0000088053-17-001065.txt : 20170630 0000088053-17-001065.hdr.sgml : 20170630 20170630150040 ACCESSION NUMBER: 0000088053-17-001065 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20170430 FILED AS OF DATE: 20170630 DATE AS OF CHANGE: 20170630 EFFECTIVENESS DATE: 20170630 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: 17941736 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 Deutsche Government & Agency Securities Portfolio C000017334 Service Shares CAGXX C000035155 Deutsche Government & Agency Money Fund DTGXX C000035156 Deutsche Government Cash Institutional Shares DBBXX C000035157 Government Cash Managed Shares DCMXX 0000858372 S000006303 Deutsche Tax-Exempt Portfolio C000017348 Deutsche Tax-Exempt Cash Premier Shares SCIXX C000017349 Service Shares CHSXX C000017350 Tax-Exempt Cash Managed Shares TXMXX C000035158 Deutsche Tax-Exempt Money Fund DTBXX C000035159 Deutsche Tax-Free Money Fund Class S DTCXX C000035160 Tax-Free Investment Class DTDXX N-CSR 1 ar43017cat.htm DEUTSCHE GOVERNMENT & AGENCY SECURITIES PORTFOLIO AND DEUTSCHE TAX-EXEMPT PORTFOLIO

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: (212) 250-3220

 

Paul Schubert

60 Wall Street

New York, NY 10005

(Name and Address of Agent for Service)

 

Date of fiscal year end: 4/30
   
Date of reporting period: 4/30/2017

 

ITEM 1. REPORT TO STOCKHOLDERS

 

This N-CSR filing contains the annual reports relating to the classes of the following series of the registrant:

Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio — Service Shares

Deutsche Government & Agency Securities Portfolio — Deutsche Government Cash Institutional Shares and Government Cash Managed Shares

Deutsche Government & Agency Securities Portfolio — Deutsche Government & Agency Money Fund

Deutsche Tax-Exempt Portfolio — Deutsche Tax-Exempt Cash Premier Shares and Tax-Exempt Cash Managed Shares

Deutsche Tax-Exempt Portfolio — Deutsche Tax-Exempt Money Fund

Deutsche Tax-Exempt Portfolio — Deutsche Tax-Free Money Fund Class S

Deutsche Tax-Exempt Portfolio — Tax-Free Investment Class


April 30, 2017

Annual Report
to Shareholders

Cash Account Trust
Service Shares

Deutsche Government & Agency Securities Portfolio

(formerly Government & Agency Securities Portfolio)

Deutsche Tax-Exempt Portfolio

(formerly Tax-Exempt Portfolio)

Contents

3 Portfolio Management Review

Government & Agency Securities Portfolio

8 Portfolio Summary

9 Investment Portfolio

15 Statement of Assets and Liabilities

17 Statement of Operations

18 Statements of Changes in Net Assets

19 Financial Highlights

Tax-Exempt Portfolio

20 Portfolio Summary

21 Investment Portfolio

28 Statement of Assets and Liabilities

30 Statement of Operations

31 Statements of Changes in Net Assets

32 Financial Highlights

 

33 Notes to Financial Statements

44 Report of Independent Registered Public Accounting Firm

45 Information About Each Fund's Expenses

47 Tax Information

48 Other Information

49 Advisory Agreement Board Considerations and Fee Evaluation

58 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 deutschefunds.com. We advise you to consider a fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about each fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, each fund cannot guarantee it will do so. The Tax-Exempt Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Tax-Exempt Portfolio's liquidity falls below required minimums because of market conditions or other factors. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain a 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 a 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 in a fund may have a significant adverse effect on the share prices of all classes of shares within that fund. See the prospectus for specific details regarding each fund's risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the funds' most recent month-end 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 each fund's shares outstanding. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Positive Contributors to Fund Performance

We were able to maintain a competitive yield during the period.

Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.

Within the Government & Agency Securities Portfolio, we maintained a "barbell" strategy, i.e., having a heavier weighting towards short-maturity Treasury and agency securities for flexibility and liquidity purposes, while also utilizing six-to-18-month Treasury and agency floating-rate notes for added yield and interest rate protection.

Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.

For the Tax Exempt Portfolio, we sought to preserve a balance of liquidity, attractive yield and high quality. The fund held significant positions in 7-day Variable Rate Demand Notes (VRDNs) as well as "laddered" positions in fixed-rate securities with maturities ranging from three to six months. (The interest rate of variable rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.)

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, each fund cannot guarantee it will do so. The Tax-Exempt Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Tax-Exempt Portfolio's liquidity falls below required minimums because of market conditions or other factors. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time

7-Day Current Yield
Deutsche Government & Agency Securities Portfolio — Service Shares .01%*
Deutsche Tax-Exempt Portfolio — Service Shares .01%*
Equivalent Taxable Yield .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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Deutsche Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the funds some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Within government money markets, we believe that strong demand will persist and that near-term supply will be variable. Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates. Within the tax-exempt money market, we foresee reduced new issuance and supply, which should also exert some upward pressure on those rates.

We continue our insistence on the highest credit quality within the funds. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the funds and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

Floating-rate securities are debt instruments with floating-rate coupons that generally reset every 30 to 90 days. While floating-rate securities are senior to equity and fixed-income securities, there is no guaranteed return of principal in case of default. Floating-rate issues often have less interest-rate risk than other fixed-income investments. Floating-rate securities are most often secured assets, generally senior to a company's secured debt, and can be transferred to debt holders, resulting in potential downside risk.

The laddered strategy involves purchasing bonds with a variety of long- and short-term maturities at various points along the yield curve.

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 do not reflect fees or expenses and it is not possible to invest directly into an index.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)
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Investment Portfolio as of April 30, 2017

Deutsche Government & Agency Securities Portfolio

  Principal Amount ($) Value ($)
       
Government & Agency Obligations 46.9%
U.S. Government Sponsored Agencies 44.5%
Federal Farm Credit Bank:
  0.75%*, 10/5/2017 35,000,000 34,887,047
  0.803%**, 3/2/2018 24,000,000 24,000,000
  0.873%**, 7/23/2018 25,000,000 24,998,700
  0.898%**, 10/22/2018 40,000,000 39,997,433
  0.919%**, 1/9/2019 25,000,000 25,000,000
  0.928%**, 7/20/2018 45,000,000 45,000,000
  0.974%**, 6/14/2017 40,000,000 40,008,775
  1.002%**, 8/20/2018 20,000,000 20,066,229
  1.022%**, 6/20/2017 25,000,000 25,000,000
  1.022%**, 8/27/2018 20,000,000 19,997,938
  1.029%**, 1/10/2019 22,250,000 22,276,675
  1.101%**, 9/21/2017 15,000,000 15,000,000
  1.102%**, 11/13/2018 38,500,000 38,500,000
  1.113%**, 6/20/2018 10,000,000 10,000,000
  1.138%**, 2/23/2018 38,000,000 37,993,723
  1.159%**, 3/8/2018 50,000,000 49,997,801
Federal Home Loan Bank:
  0.588%*, 5/12/2017 35,000,000 34,993,797
  0.634%*, 7/24/2017 30,000,000 29,956,250
  0.659%*, 5/23/2017 22,500,000 22,491,063
  0.684%*, 8/25/2017 35,000,000 34,923,875
  0.71%*, 5/17/2017 10,000,000 9,996,889
  0.71%*, 9/18/2017 5,000,000 4,986,389
  0.74%*, 7/3/2017 10,000,000 9,987,225
  0.758%**, 8/22/2017 35,000,000 34,998,997
  0.764%**, 8/14/2017 45,000,000 45,000,000
  0.779%**, 7/18/2017 45,000,000 45,000,000
  0.781%*, 5/3/2017 10,000,000 9,999,572
  0.786%*, 6/8/2017 35,000,000 34,971,368
  0.791%*, 7/5/2017 10,000,000 9,985,917
  0.803%**, 5/4/2017 32,500,000 32,500,000
  0.803%**, 2/2/2018 25,000,000 25,000,000
  0.818%**, 1/17/2018 22,000,000 22,000,000
  0.819%**, 5/10/2017 32,500,000 32,500,000
  0.825%**, 2/1/2018 88,000,000 88,000,000
  0.867%*, 7/21/2017 18,000,000 17,965,373
  0.895%**, 5/30/2018 37,000,000 37,000,000
  0.929%**, 5/18/2017 35,000,000 35,000,000
  0.932%**, 3/19/2018 7,000,000 7,000,000
  0.953%*, 10/31/2017 15,000,000 14,928,325
  0.964%**, 3/8/2018 34,000,000 34,000,000
  0.968%*, 10/13/2017 36,000,000 35,842,425
  0.968%*, 10/20/2017 28,000,000 27,872,243
  0.984%**, 8/18/2017 40,000,000 39,982,573
  1.023%**, 8/3/2017 100,000,000 100,000,000
  1.059%**, 5/8/2017 25,000,000 25,000,000
  1.086%**, 10/25/2017 12,000,000 12,000,000
  1.105%**, 9/11/2017 20,000,000 20,016,640
Federal Home Loan Mortgage Corp.:
  0.487%*, 5/1/2017 15,500,000 15,500,000
  0.507%*, 5/16/2017 50,000,000 49,989,583
  0.7%*, 10/2/2017 33,500,000 33,401,119
  0.74%*, 5/3/2017 12,500,000 12,499,493
  0.754%**, 8/10/2018 20,000,000 20,000,000
  0.781%*, 6/21/2017 25,000,000 24,972,729
  0.806%**, 12/22/2017 28,250,000 28,250,000
  0.821%*, 8/24/2017 12,000,000 11,968,950
  0.829%**, 5/8/2017 44,000,000 44,000,000
  0.85%**, 2/22/2018 50,000,000 50,000,000
  0.854%**, 5/16/2017 40,000,000 40,000,000
  0.862%*, 8/24/2017 18,500,000 18,449,767
  0.862%*, 8/24/2017 50,000,000 49,864,236
  0.903%**, 7/24/2018 15,000,000 15,000,000
  0.905%**, 10/10/2018 28,500,000 28,500,000
  0.913%*, 9/15/2017 7,500,000 7,474,313
  1.072%**, 12/21/2017 92,000,000 92,000,000
  1.121%**, 7/21/2017 25,000,000 24,999,429
  1.126%**, 3/8/2018 25,000,000 25,000,000
Federal National Mortgage Association:
  0.875%, 10/26/2017 15,000,000 15,006,549
  1.013%**, 7/20/2017 15,000,000 14,999,834
  1.128%**, 1/11/2018 24,500,000 24,554,589
  2,053,053,833
U.S. Treasury Obligations 2.4%
U.S. Treasury Bill, 0.791%*, 6/29/2017 35,000,000 34,955,258
U.S. Treasury Floating Rate Note, 1.094%**, 1/31/2018 15,000,000 15,003,453
U.S. Treasury Notes:
  0.875%, 8/15/2017 45,000,000 45,031,564
  0.875%, 10/15/2017 15,000,000 14,997,094
  109,987,369
Total Government & Agency Obligations (Cost $2,163,041,202) 2,163,041,202
 
Repurchase Agreements 50.3%
BNP Paribas, 0.82%, dated 4/28/2017, to be repurchased at $525,035,875 on 5/1/2017 (a) 525,000,000 525,000,000
BNP Paribas, 0.84%, dated 4/28/2017, to be repurchased at $210,014,700 on 5/1/2017 (b) 210,000,000 210,000,000
Citigroup Global Markets, Inc., 0.81%, dated 4/28/2017, to be repurchased at $150,010,125 on 5/1/2017 (c) 150,000,000 150,000,000
HSBC Securities, Inc., 0.79%, dated 4/28/2017, to be repurchased at $410,026,992 on 5/1/2017 (d) 410,000,000 410,000,000
JPMorgan Securities, Inc., 0.81%, dated 4/28/2017, to be repurchased at $100,006,750 on 5/1/2017 (e) 100,000,000 100,000,000
JPMorgan Securities, Inc., 0.83%, dated 4/28/2017, to be repurchased at $300,020,750 on 5/1/2017 (f) 300,000,000 300,000,000
Nomura Securities International, 0.83%, dated 4/28/2017, to be repurchased at $175,012,104 on 5/1/2017 (g) 175,000,000 175,000,000
Wells Fargo Bank, 0.83%, dated 4/28/2017, to be repurchased at $450,031,125 on 5/1/2017 (h) 450,000,000 450,000,000
Total Repurchase Agreements (Cost $2,320,000,000) 2,320,000,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $4,483,041,202) 97.2 4,483,041,202
Other Assets and Liabilities, Net 2.8 130,001,269
Net Assets 100.0 4,613,042,471

* Annualized yield at time of purchase; not a coupon rate.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $4,483,041,202.

(a) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
483,842,000 U.S. Treasury Notes 1–1.875 2/15/2018–
1/31/2022
488,026,330
75,352,235 U.S. Treasury STRIPS Zero Coupon 5/15/2017–
11/15/2045
47,473,670
Total Collateral Value 535,500,000

(b) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,520,946 FHLMC Multifamily Structured Pass-Through Certificates, Interest Only 0.863 1/25/2023 84,656
149,644 FREMF Mortgage Trust, Interest Only 0.1 7/25/2046 723
83,212,547 Federal Home Loan Mortgage Corp. 2.5–5.5 12/1/2022–
4/1/2047
86,514,181
23,872,572 Federal National Mortgage Association 3.0–5.5 7/1/2024–
4/1/2047
24,966,945
1,000 U.S. Treasury Inflation-Indexed Note 0.125 4/15/2021 1,037
102,110,900 U.S. Treasury Notes 1.375–2.75 2/28/2018–
9/30/2018
102,632,458
Total Collateral Value 214,200,000

(c) Collateralized by $150,869,900 U.S. Treasury Notes, with the various coupon rates from 1.25–2.25%, with various maturity dates of 10/31/2019–3/31/2021 with a value of $153,000,019.

(d) Collateralized by $851,148,788 U.S. Treasury STRIPS, Zero Coupon, with various maturity dates of 5/15/2030–2/15/2047 with a value of $418,201,818.

(e) Collateralized by $96,785,500 U.S. Treasury Inflation-Indexed Notes, with the various coupon rates from 0.125–0.625%, with various maturity dates of 1/15/2023–1/15/2026 with a value of $102,001,490.

(f) Collateralized by $303,382,452 Federal National Mortgage Association, with the various coupon rates from 2.54–3.586%, with various maturity dates of 11/1/2026–11/1/2042 with a value of $306,004,837.

(g) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,925,309 Federal Home Loan Mortgage Corp. 2.812–5.5 10/1/2020–
10/1/2043
3,179,999
58,720,765 Federal National Mortgage Association 3.0–6.0 6/1/2029–
4/1/2047
60,844,680
107,892,007 Government National Mortgage Association 2.5–4.5 3/20/2046–
4/20/2047
114,475,321
Total Collateral Value 178,500,000

(h) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
8,327,340 Federal Home Loan Mortgage Corp. 3.167–3.5 7/1/2043–
2/1/2047
8,760,326
436,620,416 Federal National Mortgage Association 3.5 8/1/2046–
2/1/2047
450,239,675
Total Collateral Value 459,000,001

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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, 2017 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 (i) $ — $ 2,163,041,202 $ — $ 2,163,041,202
Repurchase Agreements 2,320,000,000 2,320,000,000
Total $ — $ 4,483,041,202 $ — $ 4,483,041,202

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(i) 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, 2017
Assets Deutsche Government & Agency Securities Portfolio

Investments:

Investments in securities, valued at amortized cost

$ 2,163,041,202
Repurchased agreements, valued at amortized cost 2,320,000,000
Investments in securities, at value (cost $4,483,041,202) 4,483,041,202
Cash 183,992,333
Receivable for investments sold 35,000,000
Receivable for Fund shares sold 48,436
Interest receivable 1,355,580
Due from Advisor 61,676
Other assets 78,507
Total assets 4,703,577,734
Liabilities
Payable for investments purchased 88,000,000
Payable for Fund shares redeemed 7,373
Distributions payable 1,753,695
Accrued Trustees' fees 42,909
Other accrued expenses and payables 731,286
Total liabilities 90,535,263
Net assets, at value $ 4,613,042,471
Net Assets Consist of
Undistributed net investment income 204,515
Accumulated net realized gain (loss) (334,356)
Paid-in capital 4,613,172,312
Net assets, at value $ 4,613,042,471

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Government & Agency Securities Portfolio

Deutsche Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($145,415,357 ÷ 145,416,268 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($4,236,098,895 ÷ 4,236,125,456 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 ($199,492,737 ÷ 199,493,986 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 ($32,035,482 ÷ 32,035,683 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, 2017
Investment Income Deutsche Government & Agency Securities Portfolio

Income:

Interest

$ 20,985,461
Other income 69,089
Total income 21,054,550

Expenses:

Management fee

2,922,089
Administration fee 4,194,659
Services to shareholders 933,855
Distribution and service fees 592,727
Custodian fee 55,353
Professional fees 183,859
Reports to shareholders 110,108
Registration fees 83,640
Trustees' fees and expenses 176,923
Other 212,619
Total expenses before expense reductions 9,465,832
Expense reductions (3,973,220)
Total expenses after expense reductions 5,492,612
Net investment income 15,561,938
Net realized gain (loss) from investments 101,925
Net increase (decrease) in net assets resulting from operations $ 15,663,863

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 15,561,938 $ 3,847,095
Net realized gain (loss) 101,925 (5,349)
Net increase in net assets resulting from operations 15,663,863 3,841,746

Distributions to shareholders from:

Net investment income:

Deutsche Government & Agency Money Fund

(403,937) (40,911)
Deutsche Government Cash Institutional Shares (14,798,531) (3,764,355)
Government Cash Managed Shares (354,864) (32,243)
Service Shares (4,729) (6,441)
Total distributions (15,562,061) (3,843,950)

Fund share transactions:

Proceeds from shares sold

39,552,903,948 25,314,465,900
Reinvestment of distributions 2,727,031 1,320,688
Cost of shares redeemed (38,770,975,043) (25,204,404,928)
Net increase (decrease) in net assets from Fund share transactions 784,655,936 111,381,660
Increase (decrease) in net assets 784,757,738 111,379,456
Net assets at beginning of period 3,828,284,733 3,716,905,277
Net assets at end of period (including undistributed net investment income of $204,515 and $204,637, respectively) $ 4,613,042,471 $ 3,828,284,733

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Government & Agency Securities Portfolio
Service Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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* .000* .000* .000*
Net realized gain (loss) .000* (.000)* .000* (.000)* .000*
Total from investment operations .000* .000* .000* .000* .000*

Less distributions from:

Net investment income

(.000)* (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .01 .01 .01 .01 .01
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 32 46 64 45 78
Ratio of expenses before expense reductions (%) 1.04 1.04 1.04 1.04 1.04
Ratio of expenses after expense reductions (%) .48 .20 .08 .08 .17
Ratio of net investment income (%) .01 .01 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

The accompanying notes are an integral part of the financial statements.

Portfolio Summary (Unaudited)
cats_portsumfollowing1
cats_portsumfollowing0

Investment Portfolio as of April 30, 2017

Deutsche Tax-Exempt Portfolio

  Principal Amount ($) Value ($)
       
Municipal Investments 93.6%
California 20.2%
California, Health Facilities Financing Authority Revenue, TECP, 0.82%, 6/15/2017 12,000,000 12,000,000
California, State Department of Water Resource Power Supply Revenue, TECP, 0.9%, 5/3/2017, LOC: Bank of America NA 13,000,000 13,000,000
California, State General Obligation, 4.0%, 9/1/2017 9,420,000 9,524,240
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Series E-2, 5.0%, 4/1/2044 3,500,000 3,507,092
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 1.27%**, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA 4,000,000 4,000,000
Sacramento County, CA, Sanitation Districts Financing Authority Revenue, Municipal Securities Trust Receipts, "A", 144A, 0.92%*, 12/1/2035, INS: FGIC, LOC: Societe Generale 10,000,000 10,000,000
San Diego, CA, Public Facilities Financing Authority, TECP, 0.97%, 7/18/2017, LOC: Bank of America NA 1,612,000 1,612,000
San Jose, CA, Redevelopment Agency, TECP, 0.85%, 7/21/2017 15,000,000 15,000,000
  68,643,332
Connecticut 3.6%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series A, 0.8%, 7/1/2048 3,315,000 3,315,363
Connecticut, State Housing Finance Program Authority Revenue, Series A-3, 0.89%*, 11/15/2047, SPA: Helaba 9,000,000 9,000,000
  12,315,363
District of Columbia 0.8%
Metropolitan Washington, DC, Airport Authority System Revenue, Series C-2, 0.9%*, 10/1/2039, LOC: Sumitomo Mitsui Banking 2,535,000 2,535,000
Florida 7.8%
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Inc., Series A, 0.9%*, 7/15/2024, LIQ: Fannie Mae, LOC: Fannie Mae 3,000,000 3,000,000
Florida, State Municipal Power Agency Revenue, Series C, 0.91%*, 10/1/2035, LOC: Bank of America NA 1,900,000 1,900,000
Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 0.92%*, 5/1/2033, LOC: Northern Trust Co. 4,150,000 4,150,000
Gainesville, FL, Utilities System Revenue, Series B, 0.92%*, 10/1/2042, LOC: Sumitomo Mitsui Banking 6,000,000 6,000,000
Hillsborough County, FL, TECP, 0.96%, 6/22/2017, LOC: Bank of Tokyo-Mitsubishi UFJ 5,400,000 5,400,000
Miami-Dade County, FL, School Board, Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2020, INS: NATL 5,155,000 5,155,000
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.96%*, 11/1/2036, LOC: Northern Trust Co. 700,000 700,000
  26,305,000
Georgia 4.3%
Atlanta, GA, Water & Sewer Revenue, TECP, 0.97%, 6/30/2017 13,100,000 13,100,000
Georgia, Private Colleges & Universities Authority Revenue, TECP, 0.8%, 5/10/2017 1,417,000 1,417,000
  14,517,000
Illinois 7.2%
Chicago, IL, Midway Airport Revenue, Second Lien, Series D, 0.89%*, 1/1/2035, LOC: Bank of Montreal 3,000,000 3,000,000
Illinois, State Development Finance Authority, Industrial Revenue, Uhlich Childrens Home Project, 0.91%*, 10/1/2033, LOC: U.S. Bank NA 3,850,000 3,850,000
Illinois, State Finance Authority Revenue, Edward Hospital Obligated Group, Series C, 0.89%*, 2/1/2029, LOC: JPMorgan Chase Bank NA 5,015,000 5,015,000
Illinois, State Finance Authority Revenue, Elmhurst College, 0.9%*, 2/1/2042, LOC: Harris NA 5,000,000 5,000,000
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co. Project, 0.92%*, 3/1/2043, LOC: Northern Trust Co. 1,000,000 1,000,000
Illinois, State Finance Authority, Multi-Family Housing Revenue, Hidden Glen Apartments Project, AMT, 0.92%*, 12/1/2042, LOC: U.S. Bank NA 6,625,000 6,625,000
  24,490,000
Iowa 0.6%
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College, 0.9%*, 11/1/2036, LOC: Bank of America NA 2,000,000 2,000,000
Kansas 0.3%
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.899%**, 9/1/2017 1,000,000 999,874
Maryland 0.9%
Maryland, State & Local Facility, Series B, 5.25%, 8/15/2017 3,000,000 3,038,388
Massachusetts 1.8%
Massachusetts, Municipal Securities Trust Receipts, "A", 144A, 0.93%*, 5/1/2037, INS: FGIC, LIQ: Societe Generale 2,980,000 2,980,000
Massachusetts, State General Obligation, Series C, 5.5%, 12/1/2017, INS: AGMC 680,000 698,652
Massachusetts, Tender Option Bond Trust Receipts/ Certificates of Various States, Series 2015-XF2203, 144A, 0.92%*, 8/15/2023, LIQ: Citibank NA 2,300,000 2,300,000
  5,978,652
Michigan 0.3%
Michigan, State Housing Development Authority, Multi-Family Housing Revenue, Berrien Woods III, Series A, AMT, 0.96%*, 7/1/2032, LOC: Citibank NA 1,105,000 1,105,000
Minnesota 1.0%
Minnesota, State Housing Finance Agency Revenue, Residential Housing, Series G, 0.9%*, 1/1/2034, SPA: Royal Bank of Canada 3,500,000 3,500,000
Mississippi 3.3%
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.9%*, 12/1/2030, GTY: Chevron Corp. 11,150,000 11,150,000
Missouri 0.8%
Missouri, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2198, 144A, 0.93%*, 5/1/2023, LIQ: Citibank NA 2,660,000 2,660,000
Nevada 6.0%
Clark County, NV, Airport Revenue:
  Series D-2B, 0.89%*, 7/1/2040, LOC: Royal Bank of Canada 3,050,000 3,050,000
  Series B-2, AMT, 0.91%*, 7/1/2022, LOC: Royal Bank of Canada 4,000,000 4,000,000
  Series A-2, AMT, 0.92%*, 7/1/2022, LOC: State Street Bank & Trust Co. 7,000,000 7,000,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project:  
  Series A, Prerefunded 6/1/2017 @ 100, 5.0%, 6/1/2022 3,295,000 3,306,957
  Series A, Prerefunded 6/1/2017 @ 100, 5.25%, 6/1/2037 3,000,000 3,011,519
  20,368,476
New Hampshire 2.0%
New Hampshire, State Higher Educational & Health Facilities Authority, Hunt Community, 0.92%*, 5/1/2026, LOC: TD Bank NA 6,635,000 6,635,000
New York 7.4%
New York, General Obligation, Series A-4, 0.9%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ 2,000,000 2,000,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.98%*, 5/1/2048, LOC: Bank of China 16,900,000 16,900,000
New York, State Thruway Authority Revenue, Series 2016-XF2345, 0.93%*, 4/1/2020, LIQ: Credit Suisse 1,000,000 1,000,000
New York City, NY, Health & Hospital Corp., Health Systems, Series D, 0.89%*, 2/15/2026, LOC: JPMorgan Chase Bank NA 1,000,000 1,000,000
New York City, NY, Housing Development Corp., Mortgage Parkview II Apartments, Series A, AMT, 0.92%*, 12/1/2037, LOC: Citibank NA 4,255,000 4,255,000
  25,155,000
Ohio 5.1%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2018 4,400,000 4,460,512
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.97%*, 5/1/2049, LOC: Northern Trust Co. 12,800,000 12,800,000
  17,260,512
Pennsylvania 2.4%
Pennsylvania, Emmaus General Authority, Series D-24, 0.9%*, 3/1/2024, LOC: U.S. Bank NA 7,000,000 7,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, IESI Corp., 0.93%*, 11/1/2028, GTY: IESI Corp., LOC: Royal Bank of America NA 1,000,000 1,000,000
  8,000,000
South Carolina 0.2%
South Carolina, State Jobs-Economic Development Authority, Bon Secours Health System, Series D, 0.96%*, 11/1/2025, LOC: Bank of New York Mellon 670,000 670,000
Texas 11.5%
Bexar County, TX, Housing Finance Corp., Aamha LLC Project, 0.9%*, 12/15/2025, LIQ: Fannie Mae, LOC: Fannie Mae 4,205,000 4,205,000
Denton, TX, Independent School District, Prerefunded 8/15/2017 @ 100, 5.0%, 8/15/2038 14,525,000 14,697,486
Houston, TX, Combined Utility System Revenue:
  TECP, 0.86%, 5/4/2017, LIQ: State Street Bank & Trust Co. 5,000,000 5,000,000
  TECP, 0.93%, 5/4/2017, LOC: Bank of America NA 10,000,000 10,000,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.92%*, 11/15/2050, LOC: Northern Trust Co. 1,270,000 1,270,000
Texas, State Municipal Power Agency Revenue, Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL 870,000 867,606
Texas, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2201, 144A, 0.93%*, 10/15/2023, LIQ: Citibank NA 3,100,000 3,100,000
  39,140,092
Virginia 1.9%
Lynchburg, VA, Industrial Development Authority Revenue, Centra Health, Inc., Series B, 0.91%*, 1/1/2035, INS: NATL, LOC: Branch Banking & Trust 6,550,000 6,550,000
Other 4.2%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:  
  "A", Series MO27, 0.93%*, 10/15/2029, LIQ: Freddie Mac 2,880,000 2,880,000
  "A", Series M031, 0.93%**, 12/15/2045, LIQ: Freddie Mac 6,334,000 6,334,000
  "A", Series M015, AMT, 0.93%**, 5/15/2046, LIQ: Freddie Mac 2,970,000 2,970,000
  Series M033, 0.93%**, 3/15/2049, LIQ: Freddie Mac 2,038,000 2,038,000
  14,222,000
Total Municipal Investments (Cost $317,238,689) 317,238,689
 
Preferred Shares of Closed-End Investment Companies 6.6%
California 3.7%
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 1.05%*, 6/1/2041, LIQ: Societe Generale 10,000,000 10,000,000
California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.03%*, 8/1/2040, LIQ: Citibank NA 2,500,000 2,500,000
  12,500,000
Other Territories 2.9%
Nuveen Enhanced Municipal Credit Opportunities Fund, Series 3, 144A, AMT, 1.03%*, 6/1/2040, LIQ: Toronto-Dominion Bank 10,000,000 10,000,000
Total Preferred Shares of Closed-End Investment Companies (Cost $22,500,000) 22,500,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $339,738,689) 100.2 339,738,689
Other Assets and Liabilities, Net (0.2) (609,918)
Net Assets 100.0 339,128,771

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly, and are shown at their current rates as of April 30, 2017. Maturity date shown is the final maturity date.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $339,738,689.

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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

FGIC: Financial Guaranty Insurance Co

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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, 2017 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) $ — $ 317,238,689 $ — $ 317,238,689
Preferred Shares of Closed-End Investment Companies (a) 22,500,000 22,500,000
Total $ — $ 339,738,689 $ — $ 339,738,689

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(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, 2017
Assets Deutsche Tax-Exempt Portfolio
Investments in securities, valued at amortized cost $ 339,738,689
Cash 33,334
Receivable for investments sold 220,000
Receivable for Fund shares sold 170,794
Interest receivable 864,736
Due from Advisor 95,752
Other assets 62,655
Total assets 341,185,960
Liabilities
Payable for Fund shares redeemed 1,640,816
Distributions payable 53,637
Accrued Trustees' fees 5,783
Other accrued expenses and payables 356,953
Total liabilities 2,057,189
Net assets, at value $ 339,128,771
Net Assets Consist of
Distributions in excess of net investment income (53,638)
Accumulated net realized gain (loss) (34,444)
Paid-in capital 339,216,853
Net assets, at value $ 339,128,771

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Tax-Exempt Portfolio

Deutsche Tax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($37,559,432 ÷ 37,545,662 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($143,407,830 ÷ 143,354,730 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($54,798,256 ÷ 54,778,173 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 ($39,710,846 ÷ 39,696,280 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 ($55,022,638 ÷ 55,002,455 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 ($8,629,769 ÷ 8,626,604 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, 2017
Investment Income Deutsche Tax-Exempt Portfolio

Income:

Interest

$ 3,623,082
Other income 41,067
Total income 3,664,149

Expenses:

Management fee

426,241
Administration fee 616,216
Services to shareholders 384,653
Distribution and service fees 597,638
Custodian fee 5,158
Professional fees 128,668
Reports to shareholders 136,439
Registration fees 148,043
Trustees' fees and expenses 26,867
Other 82,200
Total expenses before expense reductions 2,552,123
Expense reductions (628,178)
Total expenses after expense reductions 1,923,945
Net investment income 1,740,204
Net realized gain (loss) from investments (34,444)
Net increase (decrease) in net assets resulting from operations $ 1,705,760

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Tax-Exempt Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 1,740,204 $ 245,927
Net realized gain (loss) (34,444) 125,289
Net increase in net assets resulting from operations 1,705,760 371,216

Distributions to shareholders from:

Net investment income:

Deutsche Tax-Exempt Cash Premier Shares

(728,624) (171,899)
Deutsche Tax-Exempt Money Fund (707,714) (51,193)
Deutsche Tax-Free Money Fund Class S (263,679) (19,292)
Service Shares (39,373) (7,517)
Tax-Exempt Cash Managed Shares (185,422) (9,894)
Tax-Free Investment Class (16,700) (44,339)

Net realized gain:

Deutsche Tax-Exempt Cash Premier Shares

(27,952) (32,106)
Deutsche Tax-Exempt Money Fund (15,307) (11,248)
Deutsche Tax-Free Money Fund Class S (6,360) (4,709)
Service Shares (6,245) (3,142)
Tax-Exempt Cash Managed Shares (5,594) (4,736)
Tax-Free Investment Class (1,196) (21,499)
Total distributions (2,004,166) (381,574)

Fund share transactions:

Proceeds from shares sold

1,179,428,894 2,681,593,000
Reinvestment of distributions 1,367,713 271,154
Cost of shares redeemed (1,942,131,493) (2,491,773,279)
Net increase (decrease) in net assets from Fund share transactions (761,334,886) 190,090,875
Increase (decrease) in net assets (761,633,292) 190,080,517
Net assets at beginning of period 1,100,762,063 910,681,546
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $53,638 and $69,431, respectively) $ 339,128,771 $ 1,100,762,063

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Tax-Exempt Portfolio
Service Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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 .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .001 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.001) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.001) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .10 .02 .03 .02 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 40 49 48 52 45
Ratio of expenses before expense reductions (%) 1.11 1.07 1.06 1.05 1.05
Ratio of expenses after expense reductions (%) .64 .14 .10 .13 .20
Ratio of net investment income (%) .02 .01 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio) (each a "Fund" and together, the "Funds"). These financial statements report on Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio.

Deutsche Government & Agency Securities Portfolio offers four classes of shares: Deutsche Government & Agency Money Fund, Deutsche Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.

Deutsche Tax-Exempt Portfolio offers six classes of shares: Deutsche Tax-Exempt Cash Premier Shares (formerly Deutsche Tax-Exempt Cash Institutional Shares), Deutsche Tax-Exempt Money Fund, Deutsche Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Funds in the preparation of their 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 level assigned to the securities valuations may not be an indication of the risk or liquidity 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.

Disclosure about the classification of fair value measurements is included in a table following each Fund's Investment Portfolio.

Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, 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 or another designated subcustodian 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.

As of April 30, 2017, Deutsche Government & Agency Securities Portfolio held repurchase agreements with a gross value of $2,320,000,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following Deutsche Government & Agency Securities Portfolio's Investment Portfolio.

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.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment 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.

At April 30, 2017, Deutsche Government & Agency Securities Portfolio had a net tax basis pre-enactment capital loss carryforward of approximately $334,000, 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.

At April 30, 2017, Deutsche Tax-Exempt Portfolio had a net tax basis capital loss carryforward of approximately $34,000 of post-enactment short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

The Funds have reviewed the tax positions for the open tax years as of April 30, 2017 and have determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Funds' components of distributable earnings on a tax basis are as follows:

Government & Agency Securities Portfolio:

Undistributed ordinary income*

$ 1,958,210
Capital loss carryforwards $ (334,000)

Tax-Exempt Portfolio:

Capital loss carryforwards

$ (34,000)

In addition, the tax character of distributions paid to shareholders by each Fund is summarized as follows:

Portfolio Years Ended April 30,
2017 2016

Government & Agency Securities Portfolio:

Distributions from ordinary income*

$ 15,562,061 $ 3,843,950

Tax-Exempt Portfolio:

Distributions from tax-exempt income

$ 1,941,512 $ 304,134
Distributions from ordinary income* $ 62,654 $ 48,780
Distributions from long-term capital gains $ — $ 28,660

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 Deutsche Government & Agency Securities Portfolio and Deutsche 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 monthly management fee for the funds is computed based on the combined average daily net assets of the two funds of the Trust and allocated to Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio, respectively, 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 Deutsche Government & Agency Securities Portfolio such that the annual effective rate is limited to 0.05% of the Deutsche Government & Agency Securities Portfolio's average daily net assets.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Services Shares of Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on the Deutsche Government & Agency Securities Portfolio aggregating $2,922,089, all of which was waived, resulting in an annual effective rate of 0.00% of the Fund's average daily net assets.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on Deutsche Tax-Exempt Portfolio aggregating $426,241, of which $311,258 was waived, resulting in an annual effective rate of 0.02% of the Fund's average daily net assets.

The Advisor has also 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.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to Deutsche Government & Agency Securities Portfolio and Deutsche 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, 2017, the Administration Fee from Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio was as follows:

Fund Administration Fee Waived Unpaid at April 30, 2017
Deutsche Government & Agency Securities Portfolio $ 4,194,659 $ 339,812 $ 354,892
Deutsche Tax-Exempt Portfolio $ 616,216 $ — $ 28,492

Service Provider Fees. Deutsche AM Service Company ("DSC"), 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 DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Funds. For the year ended April 30, 2017, the amounts charged to the Funds by DSC were as follows:

Deutsche Government & Agency Securities Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Government & Agency Money Fund $ 119,749 $ 48,956 $ 3,228
Deutsche Government Cash Institutional Shares 464,281 464,281
Government Cash Managed Shares 172,070 51,923
Service Shares 102,577 29,807
  $ 858,677 $ 513,237 $ 84,958

 

Deutsche Tax-Exempt Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Tax-Exempt Cash Premier Shares $ 45,833 $ 45,833 $ —
Deutsche Tax-Exempt Money Fund 47,479 14,798
Deutsche Tax-Free Money Fund Class S 36,925 11,831
Service Shares 115,576 32,811
Tax-Exempt Cash Managed Shares 52,830 16,193
Tax-Free Investment Class 57,094 2,107
  $ 355,737 $ 45,833 $ 77,740

For the year ended April 30, 2017, the Advisor reimbursed Deutsche Government Cash Institutional Shares $3 of sub-recordkeeping expenses.

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 246,454 $ 198,079 $ 10,729 .12% .60%

 

Deutsche Tax-Exempt Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 278,429 $ 195,000 $ 30,160 .18% .60%
Tax-Free Investment Class 168,697 76,087 1,325 .14% .25%
  $ 447,126 $ 271,087 $ 31,485    

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Government Cash Managed Shares $ 346,273 $ 26,120 .15% .15%

 

Deutsche Tax-Exempt Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Tax-Exempt Cash Managed Shares $ 103,277 $ 6,954 .15% .15%
Tax-Free Investment Class 47,235 499 .07% .07%
  $ 150,512 $ 7,453    

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, 2017, 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, 2017
Deutsche Government & Agency Securities Portfolio $ 33,222 $ 14,270
Deutsche Tax-Exempt Portfolio $ 59,623 $ 27,016

Trustees' Fees and Expenses. The Funds paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Deutsche Tax-Exempt Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended April 30, 2017, the Deutsche Tax-Exempt Portfolio engaged in securities purchases of $731,939,000 and securities sales of $896,940,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Funds and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Funds had no outstanding loans at April 30, 2017.

D. Share Transactions

The following tables summarize share and dollar activity in the Funds:

Deutsche Government & Agency Securities Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Government & Agency Money Fund 209,216,428 $ 209,216,428 97,379,820 $ 97,379,820
Deutsche Government Cash Institutional Shares 37,869,188,821 37,869,188,821 23,473,413,019 23,473,413,019
Government Cash Managed Shares 1,176,220,649 1,176,220,649 1,342,759,830 1,342,759,830
Service Shares 298,263,856 298,263,856 400,896,361 400,896,361
Account Maintenance Fees 14,194 16,870
    $ 39,552,903,948   $ 25,314,465,900
Shares issued to shareholders in reinvestment of distributions
Deutsche Government & Agency Money Fund 379,196 $ 379,196 37,704 $ 37,704
Deutsche Government Cash Institutional Shares 2,241,225 2,241,225 1,268,254 1,268,254
Government Cash Managed Shares 101,923 101,923 8,598 8,598
Service Shares 4,687 4,687 6,132 6,132
    $ 2,727,031   $ 1,320,688
Shares redeemed
Deutsche Government & Agency Money Fund (148,534,701) $ (148,534,701) (97,523,241) $ (97,523,241)
Deutsche Government Cash Institutional Shares (37,065,540,621) (37,065,540,621) (23,377,183,760) (23,377,183,760)
Government Cash Managed Shares (1,245,042,109) (1,245,042,109) (1,310,055,804) (1,310,055,804)
Service Shares (311,857,612) (311,857,612) (419,642,123) (419,642,123)
    $ (38,770,975,043)   $ (25,204,404,928)
Net increase (decrease)
Deutsche Government & Agency Money Fund 61,060,923 $ 61,060,923 (105,717) $ (105,717)
Deutsche Government Cash Institutional Shares 805,889,425 805,889,425 97,497,513 97,497,513
Government Cash Managed Shares (68,719,537) (68,719,537) 32,712,624 32,712,624
Service Shares (13,589,069) (13,589,069) (18,739,630) (18,739,630)
Account Maintenance Fees 14,194 16,870
    $ 784,655,936   $ 111,381,660

Deutsche Tax-Exempt Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Tax-Exempt Cash Premier Shares 717,887,643 $ 717,887,643 1,981,997,866 $ 1,981,997,866
Deutsche Tax-Exempt Money Fund 67,778,786 67,778,786 69,253,500 69,253,500
Deutsche Tax-Free Money Fund Class S 16,617,062 16,617,062 21,649,034 21,649,034
Service Shares 79,974,302 79,974,302 142,889,466 142,889,466
Tax-Exempt Cash Managed Shares 254,196,732 254,196,732 184,507,988 184,507,988
Tax-Free Investment Class 42,959,132 42,959,132 281,275,906 281,275,906
Account Maintenance Fees 15,237 19,240
    $ 1,179,428,894   $ 2,681,593,000
Shares issued to shareholders in reinvestment of distributions
Deutsche Tax-Exempt Cash Premier Shares 339,664 $ 339,664 110,529 $ 110,529
Deutsche Tax-Exempt Money Fund 708,301 708,301 62,717 62,717
Deutsche Tax-Free Money Fund Class S 255,513 255,513 22,818 22,818
Service Shares 45,367 45,367 10,263 10,263
Tax-Exempt Cash Managed Shares 944 944 83 83
Tax-Free Investment Class 17,924 17,924 64,744 64,744
    $ 1,367,713   $ 271,154
Shares redeemed
Deutsche Tax-Exempt Cash Premier Shares (1,194,579,965) $ (1,194,579,965) (1,764,135,494) $ (1,764,135,494)
Deutsche Tax-Exempt Money Fund (95,919,276) (95,919,276) (74,421,648) (74,421,648)
Deutsche Tax-Free Money Fund Class S (28,995,336) (28,995,336) (30,672,226) (30,672,226)
Service Shares (89,409,981) (89,409,981) (141,637,902) (141,637,902)
Tax-Exempt Cash Managed Shares (259,528,670) (259,528,670) (176,378,285) (176,378,285)
Tax-Free Investment Class (273,698,265) (273,698,265) (304,527,724) (304,527,724)
    $ (1,942,131,493)   $ (2,491,773,279)
Net increase (decrease)
Deutsche Tax-Exempt Cash Premier Shares (476,352,658) $ (476,352,658) 217,972,901 $ 217,972,901
Deutsche Tax-Exempt Money Fund (27,432,189) (27,432,189) (5,105,431) (5,105,431)
Deutsche Tax-Free Money Fund Class S (12,122,761) (12,122,761) (9,000,374) (9,000,374)
Service Shares (9,390,312) (9,390,312) 1,261,827 1,261,827
Tax-Exempt Cash Managed Shares (5,330,994) (5,330,994) 8,129,786 8,129,786
Tax-Free Investment Class (230,721,209) (230,721,209) (23,187,074) (23,187,074)
Account Maintenance Fees 15,237 19,240
    $ (761,334,886)   $ 190,090,875

E. Ownership of the Fund

From time to time, a 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, 2017, 31% of the outstanding shares of Deutsche Government & Agency Securities Portfolio were held by other affiliated Deutsche funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the Deutsche family of funds.

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio (formerly, Government & Agency Securities Portfolio and Tax-Exempt Portfolio) (the "Funds") (two of the funds constituting Cash Account Trust) as of April 30, 2017, 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 five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ 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 Funds’ 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 Funds’ 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, 2017, 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 Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    cats_eny0
Boston, Massachusetts
June 19, 2017
   

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, each Fund 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Portfolio Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Service Shares

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)

Actual Fund Return Deutsche Government & Agency Securities Portfolio Deutsche Tax-Exempt Portfolio
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,000.07 $ 1,000.09
Expenses Paid per $1,000* $ 2.83 $ 3.62
Hypothetical 5% Fund Return    
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,021.97 $ 1,021.17
Expenses Paid per $1,000* $ 2.86 $ 3.66
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Deutsche Government & Agency Securities Portfolio Deutsche Tax-Exempt Portfolio
Service Shares .57% .73%

For more information, please refer to each Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

For the Deutsche Government & Agency Securities Portfolio, a total of 32% of the dividends distributed during the fiscal year was derived from interest on U.S. government securities, which is generally exempt from state income tax.

For the Deutsche Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2017, 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

Government & Agency Securities Portfolio

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Government & Agency Securities Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Service Shares) was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share classes: Government Cash Managed Shares (2nd quartile), Deutsche Government & Agency Money Fund shares (2nd quartile), Services Shares (2nd quartile) and Deutsche Government Cash Institutional Shares (1st quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable Deutsche U.S. registered fund ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Tax-Exempt Portfolio

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Tax-Exempt Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Deutsche Tax-Exempt Cash Institutional Shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share class: Service Shares (2nd quartile) and higher than the median of the applicable Broadridge expense universe for the following share classes: Deutsche Tax-Exempt Cash Institutional Shares (4th quartile), Tax Free Investment Class shares (3rd quartile), Tax-Exempt Cash Managed Shares (4th quartile), Deutsche Tax-Exempt Money Fund shares (3rd quartile) and Deutsche Tax-Free Money Fund Class S shares (3rd quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds"), noting that DIMA indicated that it does not provide services to any other comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

Notes

Notes

Notes

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April 30, 2017

Annual Report
to Shareholders

Deutsche Government & Agency Securities Portfolio

(formerly Government & Agency Securities Portfolio)

Deutsche Government Cash Institutional Shares

Fund #250

Government Cash
Managed Shares

Fund #254

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Contents

4 Portfolio Management Review

7 Portfolio Summary

8 Investment Portfolio

15 Statement of Assets and Liabilities

17 Statement of Operations

18 Statements of Changes in Net Assets

19 Financial Highlights

21 Notes to Financial Statements

30 Report of Independent Registered Public Accounting Firm

31 Information About Your Fund's Expenses

33 Tax Information

34 Other Information

35 Advisory Agreement Board Considerations and Fee Evaluation

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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Positive Contributors to Fund Performance

We were able to maintain a competitive yield during the period.

Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.

Within the Government & Agency Securities Portfolio, we maintained a "barbell" strategy, i.e., having a heavier weighting towards short-maturity Treasury and agency securities for flexibility and liquidity purposes, while also utilizing six-to-18-month Treasury and agency floating-rate notes for added yield and interest rate protection.

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Deutsche Government Cash Institutional Shares .66%*
Government Cash Managed Shares .50%*

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Within government money markets, we believe that strong demand will persist and that near-term supply will be variable. Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

Floating-rate securities are debt instruments with floating-rate coupons that generally reset every 30 to 90 days. While floating-rate securities are senior to equity and fixed-income securities, there is no guaranteed return of principal in case of default. Floating-rate issues often have less interest-rate risk than other fixed-income investments. Floating-rate securities are most often secured assets, generally senior to a company's secured debt, and can be transferred to debt holders, resulting in potential downside risk.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

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Investment Portfolio as of April 30, 2017

Deutsche Government & Agency Securities Portfolio

  Principal Amount ($) Value ($)
       
Government & Agency Obligations 46.9%
U.S. Government Sponsored Agencies 44.5%
Federal Farm Credit Bank:
  0.75%*, 10/5/2017 35,000,000 34,887,047
  0.803%**, 3/2/2018 24,000,000 24,000,000
  0.873%**, 7/23/2018 25,000,000 24,998,700
  0.898%**, 10/22/2018 40,000,000 39,997,433
  0.919%**, 1/9/2019 25,000,000 25,000,000
  0.928%**, 7/20/2018 45,000,000 45,000,000
  0.974%**, 6/14/2017 40,000,000 40,008,775
  1.002%**, 8/20/2018 20,000,000 20,066,229
  1.022%**, 6/20/2017 25,000,000 25,000,000
  1.022%**, 8/27/2018 20,000,000 19,997,938
  1.029%**, 1/10/2019 22,250,000 22,276,675
  1.101%**, 9/21/2017 15,000,000 15,000,000
  1.102%**, 11/13/2018 38,500,000 38,500,000
  1.113%**, 6/20/2018 10,000,000 10,000,000
  1.138%**, 2/23/2018 38,000,000 37,993,723
  1.159%**, 3/8/2018 50,000,000 49,997,801
Federal Home Loan Bank:
  0.588%*, 5/12/2017 35,000,000 34,993,797
  0.634%*, 7/24/2017 30,000,000 29,956,250
  0.659%*, 5/23/2017 22,500,000 22,491,063
  0.684%*, 8/25/2017 35,000,000 34,923,875
  0.71%*, 5/17/2017 10,000,000 9,996,889
  0.71%*, 9/18/2017 5,000,000 4,986,389
  0.74%*, 7/3/2017 10,000,000 9,987,225
  0.758%**, 8/22/2017 35,000,000 34,998,997
  0.764%**, 8/14/2017 45,000,000 45,000,000
  0.779%**, 7/18/2017 45,000,000 45,000,000
  0.781%*, 5/3/2017 10,000,000 9,999,572
  0.786%*, 6/8/2017 35,000,000 34,971,368
  0.791%*, 7/5/2017 10,000,000 9,985,917
  0.803%**, 5/4/2017 32,500,000 32,500,000
  0.803%**, 2/2/2018 25,000,000 25,000,000
  0.818%**, 1/17/2018 22,000,000 22,000,000
  0.819%**, 5/10/2017 32,500,000 32,500,000
  0.825%**, 2/1/2018 88,000,000 88,000,000
  0.867%*, 7/21/2017 18,000,000 17,965,373
  0.895%**, 5/30/2018 37,000,000 37,000,000
  0.929%**, 5/18/2017 35,000,000 35,000,000
  0.932%**, 3/19/2018 7,000,000 7,000,000
  0.953%*, 10/31/2017 15,000,000 14,928,325
  0.964%**, 3/8/2018 34,000,000 34,000,000
  0.968%*, 10/13/2017 36,000,000 35,842,425
  0.968%*, 10/20/2017 28,000,000 27,872,243
  0.984%**, 8/18/2017 40,000,000 39,982,573
  1.023%**, 8/3/2017 100,000,000 100,000,000
  1.059%**, 5/8/2017 25,000,000 25,000,000
  1.086%**, 10/25/2017 12,000,000 12,000,000
  1.105%**, 9/11/2017 20,000,000 20,016,640
Federal Home Loan Mortgage Corp.:
  0.487%*, 5/1/2017 15,500,000 15,500,000
  0.507%*, 5/16/2017 50,000,000 49,989,583
  0.7%*, 10/2/2017 33,500,000 33,401,119
  0.74%*, 5/3/2017 12,500,000 12,499,493
  0.754%**, 8/10/2018 20,000,000 20,000,000
  0.781%*, 6/21/2017 25,000,000 24,972,729
  0.806%**, 12/22/2017 28,250,000 28,250,000
  0.821%*, 8/24/2017 12,000,000 11,968,950
  0.829%**, 5/8/2017 44,000,000 44,000,000
  0.85%**, 2/22/2018 50,000,000 50,000,000
  0.854%**, 5/16/2017 40,000,000 40,000,000
  0.862%*, 8/24/2017 18,500,000 18,449,767
  0.862%*, 8/24/2017 50,000,000 49,864,236
  0.903%**, 7/24/2018 15,000,000 15,000,000
  0.905%**, 10/10/2018 28,500,000 28,500,000
  0.913%*, 9/15/2017 7,500,000 7,474,313
  1.072%**, 12/21/2017 92,000,000 92,000,000
  1.121%**, 7/21/2017 25,000,000 24,999,429
  1.126%**, 3/8/2018 25,000,000 25,000,000
Federal National Mortgage Association:
  0.875%, 10/26/2017 15,000,000 15,006,549
  1.013%**, 7/20/2017 15,000,000 14,999,834
  1.128%**, 1/11/2018 24,500,000 24,554,589
  2,053,053,833
U.S. Treasury Obligations 2.4%
U.S. Treasury Bill, 0.791%*, 6/29/2017 35,000,000 34,955,258
U.S. Treasury Floating Rate Note, 1.094%**, 1/31/2018 15,000,000 15,003,453
U.S. Treasury Notes:
  0.875%, 8/15/2017 45,000,000 45,031,564
  0.875%, 10/15/2017 15,000,000 14,997,094
  109,987,369
Total Government & Agency Obligations (Cost $2,163,041,202) 2,163,041,202
 
Repurchase Agreements 50.3%
BNP Paribas, 0.82%, dated 4/28/2017, to be repurchased at $525,035,875 on 5/1/2017 (a) 525,000,000 525,000,000
BNP Paribas, 0.84%, dated 4/28/2017, to be repurchased at $210,014,700 on 5/1/2017 (b) 210,000,000 210,000,000
Citigroup Global Markets, Inc., 0.81%, dated 4/28/2017, to be repurchased at $150,010,125 on 5/1/2017 (c) 150,000,000 150,000,000
HSBC Securities, Inc., 0.79%, dated 4/28/2017, to be repurchased at $410,026,992 on 5/1/2017 (d) 410,000,000 410,000,000
JPMorgan Securities, Inc., 0.81%, dated 4/28/2017, to be repurchased at $100,006,750 on 5/1/2017 (e) 100,000,000 100,000,000
JPMorgan Securities, Inc., 0.83%, dated 4/28/2017, to be repurchased at $300,020,750 on 5/1/2017 (f) 300,000,000 300,000,000
Nomura Securities International, 0.83%, dated 4/28/2017, to be repurchased at $175,012,104 on 5/1/2017 (g) 175,000,000 175,000,000
Wells Fargo Bank, 0.83%, dated 4/28/2017, to be repurchased at $450,031,125 on 5/1/2017 (h) 450,000,000 450,000,000
Total Repurchase Agreements (Cost $2,320,000,000) 2,320,000,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $4,483,041,202) 97.2 4,483,041,202
Other Assets and Liabilities, Net 2.8 130,001,269
Net Assets 100.0 4,613,042,471

* Annualized yield at time of purchase; not a coupon rate.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $4,483,041,202.

(a) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
483,842,000 U.S. Treasury Notes 1–1.875 2/15/2018–
1/31/2022
488,026,330
75,352,235 U.S. Treasury STRIPS Zero Coupon 5/15/2017–
11/15/2045
47,473,670
Total Collateral Value 535,500,000

(b) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,520,946 FHLMC Multifamily Structured Pass-Through Certificates, Interest Only 0.863 1/25/2023 84,656
149,644 FREMF Mortgage Trust, Interest Only 0.1 7/25/2046 723
83,212,547 Federal Home Loan Mortgage Corp. 2.5–5.5 12/1/2022–
4/1/2047
86,514,181
23,872,572 Federal National Mortgage Association 3.0–5.5 7/1/2024–
4/1/2047
24,966,945
1,000 U.S. Treasury Inflation-Indexed Note 0.125 4/15/2021 1,037
102,110,900 U.S. Treasury Notes 1.375–2.75 2/28/2018–
9/30/2018
102,632,458
Total Collateral Value 214,200,000

(c) Collateralized by $150,869,900 U.S. Treasury Notes, with the various coupon rates from 1.25–2.25%, with various maturity dates of 10/31/2019–3/31/2021 with a value of $153,000,019.

(d) Collateralized by $851,148,788 U.S. Treasury STRIPS, Zero Coupon, with various maturity dates of 5/15/2030–2/15/2047 with a value of $418,201,818.

(e) Collateralized by $96,785,500 U.S. Treasury Inflation-Indexed Notes, with the various coupon rates from 0.125–0.625%, with various maturity dates of 1/15/2023–1/15/2026 with a value of $102,001,490.

(f) Collateralized by $303,382,452 Federal National Mortgage Association, with the various coupon rates from 2.54–3.586%, with various maturity dates of 11/1/2026–11/1/2042 with a value of $306,004,837.

(g) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,925,309 Federal Home Loan Mortgage Corp. 2.812–5.5 10/1/2020–
10/1/2043
3,179,999
58,720,765 Federal National Mortgage Association 3.0–6.0 6/1/2029–
4/1/2047
60,844,680
107,892,007 Government National Mortgage Association 2.5–4.5 3/20/2046–
4/20/2047
114,475,321
Total Collateral Value 178,500,000

(h) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
8,327,340 Federal Home Loan Mortgage Corp. 3.167–3.5 7/1/2043–
2/1/2047
8,760,326
436,620,416 Federal National Mortgage Association 3.5 8/1/2046–
2/1/2047
450,239,675
Total Collateral Value 459,000,001

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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, 2017 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 (i) $ — $ 2,163,041,202 $ — $ 2,163,041,202
Repurchase Agreements 2,320,000,000 2,320,000,000
Total $ — $ 4,483,041,202 $ — $ 4,483,041,202

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(i) 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, 2017
Assets Deutsche Government & Agency Securities Portfolio

Investments:

Investments in securities, valued at amortized cost

$ 2,163,041,202
Repurchased agreements, valued at amortized cost 2,320,000,000
Investments in securities, at value (cost $4,483,041,202) 4,483,041,202
Cash 183,992,333
Receivable for investments sold 35,000,000
Receivable for Fund shares sold 48,436
Interest receivable 1,355,580
Due from Advisor 61,676
Other assets 78,507
Total assets 4,703,577,734
Liabilities
Payable for investments purchased 88,000,000
Payable for Fund shares redeemed 7,373
Distributions payable 1,753,695
Accrued Trustees' fees 42,909
Other accrued expenses and payables 731,286
Total liabilities 90,535,263
Net assets, at value $ 4,613,042,471
Net Assets Consist of
Undistributed net investment income 204,515
Accumulated net realized gain (loss) (334,356)
Paid-in capital 4,613,172,312
Net assets, at value $ 4,613,042,471

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Government & Agency Securities Portfolio

Deutsche Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($145,415,357 ÷ 145,416,268 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($4,236,098,895 ÷ 4,236,125,456 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 ($199,492,737 ÷ 199,493,986 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 ($32,035,482 ÷ 32,035,683 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, 2017
Investment Income Deutsche Government & Agency Securities Portfolio

Income:

Interest

$ 20,985,461
Other income 69,089
Total income 21,054,550

Expenses:

Management fee

2,922,089
Administration fee 4,194,659
Services to shareholders 933,855
Distribution and service fees 592,727
Custodian fee 55,353
Professional fees 183,859
Reports to shareholders 110,108
Registration fees 83,640
Trustees' fees and expenses 176,923
Other 212,619
Total expenses before expense reductions 9,465,832
Expense reductions (3,973,220)
Total expenses after expense reductions 5,492,612
Net investment income 15,561,938
Net realized gain (loss) from investments 101,925
Net increase (decrease) in net assets resulting from operations $ 15,663,863

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 15,561,938 $ 3,847,095
Net realized gain (loss) 101,925 (5,349)
Net increase in net assets resulting from operations 15,663,863 3,841,746

Distributions to shareholders from:

Net investment income:

Deutsche Government & Agency Money Fund

(403,937) (40,911)
Deutsche Government Cash Institutional Shares (14,798,531) (3,764,355)
Government Cash Managed Shares (354,864) (32,243)
Service Shares (4,729) (6,441)
Total distributions (15,562,061) (3,843,950)

Fund share transactions:

Proceeds from shares sold

39,552,903,948 25,314,465,900
Reinvestment of distributions 2,727,031 1,320,688
Cost of shares redeemed (38,770,975,043) (25,204,404,928)
Net increase (decrease) in net assets from Fund share transactions 784,655,936 111,381,660
Increase (decrease) in net assets 784,757,738 111,379,456
Net assets at beginning of period 3,828,284,733 3,716,905,277
Net assets at end of period (including undistributed net investment income of $204,515 and $204,637, respectively) $ 4,613,042,471 $ 3,828,284,733

The accompanying notes are an integral part of the financial statements.

Financial Highlights

The accompanying notes are an integral part of the financial statements.

Deutsche Government & Agency Securities Portfolio
Deutsche Government Cash Institutional Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.004 .001 .000* .000* .000*
Net realized gain (loss) .000* (.000)* .000* (.000)* .000*
Total from investment operations .004 .001 .000* .000* .000*

Less distributions from:

Net investment income

(.004) (.001) (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .39 .12 .03 .03 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 4,236 3,430 3,333 3,005 2,256
Ratio of expenses before expense reductions (%) .20 .20 .20 .20 .20
Ratio of expenses after expense reductions (%) .11 .11 .06 .06 .15
Ratio of net investment income (%) .39 .12 .03 .03 .03

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

 

Deutsche Government & Agency Securities Portfolio
Government Cash Managed Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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 .000* .000* .000* .000*
Net realized gain (loss) .000* (.000)* .000* (.000)* .000*
Total from investment operations .002 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.002) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .16 .01 .01 .01 .01
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 199 268 235 214 222
Ratio of expenses before expense reductions (%) .42 .42 .42 .43 .42
Ratio of expenses after expense reductions (%) .34 .22 .08 .08 .17
Ratio of net investment income (%) .15 .01 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Government & Agency Securities Portfolio (the "Fund").

Deutsche Government & Agency Securities Portfolio offers four classes of shares: Deutsche Government & Agency Money Fund, Deutsche Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.

The financial highlights for all classes of shares, other than Deutsche 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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the 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 or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings.

As of April 30, 2017, the Fund held repurchase agreements with a gross value of $2,320,000,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment 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.

At April 30, 2017, Deutsche Government & Agency Securities Portfolio had a net tax basis pre-enactment capital loss carryforward of approximately $334,000, 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.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Government & Agency Securities Portfolio:

Undistributed ordinary income*

$ 1,958,210
Capital loss carryforwards $ (334,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

  Years Ended April 30,
2017 2016

Government & Agency Securities Portfolio:

Distributions from ordinary income*

$ 15,562,061 $ 3,843,950

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two funds of the Trust 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, 2016 through June 30, 2016, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Government Cash Institutional Shares and Government Cash Managed Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.23% and 0.46%, respectively.

Effective July 1, 2016 through September 30, 2017, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Government Cash Institutional Shares and Government Cash Managed Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.18% and 0.46%, respectively.

For the period from May 1, 2016 through May 19, 2016, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Government Cash Institutional Shares at 0.10%.

Effective May 20, 2016 through March 23, 2017, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Government Cash Institutional Shares at 0.11%.

Effective March 24, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Government Cash Institutional Shares at 0.14%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

Effective January 19, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Government Cash Managed Shares at 0.33%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

The Advisor has agreed to voluntarily waive additional expenses. The voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on Government Cash Managed Shares.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on Deutsche Government & Agency Securities Portfolio aggregating $2,922,089, all of which was waived, resulting in an annual effective rate of 0.00% of the Fund's average daily net assets.

The Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Waived Unpaid at April 30, 2017
Deutsche Government & Agency Securities Portfolio $ 4,194,659 $ 339,812 $ 354,892

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Government & Agency Securities Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Government & Agency Money Fund $ 119,749 $ 48,956 $ 3,228
Deutsche Government Cash Institutional Shares 464,281 464,281
Government Cash Managed Shares 172,070 51,923
Service Shares 102,577 29,807
  $ 858,677 $ 513,237 $ 84,958

For the year ended April 30, 2017, the Advisor reimbursed Deutsche Government Cash Institutional Shares $3 of sub-recordkeeping expense.

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 246,454 $ 198,079 $ 10,729 .12% .60%

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Government Cash Managed Shares $ 346,273 $ 26,120 .15% .15%

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, 2017, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" expenses was as follows:

Fund Total Aggregated Unpaid at April 30, 2017
Deutsche Government & Agency Securities Portfolio $ 33,222 $ 14,270

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Government & Agency Securities Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Government & Agency Money Fund 209,216,428 $ 209,216,428 97,379,820 $ 97,379,820
Deutsche Government Cash Institutional Shares 37,869,188,821 37,869,188,821 23,473,413,019 23,473,413,019
Government Cash Managed Shares 1,176,220,649 1,176,220,649 1,342,759,830 1,342,759,830
Service Shares 298,263,856 298,263,856 400,896,361 400,896,361
Account Maintenance Fees 14,194 16,870
    $ 39,552,903,948   $ 25,314,465,900
Shares issued to shareholders in reinvestment of distributions
Deutsche Government & Agency Money Fund 379,196 $ 379,196 37,704 $ 37,704
Deutsche Government Cash Institutional Shares 2,241,225 2,241,225 1,268,254 1,268,254
Government Cash Managed Shares 101,923 101,923 8,598 8,598
Service Shares 4,687 4,687 6,132 6,132
    $ 2,727,031   $ 1,320,688
Shares redeemed
Deutsche Government & Agency Money Fund (148,534,701) $ (148,534,701) (97,523,241) $ (97,523,241)
Deutsche Government Cash Institutional Shares (37,065,540,621) (37,065,540,621) (23,377,183,760) (23,377,183,760)
Government Cash Managed Shares (1,245,042,109) (1,245,042,109) (1,310,055,804) (1,310,055,804)
Service Shares (311,857,612) (311,857,612) (419,642,123) (419,642,123)
    $ (38,770,975,043)   $ (25,204,404,928)
Net increase (decrease)
Deutsche Government & Agency Money Fund 61,060,923 $ 61,060,923 (105,717) $ (105,717)
Deutsche Government Cash Institutional Shares 805,889,425 805,889,425 97,497,513 97,497,513
Government Cash Managed Shares (68,719,537) (68,719,537) 32,712,624 32,712,624
Service Shares (13,589,069) (13,589,069) (18,739,630) (18,739,630)
Account Maintenance Fees 14,194 16,870
    $ 784,655,936   $ 111,381,660

E. Ownership of the Fund

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At April 30, 2017, 31% of the outstanding shares of the Fund were held by other affiliated Deutsche funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the Deutsche family of funds.

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Government & Agency Securities Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Government & Agency Securities Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    catgasim_eny0
Boston, Massachusetts
June 19, 2017
   

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 Deutsche 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)
Actual Fund Return Deutsche Government Cash Institutional Shares Government Cash Managed Shares
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,002.36 $ 1,001.33
Expenses Paid per $1,000* $ .60 $ 1.64
Hypothetical 5% Fund Return    
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,024.20 $ 1,023.16
Expenses Paid per $1,000* $ .60 $ 1.66
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios
Deutsche Government Cash Institutional Shares .12%
Government Cash Managed Shares .33%

For more information, please refer to each Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

A total of 32% of the dividends distributed during the fiscal year was derived from interest on U.S. 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Government & Agency Securities Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Service Shares) was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share classes: Government Cash Managed Shares (2nd quartile), Deutsche Government & Agency Money Fund shares (2nd quartile), Services Shares (2nd quartile) and Deutsche Government Cash Institutional Shares (1st quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable Deutsche U.S. registered fund ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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April 30, 2017

Annual Report
to Shareholders

Deutsche Government & Agency Securities Portfolio

(formerly Government & Agency Securities Portfolio)

Deutsche Government & Agency Money Fund

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Contents

3 Portfolio Management Review

6 Portfolio Summary

9 Investment Portfolio

15 Statement of Assets and Liabilities

17 Statement of Operations

18 Statements of Changes in Net Assets

19 Financial Highlights

20 Notes to Financial Statements

28 Report of Independent Registered Public Accounting Firm

29 Information About Your Fund's Expenses

30 Tax Information

31 Other Information

32 Advisory Agreement Board Considerations and Fee Evaluation

36 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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Positive Contributors to Fund Performance

We were able to maintain a competitive yield during the period.

Government & Agency Securities Portfolio seeks to provide maximum current income consistent with stability of capital.

Within the Government & Agency Securities Portfolio, we maintained a "barbell" strategy, i.e., having a heavier weighting towards short-maturity Treasury and agency securities for flexibility and liquidity purposes, while also utilizing six-to-18-month Treasury and agency floating-rate notes for added yield and interest rate protection.

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Deutsche Government & Agency Money Fund .63%*

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Within government money markets, we believe that strong demand will persist and that near-term supply will be variable. Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

Floating-rate securities are debt instruments with floating-rate coupons that generally reset every 30 to 90 days. While floating-rate securities are senior to equity and fixed-income securities, there is no guaranteed return of principal in case of default. Floating-rate issues often have less interest-rate risk than other fixed-income investments. Floating-rate securities are most often secured assets, generally senior to a company's secured debt, and can be transferred to debt holders, resulting in potential downside risk.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

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Investment Portfolio as of April 30, 2017

Deutsche Government & Agency Securities Portfolio

  Principal Amount ($) Value ($)
       
Government & Agency Obligations 46.9%
U.S. Government Sponsored Agencies 44.5%
Federal Farm Credit Bank:
  0.75%*, 10/5/2017 35,000,000 34,887,047
  0.803%**, 3/2/2018 24,000,000 24,000,000
  0.873%**, 7/23/2018 25,000,000 24,998,700
  0.898%**, 10/22/2018 40,000,000 39,997,433
  0.919%**, 1/9/2019 25,000,000 25,000,000
  0.928%**, 7/20/2018 45,000,000 45,000,000
  0.974%**, 6/14/2017 40,000,000 40,008,775
  1.002%**, 8/20/2018 20,000,000 20,066,229
  1.022%**, 6/20/2017 25,000,000 25,000,000
  1.022%**, 8/27/2018 20,000,000 19,997,938
  1.029%**, 1/10/2019 22,250,000 22,276,675
  1.101%**, 9/21/2017 15,000,000 15,000,000
  1.102%**, 11/13/2018 38,500,000 38,500,000
  1.113%**, 6/20/2018 10,000,000 10,000,000
  1.138%**, 2/23/2018 38,000,000 37,993,723
  1.159%**, 3/8/2018 50,000,000 49,997,801
Federal Home Loan Bank:
  0.588%*, 5/12/2017 35,000,000 34,993,797
  0.634%*, 7/24/2017 30,000,000 29,956,250
  0.659%*, 5/23/2017 22,500,000 22,491,063
  0.684%*, 8/25/2017 35,000,000 34,923,875
  0.71%*, 5/17/2017 10,000,000 9,996,889
  0.71%*, 9/18/2017 5,000,000 4,986,389
  0.74%*, 7/3/2017 10,000,000 9,987,225
  0.758%**, 8/22/2017 35,000,000 34,998,997
  0.764%**, 8/14/2017 45,000,000 45,000,000
  0.779%**, 7/18/2017 45,000,000 45,000,000
  0.781%*, 5/3/2017 10,000,000 9,999,572
  0.786%*, 6/8/2017 35,000,000 34,971,368
  0.791%*, 7/5/2017 10,000,000 9,985,917
  0.803%**, 5/4/2017 32,500,000 32,500,000
  0.803%**, 2/2/2018 25,000,000 25,000,000
  0.818%**, 1/17/2018 22,000,000 22,000,000
  0.819%**, 5/10/2017 32,500,000 32,500,000
  0.825%**, 2/1/2018 88,000,000 88,000,000
  0.867%*, 7/21/2017 18,000,000 17,965,373
  0.895%**, 5/30/2018 37,000,000 37,000,000
  0.929%**, 5/18/2017 35,000,000 35,000,000
  0.932%**, 3/19/2018 7,000,000 7,000,000
  0.953%*, 10/31/2017 15,000,000 14,928,325
  0.964%**, 3/8/2018 34,000,000 34,000,000
  0.968%*, 10/13/2017 36,000,000 35,842,425
  0.968%*, 10/20/2017 28,000,000 27,872,243
  0.984%**, 8/18/2017 40,000,000 39,982,573
  1.023%**, 8/3/2017 100,000,000 100,000,000
  1.059%**, 5/8/2017 25,000,000 25,000,000
  1.086%**, 10/25/2017 12,000,000 12,000,000
  1.105%**, 9/11/2017 20,000,000 20,016,640
Federal Home Loan Mortgage Corp.:
  0.487%*, 5/1/2017 15,500,000 15,500,000
  0.507%*, 5/16/2017 50,000,000 49,989,583
  0.7%*, 10/2/2017 33,500,000 33,401,119
  0.74%*, 5/3/2017 12,500,000 12,499,493
  0.754%**, 8/10/2018 20,000,000 20,000,000
  0.781%*, 6/21/2017 25,000,000 24,972,729
  0.806%**, 12/22/2017 28,250,000 28,250,000
  0.821%*, 8/24/2017 12,000,000 11,968,950
  0.829%**, 5/8/2017 44,000,000 44,000,000
  0.85%**, 2/22/2018 50,000,000 50,000,000
  0.854%**, 5/16/2017 40,000,000 40,000,000
  0.862%*, 8/24/2017 18,500,000 18,449,767
  0.862%*, 8/24/2017 50,000,000 49,864,236
  0.903%**, 7/24/2018 15,000,000 15,000,000
  0.905%**, 10/10/2018 28,500,000 28,500,000
  0.913%*, 9/15/2017 7,500,000 7,474,313
  1.072%**, 12/21/2017 92,000,000 92,000,000
  1.121%**, 7/21/2017 25,000,000 24,999,429
  1.126%**, 3/8/2018 25,000,000 25,000,000
Federal National Mortgage Association:
  0.875%, 10/26/2017 15,000,000 15,006,549
  1.013%**, 7/20/2017 15,000,000 14,999,834
  1.128%**, 1/11/2018 24,500,000 24,554,589
  2,053,053,833
U.S. Treasury Obligations 2.4%
U.S. Treasury Bill, 0.791%*, 6/29/2017 35,000,000 34,955,258
U.S. Treasury Floating Rate Note, 1.094%**, 1/31/2018 15,000,000 15,003,453
U.S. Treasury Notes:
  0.875%, 8/15/2017 45,000,000 45,031,564
  0.875%, 10/15/2017 15,000,000 14,997,094
  109,987,369
Total Government & Agency Obligations (Cost $2,163,041,202) 2,163,041,202
 
Repurchase Agreements 50.3%
BNP Paribas, 0.82%, dated 4/28/2017, to be repurchased at $525,035,875 on 5/1/2017 (a) 525,000,000 525,000,000
BNP Paribas, 0.84%, dated 4/28/2017, to be repurchased at $210,014,700 on 5/1/2017 (b) 210,000,000 210,000,000
Citigroup Global Markets, Inc., 0.81%, dated 4/28/2017, to be repurchased at $150,010,125 on 5/1/2017 (c) 150,000,000 150,000,000
HSBC Securities, Inc., 0.79%, dated 4/28/2017, to be repurchased at $410,026,992 on 5/1/2017 (d) 410,000,000 410,000,000
JPMorgan Securities, Inc., 0.81%, dated 4/28/2017, to be repurchased at $100,006,750 on 5/1/2017 (e) 100,000,000 100,000,000
JPMorgan Securities, Inc., 0.83%, dated 4/28/2017, to be repurchased at $300,020,750 on 5/1/2017 (f) 300,000,000 300,000,000
Nomura Securities International, 0.83%, dated 4/28/2017, to be repurchased at $175,012,104 on 5/1/2017 (g) 175,000,000 175,000,000
Wells Fargo Bank, 0.83%, dated 4/28/2017, to be repurchased at $450,031,125 on 5/1/2017 (h) 450,000,000 450,000,000
Total Repurchase Agreements (Cost $2,320,000,000) 2,320,000,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $4,483,041,202) 97.2 4,483,041,202
Other Assets and Liabilities, Net 2.8 130,001,269
Net Assets 100.0 4,613,042,471

* Annualized yield at time of purchase; not a coupon rate.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $4,483,041,202.

(a) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
483,842,000 U.S. Treasury Notes 1–1.875 2/15/2018–
1/31/2022
488,026,330
75,352,235 U.S. Treasury STRIPS Zero Coupon 5/15/2017–
11/15/2045
47,473,670
Total Collateral Value 535,500,000

(b) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,520,946 FHLMC Multifamily Structured Pass-Through Certificates, Interest Only 0.863 1/25/2023 84,656
149,644 FREMF Mortgage Trust, Interest Only 0.1 7/25/2046 723
83,212,547 Federal Home Loan Mortgage Corp. 2.5–5.5 12/1/2022–
4/1/2047
86,514,181
23,872,572 Federal National Mortgage Association 3.0–5.5 7/1/2024–
4/1/2047
24,966,945
1,000 U.S. Treasury Inflation-Indexed Note 0.125 4/15/2021 1,037
102,110,900 U.S. Treasury Notes 1.375–2.75 2/28/2018–
9/30/2018
102,632,458
Total Collateral Value 214,200,000

(c) Collateralized by $150,869,900 U.S. Treasury Notes, with the various coupon rates from 1.25–2.25%, with various maturity dates of 10/31/2019–3/31/2021 with a value of $153,000,019.

(d) Collateralized by $851,148,788 U.S. Treasury STRIPS, Zero Coupon, with various maturity dates of 5/15/2030–2/15/2047 with a value of $418,201,818.

(e) Collateralized by $96,785,500 U.S. Treasury Inflation-Indexed Notes, with the various coupon rates from 0.125–0.625%, with various maturity dates of 1/15/2023–1/15/2026 with a value of $102,001,490.

(f) Collateralized by $303,382,452 Federal National Mortgage Association, with the various coupon rates from 2.54–3.586%, with various maturity dates of 11/1/2026–11/1/2042 with a value of $306,004,837.

(g) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
2,925,309 Federal Home Loan Mortgage Corp. 2.812–5.5 10/1/2020–
10/1/2043
3,179,999
58,720,765 Federal National Mortgage Association 3.0–6.0 6/1/2029–
4/1/2047
60,844,680
107,892,007 Government National Mortgage Association 2.5–4.5 3/20/2046–
4/20/2047
114,475,321
Total Collateral Value 178,500,000

(h) Collateralized by:

Principal Amount ($) Security Rate (%) Maturity Date Collateral Value ($)
8,327,340 Federal Home Loan Mortgage Corp. 3.167–3.5 7/1/2043–
2/1/2047
8,760,326
436,620,416 Federal National Mortgage Association 3.5 8/1/2046–
2/1/2047
450,239,675
Total Collateral Value 459,000,001

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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, 2017 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 (i) $ — $ 2,163,041,202 $ — $ 2,163,041,202
Repurchase Agreements 2,320,000,000 2,320,000,000
Total $ — $ 4,483,041,202 $ — $ 4,483,041,202

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(i) 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, 2017
Assets Deutsche Government & Agency Securities Portfolio

Investments:

Investments in securities, valued at amortized cost

$ 2,163,041,202
Repurchased agreements, valued at amortized cost 2,320,000,000
Investments in securities, at value (cost $4,483,041,202) 4,483,041,202
Cash 183,992,333
Receivable for investments sold 35,000,000
Receivable for Fund shares sold 48,436
Interest receivable 1,355,580
Due from Advisor 61,676
Other assets 78,507
Total assets 4,703,577,734
Liabilities
Payable for investments purchased 88,000,000
Payable for Fund shares redeemed 7,373
Distributions payable 1,753,695
Accrued Trustees' fees 42,909
Other accrued expenses and payables 731,286
Total liabilities 90,535,263
Net assets, at value $ 4,613,042,471
Net Assets Consist of
Undistributed net investment income 204,515
Accumulated net realized gain (loss) (334,356)
Paid-in capital 4,613,172,312
Net assets, at value $ 4,613,042,471

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Government & Agency Securities Portfolio

Deutsche Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($145,415,357 ÷ 145,416,268 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($4,236,098,895 ÷ 4,236,125,456 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 ($199,492,737 ÷ 199,493,986 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 ($32,035,482 ÷ 32,035,683 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, 2017
Investment Income Deutsche Government & Agency Securities Portfolio

Income:

Interest

$ 20,985,461
Other income 69,089
Total income 21,054,550

Expenses:

Management fee

2,922,089
Administration fee 4,194,659
Services to shareholders 933,855
Distribution and service fees 592,727
Custodian fee 55,353
Professional fees 183,859
Reports to shareholders 110,108
Registration fees 83,640
Trustees' fees and expenses 176,923
Other 212,619
Total expenses before expense reductions 9,465,832
Expense reductions (3,973,220)
Total expenses after expense reductions 5,492,612
Net investment income 15,561,938
Net realized gain (loss) from investments 101,925
Net increase (decrease) in net assets resulting from operations $ 15,663,863

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 15,561,938 $ 3,847,095
Net realized gain (loss) 101,925 (5,349)
Net increase in net assets resulting from operations 15,663,863 3,841,746

Distributions to shareholders from:

Net investment income:

Deutsche Government & Agency Money Fund

(403,937) (40,911)
Deutsche Government Cash Institutional Shares (14,798,531) (3,764,355)
Government Cash Managed Shares (354,864) (32,243)
Service Shares (4,729) (6,441)
Total distributions (15,562,061) (3,843,950)

Fund share transactions:

Proceeds from shares sold

39,552,903,948 25,314,465,900
Reinvestment of distributions 2,727,031 1,320,688
Cost of shares redeemed (38,770,975,043) (25,204,404,928)
Net increase (decrease) in net assets from Fund share transactions 784,655,936 111,381,660
Increase (decrease) in net assets 784,757,738 111,379,456
Net assets at beginning of period 3,828,284,733 3,716,905,277
Net assets at end of period (including undistributed net investment income of $204,515 and $204,637, respectively) $ 4,613,042,471 $ 3,828,284,733

The accompanying notes are an integral part of the financial statements.

Financial Highlights

The accompanying notes are an integral part of the financial statements.

Deutsche Government & Agency Securities Portfolio
Deutsche Government & Agency Money Fund
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.003 .000* .000* .000* .000*
Net realized gain (loss) .000* (.000)* .000* (.000)* .000*
Total from investment operations .003 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.003) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .31 .05 .01 .01 .01
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 145 84 84 94 117
Ratio of expenses before expense reductions (%) .30 .28 .27 .27 .28
Ratio of expenses after expense reductions (%) .19 .18 .08 .08 .17
Ratio of net investment income (%) .33 .05 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Government & Agency Securities Portfolio (the "Fund").

Deutsche Government & Agency Securities Portfolio offers four classes of shares: Deutsche Government & Agency Money Fund, Deutsche Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.

The financial highlights for all classes of shares, other than Deutsche 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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the 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 or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings.

As of April 30, 2017, the Fund held repurchase agreements with a gross value of $2,320,000,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment 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.

At April 30, 2017, Deutsche Government & Agency Securities Portfolio had a net tax basis pre-enactment capital loss carryforward of approximately $334,000, 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.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Government & Agency Securities Portfolio:

Undistributed ordinary income*

$ 1,958,210
Capital loss carryforwards $ (334,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

  Years Ended April 30,
2017 2016

Government & Agency Securities Portfolio:

Distributions from ordinary income*

$ 15,562,061 $ 3,843,950

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two funds of the Trust 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, 2016 through September 30, 2017, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Government & Agency Money Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.45%.

Effective January 19, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Government & Agency Money Fund at 0.17%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on Deutsche Government & Agency Securities Portfolio aggregating $2,922,089, all of which was waived, resulting in an annual effective rate of 0.00% of the Fund's average daily net assets.

The Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Waived Unpaid at April 30, 2017
Deutsche Government & Agency Securities Portfolio $ 4,194,659 $ 339,812 $ 354,892

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Government & Agency Securities Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Government & Agency Money Fund $ 119,749 $ 48,956 $ 3,228
Deutsche Government Cash Institutional Shares 464,281 464,281
Government Cash Managed Shares 172,070 51,923
Service Shares 102,577 29,807
  $ 858,677 $ 513,237 $ 84,958

For the year ended April 30, 2017, the Advisor reimbursed Deutsche Government Cash Institutional Shares $3 of sub-recordkeeping expense.

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 246,454 $ 198,079 $ 10,729 .12% .60%

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Government & Agency Securities Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Government Cash Managed Shares $ 346,273 $ 26,120 .15% .15%

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, 2017, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" expenses was as follows:

Fund Total Aggregated Unpaid at April 30, 2017
Deutsche Government & Agency Securities Portfolio $ 33,222 $ 14,270

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Government & Agency Securities Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Government & Agency Money Fund 209,216,428 $ 209,216,428 97,379,820 $ 97,379,820
Deutsche Government Cash Institutional Shares 37,869,188,821 37,869,188,821 23,473,413,019 23,473,413,019
Government Cash Managed Shares 1,176,220,649 1,176,220,649 1,342,759,830 1,342,759,830
Service Shares 298,263,856 298,263,856 400,896,361 400,896,361
Account Maintenance Fees 14,194 16,870
    $ 39,552,903,948   $ 25,314,465,900
Shares issued to shareholders in reinvestment of distributions
Deutsche Government & Agency Money Fund 379,196 $ 379,196 37,704 $ 37,704
Deutsche Government Cash Institutional Shares 2,241,225 2,241,225 1,268,254 1,268,254
Government Cash Managed Shares 101,923 101,923 8,598 8,598
Service Shares 4,687 4,687 6,132 6,132
    $ 2,727,031   $ 1,320,688
Shares redeemed
Deutsche Government & Agency Money Fund (148,534,701) $ (148,534,701) (97,523,241) $ (97,523,241)
Deutsche Government Cash Institutional Shares (37,065,540,621) (37,065,540,621) (23,377,183,760) (23,377,183,760)
Government Cash Managed Shares (1,245,042,109) (1,245,042,109) (1,310,055,804) (1,310,055,804)
Service Shares (311,857,612) (311,857,612) (419,642,123) (419,642,123)
    $ (38,770,975,043)   $ (25,204,404,928)
Net increase (decrease)
Deutsche Government & Agency Money Fund 61,060,923 $ 61,060,923 (105,717) $ (105,717)
Deutsche Government Cash Institutional Shares 805,889,425 805,889,425 97,497,513 97,497,513
Government Cash Managed Shares (68,719,537) (68,719,537) 32,712,624 32,712,624
Service Shares (13,589,069) (13,589,069) (18,739,630) (18,739,630)
Account Maintenance Fees 14,194 16,870
    $ 784,655,936   $ 111,381,660

E. Ownership of the Fund

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At April 30, 2017, 31% of the outstanding shares of the Fund were held by other affiliated Deutsche funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the Deutsche family of funds.

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Government & Agency Securities Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Government & Agency Securities Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    CATGASGAM_eny0
Boston, Massachusetts
June 19, 2017
   

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 Deutsche 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)
Actual Fund Return Deutsche Government & Agency Money Fund
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,002.09
Expenses Paid per $1,000* $ .84.
Hypothetical 5% Fund Return  
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,023.95
Expenses Paid per $1,000* $ .85
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratio  
Deutsche Government & Agency Money Fund .17%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

A total of 32% of the dividends distributed during the fiscal year was derived from interest on U.S. 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Government & Agency Securities Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Service Shares) was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share classes: Government Cash Managed Shares (2nd quartile), Deutsche Government & Agency Money Fund shares (2nd quartile), Services Shares (2nd quartile) and Deutsche Government Cash Institutional Shares (1st quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable Deutsche U.S. registered fund ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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April 30, 2017

Annual Report
to Shareholders

Deutsche Tax-Exempt Portfolio

(formerly Tax-Exempt Portfolio)

Deutsche Tax-Exempt Cash Premier Shares

Fund #148

Tax-Exempt Cash Managed Shares

Fund #248

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Contents

4 Portfolio Management Review

8 Portfolio Summary

11 Investment Portfolio

18 Statement of Assets and Liabilities

20 Statement of Operations

21 Statements of Changes in Net Assets

22 Financial Highlights

24 Notes to Financial Statements

32 Report of Independent Registered Public Accounting Firm

33 Information About Your Fund's Expenses

34 Tax Information

35 Other Information

36 Advisory Agreement Board Considerations and Fee Evaluation

40 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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.

For the Tax Exempt Portfolio, we sought to preserve a balance of liquidity, attractive yield and high quality. The fund held significant positions in 7-day Variable Rate Demand Notes (VRDNs) as well as "laddered" positions in fixed-rate securities with maturities ranging from three to six months. (The interest rate of variable rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.)

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Deutsche Tax-Exempt Cash Premier Shares .77%*
Equivalent Taxable Yield 1.36%**
Tax-Exempt Cash Managed Shares .49%*
Equivalent Taxable Yield .87%**

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Deutsche Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates. Within the tax-exempt money market, we foresee reduced new issuance and supply, which should also exert some upward pressure on those rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

The laddered strategy involves purchasing bonds with a variety of long- and short-term maturities at various points along the yield curve.

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 do not reflect fees or expenses and it is not possible to invest directly into an index.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

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Investment Portfolio as of April 30, 2017

Deutsche Tax-Exempt Portfolio

  Principal Amount ($) Value ($)
       
Municipal Investments 93.6%
California 20.2%
California, Health Facilities Financing Authority Revenue, TECP, 0.82%, 6/15/2017 12,000,000 12,000,000
California, State Department of Water Resource Power Supply Revenue, TECP, 0.9%, 5/3/2017, LOC: Bank of America NA 13,000,000 13,000,000
California, State General Obligation, 4.0%, 9/1/2017 9,420,000 9,524,240
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Series E-2, 5.0%, 4/1/2044 3,500,000 3,507,092
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 1.27%**, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA 4,000,000 4,000,000
Sacramento County, CA, Sanitation Districts Financing Authority Revenue, Municipal Securities Trust Receipts, "A", 144A, 0.92%*, 12/1/2035, INS: FGIC, LOC: Societe Generale 10,000,000 10,000,000
San Diego, CA, Public Facilities Financing Authority, TECP, 0.97%, 7/18/2017, LOC: Bank of America NA 1,612,000 1,612,000
San Jose, CA, Redevelopment Agency, TECP, 0.85%, 7/21/2017 15,000,000 15,000,000
  68,643,332
Connecticut 3.6%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series A, 0.8%, 7/1/2048 3,315,000 3,315,363
Connecticut, State Housing Finance Program Authority Revenue, Series A-3, 0.89%*, 11/15/2047, SPA: Helaba 9,000,000 9,000,000
  12,315,363
District of Columbia 0.8%
Metropolitan Washington, DC, Airport Authority System Revenue, Series C-2, 0.9%*, 10/1/2039, LOC: Sumitomo Mitsui Banking 2,535,000 2,535,000
Florida 7.8%
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Inc., Series A, 0.9%*, 7/15/2024, LIQ: Fannie Mae, LOC: Fannie Mae 3,000,000 3,000,000
Florida, State Municipal Power Agency Revenue, Series C, 0.91%*, 10/1/2035, LOC: Bank of America NA 1,900,000 1,900,000
Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 0.92%*, 5/1/2033, LOC: Northern Trust Co. 4,150,000 4,150,000
Gainesville, FL, Utilities System Revenue, Series B, 0.92%*, 10/1/2042, LOC: Sumitomo Mitsui Banking 6,000,000 6,000,000
Hillsborough County, FL, TECP, 0.96%, 6/22/2017, LOC: Bank of Tokyo-Mitsubishi UFJ 5,400,000 5,400,000
Miami-Dade County, FL, School Board, Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2020, INS: NATL 5,155,000 5,155,000
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.96%*, 11/1/2036, LOC: Northern Trust Co. 700,000 700,000
  26,305,000
Georgia 4.3%
Atlanta, GA, Water & Sewer Revenue, TECP, 0.97%, 6/30/2017 13,100,000 13,100,000
Georgia, Private Colleges & Universities Authority Revenue, TECP, 0.8%, 5/10/2017 1,417,000 1,417,000
  14,517,000
Illinois 7.2%
Chicago, IL, Midway Airport Revenue, Second Lien, Series D, 0.89%*, 1/1/2035, LOC: Bank of Montreal 3,000,000 3,000,000
Illinois, State Development Finance Authority, Industrial Revenue, Uhlich Childrens Home Project, 0.91%*, 10/1/2033, LOC: U.S. Bank NA 3,850,000 3,850,000
Illinois, State Finance Authority Revenue, Edward Hospital Obligated Group, Series C, 0.89%*, 2/1/2029, LOC: JPMorgan Chase Bank NA 5,015,000 5,015,000
Illinois, State Finance Authority Revenue, Elmhurst College, 0.9%*, 2/1/2042, LOC: Harris NA 5,000,000 5,000,000
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co. Project, 0.92%*, 3/1/2043, LOC: Northern Trust Co. 1,000,000 1,000,000
Illinois, State Finance Authority, Multi-Family Housing Revenue, Hidden Glen Apartments Project, AMT, 0.92%*, 12/1/2042, LOC: U.S. Bank NA 6,625,000 6,625,000
  24,490,000
Iowa 0.6%
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College, 0.9%*, 11/1/2036, LOC: Bank of America NA 2,000,000 2,000,000
Kansas 0.3%
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.899%**, 9/1/2017 1,000,000 999,874
Maryland 0.9%
Maryland, State & Local Facility, Series B, 5.25%, 8/15/2017 3,000,000 3,038,388
Massachusetts 1.8%
Massachusetts, Municipal Securities Trust Receipts, "A", 144A, 0.93%*, 5/1/2037, INS: FGIC, LIQ: Societe Generale 2,980,000 2,980,000
Massachusetts, State General Obligation, Series C, 5.5%, 12/1/2017, INS: AGMC 680,000 698,652
Massachusetts, Tender Option Bond Trust Receipts/ Certificates of Various States, Series 2015-XF2203, 144A, 0.92%*, 8/15/2023, LIQ: Citibank NA 2,300,000 2,300,000
  5,978,652
Michigan 0.3%
Michigan, State Housing Development Authority, Multi-Family Housing Revenue, Berrien Woods III, Series A, AMT, 0.96%*, 7/1/2032, LOC: Citibank NA 1,105,000 1,105,000
Minnesota 1.0%
Minnesota, State Housing Finance Agency Revenue, Residential Housing, Series G, 0.9%*, 1/1/2034, SPA: Royal Bank of Canada 3,500,000 3,500,000
Mississippi 3.3%
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.9%*, 12/1/2030, GTY: Chevron Corp. 11,150,000 11,150,000
Missouri 0.8%
Missouri, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2198, 144A, 0.93%*, 5/1/2023, LIQ: Citibank NA 2,660,000 2,660,000
Nevada 6.0%
Clark County, NV, Airport Revenue:
  Series D-2B, 0.89%*, 7/1/2040, LOC: Royal Bank of Canada 3,050,000 3,050,000
  Series B-2, AMT, 0.91%*, 7/1/2022, LOC: Royal Bank of Canada 4,000,000 4,000,000
  Series A-2, AMT, 0.92%*, 7/1/2022, LOC: State Street Bank & Trust Co. 7,000,000 7,000,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project:  
  Series A, Prerefunded 6/1/2017 @ 100, 5.0%, 6/1/2022 3,295,000 3,306,957
  Series A, Prerefunded 6/1/2017 @ 100, 5.25%, 6/1/2037 3,000,000 3,011,519
  20,368,476
New Hampshire 2.0%
New Hampshire, State Higher Educational & Health Facilities Authority, Hunt Community, 0.92%*, 5/1/2026, LOC: TD Bank NA 6,635,000 6,635,000
New York 7.4%
New York, General Obligation, Series A-4, 0.9%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ 2,000,000 2,000,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.98%*, 5/1/2048, LOC: Bank of China 16,900,000 16,900,000
New York, State Thruway Authority Revenue, Series 2016-XF2345, 0.93%*, 4/1/2020, LIQ: Credit Suisse 1,000,000 1,000,000
New York City, NY, Health & Hospital Corp., Health Systems, Series D, 0.89%*, 2/15/2026, LOC: JPMorgan Chase Bank NA 1,000,000 1,000,000
New York City, NY, Housing Development Corp., Mortgage Parkview II Apartments, Series A, AMT, 0.92%*, 12/1/2037, LOC: Citibank NA 4,255,000 4,255,000
  25,155,000
Ohio 5.1%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2018 4,400,000 4,460,512
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.97%*, 5/1/2049, LOC: Northern Trust Co. 12,800,000 12,800,000
  17,260,512
Pennsylvania 2.4%
Pennsylvania, Emmaus General Authority, Series D-24, 0.9%*, 3/1/2024, LOC: U.S. Bank NA 7,000,000 7,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, IESI Corp., 0.93%*, 11/1/2028, GTY: IESI Corp., LOC: Royal Bank of America NA 1,000,000 1,000,000
  8,000,000
South Carolina 0.2%
South Carolina, State Jobs-Economic Development Authority, Bon Secours Health System, Series D, 0.96%*, 11/1/2025, LOC: Bank of New York Mellon 670,000 670,000
Texas 11.5%
Bexar County, TX, Housing Finance Corp., Aamha LLC Project, 0.9%*, 12/15/2025, LIQ: Fannie Mae, LOC: Fannie Mae 4,205,000 4,205,000
Denton, TX, Independent School District, Prerefunded 8/15/2017 @ 100, 5.0%, 8/15/2038 14,525,000 14,697,486
Houston, TX, Combined Utility System Revenue:
  TECP, 0.86%, 5/4/2017, LIQ: State Street Bank & Trust Co. 5,000,000 5,000,000
  TECP, 0.93%, 5/4/2017, LOC: Bank of America NA 10,000,000 10,000,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.92%*, 11/15/2050, LOC: Northern Trust Co. 1,270,000 1,270,000
Texas, State Municipal Power Agency Revenue, Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL 870,000 867,606
Texas, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2201, 144A, 0.93%*, 10/15/2023, LIQ: Citibank NA 3,100,000 3,100,000
  39,140,092
Virginia 1.9%
Lynchburg, VA, Industrial Development Authority Revenue, Centra Health, Inc., Series B, 0.91%*, 1/1/2035, INS: NATL, LOC: Branch Banking & Trust 6,550,000 6,550,000
Other 4.2%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:  
  "A", Series MO27, 0.93%*, 10/15/2029, LIQ: Freddie Mac 2,880,000 2,880,000
  "A", Series M031, 0.93%**, 12/15/2045, LIQ: Freddie Mac 6,334,000 6,334,000
  "A", Series M015, AMT, 0.93%**, 5/15/2046, LIQ: Freddie Mac 2,970,000 2,970,000
  Series M033, 0.93%**, 3/15/2049, LIQ: Freddie Mac 2,038,000 2,038,000
  14,222,000
Total Municipal Investments (Cost $317,238,689) 317,238,689
 
Preferred Shares of Closed-End Investment Companies 6.6%
California 3.7%
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 1.05%*, 6/1/2041, LIQ: Societe Generale 10,000,000 10,000,000
California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.03%*, 8/1/2040, LIQ: Citibank NA 2,500,000 2,500,000
  12,500,000
Other Territories 2.9%
Nuveen Enhanced Municipal Credit Opportunities Fund, Series 3, 144A, AMT, 1.03%*, 6/1/2040, LIQ: Toronto-Dominion Bank 10,000,000 10,000,000
Total Preferred Shares of Closed-End Investment Companies (Cost $22,500,000) 22,500,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $339,738,689) 100.2 339,738,689
Other Assets and Liabilities, Net (0.2) (609,918)
Net Assets 100.0 339,128,771

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly, and are shown at their current rates as of April 30, 2017. Maturity date shown is the final maturity date.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $339,738,689.

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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

FGIC: Financial Guaranty Insurance Co

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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, 2017 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) $ — $ 317,238,689 $ — $ 317,238,689
Preferred Shares of Closed-End Investment Companies (a) 22,500,000 22,500,000
Total $ — $ 339,738,689 $ — $ 339,738,689

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(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, 2017
Assets Deutsche Tax-Exempt Portfolio
Investments in securities, valued at amortized cost $ 339,738,689
Cash 33,334
Receivable for investments sold 220,000
Receivable for Fund shares sold 170,794
Interest receivable 864,736
Due from Advisor 95,752
Other assets 62,655
Total assets 341,185,960
Liabilities
Payable for Fund shares redeemed 1,640,816
Distributions payable 53,637
Accrued Trustees' fees 5,783
Other accrued expenses and payables 356,953
Total liabilities 2,057,189
Net assets, at value $ 339,128,771
Net Assets Consist of
Distributions in excess of net investment income (53,638)
Accumulated net realized gain (loss) (34,444)
Paid-in capital 339,216,853
Net assets, at value $ 339,128,771

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Tax-Exempt Portfolio

Deutsche Tax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($37,559,432 ÷ 37,545,662 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($143,407,830 ÷ 143,354,730 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($54,798,256 ÷ 54,778,173 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 ($39,710,846 ÷ 39,696,280 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 ($55,022,638 ÷ 55,002,455 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 ($8,629,769 ÷ 8,626,604 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, 2017
Investment Income Deutsche Tax-Exempt Portfolio

Income:

Interest

$ 3,623,082
Other income 41,067
Total income 3,664,149

Expenses:

Management fee

426,241
Administration fee 616,216
Services to shareholders 384,653
Distribution and service fees 597,638
Custodian fee 5,158
Professional fees 128,668
Reports to shareholders 136,439
Registration fees 148,043
Trustees' fees and expenses 26,867
Other 82,200
Total expenses before expense reductions 2,552,123
Expense reductions (628,178)
Total expenses after expense reductions 1,923,945
Net investment income 1,740,204
Net realized gain (loss) from investments (34,444)
Net increase (decrease) in net assets resulting from operations $ 1,705,760

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Tax-Exempt Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 1,740,204 $ 245,927
Net realized gain (loss) (34,444) 125,289
Net increase in net assets resulting from operations 1,705,760 371,216

Distributions to shareholders from:

Net investment income:

Deutsche Tax-Exempt Cash Premier Shares

(728,624) (171,899)
Deutsche Tax-Exempt Money Fund (707,714) (51,193)
Deutsche Tax-Free Money Fund Class S (263,679) (19,292)
Service Shares (39,373) (7,517)
Tax-Exempt Cash Managed Shares (185,422) (9,894)
Tax-Free Investment Class (16,700) (44,339)

Net realized gain:

Deutsche Tax-Exempt Cash Premier Shares

(27,952) (32,106)
Deutsche Tax-Exempt Money Fund (15,307) (11,248)
Deutsche Tax-Free Money Fund Class S (6,360) (4,709)
Service Shares (6,245) (3,142)
Tax-Exempt Cash Managed Shares (5,594) (4,736)
Tax-Free Investment Class (1,196) (21,499)
Total distributions (2,004,166) (381,574)

Fund share transactions:

Proceeds from shares sold

1,179,428,894 2,681,593,000
Reinvestment of distributions 1,367,713 271,154
Cost of shares redeemed (1,942,131,493) (2,491,773,279)
Net increase (decrease) in net assets from Fund share transactions (761,334,886) 190,090,875
Increase (decrease) in net assets (761,633,292) 190,080,517
Net assets at beginning of period 1,100,762,063 910,681,546
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $53,638 and $69,431, respectively) $ 339,128,771 $ 1,100,762,063

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Tax-Exempt Portfolio
Deutsche Tax-Exempt Cash Premier Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.005 .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .005 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.005) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.005) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .55 .04 .03 .02 .04
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 38 514 296 993 970
Ratio of expenses before expense reductions (%) .27 .24 .22 .22 .21
Ratio of expenses after expense reductions (%) .20 .12 .10 .13 .18
Ratio of net investment income (%) .32 .04 .01 .01 .02

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

 

Deutsche Tax-Exempt Portfolio
Tax-Exempt Cash Managed Shares
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.003 .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .003 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.003) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.003) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .31 .02 .03 .02 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 55 60 52 103 115
Ratio of expenses before expense reductions (%) .49 .44 .44 .41 .42
Ratio of expenses after expense reductions (%) .44 .14 .10 .13 .19
Ratio of net investment income (%) .23 .01 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Tax-Exempt Portfolio (the "Fund").

Deutsche Tax-Exempt Portfolio offers six classes of shares: Deutsche Tax-Exempt Cash Premier Shares (formerly Deutsche Tax-Exempt Cash Institutional Shares), Deutsche Tax-Exempt Money Fund, Deutsche Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

The financial highlights for all classes of shares, other than Deutsche Tax-Exempt Cash Premier 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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

At April 30, 2017, the Fund had a net tax basis capital loss carryforward of approximately $34,000 of post-enactment short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Tax-Exempt Portfolio:

Capital loss carryforwards

$ (34,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

Portfolio Years Ended April 30,
2017 2016

Tax-Exempt Portfolio:

Distributions from tax-exempt income

$ 1,941,512 $ 304,134
Distributions from ordinary income* $ 62,654 $ 48,780
Distributions from long-term capital gains $ — $ 28,660

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two Funds of the Trust 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, 2016 through September 30, 2017, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Tax-Exempt Cash Premier Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.20%.

Effective January 19, 2017 through March 7, 2017, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Tax Exempt Cash Managed Shares at 0.49%.

Effective March 8, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Tax Exempt Cash Managed Shares at 0.47%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

The Advisor has agreed to voluntarily waive additional expenses. The voluntary 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, 2017, the Advisor earned a management fee on Deutsche Tax-Exempt Portfolio aggregating $426,241, of which $311,258 was waived, resulting in an annual effective rate of 0.02% of the Fund's average daily net assets.

In addition, the Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Unpaid at April 30, 2017
Deutsche Tax-Exempt Portfolio $ 616,216 $ 28,492

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Tax-Exempt Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Tax-Exempt Cash Premier Shares $ 45,833 $ 45,833 $ —
Deutsche Tax-Exempt Money Fund 47,479 14,798
Deutsche Tax-Free Money Fund Class S 36,925 11,831
Service Shares 115,576 32,811
Tax-Exempt Cash Managed Shares 52,830 16,193
Tax-Free Investment Class 57,094 2,107
  $ 355,737 $ 45,833 $ 77,740

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Tax-Exempt Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 278,429 $ 195,000 $ 30,160 .18% .60%
Tax-Free Investment Class 168,697 76,087 1,325 .14% .25%
  $ 447,126 $ 271,087 $ 31,485    

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Tax-Exempt Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Tax-Exempt Cash Managed Shares $ 103,277 $ 6,954 .15% .15%
Tax-Free Investment Class 47,235 499 .07% .07%
  $ 150,512 $ 7,453    

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, 2017, 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, 2017
Deutsche Tax-Exempt Portfolio $ 59,623 $ 27,016

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended April 30, 2017, the Fund engaged in securities purchases of $731,939,000 and securities sales of $896,940,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Tax-Exempt Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Tax-Exempt Cash Premier Shares 717,887,643 $ 717,887,643 1,981,997,866 $ 1,981,997,866
Deutsche Tax-Exempt Money Fund 67,778,786 67,778,786 69,253,500 69,253,500
Deutsche Tax-Free Money Fund Class S 16,617,062 16,617,062 21,649,034 21,649,034
Service Shares 79,974,302 79,974,302 142,889,466 142,889,466
Tax-Exempt Cash Managed Shares 254,196,732 254,196,732 184,507,988 184,507,988
Tax-Free Investment Class 42,959,132 42,959,132 281,275,906 281,275,906
Account Maintenance Fees 15,237 19,240
    $ 1,179,428,894   $ 2,681,593,000
Shares issued to shareholders in reinvestment of distributions
Deutsche Tax-Exempt Cash Premier Shares 339,664 $ 339,664 110,529 $ 110,529
Deutsche Tax-Exempt Money Fund 708,301 708,301 62,717 62,717
Deutsche Tax-Free Money Fund Class S 255,513 255,513 22,818 22,818
Service Shares 45,367 45,367 10,263 10,263
Tax-Exempt Cash Managed Shares 944 944 83 83
Tax-Free Investment Class 17,924 17,924 64,744 64,744
    $ 1,367,713   $ 271,154
Shares redeemed
Deutsche Tax-Exempt Cash Premier Shares (1,194,579,965) $ (1,194,579,965) (1,764,135,494) $ (1,764,135,494)
Deutsche Tax-Exempt Money Fund (95,919,276) (95,919,276) (74,421,648) (74,421,648)
Deutsche Tax-Free Money Fund Class S (28,995,336) (28,995,336) (30,672,226) (30,672,226)
Service Shares (89,409,981) (89,409,981) (141,637,902) (141,637,902)
Tax-Exempt Cash Managed Shares (259,528,670) (259,528,670) (176,378,285) (176,378,285)
Tax-Free Investment Class (273,698,265) (273,698,265) (304,527,724) (304,527,724)
    $ (1,942,131,493)   $ (2,491,773,279)
Net increase (decrease)
Deutsche Tax-Exempt Cash Premier Shares (476,352,658) $ (476,352,658) 217,972,901 $ 217,972,901
Deutsche Tax-Exempt Money Fund (27,432,189) (27,432,189) (5,105,431) (5,105,431)
Deutsche Tax-Free Money Fund Class S (12,122,761) (12,122,761) (9,000,374) (9,000,374)
Service Shares (9,390,312) (9,390,312) 1,261,827 1,261,827
Tax-Exempt Cash Managed Shares (5,330,994) (5,330,994) 8,129,786 8,129,786
Tax-Free Investment Class (230,721,209) (230,721,209) (23,187,074) (23,187,074)
Account Maintenance Fees 15,237 19,240
    $ (761,334,886)   $ 190,090,875

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Tax-Exempt Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Tax-Exempt Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    cattepm_eny0
Boston, Massachusetts
June 19, 2017
   

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 Deutsche Tax-Exempt Cash Premier Shares and 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)
Actual Fund Return Deutsche Tax-Exempt Cash Premier Shares Tax-Exempt Cash Managed Shares
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,002.71 $ 1,001.74
Expenses Paid per $1,000* $ .99 $ 2.13
Hypothetical 5% Fund Return    
Beginning Account Value 11/1/16 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/17 $ 1,023.80 $ 1,022.66
Expenses Paid per $1,000* $ 1.00 $ 2.16
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios
Deutsche Tax-Exempt Cash Premier Shares .20%
Tax-Exempt Cash Managed Shares .43%

For more information, please refer to each Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended April 30, 2017, 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Tax-Exempt Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Deutsche Tax-Exempt Cash Institutional Shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share class: Service Shares (2nd quartile) and higher than the median of the applicable Broadridge expense universe for the following share classes: Deutsche Tax-Exempt Cash Institutional Shares (4th quartile), Tax Free Investment Class shares (3rd quartile), Tax-Exempt Cash Managed Shares (4th quartile), Deutsche Tax-Exempt Money Fund shares (3rd quartile) and Deutsche Tax-Free Money Fund Class S shares (3rd quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds"), noting that DIMA indicated that it does not provide services to any other comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

Notes

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cattepm_backcover0

 


April 30, 2017

Annual Report
to Shareholders

Tax-Free Investment Class

Deutsche Tax-Exempt Portfolio

(formerly Tax-Exempt Portfolio)

Contents

3 Portfolio Management Review

7 Portfolio Summary

10 Investment Portfolio

17 Statement of Assets and Liabilities

19 Statement of Operations

20 Statements of Changes in Net Assets

21 Financial Highlights

22 Notes to Financial Statements

30 Report of Independent Registered Public Accounting Firm

31 Information About Your Fund's Expenses

32 Tax Information

33 Other Information

34 Advisory Agreement Board Considerations and Fee Evaluation

38 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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.

For the Tax Exempt Portfolio, we sought to preserve a balance of liquidity, attractive yield and high quality. The fund held significant positions in 7-day Variable Rate Demand Notes (VRDNs) as well as "laddered" positions in fixed-rate securities with maturities ranging from three to six months. (The interest rate of variable rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.)

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Tax-Free Investment Class .24%*
Equivalent Taxable Yield .42%**

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Deutsche Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates. Within the tax-exempt money market, we foresee reduced new issuance and supply, which should also exert some upward pressure on those rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

The laddered strategy involves purchasing bonds with a variety of long- and short-term maturities at various points along the yield curve.

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 do not reflect fees or expenses and it is not possible to invest directly into an index.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

cattetfi_portsumfollowing1

cattetfi_portsumfollowing0

Investment Portfolio as of April 30, 2017

Deutsche Tax-Exempt Portfolio

  Principal Amount ($) Value ($)
       
Municipal Investments 93.6%
California 20.2%
California, Health Facilities Financing Authority Revenue, TECP, 0.82%, 6/15/2017 12,000,000 12,000,000
California, State Department of Water Resource Power Supply Revenue, TECP, 0.9%, 5/3/2017, LOC: Bank of America NA 13,000,000 13,000,000
California, State General Obligation, 4.0%, 9/1/2017 9,420,000 9,524,240
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Series E-2, 5.0%, 4/1/2044 3,500,000 3,507,092
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 1.27%**, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA 4,000,000 4,000,000
Sacramento County, CA, Sanitation Districts Financing Authority Revenue, Municipal Securities Trust Receipts, "A", 144A, 0.92%*, 12/1/2035, INS: FGIC, LOC: Societe Generale 10,000,000 10,000,000
San Diego, CA, Public Facilities Financing Authority, TECP, 0.97%, 7/18/2017, LOC: Bank of America NA 1,612,000 1,612,000
San Jose, CA, Redevelopment Agency, TECP, 0.85%, 7/21/2017 15,000,000 15,000,000
  68,643,332
Connecticut 3.6%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series A, 0.8%, 7/1/2048 3,315,000 3,315,363
Connecticut, State Housing Finance Program Authority Revenue, Series A-3, 0.89%*, 11/15/2047, SPA: Helaba 9,000,000 9,000,000
  12,315,363
District of Columbia 0.8%
Metropolitan Washington, DC, Airport Authority System Revenue, Series C-2, 0.9%*, 10/1/2039, LOC: Sumitomo Mitsui Banking 2,535,000 2,535,000
Florida 7.8%
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Inc., Series A, 0.9%*, 7/15/2024, LIQ: Fannie Mae, LOC: Fannie Mae 3,000,000 3,000,000
Florida, State Municipal Power Agency Revenue, Series C, 0.91%*, 10/1/2035, LOC: Bank of America NA 1,900,000 1,900,000
Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 0.92%*, 5/1/2033, LOC: Northern Trust Co. 4,150,000 4,150,000
Gainesville, FL, Utilities System Revenue, Series B, 0.92%*, 10/1/2042, LOC: Sumitomo Mitsui Banking 6,000,000 6,000,000
Hillsborough County, FL, TECP, 0.96%, 6/22/2017, LOC: Bank of Tokyo-Mitsubishi UFJ 5,400,000 5,400,000
Miami-Dade County, FL, School Board, Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2020, INS: NATL 5,155,000 5,155,000
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.96%*, 11/1/2036, LOC: Northern Trust Co. 700,000 700,000
  26,305,000
Georgia 4.3%
Atlanta, GA, Water & Sewer Revenue, TECP, 0.97%, 6/30/2017 13,100,000 13,100,000
Georgia, Private Colleges & Universities Authority Revenue, TECP, 0.8%, 5/10/2017 1,417,000 1,417,000
  14,517,000
Illinois 7.2%
Chicago, IL, Midway Airport Revenue, Second Lien, Series D, 0.89%*, 1/1/2035, LOC: Bank of Montreal 3,000,000 3,000,000
Illinois, State Development Finance Authority, Industrial Revenue, Uhlich Childrens Home Project, 0.91%*, 10/1/2033, LOC: U.S. Bank NA 3,850,000 3,850,000
Illinois, State Finance Authority Revenue, Edward Hospital Obligated Group, Series C, 0.89%*, 2/1/2029, LOC: JPMorgan Chase Bank NA 5,015,000 5,015,000
Illinois, State Finance Authority Revenue, Elmhurst College, 0.9%*, 2/1/2042, LOC: Harris NA 5,000,000 5,000,000
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co. Project, 0.92%*, 3/1/2043, LOC: Northern Trust Co. 1,000,000 1,000,000
Illinois, State Finance Authority, Multi-Family Housing Revenue, Hidden Glen Apartments Project, AMT, 0.92%*, 12/1/2042, LOC: U.S. Bank NA 6,625,000 6,625,000
  24,490,000
Iowa 0.6%
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College, 0.9%*, 11/1/2036, LOC: Bank of America NA 2,000,000 2,000,000
Kansas 0.3%
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.899%**, 9/1/2017 1,000,000 999,874
Maryland 0.9%
Maryland, State & Local Facility, Series B, 5.25%, 8/15/2017 3,000,000 3,038,388
Massachusetts 1.8%
Massachusetts, Municipal Securities Trust Receipts, "A", 144A, 0.93%*, 5/1/2037, INS: FGIC, LIQ: Societe Generale 2,980,000 2,980,000
Massachusetts, State General Obligation, Series C, 5.5%, 12/1/2017, INS: AGMC 680,000 698,652
Massachusetts, Tender Option Bond Trust Receipts/ Certificates of Various States, Series 2015-XF2203, 144A, 0.92%*, 8/15/2023, LIQ: Citibank NA 2,300,000 2,300,000
  5,978,652
Michigan 0.3%
Michigan, State Housing Development Authority, Multi-Family Housing Revenue, Berrien Woods III, Series A, AMT, 0.96%*, 7/1/2032, LOC: Citibank NA 1,105,000 1,105,000
Minnesota 1.0%
Minnesota, State Housing Finance Agency Revenue, Residential Housing, Series G, 0.9%*, 1/1/2034, SPA: Royal Bank of Canada 3,500,000 3,500,000
Mississippi 3.3%
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.9%*, 12/1/2030, GTY: Chevron Corp. 11,150,000 11,150,000
Missouri 0.8%
Missouri, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2198, 144A, 0.93%*, 5/1/2023, LIQ: Citibank NA 2,660,000 2,660,000
Nevada 6.0%
Clark County, NV, Airport Revenue:
  Series D-2B, 0.89%*, 7/1/2040, LOC: Royal Bank of Canada 3,050,000 3,050,000
  Series B-2, AMT, 0.91%*, 7/1/2022, LOC: Royal Bank of Canada 4,000,000 4,000,000
  Series A-2, AMT, 0.92%*, 7/1/2022, LOC: State Street Bank & Trust Co. 7,000,000 7,000,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project:  
  Series A, Prerefunded 6/1/2017 @ 100, 5.0%, 6/1/2022 3,295,000 3,306,957
  Series A, Prerefunded 6/1/2017 @ 100, 5.25%, 6/1/2037 3,000,000 3,011,519
  20,368,476
New Hampshire 2.0%
New Hampshire, State Higher Educational & Health Facilities Authority, Hunt Community, 0.92%*, 5/1/2026, LOC: TD Bank NA 6,635,000 6,635,000
New York 7.4%
New York, General Obligation, Series A-4, 0.9%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ 2,000,000 2,000,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.98%*, 5/1/2048, LOC: Bank of China 16,900,000 16,900,000
New York, State Thruway Authority Revenue, Series 2016-XF2345, 0.93%*, 4/1/2020, LIQ: Credit Suisse 1,000,000 1,000,000
New York City, NY, Health & Hospital Corp., Health Systems, Series D, 0.89%*, 2/15/2026, LOC: JPMorgan Chase Bank NA 1,000,000 1,000,000
New York City, NY, Housing Development Corp., Mortgage Parkview II Apartments, Series A, AMT, 0.92%*, 12/1/2037, LOC: Citibank NA 4,255,000 4,255,000
  25,155,000
Ohio 5.1%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2018 4,400,000 4,460,512
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.97%*, 5/1/2049, LOC: Northern Trust Co. 12,800,000 12,800,000
  17,260,512
Pennsylvania 2.4%
Pennsylvania, Emmaus General Authority, Series D-24, 0.9%*, 3/1/2024, LOC: U.S. Bank NA 7,000,000 7,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, IESI Corp., 0.93%*, 11/1/2028, GTY: IESI Corp., LOC: Royal Bank of America NA 1,000,000 1,000,000
  8,000,000
South Carolina 0.2%
South Carolina, State Jobs-Economic Development Authority, Bon Secours Health System, Series D, 0.96%*, 11/1/2025, LOC: Bank of New York Mellon 670,000 670,000
Texas 11.5%
Bexar County, TX, Housing Finance Corp., Aamha LLC Project, 0.9%*, 12/15/2025, LIQ: Fannie Mae, LOC: Fannie Mae 4,205,000 4,205,000
Denton, TX, Independent School District, Prerefunded 8/15/2017 @ 100, 5.0%, 8/15/2038 14,525,000 14,697,486
Houston, TX, Combined Utility System Revenue:
  TECP, 0.86%, 5/4/2017, LIQ: State Street Bank & Trust Co. 5,000,000 5,000,000
  TECP, 0.93%, 5/4/2017, LOC: Bank of America NA 10,000,000 10,000,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.92%*, 11/15/2050, LOC: Northern Trust Co. 1,270,000 1,270,000
Texas, State Municipal Power Agency Revenue, Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL 870,000 867,606
Texas, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2201, 144A, 0.93%*, 10/15/2023, LIQ: Citibank NA 3,100,000 3,100,000
  39,140,092
Virginia 1.9%
Lynchburg, VA, Industrial Development Authority Revenue, Centra Health, Inc., Series B, 0.91%*, 1/1/2035, INS: NATL, LOC: Branch Banking & Trust 6,550,000 6,550,000
Other 4.2%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:  
  "A", Series MO27, 0.93%*, 10/15/2029, LIQ: Freddie Mac 2,880,000 2,880,000
  "A", Series M031, 0.93%**, 12/15/2045, LIQ: Freddie Mac 6,334,000 6,334,000
  "A", Series M015, AMT, 0.93%**, 5/15/2046, LIQ: Freddie Mac 2,970,000 2,970,000
  Series M033, 0.93%**, 3/15/2049, LIQ: Freddie Mac 2,038,000 2,038,000
  14,222,000
Total Municipal Investments (Cost $317,238,689) 317,238,689
 
Preferred Shares of Closed-End Investment Companies 6.6%
California 3.7%
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 1.05%*, 6/1/2041, LIQ: Societe Generale 10,000,000 10,000,000
California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.03%*, 8/1/2040, LIQ: Citibank NA 2,500,000 2,500,000
  12,500,000
Other Territories 2.9%
Nuveen Enhanced Municipal Credit Opportunities Fund, Series 3, 144A, AMT, 1.03%*, 6/1/2040, LIQ: Toronto-Dominion Bank 10,000,000 10,000,000
Total Preferred Shares of Closed-End Investment Companies (Cost $22,500,000) 22,500,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $339,738,689) 100.2 339,738,689
Other Assets and Liabilities, Net (0.2) (609,918)
Net Assets 100.0 339,128,771

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly, and are shown at their current rates as of April 30, 2017. Maturity date shown is the final maturity date.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $339,738,689.

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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

FGIC: Financial Guaranty Insurance Co

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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, 2017 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) $ — $ 317,238,689 $ — $ 317,238,689
Preferred Shares of Closed-End Investment Companies (a) 22,500,000 22,500,000
Total $ — $ 339,738,689 $ — $ 339,738,689

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(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, 2017
Assets Deutsche Tax-Exempt Portfolio
Investments in securities, valued at amortized cost $ 339,738,689
Cash 33,334
Receivable for investments sold 220,000
Receivable for Fund shares sold 170,794
Interest receivable 864,736
Due from Advisor 95,752
Other assets 62,655
Total assets 341,185,960
Liabilities
Payable for Fund shares redeemed 1,640,816
Distributions payable 53,637
Accrued Trustees' fees 5,783
Other accrued expenses and payables 356,953
Total liabilities 2,057,189
Net assets, at value $ 339,128,771
Net Assets Consist of
Distributions in excess of net investment income (53,638)
Accumulated net realized gain (loss) (34,444)
Paid-in capital 339,216,853
Net assets, at value $ 339,128,771

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Tax-Exempt Portfolio

Deutsche Tax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($37,559,432 ÷ 37,545,662 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($143,407,830 ÷ 143,354,730 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($54,798,256 ÷ 54,778,173 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 ($39,710,846 ÷ 39,696,280 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 ($55,022,638 ÷ 55,002,455 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 ($8,629,769 ÷ 8,626,604 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, 2017
Investment Income Deutsche Tax-Exempt Portfolio

Income:

Interest

$ 3,623,082
Other income 41,067
Total income 3,664,149

Expenses:

Management fee

426,241
Administration fee 616,216
Services to shareholders 384,653
Distribution and service fees 597,638
Custodian fee 5,158
Professional fees 128,668
Reports to shareholders 136,439
Registration fees 148,043
Trustees' fees and expenses 26,867
Other 82,200
Total expenses before expense reductions 2,552,123
Expense reductions (628,178)
Total expenses after expense reductions 1,923,945
Net investment income 1,740,204
Net realized gain (loss) from investments (34,444)
Net increase (decrease) in net assets resulting from operations $ 1,705,760

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Tax-Exempt Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 1,740,204 $ 245,927
Net realized gain (loss) (34,444) 125,289
Net increase in net assets resulting from operations 1,705,760 371,216

Distributions to shareholders from:

Net investment income:

Deutsche Tax-Exempt Cash Premier Shares

(728,624) (171,899)
Deutsche Tax-Exempt Money Fund (707,714) (51,193)
Deutsche Tax-Free Money Fund Class S (263,679) (19,292)
Service Shares (39,373) (7,517)
Tax-Exempt Cash Managed Shares (185,422) (9,894)
Tax-Free Investment Class (16,700) (44,339)

Net realized gain:

Deutsche Tax-Exempt Cash Premier Shares

(27,952) (32,106)
Deutsche Tax-Exempt Money Fund (15,307) (11,248)
Deutsche Tax-Free Money Fund Class S (6,360) (4,709)
Service Shares (6,245) (3,142)
Tax-Exempt Cash Managed Shares (5,594) (4,736)
Tax-Free Investment Class (1,196) (21,499)
Total distributions (2,004,166) (381,574)

Fund share transactions:

Proceeds from shares sold

1,179,428,894 2,681,593,000
Reinvestment of distributions 1,367,713 271,154
Cost of shares redeemed (1,942,131,493) (2,491,773,279)
Net increase (decrease) in net assets from Fund share transactions (761,334,886) 190,090,875
Increase (decrease) in net assets (761,633,292) 190,080,517
Net assets at beginning of period 1,100,762,063 910,681,546
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $53,638 and $69,431, respectively) $ 339,128,771 $ 1,100,762,063

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Tax-Exempt Portfolio
Tax-Free Investment Class
   
Years Ended April 30,
2017 2016 2015 2014 2013
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* .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .001* .000* .000* .000* .000*

Less distributions from:

Net investment income

(.001) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.001) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .13 .02 .03 .02 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 9 239 263 283 312
Ratio of expenses before expense reductions (%) .66 .66 .64 .64 .63
Ratio of expenses after expense reductions (%) .49 .14 .10 .13 .19
Ratio of net investment income (%) .02 .01 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Tax-Exempt Portfolio (the "Fund").

Deutsche Tax-Exempt Portfolio offers six classes of shares: Deutsche Tax-Exempt Cash Premier Shares (formerly Deutsche Tax-Exempt Cash Institutional Shares), Deutsche Tax-Exempt Money Fund, Deutsche Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

At April 30, 2017, the Fund had a net tax basis capital loss carryforward of approximately $34,000 of post-enactment short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Tax-Exempt Portfolio:

Capital loss carryforwards

$ (34,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

Portfolio Years Ended April 30,
2017 2016

Tax-Exempt Portfolio:

Distributions from tax-exempt income

$ 1,941,512 $ 304,134
Distributions from ordinary income* $ 62,654 $ 48,780
Distributions from long-term capital gains $ — $ 28,660

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two Funds of the Trust 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, 2016 through September 30, 2017, 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 total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.72%.

The Advisor has agreed to voluntarily waive additional expenses. The voluntary 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, 2017, the Advisor earned a management fee on Deutsche Tax-Exempt Portfolio aggregating $426,241, of which $311,258 was waived, resulting in an annual effective rate of 0.02% of the Fund's average daily net assets.

In addition, the Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Unpaid at April 30, 2017
Deutsche Tax-Exempt Portfolio $ 616,216 $ 28,492

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Tax-Exempt Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Tax-Exempt Cash Premier Shares $ 45,833 $ 45,833 $ —
Deutsche Tax-Exempt Money Fund 47,479 14,798
Deutsche Tax-Free Money Fund Class S 36,925 11,831
Service Shares 115,576 32,811
Tax-Exempt Cash Managed Shares 52,830 16,193
Tax-Free Investment Class 57,094 2,107
  $ 355,737 $ 45,833 $ 77,740

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Tax-Exempt Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 278,429 $ 195,000 $ 30,160 .18% .60%
Tax-Free Investment Class 168,697 76,087 1,325 .14% .25%
  $ 447,126 $ 271,087 $ 31,485    

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Tax-Exempt Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Tax-Exempt Cash Managed Shares $ 103,277 $ 6,954 .15% .15%
Tax-Free Investment Class 47,235 499 .07% .07%
  $ 150,512 $ 7,453    

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, 2017, 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, 2017
Deutsche Tax-Exempt Portfolio $ 59,623 $ 27,016

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended April 30, 2017, the Fund engaged in securities purchases of $731,939,000 and securities sales of $896,940,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Tax-Exempt Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Tax-Exempt Cash Premier Shares 717,887,643 $ 717,887,643 1,981,997,866 $ 1,981,997,866
Deutsche Tax-Exempt Money Fund 67,778,786 67,778,786 69,253,500 69,253,500
Deutsche Tax-Free Money Fund Class S 16,617,062 16,617,062 21,649,034 21,649,034
Service Shares 79,974,302 79,974,302 142,889,466 142,889,466
Tax-Exempt Cash Managed Shares 254,196,732 254,196,732 184,507,988 184,507,988
Tax-Free Investment Class 42,959,132 42,959,132 281,275,906 281,275,906
Account Maintenance Fees 15,237 19,240
    $ 1,179,428,894   $ 2,681,593,000
Shares issued to shareholders in reinvestment of distributions
Deutsche Tax-Exempt Cash Premier Shares 339,664 $ 339,664 110,529 $ 110,529
Deutsche Tax-Exempt Money Fund 708,301 708,301 62,717 62,717
Deutsche Tax-Free Money Fund Class S 255,513 255,513 22,818 22,818
Service Shares 45,367 45,367 10,263 10,263
Tax-Exempt Cash Managed Shares 944 944 83 83
Tax-Free Investment Class 17,924 17,924 64,744 64,744
    $ 1,367,713   $ 271,154
Shares redeemed
Deutsche Tax-Exempt Cash Premier Shares (1,194,579,965) $ (1,194,579,965) (1,764,135,494) $ (1,764,135,494)
Deutsche Tax-Exempt Money Fund (95,919,276) (95,919,276) (74,421,648) (74,421,648)
Deutsche Tax-Free Money Fund Class S (28,995,336) (28,995,336) (30,672,226) (30,672,226)
Service Shares (89,409,981) (89,409,981) (141,637,902) (141,637,902)
Tax-Exempt Cash Managed Shares (259,528,670) (259,528,670) (176,378,285) (176,378,285)
Tax-Free Investment Class (273,698,265) (273,698,265) (304,527,724) (304,527,724)
    $ (1,942,131,493)   $ (2,491,773,279)
Net increase (decrease)
Deutsche Tax-Exempt Cash Premier Shares (476,352,658) $ (476,352,658) 217,972,901 $ 217,972,901
Deutsche Tax-Exempt Money Fund (27,432,189) (27,432,189) (5,105,431) (5,105,431)
Deutsche Tax-Free Money Fund Class S (12,122,761) (12,122,761) (9,000,374) (9,000,374)
Service Shares (9,390,312) (9,390,312) 1,261,827 1,261,827
Tax-Exempt Cash Managed Shares (5,330,994) (5,330,994) 8,129,786 8,129,786
Tax-Free Investment Class (230,721,209) (230,721,209) (23,187,074) (23,187,074)
Account Maintenance Fees 15,237 19,240
    $ (761,334,886)   $ 190,090,875

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Tax-Exempt Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Tax-Exempt Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    cattetfi_eny0
Boston, Massachusetts
June 19, 2017
   

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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)
Actual Fund Return Tax-Free Investment Class
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,000.27
Expenses Paid per $1,000* $ 3.42
Hypothetical 5% Fund Return  
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,021.37
Expenses Paid per $1,000* $ 3.46
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratio  
Tax-Free Investment Class .69%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended April 30, 2017, 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Tax-Exempt Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Deutsche Tax-Exempt Cash Institutional Shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share class: Service Shares (2nd quartile) and higher than the median of the applicable Broadridge expense universe for the following share classes: Deutsche Tax-Exempt Cash Institutional Shares (4th quartile), Tax Free Investment Class shares (3rd quartile), Tax-Exempt Cash Managed Shares (4th quartile), Deutsche Tax-Exempt Money Fund shares (3rd quartile) and Deutsche Tax-Free Money Fund Class S shares (3rd quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds"), noting that DIMA indicated that it does not provide services to any other comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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April 30, 2017

Annual Report
to Shareholders

Deutsche Tax-Exempt Portfolio

(formerly Tax-Exempt Portfolio)

Deutsche Tax-Free Money Fund Class S

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Contents

3 Portfolio Management Review

7 Portfolio Summary

10 Investment Portfolio

17 Statement of Assets and Liabilities

19 Statement of Operations

20 Statements of Changes in Net Assets

21 Financial Highlights

22 Notes to Financial Statements

30 Report of Independent Registered Public Accounting Firm

31 Information About Your Fund's Expenses

32 Tax Information

33 Other Information

34 Advisory Agreement Board Considerations and Fee Evaluation

38 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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.

For the Tax Exempt Portfolio, we sought to preserve a balance of liquidity, attractive yield and high quality. The fund held significant positions in 7-day Variable Rate Demand Notes (VRDNs) as well as "laddered" positions in fixed-rate securities with maturities ranging from three to six months. (The interest rate of variable rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.)

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Deutsche Tax-Free Money Fund Class S .62%*
Equivalent Taxable Yield 1.10%**

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Deutsche Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates. Within the tax-exempt money market, we foresee reduced new issuance and supply, which should also exert some upward pressure on those rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

The laddered strategy involves purchasing bonds with a variety of long- and short-term maturities at various points along the yield curve.

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 do not reflect fees or expenses and it is not possible to invest directly into an index.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

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Investment Portfolio as of April 30, 2017

Deutsche Tax-Exempt Portfolio

  Principal Amount ($) Value ($)
       
Municipal Investments 93.6%
California 20.2%
California, Health Facilities Financing Authority Revenue, TECP, 0.82%, 6/15/2017 12,000,000 12,000,000
California, State Department of Water Resource Power Supply Revenue, TECP, 0.9%, 5/3/2017, LOC: Bank of America NA 13,000,000 13,000,000
California, State General Obligation, 4.0%, 9/1/2017 9,420,000 9,524,240
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Series E-2, 5.0%, 4/1/2044 3,500,000 3,507,092
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 1.27%**, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA 4,000,000 4,000,000
Sacramento County, CA, Sanitation Districts Financing Authority Revenue, Municipal Securities Trust Receipts, "A", 144A, 0.92%*, 12/1/2035, INS: FGIC, LOC: Societe Generale 10,000,000 10,000,000
San Diego, CA, Public Facilities Financing Authority, TECP, 0.97%, 7/18/2017, LOC: Bank of America NA 1,612,000 1,612,000
San Jose, CA, Redevelopment Agency, TECP, 0.85%, 7/21/2017 15,000,000 15,000,000
  68,643,332
Connecticut 3.6%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series A, 0.8%, 7/1/2048 3,315,000 3,315,363
Connecticut, State Housing Finance Program Authority Revenue, Series A-3, 0.89%*, 11/15/2047, SPA: Helaba 9,000,000 9,000,000
  12,315,363
District of Columbia 0.8%
Metropolitan Washington, DC, Airport Authority System Revenue, Series C-2, 0.9%*, 10/1/2039, LOC: Sumitomo Mitsui Banking 2,535,000 2,535,000
Florida 7.8%
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Inc., Series A, 0.9%*, 7/15/2024, LIQ: Fannie Mae, LOC: Fannie Mae 3,000,000 3,000,000
Florida, State Municipal Power Agency Revenue, Series C, 0.91%*, 10/1/2035, LOC: Bank of America NA 1,900,000 1,900,000
Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 0.92%*, 5/1/2033, LOC: Northern Trust Co. 4,150,000 4,150,000
Gainesville, FL, Utilities System Revenue, Series B, 0.92%*, 10/1/2042, LOC: Sumitomo Mitsui Banking 6,000,000 6,000,000
Hillsborough County, FL, TECP, 0.96%, 6/22/2017, LOC: Bank of Tokyo-Mitsubishi UFJ 5,400,000 5,400,000
Miami-Dade County, FL, School Board, Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2020, INS: NATL 5,155,000 5,155,000
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.96%*, 11/1/2036, LOC: Northern Trust Co. 700,000 700,000
  26,305,000
Georgia 4.3%
Atlanta, GA, Water & Sewer Revenue, TECP, 0.97%, 6/30/2017 13,100,000 13,100,000
Georgia, Private Colleges & Universities Authority Revenue, TECP, 0.8%, 5/10/2017 1,417,000 1,417,000
  14,517,000
Illinois 7.2%
Chicago, IL, Midway Airport Revenue, Second Lien, Series D, 0.89%*, 1/1/2035, LOC: Bank of Montreal 3,000,000 3,000,000
Illinois, State Development Finance Authority, Industrial Revenue, Uhlich Childrens Home Project, 0.91%*, 10/1/2033, LOC: U.S. Bank NA 3,850,000 3,850,000
Illinois, State Finance Authority Revenue, Edward Hospital Obligated Group, Series C, 0.89%*, 2/1/2029, LOC: JPMorgan Chase Bank NA 5,015,000 5,015,000
Illinois, State Finance Authority Revenue, Elmhurst College, 0.9%*, 2/1/2042, LOC: Harris NA 5,000,000 5,000,000
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co. Project, 0.92%*, 3/1/2043, LOC: Northern Trust Co. 1,000,000 1,000,000
Illinois, State Finance Authority, Multi-Family Housing Revenue, Hidden Glen Apartments Project, AMT, 0.92%*, 12/1/2042, LOC: U.S. Bank NA 6,625,000 6,625,000
  24,490,000
Iowa 0.6%
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College, 0.9%*, 11/1/2036, LOC: Bank of America NA 2,000,000 2,000,000
Kansas 0.3%
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.899%**, 9/1/2017 1,000,000 999,874
Maryland 0.9%
Maryland, State & Local Facility, Series B, 5.25%, 8/15/2017 3,000,000 3,038,388
Massachusetts 1.8%
Massachusetts, Municipal Securities Trust Receipts, "A", 144A, 0.93%*, 5/1/2037, INS: FGIC, LIQ: Societe Generale 2,980,000 2,980,000
Massachusetts, State General Obligation, Series C, 5.5%, 12/1/2017, INS: AGMC 680,000 698,652
Massachusetts, Tender Option Bond Trust Receipts/ Certificates of Various States, Series 2015-XF2203, 144A, 0.92%*, 8/15/2023, LIQ: Citibank NA 2,300,000 2,300,000
  5,978,652
Michigan 0.3%
Michigan, State Housing Development Authority, Multi-Family Housing Revenue, Berrien Woods III, Series A, AMT, 0.96%*, 7/1/2032, LOC: Citibank NA 1,105,000 1,105,000
Minnesota 1.0%
Minnesota, State Housing Finance Agency Revenue, Residential Housing, Series G, 0.9%*, 1/1/2034, SPA: Royal Bank of Canada 3,500,000 3,500,000
Mississippi 3.3%
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.9%*, 12/1/2030, GTY: Chevron Corp. 11,150,000 11,150,000
Missouri 0.8%
Missouri, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2198, 144A, 0.93%*, 5/1/2023, LIQ: Citibank NA 2,660,000 2,660,000
Nevada 6.0%
Clark County, NV, Airport Revenue:
  Series D-2B, 0.89%*, 7/1/2040, LOC: Royal Bank of Canada 3,050,000 3,050,000
  Series B-2, AMT, 0.91%*, 7/1/2022, LOC: Royal Bank of Canada 4,000,000 4,000,000
  Series A-2, AMT, 0.92%*, 7/1/2022, LOC: State Street Bank & Trust Co. 7,000,000 7,000,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project:  
  Series A, Prerefunded 6/1/2017 @ 100, 5.0%, 6/1/2022 3,295,000 3,306,957
  Series A, Prerefunded 6/1/2017 @ 100, 5.25%, 6/1/2037 3,000,000 3,011,519
  20,368,476
New Hampshire 2.0%
New Hampshire, State Higher Educational & Health Facilities Authority, Hunt Community, 0.92%*, 5/1/2026, LOC: TD Bank NA 6,635,000 6,635,000
New York 7.4%
New York, General Obligation, Series A-4, 0.9%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ 2,000,000 2,000,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.98%*, 5/1/2048, LOC: Bank of China 16,900,000 16,900,000
New York, State Thruway Authority Revenue, Series 2016-XF2345, 0.93%*, 4/1/2020, LIQ: Credit Suisse 1,000,000 1,000,000
New York City, NY, Health & Hospital Corp., Health Systems, Series D, 0.89%*, 2/15/2026, LOC: JPMorgan Chase Bank NA 1,000,000 1,000,000
New York City, NY, Housing Development Corp., Mortgage Parkview II Apartments, Series A, AMT, 0.92%*, 12/1/2037, LOC: Citibank NA 4,255,000 4,255,000
  25,155,000
Ohio 5.1%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2018 4,400,000 4,460,512
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.97%*, 5/1/2049, LOC: Northern Trust Co. 12,800,000 12,800,000
  17,260,512
Pennsylvania 2.4%
Pennsylvania, Emmaus General Authority, Series D-24, 0.9%*, 3/1/2024, LOC: U.S. Bank NA 7,000,000 7,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, IESI Corp., 0.93%*, 11/1/2028, GTY: IESI Corp., LOC: Royal Bank of America NA 1,000,000 1,000,000
  8,000,000
South Carolina 0.2%
South Carolina, State Jobs-Economic Development Authority, Bon Secours Health System, Series D, 0.96%*, 11/1/2025, LOC: Bank of New York Mellon 670,000 670,000
Texas 11.5%
Bexar County, TX, Housing Finance Corp., Aamha LLC Project, 0.9%*, 12/15/2025, LIQ: Fannie Mae, LOC: Fannie Mae 4,205,000 4,205,000
Denton, TX, Independent School District, Prerefunded 8/15/2017 @ 100, 5.0%, 8/15/2038 14,525,000 14,697,486
Houston, TX, Combined Utility System Revenue:
  TECP, 0.86%, 5/4/2017, LIQ: State Street Bank & Trust Co. 5,000,000 5,000,000
  TECP, 0.93%, 5/4/2017, LOC: Bank of America NA 10,000,000 10,000,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.92%*, 11/15/2050, LOC: Northern Trust Co. 1,270,000 1,270,000
Texas, State Municipal Power Agency Revenue, Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL 870,000 867,606
Texas, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2201, 144A, 0.93%*, 10/15/2023, LIQ: Citibank NA 3,100,000 3,100,000
  39,140,092
Virginia 1.9%
Lynchburg, VA, Industrial Development Authority Revenue, Centra Health, Inc., Series B, 0.91%*, 1/1/2035, INS: NATL, LOC: Branch Banking & Trust 6,550,000 6,550,000
Other 4.2%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:  
  "A", Series MO27, 0.93%*, 10/15/2029, LIQ: Freddie Mac 2,880,000 2,880,000
  "A", Series M031, 0.93%**, 12/15/2045, LIQ: Freddie Mac 6,334,000 6,334,000
  "A", Series M015, AMT, 0.93%**, 5/15/2046, LIQ: Freddie Mac 2,970,000 2,970,000
  Series M033, 0.93%**, 3/15/2049, LIQ: Freddie Mac 2,038,000 2,038,000
  14,222,000
Total Municipal Investments (Cost $317,238,689) 317,238,689
 
Preferred Shares of Closed-End Investment Companies 6.6%
California 3.7%
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 1.05%*, 6/1/2041, LIQ: Societe Generale 10,000,000 10,000,000
California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.03%*, 8/1/2040, LIQ: Citibank NA 2,500,000 2,500,000
  12,500,000
Other Territories 2.9%
Nuveen Enhanced Municipal Credit Opportunities Fund, Series 3, 144A, AMT, 1.03%*, 6/1/2040, LIQ: Toronto-Dominion Bank 10,000,000 10,000,000
Total Preferred Shares of Closed-End Investment Companies (Cost $22,500,000) 22,500,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $339,738,689) 100.2 339,738,689
Other Assets and Liabilities, Net (0.2) (609,918)
Net Assets 100.0 339,128,771

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly, and are shown at their current rates as of April 30, 2017. Maturity date shown is the final maturity date.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $339,738,689.

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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

FGIC: Financial Guaranty Insurance Co

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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, 2017 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) $ — $ 317,238,689 $ — $ 317,238,689
Preferred Shares of Closed-End Investment Companies (a) 22,500,000 22,500,000
Total $ — $ 339,738,689 $ — $ 339,738,689

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(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, 2017
Assets Deutsche Tax-Exempt Portfolio
Investments in securities, valued at amortized cost $ 339,738,689
Cash 33,334
Receivable for investments sold 220,000
Receivable for Fund shares sold 170,794
Interest receivable 864,736
Due from Advisor 95,752
Other assets 62,655
Total assets 341,185,960
Liabilities
Payable for Fund shares redeemed 1,640,816
Distributions payable 53,637
Accrued Trustees' fees 5,783
Other accrued expenses and payables 356,953
Total liabilities 2,057,189
Net assets, at value $ 339,128,771
Net Assets Consist of
Distributions in excess of net investment income (53,638)
Accumulated net realized gain (loss) (34,444)
Paid-in capital 339,216,853
Net assets, at value $ 339,128,771

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Tax-Exempt Portfolio

Deutsche Tax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($37,559,432 ÷ 37,545,662 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($143,407,830 ÷ 143,354,730 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($54,798,256 ÷ 54,778,173 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 ($39,710,846 ÷ 39,696,280 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 ($55,022,638 ÷ 55,002,455 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 ($8,629,769 ÷ 8,626,604 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, 2017
Investment Income Deutsche Tax-Exempt Portfolio

Income:

Interest

$ 3,623,082
Other income 41,067
Total income 3,664,149

Expenses:

Management fee

426,241
Administration fee 616,216
Services to shareholders 384,653
Distribution and service fees 597,638
Custodian fee 5,158
Professional fees 128,668
Reports to shareholders 136,439
Registration fees 148,043
Trustees' fees and expenses 26,867
Other 82,200
Total expenses before expense reductions 2,552,123
Expense reductions (628,178)
Total expenses after expense reductions 1,923,945
Net investment income 1,740,204
Net realized gain (loss) from investments (34,444)
Net increase (decrease) in net assets resulting from operations $ 1,705,760

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Tax-Exempt Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 1,740,204 $ 245,927
Net realized gain (loss) (34,444) 125,289
Net increase in net assets resulting from operations 1,705,760 371,216

Distributions to shareholders from:

Net investment income:

Deutsche Tax-Exempt Cash Premier Shares

(728,624) (171,899)
Deutsche Tax-Exempt Money Fund (707,714) (51,193)
Deutsche Tax-Free Money Fund Class S (263,679) (19,292)
Service Shares (39,373) (7,517)
Tax-Exempt Cash Managed Shares (185,422) (9,894)
Tax-Free Investment Class (16,700) (44,339)

Net realized gain:

Deutsche Tax-Exempt Cash Premier Shares

(27,952) (32,106)
Deutsche Tax-Exempt Money Fund (15,307) (11,248)
Deutsche Tax-Free Money Fund Class S (6,360) (4,709)
Service Shares (6,245) (3,142)
Tax-Exempt Cash Managed Shares (5,594) (4,736)
Tax-Free Investment Class (1,196) (21,499)
Total distributions (2,004,166) (381,574)

Fund share transactions:

Proceeds from shares sold

1,179,428,894 2,681,593,000
Reinvestment of distributions 1,367,713 271,154
Cost of shares redeemed (1,942,131,493) (2,491,773,279)
Net increase (decrease) in net assets from Fund share transactions (761,334,886) 190,090,875
Increase (decrease) in net assets (761,633,292) 190,080,517
Net assets at beginning of period 1,100,762,063 910,681,546
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $53,638 and $69,431, respectively) $ 339,128,771 $ 1,100,762,063

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Tax-Exempt Portfolio
Deutsche Tax-Free Money Fund Class S
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.005 .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .005 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.005) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.005) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .46 .03 .03 .02 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 55 67 76 89 100
Ratio of expenses before expense reductions (%) .33 .28 .27 .26 .26
Ratio of expenses after expense reductions (%) .28 .13 .10 .13 .20
Ratio of net investment income (%) .38 .02 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Tax-Exempt Portfolio (the "Fund").

Deutsche Tax-Exempt Portfolio offers six classes of shares: Deutsche Tax-Exempt Cash Premier Shares (formerly Deutsche Tax-Exempt Cash Institutional Shares), Deutsche Tax-Exempt Money Fund, Deutsche Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

The financial highlights for all classes of shares, other than Deutsche 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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

At April 30, 2017, the Fund had a net tax basis capital loss carryforward of approximately $34,000 of post-enactment short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Tax-Exempt Portfolio:

Capital loss carryforwards

$ (34,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

Portfolio Years Ended April 30,
2017 2016

Tax-Exempt Portfolio:

Distributions from tax-exempt income

$ 1,941,512 $ 304,134
Distributions from ordinary income* $ 62,654 $ 48,780
Distributions from long-term capital gains $ — $ 28,660

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two Funds of the Trust 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, 2016 through September 30, 2017, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Tax-Free Money Fund Class S to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.48%.

Effective January 19, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Tax-Free Money Fund Class S at 0.34%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on Deutsche Tax-Exempt Portfolio aggregating $426,241, of which $311,258 was waived, resulting in an annual effective rate of 0.02% of the Fund's average daily net assets.

In addition, the Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Unpaid at April 30, 2017
Deutsche Tax-Exempt Portfolio $ 616,216 $ 28,492

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Tax-Exempt Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Tax-Exempt Cash Premier Shares $ 45,833 $ 45,833 $ —
Deutsche Tax-Exempt Money Fund 47,479 14,798
Deutsche Tax-Free Money Fund Class S 36,925 11,831
Service Shares 115,576 32,811
Tax-Exempt Cash Managed Shares 52,830 16,193
Tax-Free Investment Class 57,094 2,107
  $ 355,737 $ 45,833 $ 77,740

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Tax-Exempt Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 278,429 $ 195,000 $ 30,160 .18% .60%
Tax-Free Investment Class 168,697 76,087 1,325 .14% .25%
  $ 447,126 $ 271,087 $ 31,485    

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Tax-Exempt Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Tax-Exempt Cash Managed Shares $ 103,277 $ 6,954 .15% .15%
Tax-Free Investment Class 47,235 499 .07% .07%
  $ 150,512 $ 7,453    

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, 2017, 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, 2017
Deutsche Tax-Exempt Portfolio $ 59,623 $ 27,016

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended April 30, 2017, the Fund engaged in securities purchases of $731,939,000 and securities sales of $896,940,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Tax-Exempt Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Tax-Exempt Cash Premier Shares 717,887,643 $ 717,887,643 1,981,997,866 $ 1,981,997,866
Deutsche Tax-Exempt Money Fund 67,778,786 67,778,786 69,253,500 69,253,500
Deutsche Tax-Free Money Fund Class S 16,617,062 16,617,062 21,649,034 21,649,034
Service Shares 79,974,302 79,974,302 142,889,466 142,889,466
Tax-Exempt Cash Managed Shares 254,196,732 254,196,732 184,507,988 184,507,988
Tax-Free Investment Class 42,959,132 42,959,132 281,275,906 281,275,906
Account Maintenance Fees 15,237 19,240
    $ 1,179,428,894   $ 2,681,593,000
Shares issued to shareholders in reinvestment of distributions
Deutsche Tax-Exempt Cash Premier Shares 339,664 $ 339,664 110,529 $ 110,529
Deutsche Tax-Exempt Money Fund 708,301 708,301 62,717 62,717
Deutsche Tax-Free Money Fund Class S 255,513 255,513 22,818 22,818
Service Shares 45,367 45,367 10,263 10,263
Tax-Exempt Cash Managed Shares 944 944 83 83
Tax-Free Investment Class 17,924 17,924 64,744 64,744
    $ 1,367,713   $ 271,154
Shares redeemed
Deutsche Tax-Exempt Cash Premier Shares (1,194,579,965) $ (1,194,579,965) (1,764,135,494) $ (1,764,135,494)
Deutsche Tax-Exempt Money Fund (95,919,276) (95,919,276) (74,421,648) (74,421,648)
Deutsche Tax-Free Money Fund Class S (28,995,336) (28,995,336) (30,672,226) (30,672,226)
Service Shares (89,409,981) (89,409,981) (141,637,902) (141,637,902)
Tax-Exempt Cash Managed Shares (259,528,670) (259,528,670) (176,378,285) (176,378,285)
Tax-Free Investment Class (273,698,265) (273,698,265) (304,527,724) (304,527,724)
    $ (1,942,131,493)   $ (2,491,773,279)
Net increase (decrease)
Deutsche Tax-Exempt Cash Premier Shares (476,352,658) $ (476,352,658) 217,972,901 $ 217,972,901
Deutsche Tax-Exempt Money Fund (27,432,189) (27,432,189) (5,105,431) (5,105,431)
Deutsche Tax-Free Money Fund Class S (12,122,761) (12,122,761) (9,000,374) (9,000,374)
Service Shares (9,390,312) (9,390,312) 1,261,827 1,261,827
Tax-Exempt Cash Managed Shares (5,330,994) (5,330,994) 8,129,786 8,129,786
Tax-Free Investment Class (230,721,209) (230,721,209) (23,187,074) (23,187,074)
Account Maintenance Fees 15,237 19,240
    $ (761,334,886)   $ 190,090,875

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Tax-Exempt Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Tax-Exempt Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    cattetfm_eny0
Boston, Massachusetts
June 19, 2017
   

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 Deutsche Tax-Free Money Fund Class S. 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Deutsche 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 Deutsche 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, 2017 (Unaudited)
Actual Fund Return Deutsche Tax-Free Money Fund Class S
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,002.39
Expenses Paid per $1,000* $ 1.29
Hypothetical 5% Fund Return  
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,023.51
Expenses Paid per $1,000* $ 1.30
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratio  
Deutsche Tax-Free Money Fund Class S .26%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended April 30, 2017, 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Tax-Exempt Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Deutsche Tax-Exempt Cash Institutional Shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share class: Service Shares (2nd quartile) and higher than the median of the applicable Broadridge expense universe for the following share classes: Deutsche Tax-Exempt Cash Institutional Shares (4th quartile), Tax Free Investment Class shares (3rd quartile), Tax-Exempt Cash Managed Shares (4th quartile), Deutsche Tax-Exempt Money Fund shares (3rd quartile) and Deutsche Tax-Free Money Fund Class S shares (3rd quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds"), noting that DIMA indicated that it does not provide services to any other comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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April 30, 2017

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Annual Report
to Shareholders

Deutsche Tax-Exempt Portfolio

(formerly Tax-Exempt Portfolio)

Deutsche Tax Exempt Money Fund

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Contents

3 Portfolio Management Review

7 Portfolio Summary

10 Investment Portfolio

17 Statement of Assets and Liabilities

19 Statement of Operations

20 Statements of Changes in Net Assets

21 Financial Highlights

22 Notes to Financial Statements

30 Report of Independent Registered Public Accounting Firm

31 Information About Your Fund's Expenses

32 Tax Information

33 Other Information

34 Advisory Agreement Board Considerations and Fee Evaluation

38 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 deutschefunds.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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Portfolio Management Review (Unaudited)

Market Overview

All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the fund's most recent month-end 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. Yields fluctuate and are not guaranteed.

Over the past 12 months ended April 30, 2017, rate levels within the money market yield curve — including short-term money market rates — fluctuated based on varying economic reports, investors’ interest rate expectations, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) actions. In late June 2016, the decision by British voters to leave the European Union rattled global markets. However, reassurances from central banks and the swift installation of a new British prime minister calmed investment markets. By the end of the third quarter of last year, improved economic data had paved the way for 2016’s only Fed rate hike, last December. Uncertainty regarding the U.S. presidential election spurred volatility within investment markets in the lead-up to November 8, but did not have a strong impact on short-term debt instruments. Following Donald Trump’s election victory and inauguration in January 2017, equity markets soared to record levels as investors anticipated a loosening of government regulations, health care legislative changes and a significant increase in infrastructure spending. By mid-March 2017, those expectations had been tempered. Also in March, hawkish statements by Fed Chair Janet Yellen and Fed governors at first made investors think that the Fed would be more aggressive in normalizing interest rates in 2017. Though the Fed did raise short-term rates at its March meeting, its accompanying statement was more restrained in tone, and short-term rate expectations moderated. However, by the end of April, despite increased geopolitical uncertainty and some weaker economic data reported in the first quarter, a Fed hike in June 2017 was already assimilated into the pricing of securities within the short-term rate market.

Tax-Exempt Portfolio seeks to provide maximum current income that is exempt from federal income taxes to the extent consistent with stability of capital.

For the Tax Exempt Portfolio, we sought to preserve a balance of liquidity, attractive yield and high quality. The fund held significant positions in 7-day Variable Rate Demand Notes (VRDNs) as well as "laddered" positions in fixed-rate securities with maturities ranging from three to six months. (The interest rate of variable rate securities adjusts periodically based on indices such as the Securities Industry and Financial Market Association Index of Variable Rate Demand Notes. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.)

Fund Performance (as of April 30, 2017)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7-Day Current Yield
Deutsche Tax-Exempt Money Fund .66%*
Equivalent Taxable Yield 1.17%**

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 deutschefunds.com.

* The investment advisor has agreed to voluntarily waive fees/reimburse expenses. This waiver may be changed or terminated at any time without notice.

** The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Deutsche Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 43.4%. Income may be subject to local taxes and, for some investors, the alternative minimum tax.

Negative Contributors to Fund Performance

The types of securities that we invested 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 may have cost the fund some yield, but we believe that this represented a prudent approach to preserving principal.

Outlook and Positioning

Our current forecast is for the federal funds rate to be raised two additional times during 2017, which should create upward pressure on short-term government and agency rates. Within the tax-exempt money market, we foresee reduced new issuance and supply, which should also exert some upward pressure on those rates.

We continue our insistence on the highest credit quality within the fund. We also plan to maintain what we believe to be conservative investment strategies and standards under the current market conditions. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

The laddered strategy involves purchasing bonds with a variety of long- and short-term maturities at various points along the yield curve.

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 do not reflect fees or expenses and it is not possible to invest directly into an index.

The federal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Credit quality and credit ratings are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor’s, Moody’s, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

Portfolio Summary (Unaudited)

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Investment Portfolio as of April 30, 2017

Deutsche Tax-Exempt Portfolio

  Principal Amount ($) Value ($)
       
Municipal Investments 93.6%
California 20.2%
California, Health Facilities Financing Authority Revenue, TECP, 0.82%, 6/15/2017 12,000,000 12,000,000
California, State Department of Water Resource Power Supply Revenue, TECP, 0.9%, 5/3/2017, LOC: Bank of America NA 13,000,000 13,000,000
California, State General Obligation, 4.0%, 9/1/2017 9,420,000 9,524,240
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Series E-2, 5.0%, 4/1/2044 3,500,000 3,507,092
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 1.27%**, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA 4,000,000 4,000,000
Sacramento County, CA, Sanitation Districts Financing Authority Revenue, Municipal Securities Trust Receipts, "A", 144A, 0.92%*, 12/1/2035, INS: FGIC, LOC: Societe Generale 10,000,000 10,000,000
San Diego, CA, Public Facilities Financing Authority, TECP, 0.97%, 7/18/2017, LOC: Bank of America NA 1,612,000 1,612,000
San Jose, CA, Redevelopment Agency, TECP, 0.85%, 7/21/2017 15,000,000 15,000,000
  68,643,332
Connecticut 3.6%
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series A, 0.8%, 7/1/2048 3,315,000 3,315,363
Connecticut, State Housing Finance Program Authority Revenue, Series A-3, 0.89%*, 11/15/2047, SPA: Helaba 9,000,000 9,000,000
  12,315,363
District of Columbia 0.8%
Metropolitan Washington, DC, Airport Authority System Revenue, Series C-2, 0.9%*, 10/1/2039, LOC: Sumitomo Mitsui Banking 2,535,000 2,535,000
Florida 7.8%
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Inc., Series A, 0.9%*, 7/15/2024, LIQ: Fannie Mae, LOC: Fannie Mae 3,000,000 3,000,000
Florida, State Municipal Power Agency Revenue, Series C, 0.91%*, 10/1/2035, LOC: Bank of America NA 1,900,000 1,900,000
Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 0.92%*, 5/1/2033, LOC: Northern Trust Co. 4,150,000 4,150,000
Gainesville, FL, Utilities System Revenue, Series B, 0.92%*, 10/1/2042, LOC: Sumitomo Mitsui Banking 6,000,000 6,000,000
Hillsborough County, FL, TECP, 0.96%, 6/22/2017, LOC: Bank of Tokyo-Mitsubishi UFJ 5,400,000 5,400,000
Miami-Dade County, FL, School Board, Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2020, INS: NATL 5,155,000 5,155,000
Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 0.96%*, 11/1/2036, LOC: Northern Trust Co. 700,000 700,000
  26,305,000
Georgia 4.3%
Atlanta, GA, Water & Sewer Revenue, TECP, 0.97%, 6/30/2017 13,100,000 13,100,000
Georgia, Private Colleges & Universities Authority Revenue, TECP, 0.8%, 5/10/2017 1,417,000 1,417,000
  14,517,000
Illinois 7.2%
Chicago, IL, Midway Airport Revenue, Second Lien, Series D, 0.89%*, 1/1/2035, LOC: Bank of Montreal 3,000,000 3,000,000
Illinois, State Development Finance Authority, Industrial Revenue, Uhlich Childrens Home Project, 0.91%*, 10/1/2033, LOC: U.S. Bank NA 3,850,000 3,850,000
Illinois, State Finance Authority Revenue, Edward Hospital Obligated Group, Series C, 0.89%*, 2/1/2029, LOC: JPMorgan Chase Bank NA 5,015,000 5,015,000
Illinois, State Finance Authority Revenue, Elmhurst College, 0.9%*, 2/1/2042, LOC: Harris NA 5,000,000 5,000,000
Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co. Project, 0.92%*, 3/1/2043, LOC: Northern Trust Co. 1,000,000 1,000,000
Illinois, State Finance Authority, Multi-Family Housing Revenue, Hidden Glen Apartments Project, AMT, 0.92%*, 12/1/2042, LOC: U.S. Bank NA 6,625,000 6,625,000
  24,490,000
Iowa 0.6%
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College, 0.9%*, 11/1/2036, LOC: Bank of America NA 2,000,000 2,000,000
Kansas 0.3%
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.899%**, 9/1/2017 1,000,000 999,874
Maryland 0.9%
Maryland, State & Local Facility, Series B, 5.25%, 8/15/2017 3,000,000 3,038,388
Massachusetts 1.8%
Massachusetts, Municipal Securities Trust Receipts, "A", 144A, 0.93%*, 5/1/2037, INS: FGIC, LIQ: Societe Generale 2,980,000 2,980,000
Massachusetts, State General Obligation, Series C, 5.5%, 12/1/2017, INS: AGMC 680,000 698,652
Massachusetts, Tender Option Bond Trust Receipts/ Certificates of Various States, Series 2015-XF2203, 144A, 0.92%*, 8/15/2023, LIQ: Citibank NA 2,300,000 2,300,000
  5,978,652
Michigan 0.3%
Michigan, State Housing Development Authority, Multi-Family Housing Revenue, Berrien Woods III, Series A, AMT, 0.96%*, 7/1/2032, LOC: Citibank NA 1,105,000 1,105,000
Minnesota 1.0%
Minnesota, State Housing Finance Agency Revenue, Residential Housing, Series G, 0.9%*, 1/1/2034, SPA: Royal Bank of Canada 3,500,000 3,500,000
Mississippi 3.3%
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.9%*, 12/1/2030, GTY: Chevron Corp. 11,150,000 11,150,000
Missouri 0.8%
Missouri, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2198, 144A, 0.93%*, 5/1/2023, LIQ: Citibank NA 2,660,000 2,660,000
Nevada 6.0%
Clark County, NV, Airport Revenue:
  Series D-2B, 0.89%*, 7/1/2040, LOC: Royal Bank of Canada 3,050,000 3,050,000
  Series B-2, AMT, 0.91%*, 7/1/2022, LOC: Royal Bank of Canada 4,000,000 4,000,000
  Series A-2, AMT, 0.92%*, 7/1/2022, LOC: State Street Bank & Trust Co. 7,000,000 7,000,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project:  
  Series A, Prerefunded 6/1/2017 @ 100, 5.0%, 6/1/2022 3,295,000 3,306,957
  Series A, Prerefunded 6/1/2017 @ 100, 5.25%, 6/1/2037 3,000,000 3,011,519
  20,368,476
New Hampshire 2.0%
New Hampshire, State Higher Educational & Health Facilities Authority, Hunt Community, 0.92%*, 5/1/2026, LOC: TD Bank NA 6,635,000 6,635,000
New York 7.4%
New York, General Obligation, Series A-4, 0.9%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ 2,000,000 2,000,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.98%*, 5/1/2048, LOC: Bank of China 16,900,000 16,900,000
New York, State Thruway Authority Revenue, Series 2016-XF2345, 0.93%*, 4/1/2020, LIQ: Credit Suisse 1,000,000 1,000,000
New York City, NY, Health & Hospital Corp., Health Systems, Series D, 0.89%*, 2/15/2026, LOC: JPMorgan Chase Bank NA 1,000,000 1,000,000
New York City, NY, Housing Development Corp., Mortgage Parkview II Apartments, Series A, AMT, 0.92%*, 12/1/2037, LOC: Citibank NA 4,255,000 4,255,000
  25,155,000
Ohio 5.1%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2018 4,400,000 4,460,512
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.97%*, 5/1/2049, LOC: Northern Trust Co. 12,800,000 12,800,000
  17,260,512
Pennsylvania 2.4%
Pennsylvania, Emmaus General Authority, Series D-24, 0.9%*, 3/1/2024, LOC: U.S. Bank NA 7,000,000 7,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, IESI Corp., 0.93%*, 11/1/2028, GTY: IESI Corp., LOC: Royal Bank of America NA 1,000,000 1,000,000
  8,000,000
South Carolina 0.2%
South Carolina, State Jobs-Economic Development Authority, Bon Secours Health System, Series D, 0.96%*, 11/1/2025, LOC: Bank of New York Mellon 670,000 670,000
Texas 11.5%
Bexar County, TX, Housing Finance Corp., Aamha LLC Project, 0.9%*, 12/15/2025, LIQ: Fannie Mae, LOC: Fannie Mae 4,205,000 4,205,000
Denton, TX, Independent School District, Prerefunded 8/15/2017 @ 100, 5.0%, 8/15/2038 14,525,000 14,697,486
Houston, TX, Combined Utility System Revenue:
  TECP, 0.86%, 5/4/2017, LIQ: State Street Bank & Trust Co. 5,000,000 5,000,000
  TECP, 0.93%, 5/4/2017, LOC: Bank of America NA 10,000,000 10,000,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.92%*, 11/15/2050, LOC: Northern Trust Co. 1,270,000 1,270,000
Texas, State Municipal Power Agency Revenue, Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL 870,000 867,606
Texas, Tender Option Bond Trust Receipts/Certificates of Various States, Series 2015-XF2201, 144A, 0.93%*, 10/15/2023, LIQ: Citibank NA 3,100,000 3,100,000
  39,140,092
Virginia 1.9%
Lynchburg, VA, Industrial Development Authority Revenue, Centra Health, Inc., Series B, 0.91%*, 1/1/2035, INS: NATL, LOC: Branch Banking & Trust 6,550,000 6,550,000
Other 4.2%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:  
  "A", Series MO27, 0.93%*, 10/15/2029, LIQ: Freddie Mac 2,880,000 2,880,000
  "A", Series M031, 0.93%**, 12/15/2045, LIQ: Freddie Mac 6,334,000 6,334,000
  "A", Series M015, AMT, 0.93%**, 5/15/2046, LIQ: Freddie Mac 2,970,000 2,970,000
  Series M033, 0.93%**, 3/15/2049, LIQ: Freddie Mac 2,038,000 2,038,000
  14,222,000
Total Municipal Investments (Cost $317,238,689) 317,238,689
 
Preferred Shares of Closed-End Investment Companies 6.6%
California 3.7%
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 1.05%*, 6/1/2041, LIQ: Societe Generale 10,000,000 10,000,000
California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.03%*, 8/1/2040, LIQ: Citibank NA 2,500,000 2,500,000
  12,500,000
Other Territories 2.9%
Nuveen Enhanced Municipal Credit Opportunities Fund, Series 3, 144A, AMT, 1.03%*, 6/1/2040, LIQ: Toronto-Dominion Bank 10,000,000 10,000,000
Total Preferred Shares of Closed-End Investment Companies (Cost $22,500,000) 22,500,000

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $339,738,689) 100.2 339,738,689
Other Assets and Liabilities, Net (0.2) (609,918)
Net Assets 100.0 339,128,771

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly, and are shown at their current rates as of April 30, 2017. Maturity date shown is the final maturity date.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of April 30, 2017.

The cost for federal income tax purposes was $339,738,689.

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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

FGIC: Financial Guaranty Insurance Co

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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, 2017 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) $ — $ 317,238,689 $ — $ 317,238,689
Preferred Shares of Closed-End Investment Companies (a) 22,500,000 22,500,000
Total $ — $ 339,738,689 $ — $ 339,738,689

There have been no transfers between fair value measurement levels during the year ended April 30, 2017.

(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, 2017
Assets Deutsche Tax-Exempt Portfolio
Investments in securities, valued at amortized cost $ 339,738,689
Cash 33,334
Receivable for investments sold 220,000
Receivable for Fund shares sold 170,794
Interest receivable 864,736
Due from Advisor 95,752
Other assets 62,655
Total assets 341,185,960
Liabilities
Payable for Fund shares redeemed 1,640,816
Distributions payable 53,637
Accrued Trustees' fees 5,783
Other accrued expenses and payables 356,953
Total liabilities 2,057,189
Net assets, at value $ 339,128,771
Net Assets Consist of
Distributions in excess of net investment income (53,638)
Accumulated net realized gain (loss) (34,444)
Paid-in capital 339,216,853
Net assets, at value $ 339,128,771

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2017 (continued)
Net Asset Value Deutsche Tax-Exempt Portfolio

Deutsche Tax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($37,559,432 ÷ 37,545,662 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($143,407,830 ÷ 143,354,730 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)

$ 1.00

Deutsche Tax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($54,798,256 ÷ 54,778,173 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 ($39,710,846 ÷ 39,696,280 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 ($55,022,638 ÷ 55,002,455 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 ($8,629,769 ÷ 8,626,604 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, 2017
Investment Income Deutsche Tax-Exempt Portfolio

Income:

Interest

$ 3,623,082
Other income 41,067
Total income 3,664,149

Expenses:

Management fee

426,241
Administration fee 616,216
Services to shareholders 384,653
Distribution and service fees 597,638
Custodian fee 5,158
Professional fees 128,668
Reports to shareholders 136,439
Registration fees 148,043
Trustees' fees and expenses 26,867
Other 82,200
Total expenses before expense reductions 2,552,123
Expense reductions (628,178)
Total expenses after expense reductions 1,923,945
Net investment income 1,740,204
Net realized gain (loss) from investments (34,444)
Net increase (decrease) in net assets resulting from operations $ 1,705,760

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

  Deutsche Tax-Exempt Portfolio
Increase (Decrease) in Net Assets Years Ended April 30,
2017 2016

Operations:

Net investment income

$ 1,740,204 $ 245,927
Net realized gain (loss) (34,444) 125,289
Net increase in net assets resulting from operations 1,705,760 371,216

Distributions to shareholders from:

Net investment income:

Deutsche Tax-Exempt Cash Premier Shares

(728,624) (171,899)
Deutsche Tax-Exempt Money Fund (707,714) (51,193)
Deutsche Tax-Free Money Fund Class S (263,679) (19,292)
Service Shares (39,373) (7,517)
Tax-Exempt Cash Managed Shares (185,422) (9,894)
Tax-Free Investment Class (16,700) (44,339)

Net realized gain:

Deutsche Tax-Exempt Cash Premier Shares

(27,952) (32,106)
Deutsche Tax-Exempt Money Fund (15,307) (11,248)
Deutsche Tax-Free Money Fund Class S (6,360) (4,709)
Service Shares (6,245) (3,142)
Tax-Exempt Cash Managed Shares (5,594) (4,736)
Tax-Free Investment Class (1,196) (21,499)
Total distributions (2,004,166) (381,574)

Fund share transactions:

Proceeds from shares sold

1,179,428,894 2,681,593,000
Reinvestment of distributions 1,367,713 271,154
Cost of shares redeemed (1,942,131,493) (2,491,773,279)
Net increase (decrease) in net assets from Fund share transactions (761,334,886) 190,090,875
Increase (decrease) in net assets (761,633,292) 190,080,517
Net assets at beginning of period 1,100,762,063 910,681,546
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $53,638 and $69,431, respectively) $ 339,128,771 $ 1,100,762,063

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Deutsche Tax-Exempt Portfolio
Deutsche Tax-Exempt Money Fund
   
Years Ended April 30,
2017 2016 2015 2014 2013
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

.005 .000* .000* .000* .000*
Net realized gain (loss) (.000)* .000* .000* .000* .000*
Total from investment operations .005 .000* .000* .000* .000*

Less distributions from:

Net investment income

(.005) (.000)* (.000)* (.000)* (.000)*
Net realized gains (.000)* (.000)* (.000)* (.000)* (.000)*
Total distributions (.005) (.000)* (.000)* (.000)* (.000)*
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return (%)a .50 .04 .03 .02 .03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 143 171 176 212 242
Ratio of expenses before expense reductions (%) .30 .26 .24 .23 .23
Ratio of expenses after expense reductions (%) .25 .12 .10 .13 .19
Ratio of net investment income (%) .41 .03 .01 .01 .01

a Total return would have been lower had certain expenses not been reduced.

* Amount is less than $.0005.

Notes to Financial Statements

A. 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 management investment company organized as a Massachusetts business trust.

The Trust offers two funds: Deutsche Government & Agency Securities Portfolio (formerly Government & Agency Securities Portfolio) and Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio). These financial statements report on Deutsche Tax-Exempt Portfolio (the "Fund").

Deutsche Tax-Exempt Portfolio offers six classes of shares: Deutsche Tax-Exempt Cash Premier Shares (formerly Deutsche Tax-Exempt Cash Institutional Shares), Deutsche Tax-Exempt Money Fund, Deutsche Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

The financial highlights for all classes of shares, other than Deutsche 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 ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

At April 30, 2017, the Fund had a net tax basis capital loss carryforward of approximately $34,000 of post-enactment short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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, 2017, the Fund's components of distributable earnings on a tax basis are as follows:

Tax-Exempt Portfolio:

Capital loss carryforwards

$ (34,000)

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

Portfolio Years Ended April 30,
2017 2016

Tax-Exempt Portfolio:

Distributions from tax-exempt income

$ 1,941,512 $ 304,134
Distributions from ordinary income* $ 62,654 $ 48,780
Distributions from long-term capital gains $ — $ 28,660

* For tax purposes, short-term capital gain 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. 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 monthly management fee for the Fund is computed based on the combined average daily net assets of the two Funds of the Trust 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, 2016 through September 30, 2017, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Deutsche Tax-Exempt Money Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.40%.

Effective January 19, 2017 through April 30, 2017, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Deutsche Tax-Exempt Money Fund at 0.30%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

Accordingly, for the year ended April 30, 2017, the Advisor earned a management fee on Deutsche Tax-Exempt Portfolio aggregating $426,241, of which $311,258 was waived, resulting in an annual effective rate of 0.02% of the Fund's average daily net assets.

In addition, the Advisor has also 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.

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, 2017, the Administration Fee was as follows:

Fund Administration Fee Unpaid at April 30, 2017
Deutsche Tax-Exempt Portfolio $ 616,216 $ 28,492

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended April 30, 2017, the amounts charged to the Fund by DSC were as follows:

Deutsche Tax-Exempt Portfolio: Total Aggregated Waived Unpaid at April 30, 2017
Deutsche Tax-Exempt Cash Premier Shares $ 45,833 $ 45,833 $ —
Deutsche Tax-Exempt Money Fund 47,479 14,798
Deutsche Tax-Free Money Fund Class S 36,925 11,831
Service Shares 115,576 32,811
Tax-Exempt Cash Managed Shares 52,830 16,193
Tax-Free Investment Class 57,094 2,107
  $ 355,737 $ 45,833 $ 77,740

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Deutsche AM Distributors, Inc. ("DDI"), 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, 2017, the Distribution Fee was as follows:

Deutsche Tax-Exempt Portfolio: Distribution Fee Waived Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Service Shares $ 278,429 $ 195,000 $ 30,160 .18% .60%
Tax-Free Investment Class 168,697 76,087 1,325 .14% .25%
  $ 447,126 $ 271,087 $ 31,485    

In addition, DDI 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, 2017, the Service Fee was as follows:

Deutsche Tax-Exempt Portfolio: Service Fee Unpaid at April 30, 2017 Annual Effective Rate Contractual Rate
Tax-Exempt Cash Managed Shares $ 103,277 $ 6,954 .15% .15%
Tax-Free Investment Class 47,235 499 .07% .07%
  $ 150,512 $ 7,453    

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, 2017, 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, 2017
Deutsche Tax-Exempt Portfolio $ 59,623 $ 27,016

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended April 30, 2017, the Fund engaged in securities purchases of $731,939,000 and securities sales of $896,940,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 the one-month 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. The Fund had no outstanding loans at April 30, 2017.

D. Share Transactions

The following table summarizes share and dollar activity in the Fund:

Deutsche Tax-Exempt Portfolio

  Year Ended April 30, 2017 Year Ended April 30, 2016
  Shares Dollars Shares Dollars
Shares sold
Deutsche Tax-Exempt Cash Premier Shares 717,887,643 $ 717,887,643 1,981,997,866 $ 1,981,997,866
Deutsche Tax-Exempt Money Fund 67,778,786 67,778,786 69,253,500 69,253,500
Deutsche Tax-Free Money Fund Class S 16,617,062 16,617,062 21,649,034 21,649,034
Service Shares 79,974,302 79,974,302 142,889,466 142,889,466
Tax-Exempt Cash Managed Shares 254,196,732 254,196,732 184,507,988 184,507,988
Tax-Free Investment Class 42,959,132 42,959,132 281,275,906 281,275,906
Account Maintenance Fees 15,237 19,240
    $ 1,179,428,894   $ 2,681,593,000
Shares issued to shareholders in reinvestment of distributions
Deutsche Tax-Exempt Cash Premier Shares 339,664 $ 339,664 110,529 $ 110,529
Deutsche Tax-Exempt Money Fund 708,301 708,301 62,717 62,717
Deutsche Tax-Free Money Fund Class S 255,513 255,513 22,818 22,818
Service Shares 45,367 45,367 10,263 10,263
Tax-Exempt Cash Managed Shares 944 944 83 83
Tax-Free Investment Class 17,924 17,924 64,744 64,744
    $ 1,367,713   $ 271,154
Shares redeemed
Deutsche Tax-Exempt Cash Premier Shares (1,194,579,965) $ (1,194,579,965) (1,764,135,494) $ (1,764,135,494)
Deutsche Tax-Exempt Money Fund (95,919,276) (95,919,276) (74,421,648) (74,421,648)
Deutsche Tax-Free Money Fund Class S (28,995,336) (28,995,336) (30,672,226) (30,672,226)
Service Shares (89,409,981) (89,409,981) (141,637,902) (141,637,902)
Tax-Exempt Cash Managed Shares (259,528,670) (259,528,670) (176,378,285) (176,378,285)
Tax-Free Investment Class (273,698,265) (273,698,265) (304,527,724) (304,527,724)
    $ (1,942,131,493)   $ (2,491,773,279)
Net increase (decrease)
Deutsche Tax-Exempt Cash Premier Shares (476,352,658) $ (476,352,658) 217,972,901 $ 217,972,901
Deutsche Tax-Exempt Money Fund (27,432,189) (27,432,189) (5,105,431) (5,105,431)
Deutsche Tax-Free Money Fund Class S (12,122,761) (12,122,761) (9,000,374) (9,000,374)
Service Shares (9,390,312) (9,390,312) 1,261,827 1,261,827
Tax-Exempt Cash Managed Shares (5,330,994) (5,330,994) 8,129,786 8,129,786
Tax-Free Investment Class (230,721,209) (230,721,209) (23,187,074) (23,187,074)
Account Maintenance Fees 15,237 19,240
    $ (761,334,886)   $ 190,090,875

Report of Independent Registered Public Accounting Firm

To the Shareholders of Deutsche Tax-Exempt Portfolio and Board of Trustees of Cash Account Trust:

We have audited the accompanying statement of assets and liabilities of Deutsche Tax-Exempt Portfolio (formerly Tax-Exempt Portfolio) (the "Fund") (one of the Funds constituting Cash Account Trust), including the investment portfolio, as of April 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 Fund'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 Fund'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, 2017, 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 Deutsche Tax-Exempt Portfolio (one of the Funds constituting Cash Account Trust) at April 30, 2017, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

    cattetem_eny0
Boston, Massachusetts
June 19, 2017
   

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 Deutsche Tax-Exempt 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, 2016 to April 30, 2017).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2017 (Unaudited)
Actual Fund Return Deutsche Tax-Exempt Money Fund
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,002.55
Expenses Paid per $1,000* $ 1.14
Hypothetical 5% Fund Return  
Beginning Account Value 11/1/16 $ 1,000.00
Ending Account Value 4/30/17 $ 1,023.65
Expenses Paid per $1,000* $ 1.15
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratio  
Deutsche Tax-Exempt Money Fund .23%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended April 30, 2017, 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) 728-3337.

Other Information

Proxy Voting

The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Portfolio Holdings

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, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov, 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 deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Tax-Exempt Portfolio’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2015, the Fund’s gross performance (Deutsche Tax-Exempt Cash Institutional Shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). Based on Broadridge data provided as of December 31, 2015, the Board noted that the Fund’s total (net) operating expenses were lower than the median of the applicable Broadridge expense universe for the following share class: Service Shares (2nd quartile) and higher than the median of the applicable Broadridge expense universe for the following share classes: Deutsche Tax-Exempt Cash Institutional Shares (4th quartile), Tax Free Investment Class shares (3rd quartile), Tax-Exempt Cash Managed Shares (4th quartile), Deutsche Tax-Exempt Money Fund shares (3rd quartile) and Deutsche Tax-Free Money Fund Class S shares (3rd quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the significant voluntary fee waivers implemented by DIMA to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds"), noting that DIMA indicated that it does not provide services to any other comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the 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.

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 Deutsche Fund Complex Overseen Other Directorships Held by Board Member

Keith R. Fox, CFA (1954)

Chairperson since 2017, and Board Member since 1996

Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) 96

Kenneth C. Froewiss (1945)

Vice Chairperson since 2017, Board Member since 2001

Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); 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) 96

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); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago) 96 Portland General Electric2 (utility company) (2003– present)

Henry P. Becton, Jr. (1943)

Board Member since 1990

Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) 96

Dawn-Marie Driscoll (1946)

Board Member since 1987

Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) 96

Paul K. Freeman (1950)

Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); Investment Company Institute (executive and nominating committees); formerly: Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International 96

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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) 96 Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)

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 96

Rebecca W. Rimel (1951)

Board Member since 1995

President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) 96 Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)

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); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) 96

Jean Gleason Stromberg (1943)

Board Member since 1997

Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) 96

 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5 Business Experience and Directorships During the Past Five Years

Brian E. Binder8 (1972)

President and Chief Executive Officer, 2013–present

Managing Director3 and Head of US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)

John Millette7 (1962)

Vice President and Secretary, 1999–present

Director,3 Deutsche Asset Management; Chief Legal Officer, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)

Hepsen Uzcan6 (1974)

Vice President, since 2016

Assistant Secretary, 2013–present

Director,3 Deutsche Asset Management

Paul H. Schubert6 (1963)

Chief Financial Officer, 2004–present

Treasurer, 2005–present

Managing Director,3 Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); Vice President, Deutsche AM Distributors, Inc. (since 2016); formerly, Director, Deutsche AM Trust Company (2004–2013)

Caroline Pearson7 (1962)

Chief Legal Officer, 2010–present

Managing Director,3 Deutsche Asset Management; Secretary, Deutsche AM Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.

Scott D. Hogan7 (1970)

Chief Compliance Officer, since 2016

Director,3 Deutsche Asset Management

Wayne Salit6 (1967)

Anti-Money Laundering Compliance Officer, 2014–present

Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)

Paul Antosca7 (1957)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

Diane Kenneally7 (1966)

Assistant Treasurer, 2007–present

Director,3 Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche 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 Deutsche funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

cattetem_backcover0

 

   
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. Paul K. Freeman, 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: deutsche Government & Agency Securities Portfolio
form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year
Ended
April 30,
Audit Fees Billed to Fund Audit-Related
Fees Billed to Fund
Tax Fees Billed to Fund All
Other Fees Billed to Fund
2017 $90,270 $0 $8,493 $0
2016 $90,270 $0 $8,493 $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 EY 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
2017 $0 $878,107 $0
2016 $0 $417,062 $705,604

 

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures. All other engagement fees were billed for services in connection with agreed upon procedures for DIMA and other related entities.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

 

Fiscal Year
Ended
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)
2017 $8,493 $878,107 $1,202,054 $2,088,654
2016 $8,493 $1,122,666 $575,257 $1,706,416

 

 

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

 

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

 

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2016 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, included 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.

 

In connection with the audit of the 2017 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

 

***

1.)       In various communications beginning on April 20, 2016, EY advised the Fund’s Audit Committee that EY had identified the following matters that it determined to be inconsistent with the SEC’s auditor independence rules.

·EY advised the Fund’s Audit Committee of financial relationships held by covered persons within EY and its affiliates that were in violation of the Rule 2-01(c)(1) of Regulation S-X. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breaches did not and do not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In assessing this matter, EY indicated that upon detection the breaches were corrected promptly and that none of the breaches (i) related to financial relationships directly in the Fund, (ii) involved professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team, or (iii) were for services directly for the Fund.
·EY advised the Fund’s Audit Committee that, in 2016, a pension plan for the Ernst & Young Global Limited (“EYG”) member firm in Germany (“EY Germany”), through one of its investment advisors, purchased an investment in an entity that may be deemed to be under common control with the Fund. EY informed the Audit Committee that this investment was inconsistent with Rule 2-01(c)(1)(i) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagement. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that the purchase was by EY Germany’s investment advisor without EY Germany’s permission, authorization or knowledge and EY Germany instructed its investment advisor to sell the shares of the entity that may be deemed to be under common control with the Fund immediately upon detection of the purchase and the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.
·EY advised the Fund’s Audit Committee that, in 2014, the EYG member firm in Spain (“EY Spain”) completed an acquisition of a small consulting firm that had a deposit account with an overdraft line of credit at the time of the acquisition with Deutsche Bank SA Espanola, which EY Spain acquired. EY informed the Audit Committee that having this line of credit with an entity that may be deemed to be under common control with the Fund was inconsistent with Rule 2-01(c)(1)(ii) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagements. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and does not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that that the credit line was terminated and the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

EY advised the Audit Committee that the above described matters, individually and in the aggregate, do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements, and that EY can continue to act as the Independent Registered Public Accounting Firm.

Management and the Audit Committee considered these matters and, based solely upon EY’s description of the facts and the representations made by EY, believe that (1) these matters did not impact EY’s application of objective and impartial judgment with respect to all issues encompassed within EY’s audit engagements; and (2) a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion.

2.)       In various communications beginning on June 27, 2016, EY also informed the Audit Committee that EY had identified independence breaches where EY and covered persons maintain lending relationships with owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X. EY informed the Audit Committee that these lending relationships are inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”).

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Deutsche Investment Management Americas Inc. (the “Adviser”), the Fund’s investment adviser, and its affiliates, including other subsidiaries of the Adviser’s parent company, Deutsche Bank AG (collectively, the “Deutsche Funds Complex”). EY’s lending relationships affect EY’s independence under the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.

EY informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, EY has concluded that the lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY informed the Audit Committee that its conclusion was based on a number of factors, including, among others, EY’s belief that the lenders are not able to impact the impartiality of EY or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable investment company’s investment adviser. In addition, the individuals at EY who arranged EY’s lending relationships have no oversight of, or ability to influence, the individuals at EY who conducted the audits of the Fund’s financial statements.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action letter appear to be substantially similar to the circumstances that effected EY’s independence under the Loan Rule with respect to the Fund. EY confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the letter.

3.)       In various communications beginning on January 25, 2017, EY advised the Fund’s Audit Committee that EY had identified the following matters that it determined to be inconsistent with the SEC’s auditor independence rules.

·EY advised the Fund’s Audit Committee of financial relationships held by covered persons within EY and its affiliates that were in violation of the Rule 2-01(c)(1) of Regulation S-X. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breaches do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In assessing this matter, EY indicated that upon detection the breaches were corrected promptly and that none of the breaches (i) related to financial relationships directly in the Fund, (ii) involved professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team, or (iii) were for services directly for the Fund.
·EY advised the Fund’s Audit Committee that, in 2015, the Ernst & Young Global Limited (“EYG”) member firm in Spain (“EY Spain”) provided a loaned staff service to Deutsche Bank AG, where a manager from EY Spain analyzed investment opportunities in Spain under the supervision of Deutsche Bank AG personnel. EY informed the Audit Committee that this loaned staff service where the EY professional temporarily acted as an employee of Deutsche Bank AG was inconsistent with Rule 2-01(c)(4)(vi) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagements. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team and did not involve services provided directly for the Fund. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

EY advised the Audit Committee that the above described matters, individually and in the aggregate, do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements, and that EY can continue to act as the Independent Registered Public Accounting Firm.

4.)       In various communications beginning on January 25, 2017, EY informed the Audit Committee that EY had identified an independence breach where a covered person maintains a lending relationship with an owner of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X. EY informed the Audit Committee that this lending relationship is inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”).

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Deutsche Investment Management Americas Inc. (the “Adviser”), the Fund’s investment adviser, and its affiliates, including other subsidiaries of the Adviser’s parent company, Deutsche Bank AG (collectively, the “Deutsche Funds Complex”). The covered person’s lending relationship affects EY’s independence under the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.

EY informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, EY has concluded that the lending relationship described above does not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY informed the Audit Committee that its conclusion was based on a number of factors, including, among others, EY’s belief that the lender is not able to impact the impartiality of EY or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable investment company’s investment adviser.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action letter appear to be substantially similar to the circumstances that effected EY’s independence under the Loan Rule with respect to the Fund. EY confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the letter.

 

cash Account trust: deutsche Tax-Exempt Portfolio
form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year
Ended
April 30,
Audit Fees Billed to Fund Audit-Related
Fees Billed to Fund
Tax Fees Billed to Fund All
Other Fees Billed to Fund
2017 $92,382 $0 $7,587 $0
2016 $92,382 $0 $7,587 $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 EY 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
2017 $0 $878,107 $0
2016 $0 $417,062 $705,604

 

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures. All other engagement fees were billed for services in connection with agreed upon procedures for DIMA and other related entities.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

 

Fiscal Year
Ended
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)
2017 $7,587 $878,107 $1,202,054 $2,087,748
2016 $7,587 $1,122,666 $575,257 $1,705,510

 

 

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

 

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

 

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2016 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, included 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.

 

In connection with the audit of the 2017 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

 

***

1.)       In various communications beginning on April 20, 2016, EY advised the Fund’s Audit Committee that EY had identified the following matters that it determined to be inconsistent with the SEC’s auditor independence rules.

·EY advised the Fund’s Audit Committee of financial relationships held by covered persons within EY and its affiliates that were in violation of the Rule 2-01(c)(1) of Regulation S-X. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breaches did not and do not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In assessing this matter, EY indicated that upon detection the breaches were corrected promptly and that none of the breaches (i) related to financial relationships directly in the Fund, (ii) involved professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team, or (iii) were for services directly for the Fund.
·EY advised the Fund’s Audit Committee that, in 2016, a pension plan for the Ernst & Young Global Limited (“EYG”) member firm in Germany (“EY Germany”), through one of its investment advisors, purchased an investment in an entity that may be deemed to be under common control with the Fund. EY informed the Audit Committee that this investment was inconsistent with Rule 2-01(c)(1)(i) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagement. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that the purchase was by EY Germany’s investment advisor without EY Germany’s permission, authorization or knowledge and EY Germany instructed its investment advisor to sell the shares of the entity that may be deemed to be under common control with the Fund immediately upon detection of the purchase and the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.
·EY advised the Fund’s Audit Committee that, in 2014, the EYG member firm in Spain (“EY Spain”) completed an acquisition of a small consulting firm that had a deposit account with an overdraft line of credit at the time of the acquisition with Deutsche Bank SA Espanola, which EY Spain acquired. EY informed the Audit Committee that having this line of credit with an entity that may be deemed to be under common control with the Fund was inconsistent with Rule 2-01(c)(1)(ii) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagements. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and does not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that that the credit line was terminated and the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

EY advised the Audit Committee that the above described matters, individually and in the aggregate, do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements, and that EY can continue to act as the Independent Registered Public Accounting Firm.

Management and the Audit Committee considered these matters and, based solely upon EY’s description of the facts and the representations made by EY, believe that (1) these matters did not impact EY’s application of objective and impartial judgment with respect to all issues encompassed within EY’s audit engagements; and (2) a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion.

2.)       In various communications beginning on June 27, 2016, EY also informed the Audit Committee that EY had identified independence breaches where EY and covered persons maintain lending relationships with owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X. EY informed the Audit Committee that these lending relationships are inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”).

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Deutsche Investment Management Americas Inc. (the “Adviser”), the Fund’s investment adviser, and its affiliates, including other subsidiaries of the Adviser’s parent company, Deutsche Bank AG (collectively, the “Deutsche Funds Complex”). EY’s lending relationships affect EY’s independence under the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.

EY informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, EY has concluded that the lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY informed the Audit Committee that its conclusion was based on a number of factors, including, among others, EY’s belief that the lenders are not able to impact the impartiality of EY or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable investment company’s investment adviser. In addition, the individuals at EY who arranged EY’s lending relationships have no oversight of, or ability to influence, the individuals at EY who conducted the audits of the Fund’s financial statements.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action letter appear to be substantially similar to the circumstances that effected EY’s independence under the Loan Rule with respect to the Fund. EY confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the letter.

3.)       In various communications beginning on January 25, 2017, EY advised the Fund’s Audit Committee that EY had identified the following matters that it determined to be inconsistent with the SEC’s auditor independence rules.

·EY advised the Fund’s Audit Committee of financial relationships held by covered persons within EY and its affiliates that were in violation of the Rule 2-01(c)(1) of Regulation S-X. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breaches do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In assessing this matter, EY indicated that upon detection the breaches were corrected promptly and that none of the breaches (i) related to financial relationships directly in the Fund, (ii) involved professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team, or (iii) were for services directly for the Fund.
·EY advised the Fund’s Audit Committee that, in 2015, the Ernst & Young Global Limited (“EYG”) member firm in Spain (“EY Spain”) provided a loaned staff service to Deutsche Bank AG, where a manager from EY Spain analyzed investment opportunities in Spain under the supervision of Deutsche Bank AG personnel. EY informed the Audit Committee that this loaned staff service where the EY professional temporarily acted as an employee of Deutsche Bank AG was inconsistent with Rule 2-01(c)(4)(vi) of Regulation S-X. EY advised the Audit Committee that in assessing the impact of the independence breach, in fact and appearance, EY considered all relevant facts and circumstances to assess whether a reasonable investor would conclude that EY was and is capable of exercising objective and impartial judgment on all issues encompassed within the audit engagements. EY advised the Audit Committee that after consideration of the facts and circumstances and the applicable independence rules, EY concluded that the independence breach did not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements of the Fund and that a reasonable investor would reach the same conclusion. In reaching this conclusion, EY noted a number of factors, including that the breach did not involve any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team and did not involve services provided directly for the Fund. In addition, EY noted that the independence breach did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

EY advised the Audit Committee that the above described matters, individually and in the aggregate, do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements, and that EY can continue to act as the Independent Registered Public Accounting Firm.

4.)       In various communications beginning on January 25, 2017, EY informed the Audit Committee that EY had identified an independence breach where a covered person maintains a lending relationship with an owner of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X. EY informed the Audit Committee that this lending relationship is inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”).

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Deutsche Investment Management Americas Inc. (the “Adviser”), the Fund’s investment adviser, and its affiliates, including other subsidiaries of the Adviser’s parent company, Deutsche Bank AG (collectively, the “Deutsche Funds Complex”). The covered person’s lending relationship affects EY’s independence under the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.

EY informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, EY has concluded that the lending relationship described above does not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY informed the Audit Committee that its conclusion was based on a number of factors, including, among others, EY’s belief that the lender is not able to impact the impartiality of EY or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable investment company’s investment adviser.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action letter appear to be substantially similar to the circumstances that effected EY’s independence under the Loan Rule with respect to the Fund. EY confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the letter.

 

   
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 Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
   
ITEM 11. CONTROLS AND PROCEDURES
   
  (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
  (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the 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.

 

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: Deutsche Government & Agency Securities Portfolio and Deutsche Tax-Exempt Portfolio, each a series of Cash Account Trust
   
   
By:

/s/Brian E. Binder

Brian E. Binder

President

   
Date: 6/29/2017

 

 

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/Brian E. Binder

Brian E. Binder

President

   
Date: 6/29/2017
   
   
   
By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

   
Date: 6/29/2017
   

 

EX-99.CODE ETH 2 codeofethics.htm CODE OF ETHICS

Deutsche Asset Management

Principal Executive and Principal Financial Officer Code of Ethics

 

For the Registered Management Investment Companies Listed on Appendix A

 

 

Effective Date

January 31, 2005

 

Date Last Approved

February 10, 2017 – Deutsche Funds

January 31, 2017 – Germany Funds

 

Revised Appendix A

February 10, 2017

 

Table of Contents

I.   Overview 3
II.   Purposes of the Officer Code 3
III.   Responsibilities of Covered Officers 4
A.   Honest and Ethical Conduct 4
B.   Conflicts of Interest 4
C.   Use of Personal Fund Shareholder Information 6
D.   Public Communications 6
E.   Compliance with Applicable Laws, Rules and Regulations 6
IV.   Violation Reporting 7
A.   Overview 7
B.   How to Report 7
C.   Process for Violation Reporting to the Fund Board 7
D.   Sanctions for Code Violations 7
V.   Waivers from the Officer Code 8
VI.   Amendments to the Code 8
VII.   Acknowledgement and Certification of Adherence to the Officer Code 8
IX.   Recordkeeping 9
X.   Confidentiality 9
Appendices 10
Appendix A:  List of Officers Covered under the Code, by Board 10
Appendix B:  Officer Code Acknowledgement and Certification Form 11
Appendix C:  Definitions 13

 

 

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 or its affiliates (“Deutsche AM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of Deutsche AM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with Deutsche AM policies and procedures, such as the Deutsche AM 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 Deutsche AM 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 Employee 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 Deutsche AM Compliance Officer.

 

The Deutsche AM Compliance Officer and his or her contact information can be found in Appendix A.

 

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 Deutsche AM Compliance Officer; and

 

·establish accountability for adherence to the Officer Code.

 

Any questions about the Officer Code should be referred to Deutsche AM’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, Deutsche AM 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 Deutsche AM 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 Deutsche AM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to Deutsche AM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for Deutsche AM, or for both) be involved in establishing policies and implementing decisions which will have different effects on Deutsche AM 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 Deutsche AM, 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 Deutsche AM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the Deutsche AM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the Deutsche AM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the Deutsche AM Compliance Officer).

 

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, Deutsche AM personnel aware of the matter should promptly contact the Deutsche AM 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 Deutsche AM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the Deutsche AM 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 Deutsche AM or other appropriate Fund service provider.

 

After full review of a report of a possible conflict of interest, the Deutsche AM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the Deutsche AM 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 Deutsche AM Compliance Officer determines that the appearance of a conflict exists, the Deutsche AM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the Deutsche AM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the Deutsche AM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the Deutsche AM 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 Deutsche AM 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 Deutsche AM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the Deutsche AM 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 Deutsche AM Compliance Officer.

 

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 Deutsche AM’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 Deutsche AM 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 Deutsche AM’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 Deutsche AM Compliance Officer.

 

IV.Violation Reporting

A.       Overview

Each Covered Officer must promptly report to the Deutsche AM 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 Deutsche AM 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 Deutsche AM.

 

B.How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the Deutsche AM Compliance Officer.

 

C.Process for Violation Reporting to the Fund Board

 

The Deutsche AM 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, Deutsche AM 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 Deutsche AM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.

 

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 Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Deutsche AM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

 

VI.Amendments to the Code

 

The Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Deutsche AM 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
Deutsche Funds Brian Binder[5] Paul Schubert Paul Schubert
Germany Funds* Brian Binder Paul Schubert Paul Schubert

 

* The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

 

 

Deutsche AM Compliance Officer:

 

Eileen Winkler

Head of Employee Compliance Americas

Phone: (212) 250-1544

Email: eileen.winkler@db.com

 

 

 

 

As of: February 10, 2017

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 Deutsche Asset Management (“Deutsche AM”) 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 Deutsche AM 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 Deutsche AM 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 Deutsche Asset Management 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 Deutsche AM 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 theDeutsche AM 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 theDeutsche AM Compliance Officer or the Fund’s Board (or committee thereof).


[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.

[2] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

[3] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

[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.

[5] As of December 1, 2013

EX-99.CERT 3 ex99cert.htm CERTIFICATION

President

Form N-CSR Certification under Sarbanes Oxley Act

 

 

I, Brian E. Binder, certify that:

 

 

1)

 

I have reviewed this report, filed on behalf of Deutsche Government & Agency Securities Portfolio and Deutsche 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.
       

 

6/29/2017 /s/Brian E. Binder
  Brian E. Binder
  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 Deutsche Government & Agency Securities Portfolio and Deutsche 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
       

 

6/29/2017 /s/Paul Schubert
  Paul Schubert
  Chief Financial Officer and Treasurer

 

EX-99.906 CERT 4 ex99906cert.htm 906 CERTIFICATION

President

Section 906 Certification under Sarbanes Oxley Act

 

 

I, Brian E. Binder, certify that:

 

1. I have reviewed this report, filed on behalf of Deutsche Government & Agency Securities Portfolio and Deutsche 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.

 

 

6/29/2017 /s/Brian E. Binder
  Brian E. Binder
  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 Deutsche Government & Agency Securities Portfolio and Deutsche 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.

 

 

6/29/2017 /s/Paul Schubert
  Paul Schubert
  Chief Financial Officer and Treasurer

 

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