,241,800 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $43,277,165.
 
(c) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  522,522,000  
Federal Home Loan Mortgage Corp.
     1.65-5.5  
4/28/2014-
4/8/2030
     546,732,677  
  161,294,000  
Federal National Mortgage Association
     3.25-4.75  
2/21/2013-
4/9/2013
     171,348,112  
Total Collateral Value
     718,080,789  
 
(d) Collateralized by $22,443,000 Federal Home Loan Bank, maturing on 7/29/2011 with a value of $22,440,082.
 
(e) Collateralized by $531,439,126 US Treasury STRIPS, maturing on 11/15/2013-2/15/2020 with a value of $441,272,531.
 
(f) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  185,181,947  
Federal Home Loan Mortgage Corp.
  
Zero Coupon-6.5
  
7/15/2015-
8/15/2039
     192,999,725  
  54,470,688  
Federal Home Loan Mortgage Corp. —
Interest only
     5.281  
1/15/2039
     5,749,091  
  7,680,197  
Federal Home Loan Mortgage Corp. — Principal only
  
Zero Coupon
  
11/15/2036-
5/15/2037
     6,713,414  
  23,268,926  
Federal National Mortgage Association
     0.513-6.47  
2/25/2029-
6/25/2037
     22,905,889  
Total Collateral Value
     228,368,119  
 
(g) Collateralized by $124,768,369 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-4.5%, with various maturity dates of 3/1/2039-12/1/2040 with a value of $126,405,034.
 
(h) Collateralized by $242,597,416 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 3/1/2038-4/1/2041 with a value of $257,040,001.
 
(i) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  22,370,889  
Federal Home Loan Mortgage Corp.
     4.0-5.5  
4/15/2040-
4/15/2041
     21,981,083  
  491,792,871  
Federal Home Loan Mortgage Corp. —
Interest only
     5.781-6.431  
9/15/2033-
11/15/2038
     77,032,731  
  210,576,230  
Federal National Mortgage Association
  
Zero Coupon — 5.5
  
6/25/2021-
3/25/2041
     213,820,002  
  914,052,013  
Federal National Mortgage Association — Interest only
     5.787-6.266  
6/25/2038-
1/25/2041
     136,986,185  
Total Collateral Value
     449,820,001  
 
(j) Collateralized by $295,084,262 Federal National Mortgage Association, with various coupon rates from 3.5-4.5%, with various maturity dates of 10/25/2039-2/25/2041 with a value of $306,000,000.
 
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.
 
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (k)
   $ —     $ 2,977,917,003     $ —     $ 2,977,917,003  
Repurchase Agreements
     —       2,755,974,025       —       2,755,974,025  
Total
   $ —     $ 5,733,891,028     $ —     $ 5,733,891,028  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(k) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Government & Agency Securities Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,977,917,003  
Repurchase agreements, valued at amortized cost
     2,755,974,025  
Total investments, valued at amortized cost
     5,733,891,028  
Receivable for Fund shares sold
     142,451  
Interest receivable
     3,670,502  
Due from Advisor
     136,428  
Other assets
     95,442  
Total assets
     5,737,935,851  
Liabilities
  
Payable for investments purchased
     164,991,321  
Payable for Fund shares redeemed
     126,472  
Distributions payable
     106,265  
Accrued management fee
     99,239  
Other accrued expenses and payables
     748,662  
Total liabilities
     166,071,959  
Net assets, at value
   $ 5,571,863,892  
Net Assets Consist of
  
Undistributed net investment income
     201,484  
Accumulated net realized gain (loss)
     (602,497 )
Paid-in capital
     5,572,264,905  
Net assets, at value
   $ 5,571,863,892  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Government & Agency Securities Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Government & Agency Securities Portfolio
  
Income:
Interest
   $ 9,770,345  
Expenses:
Management fee
     2,506,115  
Administration fee
     4,222,727  
Services to shareholders
     1,845,325  
Custodian fee
     76,975  
Distribution and service fees
     3,146,324  
Professional fees
     150,210  
Trustees' fees and expenses
     127,065  
Reports to shareholders
     10,937  
Registration fees
     141,522  
Other
     393,329  
Total expenses before expense reductions
     12,620,529  
Expense reductions
     (5,190,147 )
Total expenses after expense reductions
     7,430,382  
Net investment income
     2,339,963  
Net realized gain (loss) from investments
     (602,497 )
Net increase (decrease) in net assets resulting from operations
   $ 1,737,466  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Government & Agency Securities Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 2,339,963     $ 18,279,158  
Net realized gain (loss)
     (602,497 )     683,254  
Net increase in net assets resulting from operations
     1,737,466       18,962,412  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (29,745 )     (30,842 )
Davidson Cash Equivalent Shares
     (2,133 )     (2,419 )
Davidson Cash Equivalent Plus Shares
     (5,528 )     (3,042 )
DWS Government & Agency Money Fund
     (28,169 )     (168,152 )
DWS Government Cash Institutional Shares
     (2,230,405 )     (17,853,361 )
Government Cash Managed Shares
     (21,680 )     (46,318 )
Premier Money Market Shares
     —       (176,438 )
Service Shares
     (12,160 )     (13,091 )
Net realized gains:
Capital Assets Funds Shares
     —       (34,871 )
Davidson Cash Equivalent Shares
     —       (2,710 )
Davidson Cash Equivalent Plus Shares
     —       (2,843 )
DWS Government & Agency Money Fund
     —       (32,168 )
DWS Government Cash Institutional Shares
     —       (1,560,440 )
Government Cash Managed Shares
     —       (38,058 )
Premier Money Market Shares
     —       (242,870 )
Service Shares
     —       (14,378 )
Total distributions
     (2,329,820 )     (20,222,001 )
Fund share transactions:
Proceeds from shares sold
     38,138,317,757       89,328,240,895  
Reinvestment of distributions
     1,201,174       9,173,740  
Cost of shares redeemed
     (40,469,462,394 )     (101,467,650,200 )
Net increase (decrease) in net assets from Fund share transactions
     (2,329,943,463 )     (12,130,235,565 )
Increase (decrease) in net assets
     (2,330,535,817 )     (12,131,495,154 )
Net assets at beginning of period
     7,902,399,709       20,033,894,863  
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
   $ 5,571,863,892     $ 7,902,399,709  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Government & Agency Securities Portfolio
Davidson Cash Equivalent Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .008       .036       .043  
Net realized and unrealized gain (loss)
     (.000 )*     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .008       .036       .043  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.008 )     (.036 )     (.043 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.008 )     (.036 )     (.043 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .02       .76       3.70       4.37  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     19       20       29       40       135  
Ratio of expenses before expense reductions (%)
     .99       .96       .99       1.00       1.09  
Ratio of expenses after expense reductions (%)
     .22       .31       .90       .98       1.00  
Ratio of net investment income (%)
     .01       .01       .82 b     3.47       4.28  
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
  
 

Government & Agency Securities Portfolio
Davidson Cash Equivalent Plus Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .009       .038       .044  
Net realized and unrealized gain (loss)
     (.000 )*     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .000 *     .009       .038       .044  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.009 )     (.038 )     (.044 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.009 )     (.038 )     (.044 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .02       .89       3.84       4.52  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     33       50       24       31       36  
Ratio of expenses before expense reductions (%)
     .84       .85       .83       .87       .89  
Ratio of expenses after expense reductions (%)
     .23       .29       .78       .86       .85  
Ratio of net investment income (%)
     .01       .01       .96 b     3.59       4.43  
a Total return would have been lower had certain expenses not been reduced.
b Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Amount is less than $.0005.
  
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 38-49. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
Davidson Cash Equivalent Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .000 *     .009       .025       .028  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     (.000 )*
Total from investment operations
     .000 *     .000 *     .009       .025       .028  
Less distributions from:
Net investment income
     (.000 )*     (.000 )*     (.009 )     (.025 )     (.028 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.000 )*     (.009 )     (.025 )     (.028 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)a
     .01       .01       .94       2.53       2.79  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     75       80       67       75       58  
Ratio of expenses before expense reductions (%)
     .89       .90       .91       .90       .91  
Ratio of expenses after expense reductions (%)
     .35       .43       .86       .85       .85  
Ratio of net investment income (%)
     .01       .01       .92       2.47       2.76  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio (the "Funds").
 
Money Market Portfolio offers six classes of shares: Capital Assets Funds Shares, Capital Assets Funds Preferred Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, Premium Reserve Money Market Shares and Service Shares. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio offers seven classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than Davidson Cash Equivalent Shares and Davidson Cash Equivalent Plus Shares, are provided separately and are available upon request.
 
Each Fund's investment income, realized 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 of that Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
Each Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Funds in the preparation of their financial statements.
 
Security Valuation. Various inputs are used in determining the value of each 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 each Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Funds value all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. Each Fund may enter into repurchase agreements with certain banks and broker/dealers whereby each Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Funds have the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Funds' claims on the collateral may be subject to legal proceedings.
 
Federal Income Taxes. Each of the Funds' policies is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
At April 30, 2011, DWS Government & Agency Securities Portfolio had a net tax basis capital loss carryforward of approximately $602,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until April 30, 2019 (the expiration date), whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Funds have reviewed the tax positions for the open tax years as of April 30, 2011 and have determined that no provision for income tax is required in the Funds' financial statements. The Funds' federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. Net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly. Each Fund may take into account capital gains and losses in its daily dividend declarations. Each 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 Funds.
 
At April 30, 2011, the Funds' components of distributable earnings on a tax basis are as follows:
Money Market Portfolio:
Undistributed ordinary income*
   $ 39,083  
Government & Agency Securities Portfolio:
Undistributed ordinary income*
   $ 307,749  
Capital loss carryforwards
   $ (602,000 )
Tax-Exempt Portfolio:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by each Fund is summarized as follows:
   
Years Ended April 30,
  
Portfolio
  
2011
    
2010
  
Money Market Portfolio:
Distributions from ordinary income*
   $ 399,900     $ 2,172,594  
Government & Agency Securities Portfolio:
Distributions from ordinary income*
   $ 2,329,820     $ 20,222,001  
Tax-Exempt Portfolio:
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
Contingencies. In the normal course of business, the Funds may enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet been made. However, based on experience, the Funds expect the risk of loss to be remote.
 
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement for Money Market Portfolio. Under an Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of Money Market Portfolio 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.
 
In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement to the Money Market Portfolio. The Money Market Portfolio pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Money Market Portfolio based on its relative net assets, computed and accrued daily and payable monthly, at 1/12 of the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .220 %
Next $500 million of such net assets
     .200 %
Next $1 billion of such net assets
     .175 %
Next $1 billion of such net assets
     .160 %
Over $3 billion of such net assets
     .150 %
 
Management Agreement for Government & Agency Securities Portfolio and Tax-Exempt Portfolio. Under an Amended and Restated Investment Management Agreement with the Advisor, the Advisor directs the investments of Government & Agency Securities Portfolio and Tax-Exempt Portfolio in accordance with their respective 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 each Fund.
 
The Government & Agency Securities Portfolio and Tax-Exempt Portfolio pay a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Government & Agency Securities Portfolio and Tax-Exempt Portfolio based on their relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
The Advisor has agreed to contractually reduce its management fee for the Government & Agency Securities Portfolio such that the annual effective rate is limited to 0.05% of the Government & Agency Securities Portfolio's average daily net assets.
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Davidson Cash Equivalent Shares of the Tax-Exempt Portfolio to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.85%.
 
For the period from May 1, 2010 through April 30, 2011, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Davidson Cash Equivalent Shares of the Money Market Portfolio and Government & Agency Securities Portfolio to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 1.00% and 1.00%, respectively.
 
For the period from May 1, 2010 through April 30, 2011, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Davidson Cash Equivalent Plus Shares of the Money Market Portfolio and Government & Agency Securities Portfolio to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.85% and 0.85%, respectively.
 
The Advisor has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
Accordingly, for the year ended April 30, 2011, the Advisor waived a portion of its management fee on the Government & Agency Securities Portfolio aggregating $713,093, and the amount charged aggregated $1,793,022.
 
For the year ended April 30, 2011, the Funds incurred management fees equivalent to the following annual effective rates of each Fund's average daily net assets:
Fund
Annual Effective Rate
Money Market Portfolio
.16%
Government & Agency Securities Portfolio
.04%
Tax-Exempt Portfolio
.06%
 
In addition, the Advisor and D.A. Davidson & Co., the sole sub-distributor, have agreed to voluntarily waive additional expenses. These waivers may be changed or terminated at any time without notice. Under these arrangements, certain expenses were waived on Davidson Cash Equivalent Shares for Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio and Davidson Cash Equivalent Plus Shares for Money Market Portfolio and Government & Agency Securities Portfolio.
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Government & Agency Securities Portfolio and Tax-Exempt Portfolio. For all services provided under the Administrative Services Agreement, each of these two Funds pays the Advisor an annual fee ("Administration Fee") of 0.10% of each of these two Funds' average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee from the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio was as follows:
Fund
  
Administration Fee
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 4,222,727     $ 388,699  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Funds. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DISC were as follows:
Money Market Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 2,080,639     $ 876,994     $ 307,215  
Capital Assets Funds Preferred Shares
     39,377       5,147       1,069  
Davidson Cash Equivalent Shares
     40,021       16,669       6,168  
Davidson Cash Equivalent Plus Shares
     4,140       1,364       470  
Premier Money Market Shares
     126,996       39,884       —  
Premium Reserve Money Market Shares
     85,973       —       30,586  
Service Shares
     3,662,660       1,457,787       594,910  
    $ 6,039,806     $ 2,397,845     $ 940,418  
 

Government & Agency Securities Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 719,797     $ 567,755     $ 74,011  
Davidson Cash Equivalent Shares
     53,615       42,434       4,461  
Davidson Cash Equivalent Plus Shares
     107,807       80,013       10,625  
DWS Government & Agency Money Fund
     183,413       87,726       38,977  
DWS Government Cash Institutional Shares
     268,801       268,801       —  
Government Cash Managed Shares
     153,563       42,737       35,695  
Service Shares
     303,676       241,264       21,188  
    $ 1,790,672     $ 1,330,730     $ 184,957  
 

Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Money Market Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,755,491     $ 2,755,491       .00 %     .33 %
Capital Assets Funds Preferred Shares
     52,348       52,348       .00 %     .20 %
Davidson Cash Equivalent Shares
     45,045       45,045       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     4,430       4,430       .00 %     .25 %
Premier Money Market Shares
     126,560       126,560       .00 %     .25 %
Service Shares
     8,684,015       8,684,015       .00 %     .60 %
    $ 11,667,889     $ 11,667,889                  
 

Government & Agency Securities Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 981,550     $ 981,550       .00 %     .33 %
Davidson Cash Equivalent Shares
     63,985       63,985       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     138,178       138,178       .00 %     .25 %
Service Shares
     729,893       729,893       .00 %     .60 %
    $ 1,913,606     $ 1,913,606                  
 

Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Money Market Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,087,493     $ 2,087,493       .00 %     .25 %
Capital Assets Funds Preferred Shares
     26,174       26,174       .00 %     .10 %
Davidson Cash Equivalent Shares
     37,537       37,537       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     3,544       3,544       .00 %     .20 %
Premier Money Market Shares
     126,561       126,561       .00 %     .25 %
Premium Reserve Money Market Shares
     160,827       147,274       .02 %     .25 %
    $ 2,442,136     $ 2,428,583                  
 

Government & Agency Securities Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 743,598     $ 743,598       .00 %     .25 %
Davidson Cash Equivalent Shares
     53,321       53,321       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     110,542       110,542       .00 %     .20 %
Government Cash Managed Shares
     325,257       325,257       .00 %     .15 %
    $ 1,232,718     $ 1,232,718                  
 

Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Funds. For the year ended April 30, 2011, the amounts charged to the Funds by DIMA included in the Statement of Operations under "reports to shareholders" were as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Money Market Portfolio
   $ 46,559     $ 16,156  
Government & Agency Securities Portfolio
   $ 10,937     $ 10,937  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Funds paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Funds 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 Funds.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Funds and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. Each 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Funds:
 
Money Market Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     839,154,629     $ 839,154,629       751,023,837     $ 751,023,837  
Capital Assets Funds Preferred Shares
     16,426,872       16,426,872       46,317,102       46,317,102  
Davidson Cash Equivalent Shares
     3,734,002       3,734,002       4,223,891       4,223,891  
Davidson Cash Equivalent Plus Shares
     870,248       870,248       1,119,054       1,119,054  
Institutional Money Market Shares*
     —       —       878,782,978       878,782,978  
Premier Money Market Shares***
     44,284,933       44,284,933       564,549,506       564,549,506  
Premium Reserve Money Market Shares
     111,139,828       111,139,828       250,797,721       250,797,721  
Service Shares
     1,791,610,827       1,791,610,827       1,256,750,880       1,256,750,880  
            $ 2,807,221,339             $ 3,753,564,969  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     187,455     $ 187,455       511,699     $ 511,699  
Capital Assets Funds Preferred Shares
     13,160       13,160       34,310       34,310  
Davidson Cash Equivalent Shares
     1,863       1,863       6,909       6,909  
Davidson Cash Equivalent Plus Shares
     220       220       997       997  
Institutional Money Market Shares*
     —       —       781,281       781,281  
Institutional Select Money Market Shares**
     —       —       17       17  
Premier Money Market Shares***
     4,160       4,160       259,732       259,732  
Premium Reserve Money Market Shares
     5,371       5,371       141,496       141,496  
Service Shares
     183,305       183,305       349,720       349,720  
            $ 395,534             $ 2,086,161  
Shares redeemed
  
Capital Assets Funds Shares
     (890,506,653 )   $ (890,506,653 )     (773,833,097 )   $ (773,833,097 )
Capital Assets Funds Preferred Shares
     (64,951,835 )     (64,951,835 )     (42,319,981 )     (42,319,981 )
Davidson Cash Equivalent Shares
     (8,417,805 )     (8,417,805 )     (15,960,223 )     (15,960,223 )
Davidson Cash Equivalent Plus Shares
     (1,850,907 )     (1,850,907 )     (3,704,435 )     (3,704,435 )
Institutional Money Market Shares*
     —       —       (1,394,027,289 )     (1,394,027,289 )
Institutional Select Money Market Shares**
     —       —       (10,576 )     (10,576 )
Premier Money Market Shares***
     (163,286,900 )     (163,286,900 )     (2,466,530,608 )     (2,466,530,608 )
Premium Reserve Money Market Shares
     (119,115,201 )     (119,115,201 )     (592,438,461 )     (592,438,461 )
Service Shares
     (1,368,490,287 )     (1,368,490,287 )     (1,157,527,651 )     (1,157,527,651 )
            $ (2,616,619,588 )           $ (6,446,352,321 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (51,164,569 )   $ (51,164,569 )     (22,297,561 )   $ (22,297,561 )
Capital Assets Funds Preferred Shares
     (48,511,803 )     (48,511,803 )     4,031,431       4,031,431  
Davidson Cash Equivalent Shares
     (4,681,940 )     (4,681,940 )     (11,729,423 )     (11,729,423 )
Davidson Cash Equivalent Plus Shares
     (980,439 )     (980,439 )     (2,584,384 )     (2,584,384 )
Institutional Money Market Shares*
     —       —       (514,463,030 )     (514,463,030 )
Institutional Select Money Market Shares**
     —       —       (10,559 )     (10,559 )
Premier Money Market Shares***
     (118,997,807 )     (118,997,807 )     (1,901,721,370 )     (1,901,721,370 )
Premium Reserve Money Market Shares
     (7,970,002 )     (7,970,002 )     (341,499,244 )     (341,499,244 )
Service Shares
     423,303,845       423,303,845       99,572,949       99,572,949  
            $ 190,997,285             $ (2,690,701,191 )
 
* The Institutional Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
** The Institutional Select Money Market Shares class was liquidated on October 27, 2009 and is no longer offered.
 
*** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Government & Agency Securities Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     628,481,114     $ 628,481,114       649,627,293     $ 649,627,293  
Davidson Cash Equivalent Shares
     24,463,758       24,463,758       14,397,365       14,397,365  
Davidson Cash Equivalent Plus Shares
     275,786,862       275,786,862       185,485,990       185,485,990  
DWS Government & Agency Money Fund
     72,103,322       72,103,322       105,758,351       105,758,351  
DWS Government Cash Institutional Shares
     34,835,288,142       34,835,288,142       86,737,251,385       86,737,251,385  
Government Cash Managed Shares
     2,032,853,974       2,032,853,974       1,141,762,346       1,141,762,346  
Premier Money Market Shares****
     —       —       265,266,569       265,266,569  
Service Shares
     269,340,585       269,340,585       228,691,596       228,691,596  
            $ 38,138,317,757             $ 89,328,240,895  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     29,657     $ 29,657       65,880     $ 65,880  
Davidson Cash Equivalent Shares
     2,127       2,127       5,141       5,141  
Davidson Cash Equivalent Plus Shares
     5,509       5,509       5,913       5,913  
DWS Government & Agency Money Fund
     27,796       27,796       195,740       195,740  
DWS Government Cash Institutional Shares
     1,118,270       1,118,270       8,526,918       8,526,918  
Government Cash Managed Shares
     5,696       5,696       8,301       8,301  
Premier Money Market Shares****
     —       —       338,346       338,346  
Service Shares
     12,119       12,119       27,501       27,501  
            $ 1,201,174             $ 9,173,740  
Shares redeemed
  
Capital Assets Funds Shares
     (648,126,914 )   $ (648,126,914 )     (625,330,611 )   $ (625,330,611 )
Davidson Cash Equivalent Shares
     (25,307,057 )     (25,307,057 )     (23,739,455 )     (23,739,455 )
Davidson Cash Equivalent Plus Shares
     (292,761,983 )     (292,761,983 )     (158,769,431 )     (158,769,431 )
DWS Government & Agency Money Fund
     (134,495,012 )     (134,495,012 )     (198,527,517 )     (198,527,517 )
DWS Government Cash Institutional Shares
     (36,963,523,481 )     (36,963,523,481 )     (94,492,111,010 )     (94,492,111,010 )
Government Cash Managed Shares
     (2,132,755,829 )     (2,132,755,829 )     (1,338,740,329 )     (1,338,740,329 )
Premier Money Market Shares****
     —       —       (4,366,260,819 )     (4,366,260,819 )
Service Shares
     (272,492,118 )     (272,492,118 )     (264,171,028 )     (264,171,028 )
            $ (40,469,462,394 )           $ (101,467,650,200 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (19,616,143 )   $ (19,616,143 )     24,362,562     $ 24,362,562  
Davidson Cash Equivalent Shares
     (841,172 )     (841,172 )     (9,336,949 )     (9,336,949 )
Davidson Cash Equivalent Plus Shares
     (16,969,612 )     (16,969,612 )     26,722,472       26,722,472  
DWS Government & Agency Money Fund
     (62,363,894 )     (62,363,894 )     (92,573,426 )     (92,573,426 )
DWS Government Cash Institutional Shares
     (2,127,117,069 )     (2,127,117,069 )     (7,746,332,707 )     (7,746,332,707 )
Government Cash Managed Shares
     (99,896,159 )     (99,896,159 )     (196,969,682 )     (196,969,682 )
Premier Money Market Shares****
     —       —       (4,100,655,904 )     (4,100,655,904 )
Service Shares
     (3,139,414 )     (3,139,414 )     (35,451,931 )     (35,451,931 )
            $ (2,329,943,463 )           $ (12,130,235,565 )
 
**** The Premier Money Market Shares Class was liquidated on February 16, 2010 and is no longer offered.
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*****
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*****
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*****
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*****
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
***** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statements of assets and liabilities of Cash Account Trust (the "Trust") (comprising the Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio) (collectively, the "Portfolios"), including the investment portfolios, as of April 30, 2011, and the related statements 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, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Portfolios of Cash Account Trust at April 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
For the Money Market Portfolio, a total of 6% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Government & Agency Securities Portfolio, a total of 44% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
For the Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Government & Agency Securities Portfolio
 
Tax-Exempt Portfolio
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
Notes
 
Notes
 
 

 
 
 
 
 
 
ANNUAL REPORT TO SHAREHOLDERS
 
Premium Reserve Money Market Shares
 
Fund #97
 
Money Market Portfolio
 
April 30, 2011
 
Contents
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
17 Statement of Assets and Liabilities
19 Statement of Operations
20 Statement of Changes in Net Assets
22 Financial Highlights
23 Notes to Financial Statements
31 Report of Independent Registered Public Accounting Firm
32 Tax Information
33 Summary of Management Fee Evaluation by Independent Fee Consultant
37 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
With yields trending lower through most of the period, we continued to hold a large percentage of portfolio assets in short-maturity instruments for yield, high-quality and liquidity purposes. We also maintained a conservative average maturity, with portfolio assets broadly diversified among a number of sectors, including banks, asset-backed securities, commercial paper and sovereign debt.4,5 Toward the end of the period, we permitted the fund's average maturity to shorten, as we believed that money market yields could move up if Congress again raised the debt ceiling.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
The types of securities that we were investing in the fund tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.6 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
Premium Reserve Money Market Shares
     0.01 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.42% as of April 30, 2011.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 Asset-backed securities are securities backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. Sovereign debt is bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth.
 
6 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the Premium Reserve Money Market Shares. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Premium Reserve Money Market Shares
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.08  
Expenses Paid per $1,000*
   $ 1.64  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.66  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
  
Premium Reserve Money Market Shares
.33%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Money Market Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Commercial Paper
34%
38%
Short-Term Notes
17%
26%
Repurchase Agreements
16%
12%
Certificates of Deposit and Bank Notes
16%
13%
Government & Agency Obligations
14%
10%
Time Deposits
3%
—
Supranational
—
1%
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Money Market Portfolio
48 days
41 days
iMoneyNet First Tier Retail Money Fund Average*
40 days
46 days
 
* The Fund is compared to its respective iMoneyNet Category: First Tier Retail Money Fund Average — Category includes a widely recognized composite of money market funds that invest in only first tier (highest rating) securities. Portfolio holdings of First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes and Asset Backed Commercial Paper.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 9-16. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Money Market Portfolio
 
Principal Amount ($)
Value ($)
  
     
Certificates of Deposit and Bank Notes 15.8%
  
Bank Nederlandse Gemeenten NV, 6.0%, 3/26/2012
6,500,000
6,828,336
  
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.38%, 5/16/2011
25,000,000
25,000,000
  
BNP Paribas:
  
 
0.35%, 8/8/2011
  
20,000,000
20,000,000
  
 
0.45%, 7/25/2011
  
7,000,000
6,999,834
  
 
0.55%, 5/13/2011
  
7,000,000
7,000,093
  
Credit Agricole SA, 0.3%, 8/4/2011
12,000,000
12,000,000
  
Dexia Credit Local:
  
 
0.24%, 5/3/2011
  
23,437,000
23,437,000
  
 
144A, 2.375%, 9/23/2011
  
8,000,000
8,055,854
  
International Finance Corp., 3.0%, 11/15/2011
6,000,000
6,084,144
  
KBC Bank NV, 0.3%, 5/6/2011
6,500,000
6,500,000
  
Landesbank Hessen-Thueringen Girozentrale:
  
 
0.2%, 5/12/2011
  
3,000,000
3,000,000
  
 
0.2%, 5/20/2011
  
6,000,000
6,000,000
  
Mitsubishi UFJ Trust & Banking Corp., 0.33%, 5/20/2011
8,500,000
8,500,000
  
Mizuho Corporate Bank Ltd., 0.31%, 5/3/2011
12,000,000
12,000,000
  
Natixis, 0.22%, 6/24/2011
20,000,000
20,000,000
  
Nederlandse Waterschapsbank NV, 1.375%, 2/17/2012
10,000,000
10,078,955
  
Nordea Bank Finland PLC:
  
 
0.27%, 6/28/2011
  
12,000,000
12,000,000
  
 
0.28%, 7/5/2011
  
25,000,000
25,000,226
  
 
0.44%, 6/30/2011
  
10,000,000
10,000,498
  
 
0.67%, 7/20/2011
  
15,000,000
15,008,950
  
Skandinaviska Enskilda Banken AB:
  
 
0.24%, 6/20/2011
  
25,000,000
25,000,000
  
 
0.25%, 6/10/2011
  
6,000,000
6,000,000
  
 
0.26%, 6/3/2011
  
15,000,000
15,000,000
  
 
0.26%, 6/6/2011
  
15,000,000
15,000,000
  
 
0.31%, 5/27/2011
  
18,000,000
18,000,000
  
Societe Generale:
  
 
0.2%, 7/5/2011
  
6,000,000
6,000,000
  
 
0.35%, 5/16/2011
  
12,000,000
12,000,000
  
Sumitomo Mitsui Banking Corp.:
  
 
0.28%, 6/1/2011
  
28,000,000
28,000,000
  
 
0.3%, 5/3/2011
  
6,000,000
6,000,000
  
Svenska Handelsbanken AB:
  
 
0.24%, 7/6/2011
  
20,500,000
20,500,000
  
 
0.275%, 6/23/2011
  
15,000,000
15,000,055
  
Total Certificates of Deposit and Bank Notes (Cost $409,993,945)
409,993,945
  
   
Commercial Paper 34.6%
  
Issued at Discount**
  
Abbey National North America LLC, 0.3%, 6/27/2011
6,500,000
6,496,912
  
Alpine Securitization, 144A, 0.16%, 6/2/2011
40,000,000
39,994,311
  
Argento Variable Funding:
  
 
144A, 0.31%, 6/20/2011
  
15,000,000
14,993,542
  
 
144A, 0.319%, 5/3/2011
  
6,500,000
6,499,884
  
Atlantis One Funding Corp., 144A, 0.19%, 5/5/2011
25,000,000
24,999,472
  
Barclays Bank PLC, 0.31%, 5/26/2011
12,500,000
12,497,309
  
BPCE SA, 0.27%, 7/26/2011
9,000,000
8,994,195
  
Caisse d'Amortissement de la Dette Sociale:
  
 
0.22%, 8/5/2011
  
12,000,000
11,992,960
  
 
0.25%, 7/25/2011
  
18,000,000
17,989,375
  
 
0.27%, 5/31/2011
  
16,620,000
16,616,261
  
 
0.28%, 6/1/2011
  
12,800,000
12,796,914
  
 
0.29%, 5/31/2011
  
15,000,000
14,996,375
  
Chariot Funding LLC, 144A, 0.16%, 5/20/2011
20,000,000
19,998,311
  
Comcast Corp., 0.31%, 5/6/2011
10,000,000
9,999,569
  
Eksportfinans ASA, 0.15%, 5/5/2011
37,500,000
37,499,375
  
ENI Coordination Center SA, 0.3%, 5/26/2011
12,500,000
12,497,396
  
Google, Inc., 0.4%, 9/16/2011
8,000,000
7,987,733
  
Grampian Funding LLC:
  
 
144A, 0.26%, 7/14/2011
  
10,000,000
9,994,656
  
 
144A, 0.26%, 7/19/2011
  
3,000,000
2,998,288
  
 
144A, 0.27%, 7/8/2011
  
12,000,000
11,993,880
  
 
144A, 0.27%, 7/11/2011
  
25,000,000
24,986,688
  
 
144A, 0.28%, 7/7/2011
  
10,000,000
9,994,789
  
 
144A, 0.28%, 7/8/2011
  
13,000,000
12,993,124
  
Johnson & Johnson:
  
 
144A, 0.18%, 6/3/2011
  
12,850,000
12,847,880
  
 
144A, 0.19%, 8/22/2011
  
15,000,000
14,991,054
  
Kells Funding LLC:
  
 
144A, 0.33%, 5/9/2011
  
6,000,000
5,999,560
  
 
144A, 0.35%, 5/18/2011
  
3,000,000
2,999,504
  
 
144A, 0.35%, 6/6/2011
  
6,000,000
5,997,900
  
 
144A, 0.36%, 5/17/2011
  
18,000,000
17,997,120
  
 
144A, 0.37%, 6/17/2011
  
15,000,000
14,992,754
  
 
144A, 0.38%, 6/17/2011
  
12,000,000
11,994,047
  
 
144A, 0.39%, 7/5/2011
  
10,000,000
9,992,958
  
 
144A, 0.39%, 9/6/2011
  
13,750,000
13,730,933
  
 
144A, 0.4%, 7/1/2011
  
8,000,000
7,994,578
  
LMA Americas LLC, 144A, 0.17%, 5/9/2011
6,000,000
5,999,773
  
Market Street Funding LLC, 144A, 0.27%, 5/16/2011
12,419,000
12,417,603
  
Natixis Commercial Paper Corp., 0.3%, 7/12/2011
12,500,000
12,492,500
  
Nieuw Amsterdam Receivables Corp.:
  
 
144A, 0.24%, 6/2/2011
  
13,500,000
13,497,120
  
 
144A, 0.25%, 5/6/2011
  
12,000,000
11,999,583
  
NRW.Bank:
  
 
0.19%, 6/28/2011
  
13,500,000
13,495,868
  
 
0.22%, 7/14/2011
  
6,000,000
5,997,287
  
 
0.275%, 6/10/2011
  
8,000,000
7,997,556
  
 
0.3%, 5/2/2011
  
12,000,000
11,999,900
  
 
0.3%, 5/3/2011
  
30,000,000
29,999,500
  
 
0.3%, 5/23/2011
  
12,500,000
12,497,708
  
Procter & Gamble Co., 0.19%, 6/3/2011
16,513,000
16,510,124
  
Regency Markets No. 1 LLC, 144A, 0.19%, 5/25/2011
26,000,000
25,996,707
  
Romulus Funding Corp., 144A, 0.3%, 5/24/2011
3,000,000
2,999,425
  
Sanofi-Aventis SA, 0.3%, 8/15/2011
12,500,000
12,488,958
  
SBAB Bank AB:
  
 
144A, 0.35%, 7/19/2011
  
6,000,000
5,995,392
  
 
144A, 0.37%, 7/13/2011
  
12,500,000
12,490,622
  
 
144A, 0.39%, 6/9/2011
  
12,000,000
11,994,930
  
 
144A, 0.39%, 7/5/2011
  
12,500,000
12,491,198
  
 
144A, 0.4%, 6/23/2011
  
6,000,000
5,996,467
  
Scaldis Capital LLC:
  
 
0.32%, 5/20/2011
  
5,000,000
4,999,156
  
 
0.32%, 6/2/2011
  
9,000,000
8,997,440
  
Shell International Finance BV, 0.4%, 5/2/2011
5,000,000
4,999,944
  
Skandinaviska Enskilda Banken AB, 0.3%, 5/6/2011
15,000,000
14,999,375
  
Standard Chartered Bank, 0.29%, 5/24/2011
20,000,000
19,996,294
  
Straight-A Funding LLC, 144A, 0.25%, 5/2/2011
15,000,000
14,999,896
  
Svenska Handelsbanken AB, 0.28%, 5/18/2011
6,000,000
5,999,207
  
Swedbank AB:
  
 
0.26%, 7/27/2011
  
12,000,000
11,992,460
  
 
0.27%, 7/11/2011
  
10,000,000
9,994,675
  
 
0.27%, 7/26/2011
  
10,000,000
9,993,550
  
 
0.285%, 5/23/2011
  
12,000,000
11,997,910
  
 
0.3%, 5/13/2011
  
28,000,000
27,997,200
  
 
0.34%, 7/5/2011
  
20,000,000
19,987,722
  
Total Capital Canada Ltd., 144A, 0.31%, 9/15/2011
12,500,000
12,485,253
  
Total Commercial Paper (Cost $894,147,910)
894,147,910
  
   
Short-Term Notes* 17.7%
  
Abbey National Treasury Services PLC:
  
 
0.38%, 4/16/2012
  
18,000,000
18,000,000
  
 
0.49%, 11/2/2011
  
12,500,000
12,500,000
  
Australia & New Zealand Banking Group Ltd., 144A, 0.33%, 1/20/2012
12,500,000
12,500,000
  
Bank of Nova Scotia:
  
 
0.22%, 8/25/2011
  
16,500,000
16,500,000
  
 
0.27%, 9/12/2011
  
7,000,000
7,000,000
  
 
0.35%, 12/8/2011
  
8,000,000
8,000,000
  
Barclays Bank PLC, 0.533%, 7/19/2011
15,000,000
15,000,000
  
BNP Paribas, 0.492%, 8/22/2011
25,000,000
25,000,000
  
Caisse d'Amortissement de la Dette Sociale, 144A, 0.273%, 5/25/2012
26,000,000
25,996,945
  
Canadian Imperial Bank of Commerce:
  
 
0.18%, 5/12/2011
  
20,000,000
20,000,000
  
 
0.292%, 4/26/2012
  
21,600,000
21,600,000
  
Commonwealth Bank of Australia, 144A, 0.331%, 2/3/2012
12,000,000
12,000,000
  
Credit Suisse, 0.19%, 6/3/2011
12,000,000
12,000,000
  
JPMorgan Chase Bank NA, 0.211%, 5/31/2011
11,500,000
11,500,000
  
Kells Funding LLC:
  
 
144A, 0.318%, 8/15/2011
  
12,500,000
12,500,000
  
 
144A, 0.342%, 2/24/2012
  
13,750,000
13,750,000
  
 
144A, 0.383%, 12/1/2011
  
10,000,000
10,000,000
  
National Australia Bank Ltd.:
  
 
0.261%, 10/5/2011
  
12,500,000
12,500,000
  
 
0.291%, 6/10/2011
  
15,000,000
15,000,000
  
Nordea Bank Finland PLC:
  
 
0.56%, 2/3/2012
  
3,000,000
3,004,662
  
 
0.574%, 10/20/2011
  
12,500,000
12,517,260
  
 
0.58%, 10/14/2011
  
10,000,000
10,013,284
  
Rabobank Nederland NV:
  
 
0.263%, 5/13/2011
  
14,000,000
14,000,001
  
 
0.307%, 4/24/2012
  
7,750,000
7,749,616
  
 
0.311%, 1/10/2012
  
8,000,000
8,000,000
  
 
144A, 0.384%, 3/16/2012
  
12,000,000
12,000,000
  
 
144A, 0.458%, 9/28/2011
  
6,000,000
6,003,687
  
Royal Bank of Canada, 0.31%, 8/12/2011
11,300,000
11,300,000
  
Societe Generale, 0.32%, 5/19/2011
24,000,000
24,000,000
  
Westpac Banking Corp.:
  
 
0.27%, 10/12/2011
  
16,000,000
16,000,000
  
 
0.293%, 6/1/2011
  
8,000,000
8,000,000
  
 
0.321%, 5/9/2012
  
17,000,000
17,000,000
  
 
144A, 0.323%, 10/28/2011
  
12,000,000
12,001,367
  
 
0.36%, 1/10/2012
  
14,000,000
14,000,000
  
Total Short-Term Notes (Cost $456,936,822)
456,936,822
  
   
Government & Agency Obligations 13.9%
  
Foreign Government Obligations 0.5%
  
Kingdom of Denmark, 2.75%, 11/15/2011
11,500,000
11,643,626
  
Other Government Related (a) 1.6%
  
European Investment Bank:
  
 
0.24%, 6/28/2011
  
13,000,000
12,994,973
  
 
2.625%, 5/16/2011
  
7,000,000
7,006,628
  
 
2.625%, 11/15/2011
  
22,000,000
22,267,637
  
 
42,269,238
  
US Government Sponsored Agencies 5.5%
  
Federal Farm Credit Bank:
  
 
0.223%*, 11/2/2011
  
12,250,000
12,249,690
  
 
0.259%**, 10/20/2011
  
5,000,000
4,993,789
  
 
0.259%**, 4/4/2012
  
5,000,000
4,987,758
  
 
0.319%**, 12/16/2011
  
10,200,000
10,179,237
  
Federal Home Loan Bank:
  
 
0.24%, 10/28/2011
  
14,000,000
13,995,584
  
 
0.25%, 10/28/2011
  
14,000,000
13,999,429
  
 
0.268%**, 9/12/2011
  
10,000,000
9,989,950
  
 
0.54%, 5/24/2011
  
4,400,000
4,400,022
  
 
1.0%, 12/28/2011
  
10,000,000
10,053,762
  
Federal National Mortgage Association:
  
 
0.113%*, 7/27/2011
  
12,500,000
12,498,033
  
 
0.159%**, 11/21/2011
  
15,000,000
14,986,400
  
 
0.182%**, 6/16/2011
  
12,500,000
12,497,045
  
 
4.68%, 6/15/2011
  
7,000,000
7,038,043
  
 
5.375%, 11/15/2011
  
10,000,000
10,280,209
  
 
142,148,951
  
US Treasury Obligations 6.3%
  
US Treasury Bills:
  
 
0.155%**, 7/28/2011
  
996,000
995,623
  
 
0.16%**, 9/1/2011
  
12,500,000
12,493,167
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
39,500,000
39,518,687
  
 
0.875%, 1/31/2012
  
13,500,000
13,567,775
  
 
1.0%, 9/30/2011
  
37,000,000
37,117,154
  
 
4.5%, 11/30/2011
  
7,000,000
7,170,545
  
 
4.625%, 8/31/2011
  
27,500,000
27,899,749
  
 
4.625%, 10/31/2011
  
17,000,000
17,369,535
  
 
5.125%, 6/30/2011
  
7,500,000
7,560,710
  
 
163,692,945
  
Total Government & Agency Obligations (Cost $359,754,760)
359,754,760
  
   
Time Deposits 2.6%
  
Citibank NA, 0.13%, 5/5/2011
58,000,000
58,000,000
  
National Australia Bank Ltd., 0.08%, 5/2/2011
9,315,483
9,315,483
  
Total Time Deposits (Cost $67,315,483)
67,315,483
  
   
Municipal Bonds and Notes 0.2%
  
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.32%***, 10/1/2037, LOC: Branch Banking & Trust (Cost $4,085,000)
4,085,000
4,085,000
  
   
Repurchase Agreements 16.2%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $5,000,012 on 5/2/2011 (b)
5,000,000
5,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $39,285,813 on 5/2/2011 (c)
39,285,715
39,285,715
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $124,000,413 on 5/2/2011 (d)
124,000,000
124,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $64,281,482 on 5/2/2011 (e)
64,281,428
64,281,428
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $23,000,077 on 5/2/2011 (f)
23,000,000
23,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $15,000,062 on 5/2/2011 (g)
15,000,000
15,000,000
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $142,000,473 on 5/2/2011 (h)
142,000,000
142,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $6,000,025 on 5/2/2011 (i)
6,000,000
6,000,000
  
Total Repurchase Agreements (Cost $418,567,143)
418,567,143
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,610,801,063)+
     101.0       2,610,801,063  
Other Assets and Liabilities, Net
     (1.0 )     (24,871,551 )
Net Assets
     100.0       2,585,929,512  
 
* These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
** Annualized yield at time of purchase; not a coupon rate.
 
*** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
+ The cost for federal income tax purposes was $2,610,801,063.
 
(a) Government-backed debt issued by financial companies or government sponsored enterprises.
 
(b) Collateralized by $5,100,300 US Treasury Bill, maturing on 7/7/2011 with a value of $5,100,045.
 
(c) Collateralized by $41,890,600 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $40,071,491.
 
(d) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  29,000,000  
Federal Home Loan Bank
     3.125  
3/11/2016
     30,474,263  
  91,202,000  
Federal National Mortgage Association
     2.625  
11/20/2014
     96,010,512  
Total Collateral Value
               126,484,775  
 
(e) Collateralized by $87,016,788 US Treasury STRIPS, with various maturity dates of 5/15/2019-8/15/2020 with a value of $65,568,029.
 
(f) Collateralized by $23,827,802 Federal Home Loan Mortgage Corp., with various coupon rates from 2.0-2.75%, with various maturity dates of 11/15/2038-9/15/2040 with a value of $23,464,662.
 
(g) Collateralized by $14,787,810 Federal Home Loan Mortgage Corp., 3.295%, maturing on 1/1/2041 with a value of $15,300,001.
 
(h) Collateralized by $138,402,899 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 8/1/2038-4/1/2041 with a value of $144,840,000.
 
(i) Collateralized by $7,977,887 Federal National Mortgage Association — Principal Only, with various maturity dates of 3/25/2036-5/25/2040 with a value of $6,120,000.
 
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.
 
LOC: Letter of Credit
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying morgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (j)
   $ —     $ 2,192,233,920     $ —     $ 2,192,233,920  
Repurchase Agreements
     —       418,567,143       —       418,567,143  
Total
   $ —     $ 2,610,801,063     $ —     $ 2,610,801,063  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(j) See Investment Portfolio for additional categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Money Market Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,192,233,920  
Repurchase agreements, valued at amortized cost
     418,567,143  
Total investments, valued at amortized cost
     2,610,801,063  
Cash
     2,856  
Receivable for Fund shares sold
     3,963  
Interest receivable
     2,616,479  
Due from Advisor
     16,735  
Other assets
     93,812  
Total assets
     2,613,534,908  
Liabilities
  
Payable for investments purchased
     25,996,945  
Payable for Fund shares redeemed
     22,024  
Accrued management fee
     322,306  
Other accrued expenses and payables
     1,264,121  
Total liabilities
     27,605,396  
Net assets, at value
   $ 2,585,929,512  
Net Assets Consist of
  
Undistributed net investment income
     39,083  
Paid-in capital
     2,585,890,429  
Net assets, at value
   $ 2,585,929,512  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Money Market Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($845,877,944 ÷ 845,573,745 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share ($4,717,958 ÷ 4,716,261 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($13,123,785 ÷ 13,119,065 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($1,311,279 ÷ 1,310,807 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share ($61,599,618 ÷ 61,577,466 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($1,659,298,928 ÷ 1,658,702,190 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Money Market Portfolio
  
Income:
Interest
   $ 8,798,068  
Expenses:
Management fee
     3,881,269  
Services to shareholders
     6,076,379  
Custodian fee
     74,890  
Distribution and service fees
     14,110,025  
Professional fees
     138,516  
Trustees' fees and expenses
     77,791  
Reports to shareholders
     320,727  
Registration fees
     165,621  
Other
     109,278  
Total expenses before expense reductions
     24,954,496  
Expense reductions
     (16,494,317 )
Total expenses after expense reductions
     8,460,179  
Net investment income
     337,889  
Net realized gain (loss) from investments
     46,708  
Net increase (decrease) in net assets resulting from operations
   $ 384,597  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Money Market Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 337,889     $ 1,401,172  
Net realized gain (loss)
     46,708       163,092  
Net increase in net assets resulting from operations
     384,597       1,564,264  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (187,975 )     (325,020 )
Capital Assets Funds Preferred Shares
     (13,299 )     (22,211 )
Davidson Cash Equivalent Shares
     (1,869 )     (2,135 )
Davidson Cash Equivalent Plus Shares
     (221 )     (304 )
Institutional Money Market Shares
     —       (739,919 )
Institutional Select Money Market Shares
     —       (18 )
Premier Money Market Shares
     (5,042 )     (80,727 )
Premium Reserve Money Market Shares
     (7,826 )     (119,850 )
Service Shares
     (183,668 )     (110,887 )
Net realized gains:
Capital Assets Funds Shares
     —       (185,696 )
Capital Assets Funds Preferred Shares
     —       (11,952 )
Davidson Cash Equivalent Shares
     —       (4,764 )
Davidson Cash Equivalent Plus Shares
     —       (692 )
Institutional Money Market Shares
     —       (48,898 )
Institutional Select Money Market Shares
     —       (1 )
Premier Money Market Shares
     —       (232,203 )
Premium Reserve Money Market Shares
     —       (48,826 )
Service Shares
     —       (238,491 )
Total distributions
     (399,900 )     (2,172,594 )
Fund share transactions:
Proceeds from shares sold
     2,807,221,339       3,753,564,969  
Reinvestment of distributions
     395,534       2,086,161  
Cost of shares redeemed
     (2,616,619,588 )     (6,446,352,321 )
Net increase (decrease) in net assets from Fund share transactions
     190,997,285       (2,690,701,191 )
Increase (decrease) in net assets
     190,981,982       (2,691,309,521 )
Net assets at beginning of period
     2,394,947,530       5,086,257,051  
Net assets at end of period (including undistributed net investment income of $39,083 and $54,386, respectively)
   $ 2,585,929,512     $ 2,394,947,530  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Money Market Portfolio
Premium Reserve Money Market Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .001       .016       .043       .047  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     .000 *
Total from investment operations
     .000 *     .001       .016       .043       .047  
Less distributions from:
Net investment income
     (.000 )*     (.001 )     (.016 )     (.043 )     (.047 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.001 )     (.016 )     (.043 )     (.047 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .01 a     .06 a     1.65       4.38 a     4.84  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     62       70       411       404       282  
Ratio of expenses before expense reductions (%)
     .58       .56       .56       .57       .56  
Ratio of expenses after expense reductions (%)
     .35       .46       .56       .57       .56  
Ratio of net investment income (%)
     .01       .05       1.60       4.24       4.72  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Money Market Portfolio (the "Fund").
 
Money Market Portfolio offers six classes of shares: Capital Assets Funds Shares, Capital Assets Funds Preferred Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, Premium Reserve Money Market Shares and Service Shares. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than Premium Reserve Money Market Shares, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. The Fund may enter into repurchase agreements with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the 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.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed ordinary income*
   $ 39,083  
 
In addition,the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
Portfolio
  
2011
    
2010
  
Distributions from ordinary income*
   $ 399,900     $ 2,172,594  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to Money Market Portfolio based on its relative net assets, accrued daily and payable monthly, at 1/12 of the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .220 %
Next $500 million of such net assets
     .200 %
Next $1 billion of such net assets
     .175 %
Next $1 billion of such net assets
     .160 %
Over $3 billion of such net assets
     .150 %
 
Accordingly, for the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Money Market Portfolio
.16%
 
The Advisor has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Premium Reserve Money Market Shares.
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Money Market Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 2,080,639     $ 876,994     $ 307,215  
Capital Assets Funds Preferred Shares
     39,377       5,147       1,069  
Davidson Cash Equivalent Shares
     40,021       16,669       6,168  
Davidson Cash Equivalent Plus Shares
     4,140       1,364       470  
Premier Money Market Shares
     126,996       39,884       —  
Premium Reserve Money Market Shares
     85,973       —       30,586  
Service Shares
     3,662,660       1,457,787       594,910  
    $ 6,039,806     $ 2,397,845     $ 940,418  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Money Market Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,755,491     $ 2,755,491       .00 %     .33 %
Capital Assets Funds Preferred Shares
     52,348       52,348       .00 %     .20 %
Davidson Cash Equivalent Shares
     45,045       45,045       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     4,430       4,430       .00 %     .25 %
Premier Money Market Shares
     126,560       126,560       .00 %     .25 %
Service Shares
     8,684,015       8,684,015       .00 %     .60 %
    $ 11,667,889     $ 11,667,889                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Money Market Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 2,087,493     $ 2,087,493       .00 %     .25 %
Capital Assets Funds Preferred Shares
     26,174       26,174       .00 %     .10 %
Davidson Cash Equivalent Shares
     37,537       37,537       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     3,544       3,544       .00 %     .20 %
Premier Money Market Shares
     126,561       126,561       .00 %     .25 %
Premium Reserve Money Market Shares
     160,827       147,274       .02 %     .25 %
    $ 2,442,136     $ 2,428,583                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" was as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Money Market Portfolio
   $ 46,559     $ 16,156  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
4. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Money Market Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     839,154,629     $ 839,154,629       751,023,837     $ 751,023,837  
Capital Assets Funds Preferred Shares
     16,426,872       16,426,872       46,317,102       46,317,102  
Davidson Cash Equivalent Shares
     3,734,002       3,734,002       4,223,891       4,223,891  
Davidson Cash Equivalent Plus Shares
     870,248       870,248       1,119,054       1,119,054  
Institutional Money Market Shares*
     —       —       878,782,978       878,782,978  
Premier Money Market Shares***
     44,284,933       44,284,933       564,549,506       564,549,506  
Premium Reserve Money Market Shares
     111,139,828       111,139,828       250,797,721       250,797,721  
Service Shares
     1,791,610,827       1,791,610,827       1,256,750,880       1,256,750,880  
            $ 2,807,221,339             $ 3,753,564,969  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     187,455     $ 187,455       511,699     $ 511,699  
Capital Assets Funds Preferred Shares
     13,160       13,160       34,310       34,310  
Davidson Cash Equivalent Shares
     1,863       1,863       6,909       6,909  
Davidson Cash Equivalent Plus Shares
     220       220       997       997  
Institutional Money Market Shares*
     —       —       781,281       781,281  
Institutional Select Money Market Shares**
     —       —       17       17  
Premier Money Market Shares***
     4,160       4,160       259,732       259,732  
Premium Reserve Money Market Shares
     5,371       5,371       141,496       141,496  
Service Shares
     183,305       183,305       349,720       349,720  
            $ 395,534             $ 2,086,161  
Shares redeemed
  
Capital Assets Funds Shares
     (890,506,653 )   $ (890,506,653 )     (773,833,097 )   $ (773,833,097 )
Capital Assets Funds Preferred Shares
     (64,951,835 )     (64,951,835 )     (42,319,981 )     (42,319,981 )
Davidson Cash Equivalent Shares
     (8,417,805 )     (8,417,805 )     (15,960,223 )     (15,960,223 )
Davidson Cash Equivalent Plus Shares
     (1,850,907 )     (1,850,907 )     (3,704,435 )     (3,704,435 )
Institutional Money Market Shares*
     —       —       (1,394,027,289 )     (1,394,027,289 )
Institutional Select Money Market Shares**
     —       —       (10,576 )     (10,576 )
Premier Money Market Shares***
     (163,286,900 )     (163,286,900 )     (2,466,530,608 )     (2,466,530,608 )
Premium Reserve Money Market Shares
     (119,115,201 )     (119,115,201 )     (592,438,461 )     (592,438,461 )
Service Shares
     (1,368,490,287 )     (1,368,490,287 )     (1,157,527,651 )     (1,157,527,651 )
            $ (2,616,619,588 )           $ (6,446,352,321 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (51,164,569 )   $ (51,164,569 )     (22,297,561 )   $ (22,297,561 )
Capital Assets Funds Preferred Shares
     (48,511,803 )     (48,511,803 )     4,031,431       4,031,431  
Davidson Cash Equivalent Shares
     (4,681,940 )     (4,681,940 )     (11,729,423 )     (11,729,423 )
Davidson Cash Equivalent Plus Shares
     (980,439 )     (980,439 )     (2,584,384 )     (2,584,384 )
Institutional Money Market Shares*
     —       —       (514,463,030 )     (514,463,030 )
Institutional Select Money Market Shares**
     —       —       (10,559 )     (10,559 )
Premier Money Market Shares***
     (118,997,807 )     (118,997,807 )     (1,901,721,370 )     (1,901,721,370 )
Premium Reserve Money Market Shares
     (7,970,002 )     (7,970,002 )     (341,499,244 )     (341,499,244 )
Service Shares
     423,303,845       423,303,845       99,572,949       99,572,949  
            $ 190,997,285             $ (2,690,701,191 )
 
* The Institutional Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
** The Institutional Select Money Market Shares class was liquidated on October 27, 2009 and is no longer offered.
 
*** The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Money Market Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Money Market Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
A total of 6% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
 
 
 
 
 
 
APRIL 30, 2011
Annual Report
to Shareholders
 
Government & Agency Securities Portfolio
DWS Government Cash Institutional Shares Fund #250
Government Cash Managed Shares Fund #254
 
Contents
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
13 Statement of Assets and Liabilities
15 Statement of Operations
16 Statement of Changes in Net Assets
17 Financial Highlights
19 Notes to Financial Statements
27 Report of Independent Registered Public Accounting Firm
28 Tax Information
29 Summary of Management Fee Evaluation by Independent Fee Consultant
33 Summary of Administrative Fee Evaluation by Independent Fee Consultant
34 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
We maintained an increased focus on overnight repurchase agreements and one- to three-month government and agency securities, as we believe that there was not a great deal of value in longer-maturity issues during the period ending April 30, 2011.4
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
During the period, our decision to keep a significant percentage of portfolio assets in overnight repurchase agreements cost the fund some yield, but we believe that this represented a prudent approach to maintaining a high level of portfolio quality and liquidity.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.5 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for the specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
DWS Government Cash Institutional Shares
     0.07 %*
Government Cash Managed Shares
     0.01 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been 0.01% and -0.17% for DWS Government Cash Institutional Shares and Government Cash Managed Shares, respectively, as of April 30, 2011.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Maturity — the amount of time until the principal amount of a bond must be repaid. Short-maturity is typically up to one year.
 
Overnight repurchase agreements — a form of short-term borrowing whereby a government security is sold on an overnight basis and purchased back the next day.
 
5 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the DWS Government Cash Institutional Shares and the Government Cash Managed Shares. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
DWS Government Cash Institutional Shares
    
Government Cash Managed Shares
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.28     $ 1,000.05  
Expenses Paid per $1,000*
   $ .55     $ .89  
Hypothetical 5% Fund Return
                
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,024.25     $ 1,023.90  
Expenses Paid per $1,000*
   $ .55     $ .90  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
  
DWS Government Cash Institutional Shares
.11%
Government Cash Managed Shares
.18%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Government & Agency Securities Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Government & Agency Obligations
50%
85%
Repurchase Agreements
48%
15%
Commercial Paper
2%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Government & Agency Securities Portfolio
49 days
52 days
iMoneyNet Government & Agencies Retail Money Fund Average*
38 days
45 days
 
* The Fund is compared to its respective iMoney Net Category: Government & Agencies Retail Money Fund Average consists of all non-institutional government money market funds. Category includes the most broadly based of the government retail funds. These funds can invest in US Treasuries, US Other, Repos, whether or not they are backed by US Treasuries and government-backed Floating Rate Notes.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 9-12. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Government & Agency Securities Portfolio
 
Principal Amount ($)
Value ($)
  
     
Commercial Paper 1.8%
  
Issued at Discount
  
Straight-A Funding LLC:
  
 
144A, 0.15%, 5/11/2011
  
20,000,000
19,999,167
  
 
144A, 0.2%, 7/5/2011
  
80,000,000
79,971,111
  
Total Commercial Paper (Cost $99,970,278)
99,970,278
  
   
Government & Agency Obligations 51.6%
  
US Government Sponsored Agencies 45.9%
  
Federal Farm Credit Bank:
  
 
0.119%**, 5/18/2012
  
165,000,000
164,991,321
  
 
0.12%**, 1/12/2012
  
100,000,000
100,001,775
  
 
0.129%*, 9/9/2011
  
25,000,000
24,988,174
  
 
0.134%**, 7/15/2011
  
85,000,000
84,999,308
  
 
0.164%*, 5/24/2011
  
50,000,000
49,994,569
  
 
0.208%*, 8/3/2011
  
43,500,000
43,476,148
  
 
0.259%*, 10/20/2011
  
34,500,000
34,457,143
  
 
0.259%*, 4/4/2012
  
12,500,000
12,469,396
  
 
0.269%*, 3/23/2012
  
25,000,000
24,938,688
  
 
0.319%*, 12/16/2011
  
28,000,000
27,943,004
  
 
0.319%*, 1/12/2012
  
33,000,000
32,924,907
  
Federal Home Loan Bank:
  
 
0.018%*, 5/2/2011
  
12,737,000
12,737,000
  
 
0.064%*, 7/20/2011
  
100,000,000
99,985,556
  
 
0.068%*, 5/27/2011
  
50,000,000
49,997,472
  
 
0.076%*, 5/18/2011
  
55,000,000
54,997,922
  
 
0.089%*, 9/6/2011
  
50,000,000
49,984,000
  
 
0.149%*, 8/12/2011
  
7,500,000
7,496,781
  
 
0.149%*, 8/17/2011
  
12,207,000
12,201,507
  
 
0.17%**, 1/18/2012
  
22,000,000
22,006,379
  
 
0.183%**, 9/26/2011
  
12,500,000
12,499,749
  
 
0.24%, 10/28/2011
  
36,275,000
36,266,384
  
 
0.248%*, 8/22/2011
  
5,000,000
4,996,076
  
 
0.268%*, 9/12/2011
  
15,900,000
15,884,021
  
 
0.3%, 12/27/2011
  
75,000,000
75,022,455
  
 
0.76%, 7/19/2011
  
15,000,000
15,017,910
  
 
1.0%, 12/28/2011
  
13,460,000
13,532,363
  
 
5.375%, 8/19/2011
  
14,900,000
15,129,895
  
Federal Home Loan Mortgage Corp.:
  
 
0.028%*, 5/19/2011
  
15,000,000
14,999,775
  
 
0.08%**, 11/9/2011
  
75,000,000
74,967,946
  
 
0.14%**, 11/10/2011
  
200,000,000
200,000,000
  
 
0.149%*, 7/27/2011
  
85,000,000
84,969,188
  
 
0.164%*, 9/1/2011
  
8,935,000
8,929,963
  
 
0.167%*, 6/13/2011
  
27,061,000
27,055,505
  
 
0.193%*, 7/25/2011
  
34,494,000
34,478,118
  
 
0.198%*, 7/12/2011
  
100,000,000
99,960,000
  
Federal National Mortgage Association:
  
 
0.059%*, 6/13/2011
  
75,000,000
74,994,625
  
 
0.079%*, 7/21/2011
  
100,000,000
99,982,000
  
 
0.099%*, 8/8/2011
  
32,500,000
32,491,063
  
 
0.113%**, 7/27/2011
  
190,000,000
189,983,791
  
 
0.119%*, 8/22/2011
  
25,000,000
24,990,583
  
 
0.119%*, 9/13/2011
  
100,000,000
99,955,000
  
 
0.129%*, 9/26/2011
  
65,000,000
64,965,261
  
 
0.159%*, 11/21/2011
  
100,000,000
99,909,333
  
 
0.174%**, 9/19/2011
  
30,000,000
29,999,404
  
 
0.178%*, 7/20/2011
  
44,000,000
43,982,400
  
 
0.178%*, 7/27/2011
  
51,659,000
51,636,528
  
 
0.182%*, 6/16/2011
  
35,000,000
34,991,726
  
 
5.0%, 10/15/2011
  
50,000,000
51,082,031
  
 
5.375%, 11/15/2011
  
16,040,000
16,489,455
  
 
2,559,753,598
  
US Treasury Obligations 5.7%
  
US Treasury Bill, 0.16%*, 9/1/2011
  
17,500,000
17,490,433
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
25,000,000
25,014,282
  
 
1.0%, 9/30/2011
  
84,500,000
84,768,848
  
 
1.75%, 11/15/2011
  
50,000,000
50,394,064
  
 
4.625%, 8/31/2011
  
43,500,000
44,134,573
  
 
4.625%, 10/31/2011
  
45,000,000
45,986,196
  
 
5.125%, 6/30/2011
  
50,000,000
50,404,731
  
 
318,193,127
  
Total Government & Agency Obligations (Cost $2,877,946,725)
2,877,946,725
  
   
Repurchase Agreements 49.5%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
215,000,000
215,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
42,428,571
42,428,571
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
704,000,000
704,000,000
  
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
22,000,000
22,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
432,618,951
432,618,951
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
223,000,000
223,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
123,926,503
123,926,503
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
252,000,000
252,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
441,000,000
441,000,000
  
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
300,000,000
300,000,000
  
Total Repurchase Agreements (Cost $2,755,974,025)
2,755,974,025
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $5,733,891,028)+
     102.9       5,733,891,028  
Other Assets and Liabilities, Net
     (2.9 )     (162,027,136 )
Net Assets
     100.0       5,571,863,892  
 
* Annualized yield at time of purchase; not a coupon rate.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $5,733,891,028.
 
(a) Collateralized by $207,105,300 US Treasury Note, 3.125%, maturing on 9/30/2013 with a value of $219,300,094.
 
(b) Collateralized by $45,241,800 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $43,277,165.
 
(c) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  522,522,000  
Federal Home Loan Mortgage Corp.
     1.65-5.5  
4/28/2014-
4/8/2030
     546,732,677  
  161,294,000  
Federal National Mortgage Association
     3.25-4.75  
2/21/2013-
4/9/2013
     171,348,112  
Total Collateral Value
     718,080,789  
 
(d) Collateralized by $22,443,000 Federal Home Loan Bank, maturing on 7/29/2011 with a value of $22,440,082.
 
(e) Collateralized by $531,439,126 US Treasury STRIPS, maturing on 11/15/2013-2/15/2020 with a value of $441,272,531.
 
(f) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  185,181,947  
Federal Home Loan Mortgage Corp.
  
Zero Coupon-6.5
  
7/15/2015-
8/15/2039
     192,999,725  
  54,470,688  
Federal Home Loan Mortgage Corp. —
Interest only
     5.281  
1/15/2039
     5,749,091  
  7,680,197  
Federal Home Loan Mortgage Corp. — Principal only
  
Zero Coupon
  
11/15/2036-
5/15/2037
     6,713,414  
  23,268,926  
Federal National Mortgage Association
     0.513-6.47  
2/25/2029-
6/25/2037
     22,905,889  
Total Collateral Value
     228,368,119  
 
(g) Collateralized by $124,768,369 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-4.5%, with various maturity dates of 3/1/2039-12/1/2040 with a value of $126,405,034.
 
(h) Collateralized by $242,597,416 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 3/1/2038-4/1/2041 with a value of $257,040,001.
 
(i) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  22,370,889  
Federal Home Loan Mortgage Corp.
     4.0-5.5  
4/15/2040-
4/15/2041
     21,981,083  
  491,792,871  
Federal Home Loan Mortgage Corp. —
Interest only
     5.781-6.431  
9/15/2033-
11/15/2038
     77,032,731  
  210,576,230  
Federal National Mortgage Association
  
Zero Coupon — 5.5
  
6/25/2021-
3/25/2041
     213,820,002  
  914,052,013  
Federal National Mortgage Association — Interest only
     5.787-6.266  
6/25/2038-
1/25/2041
     136,986,185  
Total Collateral Value
     449,820,001  
 
(j) Collateralized by $295,084,262 Federal National Mortgage Association, with various coupon rates from 3.5-4.5%, with various maturity dates of 10/25/2039-2/25/2041 with a value of $306,000,000.
 
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.
 
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (k)
   $ —     $ 2,977,917,003     $ —     $ 2,977,917,003  
Repurchase Agreements
     —       2,755,974,025       —       2,755,974,025  
Total
   $ —     $ 5,733,891,028     $ —     $ 5,733,891,028  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(k) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Government & Agency Securities Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,977,917,003  
Repurchase agreements, valued at amortized cost
     2,755,974,025  
Total investments, valued at amortized cost
     5,733,891,028  
Receivable for Fund shares sold
     142,451  
Interest receivable
     3,670,502  
Due from Advisor
     136,428  
Other assets
     95,442  
Total assets
     5,737,935,851  
Liabilities
  
Payable for investments purchased
     164,991,321  
Payable for Fund shares redeemed
     126,472  
Distributions payable
     106,265  
Accrued management fee
     99,239  
Other accrued expenses and payables
     748,662  
Total liabilities
     166,071,959  
Net assets, at value
   $ 5,571,863,892  
Net Assets Consist of
  
Undistributed net investment income
     201,484  
Accumulated net realized gain (loss)
     (602,497 )
Paid-in capital
     5,572,264,905  
Net assets, at value
   $ 5,571,863,892  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Government & Agency Securities Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Government & Agency Securities Portfolio
  
Income:
Interest
   $ 9,770,345  
Expenses:
Management fee
     2,506,115  
Administration fee
     4,222,727  
Services to shareholders
     1,845,325  
Custodian fee
     76,975  
Distribution and service fees
     3,146,324  
Professional fees
     150,210  
Trustees' fees and expenses
     127,065  
Reports to shareholders
     10,937  
Registration fees
     141,522  
Other
     393,329  
Total expenses before expense reductions
     12,620,529  
Expense reductions
     (5,190,147 )
Total expenses after expense reductions
     7,430,382  
Net investment income
     2,339,963  
Net realized gain (loss) from investments
     (602,497 )
Net increase (decrease) in net assets resulting from operations
   $ 1,737,466  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Government & Agency Securities Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 2,339,963     $ 18,279,158  
Net realized gain (loss)
     (602,497 )     683,254  
Net increase in net assets resulting from operations
     1,737,466       18,962,412  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (29,745 )     (30,842 )
Davidson Cash Equivalent Shares
     (2,133 )     (2,419 )
Davidson Cash Equivalent Plus Shares
     (5,528 )     (3,042 )
DWS Government & Agency Money Fund
     (28,169 )     (168,152 )
DWS Government Cash Institutional Shares
     (2,230,405 )     (17,853,361 )
Government Cash Managed Shares
     (21,680 )     (46,318 )
Premier Money Market Shares
     —       (176,438 )
Service Shares
     (12,160 )     (13,091 )
Net realized gains:
Capital Assets Funds Shares
     —       (34,871 )
Davidson Cash Equivalent Shares
     —       (2,710 )
Davidson Cash Equivalent Plus Shares
     —       (2,843 )
DWS Government & Agency Money Fund
     —       (32,168 )
DWS Government Cash Institutional Shares
     —       (1,560,440 )
Government Cash Managed Shares
     —       (38,058 )
Premier Money Market Shares
     —       (242,870 )
Service Shares
     —       (14,378 )
Total distributions
     (2,329,820 )     (20,222,001 )
Fund share transactions:
Proceeds from shares sold
     38,138,317,757       89,328,240,895  
Reinvestment of distributions
     1,201,174       9,173,740  
Cost of shares redeemed
     (40,469,462,394 )     (101,467,650,200 )
Net increase (decrease) in net assets from Fund share transactions
     (2,329,943,463 )     (12,130,235,565 )
Increase (decrease) in net assets
     (2,330,535,817 )     (12,131,495,154 )
Net assets at beginning of period
     7,902,399,709       20,033,894,863  
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
   $ 5,571,863,892     $ 7,902,399,709  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Government & Agency Securities Portfolio
DWS Government Cash Institutional Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .001       .001       .015       .044       .010  
Net realized and unrealized gain (loss)
     (.000 )***     .000 ***     .000 ***     .000 ***     .000 ***
Total from investment operations
     .001       .001       .015       .044       .010  
Less distributions from:
Net investment income
     (.001 )     (.001 )     (.015 )     (.015 )     (.010 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.001 )     (.001 )     (.015 )     (.015 )     (.010 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)b
     .06       .14       1.49       4.51       1.04 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     4,772       6,899       14,646       1,156       325  
Ratio of expenses before expense reductions (%)
     .19       .19       .21       .23       .24 *
Ratio of expenses after expense reductions (%)
     .16       .18       .20       .21       .23 *
Ratio of net investment income (%)
     .07       .14       .94 c     4.24       5.12 *
a For the period from February 16, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 

Government & Agency Securities Portfolio
Government Cash Managed Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 ***     .000 ***     .013       .042       .010  
Net realized and unrealized gain (loss)
     (.000 )***     .000 ***     .000 ***     .000 ***     .000 ***
Total from investment operations
     .000 ***     .000 ***     .013       .042       .010  
Less distributions from:
Net investment income
     (.000 )***     (.000 )***     (.013 )     (.042 )     (.010 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.000 )***     (.000 )***     (.013 )     (.042 )     (.010 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)b
     .01       .02       1.27       4.27       .99 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     180       280       477       379       137  
Ratio of expenses before expense reductions (%)
     .41       .42       .44       .44       .47 *
Ratio of expenses after expense reductions (%)
     .22       .31       .43       .42       .46 *
Ratio of net investment income (%)
     .01       .02       1.05 c     4.03       4.89 *
a For the period from February 16, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Government & Agency Securities Portfolio (the "Fund").
 
Government & Agency Securities Portfolio offers seven classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.
 
The financial highlights for all classes of shares, other than DWS Government Cash Institutional Shares and Government Cash Managed Shares, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. The Fund may enter into repurchase agreements with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the 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.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
At April 30, 2011, the Fund had a net tax basis capital loss carryforward of approximately $602,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until April 30, 2019 (the expiration date), whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed ordinary income*
   $ 307,749  
Capital loss carryforwards
   $ (602,000 )
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from ordinary income*
   $ 2,329,820     $ 20,222,001  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
The Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
The Advisor has agreed to contractually reduce its management fee for the Fund such that the annual effective rate is limited to 0.05% of the Fund's average daily net assets.
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Government Cash Institutional Shares and Government Cash Managed Shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.23% and 0.46%, respectively.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on DWS Government Cash Institutional Shares and Government Cash Managed Shares.
 
Accordingly, for the year ended April 30, 2011, the Advisor waived a portion of its management fee on the Fund aggregating $713,093 and the amount charged aggregated $1,793,022.
 
For the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Government & Agency Securities Portfolio
.04%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 4,222,727     $ 388,698  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Government & Agency Securities Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 719,797     $ 567,755     $ 74,011  
Davidson Cash Equivalent Shares
     53,615       42,434       4,461  
Davidson Cash Equivalent Plus Shares
     107,807       80,013       10,625  
DWS Government & Agency Money Fund
     183,413       87,726       38,977  
DWS Government Cash Institutional Shares
     268,801       268,801       —  
Government Cash Managed Shares
     153,563       42,737       35,695  
Service Shares
     303,676       241,264       21,188  
    $ 1,790,672     $ 1,330,730     $ 184,957  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Government & Agency Securities Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 981,550     $ 981,550       .00 %     .33 %
Davidson Cash Equivalent Shares
     63,985       63,985       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     138,178       138,178       .00 %     .25 %
Service Shares
     729,893       729,893       .00 %     .60 %
    $ 1,913,606     $ 1,913,606                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Government & Agency Securities Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 743,598     $ 743,598       .00 %     .25 %
Davidson Cash Equivalent Shares
     53,321       53,321       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     110,542       110,542       .00 %     .20 %
Government Cash Managed Shares
     325,257       325,257       .00 %     .15 %
    $ 1,232,718     $ 1,232,718                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" expenses was as follows:
   
Total Aggregated
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 10,937     $ 10,937  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
4. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Government & Agency Securities Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     628,481,114     $ 628,481,114       649,627,293     $ 649,627,293  
Davidson Cash Equivalent Shares
     24,463,758       24,463,758       14,397,365       14,397,365  
Davidson Cash Equivalent Plus Shares
     275,786,862       275,786,862       185,485,990       185,485,990  
DWS Government & Agency Money Fund
     72,103,322       72,103,322       105,758,351       105,758,351  
DWS Government Cash Institutional Shares
     34,835,288,142       34,835,288,142       86,737,251,385       86,737,251,385  
Government Cash Managed Shares
     2,032,853,974       2,032,853,974       1,141,762,346       1,141,762,346  
Premier Money Market Shares*
     —       —       265,266,569       265,266,569  
Service Shares
     269,340,585       269,340,585       228,691,596       228,691,596  
            $ 38,138,317,757             $ 89,328,240,895  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     29,657     $ 29,657       65,880     $ 65,880  
Davidson Cash Equivalent Shares
     2,127       2,127       5,141       5,141  
Davidson Cash Equivalent Plus Shares
     5,509       5,509       5,913       5,913  
DWS Government & Agency Money Fund
     27,796       27,796       195,740       195,740  
DWS Government Cash Institutional Shares
     1,118,270       1,118,270       8,526,918       8,526,918  
Government Cash Managed Shares
     5,696       5,696       8,301       8,301  
Premier Money Market Shares*
     —       —       338,346       338,346  
Service Shares
     12,119       12,119       27,501       27,501  
            $ 1,201,174             $ 9,173,740  
Shares redeemed
  
Capital Assets Funds Shares
     (648,126,914 )   $ (648,126,914 )     (625,330,611 )   $ (625,330,611 )
Davidson Cash Equivalent Shares
     (25,307,057 )     (25,307,057 )     (23,739,455 )     (23,739,455 )
Davidson Cash Equivalent Plus Shares
     (292,761,983 )     (292,761,983 )     (158,769,431 )     (158,769,431 )
DWS Government & Agency Money Fund
     (134,495,012 )     (134,495,012 )     (198,527,517 )     (198,527,517 )
DWS Government Cash Institutional Shares
     (36,963,523,481 )     (36,963,523,481 )     (94,492,111,010 )     (94,492,111,010 )
Government Cash Managed Shares
     (2,132,755,829 )     (2,132,755,829 )     (1,338,740,329 )     (1,338,740,329 )
Premier Money Market Shares*
     —       —       (4,366,260,819 )     (4,366,260,819 )
Service Shares
     (272,492,118 )     (272,492,118 )     (264,171,028 )     (264,171,028 )
            $ (40,469,462,394 )           $ (101,467,650,200 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (19,616,143 )   $ (19,616,143 )     24,362,562     $ 24,362,562  
Davidson Cash Equivalent Shares
     (841,172 )     (841,172 )     (9,336,949 )     (9,336,949 )
Davidson Cash Equivalent Plus Shares
     (16,969,612 )     (16,969,612 )     26,722,472       26,722,472  
DWS Government & Agency Money Fund
     (62,363,894 )     (62,363,894 )     (92,573,426 )     (92,573,426 )
DWS Government Cash Institutional Shares
     (2,127,117,069 )     (2,127,117,069 )     (7,746,332,707 )     (7,746,332,707 )
Government Cash Managed Shares
     (99,896,159 )     (99,896,159 )     (196,969,682 )     (196,969,682 )
Premier Money Market Shares*
     —       —       (4,100,655,904 )     (4,100,655,904 )
Service Shares
     (3,139,414 )     (3,139,414 )     (35,451,931 )     (35,451,931 )
            $ (2,329,943,463 )           $ (12,130,235,565 )
 
* The Premier Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Government & Agency Securities Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Government & Agency Securities Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
A total of 44% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
 
 
 
 
 
 
APRIL 30, 2011
Annual Report
to Shareholders
 
Government & Agency Securities Portfolio
DWS Government & Agency Money Fund
 
Contents
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
13 Statement of Assets and Liabilities
15 Statement of Operations
16 Statement of Changes in Net Assets
17 Financial Highlights
18 Notes to Financial Statements
26 Report of Independent Registered Public Accounting Firm
27 Tax Information
28 Summary of Management Fee Evaluation by Independent Fee Consultant
32 Summary of Administrative Fee Evaluation by Independent Fee Consultant
33 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
We maintained an increased focus on overnight repurchase agreements and one- to three-month government and agency securities, as we believe that there was not a great deal of value in longer-maturity issues during the period ending April 30, 2011.4
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
During the period, our decision to keep a significant percentage of portfolio assets in overnight repurchase agreements cost the fund some yield, but we believe that this represented a prudent approach to maintaining a high level of portfolio quality and liquidity.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.5 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for the specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
DWS Government & Agency Money Fund
     0.08 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been 0.07% as of April 30, 2011.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Maturity — the amount of time until the principal amount of a bond must be repaid. Short-maturity is typically up to one year.
 
Overnight repurchase agreements — a form of short-term borrowing whereby a government security is sold on an overnight basis and purchased back the next day.
 
5 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the DWS Government & Agency Money Fund. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
DWS Government & Agency Money Fund
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.10  
Expenses Paid per $1,000*
   $ .84  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.95  
Expenses Paid per $1,000*
   $ .85  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratio
  
DWS Government & Agency Money Fund
.17%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Government & Agency Securities Portfolio
Asset Allocation (As a % of Investment Portfolio)
  
4/30/11
    
4/30/10
  
             
Government & Agency Obligations
     50 %     85 %
Repurchase Agreements
     48 %     15 %
Commercial Paper
     2 %     —  
      100 %     100 %
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Government & Agency Securities Portfolio
49 days
52 days
iMoneyNet Government & Agencies Retail Money Fund Average*
38 days
45 days
 
* The Fund is compared to its respective iMoney Net Category: Government & Agencies Retail Money Fund Average consists of all non-institutional government money market funds. Category includes the most broadly based of the government retail funds. These funds can invest in US Treasuries, US Other, Repos, whether or not they are backed by US Treasuries and government-backed Floating Rate Notes.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 9-12. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Government & Agency Securities Portfolio
 
Principal Amount ($)
Value ($)
  
     
Commercial Paper 1.8%
  
Issued at Discount
  
Straight-A Funding LLC:
  
 
144A, 0.15%, 5/11/2011
  
20,000,000
19,999,167
  
 
144A, 0.2%, 7/5/2011
  
80,000,000
79,971,111
  
Total Commercial Paper (Cost $99,970,278)
99,970,278
  
   
Government & Agency Obligations 51.6%
  
US Government Sponsored Agencies 45.9%
  
Federal Farm Credit Bank:
  
 
0.119%**, 5/18/2012
  
165,000,000
164,991,321
  
 
0.12%**, 1/12/2012
  
100,000,000
100,001,775
  
 
0.129%*, 9/9/2011
  
25,000,000
24,988,174
  
 
0.134%**, 7/15/2011
  
85,000,000
84,999,308
  
 
0.164%*, 5/24/2011
  
50,000,000
49,994,569
  
 
0.208%*, 8/3/2011
  
43,500,000
43,476,148
  
 
0.259%*, 10/20/2011
  
34,500,000
34,457,143
  
 
0.259%*, 4/4/2012
  
12,500,000
12,469,396
  
 
0.269%*, 3/23/2012
  
25,000,000
24,938,688
  
 
0.319%*, 12/16/2011
  
28,000,000
27,943,004
  
 
0.319%*, 1/12/2012
  
33,000,000
32,924,907
  
Federal Home Loan Bank:
  
 
0.018%*, 5/2/2011
  
12,737,000
12,737,000
  
 
0.064%*, 7/20/2011
  
100,000,000
99,985,556
  
 
0.068%*, 5/27/2011
  
50,000,000
49,997,472
  
 
0.076%*, 5/18/2011
  
55,000,000
54,997,922
  
 
0.089%*, 9/6/2011
  
50,000,000
49,984,000
  
 
0.149%*, 8/12/2011
  
7,500,000
7,496,781
  
 
0.149%*, 8/17/2011
  
12,207,000
12,201,507
  
 
0.17%**, 1/18/2012
  
22,000,000
22,006,379
  
 
0.183%**, 9/26/2011
  
12,500,000
12,499,749
  
 
0.24%, 10/28/2011
  
36,275,000
36,266,384
  
 
0.248%*, 8/22/2011
  
5,000,000
4,996,076
  
 
0.268%*, 9/12/2011
  
15,900,000
15,884,021
  
 
0.3%, 12/27/2011
  
75,000,000
75,022,455
  
 
0.76%, 7/19/2011
  
15,000,000
15,017,910
  
 
1.0%, 12/28/2011
  
13,460,000
13,532,363
  
 
5.375%, 8/19/2011
  
14,900,000
15,129,895
  
Federal Home Loan Mortgage Corp.:
  
 
0.028%*, 5/19/2011
  
15,000,000
14,999,775
  
 
0.08%**, 11/9/2011
  
75,000,000
74,967,946
  
 
0.14%**, 11/10/2011
  
200,000,000
200,000,000
  
 
0.149%*, 7/27/2011
  
85,000,000
84,969,188
  
 
0.164%*, 9/1/2011
  
8,935,000
8,929,963
  
 
0.167%*, 6/13/2011
  
27,061,000
27,055,505
  
 
0.193%*, 7/25/2011
  
34,494,000
34,478,118
  
 
0.198%*, 7/12/2011
  
100,000,000
99,960,000
  
Federal National Mortgage Association:
  
 
0.059%*, 6/13/2011
  
75,000,000
74,994,625
  
 
0.079%*, 7/21/2011
  
100,000,000
99,982,000
  
 
0.099%*, 8/8/2011
  
32,500,000
32,491,063
  
 
0.113%**, 7/27/2011
  
190,000,000
189,983,791
  
 
0.119%*, 8/22/2011
  
25,000,000
24,990,583
  
 
0.119%*, 9/13/2011
  
100,000,000
99,955,000
  
 
0.129%*, 9/26/2011
  
65,000,000
64,965,261
  
 
0.159%*, 11/21/2011
  
100,000,000
99,909,333
  
 
0.174%**, 9/19/2011
  
30,000,000
29,999,404
  
 
0.178%*, 7/20/2011
  
44,000,000
43,982,400
  
 
0.178%*, 7/27/2011
  
51,659,000
51,636,528
  
 
0.182%*, 6/16/2011
  
35,000,000
34,991,726
  
 
5.0%, 10/15/2011
  
50,000,000
51,082,031
  
 
5.375%, 11/15/2011
  
16,040,000
16,489,455
  
 
2,559,753,598
  
US Treasury Obligations 5.7%
  
US Treasury Bill, 0.16%*, 9/1/2011
  
17,500,000
17,490,433
  
US Treasury Notes:
  
 
0.875%, 5/31/2011
  
25,000,000
25,014,282
  
 
1.0%, 9/30/2011
  
84,500,000
84,768,848
  
 
1.75%, 11/15/2011
  
50,000,000
50,394,064
  
 
4.625%, 8/31/2011
  
43,500,000
44,134,573
  
 
4.625%, 10/31/2011
  
45,000,000
45,986,196
  
 
5.125%, 6/30/2011
  
50,000,000
50,404,731
  
 
318,193,127
  
Total Government & Agency Obligations (Cost $2,877,946,725)
2,877,946,725
  
   
Repurchase Agreements 49.5%
  
Barclays Capital PLC, 0.03%, dated 4/29/2011, to be repurchased at $215,000,538 on 5/2/2011 (a)
215,000,000
215,000,000
  
BNP Paribas, 0.03%, dated 4/29/2011, to be repurchased at $42,428,677 on 5/2/2011 (b)
42,428,571
42,428,571
  
BNP Paribas, 0.04%, dated 4/29/2011, to be repurchased at $704,002,347 on 5/2/2011 (c)
704,000,000
704,000,000
  
Citigroup, Inc., 0.03%, dated 4/29/2011, to be repurchased at $22,000,055 on 5/2/2011 (d)
22,000,000
22,000,000
  
JPMorgan Securities, Inc., 0.01%, dated 4/29/2011, to be repurchased at $432,619,312 on 5/2/2011 (e)
432,618,951
432,618,951
  
JPMorgan Securities, Inc., 0.04%, dated 4/29/2011, to be repurchased at $233,000,743 on 5/2/2011 (f)
223,000,000
223,000,000
  
Merrill Lynch & Co., Inc., 0.05%, dated 4/29/2011, to be repurchased at $123,927,019 on 5/2/2011 (g)
123,926,503
123,926,503
  
Morgan Stanley & Co., Inc., 0.04%, dated 4/29/2011, to be repurchased at $252,000,840 on 5/2/2011 (h)
252,000,000
252,000,000
  
The Goldman Sachs & Co., 0.05%, dated 4/29/2011, to be repurchased at $441,001,838 on 5/2/2011 (i)
441,000,000
441,000,000
  
The Goldman Sachs & Co., 0.06%, dated 4/28/2011, to be repurchased at $300,003,500 on 5/5/2011 (j)
300,000,000
300,000,000
  
Total Repurchase Agreements (Cost $2,755,974,025)
2,755,974,025
  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $5,733,891,028)+
     102.9       5,733,891,028  
Other Assets and Liabilities, Net
     (2.9 )     (162,027,136 )
Net Assets
     100.0       5,571,863,892  
 
* Annualized yield at time of purchase; not a coupon rate.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $5,733,891,028.
 
(a) Collateralized by $207,105,300 US Treasury Note, 3.125%, maturing on 9/30/2013 with a value of $219,300,094.
 
(b) Collateralized by $45,241,800 US Treasury Note, 2.625%, maturing on 11/15/2020 with a value of $43,277,165.
 
(c) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  522,522,000  
Federal Home Loan Mortgage Corp.
     1.65-5.5  
4/28/2014-
4/8/2030
     546,732,677  
  161,294,000  
Federal National Mortgage Association
     3.25-4.75  
2/21/2013-
4/9/2013
     171,348,112  
Total Collateral Value
     718,080,789  
 
(d) Collateralized by $22,443,000 Federal Home Loan Bank, maturing on 7/29/2011 with a value of $22,440,082.
 
(e) Collateralized by $531,439,126 US Treasury STRIPS, maturing on 11/15/2013-2/15/2020 with a value of $441,272,531.
 
(f) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  185,181,947  
Federal Home Loan Mortgage Corp.
  
Zero Coupon-6.5
  
7/15/2015-
8/15/2039
     192,999,725  
  54,470,688  
Federal Home Loan Mortgage Corp. —
Interest only
     5.281  
1/15/2039
     5,749,091  
  7,680,197  
Federal Home Loan Mortgage Corp. — Principal only
  
Zero Coupon
  
11/15/2036-
5/15/2037
     6,713,414  
  23,268,926  
Federal National Mortgage Association
     0.513-6.47  
2/25/2029-
6/25/2037
     22,905,889  
Total Collateral Value
     228,368,119  
 
(g) Collateralized by $124,768,369 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-4.5%, with various maturity dates of 3/1/2039-12/1/2040 with a value of $126,405,034.
 
(h) Collateralized by $242,597,416 Federal Home Loan Mortgage Corp., with various coupon rates from 4.0-6.0%, with various maturity dates of 3/1/2038-4/1/2041 with a value of $257,040,001.
 
(i) Collateralized by:
Principal Amount ($)
  
Security
  
Rate (%)
  
Maturity Date
  
Collateral Value ($)
  
  22,370,889  
Federal Home Loan Mortgage Corp.
     4.0-5.5  
4/15/2040-
4/15/2041
     21,981,083  
  491,792,871  
Federal Home Loan Mortgage Corp. —
Interest only
     5.781-6.431  
9/15/2033-
11/15/2038
     77,032,731  
  210,576,230  
Federal National Mortgage Association
  
Zero Coupon — 5.5
  
6/25/2021-
3/25/2041
     213,820,002  
  914,052,013  
Federal National Mortgage Association — Interest only
     5.787-6.266  
6/25/2038-
1/25/2041
     136,986,185  
Total Collateral Value
     449,820,001  
 
(j) Collateralized by $295,084,262 Federal National Mortgage Association, with various coupon rates from 3.5-4.5%, with various maturity dates of 10/25/2039-2/25/2041 with a value of $306,000,000.
 
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.
 
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
 
Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities.
 
STRIPS: Separate Trading of Registered Interest and Principal Securities
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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 (k)
   $ —     $ 2,977,917,003     $ —     $ 2,977,917,003  
Repurchase Agreements
     —       2,755,974,025       —       2,755,974,025  
Total
   $ —     $ 5,733,891,028     $ —     $ 5,733,891,028  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(k) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Government & Agency Securities Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,977,917,003  
Repurchase agreements, valued at amortized cost
     2,755,974,025  
Total investments, valued at amortized cost
     5,733,891,028  
Receivable for Fund shares sold
     142,451  
Interest receivable
     3,670,502  
Due from Advisor
     136,428  
Other assets
     95,442  
Total assets
     5,737,935,851  
Liabilities
  
Payable for investments purchased
     164,991,321  
Payable for Fund shares redeemed
     126,472  
Distributions payable
     106,265  
Accrued management fee
     99,239  
Other accrued expenses and payables
     748,662  
Total liabilities
     166,071,959  
Net assets, at value
   $ 5,571,863,892  
Net Assets Consist of
  
Undistributed net investment income
     201,484  
Accumulated net realized gain (loss)
     (602,497 )
Paid-in capital
     5,572,264,905  
Net assets, at value
   $ 5,571,863,892  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Government & Agency Securities Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($284,348,907 ÷ 284,368,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($19,057,230 ÷ 19,058,540 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share ($33,261,953 ÷ 33,264,241 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share ($170,093,183 ÷ 170,104,883 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($4,771,880,106 ÷ 4,772,208,337 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Government Cash Managed Shares
Net Asset Value, offering and redemption price per share ($179,819,975 ÷ 179,832,348 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($113,402,538 ÷ 113,410,339 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Government & Agency Securities Portfolio
  
Income:
Interest
   $ 9,770,345  
Expenses:
Management fee
     2,506,115  
Administration fee
     4,222,727  
Services to shareholders
     1,845,325  
Custodian fee
     76,975  
Distribution and service fees
     3,146,324  
Professional fees
     150,210  
Trustees' fees and expenses
     127,065  
Reports to shareholders
     10,937  
Registration fees
     141,522  
Other
     393,329  
Total expenses before expense reductions
     12,620,529  
Expense reductions
     (5,190,147 )
Total expenses after expense reductions
     7,430,382  
Net investment income
     2,339,963  
Net realized gain (loss) from investments
     (602,497 )
Net increase (decrease) in net assets resulting from operations
   $ 1,737,466  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Government & Agency Securities Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 2,339,963     $ 18,279,158  
Net realized gain (loss)
     (602,497 )     683,254  
Net increase in net assets resulting from operations
     1,737,466       18,962,412  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (29,745 )     (30,842 )
Davidson Cash Equivalent Shares
     (2,133 )     (2,419 )
Davidson Cash Equivalent Plus Shares
     (5,528 )     (3,042 )
DWS Government & Agency Money Fund
     (28,169 )     (168,152 )
DWS Government Cash Institutional Shares
     (2,230,405 )     (17,853,361 )
Government Cash Managed Shares
     (21,680 )     (46,318 )
Premier Money Market Shares
     —       (176,438 )
Service Shares
     (12,160 )     (13,091 )
Net realized gains:
Capital Assets Funds Shares
     —       (34,871 )
Davidson Cash Equivalent Shares
     —       (2,710 )
Davidson Cash Equivalent Plus Shares
     —       (2,843 )
DWS Government & Agency Money Fund
     —       (32,168 )
DWS Government Cash Institutional Shares
     —       (1,560,440 )
Government Cash Managed Shares
     —       (38,058 )
Premier Money Market Shares
     —       (242,870 )
Service Shares
     —       (14,378 )
Total distributions
     (2,329,820 )     (20,222,001 )
Fund share transactions:
Proceeds from shares sold
     38,138,317,757       89,328,240,895  
Reinvestment of distributions
     1,201,174       9,173,740  
Cost of shares redeemed
     (40,469,462,394 )     (101,467,650,200 )
Net increase (decrease) in net assets from Fund share transactions
     (2,329,943,463 )     (12,130,235,565 )
Increase (decrease) in net assets
     (2,330,535,817 )     (12,131,495,154 )
Net assets at beginning of period
     7,902,399,709       20,033,894,863  
Net assets at end of period (including undistributed net investment income of $201,484 and $191,341, respectively)
   $ 5,571,863,892     $ 7,902,399,709  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Government & Agency Securities Portfolio
DWS Government & Agency Money Fund
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 ***     .001       .014       .043       .006  
Net realized and unrealized gain (loss)
     (.000 )***     .000 ***     .000 ***     .000 ***     .000 ***
Total from investment operations
     .000 ***     .001       .014       .043       .006  
Less distributions from:
Net investment income
     (.000 )***     (.001 )     (.014 )     (.043 )     (.006 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.000 )***     (.001 )     (.014 )     (.043 )     (.006 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)b
     .02       .07       1.41       4.42       .60 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     170       233       325       438       436  
Ratio of expenses before expense reductions (%)
     .28       .27       .26       .30       .30 *
Ratio of expenses after expense reductions (%)
     .22       .26       .26       .28       .28 *
Ratio of net investment income (%)
     .01       .06       1.46 c     4.17       5.06 *
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
c Due to the timing of the subscriptions and redemptions, the amount shown does not correspond to the total return during the period.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Government & Agency Securities Portfolio (the "Fund").
 
Government & Agency Securities Portfolio offers seven classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares, DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.
 
The financial highlights for all classes of shares, other than DWS Government & Agency Money Fund, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Repurchase Agreements. The Fund may enter into repurchase agreements with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the 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.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
At April 30, 2011, the Fund had a net tax basis capital loss carryforward of approximately $602,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until April 30, 2019 (the expiration date), whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed ordinary income*
   $ 307,749  
Capital loss carryforwards
   $ (602,000 )
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from ordinary income*
   $ 2,329,820     $ 20,222,001  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
The Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
The Advisor has agreed to contractually reduce its management fee for the Fund such that the annual effective rate is limited to 0.05% of the Fund's average daily net assets.
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Government & Agency Money Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.45%.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on DWS Government & Agency Money Fund shares.
 
Accordingly, for the year ended April 30, 2011, the Advisor waived a portion of its management fee on the Fund aggregating $713,093 and the amount charged aggregated $1,793,022.
 
For the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Government & Agency Securities Portfolio
.04%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 4,222,727     $ 388,698  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Government & Agency Securities Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 719,797     $ 567,755     $ 74,011  
Davidson Cash Equivalent Shares
     53,615       42,434       4,461  
Davidson Cash Equivalent Plus Shares
     107,807       80,013       10,625  
DWS Government & Agency Money Fund
     183,413       87,726       38,977  
DWS Government Cash Institutional Shares
     268,801       268,801       —  
Government Cash Managed Shares
     153,563       42,737       35,695  
Service Shares
     303,676       241,264       21,188  
    $ 1,790,672     $ 1,330,730     $ 184,957  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Government & Agency Securities Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 981,550     $ 981,550       .00 %     .33 %
Davidson Cash Equivalent Shares
     63,985       63,985       .00 %     .30 %
Davidson Cash Equivalent Plus Shares
     138,178       138,178       .00 %     .25 %
Service Shares
     729,893       729,893       .00 %     .60 %
    $ 1,913,606     $ 1,913,606                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Government & Agency Securities Portfolio:
  
Service Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 743,598     $ 743,598       .00 %     .25 %
Davidson Cash Equivalent Shares
     53,321       53,321       .00 %     .25 %
Davidson Cash Equivalent Plus Shares
     110,542       110,542       .00 %     .20 %
Government Cash Managed Shares
     325,257       325,257       .00 %     .15 %
    $ 1,232,718     $ 1,232,718                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" expenses was as follows:
   
Total Aggregated
    
Unpaid at April 30, 2011
  
Government & Agency Securities Portfolio
   $ 10,937     $ 10,937  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
4. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Government & Agency Securities Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     628,481,114     $ 628,481,114       649,627,293     $ 649,627,293  
Davidson Cash Equivalent Shares
     24,463,758       24,463,758       14,397,365       14,397,365  
Davidson Cash Equivalent Plus Shares
     275,786,862       275,786,862       185,485,990       185,485,990  
DWS Government & Agency Money Fund
     72,103,322       72,103,322       105,758,351       105,758,351  
DWS Government Cash Institutional Shares
     34,835,288,142       34,835,288,142       86,737,251,385       86,737,251,385  
Government Cash Managed Shares
     2,032,853,974       2,032,853,974       1,141,762,346       1,141,762,346  
Premier Money Market Shares*
     —       —       265,266,569       265,266,569  
Service Shares
     269,340,585       269,340,585       228,691,596       228,691,596  
            $ 38,138,317,757             $ 89,328,240,895  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     29,657     $ 29,657       65,880     $ 65,880  
Davidson Cash Equivalent Shares
     2,127       2,127       5,141       5,141  
Davidson Cash Equivalent Plus Shares
     5,509       5,509       5,913       5,913  
DWS Government & Agency Money Fund
     27,796       27,796       195,740       195,740  
DWS Government Cash Institutional Shares
     1,118,270       1,118,270       8,526,918       8,526,918  
Government Cash Managed Shares
     5,696       5,696       8,301       8,301  
Premier Money Market Shares*
     —       —       338,346       338,346  
Service Shares
     12,119       12,119       27,501       27,501  
            $ 1,201,174             $ 9,173,740  
Shares redeemed
  
Capital Assets Funds Shares
     (648,126,914 )   $ (648,126,914 )     (625,330,611 )   $ (625,330,611 )
Davidson Cash Equivalent Shares
     (25,307,057 )     (25,307,057 )     (23,739,455 )     (23,739,455 )
Davidson Cash Equivalent Plus Shares
     (292,761,983 )     (292,761,983 )     (158,769,431 )     (158,769,431 )
DWS Government & Agency Money Fund
     (134,495,012 )     (134,495,012 )     (198,527,517 )     (198,527,517 )
DWS Government Cash Institutional Shares
     (36,963,523,481 )     (36,963,523,481 )     (94,492,111,010 )     (94,492,111,010 )
Government Cash Managed Shares
     (2,132,755,829 )     (2,132,755,829 )     (1,338,740,329 )     (1,338,740,329 )
Premier Money Market Shares*
     —       —       (4,366,260,819 )     (4,366,260,819 )
Service Shares
     (272,492,118 )     (272,492,118 )     (264,171,028 )     (264,171,028 )
            $ (40,469,462,394 )           $ (101,467,650,200 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (19,616,143 )   $ (19,616,143 )     24,362,562     $ 24,362,562  
Davidson Cash Equivalent Shares
     (841,172 )     (841,172 )     (9,336,949 )     (9,336,949 )
Davidson Cash Equivalent Plus Shares
     (16,969,612 )     (16,969,612 )     26,722,472       26,722,472  
DWS Government & Agency Money Fund
     (62,363,894 )     (62,363,894 )     (92,573,426 )     (92,573,426 )
DWS Government Cash Institutional Shares
     (2,127,117,069 )     (2,127,117,069 )     (7,746,332,707 )     (7,746,332,707 )
Government Cash Managed Shares
     (99,896,159 )     (99,896,159 )     (196,969,682 )     (196,969,682 )
Premier Money Market Shares*
     —       —       (4,100,655,904 )     (4,100,655,904 )
Service Shares
     (3,139,414 )     (3,139,414 )     (35,451,931 )     (35,451,931 )
            $ (2,329,943,463 )           $ (12,130,235,565 )
 
* The Premier Money Market Shares class was liquidated on February 16, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Government & Agency Securities Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Government & Agency Securities Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
A total of 44% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
 
 
 
 
 
 
 
APRIL 30, 2011
Annual Report
to Shareholders
 
Tax-Exempt Portfolio
DWS Tax-Exempt Cash Institutional Shares Fund #148
Tax-Exempt Cash Managed Shares Fund #248
 
Contents
3 Portfolio Management Review
7 Information About Your Fund's Expenses
9 Portfolio Summary
10 Investment Portfolio
21 Statement of Assets and Liabilities
23 Statement of Operations
24 Statement of Changes in Net Assets
25 Financial Highlights
27 Notes to Financial Statements
34 Report of Independent Registered Public Accounting Firm
35 Tax Information
36 Summary of Management Fee Evaluation by Independent Fee Consultant
40 Summary of Administrative Fee Evaluation by Independent Fee Consultant
41 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
In light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)4,5 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
The types of securities that we were investing in the fund tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.6 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
DWS Tax-Exempt Cash Institutional Shares
     0.14 %
(Equivalent Taxable Yield)
     0.22 %*
Tax-Exempt Cash Managed Shares
     0.01 %**
(Equivalent Taxable Yield)
     0.02 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
** The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.02% for DWS Tax-Exempt Cash Managed Shares as of April 30, 2011.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
6 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the Tax-Exempt Cash Managed Shares. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
DWS Tax-Exempt Cash Institutional Shares
    
Tax-Exempt Cash Managed Shares
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.67     $ 1,000.05  
Expenses Paid per $1,000*
   $ .99     $ 1.64  
Hypothetical 5% Fund Return
                
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.80     $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.00     $ 1.66  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
  
DWS Tax-Exempt Cash Institutional Shares
.20%
Tax-Exempt Cash Managed Shares
.33%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 10-20. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
DWS Tax-Exempt Cash Institutional Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .002       .002       .016       .032       .034  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     (.000 )*
Total from investment operations
     .002       .002       .016       .032       .034  
Less distributions from:
Net investment income
     (.002 )     (.002 )     (.016 )     (.032 )     (.034 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.002 )     (.002 )     (.016 )     (.032 )     (.034 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .16       .25       1.58 a     3.20 a     3.46 a
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     1,492       1,725       1,770       1,751       1,064  
Ratio of expenses before expense reductions (%)
     .20       .21       .23       .21       .21  
Ratio of expenses after expense reductions (%)
     .20       .21       .22       .21       .20  
Ratio of net investment income (%)
     .17       .24       1.56       3.12       3.42  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 

Tax-Exempt Portfolio
Tax-Exempt Cash Managed Shares
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 *     .001       .013       .030       .032  
Net realized and unrealized gain (loss)
     .000 *     .000 *     .000 *     .000 *     (.000 )*
Total from investment operations
     .000 *     .001       .013       .030       .032  
Less distributions from:
Net investment income
     (.000 )*     (.001 )     (.013 )     (.030 )     (.032 )
Net realized gains
     —       (.000 )*     —       —       —  
Total distributions
     (.000 )*     (.001 )     (.013 )     (.030 )     (.032 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .01 a     .07 a     1.36       2.99 a     3.24 a
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     127       209       193       250       225  
Ratio of expenses before expense reductions (%)
     .39       .44       .45       .42       .43  
Ratio of expenses after expense reductions (%)
     .35       .39       .45       .41       .42  
Ratio of net investment income (%)
     .01       .06       1.34       2.91       3.19  
a Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Tax-Exempt Portfolio (the "Fund").
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than DWS Tax-Exempt Cash Institutional Shares and Tax-Exempt Cash Managed Shares, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
In addition, the Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Tax-Exempt Cash Institutional Shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.20%.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Tax-Exempt Cash Managed Shares.
 
Accordingly, for the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Tax-Exempt Portfolio
.06%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" was as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
* The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Tax-Exempt Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
Of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
 
 
 
 
 
 
 
APRIL 30, 2011
Annual Report
to Shareholders
 
Tax-Exempt Portfolio
DWS Tax-Exempt Money Fund
 
Contents
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
20 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
25 Notes to Financial Statements
32 Report of Independent Registered Public Accounting Firm
33 Tax Information
34 Summary of Management Fee Evaluation by Independent Fee Consultant
38 Summary of Administrative Fee Evaluation by Independent Fee Consultant
39 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
In light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)4,5 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
The types of securities that we were investing in the fund tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.6 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
DWS Tax-Exempt Money Fund
     0.13 %
(Equivalent Taxable Yield)
     0.20 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
6 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) 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. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
DWS Tax-Exempt Money Fund
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.57  
Expenses Paid per $1,000*
   $ 1.09  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.70  
Expenses Paid per $1,000*
   $ 1.10  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratio
  
DWS Tax-Exempt Money Fund
.22%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 9-19. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
DWS Tax-Exempt Money Fund
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .001       .002       .016       .031       .004  
Net realized and unrealized gain (loss)
     .000 ***     .000 ***     .000 ***     .000 ***     (.000 )***
Total from investment operations
     .001       .002       .016       .031       .004  
Less distributions from:
Net investment income
     (.001 )     (.002 )     (.016 )     (.031 )     (.004 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.001 )     (.002 )     (.016 )     (.031 )     (.004 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .14       .22       1.57       3.17 b     .41 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     366       428       503       586       627  
Ratio of expenses before expense reductions (%)
     .22       .24       .24       .24       .24 *
Ratio of expenses after expense reductions (%)
     .22       .24       .24       .23       .24 *
Ratio of net investment income (%)
     .14       .22       1.55       3.09       3.49 *
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Tax-Exempt Portfolio (the "Fund").
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than DWS Tax-Exempt Money Fund, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
In addition, the Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Tax-Exempt Money Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.40%.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
Accordingly, for the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Tax-Exempt Portfolio
.06%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" was as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
* The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Tax-Exempt Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
Of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
 
 
 
 
 
 
 
APRIL 30, 2011
Annual Report
to Shareholders
 
Tax-Exempt Portfolio
DWS Tax-Free Money Fund Class S
 
Contents
3 Portfolio Management Review
6 Information About Your Fund's Expenses
8 Portfolio Summary
9 Investment Portfolio
20 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
25 Notes to Financial Statements
32 Report of Independent Registered Public Accounting Firm
33 Tax Information
34 Summary of Management Fee Evaluation by Independent Fee Consultant
38 Summary of Administrative Fee Evaluation by Independent Fee Consultant
39 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
In light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)4,5 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
The types of securities that we were investing in the fund tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.6 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
DWS Tax-Free Money Fund Class S
     0.20 %
(Equivalent Taxable Yield)
     0.31 %*
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
6 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) 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. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each 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. An account maintenance fee of $6.25 per quarter for DWS Tax-Free Money Fund Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for DWS Tax-Free Money Fund Class S shares during the period would be higher, and account value during the period would be lower, by this amount.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
DWS Tax-Free Money Fund Class S
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.55  
Expenses Paid per $1,000*
   $ 1.14  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.65  
Expenses Paid per $1,000*
   $ 1.15  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratio
  
DWS Tax-Free Money Fund Class S
.23%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 9-19. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
DWS Tax-Free Money Fund Class S
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .001       .002       .015       .031       .004  
Net realized and unrealized gain (loss)
     .000 ***     .000 ***     .000 ***     .000 ***     (.000 )***
Total from investment operations
     .001       .002       .015       .031       .004  
Less distributions from:
Net investment income
     (.001 )     (.002 )     (.015 )     (.031 )     (.004 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.001 )     (.002 )     (.015 )     (.031 )     (.004 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .12       .19       1.54       3.15 b     .40 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     125       141       164       167       172  
Ratio of expenses before expense reductions (%)
     .24       .27       .26       .27       .29 *
Ratio of expenses after expense reductions (%)
     .24       .27       .26       .26       .29 *
Ratio of net investment income (%)
     .12       .18       1.53       3.06       3.42 *
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Tax-Exempt Portfolio (the "Fund").
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than DWS Tax-Free Money Fund Class S, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
In addition, the Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Tax-Free Money Fund Class S to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.48%.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
Accordingly, for the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Tax-Exempt Portfolio
.06%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" was as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
* The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Tax-Exempt Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
Of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
 
 

 
 
 
 
ANNUAL REPORT TO SHAREHOLDERS
 
Tax-Free Investment Class
 
Tax-Exempt Portfolio
 
April 30, 2011
 
Contents
3 Portfolio Management Review
7 Information About Your Fund's Expenses
9 Portfolio Summary
10 Investment Portfolio
22 Statement of Assets and Liabilities
24 Statement of Operations
25 Statement of Changes in Net Assets
27 Financial Highlights
28 Notes to Financial Statements
36 Report of Independent Registered Public Accounting Firm
37 Tax Information
38 Summary of Management Fee Evaluation by Independent Fee Consultant
42 Summary of Administrative Fee Evaluation by Independent Fee Consultant
43 Board Members and Officers
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit www.dws-investments.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the fund may have a significant adverse effect on the share prices of all classes of shares of the fund. See the prospectus for specific details regarding the fund's risk profile.
 
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Portfolio Management Review
 
Market Overview
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
In September 2010, investors responded positively to US Federal Reserve Board (the Fed) Chairman Ben Bernanke's statement that the Fed would take additional steps in the form of "quantitative easing" to prop up the US economy as needed.1 Over the fund's most recent 12-month period, the money market yield curve has gradually steepened as longer-term rates rose in response to improved economic data and shorter maturities declined significantly based on a number of market influences.2 These included continuing strong demand and shrinking supply in the money market area; the removal (or unwind) of $200 billion in two-month Treasury bills from the market until Congress once again raises the US debt ceiling; a new FDIC fee assessment that has, in effect, removed some of the incentive for certain large banks to create supply in the money market area; and; lastly, the fact that the federal funds rate remains "on hold," keeping short-term rates lower overall.3
 
Positive Contributors to Fund Performance
 
We were able to maintain a competitive yield for the fund during the period ended April 30, 2011. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.)
 
In light of the continued fiscal stress on state and local governments, and with dynamic rule changes regarding money market funds coming from the SEC, we believed it was prudent to maintain a short average maturity. Toward the end of the period, the fund was invested mainly in short-term commercial paper and floating-rate securities. (The interest rate of floating-rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes.)4,5 Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.
 
Our main focus, as always, is on preservation of capital, and during the period ending April 30, 2011, we maintained a short maturity and attempted to ensure ample liquidity for the fund.
 
Negative Contributors to Fund Performance
 
The types of securities that we were investing in the fund tended to have lower yields than issues carrying more risk. We preferred to be cautious during a time of market uncertainty. In the end this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal in light of the circumstances during the period.
 
Outlook and Positioning
 
Assuming that Congress can agree to raise the US debt ceiling in the near future, significant short-term Treasury supply should return to the market in the coming months and remove some downward pressure on money market rates that carry the shortest maturities. In general, however, we continue to foresee an artificially low interest rate environment because of declining money market supply, a large number of money market issues maturing with principal needing to be reinvested and continued strong demand from investors seeking principal stability and safety.
 
We continue our insistence on the highest credit quality within the fund.6 We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.
 
Fund Performance (as of April 30, 2011)
 
Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
 
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, this share price isn't guaranteed and you could lose money by investing in money market funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the fund's $1.00 share price. The credit quality of the fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund's share price. The fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of a fund may have a significant adverse effect on the share prices of all classes of shares of that fund. See the prospectus for specific details regarding the fund's risk profile.
   
   
7-Day Current Yield
  
Tax-Free Investment Class
     0.01 %*
(Equivalent Taxable Yield)
     0.02 %**
Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, visit our Web site at www.dws-investments.com.
* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current yield would have been -0.22% as of April 30, 2011.
** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.
  
 
1 Quantitative easing — a monetary policy used by the government to increase the money supply. With this policy, the government purchases government and other securities from the market to create additional capital which financial institutions can use to promote lending and liquidity.
 
2 The yield curve — 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.
 
3 Treasury bill — a short-term (maturity up to 1 year) discounted government security sold through competitive bidding at weekly and monthly auctions in denominations of $10,000 to $1 million. Debt ceiling is the maximum borrowing power of a government entity. FDIC (Federal Deposit Insurance Corporation) is a federal agency that insures deposits in member banks and thrifts up to a specific dollar amount. Federal funds rate is the overnight bank lending rate.
 
4 Average maturity — the average length of time until the principal amount of a bond must be repaid.
 
5 The Securities Industry and Financial Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index consisting of seven-day, tax-exempt, variable-rate demand notes produced by Municipal Market Data Group. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.
 
Index returns, unlike fund returns, do not reflect any fees of expenses. It is not possible to invest directly into an index.
 
6 Credit quality — a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. The fund's credit quality does not remove market risk and is subject to change.
 
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, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the Tax-Free Investment Class. 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 (November 1, 2010 to April 30, 2011).
 
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 each Fund using each 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 each Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using each Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Tax-Free Investment Class
  
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,000.05  
Expenses Paid per $1,000*
   $ 1.64  
Hypothetical 5% Fund Return
        
Beginning Account Value 11/1/10
   $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,023.16  
Expenses Paid per $1,000*
   $ 1.66  
 
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratio
  
Tax-Free Investment Class
.33%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
 
Tax-Exempt Portfolio
Asset Allocation (As a % of Investment Portfolio)
4/30/11
4/30/10
     
Municipal Investments
Municipal Variable Rate Demand Notes
70%
72%
Municipal Bonds and Notes
27%
28%
Municipal Floating Rate Notes
3%
—
 
100%
100%
 

Weighted Average Maturity
4/30/11
4/30/10
     
Cash Account Trust — Tax-Exempt Portfolio
33 days
44 days
National Tax-Free Retail Money Fund Average*
28 days
31 days
 
* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes; Commercial Paper; Put Bonds — 6 months and less; Put Bonds — over 6 months; AMT Paper and Other Tax-Free Holdings.
 
Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.
 
Asset allocation and weighted average maturity are subject to change.
 
For more complete details about the Fund's holdings, see pages 10-21. A quarterly Fact Sheet is available upon request.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. In addition, each month beginning December 2010, 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 www.sec.gov, and they may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011
 
Tax-Exempt Portfolio
   
Principal Amount ($)
    
Value ($)
  
       
Municipal Investments 99.8%
  
Alabama 0.4%
  
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.3%*, 12/1/2027
     10,000,000       10,000,000  
Alaska 1.1%
  
Anchorage, AK, Tax Anticipation Notes, 1.5%, 12/29/2011
     30,000,000       30,237,724  
Arkansas 0.3%
  
Fort Smith, AR, Mitsubishi Power Systems Revenue, Recovery Zone Facility Bonds, 0.31%*, 10/1/2040, LOC: Bank of Tokyo-Mitsubishi UFJ
     8,000,000       8,000,000  
California 7.4%
  
California, Beaumont Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.31%*, 9/1/2041, LOC: Union Bank of CA
     4,450,000       4,450,000  
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.29%*, 5/15/2030, LIQ: State Street Bank & Trust Co.
     13,100,000       13,100,000  
California, Educational Facilities Authority Revenue, Series R-11734, 144A, 0.25%*, 6/1/2011, LIQ: Citibank NA
     8,910,000       8,910,000  
California, Inland Valley Development Agency, Tax Allocation, 0.3%*, 3/1/2027, LOC: Union Bank of CA
     32,695,000       32,695,000  
California, Statewide Communities Development Authority Revenue, Retirement Housing Foundation, 0.3%*, 9/1/2030, LOC: KBC Bank NV
     26,200,000       26,200,000  
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
                
Series 2680, 144A, 0.36%*, 5/15/2018, LOC: JPMorgan Chase Bank
     15,110,000       15,110,000  
Series 29G, 144A, AMT, 0.4%*, 5/1/2039, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     61,000,000       61,000,000  
Series 2681, 144A, AMT, 0.46%*, 5/15/2018, LOC: JPMorgan Chase Bank
     11,190,000       11,190,000  
California, Wells Fargo Stage Trust, Series 72C, 144A, 0.28%*, 8/15/2039, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     21,500,000       21,500,000  
Palo Alto, CA, General Obligation, Series R-11859, 144A, 0.26%*, 2/1/2018, LIQ: Citibank NA
     3,120,000       3,120,000  
        197,275,000  
Colorado 3.5%
  
Colorado, Cornerstar Metropolitan District, Special Revenue, 0.66%*, 12/1/2037, LOC: Compass Bank
     15,500,000       15,500,000  
Colorado, Housing & Finance Authority, Single Family, "I", Series B-2, 144A, AMT, 0.8%*, 11/1/2026, SPA: Dexia Credit Local
     18,350,000       18,350,000  
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 1.0%*, 12/1/2020, LOC: Compass Bank
     5,000,000       5,000,000  
Colorado Springs, CO, Utilities Revenue, Series A, 0.8%*, 11/1/2023, SPA: Dexia Credit Local
     55,500,000       55,500,000  
        94,350,000  
Delaware 0.5%
  
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.34%*, 10/1/2028, LIQ: Rabobank Nederland, LOC: Rabobank International
     13,020,062       13,020,062  
Florida 7.2%
  
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 0.31%*, 12/15/2038, LOC: Citibank NA
     3,440,000       3,440,000  
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Series 51G, 144A, AMT, 0.29%*, 6/1/2046, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     28,520,000       28,520,000  
Florida, BB&T Municipal Trust:
  
Series 1010, 144A, 0.29%*, 1/15/2019, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     6,670,000       6,670,000  
Series 1029, 0.34%*, 7/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,510,000       10,510,000  
Series 1012, 144A, 0.34%*, 11/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     9,825,000       9,825,000  
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.26%*, 7/15/2024, INS: Fannie Mae, LIQ: Fannie Mae
     19,000,000       19,000,000  
Florida, State Board of Public Education:
  
"A", 0.25%*, 6/1/2027, SPA: Citibank NA
     5,840,000       5,840,000  
Series 3834Z, 144A, 0.26%*, 12/1/2015, LIQ: JPMorgan Chase Bank
     9,000,000       9,000,000  
Highlands County, FL, Health Facilities Authority Revenue, Series II R-11564, 144A, 0.27%*, 11/15/2014, LIQ: Citibank NA
     9,365,000       9,365,000  
Hillsborough County, FL, Aviation Revenue, 0.27%, 5/12/2011
     3,625,000       3,625,000  
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 0.3%*, 8/15/2041, LOC: SunTrust Bank
     5,445,000       5,445,000  
Hillsborough County, FL, School Board, Certificates of Participation, Master Lease, Series C, 0.23%*, 7/1/2030, INS: NATL, LOC: Wells Fargo Bank NA
     33,040,000       33,040,000  
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series A, 0.25%*, 8/15/2033, LOC: Bank of America NA
     8,200,000       8,200,000  
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.27%*, 10/1/2027, LOC: Northern Trust Co.
     21,000,000       21,000,000  
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.29%*, 3/1/2034, LOC: Northern Trust Co.
     4,750,000       4,750,000  
Pinellas County, FL, Educational Facilities Authority Revenue, Barry University Project, 0.31%*, 10/1/2037, LOC: Bank of America NA
     9,005,000       9,005,000  
Sarasota County, FL, Health Care Facilities Authority Revenue, Bay Village Project, 0.4%*, 12/1/2023, LOC: Bank of America NA
     4,700,000       4,700,000  
        191,935,000  
Georgia 2.8%
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 0.26%*, 8/1/2040, SPA: Royal Bank of Canada
     65,200,000       65,200,000  
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series C, 0.27%*, 10/1/2031, LOC: Branch Banking & Trust
     8,580,000       8,580,000  
        73,780,000  
Hawaii 0.3%
  
Hawaii, Pacific Health Special Purpose Revenue, Series 6C, 144A, 0.29%*, 7/1/2040, LIQ: Wells Fargo Bank NA
     8,820,000       8,820,000  
Idaho 2.0%
  
Idaho, State Tax Anticipation Notes, 144A, 2.0%, 6/30/2011
     52,000,000       52,135,343  
Illinois 11.6%
  
Chicago, IL, Board of Education, Dedicated Revenues, Series A-2, 0.26%*, 3/1/2026, LOC: Northern Trust Co.
     5,900,000       5,900,000  
Chicago, IL, General Obligation, Series 2008-068, 144A, 1.01%*, 1/1/2022, INS: AGMC, AMBAC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     11,480,000       11,480,000  
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago:
                
Series 2008-051, 144A, 0.86%*, 12/1/2028, LIQ: Dexia Credit Local
     5,360,000       5,360,000  
Series 2008-052, 144A, 0.86%*, 12/1/2035, LIQ: Dexia Credit Local
     25,110,000       25,110,000  
Cook County, IL, Catholic Theological Union Project Revenue, 0.31%*, 2/1/2035, LOC: Harris Trust & Savings Bank
     6,000,000       6,000,000  
Illinois, BB&T Municipal Trust, Series 5001, 144A, 0.34%*, 6/1/2020, LIQ: Rabobank Nederland, LOC: Rabobank International
     17,314,484       17,314,484  
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 0.49%*, 8/1/2019, LOC: LaSalle Bank NA
     1,765,000       1,765,000  
Illinois, Education Facility Authority Revenue, Series N, 0.3%, 6/1/2011
     74,465,000       74,465,000  
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.27%*, 4/1/2033, LOC: Northern Trust Co.
     4,600,000       4,600,000  
Illinois, Finance Authority Revenue, "A", 144A, 0.25%*, 12/1/2042, LIQ: Citibank NA
     5,445,000       5,445,000  
Illinois, Finance Authority Revenue, Clare Oaks, Series C, 0.36%*, 11/1/2040, LOC: Sovereign Bank FSB
     27,680,000       27,680,000  
Illinois, Finance Authority Revenue, Northwestern University:
  
Series A, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     14,000,000       14,000,000  
Series C, 0.43%, Mandatory Put 3/1/2012 @ 100, 12/1/2046
     10,000,000       10,000,000  
Illinois, Finance Authority, Pollution Control Revenue, Commonwealth Edison Co., Series F, 144A, 0.25%*, 3/1/2017, LOC: JPMorgan Chase Bank
     3,700,000       3,700,000  
Illinois, State Toll Highway Authority Revenue, Senior Priority, Series A-2A, 0.29%*, 7/1/2030, LOC: Bank of Tokyo-Mitsubishi UFJ
     15,000,000       15,000,000  
Illinois, State Wells Fargo Stage Trust, Series 47C, 144A, 0.29%*, 12/1/2024, INS: AGMC, LIQ: Wells Fargo Bank NA
     33,190,000       33,190,000  
Illinois, University of Illinois Revenue, "A", 144A, 0.27%*, 4/1/2035, INS: NATL, LIQ: Citibank NA
     14,300,000       14,300,000  
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.54%*, 1/1/2015, LOC: Northern Trust Co.
     6,500,000       6,500,000  
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.29%*, 4/1/2042, LOC: Wells Fargo Bank NA
     25,905,000       25,905,000  
        307,714,484  
Indiana 0.6%
  
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.36%*, 5/1/2036, LOC: Sovereign Bank FSB
     6,155,000       6,155,000  
Terre Haute, IN, Westminster Village Revenue, Series A, 0.36%*, 8/1/2036, LOC: Sovereign Bank FSB
     9,245,000       9,245,000  
        15,400,000  
Iowa 0.6%
  
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.29%*, 5/1/2042, LOC: Wells Fargo Bank NA
     17,000,000       17,000,000  
Kansas 1.7%
  
Kansas, State Department of Transportation Highway Revenue, Series D, 0.37%*, 3/1/2012, LIQ: Dexia Credit Local
     5,040,000       5,040,000  
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.34%*, 12/1/2036, LOC: US Bank NA
     3,650,000       3,650,000  
Lenexa, KS, Revenue Bond, Series 2007-302, 144A, 0.38%*, 2/1/2012, LIQ: Bank of America NA
     11,565,000       11,565,000  
Wichita, KS, General Obligation, Series 240, 0.45%, 9/15/2011
     23,800,000       23,800,000  
        44,055,000  
Kentucky 0.2%
  
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 0.85%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.
     4,500,000       4,500,000  
Louisiana 0.9%
  
Lake Charles, LA, Harbor & Terminal District Revenue, Lake Charles Cogeneration, 0.37%, Mandatory Put 5/31/2011 @ 100, 11/1/2040
     20,000,000       20,000,000  
Louisiana, Public Facilities Authority Revenue, C-Port LLC Project, Series C, 0.29%*, 10/1/2028, LOC: Bank of America NA
     4,950,000       4,950,000  
        24,950,000  
Maine 0.4%
  
Maine, State Housing Authority Mortgage Purchase, Series B, AMT, 0.31%*, 11/15/2041, SPA: KBC Bank NV
     10,000,000       10,000,000  
Maryland 0.8%
  
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.3%*, 7/1/2020, INS: NATL, LOC: Societe Generale
     10,000,000       10,000,000  
Montgomery County, MD, 0.26%, 5/12/2011
     11,400,000       11,400,000  
        21,400,000  
Massachusetts 3.2%
  
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.6%*, 3/1/2030, SPA: Dexia Credit Local
     11,000,000       11,000,000  
Massachusetts, Health & Education University Revenue, 0.26%, 7/8/2011
     8,500,000       8,500,000  
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.38%*, 6/15/2012, LIQ: Bank of America NA, LOC: Bank of America NA
     7,620,000       7,620,000  
Massachusetts, State Development Finance Agency Revenue, New Bedford Waste Services LLC, AMT, 0.32%*, 6/1/2021, LOC: Comerica Bank
     3,280,000       3,280,000  
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.28%*, 10/1/2042, LOC: JPMorgan Chase Bank
     4,700,000       4,700,000  
Massachusetts, State Revenue Anticipation Notes, Series C, 2.0%, 6/23/2011
     50,000,000       50,121,935  
        85,221,935  
Michigan 6.7%
  
BlackRock MuniYield Michigan Quality Fund, Inc., Series W-7-1446, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,000,000       15,000,000  
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank
     43,000,000       43,215,907  
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.29%*, 9/1/2033, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     50,000,000       50,000,000  
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group:
                
Series F-7, 0.35%*, 11/15/2047
     11,200,000       11,200,000  
Series F-6, 0.35%**, 11/15/2049
     10,000,000       10,000,000  
Series F-8, 0.35%**, 11/15/2049
     5,000,000       5,000,000  
Series F-2, 0.45%, Mandatory Put 3/1/2012 @ 100, 11/15/2047
     35,000,000       35,000,000  
Michigan, State Strategic Fund Ltd. Obligation Revenue, Kroger Co. Recovery Zone Facility, 0.32%*, 1/1/2026, LOC: Bank of Tokyo-Mitsubishi UFJ
     9,500,000       9,500,000  
        178,915,907  
Minnesota 0.3%
  
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project:
                
AMT, 0.29%*, 11/1/2027, LOC: US Bank NA
     5,000,000       5,000,000  
AMT, 0.44%*, 11/1/2017, LOC: US Bank NA
     1,635,000       1,635,000  
        6,635,000  
Mississippi 0.9%
  
Mississippi, Redstone Partners Floaters/Residuals Trust:
  
Series C, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     9,350,000       9,350,000  
Series B, AMT, 0.6%*, 12/1/2047, LIQ: Wells Fargo Bank NA, LOC: Wells Fargo Bank NA
     5,696,368       5,696,368  
Series A, AMT, 0.6%*, 4/1/2048, LOC: Wells Fargo Bank NA
     9,500,000       9,500,000  
        24,546,368  
Missouri 0.9%
  
Missouri, State Development Finance Board, 0.3%, 5/24/2011
     12,114,000       12,114,000  
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, 0.2%*, 10/1/2035, LOC: Bank of America NA
     5,765,000       5,765,000  
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.29%*, 1/1/2039, LOC: Columbian Bank
     6,800,000       6,800,000  
        24,679,000  
Nebraska 0.4%
  
Washington County, NE, Wastewater & Solid Waste Disposal Facilities Revenue, Series 24C, 144A, AMT, 0.36%*, 4/1/2035, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
     9,670,000       9,670,000  
Nevada 0.5%
  
Nevada, Housing Division, Single Family Mortgage Revenue:
  
Series B, AMT, 0.32%*, 4/1/2042, INS: Fannie Mae, Freddie Mac & Ginnie Mae, SPA: JPMorgan Chase Bank
     8,000,000       8,000,000  
Series A, AMT, 0.42%*, 10/1/2039, INS: Fannie Mae, Freddie Mac & Ginnie Mae
     4,700,000       4,700,000  
        12,700,000  
New Hampshire 0.2%
  
New Hampshire, Health & Education Facilities Authority Revenue, Easter Seals Rehabilitation Center, Series A, 0.27%*, 12/1/2034, LOC: Citizens Bank of NH
     4,600,000       4,600,000  
New Jersey 0.7%
  
BlackRock MuniYield New Jersey Quality Fund, Inc., Series W-7-1022, AMT, 0.51%**, 5/1/2041, LIQ: Citibank NA
     15,200,000       15,200,000  
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.43%*, 4/1/2026, LOC: National Bank of Canada
     2,600,000       2,600,000  
        17,800,000  
New Mexico 2.7%
  
New Mexico, State Tax & Revenue Anticipation Notes:
  
1.5%, 6/30/2011
     25,000,000       25,049,099  
2.0%, 6/30/2011
     25,000,000       25,069,593  
Santa Fe, NM, Gross Receipts Tax Revenue, Wastewater Systems, Series B, 0.28%*, 6/1/2022, LOC: BNP Paribas
     15,900,000       15,900,000  
University of New Mexico, Systems Improvement Revenues, 0.27%*, 6/1/2026, SPA: JPMorgan Chase Bank
     5,820,000       5,820,000  
        71,838,692  
New York 7.9%
  
Albany, NY, Industrial Development Agency, Civic Facility Revenue, The College of Saint Rose, Series A, 0.35%*, 7/1/2037, INS: NATL, LOC: Bank of America NA
     9,820,000       9,820,000  
Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.4%*, 10/1/2045, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     23,775,000       23,775,000  
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.26%*, 12/1/2040, LOC: HSBC Bank USA NA
     6,105,000       6,105,000  
Nassau County, NY, Industrial Development Agency Revenue, Series 75G, 144A, AMT, 0.28%*, 12/1/2033, LIQ: The Goldman Sachs & Co., LOC: The Goldman Sachs & Co.
     29,995,000       29,995,000  
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049
     11,000,000       11,000,000  
New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York, Inc., Series A-3, 144A, 0.27%*, 5/1/2039, LOC: Mizuho Corporate Bank
     15,000,000       15,000,000  
New York, State Mortgage Agency, Homeowner Mortgage Revenue:
                
Series 135, AMT, 0.5%*, 4/1/2037, SPA: Dexia Credit Local
     5,500,000       5,500,000  
Series 157, 0.75%*, 4/1/2047, SPA: Dexia Credit Local
     11,200,000       11,200,000  
New York, Wells Fargo Stage Trust, Series 4C, 144A, 0.29%*, 9/1/2040, LIQ: Wells Fargo Bank NA
     11,540,000       11,540,000  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.26%*, 6/15/2033, SPA: JPMorgan Chase Bank
     5,000,000       5,000,000  
New York City, NY, Transitional Finance Authority Revenue, Series 3866, 144A, 0.27%*, 8/1/2011, LIQ: JPMorgan Chase & Co.
     60,000,000       60,000,000  
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012
     21,800,000       22,089,387  
        211,024,387  
North Carolina 4.6%
  
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.35%*, 11/1/2023, LOC: Bank of America NA
     8,400,000       8,400,000  
North Carolina, BB&T Municipal Trust:
  
Series 1027, 144A, 0.34%*, 3/1/2016, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,725,000       10,725,000  
Series 1032, 0.34%*, 1/7/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     11,625,000       11,625,000  
Series 1008, 144A, 0.34%*, 3/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,865,000       5,865,000  
Series 1011, 144A, 0.34%*, 4/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     7,520,000       7,520,000  
Series 1024, 144A, 0.34%*, 5/31/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     4,860,000       4,860,000  
Series 1009, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     17,075,000       17,075,000  
Series 1025, 144A, 0.34%*, 6/1/2024, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     10,800,000       10,800,000  
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project, 0.29%*, 12/1/2028, LOC: Branch Banking & Trust
     5,555,000       5,555,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Campbell University, 0.29%*, 10/1/2034, LOC: Branch Banking & Trust
     5,845,000       5,845,000  
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.29%*, 8/1/2030, LOC: Branch Banking & Trust
     7,200,000       7,200,000  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.29%*, 11/1/2038, LOC: Branch Banking & Trust
     10,035,000       10,035,000  
Person County, NC, Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., 0.24%*, 11/1/2035, LOC: Credit Industrial et Commercial
     16,625,000       16,625,000  
        122,130,000  
Ohio 0.6%
  
Ohio, Clipper Tax-Exempt Certificate Trust, Certificate of Participation, Series 2009-28, 144A, AMT, 0.38%*, 3/1/2035, LIQ: State Street Bank & Trust Co.
     2,460,000       2,460,000  
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority:
                
Series C, 144A, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     9,780,000       9,780,000  
Series D, 144A, AMT, 0.44%*, 6/1/2048, LOC: Wachovia Bank NA
     4,340,000       4,340,000  
        16,580,000  
Oregon 6.2%
  
Oregon, State Tax Anticipation Notes, Series A, 144A, 2.0%, 6/30/2011
     152,000,000       152,400,629  
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project:
                
0.29%*, 5/1/2034, LOC: Bank of America NA
     8,515,000       8,515,000  
0.29%*, 5/1/2037, LOC: Bank of America NA
     5,385,000       5,385,000  
        166,300,629  
Other 1.3%
  
BlackRock Municipal Intermediate Duration Fund, Inc., Series W-7-2871, 144A, AMT, 0.51%**, 3/1/2041, LIQ: JPMorgan Chase Bank
     35,600,000       35,600,000  
Pennsylvania 1.3%
  
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.3%*, 6/1/2032, LOC: PNC Bank NA
     7,180,000       7,180,000  
Allegheny County, PA, RBC Municipal Products, Inc. Trust Certificates, Series E-16, 144A, 0.27%*, 4/15/2039, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     22,490,000       22,490,000  
Beaver County, PA, Industrial Development Authority, Pollution Control Revenue, FirstEnergy Generation Corp., 0.22%*, 4/1/2041, LOC: UBS AG
     5,700,000       5,700,000  
        35,370,000  
Puerto Rico 0.2%
  
Puerto Rico, Commonwealth Highway & Transportation Authority Revenue, Series DCL 019, 144A, 0.9%*, 1/1/2029, INS: AGMC, LIQ: Dexia Credit Local, LOC: Dexia Credit Local
     6,000,000       6,000,000  
South Carolina 0.4%
  
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.34%*, 1/1/2020, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
     5,755,000       5,755,000  
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.29%*, 9/1/2028, LOC: Branch Banking & Trust
     6,105,000       6,105,000  
        11,860,000  
Tennessee 0.4%
  
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-B, 0.29%*, 6/1/2042, LOC: Branch Banking & Trust
     9,300,000       9,300,000  
Texas 11.0%
  
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.4%*, 6/30/2020, GTY: National Rural Utilities Cooperative Finance Corp., SPA: National Rural Utilities Cooperative Finance Corp.
     44,200,000       44,200,000  
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     7,930,000       7,930,000  
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Hospital Systems, Series D-3, 0.27%*, 6/1/2029, LOC: Bank of America NA
     14,900,000       14,900,000  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.24%*, 11/15/2047, LOC: Northern Trust Co.
     8,100,000       8,100,000  
Katy, TX, Independent School Building District, 0.27%*, 8/15/2033, SPA: Bank of America NA
     8,300,000       8,300,000  
North East, TX, Independent School District, Series 002, 144A, 0.65%*, 2/1/2029, LIQ: Dexia Credit Local
     11,325,000       11,325,000  
Tarrant County, TX, Redstone Partners Floaters/Residuals Trust, Series A, 144A, AMT, 0.44%*, 12/1/2047, LOC: Wachovia Bank NA
     12,190,000       12,190,000  
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.4%*, 9/1/2032, INS: Fannie Mae, Freddie Mac & Ginnie Mae, LIQ: Bank of America NA
     4,980,000       4,980,000  
Texas, North East Independent School District, "A", 144A, 0.26%*, 8/1/2037, LIQ: Citibank NA
     8,935,000       8,935,000  
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.29%*, 12/1/2034, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
     52,995,000       52,995,000  
Texas, State General Obligation, "A", 144A, 0.26%*, 4/1/2029, LIQ: Citibank NA
     8,685,000       8,685,000  
Texas, State Tax & Revenue Anticipation Notes:
  
Series 3812, 144A, 0.27%*, 8/31/2011, LIQ: JPMorgan Chase & Co.
     29,500,000       29,500,000  
Series 3813, 144A, 0.3%*, 8/31/2011, LIQ: JPMorgan Chase Bank
     38,000,000       38,000,000  
2.0%, 8/31/2011
     25,000,000       25,135,681  
Texas A&M University Revenue, 144A, 0.26%*, 5/15/2018, LIQ: Citibank NA
     2,800,000       2,800,000  
Texas City, TX, Industrial Development Corp. Revenue, Del Papa Realty Holdings, 0.28%*, 1/1/2051, LOC: Bank of America NA
     10,300,000       10,300,000  
Weslaco, TX, Health Facilities Development, Knapp Medical Center, Series A, 0.91%*, 6/1/2038, LOC: Compass Bank
     4,625,000       4,625,000  
        292,900,681  
Vermont 0.2%
  
Vermont, Educational & Health Buildings Financing Agency Revenue, Fletcher Allen Health Care, Series A, 0.24%*, 12/1/2030, LOC: TD Bank NA
     4,070,000       4,070,000  
Virginia 1.2%
  
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Series A, AMT, 0.31%*, 8/1/2047, INS: Freddie Mac, LIQ: Freddie Mac
     3,000,000       3,000,000  
Virginia, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, AMT, 0.31%*, 7/15/2050, LIQ: Freddie Mac
     19,085,000       19,085,000  
Virginia, RBC Municipal Products, Inc. Trust, Series C-2, 144A, AMT, 0.38%*, 1/1/2014, LOC: Royal Bank of Canada, SPA: Royal Bank of Canada
     9,050,000       9,050,000  
        31,135,000  
Washington 1.3%
  
University of Washington, 0.28%, 5/10/2011
     23,000,000       23,000,000  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series C, 0.25%*, 11/15/2046, LOC: Citibank NA
     3,900,000       3,900,000  
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.27%*, 5/1/2028, LOC: US Bank NA
     8,545,000       8,545,000  
        35,445,000  
West Virginia 3.2%
  
Cabell County, WV, University Facilities Revenue, Provident Group Marshall Properties, Series A, 0.27%*, 7/1/2039, LOC: Bank of America NA
     20,000,000       20,000,000  
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.4%*, 7/1/2017, LOC: Dexia Credit Local
     65,000,000       65,000,000  
        85,000,000  
Wisconsin 0.6%
  
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.45%*, 5/1/2038, LOC: Wells Fargo Bank NA
     5,300,000       5,300,000  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc., Series B, 0.3%*, 2/1/2034, LOC: Chase Manhattan Bank
     11,225,000       11,225,000  
        16,525,000  
Wyoming 0.6%
  
Sweetwater County, WY, 0.3%, 6/10/2011
     14,775,000       14,775,000  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $2,655,195,212)+
     99.8       2,655,195,212  
Other Assets and Liabilities, Net
     0.2       6,012,980  
Net Assets
     100.0       2,661,208,192  
 
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2011.
 
** These securities are shown at their current rate as of April 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $2,655,195,212.
 
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.
 
AGMC: Assured Guaranty Municipal Corp.
 
AMBAC: Ambac Financial Group, Inc.
 
AMT: Subject to alternative minimum tax.
 
FSB: Federal Savings Bank
 
GTY: Guaranty Agreement
 
INS: Insured
 
LIQ: Liquidity Facility
 
LOC: Letter of Credit
 
NATL: National Public Finance Guarantee Corp.
 
SPA: Standby Bond Purchase Agreement
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Most securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
The following is a summary of the inputs used as of April 30, 2011 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
  
Municipal Investments (a)
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
Total
   $ —     $ 2,655,195,212     $ —     $ 2,655,195,212  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended April 30, 2011.
 
(a) See Investment Portfolio for additional detailed categorizations.
 

 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011
  
Assets
  
Tax-Exempt Portfolio
  
Investments:
Investments in securities, valued at amortized cost
   $ 2,655,195,212  
Receivable for investments sold
     4,620,000  
Receivable for Fund shares sold
     934,515  
Interest receivable
     7,077,878  
Due from Advisor
     4,095  
Other assets
     105,818  
Total assets
     2,667,937,518  
Liabilities
  
Cash overdraft
     4,581,713  
Payable for Fund shares redeemed
     918,070  
Distributions payable
     62,767  
Accrued management fee
     133,641  
Other accrued expenses and payables
     1,033,135  
Total liabilities
     6,729,326  
Net assets, at value
   $ 2,661,208,192  
Net Assets Consist of
  
Undistributed net investment income
     676,116  
Paid-in capital
     2,660,532,076  
Net assets, at value
   $ 2,661,208,192  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (continued)
  
Net Asset Value
  
Tax-Exempt Portfolio
  
Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share ($10,598,969 ÷ 10,595,483 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($75,044,850 ÷ 75,020,161 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share ($1,492,310,747 ÷ 1,491,819,969 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share ($366,030,472 ÷ 365,909,997 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share ($124,763,547 ÷ 124,722,636 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Service Shares
Net Asset Value, offering and redemption price per share ($81,988,417 ÷ 81,961,452 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share ($127,448,310 ÷ 127,406,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
Tax-Free Investment Class
Net Asset Value, offering and redemption price per share ($383,022,880 ÷ 382,896,908 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)
   $ 1.00  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended April 30, 2011
  
Investment Income
  
Tax-Exempt Portfolio
  
Income:
Interest
   $ 12,045,887  
Expenses:
Management fee
     1,955,813  
Administration fee
     3,350,131  
Services to shareholders
     1,364,156  
Custodian fee
     68,016  
Distribution and service fees
     2,569,390  
Professional fees
     150,070  
Trustees' fees and expenses
     102,796  
Reports to shareholders
     197,069  
Registration fees
     179,038  
Other
     177,139  
Total expenses before expense reductions
     10,113,618  
Expense reductions
     (2,277,709 )
Total expenses after expense reductions
     7,835,909  
Net investment income
     4,209,978  
Net realized gain (loss) from investments
     26,953  
Net increase (decrease) in net assets resulting from operations
   $ 4,236,931  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Tax-Exempt Portfolio
  
Increase (Decrease) in Net Assets
  
Years Ended April 30,
  
 
2011
    
2010
  
Operations:
Net investment income
   $ 4,209,978     $ 6,786,569  
Net realized gain (loss)
     26,953       42,867  
Net increase in net assets resulting from operations
     4,236,931       6,829,436  
Distributions to shareholders from:
Net investment income:
Capital Assets Funds Shares
     (1,440 )     (2,046 )
Davidson Cash Equivalent Shares
     (8,101 )     (9,092 )
DWS Tax-Exempt Cash Institutional Shares
     (3,424,889 )     (5,359,767 )
DWS Tax-Exempt Money Fund
     (551,022 )     (1,068,021 )
DWS Tax-Free Money Fund Class S
     (156,176 )     (283,931 )
Premier Money Market Shares
     (1,265 )     (24,737 )
Service Shares
     (7,236 )     (5,804 )
Tax-Exempt Cash Managed Shares
     (18,703 )     (160,260 )
Tax-Free Investment Class
     (41,260 )     (198,503 )
Net realized gains:
Capital Assets Funds Shares
     —       (597 )
Davidson Cash Equivalent Shares
     —       (2,251 )
DWS Tax-Exempt Cash Institutional Shares
     —       (74,322 )
DWS Tax-Exempt Money Fund
     —       (13,853 )
DWS Tax-Free Money Fund Class S
     —       (4,326 )
Premier Money Market Shares
     —       (782 )
Service Shares
     —       (1,849 )
Tax-Exempt Cash Managed Shares
     —       (7,679 )
Tax-Free Investment Class
     —       (14,341 )
Total distributions
     (4,210,092 )     (7,232,161 )
Fund share transactions:
Proceeds from shares sold
     9,995,553,494       11,211,632,894  
Reinvestment of distributions
     2,851,124       5,434,005  
Cost of shares redeemed
     (10,411,552,190 )     (11,989,083,579 )
Net increase (decrease) in net assets from Fund share transactions
     (413,147,572 )     (772,016,680 )
Increase (decrease) in net assets
     (413,120,733 )     (772,419,405 )
Net assets at beginning of period
     3,074,328,925       3,846,748,330  
Net assets at end of period (including undistributed net investment income of $676,116 and $649,277, respectively)
   $ 2,661,208,192     $ 3,074,328,925  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Tax-Exempt Portfolio
Tax-Free Investment Class
  
Years Ended April 30,
  
2011
    
2010
    
2009
    
2008
       2007 a
Selected Per Share Data
  
Net asset value, beginning of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Income (loss) from investment operations:
Net investment income
     .000 ***     .000 ***     .011       .027       .004  
Net realized and unrealized gain (loss)
     .000 ***     .000 ***     .000 ***     .000 ***     (.000 )***
Total from investment operations
     .000 ***     .000 ***     .011       .027       .004  
Less distributions from:
Net investment income
     (.000 )***     (.000 )***     (.011 )     (.027 )     (.004 )
Net realized gains
     —       (.000 )***     —       —       —  
Total distributions
     (.000 )***     (.000 )***     (.011 )     (.027 )     (.004 )
Net asset value, end of period
   $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00  
Total Return (%)
     .01 b     .04 b     1.15       2.78 b     .37 **
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     383       407       570       572       526  
Ratio of expenses before expense reductions (%)
     .61       .62       .63       .62       .59 *
Ratio of expenses after expense reductions (%)
     .35       .45       .63       .61       .59 *
Ratio of net investment income (%)
     .01       .02       1.16       2.71       3.13 *
a For the period from March 19, 2007 (commencement of operations) to April 30, 2007.
b Total return would have been lower had certain expenses not been reduced.
* Annualized
** Not annualized
*** Amount is less than $.0005.
  
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
 
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
 
The Trust offers three funds: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio. These financial statements report on Tax-Exempt Portfolio (the "Fund").
 
Tax-Exempt Portfolio offers eight classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
The financial highlights for all classes of shares, other than Tax-Free Investment Class, are provided separately and are available upon request.
 
The Fund's investment income, realized 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 of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.
 
The Fund has reviewed the tax positions for the open tax years as of April 30, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income. 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.
 
At April 30, 2011, the Fund's components of distributable earnings on a tax basis are as follows:
Undistributed tax-exempt income*
   $ 738,883  
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended April 30,
  
   
2011
    
2010
  
Distributions from tax-exempt income
   $ 4,210,092     $ 7,201,436  
Distributions from long-term capital gains
   $ —     $ 30,725  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 pro rata on the basis of relative net assets among the Funds in the Trust.
 
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 investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
 
2. Related Parties
 
Management Agreement. Under an Amended and Restated Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
 
In addition, the Fund pays a monthly management fee based on the combined average daily net assets of the three Funds and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Funds' combined average daily net assets
     .120 %
Next $500 million of such net assets
     .100 %
Next $1 billion of such net assets
     .075 %
Next $1 billion of such net assets
     .060 %
Over $3 billion of such net assets
     .050 %
 
For the period from May 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Tax-Free Investment Class to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.72%.
 
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
 
In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Tax-Free Investment Class shares.
 
Accordingly, for the year ended April 30, 2011, the Fund incurred a management fee equivalent to the following annual effective rate of the Fund's average daily net assets:
 
Annual Effective Rate
Tax-Exempt Portfolio
.06%
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended April 30, 2011, the Administration Fee was as follows:
   
Administration Fee
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 3,350,131     $ 226,253  
 
Service Provider Fees. DWS Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Tax-Exempt Portfolio:
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2011
  
Capital Assets Funds Shares
   $ 35,969     $ 12,532     $ 5,364  
Davidson Cash Equivalent Shares
     121,647       —       41,015  
DWS Tax-Exempt Cash Institutional Shares
     196,624       —       61,668  
DWS Tax-Exempt Money Fund
     134,008       —       39,976  
DWS Tax-Free Money Fund Class S
     68,702       —       25,134  
Premier Money Market Shares
     31,484       6,558       —  
Service Shares
     182,607       72,945       41,130  
Tax-Exempt Cash Managed Shares
     77,147       —       33,219  
Tax-Free Investment Class
     444,553       —       153,350  
    $ 1,292,741     $ 92,035     $ 400,856  
 
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table.
 
For the year ended April 30, 2011, the Distribution Fee was as follows:
Tax-Exempt Portfolio:
  
Distribution Fee
    
Waived
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 47,479     $ 47,479       .00 %     .33 %
Davidson Cash Equivalent Shares
     243,294       243,294       .00 %     .30 %
Premier Money Market Shares
     31,713       31,713       .00 %     .25 %
Service Shares
     434,433       434,433       .00 %     .60 %
Tax-Free Investment Class
     1,032,179       1,032,179       .00 %     .25 %
    $ 1,789,098     $ 1,789,098                  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
 
For the year ended April 30, 2011, the Service Fee was as follows:
Tax-Exempt Portfolio:
  
Service Fee
    
Waived
    
Unpaid at April 30, 2011
    
Annual Effective Rate
    
Contractual Rate (Up To)
  
Capital Assets Funds Shares
   $ 35,969     $ 35,969     $ —       .00 %     .25 %
Davidson Cash Equivalent Shares
     202,745       194,185       —       .01 %     .25 %
Premier Money Market Shares
     31,713       31,713       —       .00 %     .25 %
Tax-Exempt Cash Managed Shares
     220,855       61,372       10,827       .11 %     .15 %
Tax-Free Investment Class
     289,010       73,337       22,721       .05 %     .07 %
    $ 780,292     $ 396,576     $ 33,548                  
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" was as follows:
Fund
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Tax-Exempt Portfolio
   $ 105,603     $ 41,114  
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
3. Concentration of Ownership
 
From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.
 
At April 30, 2011, there were two shareholder accounts that held approximately 13% and 11%, respectively, of the outstanding shares of the Tax-Exempt Portfolio.
 
4. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
5. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
 
Tax-Exempt Portfolio
   
Year Ended April 30, 2011
    
Year Ended April 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Capital Assets Funds Shares
     37,505,008     $ 37,505,008       49,394,797     $ 49,394,797  
Davidson Cash Equivalent Shares
     108,372,167       108,372,167       140,991,927       140,991,927  
DWS Tax-Exempt Cash Institutional Shares
     8,705,410,264       8,705,410,264       9,545,076,388       9,545,076,388  
DWS Tax-Exempt Money Fund
     234,765,709       234,765,709       183,055,619       183,055,619  
DWS Tax-Free Money Fund Class S
     40,065,751       40,065,751       39,784,180       39,784,180  
Premier Money Market Shares*
     17,963,464       17,963,464       109,396,548       109,396,548  
Service Shares
     171,592,837       171,592,837       277,971,196       277,971,196  
Tax-Exempt Cash Managed Shares
     270,920,971       270,920,971       471,983,176       471,983,176  
Tax-Free Investment Class
     408,957,323       408,957,323       393,979,063       393,979,063  
            $ 9,995,553,494             $ 11,211,632,894  
Shares issued to shareholders in reinvestment of distributions
  
Capital Assets Funds Shares
     1,433     $ 1,433       2,653     $ 2,653  
Davidson Cash Equivalent Shares
     8,078       8,078       11,387       11,387  
DWS Tax-Exempt Cash Institutional Shares
     2,103,424       2,103,424       3,842,512       3,842,512  
DWS Tax-Exempt Money Fund
     541,218       541,218       1,065,790       1,065,790  
DWS Tax-Free Money Fund Class S
     147,957       147,957       270,634       270,634  
Premier Money Market Shares*
     1,023       1,023       23,773       23,773  
Service Shares
     7,238       7,238       7,673       7,673  
Tax-Exempt Cash Managed Shares
     84       84       886       886  
Tax-Free Investment Class
     40,669       40,669       208,697       208,697  
            $ 2,851,124             $ 5,434,005  
Shares redeemed
  
Capital Assets Funds Shares
     (44,799,949 )       $ (44,799,949)     (57,387,875 )   $ (57,387,875 )
Davidson Cash Equivalent Shares
     (113,236,507 )     (113,236,507 )     (128,403,019 )     (128,403,019 )
DWS Tax-Exempt Cash Institutional Shares
     (8,940,648,532 )     (8,940,648,532 )     (9,593,718,982 )     (9,593,718,982 )
DWS Tax-Exempt Money Fund
     (297,512,567 )     (297,512,567 )     (258,965,066 )     (258,965,066 )
DWS Tax-Free Money Fund Class S
     (55,821,788 )     (55,821,788 )     (63,795,223 )     (63,795,223 )
Premier Money Market Shares*
     (47,338,154 )     (47,338,154 )     (571,302,157 )     (571,302,157 )
Service Shares
     (126,254,371 )     (126,254,371 )     (303,098,913 )     (303,098,913 )
Tax-Exempt Cash Managed Shares
     (352,406,232 )     (352,406,232 )     (455,851,093 )     (455,851,093 )
Tax-Free Investment Class
     (433,534,090 )     (433,534,090 )     (556,561,251 )     (556,561,251 )
            $ (10,411,552,190 )           $ (11,989,083,579 )
Net increase (decrease)
  
Capital Assets Funds Shares
     (7,293,508 )     (7,293,508 )     (7,990,425 )   $ (7,990,425 )
Davidson Cash Equivalent Shares
     (4,856,262 )     (4,856,262 )     12,600,295       12,600,295  
DWS Tax-Exempt Cash Institutional Shares
     (233,134,844 )     (233,134,844 )     (44,800,082 )     (44,800,082 )
DWS Tax-Exempt Money Fund
     (62,205,640 )     (62,205,640 )     (74,843,657 )     (74,843,657 )
DWS Tax-Free Money Fund Class S
     (15,608,080 )     (15,608,080 )     (23,740,409 )     (23,740,409 )
Premier Money Market Shares*
     (29,373,667 )     (29,373,667 )     (461,881,836 )     (461,881,836 )
Service Shares
     45,345,704       45,345,704       (25,120,044 )     (25,120,044 )
Tax-Exempt Cash Managed Shares
     (81,485,177 )     (81,485,177 )     16,132,969       16,132,969  
Tax-Free Investment Class
     (24,536,098 )     (24,536,098 )     (162,373,491 )     (162,373,491 )
            $ (413,147,572 )           $ (772,016,680 )
 
* The Premier Money Market Shares class was liquidated on September 27, 2010 and is no longer offered.
 
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of Cash Account Trust:
 
We have audited the accompanying statement of assets and liabilities of the Tax-Exempt Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), including the investment portfolio, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2011, 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 the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
   
Boston, Massachusetts
June 20, 2011
    
 
Tax Information (Unaudited)
 
Of the dividends paid from net investment income for the taxable year ended April 30, 2011, 100% are designated as exempt interest dividends for federal income tax purposes.
 
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) 621-1048.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Summary of Administrative Fee Evaluation by Independent Fee Consultant
 
October 4, 2010
 
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:
 
• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.
 
• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.
 
• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.
 
Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the fund as of April 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
 
Other Directorships Held by Board Member
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
118
—
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
118
—
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
118
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
118
—
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
118
—
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
118
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
William McClayton (1944)
Board Member since 2004
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
118
—
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
118
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
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)
118
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
118
—
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
121
—
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9,10 (1967)
President and CEO, 2011-present
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 Address: One Beacon Street, Boston, MA 02108.
 
8 Address: 60 Wall Street, New York, NY 10005.
 
9 Address: 345 Park Avenue, New York, NY 10154.
 
10 Appointed May 17, 2011, effective June 1, 2011.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
Notes
 
Notes
 
 
   
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 Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
   
ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
 
CASH ACCOUNT TRUST- MONEY MARKET PORTFOLIO
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“E&Y”), 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 E&Y provided to the Fund.
 
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30,
  
Audit Fees Billed to Fund
    
Audit-Related
Fees Billed to Fund
    
Tax Fees Billed to Fund
    
All
Other Fees Billed to Fund
  
2011
   $ 92,125     $ 0     $ 8,011     $ 0  
2010
   $ 89,269     $ 0     $ 10,167     $ 0  

The above “Tax Fees” were billed for professional services rendered for tax return 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 E&Y to Deutsche 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 April 30,
  
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
  
2011
   $ 0     $ 285,550     $ 0  
2010
   $ 0     $ 315,930     $ 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 E&Y billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y 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 E&Y about any non-audit services that E&Y rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Y’s independence.

Fiscal Year Ended April 30,
  
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)
  
2011
   $ 8,011     $ 285,550     $ 586,510     $ 880,071  
2010
   $ 10,167     $ 315,930     $ 625,859     $ 951,956  


All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.

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.

***
In connection with the audit of the 2010 and 2011 financial statements, the Fund entered into an engagement letter with E&Y.  The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.

***
E&Y advised the Fund’s Audit Committee that E&Y had identified two matters that it determined to be inconsistent with the SEC’s auditor independence rules.
First, E&Y advised the Fund’s Audit Committee that, in 2010, an investment advisor for a Covered Person in the Chain of Command (both as defined by SEC rules) purchased for the Covered Person’s account shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the purchase was by the Covered Person’s investment advisor, not by the Covered Person himself and the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection of the purchase.
Second, E&Y advised the Fund’s Audit Committee that, in 2010, a Covered Person in the same Office (as defined by SEC rules) as the lead audit engagement partner for the Fund became a trustee and executor to an estate whose assets included shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the shares of the DWS Fund were already an asset of the estate when the Covered Person became executor, the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection in the estate, and the Covered Person was not involved with the provision of audit services to the Fund.

CASH ACCOUNT TRUST- GOVERNMENT & AGENCY SECURITIES PORTFOLIO
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“E&Y”), 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 E&Y provided to the Fund.
 
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30,
  
Audit Fees Billed to Fund
    
Audit-Related
Fees Billed to Fund
    
Tax Fees Billed to Fund
    
All
Other Fees Billed to Fund
  
2011
   $ 91,124     $ 0     $ 9,012     $ 0  
2010
   $ 90,290     $ 0     $ 11,334     $ 0  

The above “Tax Fees” were billed for professional services rendered for tax return 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 E&Y to Deutsche 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 April 30,
  
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
  
2011
   $ 0     $ 285,550     $ 0  
2010
   $ 0     $ 315,930     $ 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 E&Y billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y 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 E&Y about any non-audit services that E&Y rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Y’s independence.

Fiscal Year Ended April 30,
  
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)
  
2011
   $ 9,012     $ 285,550     $ 586,510     $ 881,072  
2010
   $ 11,334     $ 315,930     $ 625,859     $ 953,123  


All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.

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.

***
In connection with the audit of the 2010 and 2011 financial statements, the Fund entered into an engagement letter with E&Y.  The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.

***
E&Y advised the Fund’s Audit Committee that E&Y had identified two matters that it determined to be inconsistent with the SEC’s auditor independence rules.
First, E&Y advised the Fund’s Audit Committee that, in 2010, an investment advisor for a Covered Person in the Chain of Command (both as defined by SEC rules) purchased for the Covered Person’s account shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the purchase was by the Covered Person’s investment advisor, not by the Covered Person himself and the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection of the purchase.
Second, E&Y advised the Fund’s Audit Committee that, in 2010, a Covered Person in the same Office (as defined by SEC rules) as the lead audit engagement partner for the Fund became a trustee and executor to an estate whose assets included shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the shares of the DWS Fund were already an asset of the estate when the Covered Person became executor, the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection in the estate, and the Covered Person was not involved with the provision of audit services to the Fund.

CASH ACCOUNT TRUST- TAX EXEMPT PORTFOLIO
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“E&Y”), 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 E&Y provided to the Fund.
 
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended April 30,
  
Audit Fees Billed to Fund
    
Audit-Related
Fees Billed to Fund
    
Tax Fees Billed to Fund
    
All
Other Fees Billed to Fund
  
2011
   $ 94,279     $ 0     $ 8,198     $ 0  
2010
   $ 82,898     $ 0     $ 9,612     $ 0  

The above “Tax Fees” were billed for professional services rendered for tax return 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 E&Y to Deutsche 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 April 30,
  
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
  
2011
   $ 0     $ 285,550     $ 0  
2010
   $ 0     $ 315,930     $ 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 E&Y billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y 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 E&Y about any non-audit services that E&Y rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Y’s independence.

Fiscal Year Ended April 30,
  
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)
  
2011
   $ 8,198     $ 285,550     $ 586,510     $ 880,258  
2010
   $ 9,612     $ 315,930     $ 625,859     $ 951,401  


All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.

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.

***
In connection with the audit of the 2010 and 2011 financial statements, the Fund entered into an engagement letter with E&Y.  The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.

***
E&Y advised the Fund’s Audit Committee that E&Y had identified two matters that it determined to be inconsistent with the SEC’s auditor independence rules.
First, E&Y advised the Fund’s Audit Committee that, in 2010, an investment advisor for a Covered Person in the Chain of Command (both as defined by SEC rules) purchased for the Covered Person’s account shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the purchase was by the Covered Person’s investment advisor, not by the Covered Person himself and the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection of the purchase.
Second, E&Y advised the Fund’s Audit Committee that, in 2010, a Covered Person in the same Office (as defined by SEC rules) as the lead audit engagement partner for the Fund became a trustee and executor to an estate whose assets included shares of a DWS Fund that is not audited by E&Y. E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including that the shares of the DWS Fund were already an asset of the estate when the Covered Person became executor, the Covered Person caused the shares of the DWS Fund to be sold immediately upon detection in the estate, and the Covered Person was not involved with the provision of audit services to the Fund.

   
ITEM 5.
AUDIT COMMITTEE OF LISTED REGISTRANTS
   
 
Not applicable
   
ITEM 6.
SCHEDULE OF INVESTMENTS
   
 
Not applicable
   
ITEM 7.
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 8.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 9.
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
 
Not applicable
   
ITEM 10.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
   
ITEM 11.
CONTROLS AND PROCEDURES
   
 
(a)
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
 
(b)
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12.
EXHIBITS
   
 
(a)(1)
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
   
 
(a)(2)
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
 
(b)
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Form N-CSR Item F

SIGNATURES

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

Registrant:
Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust
   
   
By:
/s/ W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 28, 2011


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/ W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 28, 2011
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
June 28, 2011

EX-99.CODE ETH 2 codeofethics.htm CODE OF ETHICS codeofethics.htm
 
DWS Investments
 
Principal Executive and Principal Financial Officer Code of Ethics
 
For the Registered Management Investment Companies Listed on Appendix A
 
Effective Date
 
[January 31, 2005]
 
Revised Appendix A
 
[June 1, 2011]
 
Table of Contents
 
     

 
Page Number
     
 
 
I.
   Overview
   
 
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
 
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
 
Deutsche Asset Management, Inc. or its affiliates (“DeAM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.
 
The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.
 
The DeAM Compliance Officer and his or her contact information can be found in Appendix A.


 
_________________________
1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

II.
Purposes of the Officer Code
 
 
The purposes of the Officer Code are to deter wrongdoing and to:
     
 
•
promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
 
•
promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
 
•
promote compliance with applicable laws, rules and regulations;
 
•
encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and
 
•
establish accountability for adherence to the Officer Code.
   
  Any questions about the Officer Code should be referred to DeAM’s Compliance Officer.
 
III.
Responsibilities of Covered Officers
 
 
A.
Honest and Ethical Conduct
     
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.
 
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
 
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
 
 
B.
Conflicts of Interest
     
 
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates.
 
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
 
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
 
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAM Compliance Officer).
 
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
 
Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.
 
After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
 
After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

 
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
 
Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
 
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.
_________________________
 
2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

 
C.
Use of Personal Fund Shareholder Information
   

 
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAM’s privacy policies under SEC Regulation S-P.
 
 
D.
Public Communications
     
 
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
 
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
 
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

 
E.
Compliance with Applicable Laws, Rules and Regulations
   
 
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
 
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.
 
IV.
Violation Reporting
 
 
A.
Overview
   
 
Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
 
    Examples of violations of the Officer Code include, but are not limited to, the following:
       
   
•
Unethical or dishonest behavior
 
•
Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
 
•
Failure to report violations of the Officer Code
 
•
Known or obvious deviations from Applicable Laws
 
•
Failure to acknowledge and certify adherence to the Officer Code
 
   The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM.
 
 
B.
How to Report
   
 
Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.
 
 
C.
Process for Violation Reporting to the Fund Board
   
 
The DeAM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
 
 
D.
Sanctions for Code Violations
   
 
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
_________________________
 
3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

V.
Waivers from the Officer Code
 
 
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
 
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
 
_________________________
 
4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.
 
VI.
Amendments to the Code
 
 
The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
 
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
 
VII.
Acknowledgement and Certification of Adherence to the Officer Code
 
 
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
 
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
 
The DeAM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
 
VIII.
Scope of Responsibilities
 
 
A Covered Officer’s responsibilities under the Officer Code are limited to:
     
 
(1)
Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
 
(2)
Fund matters of which the Officer has actual knowledge.
 
IX.
Recordkeeping
 
 
The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
 
X.
Confidentiality
 

 
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

Appendices
 
Appendix A:
 
List of Officers Covered under the Code, by Board:
 
Fund Board
Principal Executive Officers
Principal Financial Officers
Treasurer
DWS Funds
Douglas Beck
Paul Schubert
Paul Schubert
Germany*
Douglas Beck
Paul Schubert
Paul Schubert

* Central Europe and Russia, European Equity, and New Germany Funds

DeAM Compliance Officer:

Joseph S. Yuen
Head of Code of Ethics Compliance
212-250-4773
917-512-9286 fax
                     
 As of:   June 1, 2011

 
Appendix B: Acknowledgement and Certification
 
Initial Acknowledgement and Certification
of Obligations Under the Officer Code
 
 
         
 
Print Name
Department
Location
Telephone
 

 
1.
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
 
2.
I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
 
3.
I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
 
4.
I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
 
5.
I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
 
   
 Signature   Date
 
 
 
Annual Acknowledgement and Certification
of Obligations Under the Officer Code
 
 
         
 
Print Name
Department
Location
Telephone

 
1.
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
 
2.
I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
 
3.
I have adhered to the Officer Code.
 
4.
I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code’s requirements.
 
5.
I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
 
6.
With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
 
7.
With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
 
8.
I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
 
 
   
 Signature   Date
 
Appendix C: Definitions
 
Principal Executive Officer
 
Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.
 
Principal Financial Officer
 
Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.
 
Registered Investment Management Investment Company
 
Registered investment companies other than a face-amount certificate company or a unit investment trust.
 
Waiver
 
A waiver is an approval of an exemption from a Code requirement.
 
Implicit Waiver
 
An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAM Compliance Officer or the Fund’s Board (or committee thereof).
 EX-99.CERT 3 ex99cert.htm CERTIFICATION ex99cert.htm

 
President
Form N-CSR Certification under Sarbanes Oxley Act


I, W. Douglas Beck, certify that:

1.  
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

June 28, 2011
/s/ W. Douglas Beck
 
W. Douglas Beck
 
President
 
Chief Financial Officer and Treasurer
Form N-CSR Certification under Sarbanes Oxley Act


I, Paul Schubert, certify that:

1.  
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

June 28, 2011
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer

EX-99.906 CERT 4 ex99906cert.htm 906 CERTIFICATION ex99906cert.htm
President
Section 906 Certification under Sarbanes Oxley Act


I, W. Douglas Beck, certify that:

1.  
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;

2.  
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


June 28, 2011
/s/ W. Douglas Beck
 
W. Douglas Beck
 
President




 
Chief Financial Officer and Treasurer
Section 906 Certification under Sarbanes Oxley Act


I, Paul Schubert, certify that:

1.  
I have reviewed this report, filed on behalf of Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio, each a series of Cash Account Trust, on Form N-CSR;

2.  
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


June 28, 2011
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer

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