UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-5970  Cash Account Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        04/30
  Date of reporting period:
        10/31/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 SEMIANNUAL REPORT TO SHAREHOLDERS
Premium Reserve Money
Market SharesFund #97
Institutional Money
Market SharesFund #146
Money Market Portfolio
October 31, 2008This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, visit www.dws-investments.com. We advise
you to consider the portfolio's objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other important
information about the portfolio. Please read the prospectus carefully before
you invest.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE 
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Portfolio Management Review In the following interview, the portfolio management team discusses
the market environment and the performance of Money Market
Portfolio  Premium Reserve Money Market Shares and Institutional
Money Market Shares during the most recent semiannual period
ended October 31, 2008. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The
management team's views are subject to change at any time based on market and other
conditions and should not be construed as a recommendation. Past performance is no
guarantee of future results. Current and future portfolio holdings are subject to risk. Q: Will you discuss the market environment for the fund during
the most recent semiannual period? A:Over the past six months we continued to witness
unprecedented events in the money markets as well as in
financial markets worldwide. The massive credit crunch that
originated with problems in the US subprime mortgage market
eventually brought down several financial firms including Bear
Stearns and Lehman Brothers, and transformed Wall Street.
September in particular was a traumatic month for the financial
industry as severe losses and a general liquidity squeeze forced
major financial companies such as Merrill Lynch, AIG, Washington
Mutual and Wachovia to seek a rescue by the government or
through a merger. The loss of market liquidity forced the
US Federal Reserve Board (the Fed) and other central banks to
make significant efforts to boost liquidity by creating expansive
lending facilities. Among other unprecedented actions, the
US government decided to back the Federal National Mortgage
Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac) explicitly, inject $700 billion into the
banking system through the Troubled Asset Relief Program
("TARP"), and offer a stimulus package to US consumers. (In
November 2008, the idea of a second stimulus package continued
to be promoted by some congressional leaders because of
continued economic worries.) Portfolio Performance(as of October 31, 2008)
Performance is historical and does not guarantee future results. Current
performance may be lower or higher than the performance data quoted.
An investment in a money market fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Although money market funds seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in them.7-Day Current YieldPremium Reserve Money Market Shares
2.30%Institutional Money Market Shares
2.60%Yields are historical, will fluctuate and do not guarantee future performance. The
7-day current yield refers to the income paid by the portfolios over a 7-day period
expressed as an annual percentage rate. For the most current yield information, visit
our Web site at www.dws-investments.com. Within the money market fund industry, major losses caused by
the liquidity squeeze and the collapse of Lehman Brothers forced
one money fund's share price to drop below $1 and another
money fund to close. In the general "flight to quality" that ensued
 amid a market atmosphere of heightened uncertainty over
perceived credit quality  demand for short-term Treasury
securities reached overwhelming levels as investors prized safety
over all other considerations, including yield.1 This unprecedented
flight to quality pushed the yield of the three-month Treasury
bill to almost zero on September 17, 2008 under the extreme
demand pressure. 1 Credit quality is a measure of a bond issuer's ability to repay interest and principal in a
timely manner. Rating agencies assign letter designations such as AAA, AA and so forth.
The lower the rating, the higher the probability of default.  In response to the freeze-up in money market liquidity, the
US government created new lending facilities2 for commercial
paper and asset-backed commercial paper, and in November was
planning to launch a general money market lending facility. The
government also issued new short-term Treasury instruments
to meet strong investor demand. By October, these new
government programs seemed to be restoring some measure
of liquidity in the money markets, though we believe it will take
some time for normalcy to be restored. 2 Lending Facility  In response to the financial crisis and credit crunch, US Federal
Reserve officials have created a series of lending facilities to try to restore liquidity
within the financial system and prompt large financial institutions to resume lending to
one another at more accustomed levels. The first such facility the Fed created was the
Term Securities Lending Facility (TSLF), where the Fed agreed to lend up to $200 billion
of Treasury securities to primary dealers secured by a pledge of other securities. This
lending by the Fed was meant to, in turn, prompt further lending by its borrowers. Since
then the Fed has set up commercial paper and asset-backed commercial paper lending
facilities to perform similar liquidity operations in those areas of the credit market.  As of October 31, 2008, three-month LIBOR, an industry standard
for measuring three-month taxable money market rates, stood
at 3.02%, compared with 2.85% as of April 30, 2008.3 On
October 10, three-month LIBOR hit a near-term peak of 4.82%. 3 LIBOR, or the London Interbank Offered Rate, is the most widely used benchmark or
reference rate for short-term interest rates. LIBOR is the rate of interest at which banks
borrow funds from other banks, in large volume, in the international market.  Q: In light of market conditions during the period, what has
been the strategy for the Money Market Portfolio? A:Given the difficult situation throughout the investment
markets, and understanding that the credit crunch would not be a
short-term phenomenon, our strategy for the Money Market
Portfolio from April through mid-September was to emphasize
liquidity and high credit quality while looking for ways to maximize
yield potential when opportunities presented themselves. Over
the first months of the period, we increased the portfolio's
allocation to floating-rate securities because of their attractive
yield levels over LIBOR.4 We also limited asset-backed
commercial paper exposure to one-month maturities and
purchased fixed-rate securities in the two- to six-month portion of
the yield curve, where yields were highest compared with the
federal funds rate.5 In mid-September, when conditions in the
money markets worsened drastically, we enacted a significantly
more defensive strategy for the portfolio, holding more overnight
securities in the form of repurchase agreements.6 We also
purchased Treasury and agency instruments in seeking the
highest-quality portfolio given the extremely difficult market
conditions. As conditions are now easing somewhat, we are
looking to extend maturity cautiously with the goal of maintaining
the highest-quality possible. 4 Rather than paying a fixed rate of interest, floating-rate securities (or floaters) offer
interest payments which reset periodically, with rates tied to a representative interest
rate index.  5 Federal funds rate  the overnight rate charged by banks when they borrow money
from each other.  The yield curve is a graph with a left-to-right line that shows how high or low yields are,
from the shortest to the longest maturities. Typically the line rises from left to right as
investors who are willing to tie up their money for a longer period are rewarded with
higher yields. When the yield curve is characterized as "steep," this is especially true.  6 Repurchase Agreements (Repos)  An agreement between a seller and a buyer, usually
of government securities, where the seller agrees to repurchase the securities at a given
price and usually at a stated time. Repos are widely used money market instruments
that serve as an interest-bearing, short-term "parking place" for large sums of money.  Q: What detracted from performance during the period? A:The types of securities in which we were investing tended to
have lower yields than issues carrying more risk. We preferred to
be cautious during this time of significant market turbulence. In
the end this cost the fund some yield, but we believe that this
represented a prudent approach to preserving principal. Q: Will you describe your investment philosophy? A:We continue to insist on the highest credit quality within the
fund. We also plan to maintain our conservative investment
strategies and standards, applying a careful approach to investing
while seeking competitive yield for our shareholders. Information About Your Portfolio's
Expenses As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees, distribution and service (12b-1) fees and other Portfolio expenses.
Examples of transaction costs include sales charges (loads), redemption
fees and 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 Portfolio 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 (May 1, 2008 to October 31, 2008). The tables illustrate your Portfolio's expenses in two ways: •    Actual Portfolio Return. This helps you estimate the actual dollar
amount of ongoing expenses (but not transaction costs) paid on a
$1,000 investment in each Portfolio using each Portfolio's actual return
during the period. To estimate the expenses you paid over the period,
simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Expenses Paid per $1,000" line under the share class
you hold. •    Hypothetical 5% Portfolio Return. This helps you to compare each
Portfolio's ongoing expenses (but not transaction costs) with those of
other mutual funds using each Portfolio'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 Investmentfor the six months ended October 31, 2008Actual Portfolio Return
Premium
Reserve Money
Market Shares
Institutional
Money Market
SharesBeginning Account Value 5/1/08
$      1,000.00
$      1,000.00Ending Account Value 10/31/08
$      1,011.50
$      1,013.10Expenses Paid per $1,000*
$      2.79
$      1.22Hypothetical 5% Portfolio ReturnBeginning Account Value 5/1/08
$      1,000.00
$      1,000.00Ending Account Value 10/31/08
$      1,022.43
$      1,024.00Expenses Paid per $1,000*
$      2.80
$      1.22 * Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the average
account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by 365.  Annualized Expense RatiosPremium Reserve Money Market Shares
.55%Institutional Money Market Shares
.24% For more information, please refer to the Portfolio's prospectus. Portfolio Summary Money Market Portfolio Asset Allocation(As a % of Investment Portfolio)
10/31/08
4/30/08Commercial Paper
45%
45%Certificates of Deposit and Bank Notes
19%
22%Short-Term Notes
16%
25%Government & Agency Obligations
8%
2%Repurchase Agreements
8%
3%Master Notes
2%
2%Time Deposits
2%
1%100%
100% Weighted Average Maturity
10/31/08
4/30/08Cash Account Trust  Money Market Portfolio
53 days
45 daysFirst Tier Retail Money Fund Average*
36 days
46 days * The Portfolio is compared to its respective iMoneyNet Category: First Tier Retail Money
Fund Average  Category includes a widely recognized composite of money market
funds that invest in only first tier (highest rating) securities. Portfolio holdings of First Tier
funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank
Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes
and Asset Backed Commercial Paper.  Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 9-14. A quarterly Fact Sheet is available
upon request. A complete list of the Portfolio's portfolio holdings is posted twice each
month on www.dws-investments.com. Portfolio holdings as of the 15th day of each month
are posted to the Web site on or after month-end and portfolio holdings as of each
month-end are posted to the Web site on or after the 14th day of the following month. More
frequent posting of portfolio holdings information may be made from time to time on
www.dws-investments.com. Investment Portfolioas of October 31, 2008 (Unaudited) Money Market Portfolio Principal
Amount ($)
Value ($)Certificates of Deposit and Bank Notes 18.4%Banco Bilbao Vizcaya Argentaria SA, 3.155%, 1/5/2009
32,000,000
32,000,284Banco Santander SA:2.89%, 11/10/2008
25,065,000
25,065,1833.0%, 12/9/2008
28,850,000
28,850,000Bank of America NA, 3.7%, 3/26/2009
19,230,000
18,943,420Bank of Nova Scotia, 3.35%, 1/23/2009
45,000,000
45,000,000Bank of Scotland PLC, 4.5%, 11/19/2008
20,000,000
20,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 2.84%, 11/18/2008
42,000,000
42,000,000Barclays Bank PLC:3.0%, 12/2/2008
35,000,000
35,000,0003.15%, 12/8/2008
15,000,000
15,000,000BNP Paribas:2.8%, 11/24/2008
35,000,000
35,000,0002.8%, 12/15/2008
28,850,000
28,829,255Calyon, 3.14%, 3/5/2009
22,000,000
22,000,000Canadian Imperial Bank of Commerce, 2.83%, 11/10/2008
50,000,000
50,000,000Chase Bank USA NA, 2.73%, 11/17/2008
35,000,000
35,000,000Credit Agricole SA, 2.86%, 12/1/2008
40,000,000
40,000,331Dexia Credit Local, 2.845%, 11/18/2008
35,000,000
35,000,082DNB NOR Bank ASA, 3.7%, 1/23/2009
42,500,000
42,500,000HSBC Bank PLC, 2.72%, 12/16/2008
48,000,000
47,962,447Intesa Sanpaolo SpA:2.81%, 11/14/2008
20,000,000
20,000,0723.02%, 12/29/2008
24,000,000
24,000,000Nordea Bank Finland PLC, 3.76%, 1/21/2009
40,000,000
40,000,000Rabobank Nederland NV:2.7%, 11/13/2008
25,000,000
25,000,0003.0%, 2/26/2009
40,000,000
40,000,000Royal Bank of Scotland PLC, 2.96%, 11/3/2008
24,000,000
24,000,123Skandinaviska Enskilda Banken AB, 2.885%, 12/4/2008
42,000,000
41,999,392Total Certificates of Deposit and Bank Notes (Cost $813,150,589)
813,150,589Commercial Paper 45.2%Issued at Discount**Alpine Securitization, 4.0%, 12/12/2008
60,000,000
59,726,667ASB Finance Ltd., 3.1%, 3/6/2009
15,000,000
14,838,542AstraZeneca PLC, 2.71%, 11/24/2008
24,000,000
23,958,447Bank of America Corp.:3.1%, 2/12/2009
38,000,000
37,662,9613.22%, 2/6/2009
25,000,000
24,783,097Caisse Nationale des Caisses d'Epargne et de Prevoyance:2.96%, 12/15/2008
37,200,000
37,065,4192.96%, 12/23/2008
75,000,000
74,679,3333.775%, 12/18/2008
1,500,000
1,492,607Cancara Asset Securitisation LLC, 2.8%, 12/1/2008
22,000,000
21,952,089Danske Corp., 3.81%, 1/28/2009
45,000,000
44,580,900General Electric Capital Corp.:2.84%, 2/6/2009
30,000,000
29,770,4332.89%, 12/15/2008
120,000,000
119,576,1333.35%, 4/20/2009
55,000,000
54,129,9313.7%, 12/12/2008
20,000,000
19,915,722Greenwich Capital Holdings, Inc.:2.98%, 12/18/2008
47,600,000
47,414,8103.1%, 3/9/2009
30,000,000
29,669,333KBC Financial Products International Ltd.:2.8%, 11/14/2008
47,000,000
46,952,4782.85%, 11/3/2008
22,000,000
21,996,517Liberty Street Funding LLC:2.88%, 11/10/2008
10,000,000
9,992,8002.89%, 11/25/2008
27,000,000
26,947,9804.35%, 12/15/2008
33,000,000
32,824,5504.6%, 1/16/2009
70,000,000
69,320,222Market Street Funding LLC:0.75%, 11/3/2008
15,000,000
14,999,3754.0%, 11/17/2008
20,000,000
19,964,444Nestle Capital Corp., 2.49%, 12/17/2008
15,000,000
14,952,275Nieuw Amsterdam Receivables Corp., 2.5%, 11/3/2008
75,000,000
74,989,583Nissan Motor Acceptance Corp., 6.1%, 11/4/2008
15,000,000
14,992,375Nokia Oyj, 2.43%, 12/10/2008
22,000,000
21,942,085Old Line Funding LLC:4.15%, 4/20/2009
40,000,000
39,216,1114.25%, 1/15/2009
70,000,000
69,380,208Perry Global Funding LLC, 2.25%, 11/3/2008
15,000,000
14,998,125Pfizer, Inc.:2.375%, 3/2/2009
38,000,000
37,696,6602.52%, 3/2/2009
40,000,000
39,661,200Procter & Gamble International Funding SCA, 2.23%,
2/12/2009
35,000,000
34,776,690Romulus Funding Corp., 1.65%, 11/3/2008
24,200,000
24,197,782Royal Bank of Scotland Group PLC, 3.1%, 12/12/2008
30,000,000
29,894,083Sheffield Receivables Corp., 2.98%, 1/6/2009
25,000,000
24,863,417Shell International Finance BV, 2.5%, 3/9/2009
43,000,000
42,617,778Siemens Captal Co., LLC, 0.25%, 11/3/2008
35,000,000
34,999,514Societe Generale North America, Inc.:2.87%, 12/22/2008
30,000,000
29,878,0252.935%, 12/22/2008
46,000,000
45,808,736Starbird Funding Corp.:2.97%, 12/4/2008
5,000,000
4,986,3883.2%, 2/6/2009
21,000,000
20,818,933Suncorp-Metway Ltd., 3.02%, 11/3/2008
35,000,000
34,994,128Swedbank AB:2.96%, 11/17/2008
30,000,000
29,960,5332.99%, 11/3/2008
20,000,000
19,996,6783.0%, 11/4/2008
30,000,000
29,992,5003.0%, 11/10/2008
25,000,000
24,981,2503.22%, 3/3/2009
30,000,000
29,672,6333.64%, 11/4/2008
1,500,000
1,499,5453.64%, 11/10/2008
500,000
499,545Tempo Finance Corp., 4.65%, 11/20/2008
30,000,000
29,926,375Thunder Bay Funding LLC:2.77%, 11/17/2008
52,000,000
51,935,9824.15%, 4/20/2009
36,000,000
35,294,500Toyota Motor Credit Corp.:2.88%, 12/30/2008
22,000,000
21,896,1603.4%, 1/26/2009
44,000,000
43,642,6223.75%, 12/3/2008
64,000,000
63,786,667Victory Receivables Corp., 2.8%, 12/10/2008
20,000,000
19,939,333Westpac Banking Corp.:2.71%, 11/10/2008
30,000,000
29,979,6752.85%, 11/12/2008
13,480,000
13,468,261Windmill Funding I Corp., 2.8%, 11/3/2008
8,000,000
7,998,756Total Commercial Paper (Cost $1,994,349,901)
1,994,349,901Short-Term Notes* 15.7%Abbey National Treasury Services PLC:3.01%, 2/20/2009
25,000,000
25,000,0003.695%, 4/24/2009
17,500,000
17,500,000Allied Irish Banks North America, Inc., 3.118%, 3/11/2009
34,000,000
34,000,000ANZ National (International) Ltd., 3.036%, 7/10/2009
12,500,000
12,500,000Australia & New Zealand Banking Group Ltd., 3.02%,
7/2/2009
25,000,000
25,000,000Bank of America NA:2.81%, 2/27/2009
10,000,000
9,978,7224.35%, 7/6/2009
40,000,000
40,000,000Bank of Nova Scotia, 3.148%, 5/6/2009
22,000,000
22,000,000Bank of Scotland PLC, 3.008%, 6/5/2009
14,425,000
14,425,000Banque Federative du Credit Mutuel, 2.959%, 8/27/2010
30,000,000
30,000,000Barclays Bank PLC, 3.758%, 2/27/2009
45,000,000
45,000,000BNP Paribas, 3.013%, 5/13/2009
15,000,000
15,000,000Calyon, 3.068%, 3/11/2009
30,000,000
30,000,000Commonwealth Bank of Australia, 2.816%, 12/18/2008
10,000,000
9,999,665Credit Agricole SA, 3.433%, 7/22/2009
40,000,000
40,000,000ING Bank NV, 3.726%, 3/26/2009
12,500,000
12,500,000Intesa Sanpaolo SpA, 5.087%, 5/13/2009
35,000,000
35,000,000JPMorgan Chase & Co., 4.19%, 4/3/2009
40,100,000
40,099,142KBC Bank NV, 4.818%, 12/16/2008
45,000,000
45,000,000Metropolitan Life Global Funding I, 144A, 4.57%, 5/11/2009
7,500,000
7,500,000National Australia Bank Ltd.:3.008%, 2/19/2009
25,000,000
25,000,0004.543%, 4/7/2009
17,500,000
17,500,000Natixis, 3.065%, 4/6/2009
37,250,000
37,250,000Procter & Gamble International Funding SCA, 2.878%,
2/19/2009
7,500,000
7,500,000Rabobank Nederland NV, 2.992%, 10/9/2009
25,000,000
25,000,000Royal Bank of Canada, 4.96%, 7/15/2009
25,000,000
25,000,000Royal Bank of Scotland PLC, 3.073%, 3/4/2009
20,000,000
20,000,000Svenska Handelsbanken, Inc., 144A, 3.885%, 5/26/2009
12,000,000
12,000,000Toyota Motor Credit Corp., 0.57%, 3/12/2009
15,000,000
15,000,000Total Short-Term Notes (Cost $694,752,529)
694,752,529Master Notes 1.8%Citigroup Global Markets, Inc., 0.4%*, 11/3/2008 (a)
(Cost $82,000,000)
82,000,000
82,000,000Time Deposit 1.8%BNP Paribas, 0.25%, 11/3/2008 (Cost $78,552,144)
78,552,144
78,552,144Government & Agency Obligations 8.5%US Government Sponsored Agencies 6.8%Federal Home Loan Bank:2.35%**, 2/11/2009
22,000,000
21,853,5172.36%**, 5/12/2009
15,000,000
14,811,2002.73%**, 1/20/2009
15,000,000
14,909,0002.53%**, 1/26/2009
45,000,000
44,728,0252.74%**, 2/24/2009
22,500,000
22,303,0632.5%**, 4/14/2009
38,000,000
37,567,2223.0%**, 4/20/2009
22,000,000
21,688,3330.58%*, 4/3/2009
12,700,000
12,700,000Federal Home Loan Mortgage Corp., 2.41%**, 3/19/2009
22,000,000
21,796,757Federal National Mortgage Association:2.575%**, 11/26/2008
24,000,000
23,957,0832.46%**, 3/19/2009
26,000,000
25,754,8202.75%**, 3/16/2009
40,000,000
39,587,500301,656,520US Treasury Obligations 1.7%US Treasury Bills:1.53%**, 4/23/2009
24,000,000
23,823,5401.35%**, 4/29/2009
31,400,000
31,187,0761.35%**, 6/24/2009
20,000,000
19,823,75074,834,366Total Government & Agency Obligations (Cost $376,490,886)
376,490,886Repurchase Agreements 8.3%Banc of America Securities LLC, 0.2%, dated 10/31/2008, to
be repurchased at $25,000,417 on 11/3/2008 (b)
25,000,000
25,000,000BNP Paribas, 0.25%, dated 10/31/2008, to be repurchased
at $25,000,521 on 11/3/2008 (c)
25,000,000
25,000,000JPMorgan Securities, Inc., 0.2%, dated 10/31/2008, to be
repurchased at $15,000,250 on 11/3/2008 (d)
15,000,000
15,000,000Merrill Lynch Government Securities, Inc., 0.15%, dated
10/31/2008, to be repurchased at $275,003,438 on
11/3/2008 (e)
275,000,000
275,000,000Merrill Lynch Government Securities, Inc., 0.2%, dated
10/31/2008, to be repurchased at $25,000,417 on
11/3/2008 (f)
25,000,000
25,000,000Total Repurchase Agreements (Cost $365,000,000)
365,000,000 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $4,404,296,049)+
99.7
4,404,296,049Other Assets and Liabilities, Net
0.3
11,869,215Net Assets
100.0
4,416,165,264 * 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 October 31, 2008.  ** Annualized yield at the time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $4,404,296,049.  (a) Reset date; not maturity date.  (b) Collateralized by $25,430,068 Federal Home Loan Mortgage Corp., 6.0%, maturing on
9/1/2038 with a value of $25,500,000.  (c) Collateralized by $25,834,600 US Treasury Bill, Zero Coupon, maturing on 10/22/2009
with a value of $25,500,042.  (d) Collateralized by $16,078,368 Federal National Mortgage Association, 5.0%, maturing on
5/1/2038 with a value of $15,300,576.  (e) Collateralized by $282,500,000 Federal National Mortgage Association, Zero Coupon,
with various maturity dates of 11/5/2008-3/31/2009 with a value of $280,502,851.  (f) Collateralized by $26,347,081 US Treasury Inflation-Indexed Bonds, with various coupon
rates from 2.375-3.625%, with various maturity dates of 1/15/2025-4/15/2028 with a
value of $25,502,998.  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. Fair Value Measurements The following is a summary of the inputs used as of October 31, 2008 in valuing the
Portfolio's investments. For information on the Portfolio's policy regarding the valuation of
investments and of the valuation inputs, and the aggregate levels used in the tables below,
please refer to the Security Valuation section of Note 1 in the accompanying Notes to the
Financial Statements. Valuation Inputs
Investments in
SecuritiesLevel 1
$       Level 2
4,404,296,049Level 3
Total
$    4,404,296,049  The accompanying notes are an integral part of the financial statements. Financial Statements Money Market Portfolio Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited)Assets
Money Market
PortfolioInvestments:Investments in securities, valued at amortized cost
$       4,039,296,049Repurchase agreements, valued at amortized cost
365,000,000Total investments, valued at amortized cost
4,404,296,049Receivable for Portfolio shares sold
31,972,267Interest receivable
8,660,347Other assets
193,772Total assets
4,445,122,435LiabilitiesPayable for investments purchased
21,952,089Payable for Portfolio shares redeemed
2,087,502Accrued management fee
615,637Other accrued expenses and payables
4,301,943Total liabilities
28,957,171Net assets, at value
$    4,416,165,264Net Assets Consist ofDistributions in excess of net investment income
(369,232)Accumulated net realized gain (loss)
968,222Paid-in capital
4,415,566,274Net assets, at value
$    4,416,165,264 The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited) (continued)Net Asset Value
Money Market
PortfolioCapital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($937,143,847 ÷ 936,847,031 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share
($36,024,362 ÷ 36,027,647 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($38,806,821 ÷ 38,784,235 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($9,602,847 ÷ 9,597,866 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Institutional Money Market Shares
Net Asset Value, offering and redemption price per share
($96,867,519 ÷ 96,810,722 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Institutional Select Money Market Shares
Net Asset Value, offering and redemption price per share ($10,496
÷ 10,491 outstanding shares of beneficial interest, $.01 par value,
unlimited number of shares authorized)
$    1.00Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($1,937,353,624 ÷ 1,936,712,200 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)
$    1.00Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share
($380,915,572 ÷ 380,747,820 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Service Shares
Net Asset Value, offering and redemption price per share
($979,440,176 ÷ 979,137,367 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended October 31, 2008 (Unaudited)Investment Income
Money Market
PortfolioIncome:Interest
$       67,614,096Expenses:Management fee
3,733,432Services to shareholders
5,614,493Custodian fee
133,877Distribution and service fees
12,183,866Professional fees
90,307Trustees' fees and expenses
66,112Reports to shareholders
262,392Registration fees
97,585Other
221,403Total expenses before expense reductions
22,403,467Expense reductions
(296,507)Total expenses after expense reductions
22,106,960Net investment income
45,507,136Net realized gain (loss) from investments
491,249Net increase (decrease) in net assets resulting from operations
$    45,998,385 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets
Money Market PortfolioIncrease (Decrease) in Net Assets
Six Months
Ended
October 31,
2008
(Unaudited)
Year Ended
April 30, 2008Operations:Net investment income
$       45,507,136
$       173,922,913Net realized gain (loss)
491,249
1,238,499Net increase in net assets resulting from operations
45,998,385
175,161,412Distributions to shareholders from:Net investment income:Capital Assets Funds Shares
(9,351,473)
(38,939,202)Capital Assets Funds Preferred Shares
(999,523)
(1,467,806)Davidson Cash Equivalent Shares
(460,427)
(4,569,026)Davidson Cash Equivalent Plus Shares
(90,801)
(1,270,189)Institutional Money Market Shares
(1,324,892)
(6,268,422)Institutional Select Money Market Shares
(135)
(121)Premier Money Market Shares
(18,179,873)
(62,576,183)Premium Reserve Money Market Shares
(4,921,683)
(12,917,522)Service Shares
(10,655,309)
(45,914,443)Total distributions
(45,984,116)
(173,922,914)Portfolio share transactions:Proceeds from shares sold
3,078,915,659
6,331,024,341Reinvestment of distributions
46,029,787
172,853,502Cost of shares redeemed
(3,595,787,808)
(5,773,489,067)Net increase (decrease) in net assets from Portfolio
share transactions
(470,842,362)
730,388,776Increase (decrease) in net assets
(470,828,093)
731,627,274Net assets at beginning of period
4,886,993,357
4,155,366,083Net assets at end of period (including distributions in
excess of net investment income and undistributed
net investment income of $369,232 and $107,748,
respectively)
$    4,416,165,264
$    4,886,993,357 The accompanying notes are an integral part of the financial statements. Financial Highlights Money Market Portfolio
Premium Reserve Money Market SharesYears Ended April 30,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning
of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Net investment income
.011
.043
.047
.034
.014
.006Less distributions from net investment
income
(.011)
(.043)
(.047)
(.034)
(.014)
(.006)Net asset value, end of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Total Return (%)
1.15**
4.38b
4.84
3.44
1.36
.63Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
381
404
282
509
327
257Ratio of expenses before expense
reductions (%)
.55*
.57
.56
.55
.56
.53Ratio of expenses after expense
reductions (%)
.55*
.57
.56
.55
.56
.53Ratio of net investment income (%)
2.25*
4.24
4.72
3.44
1.37
.63aFor the six months ended October 31, 2008 (Unaudited).bTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized Money Market Portfolio
Institutional Money Market SharesYears Ended April 30,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning
of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Net investment income
.013
.046
.050
.037
.017
.009Less distributions from net investment
income
(.013)
(.046)
(.050)
(0.37)
(.017)
(.009)Net asset value, end of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Total Return (%)
1.31**
4.70b
5.17b
3.76b
1.69
.93Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
97
129
131
107
75
106Ratio of expenses before expense
reductions (%)
.24*
.27
.26
.24
.24
.24Ratio of expenses after expense
reductions (%)
.24*
.26
.25
.23
.24
.24Ratio of net investment income (%)
2.56*
4.55
5.03
3.76
1.69
.92aFor the six months ended October 31, 2008 (Unaudited).bTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized Notes to Financial Statements(Unaudited) 1. Significant Accounting Policies Cash Account Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end
investment management company organized as a Massachusetts
business trust. The Trust offers three portfolios: Money Market Portfolio, Government &
Agency Securities Portfolio and Tax-Exempt Portfolio (the "Portfolios").
The financial statements of Government & Agency Securities Portfolio and
Tax-Exempt Portfolio are presented in separate annual reports. Money Market Portfolio (the "Portfolio") offers nine classes of shares:
Capital Assets Funds Shares, Capital Assets Funds Preferred Shares,
Davidson Cash Equivalent Shares, Davidson Cash Equivalent Plus Shares,
Institutional Money Market Shares, Institutional Select Money Market
Shares, Premier Money Market Shares, Premium Reserve Money Market
Shares and Service Shares. The financial highlights for all classes of shares, other than Premium
Reserve Money Market Shares and Institutional Money Market Shares,
are provided separately and are available upon request. The Portfolio's investment income, realized and unrealized gains and
losses, and certain Portfolio-level expenses and expense reductions, if
any, are borne pro rata on the basis of relative net assets by the holders of
all classes of shares of that Portfolio, except that each class bears certain
expenses unique to that class such as distribution and service fees,
shareholder service fees and certain other class-specific expenses.
Differences in class-level expenses may result in payment of different per
share dividends by class. All shares of the Trust have equal rights with
respect to voting subject to class-specific arrangements. The 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. Portfolio 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 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. The Portfolio adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements
("FAS 157"), effective at the beginning of the Portfolio's fiscal year.
FAS 157 establishes a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and
requires additional disclosure about the classification of fair value
measurements. Various inputs are used in determining the value of the Portfolio's
investments. These inputs are summarized in three broad levels. Level 1
includes quoted prices in active markets for identical securities. Level 2
includes other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 includes significant unobservable inputs (including the Portfolio's
own assumptions in determining the fair value of investments). The inputs
or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
Securities held by a money market fund are reflected as Level 2 because
the securities are valued at amortized cost (which approximates fair value)
and, accordingly, the inputs used to determine value are not quoted prices
in an active market. The aggregate value by input level, as of October 31, 2008, for the
Portfolio's investments is included at the end of the Portfolio's Investment
Portfolio. 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 custodial bank holds the collateral in a
separate account until the agreement matures. If the value of the
securities falls below the principal amount of the repurchase agreement
plus accrued interest, the financial institution deposits additional collateral
by the following business day. If the financial institution either fails to
deposit the required additional collateral or fails to repurchase the
securities as agreed, the 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's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies and to distribute all of its
taxable and tax-exempt income to its shareholders. The Portfolio has reviewed the tax positions for the open tax years as of
April 30, 2008 and has determined that no provision for income tax is
required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by
the Internal Revenue Service. Distribution of Income. Net investment income of the Portfolio is declared
as a daily dividend and is distributed to shareholders monthly. The
Portfolio may take into account capital gains and losses in its daily
dividend declarations. The Portfolio may also make additional distributions
for tax purposes if necessary. Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital. Temporary
book and tax basis differences will reverse in a subsequent period. There
were no significant book-to-tax differences for the Portfolio. The tax character of current year distributions will be determined at the
end of the current fiscal year. Expenses. Expenses of the Trust arising in connection with a specific
Portfolio are allocated to that Portfolio. Other Trust expenses which cannot
be directly attributed to a Portfolio are apportioned pro rata on the basis of
relative net assets among the Portfolios in the Trust. 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. Realized gains and losses from
investment transactions are recorded on an identified cost basis. All
premiums and discounts are amortized/accreted for both tax and financial
reporting purposes. 2. Related Parties Management Agreement. Under the Investment Management
Agreement with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of
Deutsche Bank AG, the Advisor directs the investments of the Trust in
accordance with its investment objectives, policies and restrictions. The
Advisor determines the securities, instruments and other contracts
relating to investments to be purchased, sold or entered into by the
Portfolio. In addition to portfolio management services, the Advisor
provides certain administrative services in accordance with the
Investment Management Agreement. The Portfolio pays a monthly
management fee based on the Trust's combined average daily net assets,
accrued daily and payable monthly, at 1/12 of the following annual rates: First $500 million of the Trust's combined average daily net assets
.220%Next $500 million of such net assets
.200%Next $1 billion of such net assets
.175%Next $1 billion of such net assets
.160%Over $3 billion of such net assets
.150% Accordingly, for the six months ended October 31, 2008, the Portfolio
incurred a management fee equivalent to the following annualized
effective rate of the Portfolio's average daily net assets: Annualized
Effective RateMoney Market Portfolio
.16% For the six months ended October 31, 2008, the Advisor has voluntarily
agreed to waive or reimburse certain operating expenses in order to
maintain the annual expenses at 0.25% of the Institutional Money Market
Shares (excluding certain expenses such as extraordinary expenses,
taxes, brokerage and interest). The Advisor also has agreed to maintain expenses of certain other classes
of the Trust These rates are disclosed in the respective share classes'
semiannual reports that are provided separately and are available upon
request. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Portfolio. Pursuant to a sub-transfer
agency agreement between DISC and DST Systems, Inc. ("DST"), DISC
has delegated certain transfer agent, dividend-paying agent and
shareholder service agent functions to DST. DISC compensates DST out
of the shareholder servicing fee it receives from the Portfolio. For the six
months ended October 31, 2008, the amounts charged to the Portfolio by
DISC were as follows: Money Market Portfolio:
Total
Aggregated
Waived
Unpaid at
October 31,
2008Capital Assets Funds Shares
$       1,289,201
$       58,536
$       620,692Capital Assets Funds Preferred
Shares
67,828
15,513
23,889Davidson Cash Equivalent Shares
62,636

64,494Davidson Cash Equivalent Plus
Shares
9,145

5,053Institutional Money Market Shares
15,361

8,975Institutional Select Money Market
Shares
31
31
Premier Money Market Shares
2,414,721

1,135,497Premium Reserve Money Market
Shares
237,346

121,661Service Shares
1,465,486
211,352
511,337 Distribution Service Agreement. Under the Distribution Service
Agreement, in accordance with Rule 12b-1 under the 1940 Act,
DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee"), calculated as a percentage of average
daily net assets for the shares listed in the following table. For the six months ended October 31, 2008, the Distribution Fee was as
follows: Money Market Portfolio:
Distribution Fee
Unpaid at
October 31,
2008
Annualized
Effective
Rate
Contractual
Rate
(Up To)Capital Assets Funds
Shares
$       1,701,745
$       268,072
.33%
.33%Capital Assets Funds
Preferred Shares
90,437
7,618
.20%
.20%Davidson Cash Equivalent
Shares
75,293
10,283
.30%
.30%Davidson Cash Equivalent
Plus Shares
11,431
1,783
.25%
.25%Institutional Money Market
Shares
5,120
891
.01%
.08%Premier Money Market
Shares
2,414,721
417,582
.25%
.25%Service Shares
3,517,167
509,226
.60%
.60% In addition, DIDI provides information and administrative services for a fee
("Service Fee") for the shares listed in the following table. A portion of
these fees may be paid pursuant to a Rule 12b-1 plan. For the six months ended October 31, 2008, the Service Fee was as
follows: Money Market Portfolio:
Service Fee
Unpaid at
October 31,
2008
Annualized
Effective
Rate
Contractual
Rate
(Up To)Capital Assets Funds
Shares
$       1,289,201
$       205,412
.25%
.25%Capital Assets Funds
Preferred Shares
45,218
3,857
.10%
.10%Davidson Cash Equivalent
Shares
62,744
8,529
.25%
.25%Davidson Cash Equivalent
Plus Shares
9,145
1,426
.20%
.20%Institutional Money Market
Shares
5,120
893
.01%
.08%Premier Money Market
Shares
2,414,721
408,399
.25%
.25%Premium Reserve Money
Market Shares
541,803
81,525
.25%
.25% Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Portfolio. For the six months ended October 31,
2008, the amount charged to the Portfolio by DIMA included in the
Statement of Operations under "reports to shareholders" was as follows: Total
Aggregated
Unpaid at
October 31,
2008Money Market Portfolio
$       42,206
$       9,590 Trustees' Fees and Expenses. The Portfolio paid each Trustee not affiliated
with the Advisor retainer fees plus specified amounts for various
committee services and for the Board Chairperson and Vice Chairperson. 3. Fee Reductions The Portfolio has entered into an arrangement with its custodian and
transfer agent 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 October 31, 2008, the Portfolio's
custodian fee was reduced as follows: Custody Credits
Transfer Agent
CreditsMoney Market Portfolio
$       3,107
$       7,968 4. Line of Credit The Portfolio and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks.
The Portfolio may borrow for temporary or emergency purposes, including
the meeting of redemption requests that otherwise might require the
untimely disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of
the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Portfolio may borrow up to a maximum of 33 percent of
its net assets under the agreement. 5. Share Transactions The following table summarizes share and dollar activity in the Portfolio: Money Market Portfolio Six Months Ended
October 31, 2008
Year Ended
April 30, 2008Shares
Dollars
Shares
DollarsShares soldCapital Assets
Funds Shares
405,948,735
$       405,948,735
887,834,293
$       887,834,293Capital Assets
Funds Preferred
Shares
54,316,324
54,316,324
235,192,915
235,192,915Davidson Cash
Equivalent
Shares
3,438,378
3,438,378
6,365,267
6,365,267Davidson Cash
Equivalent Plus
Shares
5,751,497
5,751,497
9,407,578
9,407,578Institutional
Money Market
Shares
254,954,315
254,954,315
499,505,998
499,505,998Institutional
Select Money
Market Shares
1
1
10,000
10,000Premier Money
Market Shares
1,210,740,016
1,210,740,016
2,215,491,618
2,215,491,618Premium
Reserve Money
Market Shares
392,266,323
392,266,323
650,612,883
650,612,883Service Shares
751,500,070
751,500,070
1,826,603,789
1,826,603,789$    3,078,915,659

$    6,331,024,341Shares issued to shareholders in reinvestment of distributionsCapital Assets
Funds Shares
9,444,145
$       9,444,145
38,948,357
$       38,948,357Capital Assets
Funds Preferred
Shares
1,003,890
1,003,890
1,466,862
1,466,862Davidson Cash
Equivalent
Shares
464,078
464,078
4,564,565
4,564,565Davidson Cash
Equivalent Plus
Shares
92,070
92,070
1,268,285
1,268,285Institutional
Money Market
Shares
1,337,827
1,337,827
6,215,734
6,215,734Institutional
Select Money
Market Shares
139
139
122
122Premier Money
Market Shares
18,342,272
18,342,272
62,595,239
62,595,239Premium
Reserve Money
Market Shares
4,592,745
4,592,745
11,885,655
11,885,655Service Shares
10,752,621
10,752,621
45,908,683
45,908,683$    46,029,787

$    172,853,502Shares redeemedCapital Assets
Funds Shares
(535,027,834)
$       (535,027,834)
(849,202,083)
$       (849,202,083)Capital Assets
Funds Preferred
Shares
(94,239,477)
(94,239,477)
(161,775,756)
(161,775,756)Davidson Cash
Equivalent
Shares
(24,345,337)
(24,345,337)
(192,093,276)
(192,093,276)Davidson Cash
Equivalent Plus
Shares
(7,909,802)
(7,909,802)
(82,240,596)
(82,240,596)Institutional
Money Market
Shares
(288,840,785)
(288,840,785)
(507,357,658)
(507,357,658)Premier Money
Market Shares
(1,193,395,611)
(1,193,395,611)
(1,719,623,951)
(1,719,623,951)Premium
Reserve Money
Market Shares
(419,807,653)
(419,807,653)
(541,063,161)
(541,063,161)Service Shares
(1,032,221,309)
(1,032,221,309)
(1,720,132,586)
(1,720,132,586)$    (3,595,787,808)

$    (5,773,489,067)Net increase (decrease)Capital Assets
Funds Shares
(119,634,954)
$       (119,634,954)
77,580,567
$       77,580,567Capital Assets
Funds Preferred
Shares
(38,919,263)
(38,919,263)
74,884,021
74,884,021Davidson Cash
Equivalent
Shares
(20,442,881)
(20,442,881)
(181,163,444)
(181,163,444)Davidson Cash
Equivalent Plus
Shares
(2,066,235)
(2,066,235)
(71,564,733)
(71,564,733)Institutional
Money Market
Shares
(32,548,643)
(32,548,643)
(1,635,926)
(1,635,926)Institutional
Select Money
Market Shares
140
140
10,122
10,122Premier Money
Market Shares
35,686,677
35,686,677
558,462,906
558,462,906Premium
Reserve Money
Market Shares
(22,948,585)
(22,948,585)
121,435,377
121,435,377Service Shares
(269,968,618)
(269,968,618)
152,379,886
152,379,886$    (470,842,362)

$    730,388,776 6. Participation in the Treasury's Temporary Guarantee Program The U.S. Department of the Treasury (the "Treasury") has established a
Temporary Guarantee Program for Money Market Funds (the "Program").
The Portfolio is participating in the Program. The Program is designed to protect the value of accounts in the Portfolio
as of the close of business on September 19, 2008. According to the
terms of the Program, any investment made by a shareholder after
September 19, 2008 in excess of the amount held in the account as of
the close of business on that date will not be covered by the Program.
Any purchase of shares of the Portfolio for an account opened after
September 19, 2008 will also not be covered under the Program. The
Program guarantee will apply to the lesser of (i) the number of shares held
in an account as of the close of business on September 19, 2008, or (ii)
the number of shares held in the account on the date the Program
guarantee is triggered. Subject to certain conditions and limitations, the
Program guarantee is triggered if the Portfolio's net asset value falls below
$0.995 and the Portfolio is liquidated. Guarantee payments under the
Program will not exceed the amount available within the Treasury's
Exchange Stabilization Fund ("ESF") on the date of payment. As of the
date of this report, ESF assets are approximately $49 billion. The Treasury
and the Secretary of the Treasury have the authority to use assets from
the ESF for purposes other than those of the Program. The Portfolio will bear the expenses of participating in the Program.
For the initial three months of the Program, the Portfolio paid 0.01%
of the product of (i) the number of shares outstanding as of
September 19, 2008, and (ii) $1.00, as required under the Program. For
the period from December 19, 2008 through April 30, 2009, the rate has
been increased to 0.015%. The Program is set to terminate on April 30,
2009, unless extended by the Treasury. The Treasury may extend the
program through the close of business on September 18, 2009. If the
Program is extended beyond April 30, 2009, the Portfolio would need to
pay an additional fee and there can be no assurances that the Portfolio will
continue to participate. Neither the Portfolio nor Deutsche Investment Management Americas
Inc., the Portfolio's investment advisor, are in any manner approved,
endorsed, sponsored or authorized by the Treasury. Other Information Proxy Voting A description of the Portfolio's policies and procedures for voting proxies
for portfolio securities and information about how the portfolio voted
proxies related to its portfolio securities during the 12-month period ended
June 30 is available on our Web site  www.dws-investments.com (click
on "proxy voting" at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the portfolio's policies and
procedures without charge, upon request, call us toll free at
(800) 621-1048. Portfolio of Investments Following the Portfolio'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. Principal Underwriter DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606 Shareholder Meeting Results Money Market Portfolio The Special Meeting of Shareholders of the Money Market Portfolio of
Cash Account Trust (the "Fund") was held on March 31, 2008 at the
offices of Deutsche Asset Management, 345 Park Avenue, New York,
NY 10154. The following matter was voted upon by the shareholders of
said Fund (the resulting votes are presented below): 1.       Election of the Board of Trustees Number of Votes:For
WithheldJohn W. Ballantine
1,473,751,227.6600
97,123,035.9200Henry P. Becton, Jr.
1,473,464,749.5400
97,409,514.0400Dawn-Marie Driscoll
1,472,593,598.7100
98,280,664.8700Keith R. Fox
1,478,220,038.4500
92,654,225.1300Paul K. Freeman
1,478,347,120.2500
92,527,143.3300Kenneth C. Froewiss
1,473,917,055.5600
96,957,208.0200Richard J. Herring
1,478,086,023.4700
92,788,240.1100William McClayton
1,478,216,821.9900
92,657,441.5900Rebecca W. Rimel
1,472,607,527.2800
98,266,736.3000William N. Searcy, Jr.
1,478,255,804.0100
92,618,459.5700Jean Gleason Stromberg
1,472,122,275.2200
98,751,988.3600Robert H. Wadsworth
1,478,200,650.3300
92,673,613.2500Axel Schwarzer
1,472,365,790.1600
98,508,473.4200 The meeting was reconvened on August 15, 2008, at which time the
following matters were not approved by shareholders because each
matter failed to receive sufficient shareholder votes: Number of Votes:For
Against
Abstain
Broker Non-Votes*2-A.     Approval of an Amended and Restated Investment Management
Agreement1,590,082,459.0800
106,475,163.8300
163,386,269.6900
1,416,264.00002-B.     Approval of a Subadvisor Approval Policy1,581,670,327.9600
109,071,987.1400
169,201,577.5000
1,416,264.00003-A.     Approval of a Revised Fundamental Investment Policy Regarding
Borrowing Money1,571,668,552.8300
119,312,023.4800
168,963,316.2900
1,416,264.00003-B.     Approval of a Revised Fundamental Investment Policy Regarding
Senior Securities1,574,576,876.2300
115,874,877.4900
169,492,138.8800
1,416,264.00003-C.     Approval of a Revised Fundamental Investment Policy Regarding
Concentrate in Bank Obligations1,561,840,127.9900
126,205,877.6000
171,897,887.0100
1,416,264.00003-D.     Approval of a Revised Fundamental Investment Policy Regarding
Underwriting of Securities1,575,673,073.3100
116,288,951.9700
167,981,867.3200
1,416,264.00003-E.     Approval of a Revised Fundamental Investment Policy Regarding
Real Estate Investments1,574,071,731.6900
117,583,303.1300
168,288,857.7800
1,416,264.00003-F.     Approval of a Revised Fundamental Investment Policy Regarding
Commodities1,564,949,359.9300
126,518,265.8400
168,476,266.8300
1,416,264.00003-G.     Approval of a Revised Fundamental Investment Policy Regarding
Lending1,574,519,334.7300
118,736,197.7500
166,688,360.1200
1,416,264.00003-H.     Approval of a Revised Fundamental Investment Policy Regarding
Portfolio Diversification for Diversified Funds1,580,193,758.5600
113,786,106.0500
165,964,027.9900
1,416,264.00003-I.     Approval of the Removal of the Fundamental Investment Policy
Regarding Investing for Control1,548,788,140.3000
122,797,934.8400
188,357,817.4600
1,416,264.00003-K.     Approval of the Removal of the Fundamental Investment Policy
Regarding Margin Transactions1,541,924,849.8600
133,742,642.4000
184,276,400.3400
1,416,264.00003-M.     Approval of the Removal of the Fundamental Investment Policy
Regarding Short Sales1,539,163,508.3100
132,949,214.5000
187,831,169.7900
1,416,264.00003-N.     Approval of the Removal of the Fundamental Investment Policy
Regarding Options1,540,859,846.6900
131,449,075.9000
187,634,970.0100
1,416,264.00003-O.     Approval of the Removal of the Fundamental Investment Policy
Regarding Securities Owned by Officers and Trustees or the Advisor1,545,073,917.9700
128,021,087.4200
186,848,887.2100
1,416,264.00003-S.     Approval of the Removal of the Fundamental Investment Policy
Regarding Oil, Gas and Mineral Programs1,542,680,411.0600
129,495,798.7600
187,767,682.7800
1,416,264.00004-A.     Approval of a Reclassification of Fundamental Investment
Objectives as Non-Fundamental1,532,911,745.4700
127,534,534.3800
199,497,612.7500
1,416,264.00004-B.     Approval of a Reclassification of Fundamental Investment Policies
as Non-Fundamental1,535,694,828.1800
127,349,499.6800
196,899,564.7400
1,416,264.00005.       Approval of Amended and Restated Declaration of Trust
("Number of Votes" represents all portfolios that are a series of
Cash Account Trust)5,758,446,288.09
352,651,067.17
535,360,670.74
16,492,432.00 * Broker non-votes are proxies received by the fund from brokers or nominees when the
broker or nominee neither has received instructions from the beneficial owner or other
persons entitled to vote nor has discretionary power to vote on a particular matter.
Broker non-votes have the effect of a negative vote.  Investment Management Agreement
Approval The Board of Trustees, including the Independent Trustees, approved
the renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008. In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that: •    At the present time, all but one of your Fund's Trustees are
independent of DIMA and its affiliates. •    The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Fixed Income and Quant
Oversight Committee, reviewed comprehensive materials received
from DIMA, independent third parties and independent counsel. These
materials included an analysis of the Fund's performance, fees and
expenses, and profitability compiled by the Fund's independent fee
consultant. The Board also received extensive information throughout
the year regarding performance of the Fund. •    The Independent Trustees regularly meet privately with their
independent counsel (and, as needed, other advisors) to discuss
contract review and other matters. In addition, the Independent
Trustees were also advised by the Fund's independent fee consultant
in the course of their review of the Fund's contractual arrangements
and considered a comprehensive report prepared by the independent
fee consultant in connection with their deliberations (the "IFC
Report"). •    In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
transfer agency agreement and other material service agreements. •    Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and
presented their recommendations to the full Board. In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others.
The Board also considered that DIMA and its predecessors have managed
the Fund since its inception, and the Board believes that a long-term
relationship with a capable, conscientious advisor is in the best interests
of the Fund. The Board considered, generally, that shareholders chose to
invest or remain invested in the Fund knowing that DIMA managed the
Fund. DIMA is part of Deutsche Bank, a major global banking institution
that is engaged in a wide range of financial services. The Board believes
that there are significant advantages to being part of a global asset
management business that offers a wide range of investing expertise and
resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world. While shareholders may focus primarily on fund performance and fees,
the Fund's Board considers these and many other factors, including the
quality and integrity of DIMA's personnel and such other issues as
back-office operations, fund valuations, and compliance policies and
procedures. Nature, Quality and Extent of Services. The Board considered the terms
of the Agreement, including the scope of advisory services provided
under the Agreement. The Board noted that, under the Agreement, DIMA
provides portfolio management and administrative services to the Fund.
The Board considered the experience and skills of senior management
and investment personnel, the resources made available to such
personnel, the ability of DIMA to attract and retain high-quality personnel,
and the organizational depth and stability of DIMA. The Board reviewed
the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including a peer universe compiled by the independent fee consultant
using information supplied by iMoneyNet Inc. ("iMoneyNet"). The Board
also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to their benchmark or a
peer group compiled by Lipper Inc. ("Lipper")), and receives more
frequent reporting and information from DIMA regarding such funds,
along with DIMA's remedial plans to address underperformance. The
Board believes this process is an effective manner of identifying and
addressing underperforming funds. Based on the information provided,
the Board noted that for the one-, three- and five-year periods ended
December 31, 2007, the Fund's performance (Premier Money Market
Shares) was in the 1st quartile, 2nd quartile and 2nd quartile, respectively,
of the applicable iMoneyNet universe (the 1st quartile being the best
performers and the 4th quartile being the worst performers). On the basis of this evaluation and the ongoing review of investment
results by the Board, the Board concluded that the nature, quality and
extent of services provided by DIMA historically have been and continue
to be satisfactory. Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted
that the contractual fee rates paid by the Fund were lower than the
median (1st quartile) of the applicable Lipper peer group (based on Lipper
data provided as of December 31, 2007). Based on Lipper data provided
as of December 31, 2007, the Board noted that the Fund's total (net)
operating expenses (excluding 12b-1 fees and/or shareholder
administration fees) were expected to be higher than the median of the
applicable Lipper expense universe for the following share classes: Capital
Assets Funds Shares (3rd quartile), Capital Assets Funds Preferred Shares
(3rd quartile) and Institutional Money Market Shares (3rd quartile), and
lower than the median of the applicable Lipper expense universe for the
following share classes: Davidson Cash Equivalent Shares (2nd quartile),
Davidson Cash Equivalent Plus Shares (2nd quartile), Institutional Select
Money Market Shares (2nd quartile), Premier Money Market Shares
(2nd quartile), Premium Reserve Money Market Shares (1st quartile)
and Service Shares (2nd quartile).The Board considered the Fund's
management fee rate as compared to fees charged by DIMA and certain
of its affiliates for comparable mutual funds and considered differences
in fund and fee structures between the DWS Funds. The Board also
considered how the Fund's total (net) operating expenses compared to
the total (net) operating expenses of a more customized peer group
selected by Lipper (based on such factors as asset size). The Board also
noted that the expense limitations agreed to by DIMA helped to ensure
that the Fund's total (net) operating expenses would be competitive
relative to the applicable Lipper universe. On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA. Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the
DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Fund in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS
Investments organization with respect to all fund services in totality and
by fund. The Board reviewed DIMA's methodology in allocating its costs
to the management of the Fund. Based on the information provided, the
Board concluded that the pre-tax profits realized by DIMA in connection
with the management of the Fund were not unreasonable. The Board
also reviewed information regarding the profitability of certain similar
investment management firms. The Board noted that while information
regarding the profitability of such firms is limited (and in some cases is
not necessarily prepared on a comparable basis), DIMA and its affiliates'
overall profitability with respect to the DWS Investments fund complex
(after taking into account distribution and other services provided to the
funds by DIMA and its affiliates) was lower than the overall profitability
levels of many comparable firms for which such data was available. Economies of Scale. The Board considered whether there are economies
of scale with respect to the management of the Fund and whether the
Fund benefits from any economies of scale. The Board noted that the
Fund's management fee schedule includes fee breakpoints. The Board
concluded that the Fund's fee schedule represents an appropriate sharing
between the Fund and DIMA of such economies of scale as may exist in
the management of the Fund at current asset levels. Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and
its affiliates, including any fees received by DIMA for administrative
services provided to the Fund and any fees received by an affiliate of
DIMA for distribution services. The Board also considered benefits to
DIMA related to brokerage and soft-dollar allocations, including allocating
brokerage to pay for research generated by parties other than the
executing broker dealers, which pertain primarily to funds investing in
equity securities, along with the incidental public relations benefits to
DIMA related to DWS Funds advertising and cross-selling opportunities
among DWS Investments products and services. The Board concluded
that management fees were reasonable in light of these fallout benefits. Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and
(iii) the substantial commitment of resources by DIMA and its affiliates to
compliance matters. Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the continuation of the Agreement is in the best interests of the
Fund. In making this determination the Board did not give particular
weight to any single factor identified above. The Board considered these
factors over the course of numerous meetings, certain of which were in
executive session with only the Independent Trustees and their counsel
present. It is possible that individual Trustees may have weighed these
factors differently in reaching their individual decisions to approve the
continuation of the Agreement. Summary of Management Fee Evaluation
by Independent Fee Consultant October 24, 2008 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General
of New York, I, Thomas H. Mack, have been appointed the Independent
Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds).
My duties include preparing an annual written evaluation of the
management fees DeAM charges the Funds, considering among other
factors the management fees charged by other mutual fund companies
for like services, management fees DeAM charges other clients for like
services, DeAM's costs of supplying services under the management
agreements and related profit margins, possible economies of scale if a
Fund grows larger, and the nature and quality of DeAM's services,
including fund performance. This report summarizes my evaluation for
2008, including my qualifications, the evaluation process for each of the
DWS Funds, consideration of certain complex-level factors, and my
conclusions. I served in substantially the same capacity in 2007. Qualifications For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards,
product distributors and related organizations. Over the past ten years I
have completed a number of assignments for mutual fund boards,
specifically including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I
am an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private
market research company, and have served in various leadership and
financial oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Fund My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 129 Fund portfolios in the DWS Fund family. For each Fund,
I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as
in their approval of contracts for several new funds (documented
separately). In evaluating each Fund's fees, I reviewed comprehensive materials
provided by or on behalf of DeAM, including expense information
prepared by Lipper Analytical, comparative performance information,
profitability data, manager histories, and other materials. I also accessed
certain additional information from the Lipper, Strategic Insight, and
Morningstar databases and drew on my industry knowledge and
experience. To facilitate evaluating this considerable body of information, I prepared
for each Fund a document summarizing the key data elements in each
area as well as additional analytics discussed below. This made it possible
to consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number
of fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution
arrangements and being of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar
distribution arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution
channel. The principal figure-of-merit used in these comparisons was the
subject Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled
fund and non-fund investment management accounts in any of the
investment categories where there is a DWS Fund. These similar
products included the other DWS Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information,
I calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level. Evaluating information regarding non-fund products is difficult because
there are varying levels of services required for different types of
accounts, with mutual funds generally requiring considerably more
regulatory and administrative types of service as well as having more
frequent cash flows than other types of accounts. Also, while mutual fund
fees for similar fund products can be expected to be similar, there will be
some differences due to different pricing conditions in different
distribution channels (e.g. retail funds versus those used in variable
insurance products), differences in underlying investment processes and
other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After
making some adjustments so that the presentation would be more
comparable to the available industry figures, I reviewed profit margins
from investment management alone, from investment management plus
other fund services (excluding distribution) provided to the Funds by
DeAM (principally shareholder services), and DeAM profits from all
sources, including distribution. A later section comments on overall
profitability. Economies of Scale Economies of scale  an expected decline in management cost per
dollar of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this
industry observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule,
the extent of the fee reduction built into the schedule and the asset
levels where the breaks take effect, and in the case of a sub-advised
Fund how the Fund's break-points compare with those of the
sub-advisory fee schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance,
which is the principal result of the investment management service. Each
Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as
applicable, and compared with that of other funds in the same investment
category and with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or
less risk than is typical in its investment category. I also received and considered the history of portfolio manager changes
for each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers. I considered whether DeAM and affiliates receive any significant
ancillary or "fall-out" benefits that should be considered in interpreting
the direct profitability results. These would be situations where serving
as the investment manager of the Funds is beneficial to another part of
the Deutsche Bank organization. I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management
and other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external
data sources and considering among other factors the fees DeAM
charges other clients, the fees charged by other fund managers, DeAM's
costs and profits associated with managing the Funds, economies of
scale, possible fall-out benefits, and the nature and quality of services
provided, in my opinion the management fees charged the DWS Funds
are reasonable. catmmpri_sigmack0Thomas H. Mack Privacy Statement This privacy statement is issued by Deutsche Investment Management
Americas Inc., DWS Investments Distributors, Inc., DWS Investor
Services, Inc., DWS Trust Company and the DWS Funds. We consider privacy fundamental to our client relationships and
adhere to the policies and practices described below to protect
current and former clients' information.We never sell customer lists
or individual client 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 Web sites, 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 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. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we
will comply with them before we share information about you. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to 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 Investments
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415 September 2008 Notes Notes Notes catmmpri_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   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.  Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Service Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Premier Money Market Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio and Tax-Exempt Portfolio (Capital Assets Funds Shares), Money Market Portfolio (Capital Assets Funds Shares and Capital Assets Funds Preferred Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Davidson Cash Equivalent Shares), Government & Agency Securities Portfolio and Money Market Portfolio (Davidson Cash Equivalent Plus Shares), each a series of Cash Account Trust Money Market Portfolio (Premium Reserve Money Market Shares and Institutional Money Market Shares), a series of Cash Account Trust Money Market Portfolio (Institutional Select Money Market Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government Cash Institutional Shares and Government Cash Managed Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government & Agency Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Cash Institutional Shares, Tax-Exempt Cash Managed Shares), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax Free Money Fund Class S), a series of Cash Account Trust Tax-Exempt Portfolio (Tax-Free Investment Class), a series of Cash Account Trust DWS Disciplined Long/Short Growth Fund, a series of DWS Equity Trust DWS Disciplined Long/Short Value Fund, a series of DWS Equity Trust DWS LifeCompass Income Fund, a series of DWS Target Fund DWS LifeCompass Protect Fund, a series of DWS Target Fund  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 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.  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 2008
  By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        December 29, 2008