UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  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:
        04/30/09
   ITEM 1.REPORT TO STOCKHOLDERS


|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ANNUAL REPORT TO SHAREHOLDERS
Premier Money Market
Shares
Money Market Portfolio
Government & Agency Securities
Portfolio
Tax-Exempt Portfolio
April 30, 2009 | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|This 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 a portfolio's objectives, risks, charges and expenses carefully
before investing. The prospectus contains this and other important
information about a 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 Cash Account Trust
 Premier Money Market Shares during the most recent annual
period ended April 30, 2009.

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 portfolios
during the most recent annual period?

A:During the past 12 months the financial markets experienced
a series of unprecedented and earthshaking events. The massive
credit crunch that originated with problems in the US subprime
mortgage market as well as securitized mortgages eventually
brought down several financial firms, including Lehman Brothers,
and transformed Wall Street. September through November 2008
were exceptionally traumatic months for the financial industry,
as severe losses and the general liquidity squeeze forced
several major financial companies to seek rescue through a
government bailout or 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. In late
2008, among other unprecedented actions, the US government
placed Fannie Mae (Federal National Mortgage Association) and
Freddie Mac (Federal Home Loan Mortgage Corporation) in
conservatorship of the Federal Housing Finance Agency, a
newly-created regulator, inject $700 billion into the banking
system through the Troubled Asset Relief Program ("TARP") and
offer a stimulus package to US consumers. In response to a
freeze-up in money market liquidity, the government created new
lending facilities for commercial paper.1 In 2009, the new
administration introduced an additional series of initiatives to deal
with financial market turbulence. These included a second large
stimulus package; "quantitative easing" by the Fed (where the
Fed injected billions into the financial system by buying up
Treasuries and mortgage-backed securities in order to lower
interest rates); and Treasury Secretary Geithner's Public-Private
Investment Plan designed to repair the balance sheets of
struggling banks. By the close of the period, it seemed evident
that the array of government programs had improved investor
sentiment and the overall tone of the financial markets. And in
general  except for the labor market  the rate of deterioration
for US economic data seemed to be slowing. However, because
of continued heavy demand for money market instruments and a
shrinkage in supply (especially within the commercial paper
market), yields of money market securities declined significantly
during the latter portion of the 12-month period.

As of April 30, 2009, three-month LIBOR, an industry standard for
measuring three-month taxable money market rates, stood at
1.02%, compared with 2.85% as of April 30, 2008.2

Portfolio Performance(as of April 30, 2009)

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

An investment in a money market fund is not insured or guaranteed by the FDIC
or any other government agency. Although money market funds seek to preserve
the value of your investment at $1.00 per share, this share price isn't guaranteed
and you could lose money by investing in money market funds. The share price of
money market funds can fall below the $1.00 share price. You should not rely on or
expect the Advisor to enter into support agreements or take other actions to maintain
the portfolios' $1.00 share price. The credit quality of the portfolios' holdings can
change rapidly in certain markets, and the default of a single holding could have an
adverse impact on the portfolios' share price. The portfolios' share price can also be
negatively affected during periods of high redemption pressures and/or illiquid markets.
The actions of a few large investors in one class of shares of a fund may have a
significant adverse effect on the share prices of all classes of shares of that fund.

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|Money Market Portfolio  Premier Money Market Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Government & Agency Securities Portfolio  Premier Money
Market Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Tax-Exempt Portfolio  Premier Money Market Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(Equivalent Taxable Yield)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|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 of the portfolios' shares outstanding. For the
most current yield information, visit our Web site at www.dws-investments.com.
*Recent and future declines in interest rate levels could cause the portfolio's earnings to
fall below each portfolio's expense ratio, resulting in a negative yield. The investment
advisor has agreed to voluntarily waive fees/reimburse expenses as necessary to
maintain a minimum distribution yield. This waiver may be changed or terminated at any
time without notice. Otherwise, the 7-day current yield of the Money Market Portfolio
 Premier Money Market Shares, the Government & Agency Securities Portfolio 
Premier Money Market Shares and the Tax-Exempt Portfolio  Premier Money Market
Shares would have been -0.16%, -0.45% and -0.02%, respectively, as of April 30,
2009.**The equivalent taxable yield allows you to compare with the performance of taxable
money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based
upon the marginal income tax rate of 35%. Income may be subject to local taxes and
for some investors, the alternative minimum tax.

Q: How did the portfolios perform over its most recent
fiscal year?

A:We were able to maintain a yield for the portfolios that is
competitive, though certainly low, given very difficult market
conditions. (All performance is historical and does not guarantee
future results. Yields fluctuate and are not guaranteed.)

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 portfolio through the
summer of 2008 was to emphasize liquidity and high credit
quality while looking for ways to maximize yield potential when
opportunities presented themselves. In mid-September, when
conditions in the money markets worsened drastically, we
enacted a significantly more defensive strategy, holding more
overnight securities in the form of repurchase agreements.3 We
also purchased Treasury and agency instruments as well as
corporate commercial paper and sovereign securities (direct
issuance by foreign governments) in seeking the highest-quality
portfolio given the extremely difficult market environment. As
market conditions eased during the end of the period, we have
looked for opportunities to boost yield without increasing the
portfolio's overall risk level, utilizing the highest-quality securities.

Q: What has been the strategy for the Government & Agency
Securities Portfolio?

A:As the Fed began to significantly lower short-term rates in
response to a wavering economy and the pervasive credit crunch,
we reduced the portfolio's repurchase agreement position in favor
of fixed-rate agency securities in order to lock in as much yield as
possible. We also added agency floating-rate notes to boost
return. As of the close of the period, the portfolio was still
weighted heavily towards maintaining a high level of liquidity.

Q: What has been the strategy for the Tax-Exempt Portfolio?

A:In searching for possible investments, we continued to focus
on the highest-quality securities while seeking competitive yields
across the municipal investment spectrum. During a difficult
period for the credit markets, we sought to balance higher yield
with top quality by maintaining a strong position in floating-rate
securities as we took advantage of comparatively higher
floating-rate interest coupons. The interest rate of floating-rate
securities adjusts periodically based on indices such as the
Securities Industry and Financial Market Association Index of
Variable Rate Demand Notes.4 Because the interest rates of
these instruments adjust as market conditions change, they
provide flexibility in an uncertain interest rate environment. In
addition, we took a cautious approach in extending maturity. In
part, this was because of the decline of the monoline insurance
industry.5 Even before several of the monoline insurers lost their
AAA ratings, our policy has been to look beyond security ratings,
examining the underlying creditworthiness of each issue closely,
and choosing what we consider to be safe and highly liquid
securities.6 In addition, when considering longer-term fixed-rate
securities, we limited our purchases to the strongest credits. By
the end of the period, we had made select purchases of what we
believed to be very liquid credits of longer maturity in order to
boost yield.

Q: What detracted from performance during the period?

A:The types of securities that we were investing in tended to
have lower yields than issues carrying more risk. We preferred to
be cautious during a time of significant market turbulence. In the
end this cost the portfolios some yield, but we believe that this
represented a prudent approach to preserving principal.

Q: Will you describe your investment philosophy?

A:We continue our insistence on the highest credit quality within
the portfolios. We also plan to maintain our conservative
investment strategies and standards. We continue to apply a
careful approach to investing on behalf of the portfolios and to
seek competitive yield for our shareholders.

Information About Each Portfolio's
Expenses

As an investor of a 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 each Portfolio and to help you
compare these expenses with the ongoing expenses of investing in other
mutual funds. In the most recent six-month period, the Portfolios limited
these expenses; had they not done so, expenses would have been higher
for the Premier Money Market Shares. The example in the table is based
on an investment of $1,000 invested at the beginning of the six-month
period and held for the entire period (November 1, 2008 to April 30, 2009).

The tables illustrate each 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.

Premier Money Market Shares

|Expenses and Value of a $1,000 Investmentfor the six months ended April 30, 2009
|--------------------------------------------------------------------------------
|Actual Portfolio Return                                                         
|Beginning Account Value 11/1/08                                                 
|Ending Account Value 4/30/09                                                    
|Expenses Paid per $1,000*                                                       
|Hypothetical 5% Portfolio Return                                                
|Beginning Account Value 11/1/08                                                 
|Ending Account Value 4/30/09                                                    
|Expenses Paid per $1,000*                                                       

|Annualized Expense Ratios   | Money Market
Portfolio | Government &
Agency
Securities
Portfolio | Tax-Exempt
Portfolio
|--------------------------- | ---------------------- | ---------------------------------------- | --------------------
|Premier Money Market Shares | .95%                   | .81%                                     | .91%                

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

Portfolio Summary

Money Market Portfolio

|Asset Allocation(As a % of Investment Portfolio) | 4/30/09 | 4/30/08
|------------------------------------------------ | ------- | -------
|                                                 |         |        
|Commercial Paper                                 | 42%     | 45%    
|Government & Agency Obligations                  | 19%     | 2%     
|Certificates of Deposit and Bank Notes           | 19%     | 22%    
|Short-Term Notes                                 | 10%     | 25%    
|Repurchase Agreements                            | 7%      | 3%     
|Supranational                                    | 2%      |       
|Municipal Bonds and Notes                        | 1%      |       
|Master Notes                                     |        | 2%     
|Time Deposits                                    |        | 1%     
|                                                 | 100%    | 100%   

|Weighted Average Maturity                       | 4/30/09 | 4/30/08
|----------------------------------------------- | ------- | -------
|                                                |         |        
|Cash Account Trust  Money Market Portfolio     | 62 days | 45 days
|iMoneyNet First Tier Retail Money Fund Average* | 47 days | 46 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 11-16. A quarterly Fact Sheet is available
upon request. A complete list of the Portfolio's 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 April 30, 2009

Money Market Portfolio

|                                                                                                         | Principal
Amount ($) | Value ($)  
|-------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                         |                     
|Certificates of Deposit and Bank Notes 18.7%                                                            
|Bank of America NA, 2.35%, 5/5/2009                                                                      | 36,500,000           | 36,500,000 
|Bank of Tokyo-Mitsubishi UFJ Ltd.:                                                                       |                      |            
|1.0%, 7/6/2009                                                                                           | 55,300,000           | 55,300,000 
|1.0%, 7/10/2009                                                                                          | 5,000,000            | 5,000,000  
|1.02%, 6/15/2009                                                                                         | 57,500,000           | 57,500,000 
|BNP Paribas:                                                                                             |                      |            
|0.84%, 8/7/2009                                                                                          | 50,000,000           | 50,000,000 
|1.0%, 5/26/2009                                                                                          | 50,000,000           | 50,000,000 
|1.0%, 8/10/2009                                                                                          | 60,300,000           | 60,300,000 
|Calyon, 1.2%, 5/4/2009                                                                                   | 83,000,000           | 83,000,000 
|Canadian Imperial Bank of Commerce, 0.85%, 7/8/2009                                                      | 82,000,000           | 82,000,000 
|DnB NOR Bank ASA:                                                                                        |                      |            
|0.8%, 7/8/2009                                                                                           | 82,000,000           | 82,000,000 
|0.97%, 8/17/2009                                                                                         | 30,000,000           | 30,000,000 
|Kingdom of Sweden, 1.0%, 4/26/2010                                                                       | 35,000,000           | 35,026,436 
|Landwirtschaftliche Rentenbank, 2.625%, 2/26/2010                                                        | 19,558,000           | 19,837,253 
|Mizuho Corporate Bank Ltd.:                                                                              |                      |            
|0.85%, 7/20/2009                                                                                         | 52,000,000           | 52,000,000 
|0.95%, 5/11/2009                                                                                         | 55,000,000           | 55,000,000 
|1.0%, 6/10/2009                                                                                          | 42,000,000           | 42,000,000 
|Nordea Bank Finland PLC, 0.91%, 5/4/2009                                                                 | 20,000,000           | 20,000,017 
|Rabobank Nederland NV, 0.72%, 5/29/2009                                                                  | 20,000,000           | 20,000,000 
|Societe Generale, 0.83%, 8/3/2009                                                                        | 30,000,000           | 30,000,781 
|Toronto-Dominion Bank:                                                                                   |                      |            
|2.0%, 5/12/2009                                                                                          | 37,500,000           | 37,500,000 
|2.52%, 5/12/2009                                                                                         | 24,800,000           | 24,800,147 
|US Bank NA, 0.6%, 5/26/2009                                                                              | 25,000,000           | 25,000,000 
|Total Certificates of Deposit and Bank Notes (Cost $952,764,634)                                         | 952,764,634         
|                                                                                                        
|Commercial Paper 42.3%                                                                                  
|Issued at Discount**                                                                                    
|Alpine Securitzation, 144A, 0.43%, 6/5/2009                                                              | 50,000,000           | 49,979,097 
|Antalis US Funding Corp., 144A, 0.7%, 6/15/2009                                                          | 10,000,000           | 9,991,250  
|ASB Finance Ltd., 1.03%, 8/17/2009                                                                       | 21,000,000           | 20,935,110 
|BNZ International Funding Ltd., 144A, 1.0%, 8/14/2009                                                    | 20,000,000           | 19,941,667 
|BP Capital Markets PLC:                                                                                  |                      |            
|0.76%, 10/13/2009                                                                                        | 25,000,000           | 24,912,917 
|0.78%, 10/22/2009                                                                                        | 65,000,000           | 64,754,950 
|Caisse D'Amortissement de la Dette Sociale:                                                              |                      |            
|0.7%, 1/8/2010                                                                                           | 20,000,000           | 19,902,000 
|0.82%, 8/27/2009                                                                                         | 42,000,000           | 41,887,113 
|1.05%, 9/9/2009                                                                                          | 27,000,000           | 26,896,838 
|Cancara Asset Securitisation LLC, 144A, 0.45%, 5/15/2009                                                 | 50,000,000           | 49,991,250 
|Citibank Omni Master Trust, 144A, 0.7%, 5/4/2009                                                         | 50,000,000           | 49,997,083 
|Coca-Cola Co.:                                                                                           |                      |            
|0.52%, 7/6/2009                                                                                          | 25,000,000           | 24,976,167 
|0.65%, 8/12/2009                                                                                         | 45,000,000           | 44,916,313 
|Dexia Delaware LLC, 0.69%, 5/21/2009                                                                     | 20,000,000           | 19,992,333 
|DnB NOR Bank ASA, 0.83%, 9/9/2009                                                                        | 25,000,000           | 24,924,493 
|Eli Lilly & Co., 0.75%, 10/5/2009                                                                        | 45,000,000           | 44,852,812 
|European Investment Bank:                                                                                |                      |            
|0.85%, 6/11/2009                                                                                         | 23,500,000           | 23,477,251 
|2.13%, 5/5/2009                                                                                          | 38,000,000           | 37,991,007 
|Gotham Funding Corp.:                                                                                    |                      |            
|144A, 0.72%, 5/4/2009                                                                                    | 25,000,000           | 24,998,500 
|144A, 0.82%, 6/1/2009                                                                                    | 28,000,000           | 27,980,229 
|Government of Canada:                                                                                    |                      |            
|0.5%, 7/7/2009                                                                                           | 5,500,000            | 5,494,882  
|0.5%, 7/8/2009                                                                                           | 15,000,000           | 14,985,833 
|0.85%, 11/19/2009                                                                                        | 10,000,000           | 9,952,306  
|0.9%, 11/30/2009                                                                                         | 35,000,000           | 34,813,625 
|Hewlett-Packard Co.:                                                                                     |                      |            
|0.48%, 5/1/2009                                                                                          | 20,000,000           | 20,000,000 
|0.48%, 6/3/2009                                                                                          | 50,000,000           | 49,978,000 
|0.5%, 5/14/2009                                                                                          | 35,000,000           | 34,993,681 
|Johnson & Johnson:                                                                                       |                      |            
|144A, 0.24%, 7/7/2009                                                                                    | 10,000,000           | 9,995,533  
|0.3%, 7/22/2009                                                                                          | 40,000,000           | 39,972,667 
|JPMorgan Chase Funding, Inc., 144A, 0.35%, 6/1/2009                                                      | 25,000,000           | 24,992,465 
|Kingdom of Denmark, 0.35%, 5/5/2009                                                                      | 14,800,000           | 14,799,424 
|Kreditanstalt fuer Wiederaufbau:                                                                         |                      |            
|144A, 0.28%, 7/27/2009                                                                                   | 15,000,000           | 14,989,850 
|144A, 0.48%, 5/5/2009                                                                                    | 22,000,000           | 21,998,827 
|144A, 0.6%, 8/27/2009                                                                                    | 43,000,000           | 42,915,433 
|144A, 0.75%, 9/3/2009                                                                                    | 64,000,000           | 63,833,333 
|Liberty Street Funding LLC:                                                                              |                      |            
|144A, 0.4%, 5/6/2009                                                                                     | 50,000,000           | 49,997,222 
|144A, 0.4%, 6/22/2009                                                                                    | 5,000,000            | 4,997,111  
|144A, 0.75%, 5/19/2009                                                                                   | 20,000,000           | 19,992,500 
|Nieuw Amsterdam Receivables Corp.:                                                                       |                      |            
|144A, 0.5%, 5/22/2009                                                                                    | 22,500,000           | 22,493,438 
|144A, 0.55%, 5/6/2009                                                                                    | 50,000,000           | 49,996,181 
|Nissan Motor Acceptance Corp.:                                                                           |                      |            
|1.05%, 5/6/2009                                                                                          | 10,000,000           | 9,998,542  
|1.15%, 5/12/2009                                                                                         | 20,000,000           | 19,992,972 
|NRW.BANK, 0.67%, 10/15/2009                                                                              | 15,000,000           | 14,953,379 
|Oesterreichische Kontrollbank AG, 0.32%, 5/11/2009                                                       | 22,000,000           | 21,998,044 
|Old Line Funding LLC, 144A, 0.45%, 6/3/2009                                                              | 12,122,000           | 12,117,000 
|Pacific Gas & Electric Co.:                                                                              |                      |            
|144A, 0.7%, 5/8/2009                                                                                     | 10,000,000           | 9,998,639  
|144A, 0.8%, 5/6/2009                                                                                     | 35,000,000           | 34,996,111 
|Pfizer, Inc.:                                                                                            |                      |            
|0.225%, 5/6/2009                                                                                         | 30,000,000           | 29,999,063 
|0.5%, 5/11/2009                                                                                          | 48,000,000           | 47,993,333 
|Procter & Gamble International Funding SCA:                                                              |                      |            
|144A, 0.64%, 9/4/2009                                                                                    | 26,000,000           | 25,941,760 
|144A, 0.65%, 8/11/2009                                                                                   | 20,000,000           | 19,963,167 
|Rabobank USA Financial Corp.:                                                                            |                      |            
|0.31%, 5/28/2009                                                                                         | 15,000,000           | 14,996,513 
|0.74%, 7/15/2009                                                                                         | 25,000,000           | 24,961,458 
|Roche Holdings, Inc., 144A, 0.35%, 6/17/2009                                                             | 82,000,000           | 81,962,531 
|Sanpaolo IMI US Financial Co.:                                                                           |                      |            
|0.59%, 7/16/2009                                                                                         | 1,779,000            | 1,776,784  
|0.79%, 7/7/2009                                                                                          | 25,000,000           | 24,963,243 
|0.8%, 7/6/2009                                                                                           | 82,000,000           | 81,879,733 
|Shell International Finance BV, 2.4%, 5/11/2009                                                          | 22,000,000           | 21,985,333 
|Societe Generale North America, Inc.:                                                                    |                      |            
|1.0%, 6/15/2009                                                                                          | 10,000,000           | 9,987,500  
|1.01%, 5/4/2009                                                                                          | 29,000,000           | 28,997,559 
|Starbird Funding Corp.:                                                                                  |                      |            
|144A, 0.5%, 5/8/2009                                                                                     | 30,000,000           | 29,997,083 
|144A, 0.7%, 6/18/2009                                                                                    | 5,000,000            | 4,995,333  
|144A, 1.0%, 6/22/2009                                                                                    | 42,000,000           | 41,939,333 
|144A, 1.27%, 6/17/2009                                                                                   | 27,000,000           | 26,955,233 
|Tempo Finance Corp., 144A, 0.45%, 5/11/2009                                                              | 50,000,000           | 49,993,750 
|Total Capital Canada Ltd.:                                                                               |                      |            
|144A, 0.52%, 7/8/2009                                                                                    | 55,000,000           | 54,945,978 
|144A, 0.63%, 6/17/2009                                                                                   | 41,000,000           | 40,966,277 
|Total Capital SA, 144A, 0.35%, 6/30/2009                                                                 | 68,000,000           | 67,960,333 
|Victory Receivables Corp., 144A, 0.8%, 5/22/2009                                                         | 20,000,000           | 19,990,667 
|Wal-Mart Stores, Inc., 0.75%, 9/8/2009                                                                   | 25,000,000           | 24,932,292 
|Westpac Banking Corp., 0.74%, 9/24/2009                                                                  | 42,000,000           | 41,873,953 
|Total Commercial Paper (Cost $2,148,503,587)                                                             | 2,148,503,587       
|                                                                                                        
|Short-Term Notes* 9.8%                                                                                  
|Australia & New Zealand Banking Group Ltd.:                                                              |                      |            
|144A, 1.491%, 7/2/2009                                                                                   | 15,000,000           | 15,000,000 
|144A, 1.512%, 7/10/2009                                                                                  | 12,500,000           | 12,500,000 
|Bank of Nova Scotia, 1.585%, 5/6/2009                                                                    | 22,000,000           | 22,000,000 
|BNP Paribas, 1.441%, 5/13/2009                                                                           | 15,000,000           | 15,000,000 
|Credit Agricole SA, 144A, 1.476%, 7/22/2009                                                              | 40,000,000           | 40,000,000 
|Inter-American Development Bank,1.251%, 2/19/2010                                                        | 50,000,000           | 50,000,000 
|International Bank for Reconstruction & Development:0.989%, 2/1/2010                                     | 40,000,000           | 40,000,000 
|1.185%, 2/8/2010                                                                                         | 25,000,000           | 25,023,352 
|Intesa Sanpaolo SpA, 0.96%, 5/13/2009                                                                    | 35,000,000           | 35,000,000 
|Kreditanstalt fuer Wiederaufbau, 1.151%, 1/21/2010                                                       | 42,000,000           | 42,000,000 
|Metropolitan Life Global Funding I, 144A,
1.399%, 5/11/2009                                              | 7,500,000            | 7,500,000  
|Procter & Gamble International Funding SCA,
1.175%, 7/6/2009                                             | 27,040,000           | 27,044,801 
|Rabobank Nederland NV:                                                                                   |                      |            
|144A, 0.56%, 4/7/2011                                                                                    | 55,000,000           | 55,000,000 
|144A, 1.431%, 10/9/2009                                                                                  | 25,000,000           | 25,000,000 
|Royal Bank of Canada, 144A, 0.851%, 7/15/2009                                                            | 25,000,000           | 25,000,000 
|Societe Generale, 0.812%, 4/19/2010                                                                      | 50,000,000           | 50,000,000 
|Svenska Handelsbanken AB, 144A, 0.807%, 5/26/2009                                                        | 12,000,000           | 12,000,000 
|Total Short-Term Notes (Cost $498,068,153)                                                               | 498,068,153         
|                                                                                                        
|Municipal Bonds and Notes 1.5%                                                                          
|Connecticut, State Health & Educational Revenue,
Yale University:                                        |                      |            
|0.68%, 7/2/2009                                                                                          | 42,300,000           | 42,251,190 
|0.681%, 7/15/2009                                                                                        | 33,000,000           | 32,953,938 
|Total Municipal Bonds and Notes (Cost $75,205,128)                                                       | 75,205,128          
|                                                                                                        
|Supranational** 2.3%                                                                                    
|Inter-American Development Bank,                                                                         |                      |            
|0.35%, 6/10/2009                                                                                         | 50,000,000           | 49,980,555 
|International Bank for Reconstruction & Development,                                                     |                      |            
|0.43%, 6/18/2009                                                                                         | 70,000,000           | 69,959,867 
|Total Supranational (Cost $119,940,422)                                                                  | 119,940,422         
|                                                                                                        
|Government & Agency Obligations 18.9%                                                                   
|US Government Sponsored Agencies 15.6%                                                                  
|Federal Farm Credit Bank, 0.957%*, 4/1/2010                                                              | 25,000,000           | 25,000,000 
|Federal Home Loan Bank:                                                                                  |                      |            
|0.508%**, 1/12/2010                                                                                      | 18,000,000           | 17,934,720 
|0.86%*, 3/11/2010                                                                                        | 38,000,000           | 37,995,741 
|2.166%**, 5/12/2009                                                                                      | 15,000,000           | 14,989,183 
|5.375%, 7/17/2009                                                                                        | 70,000,000           | 70,723,680 
|Federal Home Loan Mortgage Corp.:                                                                        |                      |            
|0.417%*, 9/18/2009                                                                                       | 28,000,000           | 27,984,109 
|0.545%**, 8/3/2009                                                                                       | 24,000,000           | 23,965,533 
|0.596%**, 9/15/2009                                                                                      | 25,000,000           | 24,942,917 
|0.596%**, 9/21/2009                                                                                      | 40,000,000           | 39,904,667 
|1.087%*, 9/25/2009                                                                                       | 54,000,000           | 54,063,049 
|1.381%**, 7/10/2009                                                                                      | 48,000,000           | 47,869,333 
|1.685%**, 5/27/2009                                                                                      | 25,000,000           | 24,968,403 
|1.731%**, 5/26/2009                                                                                      | 41,470,000           | 41,418,162 
|Federal National Mortgage Association:                                                                   |                      |            
|0.428%**, 5/20/2009                                                                                      | 55,450,000           | 55,436,831 
|0.488%**, 12/21/2009                                                                                     | 18,000,000           | 17,942,670 
|1.221%**, 6/11/2009                                                                                      | 47,000,000           | 46,933,090 
|1.446%**, 5/28/2009                                                                                      | 48,000,000           | 47,946,000 
|1.575%**, 7/1/2009                                                                                       | 48,000,000           | 47,869,867 
|1.673%**, 6/30/2009                                                                                      | 25,000,000           | 24,929,167 
|1.691%**, 5/29/2009                                                                                      | 45,000,000           | 44,938,750 
|1.879%**, 7/27/2009                                                                                      | 55,000,000           | 54,747,458 
|5.375%, 8/15/2009                                                                                        | 4,278,000            | 4,336,575  
|                                                                                                         | 796,839,905         
|US Treasury Obligations 3.3%                                                                            
|US Treasury Bills:                                                                                       |                      |            
|0.3%**, 7/23/2009                                                                                        | 25,000,000           | 24,982,708 
|0.345%**, 7/30/2009                                                                                      | 24,000,000           | 23,979,300 
|0.4%**, 8/6/2009                                                                                         | 20,000,000           | 19,978,444 
|0.48%**, 1/14/2010                                                                                       | 35,000,000           | 34,879,600 
|0.5%**, 1/14/2010                                                                                        | 25,000,000           | 24,910,417 
|0.705%**, 12/17/2009                                                                                     | 15,000,000           | 14,932,438 
|0.99%**, 5/15/2009                                                                                       | 22,500,000           | 22,491,338 
|                                                                                                         | 166,154,245         
|Total Government & Agency Obligations (Cost $962,994,150)                                                | 962,994,150         
|                                                                                                        
|Repurchase Agreements 6.5%                                                                              
|Banc of America Securities LLC, 0.17%, dated 4/30/2009, to
be repurchased at $41,773,270 on 5/1/2009 (a) | 41,773,073           | 41,773,073 
|The Goldman Sachs & Co., 0.17%, dated 4/30/2009, to be
repurchased at $108,062,510 on 5/1/2009 (b)       | 108,062,000          | 108,062,000
|The Goldman Sachs & Co., 0.19%, dated 4/30/2009, to be
repurchased at $179,000,945 on 5/1/2009 (c)       | 179,000,000          | 179,000,000
|Total Repurchase Agreements (Cost $328,835,073)                                                          | 328,835,073         

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $5,086,311,147)+ | 100.0           | 5,086,311,147
|Other Assets and Liabilities, Net                | 0.0             | (54,096)     
|Net Assets                                       | 100.0           | 5,086,257,051

|Principal
Amount ($)   | Security                                              | Rate (%)            | Maturity
Date        | Collateral
Value ($)
|---------------------- | ----------------------------------------------------- | ------------------- | -------------------- | --------------------
|15,499,108             | Federal Home Loan
Mortgage Corp.                      | Zero
Coupon-
35.507 | 8/15/2033-
2/15/2037 | 15,686,730          
|551,624,850            | Federal Home Loan Mortgage
Corp.  Interest Only      | 5.649-
16.348       | 3/15/2023-
7/15/2038 | 47,454,631          
|6,478,849              | Federal National Mortgage
Association                 | 18.375-
36.382      | 1/25/3032-
6/25/2036 | 6,947,861           
|482,498,618            | Federal National Mortgage
Association  Interest Only | 5.613-
7.063        | 6/25/2023-
8/25/2038 | 40,134,018          
|Total Collateral Value | $    110,223,240                                     

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on
a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to
prepayment risk of the pool of underlying mortgages.

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value 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 and credit risk). 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. Most 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 following is a summary of the inputs used as of April 30, 2009 in valuing the Portfolio's
investments. For information on the Portfolio's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to the
Financial Statements.

|Valuation Inputs | Investments in
Securities
|---------------- | -------------------------
|Level 1          | $                       
|Level 2          | 5,086,311,147            
|Level 3          |                         
|Total            | $    5,086,311,147       



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

Financial Statements

Money Market Portfolio

|Statement of Assets and Liabilitiesas of April 30, 2009        
|---------------------------------------------------------------
|Assets                                                         
|Investments:Investments in securities, valued at amortized cost
|Repurchase agreements, valued at amortized cost                
|Total investments, valued at amortized cost                    
|Cash                                                           
|Receivable for Portfolio shares sold                           
|Interest receivable                                            
|Other assets                                                   
|Total assets                                                   
|Liabilities                                                    
|Payable for Portfolio shares redeemed                          
|Distributions payable                                          
|Accrued management fee                                         
|Other accrued expenses and payables                            
|Total liabilities                                              
|Net assets, at value                                           
|Net Assets Consist of                                          
|Undistributed net investment income                            
|Accumulated net realized gain (loss)                           
|Paid-in capital                                                
|Net assets, at value                                           

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

|Statement of Assets and Liabilitiesas of April 30, 2009 (continued)                                                                                                                                                     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                         
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($919,362,150 ÷ 919,035,875 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)        
|Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share
($49,192,869 ÷ 49,196,633 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($29,554,519 ÷ 29,530,428 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)      
|Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($4,881,208 ÷ 4,875,630 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)   
|Institutional Money Market Shares
Net Asset Value, offering and redemption price per share
($514,510,751 ÷ 514,463,030 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)  
|Institutional Select Money Market Shares
Net Asset Value, offering and redemption price per share
($10,562 ÷ 10,559 outstanding shares of beneficial interest, no par value,
unlimited number of shares authorized)     
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($2,021,376,051 ÷ 2,020,719,177 outstanding shares of beneficial
interest, no par value, unlimited number of shares authorized)    
|Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share
($411,211,947 ÷ 411,046,712 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)
|Service Shares
Net Asset Value, offering and redemption price per share
($1,136,156,994 ÷ 1,135,825,396 outstanding shares of beneficial
interest, no par value, unlimited number of shares authorized)                 

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

|Statement of Operationsfor the year ended April 30, 2009       
|---------------------------------------------------------------
|Investment Income                                              
|Income:Interest                                                
|Expenses:Management fee                                        
|Services to shareholders                                       
|Custodian fee                                                  
|Distribution and service fees                                  
|Professional fees                                              
|Trustees' fees and expenses                                    
|Reports to shareholders                                        
|Registration fees                                              
|Temporary guarantee program participation fee                  
|Other                                                          
|Total expenses before expense reductions                       
|Expense reductions                                             
|Total expenses after expense reductions                        
|Net investment income                                          
|Net realized gain (loss) from investments                      
|Net increase (decrease) in net assets resulting from operations

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

|Statement of Changes in Net Assets                                                                                | Money Market Portfolio
|----------------------------------------------------------------------------------------------------------------- | ----------------------
|Increase (Decrease) in Net Assets                                                                                 | Years Ended April 30, 
|2009                                                                                                              | 2008                  
|Operations:Net investment income                                                                                  | $       61,672,883    
|Net realized gain (loss)                                                                                          | 596,527               
|Net increase in net assets resulting from operations                                                              | 62,269,410            
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                              | (12,130,034)          
|Capital Assets Funds Preferred Shares                                                                             | (1,195,269)           
|Davidson Cash Equivalent Shares                                                                                   | (576,062)             
|Davidson Cash Equivalent Plus Shares                                                                              | (117,205)             
|Institutional Money Market Shares                                                                                 | (2,880,267)           
|Institutional Select Money Market Shares                                                                          | (207)                 
|Premier Money Market Shares                                                                                       | (24,528,332)          
|Premium Reserve Money Market Shares                                                                               | (7,114,750)           
|Service Shares                                                                                                    | (13,649,289)          
|Total distributions                                                                                               | (62,191,415)          
|Portfolio share transactions:Proceeds from shares sold                                                            | 7,321,787,985         
|Reinvestment of distributions                                                                                     | 61,430,384            
|Cost of shares redeemed                                                                                           | (7,184,032,670)       
|Net increase (decrease) in net assets from Portfolio
share transactions                                           | 199,185,699           
|Increase (decrease) in net assets                                                                                 | 199,263,694           
|Net assets at beginning of period                                                                                 | 4,886,993,357         
|Net assets at end of period (including undistributed net
investment income of $66,189 and $107,748,
respectively) | $    5,086,257,051    

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

Financial Highlights

|Money Market Portfolio
Premier Money Market Shares                        
|--------------------------------------------------------------------------
|Years Ended April 30,                                                     
|Selected Per Share Data                                                   
|Net asset value, beginning of period                                      
|Net investment income                                                     
|Less distributions from net investment
income                             
|Net asset value, end of period                                            
|Total Return (%)                                                          
|Ratios to Average Net Assets and Supplemental Data                        
|Net assets, end of period ($ millions)                                    
|Ratio of expenses before expense
reductions (%)                           
|Ratio of expenses after expense
reductions (%)                            
|Ratio of net investment income (%)                                        
|aTotal return would have been lower had certain expenses not been reduced.

Portfolio Summary

Government & Agency Securities Portfolio

|Asset Allocation(As a % of Investment Portfolio) | 4/30/09 | 4/30/08
|------------------------------------------------ | ------- | -------
|                                                 |         |        
|Repurchase Agreements                            | 54%     | 39%    
|Government & Agency Obligations                  | 46%     | 61%    
|                                                 | 100%    | 100%   

|Weighted Average Maturity                                     | 4/30/09 | 4/30/08
|------------------------------------------------------------- | ------- | -------
|                                                              |         |        
|Cash Account Trust  Government & Agency
Securities Portfolio | 56 days | 49 days
|iMoneyNet Government & Agencies Retail Money Fund
Average*    | 44 days | 41 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 23-29. A quarterly Fact Sheet is available
upon request. A complete list of the Portfolio's 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 April 30, 2009

Government & Agency Securities Portfolio

|                                                                                                            | Principal
Amount ($) | Value ($)    
|----------------------------------------------------------------------------------------------------------- | -------------------- | -------------
|                                                                                                            |                     
|Government & Agency Obligations 46.0%                                                                      
|US Government Sponsored Agencies 39.4%                                                                     
|Federal Farm Credit Bank:                                                                                   |                      |              
|0.65%**, 4/9/2010                                                                                           | 115,000,000          | 114,992,435  
|0.957%**, 4/1/2010                                                                                          | 140,000,000          | 140,000,000  
|1.05%, 3/18/2010                                                                                            | 95,435,000           | 95,435,000   
|2.75%, 5/4/2010                                                                                             | 195,750,000          | 199,598,645  
|4.5%, 10/5/2009                                                                                             | 185,000,000          | 188,021,176  
|Federal Home Loan Bank:                                                                                     |                      |              
|0.178%*, 8/17/2009                                                                                          | 110,000,000          | 109,940,600  
|0.374%**, 8/10/2009                                                                                         | 20,000,000           | 19,990,216   
|0.378%**, 8/21/2009                                                                                         | 275,000,000          | 275,010,187  
|0.378%**, 8/27/2009                                                                                         | 32,000,000           | 31,982,819   
|0.394%**, 8/13/2009                                                                                         | 24,100,000           | 24,087,733   
|0.405%*, 7/14/2009                                                                                          | 50,000,000           | 49,957,861   
|0.439%**, 9/4/2009                                                                                          | 15,000,000           | 14,991,155   
|0.472%*, 6/29/2009                                                                                          | 72,000,000           | 71,943,360   
|0.508%*, 1/12/2010                                                                                          | 175,000,000          | 174,365,333  
|0.514%*, 7/22/2009                                                                                          | 40,000,000           | 39,952,622   
|0.68%**, 5/12/2009                                                                                          | 75,000,000           | 75,004,210   
|0.746%*, 11/20/2009                                                                                         | 21,000,000           | 20,911,187   
|0.796%*, 12/4/2009                                                                                          | 54,000,000           | 53,739,600   
|0.796%*, 12/7/2009                                                                                          | 87,000,000           | 86,574,667   
|0.796%*, 12/11/2009                                                                                         | 35,000,000           | 34,825,778   
|0.8%, 4/23/2010                                                                                             | 92,000,000           | 92,000,000   
|0.86%**, 3/11/2010                                                                                          | 283,000,000          | 282,970,146  
|0.92%**, 10/23/2009                                                                                         | 157,300,000          | 157,427,321  
|0.92%, 4/9/2010                                                                                             | 50,000,000           | 50,000,000   
|0.937%*, 1/19/2010                                                                                          | 20,000,000           | 19,862,656   
|0.948%**, 4/1/2010                                                                                          | 45,000,000           | 45,005,108   
|0.974%**, 7/10/2009                                                                                         | 75,000,000           | 75,000,000   
|0.991%**, 7/7/2009                                                                                          | 50,000,000           | 50,007,280   
|1.03%, 2/18/2010                                                                                            | 14,800,000           | 14,812,815   
|1.051%**, 5/27/2009                                                                                         | 110,000,000          | 109,999,467  
|1.064%**, 10/13/2009                                                                                        | 29,000,000           | 29,050,326   
|1.115%*, 12/8/2009                                                                                          | 92,500,000           | 91,864,011   
|1.195%*, 12/4/2009                                                                                          | 50,000,000           | 49,638,333   
|1.211%**, 2/19/2010                                                                                         | 14,990,000           | 15,038,880   
|1.293%**, 9/10/2009                                                                                         | 100,000,000          | 100,000,000  
|1.371%**, 11/18/2009                                                                                        | 92,000,000           | 92,258,749   
|2.544%*, 5/12/2009                                                                                          | 125,750,000          | 125,643,374  
|2.645%, 8/7/2009                                                                                            | 10,000,000           | 10,049,618   
|2.805%*, 9/16/2009                                                                                          | 83,000,000           | 82,101,179   
|2.822%*, 6/19/2009                                                                                          | 17,500,000           | 17,431,400   
|3.875%, 1/15/2010                                                                                           | 26,000,000           | 26,578,360   
|5.25%, 9/11/2009                                                                                            | 10,000,000           | 10,165,540   
|Federal Home Loan Mortgage Corp.:                                                                           |                      |              
|0.296%*, 5/22/2009                                                                                          | 58,850,000           | 58,839,358   
|0.298%*, 10/26/2009                                                                                         | 13,094,000           | 13,074,577   
|0.311%*, 6/3/2009                                                                                           | 100,000,000          | 99,970,667   
|0.333%*, 6/17/2009                                                                                          | 200,000,000          | 199,911,222  
|0.379%**, 10/19/2009                                                                                        | 100,000,000          | 99,907,920   
|0.389%**, 12/7/2009                                                                                         | 25,000,000           | 24,980,625   
|0.401%**, 10/8/2009                                                                                         | 138,000,000          | 137,920,282  
|0.417%**, 9/18/2009                                                                                         | 75,065,000           | 75,041,107   
|0.428%**, 9/21/2009                                                                                         | 150,000,000          | 149,966,971  
|0.461%*, 6/22/2009                                                                                          | 67,000,000           | 66,954,514   
|0.471%*, 6/22/2009                                                                                          | 40,000,000           | 39,972,267   
|0.495%*, 8/11/2009                                                                                          | 180,000,000          | 179,745,000  
|0.545%*, 8/3/2009                                                                                           | 50,000,000           | 49,928,194   
|0.596%*, 9/14/2009                                                                                          | 142,794,000          | 142,470,334  
|0.596%*, 9/15/2009                                                                                          | 19,777,000           | 19,731,843   
|0.596%*, 9/21/2009                                                                                          | 137,000,000          | 136,673,483  
|0.616%*, 9/21/2009                                                                                          | 79,526,000           | 79,330,145   
|1.083%*, 5/12/2009                                                                                          | 63,000,000           | 62,977,285   
|1.087%**, 9/25/2009                                                                                         | 360,000,000          | 360,420,330  
|1.155%*, 5/26/2009                                                                                          | 55,716,000           | 55,669,570   
|1.238%*, 8/10/2009                                                                                          | 100,000,000          | 99,649,306   
|1.381%*, 7/10/2009                                                                                          | 62,000,000           | 61,831,222   
|1.685%*, 5/27/2009                                                                                          | 80,000,000           | 79,898,889   
|2.68%, 11/16/2009                                                                                           | 30,000,000           | 30,355,410   
|4.125%, 11/18/2009                                                                                          | 50,000,000           | 50,928,506   
|4.25%, 7/15/2009                                                                                            | 27,000,000           | 27,205,157   
|5.25%, 5/21/2009                                                                                            | 25,000,000           | 25,052,680   
|Federal National Mortgage Association:                                                                      |                      |              
|0.337%*, 5/27/2009                                                                                          | 35,000,000           | 34,991,153   
|0.388%*, 10/14/2009                                                                                         | 83,000,000           | 82,850,738   
|0.428%*, 5/20/2009                                                                                          | 45,000,000           | 44,989,312   
|0.477%*, 10/28/2009                                                                                         | 42,556,000           | 42,453,866   
|0.488%*, 12/21/2009                                                                                         | 175,000,000          | 174,442,625  
|0.492%*, 7/1/2009                                                                                           | 100,000,000          | 99,915,278   
|0.494%*, 7/20/2009                                                                                          | 125,000,000          | 124,861,111  
|0.528%*, 12/21/2009                                                                                         | 150,000,000          | 149,483,250  
|0.544%*, 7/30/2009                                                                                          | 100,000,000          | 99,862,500   
|0.545%*, 8/19/2009                                                                                          | 95,000,000           | 94,840,347   
|0.816%*, 11/2/2009                                                                                          | 129,700,000          | 129,153,459  
|0.893%*, 9/1/2009                                                                                           | 100,000,000          | 99,692,500   
|1.221%*, 6/11/2009                                                                                          | 130,000,000          | 129,814,931  
|1.384%*, 7/27/2009                                                                                          | 58,378,000           | 58,180,488   
|1.446%*, 5/28/2009                                                                                          | 170,000,000          | 169,808,750  
|1.575%*, 7/1/2009                                                                                           | 160,000,000          | 159,566,222  
|1.691%*, 5/29/2009                                                                                          | 108,500,000          | 108,352,319  
|1.879%*, 7/27/2009                                                                                          | 125,000,000          | 124,426,042  
|3.875%, 12/10/2009                                                                                          | 15,650,000           | 15,951,286   
|4.25%, 5/15/2009                                                                                            | 25,000,000           | 25,027,280   
|6.625%, 9/15/2009                                                                                           | 51,342,000           | 52,553,218   
|7.25%, 1/15/2010                                                                                            | 70,000,000           | 73,302,449   
|                                                                                                            | 7,891,155,135       
|US Treasury Obligations 6.6%                                                                               
|US Treasury Bills:                                                                                          |                      |              
|0.275%*, 6/25/2009                                                                                          | 20,000,000           | 19,991,597   
|0.29%*, 7/16/2009                                                                                           | 65,000,000           | 64,960,205   
|0.295%*, 10/8/2009                                                                                          | 45,000,000           | 44,941,000   
|0.3%*, 10/8/2009                                                                                            | 109,740,000          | 109,593,680  
|0.32%*, 7/23/2009                                                                                           | 138,000,000          | 137,898,187  
|0.34%*, 5/14/2009                                                                                           | 90,675,000           | 90,663,867   
|0.345%*, 7/30/2009                                                                                          | 118,000,000          | 117,898,225  
|0.4%*, 8/6/2009                                                                                             | 75,000,000           | 74,919,167   
|0.48%*, 1/14/2010                                                                                           | 110,000,000          | 109,621,600  
|0.5%*, 1/14/2010                                                                                            | 100,000,000          | 99,641,667   
|0.63%*, 11/19/2009                                                                                          | 95,500,000           | 95,162,407   
|0.645%*, 11/19/2009                                                                                         | 74,050,000           | 73,782,001   
|0.7%*, 3/11/2010                                                                                            | 95,000,000           | 94,419,972   
|0.705%*, 12/17/2009                                                                                         | 25,000,000           | 24,887,396   
|1.05%*, 7/30/2009                                                                                           | 50,000,000           | 49,868,750   
|US Treasury Note, 4.0%, 8/31/2009                                                                           | 105,000,000          | 106,221,714  
|                                                                                                            | 1,314,471,435       
|Total Government & Agency Obligations(Cost $9,205,626,570)                                                  | 9,205,626,570       
|                                                                                                           
|Repurchase Agreements 54.0%                                                                                
|Banc of America Securities LLC, 0.17%, dated 4/30/2009,
to be repurchased at $2,285,701,080 on 5/1/2009 (a) | 2,285,690,286        | 2,285,690,286
|Barclays Capital PLC, 0.36%, dated 4/2/2009, to be
repurchased at $1,000,610,000 on 6/2/2009 (b)            | 1,000,000,000        | 1,000,000,000
|BNP Paribas, 0.17%, dated 4/30/2009, to be repurchased
at $1,714,938,098 on 5/1/2009 (c)                    | 1,714,930,000        | 1,714,930,000
|BNP Paribas, 0.3%, dated 4/1/2009, to be repurchased at
$1,000,250,000 on 5/1/2009 (d)                      | 1,000,000,000        | 1,000,000,000
|BNP Paribas, 0.32%, dated 3/19/2009, to be repurchased
at $750,406,667 on 5/19/2009 (e)                     | 750,000,000          | 750,000,000  
|JPMorgan Securities, Inc., 0.18%, dated 4/30/2009, to be
repurchased at $321,251,606 on 5/1/2009 (f)        | 321,250,000          | 321,250,000  
|The Goldman Sachs & Co., 0.17%, dated 4/30/2009, to be
repurchased at $2,500,011,806 on 5/1/2009 (g)        | 2,500,000,000        | 2,500,000,000
|The Goldman Sachs & Co., 0.3%, dated 4/6/2009, to be
repurchased at $1,000,500,000 on 6/5/2009 (h)          | 1,000,000,000        | 1,000,000,000
|The Goldman Sachs & Co., 0.32%, dated 3/19/2009, to be
repurchased at $250,135,556 on 5/19/2009 (i)         | 250,000,000          | 250,000,000  
|Total Repurchase Agreements(Cost $10,821,870,286)                                                           | 10,821,870,286      

|                                                  | % of Net
Assets | Value ($)     
|------------------------------------------------- | --------------- | --------------
|                                                  |                
|Total Investment Portfolio(Cost $20,027,496,856)+ | 100.0           | 20,027,496,856
|Other Assets and Liabilities, Net                 | 0.0             | 6,398,007     
|Net Assets                                        | 100.0           | 20,033,894,863

|Principal
Amount ($)   | Security                                               | Rate (%)    | Maturity
Date         | Collateral
Value ($)
|---------------------- | ------------------------------------------------------ | ----------- | --------------------- | --------------------
|1,834,452              | Federal Home Loan
Mortgage Corp.                       | 6.5-8.0     | 3/15/2021-
7/15/2027  | 1,793,424           
|114,182,622            | Federal Home Loan
Mortgage Corp. 
Interest Only       | 4.5-10.0    | 4/15/2013-
1/15/2049  | 8,559,393           
|479,547,271            | Federal Home Loan
Mortgage Corp. 
Principal Only      | Zero Coupon | 3/15/2020-
6/15/2048  | 400,750,194         
|64,976,575             | Federal National
Mortgage Association                  | 4.25-8.5    | 3/25/2021-
5/25/2039  | 66,323,646          
|372,275,947            | Federal National
Mortgage Association
 Interest Only  | 0.642-8.5   | 10/25/2016-
4/25/2044 | 31,778,316          
|584,542,909            | Federal National
Mortgage Association
 Principal Only | Zero Coupon | 1/25/2019-
12/25/2038 | 510,795,028         
|Total Collateral Value | 1,020,000,001                                         

|Principal
Amount ($)   | Security                                 | Rate (%) | Maturity
Date      | Collateral
Value ($)
|---------------------- | ---------------------------------------- | -------- | ------------------ | --------------------
|90,428,725             | Federal Home Loan
Mortgage Corp.         | 6.0      | 2/1/2037-
6/1/2038 | 95,027,254          
|1,537,552,048          | Federal National
Mortgage Association    | 4.5-6.5  | 2/1/2023-
1/1/2048 | 1,602,774,009       
|48,940,507             | Government National
Mortgage Association | 6.0      | 11/15/2038         | 51,427,337          
|Total Collateral Value | 1,749,228,600                           

|Principal
Amount ($)   | Security                                 | Rate (%)  | Maturity
Date        | Collateral
Value ($)
|---------------------- | ---------------------------------------- | --------- | -------------------- | --------------------
|239,914,701            | Federal Home Loan
Mortgage Corp.         | 4.5-6.5   | 5/1/2018-
4/1/2039   | 252,227,954         
|661,808,043            | Federal National
Mortgage Association    | 2.713-7.0 | 2/1/2017-
8/1/2042   | 684,914,878         
|79,365,588             | Government National
Mortgage Association | 4.5-6.0   | 1/15/2020-
4/20/2039 | 82,857,169          
|Total Collateral Value | 1,020,000,001                           

|Principal
Amount ($)   | Security                                 | Rate (%)    | Maturity
Date        | Collateral
Value ($)
|---------------------- | ---------------------------------------- | ----------- | -------------------- | --------------------
|206,436,224            | Federal Home Loan
Mortgage Corp.         | 3.746-6.558 | 4/1/2020-
4/1/2039   | 215,336,470         
|463,876,238            | Federal National
Mortgage Association    | 2.713-7.0   | 5/1/2017-
7/1/2044   | 481,821,087         
|65,645,669             | Government National
Mortgage Association | 4.0-6.0     | 6/15/2033-
4/15/2039 | 67,842,443          
|Total Collateral Value | 765,000,000                             

|Principal
Amount ($)   | Security                              | Rate (%) | Maturity
Date       | Collateral
Value ($)
|---------------------- | ------------------------------------- | -------- | ------------------- | --------------------
|575,712,772            | Federal Home Loan
Mortgage Corp.      | 4.0-7.0  | 12/1/2016-
4/1/2039 | 603,044,630         
|1,857,431,969          | Federal National
Mortgage Association | 4.0-7.5  | 12/1/2017-
5/1/2039 | 1,946,955,370       
|Total Collateral Value | 2,550,000,000                        

|Principal
Amount ($)   | Security                                                                   | Rate (%)    | Maturity
Date          | Collateral
Value ($)
|---------------------- | -------------------------------------------------------------------------- | ----------- | ---------------------- | --------------------
|48,447,085             | Federal Home Loan
Mortgage Corp.                                           | 1.448-6.5   | 12/15/2023-
4/15/2039  | 48,326,345          
|23,203,440             | Federal Home Loan
Mortgage Corp. 
Interest Only                           | 4.0-6.0     | 12/15/2018-
1/15/2039  | 13,285,252          
|7,433,883              | Federal Home Loan
Mortgage Corp. 
Principal Only                          | Zero Coupon | 4/15/2039              | 24,882              
|751,121                | Federal Home Loan
Mortgage
Corp./Government
National Mortgage
Associations | 9.113       | 11/25/2023             | 122,666             
|200,149,416            | Federal National
Mortgage Association                                      | 4.0-10.0    | 2/25/2024-
3/25/2049   | 195,284,491         
|248,435,696            | Federal National
Mortgage Association 
Interest Only                      | 4.0-8.303   | 10/18/2016-
11/25/2038 | 28,377,923          
|559,493,163            | Government National
Mortgage Association                                   | 3.5-6.0     | 1/20/2037-
4/20/2039   | 573,359,291         
|168,837,925            | Government National
Mortgage Association                                   | 6.052       | 1/20/2037              | 161,219,151         
|Total Collateral Value | 1,020,000,001                                                             

|Principal
Amount ($)   | Security                                              | Rate (%)       | Maturity
Date         | Collateral
Value ($)
|---------------------- | ----------------------------------------------------- | -------------- | --------------------- | --------------------
|87,459,314             | Federal Home Loan
Mortgage Corp.                      | 1.451-39.902   | 11/15/2035-
7/15/2037 | 98,715,726          
|18,423,376             | Federal Home Loan
Mortgage Corp. 
Interest Only      | 5.979          | 2/15/2037             | 1,687,289           
|91,595,941             | Federal National
Mortgage Association                 | 15.781-
36.975 | 5/25/2035-
6/25/2037  | 104,175,089         
|610,471,429            | Federal National
Mortgage Association 
Interest Only | 5.613-6.313    | 3/25/2035-
8/25/2038  | 50,421,896          
|Total Collateral Value | 255,000,000                                          

Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on
a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to
prepayment risk of the pool of underlying mortgages.

Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments
on a pool of underlying mortgages or mortgage-backed securities.

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value 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 and credit risk). 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. Most 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 following is a summary of the inputs used as of April 30, 2009 in valuing the Portfolio's
investments. For information on the Portfolio's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to the
Financial Statements.

|Valuation Inputs | Investments in
Securities
|---------------- | -------------------------
|Level 1          | $                       
|Level 2          | 20,027,496,856           
|Level 3          |                         
|Total            | $    20,027,496,856      



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

Financial Statements

Government & Agency Securities Portfolio

|Statement of Assets and Liabilitiesas of April 30, 2009        
|---------------------------------------------------------------
|Assets                                                         
|Investments:Investments in securities, valued at amortized cost
|Repurchase agreements, valued at amortized cost                
|Total investments, valued at amortized cost                    
|Due from Advisor                                               
|Receivable for Portfolio shares sold                           
|Interest receivable                                            
|Other assets                                                   
|Total assets                                                   
|Liabilities                                                    
|Cash overdraft                                                 
|Payable for Portfolio shares redeemed                          
|Distributions payable                                          
|Accrued management fee                                         
|Other accrued expenses and payables                            
|Total liabilities                                              
|Net assets, at value                                           
|Net Assets Consist of                                          
|Undistributed net investment income                            
|Accumulated net realized gain (loss)                           
|Paid-in capital                                                
|Net assets, at value                                           

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

|Statement of Assets and Liabilitiesas of April 30, 2009 (continued)                                                                                                                                                                
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                    
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($279,657,880 ÷ 279,622,050 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                   
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($29,241,763 ÷ 29,236,661 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                 
|Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($23,514,128 ÷ 23,511,381 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)            
|DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share
($325,090,206 ÷ 325,042,203 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)            
|DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share
($14,646,457,923 ÷ 14,645,658,113 outstanding shares of beneficial
interest, no par value, unlimited number of shares authorized)
|Government Cash Managed Shares
Net Asset Value, offering and redemption price per share
($476,649,999 ÷ 476,698,189 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($4,101,254,523 ÷ 4,100,655,904 outstanding shares of beneficial
interest, no par value, unlimited number of shares authorized)               
|Service Shares
Net Asset Value, offering and redemption price per share
($152,028,441 ÷ 152,001,684 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                                

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

|Statement of Operationsfor the year ended April 30, 2009       
|---------------------------------------------------------------
|Investment Income                                              
|Income:Interest                                                
|Expenses:Management fee                                        
|Administration fee                                             
|Services to shareholders                                       
|Custodian fee                                                  
|Distribution and service fees                                  
|Professional fees                                              
|Trustees' fees and expenses                                    
|Registration fees                                              
|Reports to shareholders                                        
|Temporary guarantee program participation fee                  
|Other                                                          
|Total expenses before expense reductions                       
|Expense reductions                                             
|Total expenses after expense reductions                        
|Net investment income                                          
|Net realized gain (loss) from investments                      
|Net increase (decrease) in net assets resulting from operations

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

|Statement of Changes in Net Assets                                                                                 | Government & Agency
Securities Portfolio
|------------------------------------------------------------------------------------------------------------------ | ----------------------------------------
|                                                                                                                   | Years Ended April 30,                   
|2009                                                                                                               | 2008                                    
|Operations:Net investment income                                                                                   | $       104,309,706                     
|Net realized gain (loss)                                                                                           | 1,341,684                               
|Net increase in net assets resulting from operations                                                               | 105,651,390                             
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                               | (1,539,073)                             
|Davidson Cash Equivalent Shares                                                                                    | (260,593)                               
|Davidson Cash Equivalent Plus Shares                                                                               | (256,560)                               
|DWS Government & Agency Money Fund                                                                                 | (5,640,482)                             
|DWS Government Cash Institutional Shares                                                                           | (64,506,953)                            
|Government Cash Managed Shares                                                                                     | (4,499,492)                             
|Premier Money Market Shares                                                                                        | (26,628,276)                            
|Service Shares                                                                                                     | (1,083,854)                             
|Total distributions                                                                                                | (104,415,283)                           
|Portfolio share transactions:Proceeds from shares sold                                                             | 58,073,815,617                          
|Reinvestment of distributions                                                                                      | 73,218,265                              
|Cost of shares redeemed                                                                                            | (43,392,972,552)                        
|Net increase (decrease) in net assets from Portfolio
share transactions                                            | 14,754,061,330                          
|Increase (decrease) in net assets                                                                                  | 14,755,297,437                          
|Net assets at beginning of period                                                                                  | 5,278,597,426                           
|Net assets at end of period (including undistributed net
investment income of $109,246 and $214,822,
respectively) | $    20,033,894,863                     

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

Financial Highlights

|Government & Agency Securities Portfolio
Premier Money Market Shares                                                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                         
|Selected Per Share Data                                                                                                                                                                                       
|Net asset value, beginning of period                                                                                                                                                                          
|Net investment income                                                                                                                                                                                         
|Less distributions from net investment
income                                                                                                                                                                 
|Net asset value, end of period                                                                                                                                                                                
|Total Return (%)                                                                                                                                                                                              
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                            
|Net assets, end of period ($ millions)                                                                                                                                                                        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                               
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                
|Ratio of net investment income (%)                                                                                                                                                                            
|aTotal return would have been lower had certain expenses not been reduced.bDue to the timing of the subscriptions and redemptions, the amount shown does not
correspond to the total return during the period.

Portfolio Summary

Tax-Exempt Portfolio

|Asset Allocation(As a % of Investment Portfolio)           | 4/30/09 | 4/30/08
|---------------------------------------------------------- | ------- | -------
|                                                           |         |        
|Municipal Investments
Municipal Variable Rate Demand Notes | 79%     | 85%    
|Municipal Bonds and Notes                                  | 21%     | 15%    
|                                                           | 100%    | 100%   

|Weighted Average Maturity                    | 4/30/09 | 4/30/08
|-------------------------------------------- | ------- | -------
|                                             |         |        
|Cash Account Trust  Tax-Exempt Portfolio    | 35 days | 13 days
|National Tax-Free Retail Money Fund Average* | 27 days | 25 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 36-53. 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 April 30, 2009

Tax-Exempt Portfolio

|                                                                                                                                                                                | Principal
Amount ($) | Value ($)  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                                                                                                |                     
|Municipal Investments 96.8%                                                                                                                                                    
|Alabama 0.6%                                                                                                                                                                   
|Alabama, Huntsville-Randolph School, Educational Building
Authority Lease Revenue, Randolph School Project,
0.49%*, 2/1/2038, Compass Bank (a)                                  | 10,000,000           | 10,000,000 
|Pell City, AL, Special Care Facilities Financing Authority
Revenue, Noland Health Services, Series A, 0.5%*,
12/1/2039, US Bank NA (a)                                          | 4,000,000            | 4,000,000  
|Tuscaloosa County, AL, Industrial Development Gulf
Opportunity Zone, Hunt Refining Project, Series C,
0.71%*, 12/1/2027, JPMorgan Chase Bank (a)                                | 10,000,000           | 10,000,000 
|                                                                                                                                                                                | 24,000,000          
|Alaska 1.6%                                                                                                                                                                    
|Alaska, State Housing Finance Corp., Capital Project,
Series C, 0.35%*, 7/1/2022                                                                                                | 10,000,000           | 10,000,000 
|Alaska, State Housing Finance Corp., Governmental
Purpose, Series B, 0.35%*, 12/1/2030                                                                                          | 50,000,000           | 50,000,000 
|                                                                                                                                                                                | 60,000,000          
|Arizona 1.6%                                                                                                                                                                   
|Apache County, AZ, Industrial Development Authority
Revenue, Tucson Electric Power Co., Series 83C,
0.49%*, 12/15/2018, Bank of New York Mellon Corp. (a)                       | 2,650,000            | 2,650,000  
|Arizona, BB&T Municipal Trust, Series 2012, 144A,
0.51%*, 7/1/2027                                                                                                              | 2,075,000            | 2,075,000  
|Arizona, Health Facilities Authority Revenue, Banner Health
System, Series B, 0.4%*, 1/1/2035, Scotiabank (a)                                                                   | 12,300,000           | 12,300,000 
|Maricopa County, AZ, RBC Municipal Products, Inc. Trust:                                                                                                                        |                      |            
|Series C-1, 144A, AMT, 0.72%*, 1/1/2016,
Royal Bank of Canada (a)                                                                                                               | 29,595,000           | 29,595,000 
|Series C-6, 144A, AMT, 0.72%*, 5/1/2016,
Royal Bank of Canada (a)                                                                                                               | 13,995,000           | 13,995,000 
|                                                                                                                                                                                | 60,615,000          
|California 2.6%                                                                                                                                                                
|California, BB&T Municipal Trust, Series 2014, 144A,
0.48%*, 3/15/2039                                                                                                          | 2,250,000            | 2,250,000  
|California, Clipper Tax-Exempt Certificate Trust,
Series 2007-38, 144A, 0.73%*, 4/1/2023                                                                                        | 4,000,000            | 4,000,000  
|California, Housing Finance Agency Revenue,
Home Mortgage:                                                                                                                      |                      |            
|Series K, AMT, 1.0%*, 8/1/2037                                                                                                                                                  | 7,900,000            | 7,900,000  
|Series K, AMT, 1.0%*, 2/1/2038                                                                                                                                                  | 5,000,000            | 5,000,000  
|California, Housing Finance Agency Revenue, Multi-Family
Housing, Series C, AMT, 3.25%*, 2/1/2033                                                                               | 35,500,000           | 35,500,000 
|California, State Economic Recovery, Series C-15, 2.0%*,
7/1/2023 (b)                                                                                                           | 22,830,000           | 22,830,000 
|California, Statewide Communities Development Authority,
Multi-Family Housing Revenue:                                                                                          |                      |            
|Series 2680, 144A, 0.73%*, 5/15/2018,
JPMorgan Chase Bank (a)                                                                                                                   | 11,100,000           | 11,100,000 
|Series 2681, 144A, AMT, 0.88%*, 5/15/2018,
JPMorgan Chase Bank (a)                                                                                                              | 10,000,000           | 10,000,000 
|                                                                                                                                                                                | 98,580,000          
|Colorado 2.5%                                                                                                                                                                  
|Colorado, Centerra Metropolitan District 1 Revenue,
Refunding and Improvement, 0.57%*, 12/1/2029,
Compass Bank (a)                                                              | 15,000,000           | 15,000,000 
|Colorado, Educational & Cultural Facilities Authority
Revenue, Bear Creek School Project, 0.47%*, 10/1/2032,
US Bank NA (a)                                                     | 6,400,000            | 6,400,000  
|Colorado, Educational & Cultural Facilities Authority
Revenue, Fremont Christian School Project, 0.47%*,
6/1/2038, US Bank NA (a)                                               | 16,610,000           | 16,610,000 
|Colorado, Educational & Cultural Facilities Authority
Revenue, Trinity School Project, 0.51%*, 9/1/2026,
Branch Banking & Trust (a)                                             | 1,700,000            | 1,700,000  
|Colorado, Goldsmith Metropolitan District, 0.52%*,
12/1/2034, Compass Bank (a)                                                                                                  | 5,300,000            | 5,300,000  
|Colorado, Health Facilities Authority Revenue, Fraiser
Meadows Community Project, 0.47%*, 6/1/2038,
JPMorgan Chase Bank (a)                                                     | 9,000,000            | 9,000,000  
|Colorado, Housing & Finance Authority, Series AA3,
0.75%*, 5/1/2036                                                                                                             | 7,670,000            | 7,670,000  
|Colorado, Housing & Finance Authority, Single Family
Mortgage, Series 1-B-2, 1.8%*, 5/1/2034                                                                                    | 9,100,000            | 9,100,000  
|Colorado, Lowry Economic Redevelopment Authority
Revenue, Series A, 0.57%*, 12/1/2020,
Compass Bank (a)                                                                         | 6,965,000            | 6,965,000  
|Colorado, RBC Municipal Products, Inc. Trust, Series C-11,
144A, 0.61%*, 12/1/2031, Royal Bank of Canada (a)                                                                    | 17,580,000           | 17,580,000 
|                                                                                                                                                                                | 95,325,000          
|Connecticut 0.2%                                                                                                                                                               
|Connecticut, State Health & Education, 0.45%, 6/11/2009                                                                                                                         | 6,000,000            | 6,000,000  
|Delaware 0.6%                                                                                                                                                                  
|Delaware, BB&T Municipal Trust, Series 5000, 0.74%*,
10/1/2028, Rabobank International (a)                                                                                      | 17,944,262           | 17,944,262 
|Delaware, State Economic Development Authority
Revenue, YMCA Delaware Project, 0.48%*, 5/1/2036,
PNC Bank NA (a)                                                                | 6,275,000            | 6,275,000  
|                                                                                                                                                                                | 24,219,262          
|District of Columbia 0.3%                                                                                                                                                      
|District of Columbia, Center for Internships & Academic
Revenue, 0.51%*, 7/1/2036, Branch Banking & Trust (a)                                                                   | 3,400,000            | 3,400,000  
|District of Columbia, Housing Finance Agency,
Multi-Family Housing Revenue, Series R-433, 144A,
AMT, 0.72%*, 6/1/2038                                                           | 7,780,000            | 7,780,000  
|                                                                                                                                                                                | 11,180,000          
|Florida 5.7%                                                                                                                                                                   
|Alachua County, FL, Housing Finance Authority, Multi-Family
Revenue, Santa Fe I Apartments, AMT, 1.0%*,
12/15/2038, Citibank NA (a)                                             | 3,850,000            | 3,850,000  
|Broward County, FL, Housing Finance Authority,
Multi-Family Housing Revenue, Palms of Deerfield Beach,
AMT, 1.0%*, 8/15/2038, Citibank NA (a)                                   | 2,560,000            | 2,560,000  
|Florida, BB&T Municipal Trust:                                                                                                                                                  |                      |            
|Series 1010, 144A, 0.6%*, 1/15/2019,
Branch Banking & Trust (a)                                                                                                                 | 7,290,000            | 7,290,000  
|Series 1029, 0.6%*, 7/1/2024, Branch Banking & Trust (a)                                                                                                                        | 11,160,000           | 11,160,000 
|Series 1031, 0.6%*, 8/1/2024, Branch Banking & Trust (a)                                                                                                                        | 12,895,000           | 12,895,000 
|Series 1012, 144A, 0.6%*, 11/1/2024,
Branch Banking & Trust (a)                                                                                                                 | 9,900,000            | 9,900,000  
|Florida, Capital Trust Agency Housing Revenue, Atlantic
Housing Foundation, Series A, 0.55%*, 7/15/2024                                                                         | 19,000,000           | 19,000,000 
|Florida, Development Finance Corp., Enterprise Board
Program, Out of Door Academy, 0.54%*, 7/1/2038,
Northern Trust Co. (a)                                                     | 11,500,000           | 11,500,000 
|Florida, Housing Finance Corp., Multi-Family Revenue,
Victoria Park, Series J-1, 0.5%*, 10/15/2032                                                                              | 8,620,000            | 8,620,000  
|Florida, RBC Municipal Products, Inc. Trust, Series E-4,
144A, AMT, 0.73%*, 6/1/2010, Royal Bank of Canada (a)                                                                  | 9,995,000            | 9,995,000  
|Florida, Revenue Bonds, Series 10003, 144A, 0.88%*,
12/1/2031, Bank of America NA (a)                                                                                           | 3,975,000            | 3,975,000  
|Hernando County, FL, Industrial Development Revenue,
Goodwill Industries-Suncoast, Inc., 1.5%*, 12/1/2030,
SunTrust Bank (a)                                                    | 7,500,000            | 7,500,000  
|Hillsborough County, FL, Housing Finance Authority,
Multi-Family Revenue, Hunt Club Apartments, 2.0%*,
8/15/2041, SunTrust Bank (a)                                             | 8,000,000            | 8,000,000  
|Hillsborough County, FL, Industrial Development Authority,
Health Care Facility Revenue, Lifelink Foundation, Inc.
Project, 1.5%*, 2/1/2035, SunTrust Bank (a)                  | 6,500,000            | 6,500,000  
|Jacksonville, FL, Health Facilities Authority Hospital
Revenue, Series E, 0.46%*, 8/15/2027, Branch
Banking & Trust (a)                                                         | 11,775,000           | 11,775,000 
|Jacksonville, FL, Transportation Revenue, Series B,
1.4%*, 10/1/2027                                                                                                            | 13,500,000           | 13,500,000 
|Lee County, FL, Industrial Development Authority, Health
Care Facilities Revenue, Hope Hospice Project, 0.54%*,
10/1/2027, Northern Trust Co. (a)                               | 17,500,000           | 17,500,000 
|Orange County, FL, Health Facilities Authority Revenue,
Orlando Regional Healthcare:                                                                                            |                      |            
|Series G, 0.6%*, 10/1/2026, SunTrust Bank (a)                                                                                                                                   | 5,500,000            | 5,500,000  
|Series F, 3.5%*, 10/1/2026, SunTrust Bank (a)                                                                                                                                   | 5,800,000            | 5,800,000  
|Orange County, FL, Housing Finance Authority, Multi-Family
Revenue, Laurel Oaks Apartments, Phase I, AMT, 2.0%*,
8/15/2042, SunTrust Bank (a)                                   | 9,050,000            | 9,050,000  
|Orange County, FL, Housing Finance Authority, Multi-Family
Revenue, Laurel Oaks Apartments, Phase II, AMT,
2.0%*, 8/15/2042, SunTrust Bank (a)                                  | 8,660,000            | 8,660,000  
|Osceola County, FL, Housing Finance Authority,
Multi-Family Revenue, Arrow Ridge Apartments,
Series A, AMT, 0.55%*, 10/1/2032                                                   | 4,200,000            | 4,200,000  
|Palm Beach County, FL, Community Foundation, Palm
Beach Project Revenue, 0.59%*, 3/1/2034,
Northern Trust Co. (a)                                                               | 4,750,000            | 4,750,000  
|Pinellas County, FL, Health Facilities Authority Revenue,
Baycare Health Systems, Series A2, 0.58%*, 11/1/2038,
Northern Trust Co. (a)                                          | 9,750,000            | 9,750,000  
|Volusia County, FL, Housing Finance Authority,
Multi-Family Housing Revenue, Cape Morris Cove
Apartments, Series A, AMT, 0.64%*, 10/15/2042,
JPMorgan Chase Bank (a)            | 6,140,000            | 6,140,000  
|                                                                                                                                                                                | 219,370,000         
|Georgia 5.3%                                                                                                                                                                   
|Atlanta, GA, Revenue Bond, Series 2008-3046X, 144A,
0.93%*, 7/1/2037 (b)                                                                                                        | 6,665,000            | 6,665,000  
|Cobb County, GA, Tax Anticipation Notes,
1.25%, 12/31/2009                                                                                                                      | 110,000,000          | 110,584,872
|Fulton County, GA, Development Authority Revenue, Doris
& Alex Weber School Project, 0.51%*, 12/1/2030, Branch
Banking & Trust (a)                                              | 5,000,000            | 5,000,000  
|Fulton County, GA, Development Authority Revenue,
Georgia Tech Facilities Project, Series A, 1.3%*,
5/1/2037, SunTrust Bank (a)                                                 | 4,625,000            | 4,625,000  
|Fulton County, GA, Development Authority Revenue, Kings
Ridge Christian School, 0.51%*, 5/1/2026, Branch
Banking & Trust (a)                                                    | 2,500,000            | 2,500,000  
|Fulton County, GA, Development Authority Revenue, Mount
Vernon Presbyterian School, 0.51%*, 8/1/2035, Branch
Banking & Trust (a)                                                | 2,700,000            | 2,700,000  
|Georgia, Private Colleges & Universities Authority Revenue,
Mercer University Project:                                                                                          |                      |            
|Series C, 0.49%*, 10/1/2031, Branch Banking & Trust (a)                                                                                                                         | 8,750,000            | 8,750,000  
|Series A, 0.49%*, 10/1/2036, Branch Banking & Trust (a)                                                                                                                         | 11,040,000           | 11,040,000 
|Georgia, RBC Municipal Products, Inc. Trust:                                                                                                                                    |                      |            
|Series C-3, 144A, AMT, 0.72%*, 3/1/2016,
Royal Bank of Canada (a)                                                                                                               | 10,000,000           | 10,000,000 
|Series C-9, AMT, 0.73%*, 8/1/2016,
Royal Bank of Canada (a)                                                                                                                     | 30,495,000           | 30,495,000 
|Georgia, Solar Eclipse Funding Trust, Series 2007-0072,
144A, 0.52%*, 6/1/2032, US Bank NA (a)                                                                                  | 11,630,000           | 11,630,000 
|                                                                                                                                                                                | 203,989,872         
|Hawaii 0.3%                                                                                                                                                                    
|Hawaii, State Department of Budget & Finance, Special
Purpose Revenue, Hawaii Pacific Health, Series A,
0.43%*, 7/1/2035, Union Bank NA (a)                                     | 11,100,000           | 11,100,000 
|Idaho 2.6%                                                                                                                                                                     
|Idaho, Health Facilities Authority Revenue, St. Luke's Health
Systems Project:                                                                                                  |                      |            
|Series A, 0.37%*, 11/1/2043, Wells Fargo Bank NA (a)                                                                                                                            | 10,000,000           | 10,000,000 
|Series B, 0.48%*, 11/1/2043, Harris NA (a)                                                                                                                                      | 13,000,000           | 13,000,000 
|Idaho, Housing & Finance Association, Single
Family Mortgage:                                                                                                                   |                      |            
|Series B, AMT, 1.2%*, 7/1/2032                                                                                                                                                  | 5,460,000            | 5,460,000  
|"I", Series A, AMT, 1.2%*, 7/1/2033                                                                                                                                             | 6,280,000            | 6,280,000  
|"I", Series B, AMT, 1.2%*, 7/1/2033                                                                                                                                             | 6,160,000            | 6,160,000  
|Idaho, Non-Profit Housing & Finance Association Facilities
Revenue, College of Idaho Project, 0.47%*, 7/1/2030,
US Bank NA (a)                                                  | 5,000,000            | 5,000,000  
|Idaho, State General Obligation, Tax Anticipation Notes,
3.0%, 6/30/2009                                                                                                        | 52,500,000           | 52,608,519 
|                                                                                                                                                                                | 98,508,519          
|Illinois 9.7%                                                                                                                                                                  
|Channahon, IL, Morris Hospital Revenue:                                                                                                                                         |                      |            
|Series B, 0.5%*, 12/1/2032, US Bank NA (a)                                                                                                                                      | 4,285,000            | 4,285,000  
|Series C, 0.5%*, 12/1/2032, US Bank NA (a)                                                                                                                                      | 5,470,000            | 5,470,000  
|Chicago, IL, Board of Education, Dedicated Revenues:                                                                                                                            |                      |            
|Series A-1, 0.45%*, 3/1/2026, Harris NA (a)                                                                                                                                     | 4,900,000            | 4,900,000  
|Series A-2, 0.5%*, 3/1/2026, Northern Trust Co. (a)                                                                                                                             | 5,900,000            | 5,900,000  
|Chicago, IL, General Obligation:                                                                                                                                                |                      |            
|Series 2873, 144A, 0.65%*, 1/1/2033                                                                                                                                             | 5,500,000            | 5,500,000  
|Series 2008-068, 144A, 2.5%*, 1/1/2022, Dexia Credit
Local (a) (b)                                                                                                              | 11,560,000           | 11,560,000 
|Chicago, IL, Metropolitan Water Reclamation District,
Greater Chicago:                                                                                                          |                      |            
|Series 2007, 144A, 0.51%*, 12/1/2033                                                                                                                                            | 3,810,000            | 3,810,000  
|Series 2008-051, 144A, 2.5%*, 12/1/2028                                                                                                                                         | 4,250,000            | 4,250,000  
|Series 2008-052, 144A, 2.5%*, 12/1/2035                                                                                                                                         | 25,180,000           | 25,180,000 
|Cook County, IL, Catholic Theological Union Project
Revenue, 0.64%*, 2/1/2035, Harris NA (a)                                                                                    | 6,000,000            | 6,000,000  
|Cook County, IL, Sales Tax Anticipation Notes,
3.0%, 8/3/2009                                                                                                                   | 17,500,000           | 17,562,793 
|Illinois, BB&T Municipal Trust, Series 5001, 0.74%*,
6/1/2020, Rabobank International (a)                                                                                       | 20,160,000           | 20,160,000 
|Illinois, Development Finance Authority Revenue, Shelby
Memorial Hospital Association, Inc., Series B-1, 0.64%*,
10/1/2029, Comerica Bank (a)                                   | 4,300,000            | 4,300,000  
|Illinois, Development Finance Authority, Industrial
Development Revenue, Home Run Inn Frozen Foods,
AMT, 1.63%*, 4/1/2020, JPMorgan Chase Bank (a)                              | 1,245,000            | 1,245,000  
|Illinois, Educational Facilities Authority Revenues,
University of Chicago:                                                                                                     |                      |            
|Series B-1, 1.85%*, 7/1/2036                                                                                                                                                    | 8,100,000            | 8,100,000  
|Series B-2, 1.85%*, 7/1/2036                                                                                                                                                    | 8,600,000            | 8,600,000  
|Illinois, Educational Facility Authority Revenue, Series N,
0.55%, 6/18/2009                                                                                                    | 30,000,000           | 30,000,000 
|Illinois, Finance Authority Industrial Development
Revenue, Fitzpatrick Brothers, 0.54%*, 4/1/2033,
Northern Trust Co. (a)                                                      | 5,000,000            | 5,000,000  
|Illinois, Finance Authority Pollution Control Revenue,
Commonwealth Edison Co., Series D, 1.45%*, 3/1/2020,
SunTrust Bank (a)                                                   | 10,000,000           | 10,000,000 
|Illinois, Finance Authority Revenue, "A", 144A,
0.65%*, 12/1/2042                                                                                                               | 8,565,000            | 8,565,000  
|Illinois, Finance Authority Revenue, Carle Foundation:                                                                                                                          |                      |            
|Series E, 0.35%*, 2/15/2033, JPMorgan Chase Bank (a)                                                                                                                            | 6,100,000            | 6,100,000  
|Series D, 0.43%*, 2/15/2033, JPMorgan Chase Bank (a)                                                                                                                            | 6,875,000            | 6,875,000  
|Illinois, Finance Authority Revenue, Clare Oaks:                                                                                                                                |                      |            
|Series C, 0.47%*, 11/1/2040, Sovereign Bank FSB (a)                                                                                                                             | 5,000,000            | 5,000,000  
|Series D, 0.47%*, 11/1/2040, Sovereign Bank FSB (a)                                                                                                                             | 9,600,000            | 9,600,000  
|Illinois, Finance Authority Revenue, Northwest
Community Hospital, Series C, 0.37%*, 7/1/2032,
Wells Fargo Bank NA (a)                                                          | 5,800,000            | 5,800,000  
|Illinois, Finance Authority Revenue, Northwestern
University, Series A, 0.5%*, 12/1/2046                                                                                        | 29,000,000           | 29,000,000 
|Illinois, Finance Authority Revenue, The Art Institution
of Chicago:                                                                                                            |                      |            
|Series B-1, 0.48%*, 9/1/2038, JPMorgan Chase Bank (a)                                                                                                                           | 6,500,000            | 6,500,000  
|Series B-2, 0.48%*, 9/1/2038, Northern Trust Co. (a)                                                                                                                            | 3,000,000            | 3,000,000  
|Illinois, Finance Authority Revenue, University of Chicago
Medical Center:                                                                                                      |                      |            
|Series A-1, 0.43%*, 8/15/2026, Wells Fargo Bank NA (a)                                                                                                                          | 3,200,000            | 3,200,000  
|Series A-2, 0.47%*, 8/15/2026, Wells Fargo Bank NA (a)                                                                                                                          | 4,160,000            | 4,160,000  
|Illinois, RBC Municipal Products, Inc. Trust, Finance
Authority Revenue, Series E-10, 144A, 0.61%*, 3/1/2011,
Royal Bank of Canada (a)                                          | 10,000,000           | 10,000,000 
|Illinois, Regional Transit Improvements, Series 2008-3043X,
144A, 1.13%*, 7/1/2026                                                                                              | 6,665,000            | 6,665,000  
|Illinois, State General Obligation, Series R-11295, 144A,
0.64%*, 1/1/2027                                                                                                      | 2,990,000            | 2,990,000  
|Illinois, State Toll Highway Authority Revenue, Series A-1,
1.95%*, 7/1/2030                                                                                                    | 25,000,000           | 25,000,000 
|Illinois, University of Illinois Revenue, "A", 144A,
0.83%*, 4/1/2035                                                                                                           | 14,300,000           | 14,300,000 
|Justice, IL, Multi-Family Housing Revenue, Candlewood
Apartments Project, AMT, 0.61%*, 1/15/2033                                                                                | 10,700,000           | 10,700,000 
|Mundelein, IL, Industrial Development Revenue,
MacLean Fogg Co. Project, AMT, 0.84%*, 1/1/2015,
Northern Trust Co. (a)                                                          | 6,500,000            | 6,500,000  
|Woodstock, IL, Multi-Family Housing Revenue, Willow
Brooke Apartments, AMT, 0.7%*, 4/1/2042, Wells
Fargo Bank NA (a)                                                            | 28,000,000           | 28,000,000 
|                                                                                                                                                                                | 373,777,793         
|Indiana 1.2%                                                                                                                                                                   
|Indiana, Finance Authority Hospital Revenue,
Community Foundation of Northwest Indiana,
0.47%*, 8/1/2029, Harris NA (a)                                                         | 6,970,000            | 6,970,000  
|Indiana, Health & Educational Facility, Financing Authority
Revenue, Clarian Health:                                                                                            |                      |            
|Series C, 0.4%*, 2/15/2030, Branch Banking & Trust (a)                                                                                                                          | 8,950,000            | 8,950,000  
|Series D, 0.41%*, 2/15/2030, Branch Banking & Trust (a)                                                                                                                         | 8,930,000            | 8,930,000  
|Indiana, Health & Educational Facility, Financing Authority
Revenue, Greenwood Village South Project, Series A,
0.47%*, 5/1/2036, Sovereign Bank FSB (a)                        | 12,625,000           | 12,625,000 
|Terre Haute, IN, Westminster Village Revenue, Series A,
0.47%*, 8/1/2036, Sovereign Bank FSB (a)                                                                                | 9,245,000            | 9,245,000  
|                                                                                                                                                                                | 46,720,000          
|Iowa 0.8%                                                                                                                                                                      
|Iowa, Finance Authority, Multi-Family Revenue, Housing
Windsor on River, Series A, AMT, 0.67%*, 5/1/2042,
Wells Fargo Bank NA (a)                                               | 17,000,000           | 17,000,000 
|Iowa, State School Cash Anticipation Program, School
Corporations, Series B, 3.0%, 1/21/2010, US Bank NA (a)                                                                    | 14,000,000           | 14,221,787 
|                                                                                                                                                                                | 31,221,787          
|Kansas 0.8%                                                                                                                                                                    
|Kansas, State Development Finance Authority, Multi-Family
Revenue, Oak Ridge Park II Project, Series X, AMT,
0.77%*, 12/1/2036, Marshall & Ilsley (a)                           | 3,650,000            | 3,650,000  
|Leawood, KS, General Obligation, Series 1, 3.0%, 10/1/2009                                                                                                                      | 15,800,000           | 15,883,024 
|Lenexa, KS, Series 2007-302, 144A, 0.73%*, 2/1/2012                                                                                                                             | 12,495,000           | 12,495,000 
|                                                                                                                                                                                | 32,028,024          
|Kentucky 1.7%                                                                                                                                                                  
|Kentucky, Asset/Liability Commission, General Fund
Revenue, Tax & Revenue Anticipation Notes, Series A,
3.0%, 6/25/2009                                                         | 53,000,000           | 53,095,732 
|Kentucky, Housing Corp. Revenue, Series F, AMT,
0.5%*, 7/1/2029                                                                                                                 | 9,050,000            | 9,050,000  
|Mason County, KY, Pollution Control Revenue,
East Kentucky Power Corp., Inc., Series B-2,
1.25%*, 10/15/2014                                                                    | 4,600,000            | 4,600,000  
|                                                                                                                                                                                | 66,745,732          
|Louisiana 0.3%                                                                                                                                                                 
|Louisiana, Local Government Environmental Facilities &
Community Development Authority Revenue, Downreit,
Inc., Series B, 0.5%*, 10/1/2037, ABN AMRO Bank NV (a)                | 10,635,000           | 10,635,000 
|Maine 0.3%                                                                                                                                                                     
|Maine, State Housing Authority Mortgage Purchase:                                                                                                                               |                      |            
|Series G, AMT, 0.61%*, 11/15/2037                                                                                                                                               | 5,000,000            | 5,000,000  
|Series B, AMT, 0.73%*, 11/15/2041                                                                                                                                               | 5,000,000            | 5,000,000  
|                                                                                                                                                                                | 10,000,000          
|Maryland 1.3%                                                                                                                                                                  
|Baltimore, MD, Municipal Securities Trust Receipts,
SGA 152, "A", 144A, 0.73%*, 7/1/2020,
Societe Generale (a)                                                                  | 10,000,000           | 10,000,000 
|Maryland, BB&T Municipal Trust, University & College
Improvements, Series 46, 144A, 0.51%*, 7/1/2016                                                                            | 3,850,000            | 3,850,000  
|Maryland, Health & Higher Education Facility, Series A,
0.45%, 6/18/2009                                                                                                        | 13,777,000           | 13,777,000 
|Maryland, State Economic Development Corp. Revenue,
YMCA Central Maryland Project, 0.51%*, 4/1/2031,
Branch Banking & Trust (a)                                                 | 3,800,000            | 3,800,000  
|Maryland, State Health & Higher Educational Facilities
Authority Revenue, Sheppard Pratt, Series B, 1.5%*,
7/1/2028, SunTrust Bank (a)                                          | 6,895,000            | 6,895,000  
|Maryland, State Health & Higher Educational Facilities
Authority Revenue, Upper Chesapeake Hospital, Series B,
0.49%*, 1/1/2043, Branch Banking & Trust (a)                     | 11,955,000           | 11,955,000 
|                                                                                                                                                                                | 50,277,000          
|Massachusetts 2.3%                                                                                                                                                             
|Massachusetts, Bay Transportation Authority, General
Transportation Systems, 1.5%*, 3/1/2030                                                                                    | 65,000,000           | 65,000,000 
|Massachusetts, Macon Trust, Series 2007-310, 144A,
0.73%*, 6/15/2012, Bank of America NA (a)                                                                                    | 4,150,000            | 4,150,000  
|Massachusetts, State Development Finance Agency
Revenue, Clark University, 0.38%*, 10/1/2038,
TD Bank NA (a)                                                                    | 3,500,000            | 3,500,000  
|Massachusetts, State Development Finance Agency
Revenue, Northfield Mount Hermon, 0.49%*, 10/1/2042,
JPMorgan Chase Bank (a)                                                    | 3,000,000            | 3,000,000  
|Massachusetts, State Development Finance Agency
Revenue, The Fay School, Inc., 0.63%*, 4/1/2038,
TD Bank NA (a)                                                                 | 5,400,000            | 5,400,000  
|Massachusetts, State Industrial Finance Agency Revenue,
Groton School Issue, Series B, 0.6%*, 3/1/2028                                                                          | 8,410,000            | 8,410,000  
|                                                                                                                                                                                | 89,460,000          
|Michigan 2.4%                                                                                                                                                                  
|Eastern Michigan University Revenues, 3.0%*, 6/1/2036,
Dexia Credit Local (a)                                                                                                   | 13,000,000           | 13,000,000 
|Kalamazoo, MI, Hospital Finance Authority, Facility Revenue,
Bronson Methodist Hospital, Series A, 0.5%*, 5/15/2028,
JPMorgan Chase Bank (a)                                    | 12,160,000           | 12,160,000 
|Michigan, RBC Municipal Products, Inc. Trust, Series L-25,
144A, AMT, 0.74%*, 9/1/2033, Royal Bank of Canada (a)                                                                | 66,745,000           | 66,745,000 
|                                                                                                                                                                                | 91,905,000          
|Minnesota 0.5%                                                                                                                                                                 
|Coon Rapids, MN, Industrial Development Revenue, Kurt
Manufacturing Project:                                                                                                    |                      |            
|AMT, 0.72%*, 11/1/2017, US Bank NA (a)                                                                                                                                          | 2,815,000            | 2,815,000  
|AMT, 0.72%*, 11/1/2027, US Bank NA (a)                                                                                                                                          | 5,000,000            | 5,000,000  
|Minnesota, School Districts Tax & Aid Anticipation
Borrowing Program Certificates, 3.0%, 9/4/2009                                                                               | 12,000,000           | 12,055,054 
|                                                                                                                                                                                | 19,870,054          
|Mississippi 0.2%                                                                                                                                                               
|Mississippi, Redstone Partners Floaters/Residuals
Trust, Series C, 144A, AMT, 0.82%*, 12/1/2047,
Wachovia Bank NA (a)                                                           | 9,375,000            | 9,375,000  
|Missouri 0.5%                                                                                                                                                                  
|Missouri, State Health & Educational Facilities Authority
Revenue, Lutheran Senior Services Project, 0.47%*,
2/1/2039, US Bank NA (a)                                           | 9,000,000            | 9,000,000  
|Platte County, MO, Industrial Development Authority
Revenue, Complete Home Concepts, Series A, AMT,
0.72%*, 1/1/2039, Columbian Bank (a)                                        | 6,800,000            | 6,800,000  
|Springfield, MO, Industrial Development Authority
Revenue, Abec, Inc. Project, AMT, 0.8%*, 6/1/2028,
US Bank NA (a)                                                             | 3,200,000            | 3,200,000  
|                                                                                                                                                                                | 19,000,000          
|Nebraska 0.3%                                                                                                                                                                  
|Nebraska, Investment Finance Authority, Single Family
Housing Revenue:                                                                                                          |                      |            
|Series B, AMT, 0.63%*, 9/1/2034                                                                                                                                                 | 4,060,000            | 4,060,000  
|Series D, AMT, 0.63%*, 9/1/2034                                                                                                                                                 | 3,545,000            | 3,545,000  
|Series E, AMT, 0.63%*, 9/1/2034                                                                                                                                                 | 3,305,000            | 3,305,000  
|Omaha, NE, Public Power District Electric Revenue,
Series R-11291, 144A, 0.64%*, 2/1/2034                                                                                       | 2,490,000            | 2,490,000  
|                                                                                                                                                                                | 13,400,000          
|Nevada 1.3%                                                                                                                                                                    
|Clark County, NV, Airport Revenue, Series D-3, 0.55%*,
7/1/2029, Bayerische Landesbank (a)                                                                                      | 14,350,000           | 14,350,000 
|Clark County, NV, School District, Series B, 5.0%, 6/15/2009                                                                                                                    | 7,000,000            | 7,027,246  
|Nevada, Housing Division Single Family Mortgage Revenue:                                                                                                                        |                      |            
|Series B, AMT, 0.63%*, 4/1/2042                                                                                                                                                 | 8,000,000            | 8,000,000  
|Series A, AMT, 0.68%*, 10/1/2039                                                                                                                                                | 14,700,000           | 14,700,000 
|Nevada, Housing Division, Multi-Unit Housing, Apache
Project, Series A, AMT, 0.56%*, 10/15/2032                                                                                 | 4,400,000            | 4,400,000  
|                                                                                                                                                                                | 48,477,246          
|New Hampshire 0.4%                                                                                                                                                             
|New Hampshire, Health & Education Facilities Authority
Revenue, RiverWoods at Exeter, 0.47%*, 3/1/2038,
Bank of America NA (a)                                                  | 14,000,000           | 14,000,000 
|New Jersey 1.5%                                                                                                                                                                
|New Jersey, Economic Development Authority, Industrial
Development Revenue, CST-Products LLC Project, AMT,
0.68%*, 4/1/2026, National Bank of Canada (a)                        | 2,840,000            | 2,840,000  
|New Jersey, State Tax & Revenue Anticipation Notes,
Series A, 3.0%, 6/25/2009                                                                                                   | 50,000,000           | 50,104,443 
|New Jersey, State Turnpike Authority Revenue, Series C,
0.4%*, 1/1/2024, Scotiabank (a)                                                                                         | 3,000,000            | 3,000,000  
|                                                                                                                                                                                | 55,944,443          
|New Mexico 0.5%                                                                                                                                                                
|University of New Mexico Revenues, 1.22%*, 6/1/2026                                                                                                                             | 19,480,000           | 19,480,000 
|New York 4.4%                                                                                                                                                                  
|Glen Cove, NY, Housing Authority Revenue, Series 57G,
144A, AMT, 0.74%*, 10/1/2026                                                                                              | 5,425,000            | 5,425,000  
|New York, State Mortgage Agency, Homeowner Mortgage
Revenue, Series 144, AMT, 2.0%*, 10/1/2037                                                                                  | 9,000,000            | 9,000,000  
|New York, State Urban Development Corp. Revenue,
Series 2008-054, 144A, 2.5%*, 3/15/2024,
Dexia Credit Local (a)                                                                | 5,000,000            | 5,000,000  
|New York, Triborough Bridge & Tunnel Authority Revenues,
Series A-1, 2.0%*, 11/15/2038                                                                                          | 15,000,000           | 15,184,320 
|New York City, NY, Municipal Finance Authority, Water &
Sewer Systems Revenue, Second Generation:                                                                               |                      |            
|Series 2008-BB-3, 2.25%*, 6/15/2034                                                                                                                                             | 62,900,000           | 62,900,000 
|Series 2008-BB-1, 2.65%*, 6/15/2036                                                                                                                                             | 58,000,000           | 58,000,000 
|New York City, NY, Transitional Finance Authority
Revenue, Future Tax Secured, Series A, Prerefunded,
6.0%, 8/15/2029                                                           | 15,000,000           | 15,565,845 
|                                                                                                                                                                                | 171,075,165         
|North Carolina 4.9%                                                                                                                                                            
|Cleveland County, NC, Industrial Facilities & Pollution
Control Financing Authority, Curtiss-Wright
Flight Systems, AMT, 0.75%*, 11/1/2023,
Bank of America NA (a)              | 4,150,000            | 4,150,000  
|North Carolina, BB&T Municipal Trust:                                                                                                                                           |                      |            
|Series 1008, 144A, 0.6%*, 3/1/2024,
Branch Banking & Trust (a)                                                                                                                  | 6,225,000            | 6,225,000  
|Series 1009, 144A, 0.6%*, 3/1/2024,
Branch Banking & Trust (a)                                                                                                                  | 18,435,000           | 18,435,000 
|Series 1011, 144A, 0.6%*, 4/1/2024,
Branch Banking & Trust (a)                                                                                                                  | 8,350,000            | 8,350,000  
|Series 1024, 144A, 0.6%*, 5/31/2024,
Branch Banking & Trust (a)                                                                                                                 | 5,370,000            | 5,370,000  
|Series 1025, 144A, 0.6%*, 6/1/2024,
Branch Banking & Trust (a)                                                                                                                  | 11,800,000           | 11,800,000 
|Series 1027, 144A, 0.6%*, 3/1/2016,
Branch Banking & Trust (a)                                                                                                                  | 11,085,000           | 11,085,000 
|Series 1032, 0.6%*, 1/7/2024, Branch Banking & Trust (a)                                                                                                                        | 12,995,000           | 12,995,000 
|North Carolina, Capital Educational Facilities Finance Agency
Revenue, High Point University Project:                                                                           |                      |            
|0.51%*, 12/1/2028, Branch Banking & Trust (a)                                                                                                                                   | 6,000,000            | 6,000,000  
|0.51%*, 5/1/2030, Branch Banking & Trust (a)                                                                                                                                    | 4,500,000            | 4,500,000  
|North Carolina, Capital Facilities Finance Agency,
Educational Facilities Revenue, Salem
Academy & College Project, 0.51%*, 8/1/2030,
Branch Banking & Trust (a)                | 7,400,000            | 7,400,000  
|North Carolina, Capital Facilities Finance Agency,
Educational Facilities Revenue, Summit School, Inc.
Project, 0.51%*, 6/1/2033, Branch Banking & Trust (a)                    | 2,700,000            | 2,700,000  
|North Carolina, Capital Facilities Finance Agency,
Educational Revenue, Forsyth Country Day School,
0.51%*, 12/1/2031, Branch Banking & Trust (a)                               | 11,690,000           | 11,690,000 
|North Carolina, Medical Care Commission, Health Care
Facilities Revenue, First Mortgage Deerfield, Series B,
0.51%*, 11/1/2038, Branch Banking & Trust (a)                      | 10,035,000           | 10,035,000 
|North Carolina, Medical Care Commission, Health Care
Facilities Revenue, Wake Forest University, Series A,
0.4%*, 7/1/2034, Branch Banking & Trust (a)                          | 7,870,000            | 7,870,000  
|North Carolina, Medical Care Commission, Hospital
Revenue, Southeastern Regional Medical Center,
0.51%*, 6/1/2037, Branch Banking & Trust (a)                                   | 2,500,000            | 2,500,000  
|North Carolina, Medical Care Commission, Retirement
Facilities Revenue, First Mortgage Southminster,
Series C, 0.48%*, 10/1/2014, Sovereign Bank FSB (a)                        | 6,175,000            | 6,175,000  
|North Carolina, Medical Care Commission, Retirement
Facilities Revenue, First Mortgage, United
Methodist Church, Series B, 0.51%*, 10/1/2035,
Branch Banking & Trust (a)        | 4,905,000            | 4,905,000  
|North Carolina, Piedmont Triad Airport Authority Revenue:                                                                                                                       |                      |            
|Series A, 0.5%*, 7/1/2032, Branch Banking & Trust (a)                                                                                                                           | 4,340,000            | 4,340,000  
|Series B, AMT, 0.75%*, 7/1/2029, Branch
Banking & Trust (a)                                                                                                                     | 3,965,000            | 3,965,000  
|North Carolina, State Education Assistance Authority
Revenue, Student Loan:                                                                                                     |                      |            
|Series A-2, AMT, 0.59%*, 9/1/2035,
Royal Bank of Canada (a)                                                                                                                     | 9,000,000            | 9,000,000  
|Series 5, AMT, 0.66%*, 9/1/2035,
Branch Banking & Trust (a)                                                                                                                     | 16,570,000           | 16,570,000 
|Raleigh Durham, NC, Airport Authority Revenue, Series C,
AMT, 1.75%*, 5/1/2036, SunTrust Bank (a)                                                                               | 9,825,000            | 9,825,000  
|University of North Carolina Revenues, Series R-11292,
144A, 0.64%*, 12/1/2036                                                                                                  | 3,080,000            | 3,080,000  
|                                                                                                                                                                                | 188,965,000         
|Ohio 2.5%                                                                                                                                                                      
|Akron, Bath & Copley, OH, Joint Township Hospital District
Revenue, Health Care Facility, Summner Project, 0.65%*,
12/1/2032, KBC Bank NV (a)                                   | 5,050,000            | 5,050,000  
|Butler County, OH, Healthcare Facilities Revenue,
LifeSphere Project, 0.5%*, 5/1/2030, US Bank NA (a)                                                                           | 3,425,000            | 3,425,000  
|Cleveland, OH, Water Revenue, Series R, 0.3%*, 1/1/2033,
BNP Paribas (a)                                                                                                        | 4,500,000            | 4,500,000  
|Columbus, OH, Regional Airport Authority Revenue,
Pooled Financing Program, Series A, 0.51%*, 1/1/2030,
US Bank NA (a)                                                          | 5,180,000            | 5,180,000  
|Ohio, Clipper Tax-Exempt Certificate Trust, Series 2006-8,
144A, AMT, 0.75%*, 4/1/2013                                                                                          | 5,855,000            | 5,855,000  
|Ohio, Housing Finance Agency, Mortgage Revenue,
Residential-Mortgage Backed, Series D, AMT,
0.61%*, 9/1/2036                                                                    | 45,000,000           | 45,000,000 
|Ohio, Redstone Partners Floaters/Residuals Trust, Housing
Finance Authority:                                                                                                    |                      |            
|Series C, 0.82%*, 6/1/2048, Wachovia Bank NA (a)                                                                                                                                | 9,780,000            | 9,780,000  
|Series D, AMT, 0.82%*, 6/1/2048, Wachovia Bank NA (a)                                                                                                                           | 4,340,000            | 4,340,000  
|Ohio, State Housing Finance Authority Revenue,
Series 2008-3308, 144A, AMT, 0.83%*, 3/1/2033                                                                                    | 13,105,000           | 13,105,000 
|                                                                                                                                                                                | 96,235,000          
|Oklahoma 0.4%                                                                                                                                                                  
|Oklahoma, Development Finance Authority, Continuing Care
Retirement, Inverness Village Project, Series A, 0.5%*,
1/1/2042, KBC Bank NV (a)                                      | 15,835,000           | 15,835,000 
|Oregon 1.9%                                                                                                                                                                    
|Oregon, Portland Housing Revenue, Series 2007-313, 144A,
0.73%*, 12/1/2039                                                                                                      | 11,805,000           | 11,805,000 
|Oregon, State Facilities Authority Revenue,
PeaceHealth System:                                                                                                                 |                      |            
|Series D, 0.4%*, 5/1/2047, Wells Fargo Bank NA (a)                                                                                                                              | 8,000,000            | 8,000,000  
|Series C, 0.47%*, 5/1/2047, Wells Fargo Bank NA (a)                                                                                                                             | 4,200,000            | 4,200,000  
|Oregon, State General Obligation, Tax Anticipation Notes,
Series A, 3.0%, 6/30/2009                                                                                             | 35,000,000           | 35,073,500 
|Salem, OR, Hospital Facility Authority Revenue,
Capital Manor, Inc. Project:                                                                                                    |                      |            
|0.6%*, 5/1/2034, Bank of America NA (a)                                                                                                                                         | 8,835,000            | 8,835,000  
|0.6%*, 5/1/2037, Bank of America NA (a)                                                                                                                                         | 5,580,000            | 5,580,000  
|                                                                                                                                                                                | 73,493,500          
|Pennsylvania 3.6%                                                                                                                                                              
|Adams County, PA, Industrial Development Authority
Revenue, Brethren Home Community Project, 0.51%*,
6/1/2032, PNC Bank NA (a)                                                  | 7,525,000            | 7,525,000  
|Allegheny County, PA, RBC Municipal Products, Inc.
Trust, Series E-11, 144A, 0.61%*, 12/1/2011,
Royal Bank of Canada (a)                                                        | 10,000,000           | 10,000,000 
|Bucks County, PA, Industrial Development Authority
Revenue, Grand View Hospital, Series B, 0.4%*,
7/1/2039, PNC Bank NA (a)                                                     | 8,850,000            | 8,850,000  
|Butler County, PA, General Authority Revenue, New
Castle Area School District, Series A, 0.48%*, 3/1/2029,
PNC Bank NA (a)                                                      | 3,135,000            | 3,135,000  
|Chester County, PA, Industrial Development Authority,
University Student Housing Revenue LLC, Series A,
2.9%*, 2/1/2043, Citizens Bank of PA (a)                                | 8,000,000            | 8,000,000  
|Monroe County, PA, Hospital Authority Revenue,
Stars-Pocono Medical Center, Series B, 0.43%*,
1/1/2032, PNC Bank NA (a)                                                         | 7,045,000            | 7,045,000  
|Pennsylvania, BB&T Municipal Trust, Series 1,
0.52%*, 9/15/2015                                                                                                                 | 4,995,000            | 4,995,000  
|Pennsylvania, Commonwealth Systems of Higher
Education, University of Pittsburgh Capital Project:                                                                               |                      |            
|Series B, 4.98%*, 9/15/2027                                                                                                                                                     | 12,500,000           | 12,500,000 
|Series B, 4.98%*, 9/15/2028                                                                                                                                                     | 5,000,000            | 5,000,000  
|Series B, 4.98%*, 9/15/2040                                                                                                                                                     | 20,000,000           | 20,000,000 
|Series B, 4.98%*, 9/15/2041                                                                                                                                                     | 10,300,000           | 10,300,000 
|Pennsylvania, Economic Development Financing Authority,
Exempt Facilities Revenue, PPL Energy Supply LLC,
Series C, 0.52%*, 12/1/2037, Wachovia Bank NA (a)                     | 8,570,000            | 8,570,000  
|Pennsylvania, Northeastern Hospital & Education Authority
Revenue, Commonwealth Medical College Project,
0.4%*, 9/1/2034, PNC Bank NA (a)                                       | 5,725,000            | 5,725,000  
|Pennsylvania, State Turnpike Commission Revenue,
Series B, 1.75%*, 12/1/2012                                                                                                    | 6,250,000            | 6,250,000  
|Philadelphia, PA, Airport Revenue, Series C, AMT, 0.53%*,
6/15/2025, TD Bank NA (a)                                                                                             | 20,000,000           | 20,000,000 
|                                                                                                                                                                                | 137,895,000         
|Rhode Island 0.4%                                                                                                                                                              
|Rhode Island, Housing & Mortgage Finance Corp.,
Series R-11207, 144A, AMT, 0.72%*, 10/1/2047                                                                                    | 9,625,000            | 9,625,000  
|Rhode Island, Single Family Housing, Series 2008-1110,
144A, AMT, 0.83%*, 10/1/2032                                                                                             | 5,250,000            | 5,250,000  
|                                                                                                                                                                                | 14,875,000          
|South Carolina 0.6%                                                                                                                                                            
|Greenwood County, SC, Exempt Facility Industrial Revenue,
Fuji Photo Film Project, AMT, 0.65%*, 9/1/2011                                                                        | 10,300,000           | 10,300,000 
|South Carolina, BB&T Municipal Trust, Series 1013, 144A,
0.6%*, 1/1/2023, Branch Banking & Trust (a)                                                                            | 6,460,000            | 6,460,000  
|South Carolina, Jobs Economic Development
Authority Revenue, Goodwill Industries of Upper
South Carolina, Inc. Project, 0.51%*, 9/1/2028,
Branch Banking & Trust (a)            | 6,400,000            | 6,400,000  
|                                                                                                                                                                                | 23,160,000          
|South Dakota 1.4%                                                                                                                                                              
|South Dakota, Conservancy District Revenue, State
Revolving Fund Program, 1.0%*, 8/1/2029                                                                                       | 35,000,000           | 35,000,000 
|South Dakota, Economic Development Finance Authority,
Industrial Development Revenue, Wilson Trailer Project,
144A, AMT, 0.77%*, 2/1/2028, First American Bank (a)              | 9,500,000            | 9,500,000  
|South Dakota, State Health & Educational Facilities
Authority Revenue, Avera Health, Series A-2, 0.4%*,
7/1/2038, US Bank NA (a)                                                | 9,000,000            | 9,000,000  
|                                                                                                                                                                                | 53,500,000          
|Tennessee 2.2%                                                                                                                                                                 
|Blount County, TN, Public Building Authority, Local
Government Public Improvement:                                                                                              |                      |            
|Series E-5-A, 0.49%*, 6/1/2030,
Branch Banking & Trust (a)                                                                                                                      | 41,500,000           | 41,500,000 
|Series C-3-A, 0.5%*, 6/1/2029                                                                                                                                                   | 10,000,000           | 10,000,000 
|Dickson, TN, Redstone Partners Floaters/Residuals
Trust, Series B, 144A, AMT, 0.82%*, 12/1/2047,
Wachovia Bank NA (a)                                                           | 3,120,000            | 3,120,000  
|Nashville & Davidson County, TN, Metropolitan
Government, Health & Educational Facilities Board
Revenue, Belmont University Project, 1.45%*,
12/1/2025, SunTrust Bank (a)       | 11,805,000           | 11,805,000 
|Nashville, TN, Metropolitan Nashville Airport Authority
Revenue, Series A, 1.5%*, 7/1/2019, Societe Generale (a)                                                                | 5,900,000            | 5,900,000  
|Nashville, TN, Metropolitan Nashville Airport Authority,
Special Facilities Revenue, Aero Nashville LLC
Project, Series A, AMT, 0.73%*, 7/1/2036,
JPMorgan Chase Bank (a)       | 5,155,000            | 5,155,000  
|Selmer/McNairy County, TN, Industrial Development Board
Revenue, United Stainless, Inc., AMT, 0.75%*,
12/1/2023, Bank of America NA (a)                                         | 6,500,000            | 6,500,000  
|                                                                                                                                                                                | 83,980,000          
|Texas 12.5%                                                                                                                                                                    
|Atascosa County, TX, Industrial Development Corp.,
Pollution Control Revenue, San Miguel Electric
Cooperative, Inc., 0.75%*, 6/30/2020                                          | 33,100,000           | 33,100,000 
|Comal, TX, Independent School District, Series 2593, 144A,
0.65%*, 2/1/2034                                                                                                     | 6,825,000            | 6,825,000  
|Dallas, TX, Independent School Building District,
5.0%, 2/15/2010                                                                                                               | 12,980,000           | 13,431,491 
|East Texas, Housing Finance, Redstone Partners
Floaters/Residuals Trust, Series D, 144A, AMT,
0.82%*, 12/1/2047, Wachovia Bank NA (a)                                           | 7,945,000            | 7,945,000  
|Harris County, TX, Cultural Education Facilities Finance
Corp. Revenue, Memorial Hermann Healthcare System,
Series D-3, 0.33%*, 6/1/2029, Compass Bank (a)                      | 4,625,000            | 4,625,000  
|Harris County, TX, Cultural Education Facilities Finance
Corp., Special Facilities Revenue, Texas Medical Center,
Series B-2, 0.38%*, 9/1/2031, Compass Bank (a)                | 4,125,000            | 4,125,000  
|Harris County, TX, Health Facilities Development Corp.,
Hospital Revenue, Baylor College of Medicine, Series B,
0.45%*, 11/15/2047, Northern Trust Co. (a)                      | 5,000,000            | 5,000,000  
|Houston, TX, Housing Finance Corp., Series 2110, 144A,
AMT, 0.7%*, 12/1/2040                                                                                                    | 4,515,000            | 4,515,000  
|Houston, TX, Independent School District, Series 1231,
144A, 0.65%*, 2/15/2032                                                                                                  | 5,040,000            | 5,040,000  
|Houston, TX, Water & Sewer System Revenue,
Series 27TPZ, 144A, 0.58%*, 12/1/2028 (b)                                                                                            | 13,460,000           | 13,460,000 
|Leander, TX, Independent School District, Series R-11662,
144A, 0.65%*, 8/15/2025                                                                                               | 3,750,000            | 3,750,000  
|North Texas, Higher Education Authority, Inc., Student
Loan Revenue, Series A, AMT, 0.75%*, 12/1/2038,
Lloyds TSB Bank PLC (a)                                                  | 2,600,000            | 2,600,000  
|North Texas, Tollway Authority, 0.45%, 6/1/2009                                                                                                                                 | 6,000,000            | 6,000,000  
|Tarrant County, TX, Cultural Education Facilities Finance
Corp. Revenue, Christus Health, Series C-5, 0.45%*,
7/1/2031, Compass Bank (a)                                        | 10,000,000           | 10,000,000 
|Texas, Alliance Airport Authority, Inc., Special Facilities
Revenue, Series 2088, 144A, AMT, 0.61%*, 4/1/2021                                                                   | 24,570,000           | 24,570,000 
|Texas, Department of Housing, Series 2008-3022X, 144A,
AMT, 0.83%*, 9/1/2032                                                                                                    | 6,740,000            | 6,740,000  
|Texas, North East Independent School District, "A", 144A,
0.63%*, 8/1/2037                                                                                                      | 8,935,000            | 8,935,000  
|Texas, RBC Municipal Products, Inc. Trust, Series L-46,
144A, AMT, 0.74%*, 12/1/2034, Royal Bank of Canada (a)                                                                  | 52,995,000           | 52,995,000 
|Texas, Solar Eclipse Funding Trust, 144A, 0.51%*, 8/1/2037,
US Bank NA (a)                                                                                                      | 8,465,000            | 8,465,000  
|Texas, State Department of Housing & Community Affairs,
Multi-Family Housing Revenue, Series 2108, 144A, AMT,
0.7%*, 6/20/2047                                                  | 3,375,000            | 3,375,000  
|Texas, State Municipal Securities Trust Receipts,
Series SGA-92, 144A, 1.2%*, 8/1/2029                                                                                          | 11,435,000           | 11,435,000 
|Texas, State Tax & Revenue Anticipation Notes,
3.0%, 8/28/2009                                                                                                                  | 150,000,000          | 150,668,650
|Texas, State Transportation Commission Revenue, First
Tier, Series A, 5.0%, 4/1/2010                                                                                            | 5,000,000            | 5,199,672  
|Texas, State Veteran Housing Assistance Fund II, Series A,
AMT, 1.25%*, 12/1/2038                                                                                               | 17,810,000           | 17,810,000 
|Texas, University of Houston, Series 2008-3315, 144A,
0.93%*, 2/15/2033 (b)                                                                                                     | 9,335,000            | 9,335,000  
|Texas, University Systems Revenue, Series F,
0.47%, 6/23/2009                                                                                                                   | 19,500,000           | 19,500,000 
|Travis County, TX, Health Facilities Development Corp.,
Retirement Facilities Revenue, Longhorn Village Project,
Series B, 0.38%*, 7/1/2037, Bank of Scotland (a)               | 13,800,000           | 13,800,000 
|Tyler, TX, Independent School District, School Building,
Series A, 1.5%*, 2/15/2025                                                                                             | 24,000,000           | 24,000,000 
|Weslaco, TX, Health Facilities Development, Knapp Medical
Centre, Series A, 0.6%*, 6/1/2038, Compass Bank (a)                                                                   | 4,780,000            | 4,780,000  
|                                                                                                                                                                                | 482,024,813         
|Utah 2.2%                                                                                                                                                                      
|Utah, Housing Corp., Series 2008-3300, 144A, AMT,
0.83%*, 1/1/2039                                                                                                              | 5,000,000            | 5,000,000  
|Utah, Transportation Authority Revenue, Series 2008-3045X,
144A, 0.93%*, 6/15/2036 (b)                                                                                          | 2,500,000            | 2,500,000  
|Utah, Water Finance Agency Revenue, Series B-3, 0.52%*,
7/1/2036, JPMorgan Chase Bank (a)                                                                                       | 75,400,000           | 75,400,000 
|                                                                                                                                                                                | 82,900,000          
|Virginia 2.2%                                                                                                                                                                  
|Albemarle County, VA, Economic Development Authority,
Hospital Revenue, Martha Jefferson Hospital, Series B,
0.46%*, 10/1/2048, Branch Banking & Trust (a)                      | 6,000,000            | 6,000,000  
|Lynchburg, VA, Industrial Development Authority Revenue,
Central Health Hospital:                                                                                               |                      |            
|Series B, 0.44%*, 1/1/2035, Branch Banking & Trust (a)                                                                                                                          | 4,550,000            | 4,550,000  
|Series C, 0.44%*, 1/1/2035, Branch Banking & Trust (a)                                                                                                                          | 8,900,000            | 8,900,000  
|Norfolk, VA, State General Obligation, AMT,
0.73%*, 8/1/2037                                                                                                                    | 11,820,000           | 11,820,000 
|Virginia, College Building Authority, Educational Facilities
Revenue, University of Richmond:                                                                                   |                      |            
|Series A, 0.8%*, 2/26/2039                                                                                                                                                      | 10,500,000           | 10,500,000 
|Series B, 0.8%*, 2/26/2039                                                                                                                                                      | 4,000,000            | 4,000,000  
|Virginia, RBC Municipal Products, Inc. Trust:                                                                                                                                   |                      |            
|Series C-2, 144A, AMT, 0.72%*, 1/1/2014,
Royal Bank of Canada (a)                                                                                                               | 9,490,000            | 9,490,000  
|Series C-8, 144A, AMT, 0.73%*, 9/1/2039,
Royal Bank of Canada (a)                                                                                                               | 25,665,000           | 25,665,000 
|Winchester, VA, Industrial Development Authority,
Residential Care Facility Revenue, Westminster
Cantenbury, Series B, 0.51%*, 1/1/2035,
Branch Banking & Trust (a)             | 2,900,000            | 2,900,000  
|                                                                                                                                                                                | 83,825,000          
|Washington 2.4%                                                                                                                                                                
|Seattle, WA, Water Systems Revenue, Series 2170, 144A,
0.51%*, 2/1/2031 (b)                                                                                                     | 2,530,000            | 2,530,000  
|University of Washington, 0.45%, 5/19/2009                                                                                                                                      | 30,000,000           | 30,000,000 
|Washington, RBC Municipal Products, Inc. Trust, Series C-7,
144A, AMT, 0.73%*, 12/1/2009, Royal Bank of Canada (a)                                                              | 11,995,000           | 11,995,000 
|Washington, Solar Eclipse Funding Trust, Series 2007-0094,
144A, 0.51%*, 10/1/2036                                                                                              | 4,204,000            | 4,204,000  
|Washington, State Economic Development Finance
Authority, Solid Waste Disposal Revenue, Waste
Management, Inc. Project, Series D, AMT, 0.6%*,
7/1/2030, JPMorgan Chase Bank (a) | 8,000,000            | 8,000,000  
|Washington, State General Obligation:                                                                                                                                           |                      |            
|Series 2599, 144A, 0.56%*, 1/1/2016                                                                                                                                             | 4,505,000            | 4,505,000  
|Series 3087, 144A, 0.56%*, 7/1/2016                                                                                                                                             | 5,055,000            | 5,055,000  
|Series R-11477, 0.98%*, 7/1/2025 (b)                                                                                                                                            | 5,445,000            | 5,445,000  
|Washington, State Higher Education Facilities Authority
Revenue, Seattle University Project, Series A, 0.47%*,
5/1/2028, US Bank NA (a)                                         | 9,255,000            | 9,255,000  
|Washington, State Housing Finance Commission,
Multi-Family Housing Revenue, Lake City Senior
Apartments Project, Series A, AMT, 0.75%*, 7/1/2039                                | 4,800,000            | 4,800,000  
|Washington, State Housing Finance Commission,
Multi-Family Housing Revenue, Vintage Silverdale,
Series A, AMT, 0.68%*, 9/15/2039                                                | 4,000,000            | 4,000,000  
|Washington, State Housing Finance Commission, Nonprofit
Revenue, YMCA Tacoma-Pierce County Project, 0.43%*,
12/1/2032, US Bank NA (a)                                           | 3,615,000            | 3,615,000  
|                                                                                                                                                                                | 93,404,000          
|West Virginia 0.3%                                                                                                                                                             
|West Virginia, State Hospital Finance Authority Revenue,
Cabell Huntington Hospital, Series A, 0.46%*, 1/1/2034,
Branch Banking & Trust (a)                                     | 13,480,000           | 13,480,000 
|Wisconsin 4.0%                                                                                                                                                                 
|Milwaukee, WI, General Obligation:                                                                                                                                              |                      |            
|Series V8, 0.55%*, 2/1/2025                                                                                                                                                     | 2,700,000            | 2,700,000  
|Series 2009-R3, 1.25%, 12/17/2009                                                                                                                                               | 50,000,000           | 50,253,730 
|Series 2009-R3, 1.5%, 12/17/2009                                                                                                                                                | 66,000,000           | 66,434,317 
|Plymouth, WI, Industrial Development Revenue, Masters
Gallery Foods, Series A, AMT, 0.62%*, 5/1/2038,
Wells Fargo Bank NA (a)                                                   | 5,300,000            | 5,300,000  
|University of Wisconsin, Hospitals & Clinics Authority
Revenue, Series A, 0.48%*, 4/1/2032, US Bank NA (a)                                                                      | 4,870,000            | 4,870,000  
|Whitewater, WI, Industrial Development Revenue,
MacLean-Fogg Co. Project, AMT, 0.8%*, 12/1/2009,
Bank of America NA (a)                                                         | 3,000,000            | 3,000,000  
|Wisconsin, Clipper Tax-Exempt Certificates Trust, Series
2007-5, 144A, 0.73%*, 9/1/2017                                                                                         | 6,755,000            | 6,755,000  
|Wisconsin, State Health & Educational Facilities
Authority Revenue, Gundersen Lutheran, Series A,
1.92%*, 12/1/2015 (b)                                                         | 15,895,000           | 15,895,000 
|                                                                                                                                                                                | 155,208,047         
|Wyoming 1.0%                                                                                                                                                                   
|Wyoming, Student Loan Corp. Revenue, Series A-3, AMT,
0.59%*, 12/1/2043, Royal Bank of Canada (a)                                                                               | 40,000,000           | 40,000,000 

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $3,725,060,257)+ | 96.8            | 3,725,060,257
|Other Assets and Liabilities, Net                | 3.2             | 121,688,073  
|Net Assets                                       | 100.0           | 3,846,748,330

|Insurance Coverage                 | As a % of Total
Investment Portfolio
|---------------------------------- | ------------------------------------
|Financial Security Assurance, Inc. | 2.4                                 

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.

AMT: Subject to alternative minimum tax

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

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value 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 and credit risk). 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. Most 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 following is a summary of the inputs used as of April 30, 2009 in valuing the Portfolio's
investments. For information on the Portfolio's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to the
Financial Statements.

|Valuation Inputs | Investments in
Securities
|---------------- | -------------------------
|Level 1          | $                       
|Level 2          | 3,725,060,257            
|Level 3          |                         
|Total            | $    3,725,060,257       

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

Financial Statements

Tax-Exempt Portfolio

|Statement of Assets and Liabilitiesas of April 30, 2009
|-------------------------------------------------------
|Assets                                                 
|Investments in securities, valued at amortized cost    
|Cash                                                   
|Receivable for investments sold                        
|Receivable for Portfolio shares sold                   
|Interest receivable                                    
|Other assets                                           
|Total assets                                           
|Liabilities                                            
|Payable for Portfolio shares redeemed                  
|Dividends payable                                      
|Accrued management fee                                 
|Other accrued expenses and payables                    
|Total liabilities                                      
|Net assets, at value                                   
|Net Assets Consist of                                  
|Undistributed net investment income                    
|Paid-in capital                                        
|Net assets, at value                                   

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

|Statement of Assets and Liabilitiesas of April 30, 2009 (continued)                                                                                                                                                              
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                  
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($25,885,787 ÷ 25,879,416 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                   
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($67,300,756 ÷ 67,276,128 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)               
|DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share
($1,770,193,459 ÷ 1,769,754,895 outstanding shares of beneficial
interest, no par value, unlimited number of shares authorized)
|DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share
($503,171,003 ÷ 502,959,294 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                   
|DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share
($164,293,783 ÷ 164,071,125 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)             
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($491,336,364 ÷ 491,255,503 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                 
|Service Shares
Net Asset Value, offering and redemption price per share
($61,756,720 ÷ 61,735,792 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                                
|Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share
($192,822,742 ÷ 192,758,602 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)              
|Tax-Free Investment Class
Net Asset Value, offering and redemption price per share
($569,987,716 ÷ 569,806,497 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)                   

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

|Statement of Operationsfor the year ended April 30, 2009       
|---------------------------------------------------------------
|Investment Income                                              
|Income:Interest                                                
|Expenses:Management fee                                        
|Services to shareholders                                       
|Administration fee                                             
|Custodian fee                                                  
|Distribution and service fees                                  
|Professional fees                                              
|Trustees' fees and expenses                                    
|Reports to shareholders                                        
|Registration fees                                              
|Temporary guarantee program participation fee                  
|Other                                                          
|Total expenses before expense reductions                       
|Expense reductions                                             
|Total expenses after expense reductions                        
|Net investment income                                          
|Net realized gain (loss) from investments                      
|Net increase (decrease) in net assets resulting from operations

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

|Statement of Changes in Net Assets                                                                                                                                      | Tax-Exempt Portfolio 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------
|Increase (Decrease) in Net Assets                                                                                                                                       | Years Ended April 30,
|2009                                                                                                                                                                    | 2008                 
|Operations:Net investment income                                                                                                                                        | $       58,603,310   
|Net realized gain (loss)                                                                                                                                                | 192,457              
|Net increase in net assets resulting from operations                                                                                                                    | 58,795,767           
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                                                                                    | (131,190)            
|Davidson Cash Equivalent Shares                                                                                                                                         | (719,122)            
|DWS Tax-Exempt Cash Institutional Shares                                                                                                                                | (30,748,714)         
|DWS Tax-Exempt Money Fund                                                                                                                                               | (8,765,409)          
|DWS Tax-Free Money Fund Class S                                                                                                                                         | (2,574,843)          
|Premier Money Market Shares                                                                                                                                             | (4,688,219)          
|Service Shares                                                                                                                                                          | (632,154)            
|Tax-Exempt Cash Managed Shares                                                                                                                                          | (2,987,177)          
|Tax-Free Investment Class                                                                                                                                               | (7,262,264)          
|Total distributions                                                                                                                                                     | (58,509,092)         
|Portfolio share transactions:Proceeds from shares sold                                                                                                                  | 9,140,219,601        
|Reinvestment of distributions                                                                                                                                           | 48,514,962           
|Cost of shares redeemed                                                                                                                                                 | (9,257,262,435)      
|Net increase (decrease) in net assets from Portfolio
share transactions                                                                                                 | (68,527,872)         
|Increase (decrease) in net assets                                                                                                                                       | (68,241,197)         
|Net assets at beginning of period                                                                                                                                       | 3,914,989,527        
|Net assets at end of period (including undistributed net
investment income and distributions in excess of net
investment income of $1,052,002 and $5,648,
respectively) | $    3,846,748,330   

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

Financial Highlights

|Tax-Exempt Portfolio
Premier Money Market Shares                                                                                                                                                                             
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                        
|Selected Per Share Data                                                                                                                                                                                                      
|Net asset value, beginning of period                                                                                                                                                                                         
|Net investment income                                                                                                                                                                                                        
|Less distributions from net investment
income                                                                                                                                                                                
|Net asset value, end of period                                                                                                                                                                                               
|Total Return (%)                                                                                                                                                                                                             
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                           
|Net assets, end of period ($ millions)                                                                                                                                                                                       
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                              
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                               
|Ratio of net investment income (%)                                                                                                                                                                                           
|aTotal return would have been lower had certain expenses not been reduced.bTotal return includes income resulting from a short term capital gain distribution.
Without this distribution, total return would have been 0.60%.

Notes to Financial Statements

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").

Money Market 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.

Government & Agency Securities Portfolio offers eight classes of shares:
Capital Assets Funds Shares, Davidson Cash Equivalent Shares, Davidson
Cash Equivalent Plus Shares, DWS Government & Agency Money Fund,
DWS Government Cash Institutional Shares, Government Cash Managed
Shares, Premier Money Market Shares and Service Shares.

Tax-Exempt Portfolio offers nine classes of shares: Capital Assets Funds
Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash
Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money
Fund Class S, Premier Money Market Shares, Service Shares, Tax-Exempt
Cash Managed Shares and Tax-Free Investment Class.

The financial highlights for all classes of shares, other than Premier
Money Market Shares, are provided separately and are available upon
request.

Each 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,
services to shareholders and certain other class-specific expenses.
Differences in class-level expenses may result in payment of different per
share dividends by class. All shares of the Trust have equal rights with
respect to voting subject to class-specific arrangements.

Each 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 Portfolios in the preparation of their 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.

Each Portfolio adopted Financial Accounting Standards Board ("FASB")
Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"), effective at the beginning of each Portfolio's
fiscal year. Disclosure about the classification of fair value measurements
is included at the end of each Portfolio's Investment Portfolio.

New Accounting Pronouncement. In April 2009, FASB issued FASB Staff
Position No. 157-4, "Determining Fair Value When the Volume and Level
of Activity for the Asset or Liability Have Significantly Decreased and
Identifying Transactions That Are Not Orderly" ("FSP 157-4"). FSP 157-4
provides additional guidance for estimating fair value in accordance with
FAS 157, when the volume and level of activity for the asset or liability
have significantly decreased as well as guidance on identifying
circumstances that indicate a transaction is not orderly. FSP 157-4 is
effective for fiscal years and interim periods ending after June 15, 2009.
Management is currently reviewing the enhanced disclosure
requirements for the adoption of FSP 157-4.

Repurchase Agreements. Each Portfolio may enter into repurchase
agreements with certain banks and broker/dealers whereby each 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 Portfolios have the right to sell the securities and
recover any resulting loss from the financial institution. If the financial
institution enters into bankruptcy, the Portfolios' claims on the collateral
may be subject to legal proceedings.

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

The Portfolios have reviewed the tax positions for the open tax years as of
April 30, 2009 and have determined that no provision for income tax is
required in the Portfolios' financial statements. The Portfolios' 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 each Portfolio is
declared as a daily dividend and is distributed to shareholders monthly.
Each Portfolio may take into account capital gains and losses in its daily
dividend declarations. Each 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 Portfolios.

At April 30, 2009, the Portfolios' components of distributable earnings on
a tax-basis are as follows:

|Money Market Portfolio:
Undistributed ordinary income                   | $       714,514  
|----------------------------------------------------------------------- | -----------------
|Government & Agency Securities Portfolio:
Undistributed ordinary income | $       3,347,908
|Tax-Exempt Portfolio:
Undistributed tax-exempt income                   | $       1,449,524

In addition, during the years ended April 30, 2009 and April 30, 2008, the
tax character of distributions paid to shareholders by each Portfolio is
summarized as follows:

|Portfolio                                                                    | Years Ended April 30,
|---------------------------------------------------------------------------- | ---------------------
|2009                                                                         | 2008                 
|Money Market Portfolio:
Distributions from ordinary income*                  | $       62,191,415   
|Government & Agency Securities Portfolio:
Distributions from ordinary income | $       104,415,283  
|Tax-Exempt Portfolio:
Distributions from tax-exempt income                   | $       58,316,635   
|Distributions from ordinary income*                                          | $       144,235      
|Distributions from long-term capital gains                                   | $       48,222       

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

Other. Investment transactions are accounted for on trade date. Interest
income is recorded on the accrual basis. Realized gains and losses from
investment transactions are recorded on an identified cost basis. All
premiums and discounts are amortized/accreted for both tax and financial
reporting purposes.

2. Related Parties

Management Agreement. Under an Investment Management Agreement
and an Amended and Restated Investment Management Agreement
(with respect to the Government & Agency Securities Portfolio and
Tax-Exempt Portfolio) between the Trust and 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 Portfolios in accordance with their respective
investment objectives, policies and restrictions. The Advisor determines
the securities, instruments and other contracts relating to investments to
be purchased, sold or entered into by each Portfolio.

Prior to June 1, 2008, in addition to portfolio management services, the
Advisor provided certain administrative services in accordance with the
Investment Management Agreement. For the period from May 1, 2008
through May 31, 2008, the Portfolios paid a monthly management fee
based on the Trust's combined average daily net assets, computed and
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%

The Investment Management Agreement, including this fee schedule, has
remained in effect for the Money Market Portfolio.

Effective June 1, 2008, under the Amended and Restated Investment
Management Agreement with the Advisor, the Government & Agency
Securities Portfolio and Tax-Exempt Portfolio pay a monthly management
fee based on the Trust's combined average daily net assets, computed
and accrued daily and payable monthly, at the following annual rates:

|First $500 million of the Trust's combined average daily net assets | .120%
|------------------------------------------------------------------- | -----
|Next $500 million of such net assets                                | .100%
|Next $1 billion of such net assets                                  | .075%
|Next $1 billion of such net assets                                  | .060%
|Over $3 billion of such net assets                                  | .050%

For the period from February 15, 2007 through May 31, 2008, the Advisor
had agreed to contractually reduce its management fee for the
Government & Agency Securities Portfolio such that the annual effective
rate was limited to 0.15% of the Government & Agency Securities
Portfolio's average daily net assets.

Effective June 1, 2008, the Advisor has agreed to contractually reduce its
management fee for the Government & Agency Securities Portfolio such
that the annual effective rate is limited to 0.05% of the Government &
Agency Securities Portfolio's average daily net assets.

Accordingly, for the year ended April 30, 2009, the Advisor waived a
portion of its management fee on the Government & Agency Securities
Portfolio aggregating $707,785 and the amount charged aggregated
$6,321,775.

Accordingly, for the year ended April 30, 2009, the Portfolios incurred
management fees equivalent to the following annual effective rates of
each Portfolio's average daily net assets:

|Portfolio                                | Annual
Effective Rate
|---------------------------------------- | ---------------------
|Money Market Portfolio                   | .16%                 
|Government & Agency Securities Portfolio | .05%                 
|Tax-Exempt Portfolio                     | .06%                 

The Advisor also has agreed to maintain expenses of certain other classes
of the Trust. These rates are disclosed in the respective share classes'
annual reports that are provided separately and are available upon request.

In addition, the Advisor has agreed to voluntarily waive expenses as
necessary to maintain a minimum yield. The waiver may be changed or
terminated at any time without notice. Under these arrangements, the
Advisor waived certain distribution fees on Premier Money Market Shares
for Money Market Portfolio, Government & Agency Securities Portfolio
and Tax-Exempt Portfolio.

Administration Fee. Effective June 1, 2008, the Government & Agency
Securities Portfolio and the Tax-Exempt Portfolio entered into an
Administrative Services Agreement with DIMA, pursuant to which DIMA
provides most administrative services to the Government & Agency
Securities Portfolio and the Tax-Exempt Portfolio. For all services provided
under the Administrative Services Agreement, each of these two
Portfolios pays the Advisor an annual fee ("Administration Fee") of 0.10%
of each of these two Portfolios' average daily net assets, computed and
accrued daily and payable monthly. For the period from June 1, 2008
through April 30, 2009, the Administration Fee from the Government &
Agency Securities Portfolio and the Tax-Exempt Portfolio was as follows:

|Portfolio                                | Administration
Fee | Unpaid at
April 30, 2009
|---------------------------------------- | ------------------ | ------------------------
|Government & Agency Securities Portfolio | $       11,512,052 | $       1,662,111       
|Tax-Exempt Portfolio                     | $       3,939,411  | $       331,196         

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 Portfolios. 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 Portfolios. For the
year ended April 30, 2009, the amounts charged to the Portfolios by DISC
were as follows:

|Money Market Portfolio:                  | Total
Aggregated  | Waived    | Unpaid at
April 30, 2009
|---------------------------------------- | ----------------- | --------- | ------------------------
|Capital Assets Funds Shares              | $       2,464,567 | $        | $       473,067         
|Capital Assets Funds Preferred
Shares    | 101,658           |          | 35,034                  
|Davidson Cash Equivalent Shares          | 92,625            |          | 34,473                  
|Davidson Cash Equivalent Plus
Shares     | 15,808            |          | 2,534                   
|Institutional Money Market Shares        | 50,260            |          | 24,657                  
|Institutional Select Money Market
Shares | 73                | 71        |                        
|Premier Money Market Shares              | 5,007,163         |          | 814,404                 
|Premium Reserve Money Market
Shares      | 453,184           |          | 84,856                  
|Service Shares                           | 2,829,342         |          | 765,807                 

|Government & Agency
Securities Portfolio: | Total
Aggregated | Waived    | Unpaid at
April 30, 2009
|----------------------------------------- | ---------------- | --------- | ------------------------
|Capital Assets Funds Shares               | $       648,761  | $        | $       97,364          
|Davidson Cash Equivalent Shares           | 78,556           |          | 24,095                  
|Davidson Cash Equivalent Plus
Shares      | 51,213           |          | 8,367                   
|DWS Government & Agency
Money Fund        | 284,055          |          | 53,190                  
|DWS Government Cash
Institutional Shares  | 151,153          |          | 31,638                  
|Government Cash Managed Shares            | 399,118          |          | 60,450                  
|Premier Money Market Shares               | 9,360,943        |          | 1,962,223               
|Service Shares                            | 412,420          |          | 75,467                  

|Tax-Exempt Portfolio:                    | Total
Aggregated | Waived    | Unpaid at
April 30, 2009
|---------------------------------------- | ---------------- | --------- | ------------------------
|Capital Assets Funds Shares              | $       45,848   | $        | $       9,535           
|Davidson Cash Equivalent Shares          | 113,783          |          | 17,272                  
|DWS Tax-Exempt Cash Institutional
Shares | 374,669          | 29,805    | 35,607                  
|DWS Tax-Exempt Money Fund                | 166,431          |          | 23,011                  
|DWS Tax-Free Money Fund Class S          | 88,136           |          | 6,361                   
|Premier Money Market Shares              | 1,414,937        |          | 223,628                 
|Service Shares                           | 195,054          |          | 34,184                  
|Tax-Exempt Cash Managed Shares           | 206,104          |          | 31,764                  
|Tax-Free Investment Class                | 661,862          |          | 97,824                  

Distribution Service Agreement. Under the Distribution Service
Agreement, in accordance with Rule 12b-1 under the 1940 Act,
DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee"), calculated as a percentage of average
daily net assets for the shares listed in the following table.

For the year ended April 30, 2009, the Distribution Fee was as follows:

|Money Market
Portfolio:               | Distribution
Fee  | Waived          | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------------- | ----------------- | --------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets
Funds Shares           | $       3,253,328 | $       352,727 | $       53,035           | .29%                  | .33%                    
|Capital Assets
Funds Preferred
Shares | 136,696           | 24,849          | 7,052                    | .16%                  | .20%                    
|Davidson Cash
Equivalent
Shares       | 126,126           | 3,340           | 4,873                    | .29%                  | .30%                    
|Davidson Cash
Equivalent Plus
Shares  | 19,868            | 118             | 980                      | .25%                  | .25%                    
|Institutional
Money Market
Shares     | 21,379            |                | 4,481                    | .01%                  | .08%                    
|Premier Money
Market Shares           | 5,007,517         | 315,641         | 182,187                  | .23%                  | .25%                    
|Service Shares                        | 6,789,954         | 709,994         | 339,881                  | .54%                  | .60%                    

|Government &
Agency
Securities
Portfolio: | Distribution
Fee | Waived          | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|----------------------------------------- | ---------------- | --------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets
Funds Shares               | $       839,833  | $       269,002 | $                       | .22%                  | .33%                    
|Davidson Cash
Equivalent
Shares           | 95,200           | 24,367          |                         | .22%                  | .30%                    
|Davidson Cash
Equivalent Plus
Shares      | 66,610           | 12,440          |                         | .20%                  | .25%                    
|Premier Money
Market Shares               | 9,466,746        | 2,901,955       |                         | .17%                  | .25%                    
|Service Shares                            | 1,000,126        | 182,709         | 12,061                   | .49%                  | .60%                    

|Tax-Exempt
Portfolio:           | Distribution
Fee | Waived         | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------- | ---------------- | -------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets
Funds Shares     | $       61,900   | $       13,126 | $       5,232            | .26%                  | .33%                    
|Davidson Cash
Equivalent
Shares | 227,567          | 33,162         | 13,400                   | .26%                  | .30%                    
|Premier Money
Market Shares     | 1,414,937        | 189,545        | 80,784                   | .22%                  | .25%                    
|Service Shares                  | 468,133          | 66,300         | 26,585                   | .52%                  | .60%                    
|Tax-Free
Investment
Class       | 1,597,542        |               | 118,274                  | .25%                  | .25%                    

In addition, DIDI provides information and administrative services for a fee
("Service Fee") for the shares listed in the following table. A portion of
these fees may be paid pursuant to a Rule 12b-1 plan.

For the year ended April 30, 2009, the Service Fee was as follows:

|Money Market Portfolio:               | Service Fee       | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------------- | ----------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets Funds
Shares           | $       2,464,568 | $       188,836          | .25%                  | .25%                    
|Capital Assets Funds
Preferred Shares | 68,352            | 4,176                    | .10%                  | .10%                    
|Davidson Cash Equivalent
Shares       | 105,105           | 6,178                    | .25%                  | .25%                    
|Davidson Cash Equivalent
Plus Shares  | 15,895            | 836                      | .20%                  | .20%                    
|Institutional Money Market
Shares     | 21,379            | 4,466                    | .01%                  | .08%                    
|Premier Money Market
Shares           | 5,007,517         | 422,639                  | .25%                  | .25%                    
|Premium Reserve Money
Market Shares   | 1,099,899         | 89,046                   | .25%                  | .25%                    

|Government & Agency
Securities Portfolio: | Service Fee     | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|----------------------------------------- | --------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets Funds
Shares               | $       636,237 | $       56,991           | .25%                  | .25%                    
|Davidson Cash Equivalent
Shares           | 79,333          | 6,258                    | .25%                  | .25%                    
|Davidson Cash Equivalent
Plus Shares      | 53,288          | 5,116                    | .20%                  | .20%                    
|Government Cash Managed
Shares            | 625,968         | 64,498                   | .15%                  | .15%                    
|Premier Money Market
Shares               | 9,468,141       | 876,472                  | .25%                  | .25%                    

|Tax-Exempt Portfolio:           | Service Fee    | Unpaid at
April 30, 2009 | Annual
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------- | -------------- | ------------------------ | --------------------- | ------------------------
|Capital Assets Funds
Shares     | $       46,894 | $       4,925            | .25%                  | .25%                    
|Davidson Cash Equivalent
Shares | 189,639        | 14,524                   | .25%                  | .25%                    
|Premier Money Market
Shares     | 1,414,937      | 104,134                  | .25%                  | .25%                    
|Tax-Exempt Cash Managed
Shares  | 338,498        | 27,859                   | .15%                  | .15%                    
|Tax-Free Investment Class       | 447,312        | 33,795                   | .07%                  | .25%                    

Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Portfolios. For the year ended April 30, 2009, the
amounts charged to the Portfolios by DIMA included in the Statement of
Operations under "reports to shareholders" were as follows:

|Portfolio                                | Total
Aggregated | Unpaid at
April 30, 2009
|---------------------------------------- | ---------------- | ------------------------
|Money Market Portfolio                   | $       85,895   | $       24,476          
|Government & Agency Securities Portfolio | $       87,513   | $       27,670          
|Tax-Exempt Portfolio                     | $       138,586  | $       46,531          

Trustees' Fees and Expenses. The Portfolios paid each Trustee not
affiliated with the Advisor retainer fees plus specified amounts for various
committee services and for the Board Chairperson.

3. Fee Reductions

Each 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 each Portfolio's custodian
expenses. During the year ended April 30, 2009, each Portfolio's custodian
fee was reduced as follows:

|Portfolio                                | Custody Credits | Transfer Agent
Credits
|---------------------------------------- | --------------- | ----------------------
|Money Market Portfolio                   | $       2,467   | $       7,968         
|Government & Agency Securities Portfolio | $       34,894  | $       11,398        
|Tax-Exempt Portfolio                     | $       5,566   | $       7,090         

4. Line of Credit

The Portfolios and other affiliated funds (the "Participants") share in a
$450 million revolving credit facility provided by a syndication of banks.
Each 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 a rate per annum equal to
the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR
exceeds the Federal Funds Rate the amount of such excess. Each
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 Portfolios:

Money Market Portfolio

|                                                               | Year Ended April 30, 2009 | Year Ended April 30, 2008
|-------------------------------------------------------------- | ------------------------- | -------------------------
|                                                               | Shares                    | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 756,323,913               | $       756,323,913      
|Capital Assets
Funds Preferred
Shares                          | 96,644,444                | 96,644,444               
|Davidson Cash
Equivalent
Shares                                | 6,293,816                 | 6,293,816                
|Davidson Cash
Equivalent Plus
Shares                           | 6,577,884                 | 6,577,884                
|Institutional
Money Market
Shares                              | 2,007,881,776             | 2,007,881,776            
|Institutional
Select Money
Market Shares                       | 1                         | 1                        
|Premier Money
Market Shares                                    | 2,189,467,703             | 2,189,467,703            
|Premium
Reserve Money
Market Shares                            | 717,047,245               | 717,047,245              
|Service Shares                                                 | 1,541,551,203             | 1,541,551,203            
|                                                               |                           | $    7,321,787,985       
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 12,130,033                | $       12,130,033       
|Capital Assets
Funds Preferred
Shares                          | 1,195,269                 | 1,195,269                
|Davidson Cash
Equivalent
Shares                                | 576,062                   | 576,062                  
|Davidson Cash
Equivalent Plus
Shares                           | 117,206                   | 117,206                  
|Institutional
Money Market
Shares                              | 2,692,452                 | 2,692,452                
|Institutional
Select Money
Market Shares                       | 207                       | 207                      
|Premier Money
Market Shares                                    | 24,504,141                | 24,504,141               
|Premium
Reserve Money
Market Shares                            | 6,580,302                 | 6,580,302                
|Service Shares                                                 | 13,634,712                | 13,634,712               
|                                                               |                           | $    61,430,384          
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (905,900,056)             | $       (905,900,056)    
|Capital Assets
Funds Preferred
Shares                          | (123,589,990)             | (123,589,990)            
|Davidson Cash
Equivalent
Shares                                | (36,566,566)              | (36,566,566)             
|Davidson Cash
Equivalent Plus
Shares                           | (13,483,561)              | (13,483,561)             
|Institutional
Money Market
Shares                              | (1,625,470,563)           | (1,625,470,563)          
|Premier Money
Market Shares                                    | (2,094,278,190)           | (2,094,278,190)          
|Premium
Reserve Money
Market Shares                            | (716,277,240)             | (716,277,240)            
|Service Shares                                                 | (1,668,466,504)           | (1,668,466,504)          
|                                                               |                           | $    (7,184,032,670)     
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | (137,446,110)             | $       (137,446,110)    
|Capital Assets
Funds Preferred
Shares                          | (25,750,277)              | (25,750,277)             
|Davidson Cash
Equivalent
Shares                                | (29,696,688)              | (29,696,688)             
|Davidson Cash
Equivalent Plus
Shares                           | (6,788,471)               | (6,788,471)              
|Institutional
Money Market
Shares                              | 385,103,665               | 385,103,665              
|Institutional
Select Money
Market Shares                       | 208                       | 208                      
|Premier Money
Market Shares                                    | 119,693,654               | 119,693,654              
|Premium
Reserve Money
Market Shares                            | 7,350,307                 | 7,350,307                
|Service Shares                                                 | (113,280,589)             | (113,280,589)            
|                                                               |                           | $    199,185,699         

Government & Agency Securities Portfolio

|                                                               | Year Ended April 30, 2009 | Year Ended April 30, 2008
|-------------------------------------------------------------- | ------------------------- | -------------------------
|                                                               | Shares                    | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 681,683,695               | $       681,683,695      
|Davidson Cash
Equivalent Shares                                | 17,323,178                | 17,323,178               
|Davidson Cash
Equivalent Plus
Shares                           | 119,369,805               | 119,369,805              
|DWS Government
& Agency Money
Fund                             | 225,363,477               | 225,363,477              
|DWS Government
Cash Institutional
Shares                       | 52,360,583,911            | 52,360,583,911           
|Government Cash
Managed Shares                                 | 1,094,974,655             | 1,094,974,655            
|Premier Money
Market Shares                                    | 2,888,567,400             | 2,888,567,400            
|Service Shares                                                 | 685,949,496               | 685,949,496              
|                                                               |                           | $    58,073,815,617      
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 1,539,074                 | $       1,539,074        
|Davidson Cash
Equivalent Shares                                | 260,593                   | 260,593                  
|Davidson Cash
Equivalent Plus
Shares                           | 256,560                   | 256,560                  
|DWS Government
& Agency Money
Fund                             | 5,481,030                 | 5,481,030                
|DWS Government
Cash Institutional
Shares                       | 37,575,969                | 37,575,969               
|Government Cash
Managed Shares                                 | 452,853                   | 452,853                  
|Premier Money
Market Shares                                    | 26,611,609                | 26,611,609               
|Service Shares                                                 | 1,040,577                 | 1,040,577                
|                                                               |                           | $    73,218,265          
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (602,594,057)             | $       (602,594,057)    
|Davidson Cash
Equivalent Shares                                | (28,211,841)              | (28,211,841)             
|Davidson Cash
Equivalent Plus
Shares                           | (127,331,307)             | (127,331,307)            
|DWS Government
& Agency Money
Fund                             | (344,085,420)             | (344,085,420)            
|DWS Government
Cash Institutional
Shares                       | (38,908,807,396)          | (38,908,807,396)         
|Government Cash
Managed Shares                                 | (997,447,690)             | (997,447,690)            
|Premier Money
Market Shares                                    | (1,749,330,723)           | (1,749,330,723)          
|Service Shares                                                 | (635,164,118)             | (635,164,118)            
|                                                               |                           | $    (43,392,972,552)    
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | 80,628,712                | $       80,628,712       
|Davidson Cash
Equivalent Shares                                | (10,628,070)              | (10,628,070)             
|Davidson Cash
Equivalent Plus
Shares                           | (7,704,942)               | (7,704,942)              
|DWS Government
& Agency Money
Fund                             | (113,240,913)             | (113,240,913)            
|DWS Government
Cash Institutional
Shares                       | 13,489,352,484            | 13,489,352,484           
|Government Cash
Managed Shares                                 | 97,979,818                | 97,979,818               
|Premier Money
Market Shares                                    | 1,165,848,286             | 1,165,848,286            
|Service Shares                                                 | 51,825,955                | 51,825,955               
|                                                               |                           | $    14,754,061,330      

Tax-Exempt Portfolio

|                                                               | Year Ended April 30, 2009 | Year Ended April 30, 2008
|-------------------------------------------------------------- | ------------------------- | -------------------------
|                                                               | Shares                    | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 79,493,892                | $       79,493,892       
|Davidson Cash
Equivalent Shares                                | 151,063,774               | 151,063,774              
|DWS Tax-Exempt
Cash Institutional
Shares                       | 6,186,309,066             | 6,186,309,066            
|DWS Tax-Exempt
Money Fund                                      | 338,176,298               | 338,176,298              
|DWS Tax-Free
Money Fund
Class S                                | 84,159,884                | 84,159,884               
|Premier Money
Market Shares                                    | 660,659,717               | 660,659,717              
|Service Shares                                                 | 290,159,727               | 290,159,727              
|Tax-Exempt Cash
Managed Shares                                 | 424,013,253               | 424,013,253              
|Tax-Free
Investment Class                                      | 926,183,990               | 926,183,990              
|                                                               |                           | $    9,140,219,601       
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 131,190                   | $       131,190          
|Davidson Cash
Equivalent Shares                                | 719,122                   | 719,122                  
|DWS Tax-Exempt
Cash Institutional
Shares                       | 24,227,076                | 24,227,076               
|DWS Tax-Exempt
Money Fund                                      | 8,598,632                 | 8,598,632                
|DWS Tax-Free
Money Fund
Class S                                | 2,354,231                 | 2,354,231                
|Premier Money
Market Shares                                    | 4,686,316                 | 4,686,316                
|Service Shares                                                 | 631,996                   | 631,996                  
|Tax-Exempt Cash
Managed Shares                                 | 7,108                     | 7,108                    
|Tax-Free
Investment Class                                      | 7,159,291                 | 7,159,291                
|                                                               |                           | $    48,514,962          
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (70,653,607)              | $       (70,653,607)     
|Davidson Cash
Equivalent Shares                                | (159,294,305)             | (159,294,305)            
|DWS Tax-Exempt
Cash Institutional
Shares                       | (6,191,135,664)           | (6,191,135,664)          
|DWS Tax-Exempt
Money Fund                                      | (429,364,999)             | (429,364,999)            
|DWS Tax-Free
Money Fund
Class S                                | (89,363,582)              | (89,363,582)             
|Premier Money
Market Shares                                    | (595,742,429)             | (595,742,429)            
|Service Shares                                                 | (305,003,326)             | (305,003,326)            
|Tax-Exempt Cash
Managed Shares                                 | (481,653,287)             | (481,653,287)            
|Tax-Free
Investment Class                                      | (935,051,236)             | (935,051,236)            
|                                                               |                           | $    (9,257,262,435)     
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | 8,971,475                 | $       8,971,475        
|Davidson Cash
Equivalent Shares                                | (7,511,409)               | (7,511,409)              
|DWS Tax-Exempt
Cash Institutional
Shares                       | 19,400,478                | 19,400,478               
|DWS Tax-Exempt
Money Fund                                      | (82,590,069)              | (82,590,069)             
|DWS Tax-Free
Money Fund
Class S                                | (2,849,467)               | (2,849,467)              
|Premier Money
Market Shares                                    | 69,603,604                | 69,603,604               
|Service Shares                                                 | (14,211,603)              | (14,211,603)             
|Tax-Exempt Cash
Managed Shares                                 | (57,632,926)              | (57,632,926)             
|Tax-Free
Investment Class                                      | (1,707,955)               | (1,707,955)              
|                                                               |                           | $    (68,527,872)        

6. Participation in the Treasury's Temporary Guarantee Program

The Portfolios are participating in the Temporary Guarantee Program for
Money Market Funds (the "Program") established by the U.S.
Department of the Treasury (the "Treasury").

The Program is designed to protect the value of accounts in each 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 the shares of the Portfolios 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 Portfolios' net asset value falls
below $0.995 and the Portfolios are 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.

Each Portfolio will bear the expenses of participating in the Program. The
expense is determined by the product of (i) the number of shares
outstanding of each class as of September 19, 2008 valued at $1.00; and
(ii) the applicable Program participation fee rate, which is based upon the
market-based net asset value outstanding of each share class as of
September 19, 2008. For the initial period ending December 18, 2008, the
Program participation fee was equal to 0.01%. For the coverage under the
Program beginning on December 19, 2008 and ending on April 30, 2009,
the Program participation fee was equal to 0.015%. For the coverage
under the Program beginning on May 1, 2009 and ending September 18,
2009, the Program participation fee is equal to 0.015%. This expense is
being amortized over the length of the participation in the Program and is
included in "Temporary guarantee program participation fee" on the
Statement of Operations. For the period through April 30, 2009, Money
Market Portfolio accrued $1,179,399, Government & Agency Securities
Portfolio accrued $3,104,681 and Tax-Exempt Portfolio accrued $1,017,974.
The Program is set to terminate on September 18, 2009.

Neither the Portfolios nor Deutsche Investment Management Americas
Inc., the Portfolios' investment advisor, are in any manner approved,
endorsed, sponsored or authorized by the Treasury.

Report of Independent Registered Public
Accounting Firm

To the Shareholders and Board of Trustees of Cash Account Trust:

We have audited the accompanying statements of assets and liabilities,
including the investment portfolios, of Cash Account Trust (the "Trust")
(comprising the Money Market Portfolio, Government & Agency Securities
Portfolio and Tax-Exempt Portfolio) (collectively, the "Portfolios"), as of
April 30, 2009, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each of the
periods indicated therein. These financial statements and financial
highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. We were not engaged to perform an audit of the
Trust's internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Trust's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements and
financial highlights, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of April 30, 2009, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Portfolios of Cash Account Trust at April 30, 2009, the results of their
operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in conformity with U.S.
generally accepted accounting principles.

|Boston, Massachusetts
June 22, 2009 |  | cat-p_eny0
|----------------------------------- |  | ----------

Tax Information(Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Tax-Exempt
Portfolio designates $53,000 as capital gain dividends for its year ended
April 30, 2009, of which 100% represents 15% rate gains.

For the Tax-Exempt Portfolio, of the dividends paid from net investment
income for the taxable year ended April 30, 2009, 100% are designated as
exempt interest dividends for federal income tax purposes.

Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have
specific questions about your account, please call (800) 621-1048.

Summary of Management Fee Evaluation
by Independent Fee Consultant

October 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.

cat-p_sigmack1Thomas H. Mack

Summary of Administrative Fee Evaluation
by Independent Fee Consultant

September 29, 2008

Pursuant to an Order entered into by Deutsche Asset Management
(DeAM) with the Attorney General of New York, I, Thomas H. Mack, have
been appointed the Independent Fee Consultant for the DWS Funds and
have as part of my duties evaluated the reasonableness of the proposed
management fees to be charged by DeAM to the DWS Funds, taking onto
account a proposal to pass through to the funds certain fund
accounting-related charges in connection with new regulatory
requirements. My evaluation considered the following:

•    While the proposal would alter the services to be provided under the
Administration Agreement, which I consider to be part of fund
management under the Order, it is my opinion that the change in
services is slight and that the scope of prospective services under the
combination of the Advisory and Administration Agreements continues
to be comparable with those typically provided to competitive funds
under their management agreements.

•    While the proposal would increase fund expenses, according to a pro
forma analysis performed by management, the prospective effect is
less than .01% for all but seven of the DeAM Funds' 438 active share
classes, and in all cases the effect is less than .03% and overall
expenses would remain reasonable in my opinion.

Based on the foregoing considerations, in my opinion the fees and
expenses for all of the DWS Funds will remain reasonable if the Directors
adopt this proposal.

cat-p_sigmack0Thomas H. Mack

Board Members and Officers

The following table presents certain information regarding the Board
Members and Officers of the Trust as of April 30, 2009. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address
of each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed
or as otherwise provided in the governing documents of the fund.
Because the fund does not hold an annual meeting of shareholders, each
Board Member will hold office for an indeterminate period. The Board
Members may also serve in similar capacities with other funds in the fund
complex. The Length of Time Served represents the year in which the
Board Member joined the board of one or more DWS funds now overseen
by the Board.

|Independent Board Members                                             
|----------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served1
|Paul K. Freeman
(1950)Chairperson
since 20092Board Member
since 1993  
|John W.
Ballantine (1946)Board Member
since 1999                      
|Henry P. Becton,
Jr. (1943)Board Member
since 1990                    
|Dawn-Marie
Driscoll (1946)Board Member
since 1987                     
|Keith R. Fox
(1954)Board Member
since 1996                            
|Kenneth C.
Froewiss (1945)Board Member
since 2001                     
|Richard J.
Herring (1946)Board Member
since 1990                      
|William
McClayton (1944)Board Member
since 2004                       
|Rebecca W.
Rimel (1951)Board Member
since 1995                        
|William N.
Searcy, Jr. (1946)Board Member
since 1993                  
|Jean Gleason
Stromberg (1943)Board Member
since 1997                  
|Robert H.
Wadsworth(1940)Board Member
since 1999                      

|Interested Board Member                                               
|----------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served1
|Axel Schwarzer4(1958)Board Member
since 2006                          

|Officers6                                                                           
|------------------------------------------------------------------------------------
|Name, Year of Birth,
Position with the Fund and
Length of Time Served7              
|Michael G. Clark8 (1965)President, 2006-present                                     
|John Millette9 (1962)Vice President and Secretary,
1999-present                     
|Paul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
|Caroline Pearson9 (1962)Assistant Secretary,
1997-present                           
|Rita Rubin10 (1970)Assistant Secretary,
2009-present                                
|Paul Antosca9 (1957)Assistant Treasurer,
2007-present                               
|Jack Clark9 (1967)Assistant Treasurer,
2007-present                                 
|Diane Kenneally9(1966)Assistant Treasurer,
2007-present                             
|Jason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present        
|Robert Kloby10 (1962)Chief Compliance Officer,
2006-present                         
|J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present                    

The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048.

Notes

Notes

Notes

Notes

Notes

cat-p_backcover0




ITEM 2.
        CODE OF ETHICSAs of the end of the period, April 30, 2009, Cash Account Trust has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
 CASH ACCOUNT TRUST - MONEY MARKET PORTFOLIO FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. Services that the Funds Independent Registered Public Accountant Billed to the Fund Fiscal YearEndedApril 30,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2009
        $92,594
        $0
        $6,969
        $02008
        $64,203
        $0
        $8,754
        $0
  The above "Tax Fees" were billed for professional services rendered for tax return preparation.  Services that the Funds Independent Registered Public Accountant Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DIMA or the Adviser), and any entity controlling, controlled by or under common control with DIMA (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.   Fiscal YearEndedApril 30,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2009
        $0
        $524,500
        $02008
        $0
        $297,500
        $0
  The above Tax Fees were billed in connection with tax compliance services and agreed upon procedures.  Non-Audit Services The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.  Fiscal YearEndedApril 30,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2009
        $6,969
        $524,500
        $1,248,247
        $1,779,7162008
        $8,754
        $297,500
        $1,109,437
        $1,415,691
   All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.  Audit Committee Pre-Approval Policies and Procedures.  Generally, each Funds Audit Committee must pre approve (i) all services to be performed for a Fund by a Funds Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Funds Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Funds Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000.  All such delegated pre approvals shall be presented to each Funds Audit Committee no later than the next Audit Committee meeting.  There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.  According to the registrants principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.  *** E&Y advised the Funds Audit Committee that E&Y had identified four matters that it determined to be inconsistent with the SECs auditor independence rules.  First, E&Y advised the Funds Audit Committee that, in 2006 and 2007, Deutsche Bank AG (DB) provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to the E&Y member firm in Germany (E&Y Germany).  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund. E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X. (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an accounting firm has a loan to or from an audit client.) E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching
 this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements. E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangement and has terminated the guarantee on the lease deposits.  Second, E&Y advised the Funds Audit Committee that, in 2007 and 2008, DB provided standard overdraft protection on a depository account to the E&Y member firm in India (E&Y India).  E&Y advised the Audit Committee that E&Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors,including that the arrangement did not create a mutual or conflicting interest between E&Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company
Complex.  E&Y informed the Audit Committee that E&Y India has cancelled the overdraft arrangement.  Third, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&Y.  Subsequent to the purchase, the E&Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the
Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.  Finally, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional whose spouse owned interests in two DWS Funds that are not audited by E&Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit
Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund. .  CASH ACCOUNT TRUST - GOVERNMENT & AGENCY SECURITIES PORTFOLIO FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. Services that the Funds Independent Registered Public Accountant Billed to the Fund Fiscal YearEndedApril 30,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2009
        $92,747
        $0
        $6,981
        $0
    2008
        $50,572
        $0
        $6,897
        $0
  The above "Tax Fees" were billed for professional services rendered for tax return preparation.  Services that the Funds Independent Registered Public Accountant Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DIMA or the Adviser), and any entity controlling, controlled by or under common control with DIMA (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.  Fiscal YearEndedApril 30,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2009
        $0
        $524,500
        $02008
        $0
        $297,500
        $0
  The above Tax Fees were billed in connection with tax compliance services and agreed upon procedures.  Non-Audit Services The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.  Fiscal YearEndedApril 30,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2009
        $6,981
        $524,500
        $1,248,247
        $1,779,7282008
        $6,897
        $297,500
        $1,109,437
        $1,413,834
   All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.  Audit Committee Pre-Approval Policies and Procedures.  Generally, each Funds Audit Committee must pre approve (i) all services to be performed for a Fund by a Funds Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Funds Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Funds Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000.  All such delegated pre approvals shall be presented to each Funds Audit Committee no later than the next Audit Committee meeting.  There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.  According to the registrants principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.  *** E&Y advised the Funds Audit Committee that E&Y had identified four matters that it determined to be inconsistent with the SECs auditor independence rules.  First, E&Y advised the Funds Audit Committee that, in 2006 and 2007, Deutsche Bank AG (DB) provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to the E&Y member firm in Germany (E&Y Germany).  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund. E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X. (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an accounting firm has a loan to or from an audit client.) E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching
 this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements. E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangement and has terminated the guarantee on the lease deposits.  Second, E&Y advised the Funds Audit Committee that, in 2007 and 2008, DB provided standard overdraft protection on a depository account to the E&Y member firm in India (E&Y India).  E&Y advised the Audit Committee that E&Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors,including that the arrangement did not create a mutual or conflicting interest between E&Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company
Complex.  E&Y informed the Audit Committee that E&Y India has cancelled the overdraft arrangement.  Third, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&Y.  Subsequent to the purchase, the E&Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the
Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.  Finally, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional whose spouse owned interests in two DWS Funds that are not audited by E&Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit
Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund. . CASH ACCOUNT TRUST - TAX-EXEMPT PORTFOLIO FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. Services that the Funds Independent Registered Public Accountant Billed to the Fund Fiscal YearEndedApril 30,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2009
        $89,390
        $0
        $6,729
        $02008
        $47,449
        $0
        $6,470
        $0
   The above "Tax Fees" were billed for professional services rendered for tax return preparation.  Services that the Funds Independent Registered Public Accountant Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DIMA or the Adviser), and any entity controlling, controlled by or under common control with DIMA (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.  Fiscal YearEndedApril 30,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2009
        $0
        $524,500
        $02008
        $0
        $297,500
        $0
  The above Tax Fees were billed in connection with tax compliance services and agreed upon procedures.  Non-Audit Services The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.  Fiscal YearEndedApril 30,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2009
        $6,729
        $524,500
        $1,248,247
        $1,779,4762008
        $6,470
        $297,500
        $1,109,437
        $1,413,407
   All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.  Audit Committee Pre-Approval Policies and Procedures.  Generally, each Funds Audit Committee must pre approve (i) all services to be performed for a Fund by a Funds Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Funds Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Funds Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000.  All such delegated pre approvals shall be presented to each Funds Audit Committee no later than the next Audit Committee meeting.  There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.  According to the registrants principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.  *** E&Y advised the Funds Audit Committee that E&Y had identified four matters that it determined to be inconsistent with the SECs auditor independence rules.  First, E&Y advised the Funds Audit Committee that, in 2006 and 2007, Deutsche Bank AG (DB) provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to the E&Y member firm in Germany (E&Y Germany).  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund. E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X. (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an accounting firm has a loan to or from an audit client.) E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching
 this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements. E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangement and has terminated the guarantee on the lease deposits.  Second, E&Y advised the Funds Audit Committee that, in 2007 and 2008, DB provided standard overdraft protection on a depository account to the E&Y member firm in India (E&Y India).  E&Y advised the Audit Committee that E&Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors,including that the arrangement did not create a mutual or conflicting interest between E&Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company
Complex.  E&Y informed the Audit Committee that E&Y India has cancelled the overdraft arrangement.  Third, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&Y.  Subsequent to the purchase, the E&Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the
Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.  Finally, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional whose spouse owned interests in two DWS Funds that are not audited by E&Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit
Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund. .   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)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSR Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Premier Money Market Shares), a series of Cash Account Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        July 1, 2009
   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:
        Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Premier Money Market Shares), a series of Cash Account Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        July 1, 2009
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                        July 1, 2009