UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-06073

Cash Management Portfolio

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154-0004

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  12/31

Date of reporting period: 03/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of March 31, 2008  (Unaudited)** |
|----------------------|---------------------------------------|

 

**Cash Management Portfolio**

 

|   | **Principal**

**Amount ($)**                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Value ($)** |
|--------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Certificates of Deposit and Bank Notes 15.7%** |  
ABN AMRO Bank NV:

 
 

2.525%, 6/18/2008  

 

121,500,000 

 

121,501,308 

 

4.45%, 4/9/2008  

 

67,000,000 

 

67,001,178 

Banco Santander SA:

 
 

3.91%, 5/16/2008  

 

145,000,000 

 

145,005,368 

 

4.36%, 4/11/2008  

 

133,250,000 

 

133,252,197 

Bank of America NA, 4.0%, 5/15/2008 

 

120,000,000

 

120,163,878

Bank of Scotland PLC:

 
 

3.02%, 5/15/2008  

 

187,250,000 

 

187,250,000 

 

4.5%, 11/19/2008  

 

120,000,000 

 

120,000,000 

 

4.77%, 4/25/2008  

 

155,000,000 

 

155,000,000 

 

4.91%, 4/23/2008  

 

35,800,000 

 

35,801,267 

 

4.93%, 10/9/2008  

 

155,000,000 

 

155,000,000 

Bank of Tokyo-Mitsubishi-UFJ Ltd., 3.11%, 4/8/2008 

 

300,000,000

 

300,000,000

 

 

 

Barclays Bank PLC:

 
 

4.72%, 4/30/2008  

 

60,000,000 

 

60,000,000 

 

4.72%, 5/1/2008  

 

42,500,000 

 

42,560,674 

 

5.2%, 4/9/2008  

 

200,000,000 

 

200,000,000 

BNP Paribas, 4.4%, 7/7/2008 

 

162,750,000

 

162,754,290

Calyon:

 
 

4.03%, 7/14/2008  

 

110,750,000 

 

110,750,000 

 

4.38%, 4/10/2008  

 

58,700,000 

 

58,704,780 

Canadian Imperial Bank of Commerce:

 
 

3.06%, 4/1/2008  

 

9,000,000 

 

9,000,000 

 

3.11%, 4/8/2008  

 

200,000,000 

 

200,000,000 

Citibank NA, 3.01%, 5/15/2008 

 

254,000,000

 

254,000,000

Credit Agricole SA:

 
 

3.1%, 5/2/2008  

 

41,200,000 

 

41,200,705 

 

4.61%, 4/7/2008  

 

105,000,000 

 

105,000,173 

Credit Industriel et Commercial:

 
 

4.135%, 4/15/2008  

 

37,600,000 

 

37,600,072 

 

4.615%, 4/7/2008  

 

52,000,000 

 

52,000,043 

Credit Suisse, 4.305%, 7/8/2008 

 

100,000,000

 

100,000,000

General Electric Capital Corp., 3.5%, 5/1/2008

 

10,000,000

 

10,003,831

JPMorgan Chase Bank NA:

 
 

2.8%, 8/11/2008  

 

30,000,000 

 

30,000,000 

 

3.05%, 4/25/2008  

 

22,500,000 

 

22,500,000 

 

4.75%, 6/10/2008  

 

124,550,000 

 

124,550,000 

Metropolitan Life Global Funding I, 3.8%, 1/20/2009  

 

91,500,000

 

91,500,000

Mizuho Corporate Bank Ltd.:

 
 

3.05%, 5/14/2008  

 

91,000,000 

 

91,015,530 

 

3.11%, 4/8/2008  

 

95,000,000 

 

95,000,000 

 

3.9%, 4/17/2008  

 

158,000,000 

 

158,003,477 

National Australia Bank Ltd., 3.08%, 4/4/2008 

 

40,000,000

 

40,000,066

Natixis, 2.85%, 6/12/2008 

 

125,000,000

 

125,000,000

Norinchukin Bank Ltd., 4.37%, 4/11/2008 

 

100,000,000

 

100,000,000

Royal Bank of Scotland PLC, 3.1%, 6/25/2008 

 

135,000,000

 

135,015,409

Societe Generale, 3.99%, 4/15/2008 

 

150,000,000

 

150,005,199

Toronto-Dominion Bank:

 
 

2.68%, 8/18/2008  

 

25,000,000 

 

25,024,756 

 

3.02%, 5/2/2008  

 

10,000,000 

 

10,000,569 

 

 

 

 

 

 

UBS AG:

 
 

3.0%, 8/1/2008  

 

200,000,000 

 

200,000,000 

 

3.33%, 5/23/2008  

 

50,000,000 

 

50,000,000 

 

4.255%, 7/9/2008  

 

160,000,000 

 

160,225,552 

 

4.3%, 7/8/2008  

 

160,000,000 

 

160,000,000 

**Total Certificates of Deposit and Bank Notes** (Cost $4,751,390,322)

 

**4,751,390,322**

 

**Commercial Paper 42.3%**

 
**Issued at Discount** 39.0%**

 
AIG Funding, Inc., 2.85%, 4/4/2008 

 

9,500,000

 

9,497,744

Alcon Capital Corp.:

 
 

2.49%, 12/17/2008  

 

100,000,000 

 

98,201,667 

 

3.9%, 5/22/2008  

 

4,000,000 

 

3,977,900 

 

4.4%, 5/21/2008  

 

71,700,000 

 

71,261,833 

 

4.44%, 5/22/2008  

 

16,000,000 

 

15,899,360 

Alpine Securitization Corp., 2.76%, 4/24/2008 

 

140,000,000

 

139,753,133

Amsterdam Funding Corp., 2.75%, 4/21/2008 

 

150,000,000

 

149,770,833

Apreco LLC, 2.75%, 4/25/2008 

 

150,000,000

 

149,725,000

 

 

 

AstraZeneca PLC:

 
 

2.88%, 8/20/2008  

 

48,550,000 

 

48,002,356 

 

3.67%, 7/17/2008  

 

24,310,000 

 

24,044,825 

 

3.965%, 7/25/2008  

 

99,000,000 

 

97,746,069 

 

4.205%, 6/3/2008  

 

71,900,000 

 

71,370,906 

 

4.7%, 5/14/2008  

 

82,000,000 

 

81,539,661 

AT&T, Inc., 2.23%, 5/23/2008 

 

130,000,000

 

129,581,256

Atlantic Asset Securitization Corp., 2.82%, 4/15/2008 

 

225,000,000

 

224,753,250

Bank of America Corp., 4.865%, 4/11/2008 

 

198,000,000

 

197,732,425

Bank of Scotland PLC, 2.55%, 6/18/2008 

 

100,000,000

 

99,447,500

Cancara Asset Securitization LLC:

 
 

2.9%, 4/25/2008  

 

200,000,000 

 

199,613,333 

 

2.92%, 4/25/2008  

 

300,000,000 

 

299,416,000 

CBA (Delaware) Finance, Inc., 2.88%, 5/30/2008 

 

26,724,000

 

26,597,863

Chariot Funding LLC:

 
 

2.7%, 4/25/2008  

 

68,970,000 

 

68,845,854 

 

2.75%, 4/21/2008  

 

225,900,000 

 

225,554,875 

 

2.77%, 4/24/2008  

 

143,000,000 

 

142,746,930 

 

2.9%, 4/3/2008  

 

293,080,000 

 

293,032,782 

DNB NOR Bank ASA:

 
 

3.06%, 4/30/2008  

 

122,000,000 

 

121,699,270 

 

4.205%, 4/9/2008  

 

79,000,000 

 

78,926,179 

General Electric Capital Corp.:

 
 

2.63%, 4/9/2008  

 

10,000,000 

 

9,994,156 

 

2.75%, 9/19/2008  

 

199,250,000 

 

196,647,297 

 

3.0%, 5/27/2008  

 

297,250,000 

 

295,862,833 

 

3.53%, 7/14/2008  

 

191,000,000 

 

189,052,224 

 

3.92%, 9/30/2008  

 

200,000,000 

 

196,036,444 

 

4.05%, 7/7/2008  

 

25,000,000 

 

24,727,861 

 

4.42%, 7/21/2008  

 

200,000,000 

 

197,274,333 

 

4.62%, 4/21/2008  

 

155,000,000 

 

154,602,167 

Giro Balanced Funding Corp.:

 
 

3.265%, 4/4/2008  

 

95,000,000 

 

94,974,152 

 

3.49%, 4/11/2008  

 

43,600,000 

 

43,557,732 

Greenwich Capital Holdings, Inc.:

 
 

3.72%, 5/23/2008  

 

23,400,000 

 

23,274,264 

 

3.8%, 5/23/2008  

 

69,250,000 

 

68,869,894 

 

4.81%, 5/28/2008  

 

130,000,000 

 

129,009,942 

ING (US) Funding LLC, 2.72%, 5/12/2008 

 

350,000

 

348,916

Johnson & Johnson, 3.38%, 7/23/2008 

 

70,000,000

 

69,257,339

Jupiter Securitization Co., LLC, 2.75%, 4/21/2008 

 

144,391,000

 

144,170,403

KFW International Finance, Inc.:

 
 

2.2%, 5/2/2008  

 

11,042,000 

 

11,021,082 

 

2.23%, 4/22/2008  

 

5,000,000 

 

4,993,496 

 

2.27%, 4/14/2008  

 

861,000 

 

860,294 

 

2.8%, 4/7/2008  

 

3,260,000 

 

3,258,479 

 

2.85%, 4/7/2008  

 

535,000 

 

534,746 

 

4.225%, 4/7/2008  

 

16,849,000 

 

16,837,136 

Liberty Street Funding LLC:

 
 

2.97%, 4/22/2008  

 

130,700,000 

 

130,473,562 

 

3.15%, 4/14/2008  

 

35,000,000 

 

34,960,187 

 

3.15%, 4/18/2008  

 

40,500,000 

 

40,439,756 

 

3.17%, 4/23/2008  

 

64,000,000 

 

63,876,018 

 

3.2%, 4/11/2008  

 

49,500,000 

 

49,456,000 

 

3.2%, 4/14/2008  

 

80,000,000 

 

79,907,556 

MetLife, Inc., 2.3%, 4/18/2008 

 

6,766,000

 

6,758,651

Nestle Capital Corp.:

 
 

 

 

 

2.49%, 12/17/2008  

 

133,000,000 

 

130,608,217 

 

2.69%, 9/18/2008  

 

300,000,000 

 

296,189,167 

 

4.3%, 10/31/2008  

 

54,250,000 

 

52,869,790 

 

4.37%, 5/21/2008  

 

25,000,000 

 

24,848,264 

Nieuw Amsterdam Receivables Corp.:

 
 

2.93%, 4/25/2008  

 

200,000,000 

 

199,609,333 

 

3.2%, 4/9/2008  

 

50,000,000 

 

49,964,444 

 

3.2%, 4/10/2008  

 

115,000,000 

 

114,908,000 

Old Line Funding LLC:

 
 

3.12%, 4/9/2008  

 

100,000,000 

 

99,930,667 

 

3.12%, 4/11/2008  

 

151,824,000 

 

151,692,419 

 

3.14%, 4/9/2008  

 

20,789,000 

 

20,774,494 

 

3.17%, 4/10/2008  

 

22,202,000 

 

22,184,405 

Park Avenue Receivables Corp.:

 
 

2.7%, 4/22/2008  

 

50,000,000 

 

49,921,250 

 

2.77%, 4/24/2008  

 

111,000,000 

 

110,803,561 

PepsiCo, Inc., 2.5%, 4/10/2008 

 

15,000,000

 

14,990,625

Perry Global Funding LLC:

 
 

4.4%, 4/2/2008  

 

95,000,000 

 

94,988,389 

 

4.5%, 4/2/2008  

 

130,000,000 

 

129,983,750 

Pfizer, Inc.:

 
 

2.685%, 8/6/2008  

 

100,000,000 

 

99,052,792 

 

4.38%, 5/14/2008  

 

100,000,000 

 

99,476,833 

 

4.4%, 5/14/2008  

 

69,000,000 

 

68,637,367 

 

4.41%, 5/7/2008  

 

89,790,000 

 

89,394,026 

 

4.41%, 5/16/2008  

 

63,750,000 

 

63,398,578 

Procter & Gamble International Funding SCA:

 
 

2.25%, 4/22/2008  

 

12,000,000 

 

11,984,250 

 

2.25%, 4/25/2008  

 

90,000,000 

 

89,865,000 

 

2.55%, 4/8/2008  

 

50,000,000 

 

49,975,208 

Ranger Funding Co., LLC:

 
 

2.8%, 4/21/2008  

 

100,000,000 

 

99,844,444 

 

2.8%, 5/9/2008  

 

100,000,000 

 

99,704,444 

 

3.25%, 4/10/2008  

 

55,000,000 

 

54,955,312 

Royal Bank of Scotland Group PLC:

 
 

4.19%, 7/10/2008  

 

71,090,000 

 

70,262,591 

 

4.25%, 6/9/2008  

 

130,000,000 

 

128,941,042 

San Paolo IMI US Financial Co., 2.78%, 4/16/2008 

 

4,451,000

 

4,445,844

Scaldis Capital LLC:

 
 

2.9%, 4/17/2008  

 

150,000,000 

 

149,806,667 

 

2.9%, 4/23/2008  

 

400,000,000 

 

399,291,111 

 

2.95%, 4/25/2008  

 

337,325,000 

 

336,661,594 

 

3.05%, 4/16/2008  

 

100,000,000 

 

99,872,917 

 

3.1%, 4/16/2008  

 

50,000,000 

 

49,935,417 

Scotiabanc, Inc., 3.02%, 5/13/2008 

 

63,750,000

 

63,525,387

Sheffield Receivables Corp.:

 
 

2.68%, 4/15/2008  

 

101,000,000 

 

100,894,736 

 

2.8%, 4/2/2008  

 

55,000,000 

 

54,995,722 

 

3.1%, 5/28/2008  

 

25,000,000 

 

24,877,292 

 

3.13%, 4/10/2008  

 

30,000,000 

 

29,976,525 

 

3.15%, 4/8/2008  

 

114,000,000 

 

113,930,175 

Societe Generale North America, Inc.:

 
 

3.88%, 4/14/2008  

 

84,500,000 

 

84,381,606 

 

4.0%, 7/7/2008  

 

152,500,000 

 

150,856,389 

 

4.52%, 4/24/2008  

 

52,866,000 

 

52,713,335 

Starbird Funding Corp.:

 
 

3.15%, 4/23/2008  

 

323,700,000 

 

323,076,877 

 

 

 

 

3.2%, 4/16/2008  

 

75,000,000 

 

74,900,000 

Thunder Bay Funding LLC:

 
 

2.8%, 4/25/2008  

 

60,172,000 

 

60,059,679 

 

3.12%, 4/11/2008  

 

30,471,000 

 

30,444,592 

 

3.15%, 5/9/2008  

 

25,000,000 

 

24,916,875 

Toronto-Dominion Holdings USA, Inc., 2.66%, 6/23/2008 

 

4,000,000

 

3,975,469

Toyota Motor Credit Corp.:

 
 

2.53%, 4/9/2008  

 

17,000,000 

 

16,990,442 

 

4.29%, 4/7/2008  

 

75,000,000 

 

74,946,375 

 

4.61%, 4/25/2008  

 

40,000,000 

 

39,877,067 

Tulip Funding Corp.:

 
 

2.9%, 4/21/2008  

 

250,000,000 

 

249,597,222 

 

3.17%, 5/7/2008  

 

100,000,000 

 

99,683,000 

United Parcel Service, Inc.:

 
 

3.25%, 12/17/2008  

 

50,000,000 

 

48,826,389 

 

3.85%, 7/31/2008  

 

3,750,000 

 

3,701,474 

 

4.0%, 6/30/2008  

 

50,000,000 

 

49,500,000 

 

4.13%, 7/31/2008  

 

40,750,000 

 

40,184,333 

 

4.18%, 5/30/2008  

 

58,950,000 

 

58,546,160 

Variable Funding Capital Co., LLC, 3.12%, 4/11/2008 

 

301,000,000

 

300,739,133

Victory Receivables Corp.:

 
 

3.05%, 4/23/2008  

 

29,700,000 

 

29,644,643 

 

3.2%, 4/4/2008  

 

55,000,000 

 

54,985,333 

 

3.25%, 4/3/2008  

 

30,000,000 

 

29,994,583 

 

3.3%, 4/2/2008  

 

135,000,000 

 

134,987,625 

Westpac Banking Corp.:

 
 

2.87%, 6/5/2008  

 

75,000,000 

 

74,611,354 

 

2.98%, 5/2/2008  

 

70,600,000 

 

70,418,833 

Windmill Funding I Corp.:

 
 

3.15%, 4/4/2008  

 

175,000,000 

 

174,954,062 

 

3.27%, 4/8/2008  

 

17,600,000 

 

17,588,809 

Yorktown Capital LLC:

 
 

2.7%, 4/24/2008  

 

25,000,000 

 

24,956,875 

 

5.15%, 4/11/2008  

 

17,954,000 

 

17,928,316 

 

 

**11,785,734,623**

**Issued at Par 3.3%**

 
CHI Catholic Health Initiatives:

 
 

3.1%, 5/21/2008  

 

35,000,000 

 

35,000,000 

 

3.25%,  6/5/2008    

 

178,800,000 

 

178,800,000 

 

4.38%, 4/3/2008  

 

30,000,000 

 

30,000,000 

Dexia Delaware LLC, 2.54%, 4/1/2008 

 

4,300,000

 

4,300,000

Jupiter Securitization Co., LLC, 3.15%, 4/1/2008 

 

75,299,000

 

75,299,000

Lehman Brothers Holdings, Inc., 3.35%, 4/1/2008 

 

174,600,000

 

174,600,000

Lloyds TSB Bank PLC, 2.74%, 4/1/2008 

 

4,000,000

 

4,000,000

Market Street Funding LLC, 3.3%, 4/1/2008 

 

104,994,000

 

104,994,000

Natexis Banques Populaires US Finance Co., LLC, 2.99%, 4/1/2008 

 

3,018,000

 

3,018,000

Nieuw Amsterdam Receivables Corp., 3.25%, 4/1/2008 

 

59,920,000

 

59,920,000

Nordea North America, Inc., 2.49%, 4/1/2008 

 

4,000,000

 

4,000,000

Park Avenue Receivables Corp., 3.15%, 4/1/2008 

 

45,585,000

 

45,585,000

Rabobank USA Financial Corp., 2.2%, 4/1/2008 

 

1,520,000

 

1,520,000

Romulus Funding Corp., 3.45%, 4/1/2008 

 

122,678,000

 

122,678,000

Societe Generale North America, Inc., 2.8%, 4/1/2008 

 

4,711,000

 

4,711,000

Starbird Funding Corp., 3.55%, 4/1/2008 

 

157,519,000

 

157,519,000

 

 

 

**1,005,944,000**

**Total Commercial Paper** (Cost $12,791,678,623)

 

**12,791,678,623**

 

 

 

 

**Master Notes 2.2%**

 
Citigroup Global Markets, Inc., 3.15% *, 4/1/2008 (a) (Cost $665,000,000)

 

665,000,000

 

**665,000,000**

 

**Government & Agency Obligations 5.4%**

 
**US Government Sponsored Agencies**

 
Federal Home Loan Bank:

 
 

1.5% **, 4/1/2008  

 

1,976,000 

 

1,976,000 

 

2.625%, 7/15/2008  

 

64,850,000 

 

64,576,357 

 

2.65% *, 9/17/2008  

 

100,000,000 

 

99,979,599 

 

Step-up Coupon, 2.75% to 6/11/2008, 3.0% to 9/11/2008, 3.25% to 12/11/2008, 3.5% to 3/11/2009   

 

73,000,000 

 

73,000,000 

 

3.7% **, 7/9/2008  

 

80,000,000 

 

79,186,000 

 

4.1% **, 7/22/2008  

 

116,000,000 

 

114,520,356 

 

4.15% **, 6/9/2008  

 

72,550,000 

 

71,972,925 

Federal Home Loan Mortgage Corp., 3.75% **, 7/7/2008 

 

130,000,000

 

128,686,458

Federal National Mortgage Association:

 
 

1.65% **, 4/1/2008  

 

981,000 

 

981,000 

 

2.33% *,  9/3/2009    

 

380,000,000 

 

379,973,006 

 

3.73% **, 5/29/2008  

 

233,000,000 

 

231,599,799 

 

3.965% **, 4/9/2008  

 

44,757,000 

 

44,717,564 

 

4.19% **, 4/30/2008  

 

200,000,000 

 

199,324,944 

 

4.2% **, 4/18/2008  

 

120,700,000 

 

120,460,612 

**Total Government & Agency Obligations** (Cost $1,610,954,620)

 

**1,610,954,620**

 

**Asset Backed 0.3%**

 
Steers (Delaware) Business Trust, 144A, 2.674% *, 5/27/2048 (Cost $94,386,653)

 

94,386,653

 

**94,386,653**

 

**Short Term Notes* 30.9%**

 
Abbey National Treasury Services PLC:

 
 

3.13%, 2/13/2009  

 

50,000,000 

 

50,000,000 

 

3.26%, 2/20/2009  

 

187,250,000 

 

187,250,000 

ABN AMRO Bank NV, 144A, 4.001%, 4/18/2008 

 

57,000,000

 

57,002,197

Alliance & Leicester PLC, 3.078%, 8/7/2008 

 

100,000,000

 

100,000,000

Allied Irish Banks PLC, 2.538%, 8/18/2008 

 

118,400,000

 

118,400,000

American Express Centurion Bank, 2.787%, 4/17/2008 

 

150,000,000

 

149,999,344

American Honda Finance Corp.:

 
 

144A, 2.728%, 3/25/2009  

 

100,000,000 

 

100,000,000 

 

144A, 3.066%, 5/9/2008  

 

50,000,000 

 

50,000,000 

 

144A, 3.168%, 5/12/2008  

 

22,730,000 

 

22,732,729 

 

144A, 4.522%, 7/11/2008  

 

8,000,000 

 

8,002,351 

 

4.525%, 4/10/2008  

 

105,000,000 

 

105,001,336 

ANZ National (International) Ltd., 144A, 3.21%, 4/10/2009 

 

96,000,000

 

96,000,000

 

 
 

 
Australia & New Zealand Banking Group Ltd.:

 
 

2.618%, 8/22/2008  

 

60,000,000 

 

60,000,000 

 

144A, 3.35%, 4/2/2009  

 

199,350,000

 

199,343,138

Banco Bilbao Vizcaya Argentaria SA, 4.017%, 4/17/2008 

 

175,050,000

 

175,053,183

Banco Espanol de Credito SA, 3.941%, 8/11/2008 

 

297,000,000

 

297,000,000

 

 
Bank of America NA:

 
 

2.315%, 5/16/2008  

 

35,000,000 

 

35,000,000 

 

3.208%, 4/3/2009  

 

195,000,000 

 

195,000,000 

Bank of Ireland, 2.548%, 8/18/2008 

 

75,000,000

 

75,000,000

Bank of Scotland PLC, 4.614%, 4/6/2009 

 

256,500,000

 

256,500,000

Berkshire Hathaway Finance Corp., 144A, 3.13%, 5/16/2008 

 

38,530,000

 

38,535,071

 

 

 

Beta Finance, Inc., 144A, 2.4%, 6/11/2008 

 

70,000,000

 

69,999,345

BMW (UK) Capital PLC, 2.837%, 8/14/2008 

 

55,000,000

 

55,000,000

BNP Paribas:

 
 

2.606%, 8/25/2008  

 

109,000,000 

 

109,000,000 

 

4.079%, 2/13/2009  

 

84,100,000 

 

84,100,000 

Caisse Nationale des Caisses d'Epargne et de Prevoyance, 3.066%, 7/10/2008 

 

197,000,000

 

197,000,000

Caja de Ahorros y Monte de Piedad de Madrid, 4.043%, 8/12/2008 

 

225,000,000

 

225,000,000

Canadian Imperial Bank of Commerce:

 
 

2.41%, 6/9/2008  

 

112,750,000 

 

112,750,000 

 

3.991%, 7/18/2008  

 

16,500,000 

 

16,490,510 

Centauri Corp., 144A, 2.4%, 6/11/2008 

 

65,000,000

 

64,999,392

Commonwealth Bank of Australia:

 
 

2.618%, 9/23/2008  

 

80,000,000 

 

80,000,000 

 

2.703%, 12/18/2008  

 

72,000,000 

 

71,986,621 

Credit Agricole SA:

 
 

2.568%, 7/22/2008  

 

246,000,000 

 

246,000,000 

 

144A, 2.828%, 4/22/2009  

 

296,500,000 

 

296,500,000 

 

3.837%, 8/26/2008  

 

200,000,000 

 

200,000,000 

Danske Bank AS, 2.505%, 8/19/2008 

 

268,000,000

 

267,993,151

DNB NOR Bank ASA, 2.598%, 9/24/2008 

 

120,000,000

 

120,000,000

General Electric Capital Corp.:

 
 

2.618%, 8/19/2011  

 

135,000,000 

 

135,000,000 

 

4.317%, 4/15/2008  

 

50,000,000 

 

50,001,871 

HSBC Finance Corp.:

 
 

144A, 2.658%, 9/24/2008  

 

140,000,000 

 

140,000,000 

 

3.1%, 8/6/2008  

 

125,000,000 

 

125,000,000 

HSH Nordbank AG, 2.618%, 8/20/2008 

 

205,000,000

 

205,000,000

ING Bank NV, 144A, 3.281%, 3/26/2009 

 

84,000,000

 

84,000,001

Intesa Bank Ireland PLC, 2.608%, 8/22/2008 

 

155,000,000

 

155,000,000

K2 Corp., 144A, 3.203%, 4/28/2008 

 

65,000,000

 

64,999,523

Lloyds TSB Bank PLC, 3.05%, 9/6/2008 

 

100,000,000

 

100,000,000

Marshall & Ilsley Bank, 2.827%, 8/14/2008 

 

56,000,000

 

56,000,000

Metropolitan Life Global Funding I, 144A, 4.247%, 2/9/2009  

 

66,500,000 

 

66,500,000 

National Australia Bank Ltd.:

 
 

2.8%, 8/14/2008  

 

125,000,000 

 

125,000,000 

 

3.045%, 4/7/2009  

 

125,750,000 

 

125,750,000 

 

3.27%, 2/19/2009  

 

179,750,000 

 

179,750,000 

Natixis:

 
 

3.096%, 6/6/2008  

 

200,000,000 

 

200,000,000 

 

3.24%, 4/6/2009  

 

268,500,000 

 

268,500,000 

Nordea Bank AB, 3.048%, 9/8/2008 

 

85,000,000

 

85,000,000

Northern Rock PLC, 3.116%, 8/4/2008 

 

65,000,000

 

65,000,000

Procter & Gamble International Funding SCA, 3.14%, 2/19/2009 

 

64,000,000

 

64,000,000

Rabobank Nederland NV, 3.045%, 11/14/2008 

 

195,000,000

 

195,000,000

Royal Bank of Canada:

 
 

3.05%, 8/5/2008  

 

100,000,000 

 

100,000,000 

 

3.055%, 4/4/2008  

 

350,000,000 

 

349,999,186 

Royal Bank of Scotland PLC, 3.064%, 4/3/2008 

 

200,000,000

 

199,999,677

Skandinaviska Enskilda Banken AB, 3.068%, 8/8/2008 

 

80,000,000

 

80,000,000

Svenska Handelsbanken AB, 2.588%, 8/20/2008 

 

200,000,000

 

200,000,000

Toyota Motor Credit Corp.:

 
 

2.13%, 4/11/2008  

 

200,000,000 

 

200,000,000 

 

2.132%, 6/30/2008  

 

280,000,000 

 

280,000,000 

 

2.36%, 3/12/2009  

 

110,000,000 

 

110,000,000 

 

3.01%, 11/17/2008  

 

100,000,000 

 

100,000,000 

 

3.24%, 3/19/2009  

 

100,000,000 

 

100,000,000 

UniCredito Italiano Bank (Ireland) PLC:

 
 

 

 

 

2.837%, 8/14/2008  

 

260,000,000 

 

260,000,000 

 

3.078%, 8/8/2008  

 

50,000,000 

 

50,000,000 

 

4.432%, 8/8/2008  

 

220,000,000 

 

219,994,881 

**Total Short Term Notes** (Cost $9,332,133,507)

 

**9,332,133,507**

 

**Time Deposits 2.5%**

 
Bank of Tokyo-Mitsubishi-UFJ Ltd., 3.0%, 4/1/2008 

 

70,000,000

 

70,000,000

BNP Paribas, 2.875%, 4/1/2008 

 

35,500,000

 

35,500,000

Calyon, 3.0%, 4/1/2008 

 

35,587,019

 

35,587,019

Danske Bank AS, 3.5%, 4/1/2008 

 

250,000,000

 

250,000,000

ING Bank NV, 2.5%, 4/1/2008 

 

232,000,000

 

232,000,000

Landesbank Hessen-Thuringen Girozentrale, 2.75%, 4/1/2008 

 

115,000,000

 

115,000,000

Societe Generale, 2.75%, 4/1/2008 

 

8,187,489

 

8,187,489

**Total Time Deposits** (Cost $746,274,508)

 

**746,274,508**

 

**Repurchase Agreements 0.4%**

 
BNP Paribas, 2.4%, dated 3/31/2008, to be repurchased at $5,843,501 on 4/1/2008 (b) 

 

5,843,111

 

5,843,111

Greenwich Capital Markets, Inc., 2.5%, dated 3/31/2008, to be repurchased at $31,002,153 on 4/1/2008 (c) 

 

31,000,000

 

31,000,000

The Goldman Sachs & Co., 0.75%, dated 3/31/2008 to be repurchased at $88,331,137 on 4/1/2008 (d)

 

88,329,297

 

88,329,297

**Total Repurchase Agreements** (Cost $125,172,408)

 

**125,172,408**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $30,116,990,641) †

99.7

 

**30,116,990,641**

**Other Assets and Liabilities, Net**

0.3

 

**98,351,350**

**Net Assets**

100.0

 

**30,215,341,991**

 

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*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 March 31, 2008.*

****

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

*†*

*The cost for federal income tax purposes was $30,116,990,641.*

*(a)*

*Reset date; not a maturity date.*

*(b)*

*Collateralized by $5,936,363 Federal National Mortgage Association, 5.5%, maturing on 3/1/2038 with a value of $6,018,405.*

*(c)*

*Collateralized by $31,374,203 Federal National Mortgage Association, with various coupon rates from 5.0-6.5%, with various maturities of 9/1/2020-4/1/2038 with a value of $31,935,010.*

*(d)*

*Collateralized by:*

 

***Principal*****

* *

* *

* *

***Collateral*****

 
 

***Amount ($)*****

***Security*****

***Rate (%)*****

***Maturity Date*****

***Value ($)*****

 
 

*37,106,000***

*US Treasury Bond***

*4.75***

*2/15/2037***

*39,889,405***

 
 

*48,728,000***

*US Treasury Note***

*3.5***

*8/15/2009***

*50,206,745***

 
 

***Total Collateral Value*****

* *

* *

***90,096,150*****

 
*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 following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:*

 

***Valuation Inputs*****

***Investments in  Securities at***

***Value*****

*Level 1 - Quoted Prices***

*$                       -***

 

 

 

*Level 2 - Other Significant***

*30,116,990,641***

*Observable Inputs***

*Level 3 - Significant***

*-***

*Unobservable Inputs***

***Total*****

***$  30,116,990,641*****

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Fund’s assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherentin a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.*

 

*Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels as follows:*

 

 

**•**

*Level 1 – quoted prices in active markets for identical securities*

 

**•**

*Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)*

 

**•**

*Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)*

 

*For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Fund’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates forsimilar liabilities.  Securities in the Fund are included in Level 2 since the securities are valued utilizing the amortized cost method permitted in accordance with Rule 2A-7 under the 1940 Act.**For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.*

 

*The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial statements, an evaluation of the forces that influence the issuer and themarket(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.*

 

**ITEM 2.**

**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 fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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.

 

 

**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:

May 14, 2008

 

 

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:

May 14, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

May 14, 2008

 

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