-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AMA/0sNIB1IY4ZfnIxhHdfB/ld5wG3NRqYNa1ikoPek5CZt38odzoQyZ2V+XhzGt DF08YzncXrhkdhKcb/UlJQ== 0000088053-07-000965.txt : 20070827 0000088053-07-000965.hdr.sgml : 20070827 20070827154503 ACCESSION NUMBER: 0000088053-07-000965 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20070630 FILED AS OF DATE: 20070827 DATE AS OF CHANGE: 20070827 EFFECTIVENESS DATE: 20070827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH MANAGEMENT PORTFOLIO CENTRAL INDEX KEY: 0000862064 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06073 FILM NUMBER: 071080838 BUSINESS ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 4122881401 MAIL ADDRESS: STREET 1: ONE SOUTH STREET STREET 2: XX CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER CASH MANAGEMENT PORTFOLIO DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: CASH MANAGEMENT PORTFOLIO DATE OF NAME CHANGE: 19920703

0000862064 S000009009 CASH MANAGEMENT PORTFOLIO

C000024519 CASH MANAGEMENT PORTFOLIO

N-CSRS 1 sr063007cmp_crf.htm SEMIANNUAL REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number 811-06073

Cash Management Portfolio

(Exact Name of Registrant as Specified in Charter)

One South Street

Baltimore, MD 21202

(Address of principal executive offices) (Zip code)

Registrant’s Telephone Number, including Area Code: (212) 454-7190

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and Address of Agent for Service)

Date of fiscal year end:

12/31

Date of reporting period:

6/30/07

ITEM 1. REPORT TO STOCKHOLDERS

SEMIANNUAL REPORT TO SHAREHOLDERS

Cash Reserve Fund

Prime Series

June 30, 2007

Contents

Cash Reserve Fund — Prime Series

click here Information About Your Fund's Expenses

click here Portfolio Summary

click here Financial Statements

click here Financial Highlights

click here Notes to Financial Statements

Cash Management Portfolio

click here Investment Portfolio

click here Financial Statements

click here Financial Highlights

click here Notes to Financial Statements

click here Other Information

click here Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, please call (800) 730-1313 or visit www.dws-scudder.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Please read this fund's prospectus for specific details regarding its risk profile.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

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

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. 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 (January 1, 2007 to June 30, 2007).

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 June 30, 2007
Actual Fund Return^*	Prime Shares	Prime Institutional Shares
Beginning Account Value 1/1/07	$ 1,000.00	$ 1,000.00
Ending Account Value 6/30/07	$ 1,023.40	$ 1,025.30
Expenses Paid per $1,000^**	$ 3.51	$ 1.56
Hypothetical 5% Fund Return^*	Prime Shares	Prime Institutional Shares
Beginning Account Value 1/1/07	$ 1,000.00	$ 1,000.00
Ending Account Value 6/30/07	$ 1,021.32	$ 1,023.26
Expenses Paid per $1,000^**	$ 3.51	$ 1.56

^* Expenses include amounts allocated proportionally from the master portfolio.
^** 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 the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratio	Prime Shares	Prime Institutional Shares
Cash Reserve Fund Prime	.70%	.31%

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

Portfolio Summary

Asset Allocation	6/30/07	3/31/07

Short-Term Notes	38%	34%
Commercial Paper	35%	37%
Certificates of Deposit and Bank Notes	16%	22%
Time Deposits	3%	—
Funding Agreements	3%	1%
Promissory Notes	3%	—
Master Notes	2%	2%
Repurchase Agreements	—	4%
	100%	100%

Weighted Average Maturity	6/30/07	3/31/07

Cash Reserve Fund, Inc. — Prime Series	38 days	39 days
iMoneyNet First Tier Retail Money Funds Average*	43 days	41 days

* The Funds are compared to their respective iMoneyNet category: First Tier Retail Money Funds Average — Category includes a widely-recognized composite of money market funds that invest in only first tier (highest rating) securities; Treasury Retail Money Funds Average — Category includes only retail funds that hold 100% in US Treasuries.

Asset allocation and weighted average maturity is subject to change. For more complete details about the Funds' holdings, see page 22. A quarterly Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end will be posted to www.dws-scudder.com on or after the last day of the following month. In addition, the Fund's top ten holdings and other information about the Fund is posted on www.dws-scudder.com as of the calendar quarter-end on or after the 15th day following quarter-end. Please see the Other Information section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may 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.

Financial Statements

Statement of Assets and Liabilities as of June 30, 2007 (Unaudited)
Assets
Investment in Cash Management Portfolio, at value	$ 2,662,159,550
Receivable for Fund shares sold	10,110
Other assets	110,061
Total assets	2,662,279,721
Liabilities
Dividends payable	602,687
Payable for Fund shares redeemed	9,205
Accrued administration fee	228,837
Other accrued expenses and payables	1,083,989
Total liabilities	1,924,718
Net assets, at value	$ 2,660,355,003
Net Assets
Net assets consist of: Accumulated distributions in excess of net investment income	(905)
Accumulated net realized gain (loss)	(11,527)
Paid-in capital	2,660,367,435
Net assets, at value	$ 2,660,355,003
Net Asset Value
Prime Shares Net Asset Value and redemption price per share Net assets	$ 1,521,931,086
Shares of capital stock outstanding	1,522,000,138
Net asset value per shares	$ 1.00
Prime Institutional Shares Net Asset Value and redemption price per share Net assets	$ 1,138,423,917
Shares of capital stock outstanding	1,138,616,274
Net asset value per shares	$ 1.00

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

Statement of Operations
Investment Income	For the Period from April 1, 2007 through June 30, 2007^(a) (Note A) (Unaudited)	For the Year Ended March 31, 2007
Income: Total investment income allocated from the Cash Management Portfolio: Interest	$ 19,924,142	$ —
Expenses^(b)	(557,299)	—
Net investment income (loss) allocated from the Cash Management Portfolio	19,366,843	—
Interest	16,780,343	137,988,411
Total Income	36,147,186	137,988,411
Expenses: Management fee	599,073	5,341,664
Administration fee	686,458	2,001,495
Services to shareholders	378,843	1,552,654
Custodian and accounting fees	20,335	139,010
Distribution service fees	1,373,880	6,438,206
Audit	21,333	45,914
Legal	27,557	85,257
Trustees' fees and expenses	24,285	94,665
Reports to shareholders	42,181	271,115
Registration fees	15,067	69,372
Other	61,074	122,005
Total expenses before expense reductions	3,250,086	16,161,357
Expense reductions	—	(68,907)
Total expenses after expense reductions	3,250,086	16,092,450
Net investment income	32,897,100	121,895,961
Net realized gain (loss) from investments	606	3,312
Net increase (decrease) in net assets resulting from operations	$ 32,897,706	$ 121,899,273

^(a) On May 14, 2007, the Cash Reserve Fund — Prime Series became a feeder fund for the Cash Management Portfolio. The Statement of Operations includes the Cash Reserve Fund — Prime Series information as a stand-alone and feeder fund for the respective periods (see Note A in the Notes to Financial Statements).
^(b) For the period from May 14, 2007 through June 30, 2007, the Advisor to the Cash Management Portfolio waived fees, of which $239,517 was allocated to the Fund on a pro-rated basis.

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

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Three Months Ended June 30, 2007 (Note A) (Unaudited)	Year Ended March 31, 2007	Year Ended March 31, 2006
Operations: Net investment income	$ 32,897,100	$ 121,895,961	$ 78,319,971
Net realized gain (loss)	606	3,312	16,783
Net increase (decrease) in net assets resulting from operations	32,897,706	121,899,273	78,336,754
Distributions to shareholders from: Net investment income: Prime Shares	(19,971,002)	(90,917,514)	(62,826,598)
Institutional Shares	(12,926,098)	(30,907,522)	(15,380,149)
Class A Shares*	—	(67,761)	(99,570)
Class B Shares*	—	(2,428)	(13,615)
Class C Shares*	—	(736)	(39)
Total distributions	(32,897,100)	(121,895,961)	(78,319,971)
Fund share transactions: (at net asset value of $1.00 per share) Proceeds from shares sold	1,485,767,138	7,402,207,428	5,138,031,468
Reinvestment of distributions	31,859,098	121,871,600	78,296,881
Cost of shares redeemed	(2,311,888,818)	(7,190,344,350)	(5,211,779,739)
Net assets acquired in tax-free reorganization	493,413,817	—	—
Net increase (decrease) in net assets from Fund share transactions	(300,848,765)	333,734,678	4,548,610
Increase (decrease) in net assets	(300,848,159)	333,737,990	4,565,393
Net assets at beginning of period	2,961,203,162	2,627,465,172	2,622,899,779
Net assets at end of period (including accumulated distributions in excess of net investment income of $905 and $905, respectively)	$ 2,660,355,003	$ 2,961,203,162	$ 2,627,465,172

* Class A shares, Class B shares and Class C shares were liquidated on September 20, 2006.

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

Financial Highlights

Prime Shares
Years Ended March 31,	2007^a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.0116	.0455	.0307	.0111	.0050	.0108
Less: Distributions from net investment income	(.0116)	(.0455)	(.0307)	(.0111)	(.0050)	(.0108)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	1.17^**	4.65^b	3.11	1.12	.47	1.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ in millions)	1,522	2,104	2,035	2,275	2,666	2,879
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)	.72^*	.71	.69	.69	.67	.70
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)	.70^*	.71	.69	.69	.67	.70
Ratio of net investment income (%)	4.67^*	4.56	3.06	1.07	.51	1.10
^a For the period from April 1, 2007 through June 30, 2007 (see Note A) (Unaudited). ^b Total return would have been lower had certain expenses not been reduced. ^* Annualized ^** Not annualized

Prime Institutional Shares
Years Ended March 31,	2007^a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.0126	.0494	.0346	.0149	.0087	.0140
Less: Distributions from net investment income	(.0126)	(.0494)	(.0346)	(.0149)	(.0087)	(.0140)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	1.27^**	5.05^b	3.51	1.50	.88	1.40
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ in millions)	1,138	857	588	343	395	544
Ratio of expenses before expense reductions, including expenses allocated from Cash Management Portfolio (%)	.33^*	.32	.31	.30	.30	.38
Ratio of expenses after expense reductions, including expenses allocated from Cash Management Portfolio (%)	.31^*	.32	.31	.30	.30	.38
Ratio of net investment income (%)	5.06^*	4.95	3.54	1.46	.88	1.42
^a For the period from April 1, 2007 through June 30, 2007 (see Note A) (Unaudited). ^b Total return would have been lower had certain expenses not been reduced. ^* Annualized ^** Not annualized

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

Cash Reserve Fund, Inc. — Prime Series (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund is organized as a corporation under the laws of the state of Maryland.

The Fund offers two classes of shares to investors: Cash Reserve Prime Shares ("Prime Shares") and Cash Reserve Prime Institutional Shares ("Prime Institutional Shares").

The Board of Directors of the Fund approved a reorganization pursuant to which the Fund became a feeder fund of Cash Management Portfolio. On May 14, 2007, the Fund transferred it's net assets with a value of $2,930,753,457 to the Cash Management Portfolio in a tax-free exchange for beneficial ownership in the Portfolio. Activity prior to this conversion is included in the Financial Statements. On May 14, 2007, the Fund changed its fiscal year end from March 31 to December 31.

The Fund seeks to achieve its investment objective by investing all of its investable assets in the Cash Management Portfolio (the ``Portfolio''), an open-end management investment company registered under the 1940 Act and advised by Deutsche Investment Management Americas Inc. (``DIMA" or the ``Advisor''). Details concerning the Portfolio's investment objective and policies and the risk factors associated with the Portfolio's investments are described in the Fund's Prospectus and Statement of Additional Information.

At June 30, 2007, the Fund owned approximately 24% of the Portfolio. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. The Fund determines the valuation of its investment in the Portfolio by multiplying its proportionate ownership of the Portfolio by the total value of the Portfolio's net assets.

The Portfolio's policies for determining the value of its net assets are discussed in the Portfolio's financial statements which accompany this report.

In September 2006, the Financial Accounting Standards Board ("FASB") released Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of June 30, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

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 income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

At March 31, 2007, the Fund incurred approximately $12,200 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended March 31, 2008.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109" (the "Interpretation"). The Interpretation establishes for the Fund a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns. Management has evaluated the application of FIN 48 and has determined there is no impact on the Fund's financial statements.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. The Fund receives a daily allocation of the Portfolio's net investment income and net realized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund.

B. Fees and Transactions with Affiliates

Management Agreement. Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Advisor for the Portfolio and Administrator for the Fund.

For the period from April 1, 2007 through May 14, 2007, the Fund paid a monthly management fee based on the Fund's average daily net assets computed and accrued daily at the following rates:

First $500 million of the Fund's average daily net assets	.215%
Next $500 million of such net assets	.175%
Next $500 million of such net assets	.165%
Next $1 billion of such net assets	.155%
Next $1 billion of such net assets	.145%
Over $3.5 billion of such net assets	.135%

In addition, for the period April 1, 2007, through May 14, 2007, the Advisor was entitled to receive an additional fee, calculated daily and paid monthly, at the annual rate of 0.02% of the Fund's average daily net assets.

Accordingly, for the period from April 1, 2007 through May 14, 2007, the management fee payable under the Investment Management Agreement was equal to an annualized rate of 0.19% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

Effective May 14, 2007, the management fee is accrued and paid by the Cash Management Portfolio and allocated to the Fund.

Effective May 14, 2007 through May 13, 2010, DIMA has contractually agreed to waive all or a portion of its Administration Fee and reimburse or pay certain operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, proxy and organizational and offering expenses) to the extent necessary to maintain the operating expenses of each class of the Fund as follows:

Prime Shares	.68%
Prime Institutional Shares	.30%

Administration Fee. Pursuant to an Administrative Services Agreement with DIMA, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor a fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the period from April 1, 2007 through June 30, 2007, DIMA received an Administration Fee of $686,458, of which $228,837 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company ("DWS-SISC"), 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 among DWS-SISC and DST Systems, Inc. ("DST"). DWS-SISC has delegated certain transfer agent and dividend-paying agent functions to DST. DWS-SISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the period from April 1, 2007 through June 30, 2007, the amount charged to the Fund by DWS-SISC was as follows:

	Total Aggregated	Unpaid at June 30, 2007
Prime Shares	$ 338,060	$ 219,037
Prime Institutional Shares	32,556	22,703
	$ 370,616	$ 241,740

Distribution and Service Fees. DWS Scudder Distributors, Inc. ("DWS-SDI") is the Fund's Distributor. The Fund pays the Distributor an annual fee, pursuant to Rule 12b-1, based on its average daily net assets, which is calculated daily and payable monthly at 0.25% of the Prime Shares average daily net assets. The Fund does not pay fees on the Prime Institutional Shares. For the period from April 1, 2007 through June 30, 2007, the Distribution Fee was as follows:

	Total Aggregated	Unpaid at June 30, 2007
Prime Shares	$ 1,073,344	$ 405,289

The Fund pays the Distributor a shareholder servicing fee based on the average daily net assets which is calculated daily and paid monthly at a rate of 0.07% of Prime Shares. The Distributor uses this fee to compensate third parties that provide shareholder services to their clients who own shares. For the period from April 1, 2007 through June 30, 2007, the shareholder servicing fee was as follows:

	Total Aggregated	Unpaid at June 30, 2007
Prime Shares	$ 300,536	$ 112,580

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 period from April 1, 2007 through June 30, 2007, the amount charged to the Fund by DIMA included in Statement of Operations under "reports to shareholders" aggregated $7,024, all of which is unpaid.

Directors' Fees and Expenses. As compensation for his or her services, each Independent Director receives an aggregated annual fee, plus a fee for each meeting attended (plus reimbursement for reasonable out-of-pocket expenses incurred in connection with his or her attendance at board and committee meetings) from each fund in the Fund Complex for which he or she serves. In addition, the Chairperson of the Board and the Chairperson of each committee of the Board receive additional compensation for their services. Payment of such fees and expenses is allocated among all such funds described above in direct proportion to their relative net assets.

C. Concentration of Ownership

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

At June 30, 2007, there were two shareholders who held approximately 91% and 67% of the outstanding shares of the Prime Shares and Prime Institutional Shares of the Fund.

D. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $750 million revolving credit facility administered by JPMorgan Chase Bank N.A. 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 upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of 10 percent of its net assets under the agreement.

E. Share Transactions

The Fund is authorized to issue up to 12.66 billion shares of $.001 par value capital stock. Transactions in capital stock were as follows (at net asset value of $1.00 per share):

	Period from April 1, 2007 through June 30, 2007		Year Ended March 31, 2007
	Shares	Dollars	Shares	Dollars
Sold
Prime Shares	308,170,068	$ 308,170,068	4,777,062,126	$ 4,777,060,108
Prime Institutional Shares	1,177,597,070	1,177,597,070	2,624,870,026	2,624,870,026
Class A Shares*	—	—	127,294	127,294
Class B Shares*	—	—	150,000	150,000
Class C Shares*	—	—	—	—
		$ 1,485,767,138		$ 7,402,207,428
Reinvested
Prime Shares	19,506,307	$ 19,506,307	90,908,020	$ 90,908,020
Prime Institutional Shares	12,352,791	12,352,791	30,907,522	30,907,522
Class A Shares*	—	—	53,787	53,787
Class B Shares*	—	—	1,730	1,730
Class C Shares*	—	—	541	541
		$ 31,859,098		$ 121,871,600
Redeemed
Prime Shares	(991,890,302)	$ (991,890,302)	(4,799,012,450)	$ (4,799,012,450)
Prime Institutional Shares	(1,319,998,516)	(1,319,998,516)	(2,387,089,168)	(2,387,089,168)
Class A Shares*	—	—	(3,793,964)	(3,793,964)
Class B Shares*	—	—	(353,832)	(353,832)
Class C Shares*	—	—	(94,936)	(94,936)
		$ (2,311,888,818)		$ (7,190,344,350)
Shares issued in tax-free reorganization
Prime Shares	82,051,114	81,964,383	—	—
Prime Institutional Shares	411,622,008	411,449,434	—	—
		$ 493,413,817		$ —
Net increase (decrease)
Prime Shares	(582,162,813)	(582,249,544)	68,957,696	68,955,678
Prime Institutional Shares	281,573,353	281,400,779	268,688,380	268,688,380
Class A Shares*	—	—	(3,612,883)	(3,612,883)
Class B Shares*	—	—	(202,102)	(202,102)
Class C Shares*	—	—	(94,395)	(94,395)
		$ (300,848,765)		$ 333,734,678

* On September 20, 2006, Class A, B and C shares were liquidated.

F. Regulatory Matters and Litigation

Regulatory Settlements. On December 21, 2006, Deutsche Asset Management ("DeAM") settled proceedings with the Securities and Exchange Commission ("SEC") and the New York Attorney General on behalf of Deutsche Asset Management, Inc. ("DAMI") and Deutsche Investment Management Americas Inc. ("DIMA"), the investment advisors to many of the DWS Scudder funds, regarding allegations of improper trading of fund shares at DeAM and at the legacy Scudder and Kemper organizations prior to their acquisition by DeAM in April 2002. These regulators alleged that although the prospectuses for certain funds in the regulators' view indicated that the funds did not permit market timing, DAMI and DIMA breached their fiduciary duty to those funds in that their efforts to limit trading activity in the funds were not effective at certain times. The regulators also alleged that DAMI and DIMA breached their fiduciary duty to certain funds by entering into certain market timing arrangements with investors. These trading arrangements originated in businesses that existed prior to the currently constituted DeAM organization, which came together as a result of various mergers of the legacy Scudder, Kemper and Deutsche fund groups, and all of the arrangements were terminated prior to the start of the regulatory investigations that began in the summer of 2003. No current DeAM employee approved these trading arrangements. Under the terms of the settlements, DAMI and DIMA neither admitted nor denied any wrongdoing.

The terms of the SEC settlement, which identified improper trading in the legacy Deutsche and Kemper mutual funds only, provide for payment of disgorgement in the amount of $17.2 million. The terms of the settlement with the New York Attorney General provide for payment of disgorgement in the amount of $102.3 million, which is inclusive of the amount payable under the SEC settlement, plus a civil penalty in the amount of $20 million. The total amount payable by DeAM, approximately $122.3 million, would be distributed to funds in accordance with a distribution plan to be developed by a distribution consultant. The funds' investment advisors do not believe these amounts will have a material adverse financial impact on them or materially affect their ability to perform under their investment management agreements with the DWS funds. The above-described amounts are not material to Deutsche Bank, and have already been reserved.

Among the terms of the settled orders, DeAM is subject to certain undertakings regarding the conduct of its business in the future, including: formation of a Code of Ethics Oversight Committee to oversee all matters relating to issues arising under the advisors' Code of Ethics; establishment of an Internal Compliance Controls Committee having overall compliance oversight responsibility of the advisors; engagement of an Independent Compliance Consultant to conduct a comprehensive review of the advisors' supervisory compliance and other policies and procedures designed to prevent and detect breaches of fiduciary duty, breaches of the Code of Ethics and federal securities law violations by the advisors and their employees; and commencing in 2008, the advisors shall undergo a compliance review by an independent third party.

In addition, DeAM is subject to certain further undertakings relating to the governance of the mutual funds, including that: at least 75% of the members of the Boards of Trustees/Directors overseeing the DWS Funds continue to be independent of DeAM; the Chairmen of the DWS Funds' Boards of Trustees/Directors continue to be independent of DeAM; DeAM maintain existing management fee reductions for certain funds for a period of five years and not increase management fees for these certain funds during this period; the funds retain a senior officer (or independent consultants, as applicable) responsible for assisting in the review of fee arrangements and monitoring compliance by the funds and the investment advisors with securities laws, fiduciary duties, codes of ethics and other compliance policies, the expense of which shall be borne by DeAM; and periodic account statements, fund prospectuses and the mutual funds' web site contain additional disclosure and/or tools that assist investors in understanding the fees and costs associated with an investment in the funds and the impact of fees and expenses on fund returns.

DeAM has also settled proceedings with the Illinois Secretary of State regarding market timing matters. The terms of the Illinois settlement provide for investor education contributions totaling approximately $4 million and a payment in the amount of $2 million to the Securities Audit and Enforcement Fund.

On September 28, 2006, the SEC and the National Association of Securities Dealers ("NASD") announced final agreements in which Deutsche Investment Management Americas Inc. ("DIMA"), Deutsche Asset Management, Inc. ("DAMI") and Scudder Distributors, Inc. ("SDI") (now known as DWS Scudder Distributors, Inc.) settled administrative proceedings regarding disclosure of brokerage allocation practices in connection with sales of the Scudder Funds' (now known as the DWS Scudder Funds) shares during 2001-2003. The agreements with the SEC and NASD are reflected in orders which state, among other things, that DIMA and DAMI failed to disclose potential conflicts of interest to the fund Boards and to shareholders relating to SDI's use of certain funds' brokerage commissions to reduce revenue sharing costs to broker-dealer firms with whom it had arrangements to market and distribute Scudder Fund shares. These directed brokerage practices were discontinued in October 2003.

Under the terms of the settlements, in which DIMA, DAMI and SDI neither admitted nor denied any of the regulators' findings, DIMA, DAMI and SDI agreed to pay disgorgement, prejudgment interest and civil penalties in the total amount of $19.3 million. The portion of the settlements distributed to the funds was approximately $17.8 million and was paid to the funds as prescribed by the settlement orders based upon the amount of brokerage commissions from each fund used to satisfy revenue sharing agreements with broker-dealers who sold fund shares. Based on the prescribed settlement order, the Fund was not entitled to a portion of the settlement.

As part of the settlements, DIMA, DAMI and SDI also agreed to implement certain measures and undertakings relating to revenue sharing payments including making additional disclosures in the fund Prospectuses or Statements of Additional Information, adopting or modifying relevant policies and procedures and providing regular reporting to the fund Boards.

Private Litigation Matters. The matters alleged in the regulatory settlements described above also serve as the general basis of a number of private class action lawsuits involving the DWS funds. These lawsuits name as defendants various persons, including certain DWS funds, the funds' investment advisors and their affiliates, and certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each DWS fund's investment advisor has agreed to indemnify the applicable DWS funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making similar allegations.

Based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a DWS fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the DWS funds.

G. Acquisition of Assets

On May 14, 2007, the Cash Reserve Fund — Prime Series acquired all of the net assets of Money Market Fund Investment and Cash Management Fund Investment. The acquisition was accomplished by a tax-free exchange of 411,622,008 shares of Money Market Fund Investment and 82,051,114 shares of Cash Management Fund Investment outstanding on May 14, 2007. Money Market Fund Investment's and Cash Management Fund Investment's net assets at that date of $411,449,434 and $81,964,383, respectively, were combined with those of the Cash Reserve Fund — Prime Series. The aggregate net assets of the Cash Reserve Fund — Prime Series immediately before the acquisition were $2,437,339,640. The combined net assets of the Cash Reserve Fund — Prime Series immediately following the acquisition were $2,930,753,457.

(The following financial statements of the Cash Management Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2007 (Unaudited)

	Principal Amount ($)	Value ($)

Certificates of Deposit and Bank Notes 15.9%
ABN AMRO Bank NV, 5.31%, 8/16/2007	115,000,000	115,000,000
Banco Bilbao Vizcaya Argentaria SA, 5.305%, 7/23/2007	98,000,000	98,000,296
Bank of America NA, 5.25%, 9/7/2007	56,500,000	56,500,000
Bank of Montreal, 5.315%, 8/14/2007	114,000,000	114,000,000
Bank of Tokyo-Mitsubishi-UFJ, Ltd.:
5.34%, 7/19/2007	190,000,000	190,000,000
5.35%, 7/25/2007	148,000,000	148,000,000
Barclays Bank PLC:
5.31%, 8/16/2007	158,000,000	158,000,000
5.31%, 11/1/2007	75,000,000	74,998,239
Calyon, 5.325%, 8/31/2007	28,000,000	28,003,147
Credit Agricole SA, 5.31%, 11/13/2007	27,500,000	27,498,996
Credit Industrial Et Commercial, 5.33%, 8/21/2007	50,000,000	50,000,349
Credit Suisse, 5.307%, 11/2/2007	26,000,000	25,999,782
Depfa Bank PLC, 5.31%, 8/9/2007	58,500,000	58,500,000
Mizuho Corporate Bank:
5.31%, 7/2/2007	40,000,000	40,000,000
5.31%, 7/16/2007	30,000,000	30,000,000
5.32%, 7/19/2007	72,700,000	72,700,000
5.32%, 7/25/2007	86,500,000	86,500,000
5.33%, 8/20/2007	80,000,000	80,000,000
Norinchukin Bank:
5.27%, 9/10/2007	54,800,000	54,800,000
5.35%, 7/10/2007	15,000,000	15,000,000
5.35%, 8/27/2007	34,800,000	34,800,583
Societe Generale, 5.34%, 7/19/2007	90,000,000	90,000,000
Swedbank AB, 5.42%, 8/31/2007	6,000,000	5,999,551
UBS AG:
5.29%, 7/2/2007	52,500,000	52,500,000
5.3%, 7/2/2007	25,000,000	25,000,000
Total Certificates of Deposit and Bank Notes (Cost $1,731,800,943)		1,731,800,943

Commercial Paper 34.3%**
Alliance & Leicester PLC, 5.235%, 8/10/2007	75,000,000	74,563,750
ANZ National International Ltd., 5.235%, 8/20/2007	100,000,000	99,272,917
AstraZeneca PLC:
5.255%, 9/18/2007	115,200,000	113,871,536
5.275%, 9/24/2007	75,000,000	74,065,885
Bank of America Corp.:
5.224%, 9/24/2007	35,000,000	34,568,294
5.23%, 8/15/2007	100,000,000	99,346,250
5.265%, 9/28/2007	50,000,000	49,349,188
Caisse Nationale Des Caisses D'Epargne et Prevoyan, 5.168%, 11/13/2007	75,000,000	73,546,500
Cancara Asset Securitization LLC, 5.32%, 7/26/2007	30,291,000	30,179,092
Carrera Capital Finance LLC, 5.245%, 7/9/2007	10,000,000	9,988,344
Cedar Springs Capital Co., LLC:
5.255%, 7/20/2007	21,149,000	21,090,344
5.28%, 9/12/2007	46,000,000	45,507,493
5.285%, 8/20/2007	14,145,000	14,041,172
5.295%, 7/11/2007	40,202,000	40,142,870
Charta, LLC, 5.275%, 8/15/2007	79,000,000	78,479,094
CHI Catholic Health Initiatives, 5.33%, 8/7/2007	60,000,000	60,000,000
Cobbler Funding LLC:
5.24%, 7/27/2007	22,696,000	22,610,108
5.245%, 7/25/2007	36,000,000	35,874,120
5.26%, 9/10/2007	49,500,000	48,986,493
5.28%, 9/17/2007	25,000,000	24,714,000
Compass Securitization LLC, 5.3%, 7/20/2007	60,000,000	59,832,167
Danske Corp., 5.165%, 11/9/2007	100,000,000	98,120,514
Depfa Bank PLC, 5.12%, 8/24/2007	20,000,000	19,846,400
Five Finance, Inc., 5.21%, 7/24/2007	27,000,000	26,910,128
Giro Balanced Funding Corp.:
5.255%, 7/19/2007	40,000,000	39,894,900
5.255%, 7/20/2007	50,000,000	49,861,326
5.3%, 7/11/2007	30,456,000	30,411,162
5.31%, 7/20/2007	75,000,000	74,789,812
Giro Funding US Corp.:
5.255%, 7/24/2007	132,362,000	131,917,613
5.26%, 8/31/2007	30,000,000	29,732,617
5.265%, 9/7/2007	20,000,000	19,801,100
5.275%, 8/30/2007	31,638,000	31,359,849
Grampian Funding Ltd.:
5.175%, 10/10/2007	80,000,000	78,838,500
5.21%, 7/25/2007	14,000,000	13,951,373
Greyhawk Funding LLC, 5.3%, 7/20/2007	158,500,000	158,056,640
Irish Life & Permanent PLC:
5.195%, 7/16/2007	38,200,000	38,117,313
5.195%, 7/20/2007	34,000,000	33,906,779
Jupiter Securitization Corp., 5.3%, 7/18/2007	100,000,000	99,749,722
K2 (USA) LLC, 5.145%, 8/8/2007	30,000,000	29,837,075
KFW International Finance, Inc., 5.185%, 10/9/2007	6,000,000	5,913,583
Lake Constance Funding LLC, 5.26%, 9/5/2007	45,000,000	44,566,050
Liberty Street Funding:
5.24%, 7/24/2007	25,000,000	24,916,306
5.26%, 7/5/2007	5,000,000	4,997,078
Mane Funding Corp., 5.26%, 8/7/2007	15,357,000	15,273,978
MetLife, Inc.:
5.23%, 8/15/2007	32,799,000	32,584,577
5.26%, 8/15/2007	26,474,000	26,299,933
Morrigan TRR Funding LLC:
5.29%, 9/12/2007	80,000,000	79,141,844
5.355%, 7/23/2007	72,000,000	71,764,380
5.375%, 7/23/2007	73,300,000	73,059,230
Nationwide Building Society, 5.24%, 7/5/2007	10,000,000	9,994,178
Nieuw Amsterdam Receivables Corp.:
5.24%, 7/23/2007	51,619,000	51,453,704
5.28%, 8/8/2007	80,727,000	80,277,082
Northern Rock PLC, 5.235%, 8/13/2007	40,000,000	39,749,883
Perry Global Funding LLC:
Series A, 5.17%, 10/25/2007	63,693,000	62,631,945
Series A, 5.23%, 12/21/2007	22,981,000	22,403,417
Series A, 5.27%, 9/26/2007	81,705,000	80,664,419
Siemens Captal Co., LLC, 5.27%, 9/27/2007	271,200,000	267,706,341
Simba Funding Corp.:
5.24%, 8/17/2007	65,742,000	65,292,252
5.26%, 9/10/2007	20,188,000	19,978,572
5.265%, 9/20/2007	39,519,000	39,050,848
Societe Generale North America, Inc., 5.17%, 11/9/2007	52,000,000	51,021,721
Stony Point Capital Co., LLC:
5.32%, 7/2/2007	75,000,000	74,988,917
5.33%, 7/13/2007	35,603,000	35,539,745
SwedBank AB:
5.19%, 10/11/2007	64,000,000	63,058,880
5.255%, 7/10/2007	92,000,000	91,879,135
Swedish National Housing Finance Corp., 5.31%, 8/13/2007	40,000,000	39,746,300
UBS Finance LLC, 5.19%, 10/5/2007	80,800,000	79,681,728
Valcour Bay Capital Co., LLC:
5.3%, 7/13/2007	35,169,000	35,106,868
5.31%, 8/16/2007	14,000,000	13,905,010
5.28%, 9/13/2007	20,000,000	19,782,933
Total Commercial Paper (Cost $3,737,563,277)		3,737,563,277

Master Notes 1.8%
The Bear Stearns Companies, Inc.:
5.475%*, 7/2/2007 (a)	125,000,000	125,000,000
5.505%*, 7/2/2007 (a)	75,000,000	75,000,000
Total Master Notes (Cost $200,000,000)		200,000,000

Government & Agency Obligations 0.2%
Federal Home Loan Mortgage Corp., 5.35%, 3/26/2008 (Cost $20,290,000)	20,290,000	20,290,000

*Funding Agreements 3.0%**
Genworth Life Insurance Co.:
5.415%, 1/25/2008	75,000,000	75,000,000
5.42%, 9/4/2007	105,000,000	105,000,000
5.42%, 3/3/2008	20,000,000	20,000,000
Metlife Insurance Co., 5.409%, 3/31/2008	30,000,000	30,000,000
New York Life Insurance Co., 5.42%, 9/18/2007	100,000,000	100,000,000
Total Funding Agreements (Cost $330,000,000)		330,000,000

Asset Backed 0.2%
Steers Mercury III Trust, 144A, 5.34%*, 5/27/2048 (Cost $24,765,785)	24,765,785	24,765,785

Promissory Notes 2.5%
The Goldman Sachs Group, Inc.:
5.37%*, 1/18/2008	100,000,000	100,000,000
5.38%*, 10/19/2007	170,000,000	170,000,000
Total Promissory Notes (Cost $270,000,000)		270,000,000

*Short-Term Notes 38.1%**
AIG-FP Matched Funding Corp., 5.31%, 12/17/2007	31,500,000	31,500,647
Alliance & Leicester PLC, 5.33%, 7/8/2008	20,000,000	20,000,000
Allied Irish Banks PLC, 144A, 5.338%, 7/18/2008	118,400,000	118,400,000
American Express Bank FSB:
5.28%, 2/8/2008	80,000,000	80,000,000
5.29%, 11/8/2007	64,000,000	63,997,766
American Express Centurion Bank:
5.29%, 9/13/2007	50,000,000	50,000,000
5.29%, 11/6/2007	175,000,000	175,000,000
American Honda Finance Corp.:
5.32%, 3/20/2008	25,000,000	25,000,000
5.325%, 10/30/2007	60,000,000	60,000,000
144A, 5.43%, 7/11/2008	8,000,000	8,008,751
144A, 5.46%, 9/27/2007	25,000,000	25,007,695
Australia & New Zealand Banking Group Ltd., 5.34%, 5/22/2008	30,000,000	30,000,000
Banco Bilbao Vizcaya Argentaria SA, 5.376%, 4/17/2008	175,050,000	175,107,894
Banco Espanol de Credito SA, 144A, 5.334%, 4/18/2008	122,000,000	122,000,000
Bank of America NA, 5.315%, 5/16/2008	35,000,000	35,000,000
Bank of Tokyo-Mitsubishi-UFJ, Ltd., 5.41%, 8/23/2007	50,000,000	50,005,979
BellSouth Corp., 5.485%, 11/15/2007	23,000,000	23,011,704
BMW US Capital LLC, 144A, 5.34%, 4/15/2010	10,000,000	10,000,000
BNP Paribas:
5.29%, 10/3/2007	75,000,000	74,993,683
5.31%, 7/25/2008	20,000,000	20,000,000
5.325%, 5/7/2008	15,000,000	15,000,000
Caisse Nationale des Caisses d'Epargne et de Prevoyance, 144A, 5.326%, 6/2/2008	42,000,000	42,000,000
Caja de Ahorros y Monte de Piedad de Madrid, 5.359%, 5/12/2008	75,000,000	75,000,000
Calyon:
5.26%, 10/3/2007	75,000,000	74,993,311
5.3%, 9/13/2007	48,000,000	47,997,602
144A, 5.33%, 7/21/2008	121,000,000	121,000,000
Canadian Imperial Bank of Commerce:
5.39%, 10/26/2007	100,000,000	99,992,748
5.41%, 6/9/2008	24,750,000	24,750,000
Carrera Capital Finance LLC, 5.31%, 8/24/2007	70,000,000	70,000,000
Citigroup Global Markets Holdings, Inc., 5.43%, 8/16/2007	50,000,000	50,006,871
Commonwealth Bank of Australia, 5.32%, 5/23/2008	40,000,000	40,000,000
Danske Bank AS, 144A, 5.29%, 7/18/2008	118,000,000	117,990,466
DNB NOR Bank ASA, 5.32%, 5/23/2008	50,000,000	50,000,000
General Electric Capital Corp.:
5.28%, 8/19/2011	60,000,000	60,000,000
5.4%, 3/4/2008	95,000,000	95,044,538
HSBC Finance Corp.:
5.33%, 2/6/2012	75,000,000	75,000,000
5.37%, 5/23/2008	25,000,000	25,000,000
HSH Nordbank AG:
5.29%, 3/25/2008	40,000,000	39,994,240
144A, 5.33%, 7/18/2008	85,000,000	85,000,000
International Business Machine Corp., 5.33%, 12/8/2010	86,000,000	86,000,000
Intesa Bank Ireland PLC, 5.32%, 7/25/2011	55,000,000	55,000,000
K2 (USA) LLC:
144A, 5.3%, 7/16/2007	40,000,000	39,999,995
5.309%, 1/31/2008	30,000,000	29,998,332
Links Finance LLC:
5.315%, 4/28/2008	20,000,000	19,998,397
144A, 5.325%, 8/15/2007	39,000,000	39,001,168
144A, 5.33%, 2/25/2008	14,000,000	13,999,512
M&I Marshall & Ilsley Bank, 5.32%, 6/13/2008	56,000,000	56,000,000
Merrill Lynch & Co., Inc.:
5.05%, 7/6/2007	35,000,000	35,000,327
5.29%, 7/27/2007	5,000,000	5,000,000
5.3%, 7/17/2008	25,000,000	25,000,000
5.3%, 8/24/2011	90,000,000	90,000,000
5.33%, 9/15/2010	55,000,000	55,000,000
5.4%, 2/3/2009	50,000,000	50,000,000
Mitsubishi UFJ Trust & Banking Corp., 5.31%, 2/19/2008	23,000,000	23,000,000
Morgan Stanley:
5.34%, 9/5/2007	140,000,000	140,000,000
5.34%, 12/14/2007	40,000,000	40,000,000
5.435%, 9/10/2007	130,000,000	130,000,000
Natixis SA, 5.42%, 8/31/2007	75,000,000	75,000,000
Nordea Bank AB, 5.31%, 4/8/2011	40,000,000	40,000,000
Northern Rock PLC:
144A, 5.325%, 10/22/2007	90,000,000	90,000,000
5.34%, 11/5/2007	30,000,000	30,000,000
Parkland (USA) LLC, 5.325%, 10/31/2007	20,000,000	19,998,663
Premier Asset Collateralized Entity LLC, 144A, 5.325%, 1/30/2008	30,000,000	29,998,249
Pyxis Master Trust, Series 2007-6, 144A, 5.38%, 9/6/2014	37,000,000	37,000,000
Skandinaviska Enskilda Banken:
5.272%, 7/6/2007	32,000,000	31,999,832
5.32%, 2/9/2011	10,000,000	10,000,000
Societe Generale, 5.27%, 3/25/2008	35,500,000	35,493,575
Tango Finance Corp.:
144A, 5.29%, 9/24/2007	50,000,000	49,998,842
144A, 5.29%, 10/3/2007	25,000,000	24,999,355
The Goldman Sachs Group, Inc., 5.475%, 10/5/2007	55,000,000	55,022,234
Toyota Motor Credit Corp.:
5.3%, 2/11/2008	100,000,000	100,000,000
5.302%, 6/30/2008	80,000,000	80,000,000
UniCredito Italiano Bank (Ireland) PLC:
5.33%, 6/13/2008	75,000,000	75,000,000
144A, 5.34%, 5/2/2008	20,000,000	19,998,355
UniCredito Italiano SpA, 5.33%, 9/11/2007	10,000,000	9,999,756
Total Short-Term Notes (Cost $4,153,310,487)		4,153,310,487

Time Deposits 3.1%
Caixa Geral de Depositos, 5.375%, 7/2/2007	100,000,000	100,000,000
Fortis Bank SA, 5.343%, 7/2/2007	231,922,312	231,922,312
Total Time Deposits (Cost $331,922,312)		331,922,312

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $10,799,652,804)⁺	99.1	10,799,652,804
Other Assets and Liabilities, Net	0.9	100,834,879
Net Assets	100.0	10,900,487,683

* Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of June 30, 2007.
** Annualized yield at time of purchase; not a coupon rate.
⁺ The cost for federal income tax purposes was $10,799,652,804.
(a) Reset date; not a maturity date.

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.

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

Financial Statements

Statement of Assets and Liabilities as of June 30, 2007 (Unaudited)
Assets
Investments in securities, valued at amortized cost	$ 10,799,652,804
Receivable for investments sold	50,125,513
Interest receivable	52,039,028
Other assets	419,595
Total assets	10,902,236,940
Liabilities
Cash overdraft	240,991
Accrued advisory fee	1,040,683
Accrued administration fee	282,065
Other accrued expenses and payables	185,518
Total liabilities	1,749,257
Net assets, at value	$ 10,900,487,683

Statement of Operations for the six months ended June 30, 2007 (Unaudited)
Investment Income
Income: Interest	$ 250,559,354
Expenses: Advisory fee	6,875,728
Administration fee	1,401,778
Custodian fee	226,425
Auditing	25,340
Legal	4,219
Trustees' fees and expenses	136,290
Other	224,518
Total expenses before expense reductions	8,894,298
Expense reductions	(946,500)
Total expenses after expense reductions	7,947,798
Net investment income	242,611,556
Net realized gain (loss) from investments	15,008
Net increase (decrease) in net assets resulting from operations	$ 242,626,564

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

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Six Months Ended June 30, 2007 (Unaudited)	Year Ended December 31, 2006
Operations: Net investment income	$ 242,611,556	$ 410,705,445
Net realized gain (loss) on investment transactions	15,008	(284,968)
Net increase (decrease) in net assets resulting from operations	242,626,564	410,420,477
Capital transaction in shares of beneficial interest: Proceeds from capital invested	42,894,522,885	100,741,342,219
Value of capital withdrawn	(41,113,505,675)	(102,206,284,505)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest	1,781,017,210	(1,464,942,286)
Increase (decrease) in net assets	2,023,643,774	(1,054,521,809)
Net assets at beginning of period	8,876,843,909	9,931,365,718
Net assets at end of period	$ 10,900,487,683	$ 8,876,843,909

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

Financial Highlights

Years Ended December 31,	2007^a	2006	2005	2004	2003	2002
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	10,900	8,877	9,931	9,812	12,550	11,237
Ratio of expenses before expense reductions (%)	.19^*	.20	.21	.21	.21	.20
Ratio of expenses after expense reductions (%)	.17^*	.18	.18	.18	.18	.18
Ratio of net investment income (%)	5.19^*	4.83	3.08	1.22	1.04	1.71
Total Return (%)^b,c	2.61^**	4.97	3.15	1.26	1.06	1.72
^a For the six months ended June 30, 2007 (Unaudited). ^b Total return would have been lower had certain expenses not been reduced. ^c Total return for the Portfolio was derived from the performance of Cash Reserves Fund Institutional. ^* Annualized ^** Not annualized

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

Cash Management Portfolio (the ``Portfolio'') is registered under the Investment Company Act of 1940, as amended (the ``1940 Act''), as an open-end management investment company organized as a New York business trust.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. The Portfolio's securities are valued 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.

Investments in open-end investment companies are valued at their net asset value each business day.

Repurchase Agreements. The Portfolio may enter into repurchase agreements with certain banks and broker/dealers whereby the Portfolio, through its custodian or sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

Federal Income Taxes. The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109" (the "Interpretation"). The Interpretation establishes for the Portfolio a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns. Management has evaluated the application of FIN 48 and has determined there is no impact on the Portfolio's financial statements.

Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Distributions of income and capital gains from investment companies are recorded on the ex-dividend date. 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.

The Portfolio makes a daily allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

B. Fees and Transactions with Affiliates

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Advisor for the master portfolio.

Effective May 14, 2007, under the Advisor Agreement, the Portfolio pays the Advisor a monthly advisory fee based on its average daily net assets accrued daily and payable monthly, at the following annual rates:

First $5.5 billion of the Fund's average daily net assets	.150%
Next $5 billion of such net assets	.135%
Over $10.5 billion of such net assets	.120%

Prior to May 14, 2007, the Portfolio paid the Advisor an annual fee of 0.15%, based on its average daily net assets, calculated daily and paid monthly.

For the period from January 1, 2007 through May 13, 2007, the Advisor contractually agreed to waive a portion of their fees and/or reimburse expenses of the Portfolio, to the extent necessary, to maintain total operating expenses at 0.18% of its average daily net assets (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, proxy and organizational and offering expenses). The amount of the waiver and whether the Advisor and Administrator waive a portion of their fees may vary at any time without notice to shareholders.

For the period from May 14, 2007 through July 29, 2010, the Advisor has contractually agreed to maintain total operating expenses at 0.15% of its average daily net assets (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, proxy and organizational and offering expenses). The amount of the waiver and whether the Advisor and Administrator waive a portion of their fees may vary at any time without notice to shareholders.

Accordingly, for the six months ended June 30, 2007 the Advisor waived a portion of its Advisory fee as follows:

	Total Aggregated	Waived	Annualized Effective Rate
Cash Management Portfolio	$ 6,875,728	$ 912,475	.13%

Administration Fee. Pursuant to an Administrative Services Agreement with the Advisor, the Advisor provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2007, the Advisor received an Administration fee of $1,401,778, of which $282,065 is unpaid.

Trustees' Fees and Expenses. As compensation for his or her services, each Independent Trustee receives an aggregate annual fee, plus a fee for each meeting attended (plus reimbursement for reasonable out-of-pocket expenses incurred in connection with his or her attendance at board and committee meetings) from each fund in the Fund Complex for which he or she serves. In addition, the Chairperson of the Board and the Chairperson of each committee of the Board receive additional compensation for their services. Payment of such fees and expenses is allocated among all such funds described above in direct proportion to their relative net assets.

C. Fee Reductions

The Portfolio has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Portfolio's custodian expenses. During the six months ended June 30, 2007, the Portfolio's custodian fees were reduced by $34,025 for custody credits earned.

D. Line of Credit

The Portfolio and other affiliated funds (the ``Participants'') share in a $750 million revolving credit facility administered by JPMorgan Chase Bank N.A. 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 upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Portfolio may borrow up to a maximum of 5 percent of its net assets under this agreement.

E. Regulatory Matters and Litigation

Other Information

Proxy Voting

A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund's voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.dws-scudder.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of each fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.

Portfolio of Investments

Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Privacy Statement

This privacy statement is issued by DWS Scudder Distributors, Inc., Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust Company and the DWS Funds.

We never sell customer lists or individual client information. We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our websites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing your account with us. In addition, we may disclose all of the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. The organizations described above that receive client information may only use it for the purpose designated by the DWS Scudder Companies listed above.

We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm.

Questions on this policy may be sent to:

DWS Scudder
Attention: Correspondence — Chicago
P.O. Box 219415
Kansas City, MO 64121-9415

September 2006

Notes

crf_backcover0

ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not Applicable

ITEM 6.	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

	The Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors. Fund shareholders may submit nominees that will be considered by the committee when a Board vacancy occurs. Submissions should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33910.

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 registrant's last half-year (the registrant's second fiscal half-year in the case of the annual 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) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Form N-CSRS Item F

SIGNATURES

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

Registrant:

Cash Management Portfolio

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

August 24, 2007

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.

Registrant:

Cash Management Portfolio

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

August 24, 2007

By:	/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:

August 24, 2007

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President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1.	I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

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;

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;

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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual 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.

August 24, 2007	/s/Michael G. Clark
	Michael G. Clark
	President
	Cash Management Portfolio

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.	I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

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;

(a)

(b)

(c)

(d)

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)

(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.

August 24, 2007	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	Cash Management Portfolio

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President

Section 906 Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1.	I have reviewed this report, filed on behalf of Cash Management Portfolio, on Form N-CSRS;

Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

August 24, 2007	/s/Michael G. Clark
	Michael G. Clark
	President
	Cash Management Portfolio

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 Cash Management Portfolio, on Form N-CSRS;

Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

August 24, 2007	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	Cash Management Portfolio

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