UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549



FORM N-CSR



Investment Company Act file number
        811-06071




DWS Institutional Funds

(Exact Name of Registrant as Specified in Charter)



One South Street

Baltimore, MD  21202

(Address of principal executive offices)             (Zip code)



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



Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and Address of Agent for Service)



Date of fiscal year end:
        12/31




Date of reporting period:
        12/31/07






ITEM 1.REPORT TO STOCKHOLDERS







Cash Management Fund Institutional

Annual Report
to Shareholders

December 31, 2007

Contents

Cash Management Fund  Institutional

click herePortfolio Management Review

click hereInformation About Your Fund's Expenses

click herePortfolio Summary

click hereFinancial Statements

click hereFinancial Highlights

click hereNotes to Financial Statements

click hereReport of Independent Registered Public Accounting Firm

click hereTax Information

click hereTrustees and Officers

Cash Management Portfolio

click hereInvestment Portfolio

click hereFinancial Statements

click hereFinancial Highlights

click hereNotes to Financial Statements

click hereReport of Independent Registered Public Accounting Firm

click hereInvestment Management Agreement Approval

click hereSummary of Management Fee Evaluation by Independent
Fee Consultant

click hereAccount Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest.

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

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

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

Portfolio Management Review

Cash Management Fund Institutional:
A Team Approach to Investing

Deutsche Investment Management Americas Inc. (``DIMA'' or the
``Advisor''), which is part of Deutsche Asset Management, is the
investment advisor for Cash Management Portfolio (the ``Portfolio''), in
which the fund invests all of its assets. DIMA and its predecessors have
more than 80 years of experience managing mutual funds and DIMA
provides a full range of investment advisory services to institutional and
retail clients.

Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety
of experience and investment insight across industries, regions, asset
classes and investing styles.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in
a wide range of financial services, including investment management,
mutual funds, retail, private and commercial banking, investment banking
and insurance.

A group of investment professionals is responsible for the day-to-day
management of the Portfolio.

In the following interview, Lead Portfolio Manager Geoffrey Gibbs
discusses the market environment and the portfolio management
team's approach to managing Cash Management Fund Institutional
during its most recent fiscal year ended December 31, 2007.

The views expressed in the following discussion reflect those of the portfolio managers 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.

Q: Will you discuss the market environment for the fund during
the most recent fiscal year?

A:In the first quarter of 2007, increasing defaults by subprime
mortgage borrowers and losses on residential mortgage-back
securities sparked volatility in the financial markets as investors
wondered to what degree Wall Street and the banking community
would be affected by a retrenchment in this market. As we
entered the second half of the year, it became clear that several
financial firms would need to shed excess debt and sell assets in
order to cover significant losses. For much of August, buyers in
the credit markets had almost disappeared, replaced entirely by
sellers. At the short end of the yield curve, asset-backed
securities' yields spiked significantly, reflecting investors' credit
concerns, as did the London Interbank Offered Rate (LIBOR),
the industry standard for measuring one-year money market
rates.1,2,3 In response to this "credit crunch," as well as to fears
of an oncoming economic recession, the US Federal Reserve
Board (the Fed) cut the federal funds rate (the overnight rate
charged by banks when they borrow money from each other) a
total of one percentage point over three Federal Open Market
Committee (FOMC) meetings (from September through
December 2007). As a means of injecting further liquidity into the
global monetary system  as well as to persuade major banks to
resume their accustomed levels of interbank lending  the Fed
also set up a temporary "term auction facility."4 By the end of the
year, these measures seemed to restore a more typical flow of
funds and extension of credit, and LIBOR receded to a more
customary interest rate "spread" (or difference in yield) compared
with the federal funds rate.

As of December 31, 2007, the three-month LIBOR stood at
4.70%, compared with 5.73% on September 7, 2007
(during the height of the global credit crunch) and 5.36% on
December 31, 2006.

Q: In light of market conditions during the period, what has
been the strategy for the fund?

A:Given the difficult situation described above, and recognizing
that the credit crunch was not likely to be a short-term
phenomenon, our strategy for managing through the situation
was to avoid credit risk as much as possible. Therefore, especially
during the latter half of the year, we increased the fund's positions
in Treasury securities, agency securities and overnight liquidity
positions, and decreased holdings in asset-backed commercial
paper. During the summer we kept the fund's average maturity
short. But, confident that the Fed would need to cut rates, we
gradually extended maturity with very high-quality securities. With
this strategy, we were able to avoid problem credits and losses
stemming from the widespread credit issues in the market. Going
forward, we will continue to monitor investment markets,
economic data and Federal Reserve statements carefully.

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

|7-Day Current Yield
|-------------------
|December 31, 2007  
|December 31, 2006  

Yields are historical, will fluctuate and do not guarantee future performance. The
7-day current yield refers to the income paid by the portfolio over a 7-day period
expressed as an annual percentage rate of the fund's shares outstanding. Please visit
our Web site at www.moneyfunds.deam-us.db.com for the product's most recent
month-end performance.

Q: What detracted from performance during the period?

A:The types of securities in which the fund was investing during
the second half of the year tended to have lower yields than
issues carrying more risk, such as structured investment vehicles
(SIVs), which we avoided. We opted for a more cautious stance,
which in the end cost the fund some yield but was a prudent
approach in preserving principal.

Q: Will you describe your investment philosophy?

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

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees and other Fund expenses. Examples of transaction costs include
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing
expenses (in dollars) of investing in the Fund and to help you compare
these expenses with the ongoing expenses of investing in other mutual
funds. In the most recent six-month period, the Fund limited these
expenses; had it not done so, expenses would have been higher. 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
(July 1, 2007 to December 31, 2007).

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

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

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

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

|Expenses and Value of a $1,000 Investmentfor the six months ended December 31, 2007
|-----------------------------------------------------------------------------------
|Actual Fund Return*                                                                
|Beginning Account Value 7/1/07                                                     
|Ending Account Value 12/31/07                                                      
|Expenses Paid per $1,000**                                                         
|Hypothetical 5% Fund Return*                                                       
|Beginning Account Value 7/1/07                                                     
|Ending Account Value 12/31/07                                                      
|Expenses Paid per $1,000**                                                         

|Annualized Expense Ratio           |     
|---------------------------------- | ----
|Cash Management Fund Institutional | .23%

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

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

Portfolio Summary

|Asset Allocation                       | 12/31/07 | 12/31/06
|-------------------------------------- | -------- | --------
|                                       |          |         
|Commercial Paper                       | 48%      | 25%     
|Short-Term Notes                       | 25%      | 31%     
|Certificates of Deposit and Bank Notes | 13%      | 31%     
|Government & Agency Obligations        | 7%       |        
|Master Notes                           | 3%       | 1%      
|Time Deposits                          | 2%       | 6%      
|Repurchase Agreements                  | 1%       | 1%      
|Asset Backed                           | 1%       | 1%      
|Funding Agreements                     |         | 3%      
|Promissory Notes                       |         | 1%      
|                                       | 100%     | 100%    

|Weighted Average Maturity                    |         |        
|-------------------------------------------- | ------- | -------
|                                             |         |        
|Cash Management Fund Institutional           | 47 days | 35 days
|First Tier Institutional Money Fund Average* | 38 days | 41 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio holdings, see page 28. A quarterly Fact Sheet is available upon
request. Information concerning portfolio holdings of the Portfolio as of month end will be
posted to www.dws-scudder.com after the 14th day following month end. In addition, the
Portfolio's top ten holdings and other information about the Portfolio is posted on
www.dws-scudder.com as of the calender quarter-end on or after the 14th day following
quarter-end. Please see the Account Management Resources section for contact
information.

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

Financial Statements

|Statement of Assets and Liabilitiesas of December 31, 2007                                                                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Assets                                                                                                                                                                                     
|Investments in Cash Management Portfolio, at value                                                                                                                                         
|Receivable for Fund shares sold                                                                                                                                                            
|Other assets                                                                                                                                                                               
|Total assets                                                                                                                                                                               
|Liabilities                                                                                                                                                                                
|Dividends payable                                                                                                                                                                          
|Accrued administration 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                                                                                                                                                                       
|Net Asset Value                                                                                                                                                                            
|Net Asset Value, offering and redemption price per share
($2,593,807,433 ÷ 2,593,762,543 outstanding shares of beneficial
interest, $.001 par value, unlimited number of shares authorized)

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

|Statement of Operationsfor the year ended December 31, 2007                  
|-----------------------------------------------------------------------------
|Investment Income                                                            
|Total investment income allocated from the Cash Management Portfolio:Interest
|Expenses*                                                                    
|Net investment income allocated from the Cash Management Portfolio           
|Expenses:Administration fee                                                  
|Service to shareholders                                                      
|Distribution service fee                                                     
|Professional fees                                                            
|Trustees' fees and expenses                                                  
|Reports to shareholders                                                      
|Registration fees                                                            
|Other                                                                        
|Total expenses before expense reductions                                     
|Expense reductions                                                           
|Total expenses after expense reductions                                      
|Net investment income                                                        
|Net realized gain (loss)                                                     
|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                                                                              
|----------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                               
|2007                                                                                                            
|Operations:Net investment income                                                                                
|Net realized gain (loss)                                                                                        
|Net increase (decrease) in net assets resulting from
operations                                                 
|Distributions to shareholders from:Net investment income                                                        
|Fund share transactions:Proceeds from shares sold                                                               
|Reinvestment of distributions                                                                                   
|Cost of shares redeemed                                                                                         
|Net increase (decrease) in net assets from Fund share
transactions                                              
|Increase (decrease) in net assets                                                                               
|Net assets at beginning of period                                                                               
|Net assets at end of period (including undistributed
net investment income of $76,207 and $76,207,
respectively)
|Other Information                                                                                               
|Shares outstanding at beginning of period                                                                       
|Shares sold                                                                                                     
|Shares issued to shareholders in reinvestment of
distributions                                                  
|Shares redeemed                                                                                                 
|Net increase (decrease) in Fund shares                                                                          
|Shares outstanding at end of period                                                                             

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

Financial Highlights

|Years Ended December 31,                                                                                     | 2007     | 2006     | 2005     | 2004     | 2003    
|------------------------------------------------------------------------------------------------------------ | -------- | -------- | -------- | -------- | --------
|Selected Per Share Data                                                                                     
|Net asset value, beginning of period                                                                         | $   1.00 | $   1.00 | $   1.00 | $   1.00 | $   1.00
|Income (loss) from investment operations:
Net investment income                                              | .051     | .048     | .031     | .012     | .010    
|Net realized and unrealized gain (loss)a                                                                     |         |         |         |         |        
|Total from investment operations                                                                             | .051     | .048     | .031     | .012     | .010    
|Less distributions from:
Net investment income                                                               | (.051)   | (.048)   | (.031)   | (.012)   | (.010)  
|Net asset value, end of period                                                                               | $   1.00 | $   1.00 | $   1.00 | $   1.00 | $   1.00
|Total Return (%)b                                                                                            | 5.22     | 4.91     | 3.10     | 1.21     | 1.01    
|Ratios to Average Net Assets and Supplemental Data                                                          
|Net assets, end of period ($ millions)                                                                       | 2,594    | 2,340    | 2,233    | 2,154    | 3,640   
|Ratio of expenses before expense reductions,
including expenses allocated from Cash
Management Portfolio (%) | .35      | .33      | .27      | .26      | .26     
|Ratio of expenses after expense reductions,
including expenses allocated from Cash
Management Portfolio (%)  | .23      | .23      | .23      | .23      | .23     
|Ratio of net investment income (loss) (%)                                                                    | 5.10     | 4.81     | 3.04     | 1.17     | 1.01    
|aAmount is less than $.0005.bTotal return would have been lower had certain expenses not been reduced.      

Notes to Financial Statements

A. Significant Accounting Policies

Cash Management Fund Institutional (the ``Fund'') is a series of DWS
Institutional Funds (the ``Trust''), which is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as an open-end
management investment company organized as a Massachusetts business
trust. The Fund is one of several funds the Trust offers to investors.

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

At December 31, 2007, the Fund owned approximately 8% of the
Portfolio. The financial statements of the Portfolio, including the Investment
Portfolio, are contained elsewhere in this report and should be read in
conjunction with the Fund's financial statements.

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

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

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

In September 2006, the Financial Accounting Standards Board ("FASB")
released Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair
value measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. As of December 31, 2007, management does not
believe the adoption of FAS 157 will impact the amounts reported in the
financial statements, however, additional disclosures will be required
about the inputs used to develop the measurements of fair value and the
effect of certain of the measurements reported in the statement of
operations for a fiscal period.

Federal Income Taxes.The Fund's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders. Accordingly, the Fund paid no federal
income taxes and no federal income tax provision was required.

At December 31, 2007, the Fund had a net tax basis capital loss
carryforward of approximately $31,000 which may be applied against any
realized net taxable capital gains of each succeeding year until fully utilized
or until December 31, 2014, whichever occurs first. During the year ended
December 31, 2007, the Fund utilized $48,000 of its prior year capital loss
carryforward.

The Fund has reviewed the tax positions for each of the three open tax
years as of December 31, 2007 and has determined that no provision for
income tax is required in the Fund's financial statements. Each of the
Fund's federal tax returns for the prior three fiscal years remains subject
to examination by the Internal Revenue Service.

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

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

At December 31, 2007, the Fund's components of distributable earnings
(accumulated losses) on a tax basis were as follows:

|Undistributed ordinary income | $      76,207  
|----------------------------- | ---------------
|Capital loss carryforward     | $      (31,000)

In addition, during the year ended December 31, 2007, the tax character of
distributions paid to shareholders by the Fund is summarized as follows:

|                                   | Years Ended December 31,
|---------------------------------- | ------------------------
|                                   | 2007                    
|Distributions from ordinary income | $      121,385,570      

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

Other.The Fund receives a daily allocation of the Portfolio's net
investment income and net realized gains and losses in proportion to its
investment in the Portfolio. Expenses directly attributed to a fund are
charged to that fund, while expenses which are attributable to the Trust
are allocated among the funds in the Trust on the basis of relative net
assets.

B. Fees and Transactions with Affiliates

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

For the period from January 1, 2007 through May 13, 2010, DIMA has
contractually agreed to waive a portion of their fees and/or reimburse
expenses of the Fund to the extent necessary to maintain total operating
expenses at 0.23% of the Fund's average daily net assets, including
expenses of the Portfolio (excluding certain expenses such as
extraordinary expenses, taxes, brokerage and interest expenses).

Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor a fee ("Administration fee") of 0.10% of the Fund's average daily
net assets, computed and accrued daily and payable monthly.

For the year ended December 31, 2007, the Advisor waived a portion of its
Administration fee as follows:

|                                   | Total
Aggregated | Waived         | Unpaid at
December 31,
2007 | Annual
Effective Rate
|---------------------------------- | ---------------- | -------------- | --------------------------- | ---------------------
|Cash Management
Fund Institutional | $      2,380,220 | $      562,181 | $      326,534              | .08%                 

Service Provider Fees. DWS Scudder Investments Service Company
("DWS-SISC"), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent for the Fund.
Pursuant to a sub-transfer agency agreement among DWS-SISC and DST
Systems, Inc. ("DST"), DWS-SISC has delegated certain transfer agent,
dividend-paying agent and shareholder service agent functions to DST.
DWS-SISC compensates DST out of the shareholder servicing fee it
receives from the Fund. For the year ended December 31, 2007, the
amount charged to the Fund by DWS-SISC aggregated $131,620, all of
which was waived.

In addition, DWS Scudder Distributors, Inc. ("DWS-SDI") also an affiliate
of the Advisor, provides information and administrative services for a fee
("Service Fee") to Institutional Class shareholders at an annual rate of up
to 0.25% of average daily net assets. DWS-SDI in turn has various
agreements with financial services firms that provide these services and
pays these fees based upon the assets of shareholder accounts the firm
services. For the year ended December 31, 2007, the Service Fee was as
follows:

|                                   | Total
Aggregated | Waived           | Annual
Effective Rate
|---------------------------------- | ---------------- | ---------------- | ---------------------
|Cash Management Fund Institutional | $      1,462,115 | $      1,462,115 | .00%                 

Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the year ended December 31, 2007, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $19,085, of which
$10,663 is unpaid.

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

C. Concentration of Ownership

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

At December 31, 2007, there was one shareholder who held
approximately 19% of the outstanding shares of the Fund.

Report of Independent Registered
Public Accounting Firm

To the Trustees of DWS Institutional Funds and Shareholders of Cash
Management Fund Institutional:

In our opinion, the accompanying statement of assets and liabilities and
the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of Cash Management Fund Institutional (hereafter referred to as
the ``Fund'') at December 31, 2007, and the results of its operations, the
changes in its net assets and the financial highlights for each of the
periods indicated therein, in conformity with accounting principles
generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as ``financial
statements'') are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

|Boston, Massachusetts
February 28, 2008 | PricewaterhouseCoopers LLP
|--------------------------------------- | --------------------------

Tax Information

Please contact 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.

Trustees and Officers

The following table presents certain information regarding the Board
Members and Officers of the Trust as of December 31, 2007. 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.

|Independent Board Members                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served   | Business Experience and Directorships During the
Past Five Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Dawn-Marie
Driscoll (1946)Chairperson
since 2006Board Member
since 2006 | President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley College;
formerly, Partner, Palmer & Dodge (1988-1990); Vice
President of Corporate Affairs and General Counsel, Filene's
(1978-1988). Directorships: Trustee of eight open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
2007); Director of ICI Mutual Insurance Company (since
2007); Advisory Board, Center for Business Ethics, Bentley
College; Trustee, Southwest Florida Community Foundation
(charitable organization). Former Directorships: Investment
Company Institute (audit, executive, nominating committees)
and Independent Directors Council (governance, executive
committees)
|Henry P. Becton,
Jr. (1943)Board Member
since 2006                      | Vice Chair, WGBH Educational Foundation. Directorships:
Association of Public Television Stations; Becton Dickinson
and Company1 (medical technology company); Belo
Corporation1 (media company); Boston Museum of Science;
Public Radio International. Former Directorships: American
Public Television; Concord Academy; New England
Aquarium; Mass. Corporation for Educational
Telecommunications; Committee for Economic
Development; Public Broadcasting Service                                                                                                                                                                                                                                                   
|Keith R. Fox
(1954)Board Member
since 2006                              | Managing General Partner, Exeter Capital Partners (a series
of private equity funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Natural
History, Inc. (magazine publisher); Box Top Media Inc.
(advertising); The Kennel Shop (retailer)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Kenneth C.
Froewiss (1945)Board Member
since 2006                       | Clinical Professor of Finance, NYU Stern School of Business
(1997-present); Member, Finance Committee, Association
for Asian Studies (2002-present); Director, Mitsui Sumitomo
Insurance Group (US) (2004-present); prior thereto,
Managing Director, J.P. Morgan (investment banking firm)
(until 1996)                                                                                                                                                                                                                                                                                                                                                                                                                 
|Martin J. Gruber7
(1937)Board Member
since 1999                         | Nomura Professor of Finance, Leonard N. Stern School of
Business, New York University (since September 1965);
Director, Japan Equity Fund, Inc. (since January 1992), Thai
Capital Fund, Inc. (since January 2000), Singapore Fund, Inc.
(since January 2000), National Bureau of Economic Research
(since January 2006). Formerly, Trustee, TIAA (pension
funds) (January 1996-January 2000); Trustee, CREF and
CREF Mutual Funds (January 2000-March 2005); Chairman,
CREF and CREF Mutual Funds (February 2004-March 2005);
and Director, S.G. Cowen Mutual Funds (January
1985-January 2001)                                                                                                                         
|Richard J.
Herring (1946)Board Member
since 1999                        | Jacob Safra Professor of International Banking and
Professor, Finance Department, The Wharton School,
University of Pennsylvania (since July 1972); Co-Director,
Wharton Financial Institutions Center (since July 2000);
Director, Japan Equity Fund, Inc. (since September 2007),
Thai Capital Fund, Inc. (since September 2007), Singapore
Fund, Inc. (since September 2007). Formerly, Vice Dean and
Director, Wharton Undergraduate Division (July 1995-June
2000); Director, Lauder Institute of International
Management Studies (July 2000-June 2006)                                                                                                                                                            
|Graham E.
Jones7 (1933)Board Member
since 2002                          | Senior Vice President, BGK Realty, Inc. (commercial real
estate) (since 1995). Formerly, Trustee of various investment
companies managed by Sun Capital Advisors, Inc.
(1998-2005), Morgan Stanley Asset Management
(1985-2001) and Weiss, Peck and Greer (1985-2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Rebecca W.
Rimel (1951)Board Member
since 2002                          | President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization)
(1994 to present); Trustee, Executive Committee,
Philadelphia Chamber of Commerce (2001 to present).
Formerly, Executive Vice President, The Glenmede Trust
Company (investment trust and wealth management)
(1983-2004); Board Member, Investor Education (charitable
organization) (2004-2005); Director, Viasys Health Care1
(January 2007-June 2007)                                                                                                                                                                                    
|William N.
Searcy, Jr. (1946)Board Member
since 2002                    | Private investor since October 2003; Trustee of eight
open-end mutual funds managed by Sun Capital Advisers,
Inc. (since October 1998). Formerly, Pension & Savings Trust
Officer, Sprint Corporation1 (telecommunications) (November
1989-September 2003)                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Jean Gleason
Stromberg (1943)Board Member
since 2006                    | Retired. Formerly, Consultant (1997-2001); Director, US
Government Accountability Office (1996-1997); Partner,
Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Service Source, Inc. Former Directorships: Mutual Fund
Directors Forum (2002-2004), American Bar Retirement
Association (funding vehicle for retirement plans)
(1987-1990 and 1994-1996)                                                                                                                                                                                                                                                                                                    
|Carl W. Vogt7
(1936)Board Member
since 2006                             | Retired Senior Partner, Fulbright & Jaworski, L.L.P. (law
firm); formerly, President (interim) of Williams College
(1999-2000); formerly, President of certain funds in the
Deutsche Asset Management family of funds (formerly, Flag
Investors family of funds) (registered investment companies)
(1999-2000). Directorships: Yellow Corporation (trucking);
American Science & Engineering (x-ray detection
equipment). Former Directorships: ISI Family of Funds
(registered investment companies, four funds overseen);
National Railroad Passenger Corporation (Amtrak); Waste
Management, Inc. (solid waste disposal). Formerly, Chairman
and Member, National Transportation Safety Board                         

|Interested Board Member                                              
|---------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served
|Axel Schwarzer2(1958)Board Member
since 2006                         

|Officers3                                                                           
|------------------------------------------------------------------------------------
|Name, Year of Birth,
Position with the Fund and
Length of Time Served               
|Michael G. Clark5 (1965)President, 2006-present                                     
|John Millette6 (1962)Vice President and Secretary,
2003-present                     
|Paul H. Schubert5 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
|Patricia DeFilippis5(1963)Assistant Secretary,
2005-present                         
|Elisa D. Metzger5 (1962)Assistant Secretary
2005-present                            
|Caroline Pearson6 (1962)Assistant Secretary,
2002-present                           
|Paul Antosca6 (1957)Assistant Treasurer,
2007-present                               
|Jack Clark6 (1967)Assistant Treasurer,
2007-present                                 
|Kathleen Sullivan D'Eramo6
(1957)Assistant Treasurer,
2003-present                  
|Diane Kenneally6(1966)Assistant Treasurer,
2007-present                             
|Jason Vazquez4 (1972)Anti-Money Laundering
Compliance Officer,
2007-present         
|Robert Kloby5 (1962)Chief Compliance Officer,
2006-present                          
|J. Christopher Jackson5
(1951)Chief Legal Officer,
2006-present                     

|Name and
Year of Birth
Chicago Board
Members to be
Elected to New
York Board | Business Experience and Directorships
During the Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                       | Position with
the DWS
Funds and
Length of
Time Served  
|---------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------
|John W. Ballantine
(1946)                                                    | Retired; formerly, Executive Vice President and Chief
Risk Management Officer, First Chicago NBD
Corporation/The First National Bank of Chicago
(1996-1998); Executive Vice President and Head of
International Banking (1995-1996). Directorships:
Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private
equity). Former Directorships: First Oak Brook
Bancshares, Inc. and Oak Brook Bank | Chicago Board
Member
since 1999                        
|Paul K. Freeman
(1950)                                                       | Consultant, World Bank/Inter-American Development
Bank; formerly, Project Leader, International Institute
for Applied Systems Analysis (1998-2001); Chief
Executive Officer, The Eric Group, Inc. (environmental
insurance) (1986-1998). Formerly, Trustee of funds
managed by DIMA or its affiliates (1993-2002).                                                                                                                                                                                  | Chicago Board
Member
since 2002,
Chairperson
since 2007
|William McClayton
(1944)                                                     | Chief Administrative Officer, Diamond Management &
Technology Consultants, Inc. (global management
consulting firm) (2001-present); formerly, Senior
Partner, Arthur Andersen LLP (accounting) (1966-2001).
Directorship: Board of Managers, YMCA of
Metropolitan Chicago. Formerly, Trustee, Ravinia
Festival.                                                                                                                                                                                     | Chicago Board
Member
since 2004                        
|Robert H.
Wadsworth(1940)                                                    | President, Robert H. Wadsworth & Associates, Inc.
(consulting firm) (1983 to present). Formerly, Trustee of
funds managed by DIMA or its affiliates (1999-2004).                                                                                                                                                                                                                                                                                                                                    | Chicago Board
Member
since 2004                        

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.



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

Investment Portfolioas of December 31, 2007

|                                                                                                                                                                  | Principal
Amount ($) | Value ($)  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                                                                                  |                     
|Certificates of Deposit and Bank Notes 13.6%                                                                                                                     
|ABN AMRO Bank NV:                                                                                                                                                 |                      |            
|5.03%, 1/24/2008                                                                                                                                                  | 31,200,000           | 31,200,394 
|5.1%, 1/22/2008                                                                                                                                                   | 52,000,000           | 52,000,898 
|Bank of Ireland:                                                                                                                                                  |                      |            
|4.96%, 1/24/2008                                                                                                                                                  | 150,000,000          | 150,011,236
|5.12%, 2/29/2008                                                                                                                                                  | 8,000,000            | 8,000,000  
|Bank of Scotland PLC:                                                                                                                                             |                      |            
|4.5%, 11/19/2008                                                                                                                                                  | 120,000,000          | 120,000,000
|4.77%, 4/25/2008                                                                                                                                                  | 155,000,000          | 155,000,000
|4.91%, 4/23/2008                                                                                                                                                  | 35,800,000           | 35,806,508 
|4.93%, 10/9/2008                                                                                                                                                  | 155,000,000          | 155,000,000
|Bank of Tokyo-Mitsubishi-UFJ, Ltd., 5.3%, 2/21/2008                                                                                                               | 290,000,000          | 290,000,000
|Barclays Bank PLC:                                                                                                                                                |                      |            
|4.72%, 4/30/2008                                                                                                                                                  | 60,000,000           | 60,000,000 
|4.85%, 3/25/2008                                                                                                                                                  | 300,000,000          | 300,000,000
|5.2%, 4/9/2008                                                                                                                                                    | 200,000,000          | 200,000,000
|5.5%, 3/12/2008                                                                                                                                                   | 335,700,000          | 335,700,000
|BNP Paribas, 5.1%, 3/13/2008                                                                                                                                      | 148,400,000          | 148,400,000
|Calyon, 4.8%, 3/25/2008                                                                                                                                           | 198,050,000          | 198,050,000
|Canadian Imperial Bank of Commerce, 5.117%, 3/17/2008                                                                                                             | 120,000,000          | 120,001,762
|Chase Bank USA NA, 5.15%, 2/12/2008                                                                                                                               | 200,000,000          | 200,000,000
|Citibank NA, 5.3%, 2/20/2008                                                                                                                                      | 143,000,000          | 143,000,000
|Credit Industrial et Commercial:                                                                                                                                  |                      |            
|5.14%, 3/17/2008                                                                                                                                                  | 190,000,000          | 190,001,980
|5.31%, 1/2/2008                                                                                                                                                   | 181,000,000          | 181,000,049
|Dexia Credit Local:                                                                                                                                               |                      |            
|4.95%, 1/22/2008                                                                                                                                                  | 200,000,000          | 200,000,000
|5.01%, 2/14/2008                                                                                                                                                  | 10,200,000           | 10,200,124 
|JPMorgan Chase & Co., 5.13%, 1/10/2008                                                                                                                            | 3,302,000            | 3,302,000  
|JPMorgan Chase Bank NA, 4.75%, 6/10/2008                                                                                                                          | 124,550,000          | 124,550,000
|Landesbank Hessen-Thuringen Girozentrale, 5.3%,
1/15/2008                                                                                                         | 27,000,000           | 26,998,297 
|Mizuho Corporate Bank, 4.93%, 2/19/2008                                                                                                                           | 100,000,000          | 100,000,000
|Natixis SA:                                                                                                                                                       |                      |            
|5.08%, 3/20/2008                                                                                                                                                  | 231,900,000          | 231,900,000
|5.1%, 3/18/2008                                                                                                                                                   | 140,000,000          | 140,023,021
|Societe Generale:                                                                                                                                                 |                      |            
|5.305%, 1/24/2008                                                                                                                                                 | 150,000,000          | 150,000,467
|5.35%, 1/18/2008                                                                                                                                                  | 65,800,000           | 65,800,000 
|5.35%, 1/22/2008                                                                                                                                                  | 65,000,000           | 65,000,000 
|UBS AG:                                                                                                                                                           |                      |            
|5.39%, 3/18/2008                                                                                                                                                  | 78,100,000           | 78,100,000 
|5.48%, 3/7/2008                                                                                                                                                   | 320,000,000          | 320,000,000
|Total Certificates of Deposit and Bank Notes (Cost $4,589,046,736)                                                                                                | 4,589,046,736       
|                                                                                                                                                                 
|Commercial Paper 48.1%                                                                                                                                           
|Issued at Discount**47.3%                                                                                                                                        
|Abbey National North America LLC, 4.73%, 1/25/2008                                                                                                                | 300,000,000          | 299,054,000
|Alcon Capital Corp.:                                                                                                                                              |                      |            
|4.4%, 5/21/2008                                                                                                                                                   | 71,700,000           | 70,464,370 
|4.44%, 5/22/2008                                                                                                                                                  | 16,000,000           | 15,719,787 
|Amsterdam Funding Corp., 5.3%, 2/7/2008                                                                                                                           | 46,000,000           | 45,749,428 
|AstraZeneca PLC, 4.7%, 5/14/2008                                                                                                                                  | 82,000,000           | 80,565,456 
|Atlantic Asset Securitization Corp.:                                                                                                                              |                      |            
|5.75%, 2/15/2008                                                                                                                                                  | 200,000,000          | 198,562,500
|5.85%, 2/8/2008                                                                                                                                                   | 175,000,000          | 173,919,375
|6.05%, 1/30/2008                                                                                                                                                  | 200,000,000          | 199,025,278
|6.15%, 1/7/2008                                                                                                                                                   | 1,500,000            | 1,498,463  
|Atlantis One Funding Corp., 4.8%, 1/30/2008                                                                                                                       | 55,000,000           | 54,787,333 
|Bank of America Corp., 4.865%, 4/11/2008                                                                                                                          | 198,000,000          | 195,297,493
|Bank of Scotland PLC, 5.08%, 1/16/2008                                                                                                                            | 180,000,000          | 179,619,000
|BNP Paribas, 5.19%, 1/7/2008                                                                                                                                      | 8,000,000            | 7,993,080  
|CAFCO LLC:                                                                                                                                                        |                      |            
|5.1%, 2/11/2008                                                                                                                                                   | 200,000,000          | 198,838,333
|5.35%, 2/12/2008                                                                                                                                                  | 102,550,000          | 101,909,917
|5.5%, 1/16/2008                                                                                                                                                   | 100,000,000          | 99,770,833 
|Calyon North America, Inc., 4.72%, 1/25/2008                                                                                                                      | 300,000,000          | 299,056,000
|Cancara Asset Securitization LLC:                                                                                                                                 |                      |            
|4.87%, 2/8/2008                                                                                                                                                   | 50,000,000           | 49,742,972 
|4.93%, 1/9/2008                                                                                                                                                   | 50,000,000           | 49,945,222 
|5.17%, 1/11/2008                                                                                                                                                  | 200,000,000          | 199,712,778
|5.215%, 1/14/2008                                                                                                                                                 | 119,800,000          | 119,574,393
|5.215%, 1/15/2008                                                                                                                                                 | 21,000,000           | 20,957,411 
|5.23%, 1/10/2008                                                                                                                                                  | 100,000,000          | 99,869,250 
|5.75%, 2/1/2008                                                                                                                                                   | 390,000,000          | 388,068,958
|CBA (Delaware) Finance, Inc.:                                                                                                                                     |                      |            
|4.93%, 3/14/2008                                                                                                                                                  | 200,000,000          | 198,000,611
|4.93%, 3/17/2008                                                                                                                                                  | 35,450,000           | 35,081,044 
|Chariot Funding LLC:                                                                                                                                              |                      |            
|5.85%, 1/8/2008                                                                                                                                                   | 120,000,000          | 119,863,500
|5.85%, 1/10/2008                                                                                                                                                  | 94,146,000           | 94,008,311 
|5.95%, 1/18/2008                                                                                                                                                  | 145,000,000          | 144,592,590
|5.95%, 1/25/2008                                                                                                                                                  | 157,866,000          | 157,239,798
|6.1%, 1/10/2008                                                                                                                                                   | 300,000,000          | 299,542,500
|Charta LLC, 4.9%, 1/25/2008                                                                                                                                       | 150,000,000          | 149,510,000
|Ciesco LLC:                                                                                                                                                       |                      |            
|5.1%, 2/11/2008                                                                                                                                                   | 75,000,000           | 74,564,375 
|5.4%, 1/28/2008                                                                                                                                                   | 100,000,000          | 99,595,000 
|5.43%, 2/14/2008                                                                                                                                                  | 217,500,000          | 216,056,525
|5.45%, 2/14/2008                                                                                                                                                  | 222,500,000          | 221,017,903
|5.5%, 1/16/2008                                                                                                                                                   | 125,000,000          | 124,713,542
|Dexia Delaware LLC, 5.025%, 3/3/2008                                                                                                                              | 20,000,000           | 19,826,917 
|DNB NOR Bank ASA:                                                                                                                                                 |                      |            
|5.075%, 1/16/2008                                                                                                                                                 | 97,000,000           | 96,794,885 
|5.1%, 1/24/2008                                                                                                                                                   | 24,259,000           | 24,179,956 
|Electricite de France, 4.4%, 3/5/2008                                                                                                                             | 135,000,000          | 133,944,000
|Falcon Asset Securitization Corp., 5.1%, 1/7/2008                                                                                                                 | 100,000,000          | 99,915,000 
|General Electric Capital Corp.:                                                                                                                                   |                      |            
|4.42%, 7/21/2008                                                                                                                                                  | 200,000,000          | 195,039,778
|4.62%, 4/21/2008                                                                                                                                                  | 155,000,000          | 152,792,025
|5.15%, 1/23/2008                                                                                                                                                  | 250,000,000          | 249,213,194
|5.15%, 1/24/2008                                                                                                                                                  | 400,000,000          | 398,683,889
|Giro Balanced Funding Corp.:                                                                                                                                      |                      |            
|5.59%, 1/31/2008                                                                                                                                                  | 22,878,000           | 22,771,427 
|5.62%, 2/1/2008                                                                                                                                                   | 104,900,000          | 104,392,342
|Grampian Funding LLC:                                                                                                                                             |                      |            
|5.16%, 2/5/2008                                                                                                                                                   | 100,000,000          | 99,498,333 
|5.18%, 1/2/2008                                                                                                                                                   | 100,000,000          | 99,985,611 
|Greenwich Capital Holdings, Inc., 4.81%, 5/28/2008                                                                                                                | 130,000,000          | 127,429,322
|ING (US) Funding LLC, 4.72%, 1/25/2008                                                                                                                            | 67,500,000           | 67,287,600 
|Jupiter Securitization Corp.:                                                                                                                                     |                      |            
|4.73%, 1/8/2008                                                                                                                                                   | 178,331,000          | 178,166,985
|5.4%, 1/29/2008                                                                                                                                                   | 75,711,000           | 75,393,014 
|KFW International Finance, Inc.:                                                                                                                                  |                      |            
|4.225%, 4/7/2008                                                                                                                                                  | 16,849,000           | 16,657,191 
|4.25%, 3/31/2008                                                                                                                                                  | 348,000              | 344,303    
|Kitty Hawk Funding Corp.:                                                                                                                                         |                      |            
|4.87%, 2/11/2008                                                                                                                                                  | 24,865,000           | 24,727,089 
|4.9%, 2/22/2008                                                                                                                                                   | 100,000,000          | 99,292,222 
|4.975%, 1/7/2008                                                                                                                                                  | 158,172,000          | 158,040,849
|Lake Constance Funding LLC:                                                                                                                                       |                      |            
|5.22%, 1/4/2008                                                                                                                                                   | 120,000,000          | 119,947,800
|5.23%, 1/7/2008                                                                                                                                                   | 80,000,000           | 79,930,267 
|5.23%, 1/11/2008                                                                                                                                                  | 62,500,000           | 62,409,201 
|Liberty Street Funding:                                                                                                                                           |                      |            
|4.79%, 1/28/2008                                                                                                                                                  | 50,000,000           | 49,820,375 
|4.87%, 2/4/2008                                                                                                                                                   | 87,800,000           | 87,396,169 
|5.17%, 1/4/2008                                                                                                                                                   | 90,000,000           | 89,961,225 
|5.4%, 2/19/2008                                                                                                                                                   | 73,750,000           | 73,207,938 
|5.4%, 2/29/2008                                                                                                                                                   | 127,000,000          | 125,876,050
|5.45%, 2/21/2008                                                                                                                                                  | 50,000,000           | 49,613,958 
|5.75%, 1/4/2008                                                                                                                                                   | 36,000,000           | 35,982,750 
|5.75%, 3/13/2008                                                                                                                                                  | 75,000,000           | 74,137,500 
|6.25%, 1/31/2008                                                                                                                                                  | 50,000,000           | 49,739,583 
|6.5%, 1/10/2008                                                                                                                                                   | 75,000,000           | 74,878,125 
|Market Street Funding LLC:                                                                                                                                        |                      |            
|4.9%, 1/2/2008                                                                                                                                                    | 39,509,000           | 39,503,622 
|6.55%, 1/15/2008                                                                                                                                                  | 150,000,000          | 149,617,917
|MetLife, Inc., 4.23%, 1/25/2008                                                                                                                                   | 200,908,000          | 200,341,439
|Natexis Banques Populaires US Finance Co., LLC, 4.745%,
2/6/2008                                                                                                  | 163,500,000          | 162,724,193
|Nestle Capital Corp.:                                                                                                                                             |                      |            
|4.3%, 10/31/2008                                                                                                                                                  | 54,250,000           | 52,280,122 
|4.37%, 5/21/2008                                                                                                                                                  | 25,000,000           | 24,572,104 
|4.75%, 3/6/2008                                                                                                                                                   | 150,000,000          | 148,713,542
|4.75%, 3/7/2008                                                                                                                                                   | 50,000,000           | 49,564,583 
|Nieuw Amsterdam Receivables Corp.:                                                                                                                                |                      |            
|5.22%, 1/4/2008                                                                                                                                                   | 20,000,000           | 19,991,300 
|5.75%, 1/18/2008                                                                                                                                                  | 50,000,000           | 49,864,236 
|6.0%, 1/4/2008                                                                                                                                                    | 21,926,000           | 21,915,037 
|6.0%, 1/10/2008                                                                                                                                                   | 150,710,000          | 150,483,935
|6.0%, 1/14/2008                                                                                                                                                   | 127,000,000          | 126,724,833
|North Sea Funding LLC:                                                                                                                                            |                      |            
|5.15%, 1/25/2008                                                                                                                                                  | 332,000,000          | 330,860,133
|7.0%, 1/3/2008                                                                                                                                                    | 50,000,000           | 49,980,556 
|Old Line Funding LLC, 4.9%, 2/13/2008                                                                                                                             | 87,751,000           | 87,237,413 
|Park Avenue Receivables Co., LLC:                                                                                                                                 |                      |            
|5.3%, 2/8/2008                                                                                                                                                    | 201,000,000          | 199,875,517
|5.4%, 2/4/2008                                                                                                                                                    | 112,571,000          | 111,996,888
|Perry Global Funding LLC:                                                                                                                                         |                      |            
|Series A, 5.115%, 4/2/2008                                                                                                                                        | 38,000,000           | 37,503,277 
|Series A, 5.13%, 4/3/2008                                                                                                                                         | 25,000,000           | 24,668,688 
|Series A, 5.26%, 1/17/2008                                                                                                                                        | 31,500,000           | 31,426,360 
|Pfizer, Inc.:                                                                                                                                                     |                      |            
|4.38%, 5/14/2008                                                                                                                                                  | 100,000,000          | 98,369,667 
|4.4%, 5/14/2008                                                                                                                                                   | 69,000,000           | 67,869,933 
|4.41%, 5/7/2008                                                                                                                                                   | 89,790,000           | 88,393,092 
|4.41%, 5/16/2008                                                                                                                                                  | 63,750,000           | 62,687,925 
|Procter & Gamble International Funding SCA:                                                                                                                       |                      |            
|4.11%, 3/17/2008                                                                                                                                                  | 100,000,000          | 99,132,333 
|4.22%, 3/6/2008                                                                                                                                                   | 25,500,000           | 25,305,704 
|4.25%, 3/13/2008                                                                                                                                                  | 50,000,000           | 49,575,000 
|4.43%, 3/5/2008                                                                                                                                                   | 47,500,000           | 47,125,911 
|4.45%, 3/14/2008                                                                                                                                                  | 50,000,000           | 49,548,819 
|4.47%, 2/14/2008                                                                                                                                                  | 64,250,000           | 63,898,981 
|4.49%, 2/1/2008                                                                                                                                                   | 14,100,000           | 14,045,484 
|4.57%, 2/29/2008                                                                                                                                                  | 50,000,000           | 49,625,514 
|4.6%, 1/25/2008                                                                                                                                                   | 50,000,000           | 49,846,667 
|4.73%, 1/16/2008                                                                                                                                                  | 37,000,000           | 36,927,079 
|4.78%, 1/2/2008                                                                                                                                                   | 50,000,000           | 49,993,361 
|4.79%, 1/9/2008                                                                                                                                                   | 50,000,000           | 49,946,778 
|Rabobank USA Financial Co., 3.0%, 1/2/2008                                                                                                                        | 4,984,000            | 4,983,585  
|Ranger Funding Co., LLC:                                                                                                                                          |                      |            
|4.77%, 1/29/2008                                                                                                                                                  | 38,594,000           | 38,450,816 
|5.35%, 1/25/2008                                                                                                                                                  | 36,513,000           | 36,382,770 
|5.35%, 1/29/2008                                                                                                                                                  | 128,446,000          | 127,911,522
|5.75%, 1/23/2008                                                                                                                                                  | 119,295,000          | 118,875,811
|San Paolo IMI US Financial Co.:                                                                                                                                   |                      |            
|5.105%, 1/8/2008                                                                                                                                                  | 85,000,000           | 84,915,626 
|5.105%, 1/11/2008                                                                                                                                                 | 40,000,000           | 39,943,278 
|5.26%, 1/7/2008                                                                                                                                                   | 4,000,000            | 3,996,493  
|5.28%, 1/7/2008                                                                                                                                                   | 27,000,000           | 26,976,240 
|Scaldis Capital LLC:                                                                                                                                              |                      |            
|4.87%, 2/8/2008                                                                                                                                                   | 35,000,000           | 34,820,081 
|5.02%, 1/25/2008                                                                                                                                                  | 95,000,000           | 94,682,067 
|5.18%, 1/3/2008                                                                                                                                                   | 114,400,000          | 114,367,078
|5.24%, 1/9/2008                                                                                                                                                   | 347,000,000          | 346,595,938
|6.15%, 1/15/2008                                                                                                                                                  | 200,000,000          | 199,521,667
|Sheffield Receivables Corp.:                                                                                                                                      |                      |            
|5.8%, 1/8/2008                                                                                                                                                    | 68,750,000           | 68,672,465 
|5.95%, 1/15/2008                                                                                                                                                  | 55,000,000           | 54,872,736 
|6.0%, 1/8/2008                                                                                                                                                    | 127,340,000          | 127,191,437
|6.0%, 1/9/2008                                                                                                                                                    | 145,412,000          | 145,218,117
|Skandinaviska Enskilda Banken, 4.78%, 1/25/2008                                                                                                                   | 100,000,000          | 99,681,333 
|Societe Generale North America, Inc.:                                                                                                                             |                      |            
|3.7%, 1/2/2008                                                                                                                                                    | 1,800,000            | 1,799,815  
|4.775%, 2/1/2008                                                                                                                                                  | 120,800,000          | 120,303,294
|5.14%, 1/15/2008                                                                                                                                                  | 80,593,000           | 80,431,904 
|5.15%, 1/7/2008                                                                                                                                                   | 200,000,000          | 199,828,333
|Southern Co. Funding Corp., 4.15%, 1/2/2008                                                                                                                       | 6,376,000            | 6,375,265  
|Swedbank AB, 4.73%, 2/29/2008                                                                                                                                     | 164,000,000          | 162,728,681
|The Goldman Sachs Group, Inc., 5.3%, 1/8/2008                                                                                                                     | 275,000,000          | 274,716,597
|Three Rivers Funding Corp., 5.0%, 1/2/2008                                                                                                                        | 247,346,000          | 247,311,646
|Thunder Bay Funding LLC:                                                                                                                                          |                      |            
|5.75%, 2/8/2008                                                                                                                                                   | 55,583,000           | 55,245,642 
|5.95%, 1/15/2008                                                                                                                                                  | 200,000,000          | 199,537,222
|5.95%, 1/16/2008                                                                                                                                                  | 100,000,000          | 99,752,083 
|6.0%, 1/4/2008                                                                                                                                                    | 25,127,000           | 25,114,437 
|Toronto Dominion Holding USA, Inc., 4.85%, 1/10/2008                                                                                                              | 700,000              | 699,151    
|Toyota Motor Credit Corp.:                                                                                                                                        |                      |            
|4.5%, 2/12/2008                                                                                                                                                   | 100,000,000          | 99,475,000 
|4.61%, 4/25/2008                                                                                                                                                  | 40,000,000           | 39,410,944 
|UBS Finance (DE) LLC:                                                                                                                                             |                      |            
|4.72%, 1/25/2008                                                                                                                                                  | 300,000,000          | 299,056,000
|5.01%, 2/13/2008                                                                                                                                                  | 10,200,000           | 10,138,962 
|United Parcel Service, Inc.:                                                                                                                                      |                      |            
|4.0%, 6/30/2008                                                                                                                                                   | 50,000,000           | 48,994,444 
|4.13%, 7/31/2008                                                                                                                                                  | 40,750,000           | 39,758,915 
|4.18%, 5/30/2008                                                                                                                                                  | 58,950,000           | 57,923,288 
|Victory Receivables Corp., 5.5%, 2/15/2008                                                                                                                        | 200,000,000          | 198,625,000
|Westpac Banking Corp., 5.1%, 1/11/2008                                                                                                                            | 150,000,000          | 149,787,500
|Windmill Funding Corp.:                                                                                                                                           |                      |            
|5.07%, 1/18/2008                                                                                                                                                  | 48,900,000           | 48,782,925 
|5.18%, 1/10/2008                                                                                                                                                  | 48,600,000           | 48,537,063 
|5.35%, 2/1/2008                                                                                                                                                   | 184,400,000          | 183,550,479
|Yorktown Capital LLC, 5.15%, 4/11/2008                                                                                                                            | 17,954,000           | 17,694,590 
|                                                                                                                                                                  | 15,956,540,385      
|Issued at Par 0.8%                                                                                                                                               
|CHI Catholic Health Initiatives:                                                                                                                                  |                      |            
|4.88%, 3/4/2008                                                                                                                                                   | 144,700,000          | 144,700,000
|5.05%, 3/11/2008                                                                                                                                                  | 64,000,000           | 64,000,000 
|5.15%, 3/5/2008                                                                                                                                                   | 55,500,000           | 55,500,000 
|                                                                                                                                                                  | 264,200,000         
|Total Commercial Paper(Cost $16,220,740,385)                                                                                                                      | 16,220,740,385      
|                                                                                                                                                                 
|Master Notes 2.6%                                                                                                                                                
|Citigroup Global Markets, Inc., 4.6%*, 1/2/2008 (a)                                                                                                               | 665,000,000          | 665,000,000
|The Bear Stearns Companies, Inc., 5.1%*, 1/2/2008 (a)                                                                                                             | 200,000,000          | 200,000,000
|Total Master Notes (Cost $865,000,000)                                                                                                                            | 865,000,000         
|                                                                                                                                                                 
|Guaranteed Investment Contracts* 0.4%                                                                                                                            
|Genworth Life Insurance Co.:                                                                                                                                      |                      |            
|5.14%, 1/25/2008                                                                                                                                                  | 75,000,000           | 75,000,000 
|5.183%, 3/3/2008                                                                                                                                                  | 20,000,000           | 20,000,000 
|MetLife Insurance Co. of Connecticut, 5.07%, 3/31/2008                                                                                                            | 30,000,000           | 30,000,000 
|Total Guaranteed Investment Contracts (Cost $125,000,000)                                                                                                         | 125,000,000         
|                                                                                                                                                                 
|Government & Agency Obligations 7.3%                                                                                                                             
|US Government Sponsored Agencies 3.7%                                                                                                                            
|Federal Home Loan Bank:                                                                                                                                           |                      |            
|2.625%, 7/15/2008                                                                                                                                                 | 64,850,000           | 64,339,200 
|3.5%**, 1/8/2008                                                                                                                                                  | 107,737,000          | 107,663,679
|4.1%**, 7/22/2008                                                                                                                                                 | 116,000,000          | 113,318,144
|4.625%, 10/15/2008                                                                                                                                                | 45,000,000           | 45,117,693 
|4.84%*, 9/17/2008                                                                                                                                                 | 100,000,000          | 99,968,613 
|Federal Home Loan Mortgage Corp.:                                                                                                                                 |                      |            
|3.625%, 9/15/2008                                                                                                                                                 | 45,000,000           | 44,820,711 
|3.7%**, 10/10/2008                                                                                                                                                | 59,000,000           | 57,283,919 
|4.15%**, 6/9/2008                                                                                                                                                 | 72,550,000           | 71,211,856 
|4.2%**, 1/8/2008                                                                                                                                                  | 1,468,000            | 1,466,801  
|Federal National Mortgage Association:                                                                                                                            |                      |            
|3.94%**, 8/8/2008                                                                                                                                                 | 193,000,000          | 188,352,989
|4.19%**, 4/30/2008                                                                                                                                                | 200,000,000          | 197,206,667
|4.2%**, 4/18/2008                                                                                                                                                 | 120,700,000          | 119,179,180
|4.235%**, 3/19/2008                                                                                                                                               | 155,700,000          | 154,271,323
|                                                                                                                                                                  | 1,264,200,775       
|US Treasury Obligations 3.6%                                                                                                                                     
|US Treasury Bills:                                                                                                                                                |                      |            
|3.13%**, 5/29/2008                                                                                                                                                | 100,000,000          | 98,704,528 
|3.14%**, 6/26/2008                                                                                                                                                | 165,000,000          | 162,452,675
|3.17%***, 5/29/2008                                                                                                                                               | 133,000,000          | 131,255,003
|3.25%**, 6/26/2008                                                                                                                                                | 79,000               | 77,738     
|3.26%***, 6/19/2008                                                                                                                                               | 100,000,000          | 98,460,556 
|3.265%**, 6/19/2008                                                                                                                                               | 133,000,000          | 130,949,399
|3.275%**, 6/19/2008                                                                                                                                               | 139,250,000          | 137,096,460
|3.28%**, 7/3/2008                                                                                                                                                 | 260,000,000          | 255,688,622
|3.29%**, 6/19/2008                                                                                                                                                | 85,000,000           | 83,679,431 
|US Treasury Notes:                                                                                                                                                |                      |            
|3.375%, 12/15/2008                                                                                                                                                | 64,250,000           | 64,500,923 
|4.875%, 10/31/2008                                                                                                                                                | 60,000,000           | 60,787,613 
|                                                                                                                                                                  | 1,223,652,948       
|Total Government and Agency Obligations (Cost $2,487,853,723)                                                                                                     | 2,487,853,723       
|                                                                                                                                                                 
|Asset Backed 0.5%                                                                                                                                                
|Holmes Master Issuer PLC, "1A1", Series 2007-1,
5.007%*, 3/15/2008                                                                                                | 75,000,000           | 75,000,000 
|Steers Mercury III Trust, 144A, 4.885%*, 7/27/2008                                                                                                                | 95,312,878           | 95,312,878 
|Total Asset Backed (Cost $170,312,878)                                                                                                                            | 170,312,878         
|                                                                                                                                                                 
|Promissory Notes 0.3%                                                                                                                                            
|The Goldman Sachs Group, Inc., 4.12%*, 1/18/2008
(Cost $100,000,000)                                                                                              | 100,000,000          | 100,000,000
|                                                                                                                                                                 
|Short Term Notes* 25.0%                                                                                                                                          
|ABN AMRO Bank NV, 144A, 5.258%, 4/18/2008                                                                                                                         | 57,000,000           | 57,013,960 
|Alliance & Leicester PLC, 5.262%, 8/7/2008                                                                                                                        | 100,000,000          | 100,000,000
|Allied Irish Banks PLC, 4.945%, 8/18/2008                                                                                                                         | 118,400,000          | 118,400,000
|American Express Bank FSB, 5.202%, 2/8/2008                                                                                                                       | 125,000,000          | 125,000,000
|American Express Centurion Bank:                                                                                                                                  |                      |            
|4.815%, 2/28/2008                                                                                                                                                 | 100,000,000          | 100,000,000
|4.997%, 4/17/2008                                                                                                                                                 | 150,000,000          | 149,995,615
|American General Finance Corp., 5.328%, 1/18/2008                                                                                                                 | 34,000,000           | 33,998,640 
|American Honda Finance Corp.:                                                                                                                                     |                      |            
|144A, 4.866%, 5/9/2008                                                                                                                                            | 50,000,000           | 50,000,000 
|4.87%, 3/20/2008                                                                                                                                                  | 25,000,000           | 25,000,000 
|144A, 4.959%, 5/12/2008                                                                                                                                           | 22,730,000           | 22,738,786 
|5.273%, 4/10/2008                                                                                                                                                 | 105,000,000          | 105,014,845
|144A, 5.328%, 7/11/2008                                                                                                                                           | 8,000,000            | 8,004,468  
|Australia & New Zealand Banking Group Ltd., 4.916%,
8/22/2008                                                                                                     | 60,000,000           | 60,000,000 
|Banco Bilbao Vizcaya Argentaria SA, 5.234%, 4/17/2008                                                                                                             | 175,050,000          | 175,071,287
|Banco Espanol de Credito SA, 5.198%, 8/11/2008                                                                                                                    | 297,000,000          | 297,000,000
|Bank of America NA, 4.315%, 5/16/2008                                                                                                                             | 35,000,000           | 35,000,000 
|Bank of Ireland, 4.955%, 8/18/2008                                                                                                                                | 75,000,000           | 75,000,000 
|Berkshire Hathaway Finance Corp.:                                                                                                                                 |                      |            
|144A, 4.937%, 5/16/2008                                                                                                                                           | 38,530,000           | 38,545,325 
|144A, 5.298%, 1/11/2008                                                                                                                                           | 50,000,000           | 50,001,307 
|Beta Finance, Inc., 144A, 4.4%, 6/11/2008                                                                                                                         | 70,000,000           | 69,998,507 
|BMW (UK) Capital PLC, 5.047%, 8/14/2008                                                                                                                           | 55,000,000           | 55,000,000 
|BNP Paribas, 4.896%, 8/25/2008                                                                                                                                    | 109,000,000          | 109,000,000
|Caisse Nationale des Caisses d'Epargne et de Prevoyance,
4.849%, 7/10/2008                                                                                        | 197,000,000          | 197,000,000
|Caja de Ahorros y Monte de Piedad de Madrid, 5.348%,
8/12/2008                                                                                                    | 225,000,000          | 225,000,000
|Canadian Imperial Bank of Commerce:                                                                                                                               |                      |            
|4.41%, 6/9/2008                                                                                                                                                   | 112,750,000          | 112,750,000
|5.248%, 7/18/2008                                                                                                                                                 | 16,500,000           | 16,482,514 
|CC (USA), Inc., 144A, 4.4%, 6/11/2008                                                                                                                             | 65,000,000           | 64,998,613 
|Commonwealth Bank of Australia, 4.916%, 9/23/2008                                                                                                                 | 80,000,000           | 80,000,000 
|Credit Agricole SA:                                                                                                                                               |                      |            
|4.853%, 7/22/2008                                                                                                                                                 | 246,000,000          | 246,000,000
|5.141%, 8/26/2008                                                                                                                                                 | 200,000,000          | 200,000,000
|Danske Bank AS, 4.918%, 8/19/2008                                                                                                                                 | 268,000,000          | 267,988,700
|DNB NOR Bank ASA, 4.865%, 9/24/2008                                                                                                                               | 120,000,000          | 120,000,000
|General Electric Capital Corp.:                                                                                                                                   |                      |            
|4.916%, 8/19/2011                                                                                                                                                 | 135,000,000          | 135,000,000
|5.171%, 3/4/2008                                                                                                                                                  | 190,959,000          | 190,996,817
|5.198%, 1/15/2008                                                                                                                                                 | 80,100,000           | 80,097,936 
|5.292%, 1/15/2008                                                                                                                                                 | 49,486,000           | 49,487,657 
|5.302%, 4/15/2008                                                                                                                                                 | 50,000,000           | 50,014,029 
|HSBC Finance Corp.:                                                                                                                                               |                      |            
|144A, 4.946%, 9/24/2008                                                                                                                                           | 140,000,000          | 140,000,000
|5.261%, 8/6/2008                                                                                                                                                  | 125,000,000          | 125,000,000
|HSH Nordbank AG:                                                                                                                                                  |                      |            
|4.866%, 3/25/2008                                                                                                                                                 | 40,000,000           | 39,998,194 
|4.951%, 8/20/2008                                                                                                                                                 | 205,000,000          | 205,000,000
|Intesa Bank Ireland PLC, 4.875%, 8/22/2008                                                                                                                        | 155,000,000          | 155,000,000
|K2 (USA) LLC:                                                                                                                                                     |                      |            
|144A, 5.025%, 4/28/2008                                                                                                                                           | 65,000,000           | 64,997,916 
|5.19%, 1/31/2008                                                                                                                                                  | 30,000,000           | 29,999,766 
|Links Finance LLC:                                                                                                                                                |                      |            
|4.97%, 4/28/2008                                                                                                                                                  | 20,000,000           | 19,999,374 
|144A, 5.0%, 2/25/2008                                                                                                                                             | 14,000,000           | 13,999,888 
|144A, 5.237%, 1/11/2008                                                                                                                                           | 90,000,000           | 90,000,596 
|Lloyds TSB Bank PLC, 5.221%, 9/6/2008                                                                                                                             | 100,000,000          | 100,000,000
|Marshall & Ilsley Bank, 5.027%, 8/14/2008                                                                                                                         | 56,000,000           | 56,000,000 
|Mitsubishi UFJ Trust & Banking Corp., 5.017%, 2/19/2008                                                                                                           | 23,000,000           | 23,000,000 
|National Australia Bank Ltd., 4.99%, 8/14/2008                                                                                                                    | 125,000,000          | 125,000,000
|Natixis SA:                                                                                                                                                       |                      |            
|4.4%, 3/31/2008                                                                                                                                                   | 340,000,000          | 339,983,604
|4.896%, 6/6/2008                                                                                                                                                  | 200,000,000          | 200,000,000
|Nordea Bank AB, 5.232%, 9/8/2008                                                                                                                                  | 85,000,000           | 85,000,000 
|Northern Rock PLC, 5.27%, 8/4/2008                                                                                                                                | 65,000,000           | 65,000,000 
|Pyxis Master Trust, Series 2007-6, 5.17%, 3/6/2008                                                                                                                | 99,000,000           | 99,000,000 
|Rabobank Nederland NV, 4.848%, 11/14/2008                                                                                                                         | 195,000,000          | 195,000,000
|Royal Bank of Canada:                                                                                                                                             |                      |            
|5.181%, 4/4/2008                                                                                                                                                  | 350,000,000          | 349,974,490
|5.221%, 8/5/2008                                                                                                                                                  | 100,000,000          | 100,000,000
|Royal Bank of Scotland PLC, 5.17%, 4/3/2008                                                                                                                       | 200,000,000          | 199,984,957
|Skandinaviska Enskilda Banken, 5.242%, 8/8/2008                                                                                                                   | 80,000,000           | 80,000,000 
|Societe Generale, 4.846%, 3/25/2008                                                                                                                               | 70,500,000           | 70,496,001 
|Svenska Handelsbanken AB, 4.921%, 8/20/2008                                                                                                                       | 200,000,000          | 200,000,000
|Tango Finance Corp., 144A, 5.052%, 4/24/2008                                                                                                                      | 156,500,000          | 156,495,125
|Toyota Motor Credit Corp.:                                                                                                                                        |                      |            
|4.05%, 2/11/2008                                                                                                                                                  | 100,000,000          | 100,000,000
|4.05%, 4/11/2008                                                                                                                                                  | 200,000,000          | 200,000,000
|4.052%, 6/30/2008                                                                                                                                                 | 280,000,000          | 280,000,000
|4.845%, 11/17/2008                                                                                                                                                | 100,000,000          | 100,000,000
|UniCredito Italiano Bank (Ireland) PLC:                                                                                                                           |                      |            
|5.047%, 8/14/2008                                                                                                                                                 | 260,000,000          | 260,000,000
|5.238%, 8/8/2008                                                                                                                                                  | 220,000,000          | 219,991,271
|5.262%, 8/8/2008                                                                                                                                                  | 50,000,000           | 50,000,000 
|Total Short Term Notes (Cost $8,434,520,188)                                                                                                                      | 8,434,520,188       
|Time Deposits 1.5%                                                                                                                                               
|Branch Banking & Trust Co., 0.75%, 1/2/2008                                                                                                                       | 214,200,000          | 214,200,000
|Calyon, 3.875%, 1/2/2008                                                                                                                                          | 41,066,219           | 41,066,219 
|ING Bank NV, 4.5%, 1/2/2008                                                                                                                                       | 250,000,000          | 250,000,000
|Total Time Deposits (Cost $505,266,219)                                                                                                                           | 505,266,219         
|                                                                                                                                                                 
|Municipal Bonds and Notes 0.3%                                                                                                                                   
|Colorado, Housing Finance Authority, Single Family
Mortgage Revenue, "I", Series B-1,4.95%***, 5/1/2038                                                           | 31,240,000           | 31,240,000 
|Colorado, Multi-Family Housing & Finance Authority, "II",
Series B-1, 5.05%***, 10/1/2044 (b)                                                                     | 40,280,000           | 40,280,000 
|Maryland, State Health & Higher Educational Facilities
Authority Revenue, Adventist Healthcare, Series B,
4.8%***, 1/1/2035, LaSalle Bank NA (c)                  | 10,930,000           | 10,930,000 
|North Carolina, Medical Care Commission, Health Care
Facilities Revenue, First Mortgage, Pennybyrn Project,
Series C, 3.42%***, 10/1/2035, Bank of America NA (c) | 24,000,000           | 24,000,000 
|Total Municipal Bonds and Notes (Cost $106,450,000)                                                                                                               | 106,450,000         
|                                                                                                                                                                 
|Repurchase Agreements 0.8%                                                                                                                                       
|JPMorgan Securities, Inc., 4.76%, dated 12/31/2007, to be
repurchased at $28,916,538 on 1/2/2008 (d)                                                              | 28,908,893           | 28,908,893 
|Merrill Lynch Government Securities, Inc., 2.5%, dated
12/31/2007, to be repurchased at $23,003,087 on
1/2/2008 (e)                                               | 22,999,893           | 22,999,893 
|The Bear Stearns & Co., Inc., 4.76%, dated 12/31/2007, to
be repurchased at $216,403,499 on 1/2/2008 (f)                                                          | 216,346,287          | 216,346,287
|Total Repurchase Agreements (Cost $268,255,073)                                                                                                                   | 268,255,073         

|                                                  | % of Net
Assets | Value ($)     
|------------------------------------------------- | --------------- | --------------
|                                                  |                
|Total Investment Portfolio(Cost $33,872,445,202)+ | 100.4           | 33,872,445,202
|Other Assets and Liabilities, Net                 | (0.4)           | (133,394,056) 
|Net Assets                                        | 100.0           | 33,739,051,146

|Insurance Coverage | As a % of Total
Investment Portfolio
|------------------ | ------------------------------------
|MBIA Corp.         |                                     

|Principal
Amount ($)   | Security                              | Rate (%)    | Maturity
Date        | Collateral
Value ($)
|---------------------- | ------------------------------------- | ----------- | -------------------- | --------------------
|37,484,241             | Federal Home Loan Mortgage
Corp.      | 4.993-5.952 | 10/1/2035-
11/1/2037 | 37,930,677          
|187,022,421            | Federal National Mortgage
Association | 4.181-7.374 | 11/1/2031-
11/1/2037 | 182,744,975         
|Total Collateral Value | $   220,675,652                      

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

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

Financial Statements

|Statement of Assets and Liabilitiesas of December 31, 2007
|----------------------------------------------------------
|Assets                                                    
|Investments in securities, valued at amortized cost       
|Cash                                                      
|Interest receivable                                       
|Other assets                                              
|Total assets                                              
|Liabilities                                               
|Payable for investments purchased                         
|Accrued advisory fee                                      
|Accrued administration fee                                
|Other accrued expenses and payables                       
|Total liabilities                                         
|Net assets, at value                                      

|Statement of Operationsfor the year ended December 31, 2007    
|---------------------------------------------------------------
|Investment Income                                              
|Income:Interest                                                
|Expenses:Advisory fee                                          
|Administration fee                                             
|Custodian fee                                                  
|Professional fees                                              
|Trustees' fees and expenses                                    
|Other                                                          
|Total expenses before expense reductions                       
|Expense reductions                                             
|Total expenses after expense reductions                        
|Net investment income                                          
|Net realized gain (loss)                                       
|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                                                              
|------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                               
|2007                                                                                            
|Operations:Net investment income                                                                
|Net realized gain (loss)                                                                        
|Net increase (decrease) in net assets resulting from
operations                                 
|Capital transaction in shares of beneficial interest:Proceeds from capital invested             
|Value of capital withdrawn                                                                      
|Net increase (decrease) in net assets from capital
transactions in shares of beneficial interest
|Increase (decrease) in net assets                                                               
|Net assets at beginning of period                                                               
|Net assets at end of period                                                                     

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

Financial Highlights

|Years Ended December 31,                                                                                                                                                        | 2007   | 2006  | 2005  | 2004  | 2003  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | ----- | ----- | ----- | ------
|Ratios to Average Net Assets and Supplemental Data                                                                                                                             
|Net assets, end of period ($ millions)                                                                                                                                          | 33,739 | 8,877 | 9,931 | 9,812 | 12,550
|Ratio of expenses before expense
reductions (%)                                                                                                                                 | .17    | .20   | .21   | .21   | .21   
|Ratio of expenses after expense reductions (%)                                                                                                                                  | .14    | .18   | .18   | .18   | .18   
|Ratio of net investment income (%)                                                                                                                                              | 5.14   | 4.83  | 3.08  | 1.22  | 1.04  
|Total Return (%)a,b                                                                                                                                                             | 5.31   | 4.97  | 3.15  | 1.26  | 1.06  
|aTotal return would have been lower had certain expenses not been reduced.bTotal return for the Portfolio was derived from the performance of Cash Reserves Fund
Institutional.

Notes to Financial Statements

A. Significant Accounting Policies

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

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

Security Valuation.The Portfolio's securities are valued utilizing the
amortized cost method permitted in accordance with Rule 2a-7 under the
1940 Act and certain conditions therein. Under this method, which does
not take into account unrealized capital gains or losses on securities, an
instrument is initially valued at its cost and thereafter assumes a constant
accretion/amortization rate to maturity of any discount or premium.

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

In September 2006, the Financial Accounting Standards Board ("FASB")
released Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair
value measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. As of December 31, 2007, management does not
believe the adoption of FAS 157 will impact the amounts reported in the
financial statements, however, additional disclosures will be required
about the inputs used to develop the measurements of fair value and the
effect of certain of the measurements reported in the statement of
operations for a fiscal period.

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

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

The Portfolio has reviewed the tax positions for each of the three open tax
years as of December 31, 2007 and has determined that no provision for
income tax is required in the Portfolio's financial statements. Each of the
Portfolio's federal tax returns for the prior three fiscal years remains subject
to examination by the Internal Revenue Service.

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

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

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

B. Fees and Transactions with Affiliates

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

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

For the period from May 14, 2007 through July 31, 2007, under the
Advisor Agreement, the Portfolio pays the Advisor a monthly advisory fee
based on its average daily net assets, computed and accrued daily and
payable monthly, at the following annual rates:

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

Effective August 1, 2007, under the Advisor Agreement, the Portfolio pays
the Advisor a monthly advisory fee based on its average daily net assets,
computed and accrued daily and payable monthly, at the following annual
rates:

|First $3.0 billion of the Fund's average daily net assets | .150%
|--------------------------------------------------------- | -----
|Next $4.5 billion of such net assets                      | .133%
|Over $7.5 billion of such net assets                      | .120%

For the period from January 1, 2007 through May 13, 2007, the Advisor
had contractually agreed to waive a portion of its fees and/or reimburse
expenses of the Portfolio, to the extent necessary, to maintain total
operating expenses at 0.18% of its average daily net assets (excluding
certain expenses such as extraordinary expenses, taxes, brokerage,
interest, proxy and organizational and offering expenses).

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

For the period from July 30, 2007 through September 25, 2007, the
Advisor has voluntarily agreed to maintain total operating expenses at
0.12% of its average daily net assets (excluding certain expenses such as
extraordinary expenses, taxes, brokerage and interest expenses).

For the period from September 26, 2007 through November 28, 2007, the
Advisor has voluntarily agreed to maintain total operating expenses at
0.14% of its average daily net assets (excluding certain expenses such as
extraordinary expenses, taxes, brokerage and interest expenses).

Effective November 29, 2007, the Advisor has voluntarily agreed to
maintain total operating expenses at 0.11% of its average daily net assets
(excluding certain expenses such as extraordinary expenses, taxes,
brokerage and interest expenses). The amount of the waiver and whether
the Advisor and Administrator waive a portion of its fee may vary at any
time without notice to shareholders.

Accordingly, for the year ended December 31, 2007 the total
management fee, management fee waived and effective management fee
were as follows:

|                          | Total
Aggregated  | Waived           | Annual
Effective Rate
|------------------------- | ----------------- | ---------------- | ---------------------
|Cash Management Portfolio | $      27,236,671 | $      6,007,663 | .10%                 

Administration Fee. Pursuant to an Administrative Services Agreement
with the Advisor, the Advisor provides most administrative services to the
Portfolio. For all services provided under the Administrative Services
Agreement, the Portfolio pays the Advisor an annual fee ("Administration
fee") of 0.03% of the Portfolio's average daily net assets, computed and
accrued daily and payable monthly. For the year ended December 31,
2007, the Advisor received an Administration fee of $6,287,793, of which
$911,650 is unpaid.

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

C. Fee Reductions

The Portfolio has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce
a portion of the Portfolio's custodian expenses. During the year ended
December 31, 2007, the Portfolio's custodian fee was reduced by
$421,663 for custody credits earned.

D. Line of Credit

The Portfolio and other affiliated funds (the ``Participants'') share in a
$750 million revolving credit facility administered by JPMorgan Chase
Bank, N.A. for temporary or emergency purposes, including the meeting
of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated, based upon net assets, among each
of the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Portfolio may borrow up to a maximum of 5 percent of
its net assets under this agreement.

Report of Independent Registered
Public Accounting Firm

To the Trustees and Holders of Beneficial Interest of
Cash Management Portfolio:

In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of
operations and of changes in net assets and the financial highlights
presents fairly, in all material respects, the financial position of Cash
Management Portfolio (hereafter referred to as the ``Portfolio'') at
December 31, 2007, and the results of its operations, the changes in its
net assets and the financial highlights for each of the periods indicated
therein, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial
highlights (hereafter referred to as ``financial statements'') are the
responsibility of the Portfolio's management. Our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with the
standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 2007 by correspondence with
the custodian and brokers, provide a reasonable basis for our opinion.

|Boston, Massachusetts
February 28, 2008 | PricewaterhouseCoopers LLP
|--------------------------------------- | --------------------------

Investment Management Agreement
Approval

The Cash Management Fund Institutional (the "Fund"), a series of
DWS Institutional Funds, invests all of its assets in Cash Management
Portfolio (the "Portfolio") in order to achieve its investment objectives.
The Portfolio's Trustees, who are also the Trustees of the Fund, approved
the continuation of the Portfolio's investment management agreement
with DIMA and Fund's investment management agreement with
DIMA (together, the "Investment Management Agreements") in
September 2007.

In terms of the process that the Trustees followed prior to approving the
agreement, shareholders should know that:

At the present time, all but one of your Fund's Trustees are
independent of DIMA and its affiliates.

The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. In connection with reviewing the Investment Management
Agreements, the Trustees also review the terms of the Fund's
distribution agreement, administration agreement, transfer agency
agreement and other material service agreements.

In connection with the Board's 2007 contract review, the Board
formed a special committee to facilitate careful review of the funds'
contractual arrangements. After reviewing the Fund's arrangements,
that committee recommended that the Board vote to approve the
continuation of the Investment Management Agreements.

The Trustees regularly meet privately with their independent counsel
to discuss contract review and other matters. In addition, the
Trustees were also advised by two consultants, including the Fund's
independent fee consultant, in the course of their 2007 review of the
Fund's contractual arrangements. In particular, the Trustees considered
the report prepared by the independent fee consultant in connection
with their deliberations.

The Trustees believe that a long-term relationship with a capable,
conscientious advisor is in the best interest of shareholders. As you may
know, DIMA is part of Deutsche Bank, a major global banking institution
that is engaged in a wide range of financial services. The Trustees believe
that there are significant advantages to being part of a global asset
management business that offers a wide range of investing expertise and
resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world.

Shareholders may focus primarily on fund performance and fees, but the
Portfolio's Trustees consider these and many other factors, including the
quality and integrity of DIMA's personnel and such other issues as
back-office operations, fund valuations, and compliance policies and
procedures.

In determining to approve the continuation of the Investment
Management Agreements, the Board considered all factors that it
believes relevant to the interests of Fund shareholders, including:

The investment management fee schedule for the Portfolio, including
(i) comparative information provided by Lipper regarding investment
management fee rates paid to other investment advisors by similar
funds and (ii) fee rates paid to DIMA by similar funds and
institutional accounts advised by DIMA (if any).With respect to
management fees paid to other investment advisors by similar funds,
the Trustees noted that the contractual fee rates paid by the Fund
were expected to be higher than the median (4th quartile) of the
applicable Lipper peer group (based on Lipper data provided as of
December 31, 2006). The Board noted that DIMA agreed to accept the
introduction of new breakpoints in the Portfolio's investment
management fee schedule during 2007. The Board noted that although
shareholders of the Fund indirectly bear the Portfolio's management
fee, the Fund does not charge an additional investment management
fee. Taking into account the foregoing, the Board concluded that the
fee schedule in effect for the Portfolio represents reasonable
compensation in light of the nature, extent and quality of the
investment services being provided to the Portfolio.

The extent to which economies of scale would be realized as the
Portfolio grows.In this regard, the Board noted that the Fund's
investment management fee schedule includes fee breakpoints.
The Board concluded that the Portfolio's fee schedule represents an
appropriate sharing between shareholders and DIMA of such
economies of scale as may exist in the management of the Portfolio
at current asset levels.

The total operating expenses of the Fund.In this regard, the Board
noted that the total (net) operating expenses of the Fund (Institutional
Class Shares) are expected to be higher than the median (3rd quartile)
of the applicable Lipper expense universe (based on Lipper data
provided as of December 31, 2006). The Board considered the
expenses of this class to be representative for purposes of evaluating
other classes of shares. The Board also considered how the Fund's
total (net) operating expenses compared to the total (net) operating
expenses of a more customized peer group selected by Lipper (based
on such factors as asset size). The Board also noted that the expense
limitation agreed to by DIMA helped to ensure that the Fund's total
(net) operating expenses would be competitive relative to the
applicable Lipper universe.

The investment performance of the Fund and DIMA, both absolute
and relative to various benchmarks and industry peer groups.The
Board noted that for each of the one-, three- and five-year periods
ended December 31, 2006, the Fund's performance was in the
2nd quartile of the applicable iMoneyNet universe. The Board also
observed that the Fund has outperformed its benchmark in each of the
one-, three- and five-year periods ended December 31, 2006. The
Board recognized that DIMA has made significant changes in its
investment personnel and processes in recent years in an effort to
improve long-term performance.

The nature, extent and quality of the advisory services provided by
DIMA.The Board considered extensive information regarding DIMA,
including DIMA's personnel (including particularly those personnel with
responsibilities for providing services to the Portfolio), resources,
policies and investment processes. The Board also considered the
terms of the Investment Management Agreements, including the
scope of services provided under the agreement. In this regard, the
Board concluded that the quality and range of services provided by
DIMA have benefited and should continue to benefit the Fund and its
shareholders.

The costs of the services to, and profits realized by, DIMA and its
affiliates from their relationships with the Portfolio and the Fund.The
Board reviewed information concerning the costs incurred and profits
realized by DIMA during 2006 from providing investment management
services to the Fund (and, separately, to the entire DWS Scudder fund
complex), and reviewed with DIMA the cost allocation methodology
used to determine DIMA's profitability. In analyzing DIMA's costs and
profits, the Board also reviewed the fees paid to and services provided
by DIMA and its affiliates with respect to administrative services,
transfer agent services, shareholder servicing and distribution
(including fees paid pursuant to 12b-1 plans), as well as information
regarding other possible benefits derived by DIMA and its affiliates as
a result of DIMA's relationship with the Portfolio and the Fund. As
part of this review, the Board considered information provided by an
independent accounting firm engaged to review DIMA's cost allocation
methodology and calculations. The Board concluded that the Portfolio's
investment management fee schedule represented reasonable
compensation in light of the costs incurred by DIMA and its affiliates
in providing services to the Portfolio and the Fund. The Board also
reviewed information regarding the profitability of certain similar
investment management firms. The Board noted that while
information regarding the profitability of such firms is limited (and in
some cases is not necessarily prepared on a comparable basis), DIMA
and its affiliates' overall profitability with respect to the DWS Scudder
fund complex (after taking into account distribution and other services
provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such
data was available.

The practices of DIMA regarding the selection and compensation of
brokers and dealers executing portfolio transactions for the Portfolio.The Board considered that a portion of the Portfolio's brokerage may
be allocated to affiliates of DIMA, subject to compliance with
applicable SEC rules. The Board also considered that, subject to
ongoing review by the Board, a limited portion of the Portfolio's
brokerage may be allocated to brokers who acquire (and provide to
DIMA and its affiliates) research services from third parties that are
generally useful to DIMA and its affiliates in managing client portfolios.
The Board indicated that it would continue to monitor the allocation of
the Portfolio's brokerage to ensure that the principle of "best price and
execution" remains paramount in the portfolio trading process.

DIMA's commitment to and record of compliance, including its
written compliance policies and procedures.In this regard, the Board
considered DIMA's commitment to indemnify the Fund against any
costs and liabilities related to lawsuits or regulatory actions arising
from allegations regarding market timing, revenue sharing, fund
valuation or other subjects arising from or relating to pending
regulatory inquiries. The Board also considered the significant attention
and resources dedicated by DIMA to documenting and enhancing its
compliance processes in recent years. The Board noted in particular
(i) the experience and seniority of DIMA's chief compliance officer;
(ii) the large number of compliance personnel who report to DIMA's
chief compliance officer; and (iii) the substantial commitment of
resources by DIMA and its affiliates to compliance matters.

Deutsche Bank's commitment to its US mutual fund business.The
Board considered recent and ongoing efforts by Deutsche Bank to
restructure its US mutual fund business to improve efficiency and
competitiveness and to reduce compliance and operational risk. The
Board considered assurances received from Deutsche Bank that it
would commit the resources necessary to maintain high-quality
services to the Portfolio and its shareholders. The Board also
considered Deutsche Bank's strategic plans for its US mutual fund
business, the potential benefits to Fund shareholders and Deutsche
Bank's management of one of Europe's most successful fund groups.

Based on all of the foregoing, the Board determined to continue the
Investment Management Agreements, and concluded that the
continuation of such agreements was in the best interests of the Fund's
shareholders.

In reaching this conclusion the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, many of which were in executive session
with only the Independent Trustees and their counsel present. It is
possible that individual Trustees may have weighed these factors
differently in reaching their individual decisions to approve the
continuation of the current agreements.

Summary of Management Fee Evaluation
by Independent Fee Consultant

October 26, 2007

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 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 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions.

Qualifications

For more than 30 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 several 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 Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 136 Fund portfolios in the DWS Scudder 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 Scudder Fund. These similar
products included the other DWS Scudder 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 Scudder 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 Scudder 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 Scudder 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 Scudder
Funds are reasonable.

cmf_m0Thomas H. Mack

Account Management Resources

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Notes

Notes

Notes

Notes

Notes

Notes

Notes

cmf_backcover0



ITEM 2.
        CODE OF ETHICSAs of the end of the period, December 31, 2007, Cash Management Fund Institutional 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 serving on the Funds audit committee. The Board has determined that Keith R Fox, the chair of the Funds audit committee, qualifies as an audit committee financial expert (as such term has been defined by the Regulations) based on its review of Mr. Foxs pertinent experience and education. The SEC has stated that 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 MANAGEMENT FUND INSTITUTIONAL

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund

Fiscal YearEndedDecember 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2007
        $18,500
        $0
        $0
        $02006
        $16,500
        $128
        $0
        $0




The above Audit- Related Fees were billed for agreed upon procedures performed.





Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (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 YearDecember 31,
        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 Providers2007
        $58,500
        $25,000
        $02006
        $155,500
        $11,930
        $0




The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures.

Non-Audit Services

The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC 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 PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.



Fiscal YearEndedDecember 31,
        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)2007
        $0
        $25,000
        $600,000
        $625,0002006
        $0
        $11,930
        $0
        $11,930




All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.



ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTS








Not 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 Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors. Fund shareholders may submit nominees that will be considered by the committee when a Board vacancy occurs. Submissions should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the registrants last half-year (the registrants second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     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:
        Cash Management Fund Institutional, a series of DWS Institutional Funds




By:
        /s/Michael G. Clark


Michael G. Clark


President



Date:
        February 29, 2008






Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Registrant:
        Cash Management Fund Institutional, a series of DWS Institutional Funds




By:
        /s/Michael G. Clark


Michael G. Clark


President



Date:
        February 29, 2008






By:
        /s/Paul Schubert


Paul Schubert


Chief Financial Officer and Treasurer



Date:
        February 29, 2008