UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-5970  Cash Account Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        04/30
  Date of reporting period:
        10/31/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 OCTOBER 31, 2008
Semiannual Report
to ShareholdersGovernment & Agency Securities Portfolio
DWS Government & Agency Money Fundcatgasgam_cover1e0 This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, visit www.dws-investments.com. We advise you to
consider the portfolio's objectives, risks, charges and expenses carefully before
investing. The prospectus contains this and other important information about the
portfolio. Please read the prospectus carefully before you invest. DWS Investments is part of Deutsche Bank's Asset Management division and, within the
US, represents the retail 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 In the following interview, the portfolio management team discusses
the market environment and the performance of Government &
Agency Securities Portfolio  DWS Government & Agency Money
Fund during the 12-month period ended April 30, 2008. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The
management team's views are subject to change at any time based on market and other
conditions and should not be construed as a recommendation. Past performance is no
guarantee of future results. Current and future portfolio holdings are subject to risk. Q: Will you discuss the market environment for the fund during
the most recent semiannual period? A:Over the past six months we continued to witness
unprecedented events in the money markets as well as in
financial markets worldwide. The massive credit crunch that
originated with problems in the US subprime mortgage market
eventually brought down several financial firms including Bear
Stearns and Lehman Brothers, and transformed Wall Street.
September in particular was a traumatic month for the financial
industry as severe losses and a general liquidity squeeze forced
major financial companies such as Merrill Lynch, AIG, Washington
Mutual and Wachovia to seek a rescue by the government or
through a merger. The loss of market liquidity forced the US
Federal Reserve Board (the Fed) and other central banks to make
significant efforts to boost liquidity by creating expansive lending
facilities. Among other unprecedented actions, the US
government decided to back the Federal National Mortgage
Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac) explicitly, inject $700 billion into the
banking system through the Troubled Asset Relief Program
("TARP"), and offer a stimulus package to US consumers. (In
November 2008, the idea of a second stimulus package continued
to be promoted by some congressional leaders because of
continued economic worries.) Portfolio Performance(as of April 30, 2008)
Performance is historical and does not guarantee future results. Current
performance may be lower or higher than the performance data quoted.
An investment in a money market fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Although money market funds seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in them.7-Day Current YieldDWS Government & Agency Money Fund
1.52%Yields are historical, will fluctuate and do not guarantee future performance. The
7-day current yield refers to the income paid by the portfolios over a 7-day period
expressed as an annual percentage rate. For the most current yield information, visit
our Web site at www.dws-investments.com. Within the money market fund industry, major losses caused by
the liquidity squeeze and the collapse of Lehman Brothers forced
one money fund's share price to drop below $1 and another
money fund to close. In the general "flight to quality" that ensued
 amid a market atmosphere of heightened uncertainty over
perceived credit quality  demand for short-term Treasury
securities reached overwhelming levels as investors prized safety
over all other considerations, including yield.1 This unprecedented
flight to quality pushed the yield of the three-month Treasury bill
to almost zero on September 17, 2008 under the extreme demand
pressure. 1 Credit quality is a measure of a bond issuer's ability to repay interest and principal in a
timely manner. Rating agencies assign letter designations such as AAA, AA and so forth.
The lower the rating, the higher the probability of default.  In response to the freeze-up in money market liquidity, the US
government created new lending facilities for commercial paper
and asset-backed commercial paper, and in November was
planning to launch a general money market lending facility.2 The
government also issued new short-term Treasury instruments
to meet strong investor demand. By October, these new
government programs seemed to be restoring some measure of
liquidity in the money markets, though we believe it will take
some time for normalcy to be restored. 2 Lending Facility  In response to the financial crisis and credit crunch, US Federal
Reserve officials have created a series of lending facilities to try to restore liquidity
within the financial system and prompt large financial institutions to resume lending to
one another at more accustomed levels. The first such facility the Fed created was the
Term Securities Lending Facility (TSLF), where the Fed agreed to lend up to $200 billion
of Treasury securities to primary dealers secured by a pledge of other securities. This
lending by the Fed was meant to, in turn, prompt further lending by its borrowers. Since
then the Fed has set up commercial paper and asset-backed commercial paper lending
facilities to perform similar liquidity operations in those areas of the credit market.  As of October 31, 2008, three-month LIBOR, an industry standard
for measuring three-month taxable money market rates, stood
at 3.02%, compared with 2.85% as of April 30, 2008.3 On
October 10, three-month LIBOR hit a near-term peak of 4.82%. 3 LIBOR, or the London Interbank Offered Rate, is the most widely used benchmark or
reference rate for short-term interest rates. LIBOR is the rate of interest at which banks
borrow funds from other banks, in large volume, in the international market.  Q: What has been the strategy for the Government & Agency
Securities Portfolio? A:As general market conditions became more stressed, we
witnessed a tremendous "flight to quality" into government
money market funds such as the Government & Agency
Securities Portfolio. Over this time, the portfolio more than
doubled in size. Given these market conditions, our strategy was
to keep approximately half of portfolio assets in overnight agency
repurchase agreements for high-quality purposes. The remaining
portfolio assets have been invested in three- to six-month agency
securities to take advantage of these securities' high yields
versus comparable Treasury instruments. Q: What detracted from performance during the period? A:The types of securities in which we were investing tended to
have lower yields than issues carrying more risk. We preferred to
be cautious during this time of significant market turbulence. In
the end this cost the fund some yield, but we believe that this
represented a prudent approach to preserving principal. Q: Will you describe your investment philosophy? A:We continue to insist on the highest credit quality within the
fund. We also plan to maintain our conservative investment
strategies and standards, applying a careful approach to investing
while seeking competitive yield for our shareholders. Information About Your Portfolio's
Expenses As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees, distribution and service (12b-1) fees and other Portfolio expenses.
Examples of transaction costs include sales charges (loads), redemption
fees and account maintenance fees, which are not shown in this section.
The following tables are intended to help you understand your ongoing
expenses (in dollars) of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual
funds. In the most recent six-month period, the Portfolio limited these
expenses; had it not done so, expenses would have been higher for the
DWS Government & Agency Money Fund. The example in the table is
based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire period (May 1, 2008 to
October 31, 2008). The tables illustrate your Portfolio's expenses in two ways: •    Actual Portfolio Return. This helps you estimate the actual dollar
amount of ongoing expenses (but not transaction costs) paid on a
$1,000 investment in each Portfolio using each Portfolio's actual return
during the period. To estimate the expenses you paid over the period,
simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Expenses Paid per $1,000" line under the share class
you hold. •    Hypothetical 5% Portfolio Return. This helps you to compare each
Portfolio's ongoing expenses (but not transaction costs) with those of
other mutual funds using each Portfolio's actual expense ratio and a
hypothetical rate of return of 5% per year before expenses. Examples
using a 5% hypothetical fund return may be found in the shareholder
reports of other mutual funds. The hypothetical account values and
expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. Please note that the expenses shown in these tables are meant to
highlight your ongoing expenses only and do not reflect any transaction
costs. The "Expenses Paid per $1,000" line of the tables is useful in
comparing ongoing expenses only and will not help you determine the
relative total expense of owning different funds. If these transaction costs
had been included, your costs would have been higher. Expenses and Value of a $1,000 Investmentfor the six months ended October 31, 2008Actual Portfolio Return
DWS Government
& Agency Money
FundBeginning Account Value 5/1/08
$     1,000.00Ending Account Value 10/31/08
$     1,010.50Expenses Paid per $1,000*
$     1.27Hypothetical 5% Portfolio ReturnBeginning Account Value 5/1/08
$     1,000.00Ending Account Value 10/31/08
$     1,023.95Expenses Paid per $1,000*
$     1.28 *  Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the average
account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by 365.  Annualized Expense RatioDWS Government & Agency Money Fund
.25% For more information, please refer to the Portfolio's prospectus. Portfolio Summary Government & Agency Securities Portfolio Asset Allocation(As a % of Investment Portfolio)
10/31/08
4/30/08Government & Agency Obligations
54%
61%Repurchase Agreements
46%
39%100%
100% Weighted Average Maturity
10/31/08
4/30/08Cash Account Trust  Government & Agency
Securities Portfolio
50 days
49 daysGovernment & Agencies Retail Money Fund Average*
39 days
41 days * The Portfolio is compared to its respective iMoney Net Category: Government &
Agencies Retail Money Fund Average consists of all non-institutional government money
market funds. Category includes the most broadly based of the government retail funds.
These funds can invest in US Treasuries, US Other, Repos, whether or not they are
backed by US Treasuries and government-backed Floating Rate Notes.  Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 10-12. A quarterly Fact Sheet is available
upon request. A complete list of the Portfolio's portfolio holdings is posted twice each
month on www.dws-investments.com. Portfolio holdings as of the 15th day of each month
are posted to the Web site on or after month-end and portfolio holdings as of each
month-end are posted to the Web site on or after the 14th day of the following month. More
frequent posting of portfolio holdings information may be made from time to time on
www.dws-investments.com. Investment Portfolioas of October 31, 2008 (Unaudited) Government & Agency Securities Portfolio Principal
Amount ($)
Value ($)Government & Agency Obligations 54.0%US Government Sponsored AgenciesFederal Home Loan Bank:0.56%*, 3/27/2009
195,000,000
195,000,0000.58%*, 4/3/2009
165,000,000
165,000,0002.07%**, 12/26/2008
19,000,000
18,939,9132.09%**, 11/3/2008
70,000,000
69,991,8722.2%, 4/1/2009
45,000,000
44,983,7142.375%**, 12/5/2008
10,000,000
9,977,5692.4%, 4/9/2009
10,000,000
10,000,0002.5%, 3/17/2009
60,000,000
59,983,3192.5%**, 4/14/2009
130,000,000
128,519,4442.52%, 4/21/2009
18,000,000
18,000,0002.52%, 4/28/2009
60,000,000
59,971,6182.53%**, 1/26/2009
50,000,000
49,697,8062.55%, 12/26/2008
40,000,000
40,000,0002.56%**, 11/17/2008
45,781,000
45,728,9112.575%**, 2/24/2009
157,500,000
156,204,4532.6%, 5/13/2009
52,000,000
52,000,0002.605%*, 5/27/2009
110,000,000
109,995,7602.683%*, 2/11/2009
250,000,000
250,015,3702.687%*, 2/18/2009
50,000,000
49,933,2872.73%**, 1/20/2009
60,000,000
59,636,0002.75%, 2/20/2009
40,000,000
40,000,0002.76%, 2/12/2009
25,975,000
25,975,0002.775%**, 5/12/2009
125,750,000
123,888,9002.817%*, 9/10/2009
100,000,000
100,000,0002.825%**, 9/16/2009
83,000,000
80,922,2912.85%**, 4/15/2009
50,000,000
49,346,8752.88%**, 6/19/2009
17,500,000
17,178,0002.98%**, 4/30/2009
55,000,000
54,180,5003.0%**, 4/20/2009
160,500,000
158,226,2503.15%**, 12/22/2008
101,000,000
100,549,2883.15%**, 12/29/2008
150,000,000
149,238,7503.15%, 6/23/2009
37,000,000
37,000,0003.285%*, 4/30/2009
32,000,000
32,000,0003.346%*, 1/28/2009
200,000,000
199,988,6403.585%*, 4/30/2009
288,000,000
288,000,0003.769%*, 3/30/2009
226,500,000
226,500,0004.111%*, 8/21/2009
175,000,000
174,993,4444.164%*, 7/7/2009
50,000,000
50,026,9474.349%*, 7/10/2009
75,000,000
75,000,000Federal Home Loan Mortgage Corp.:2.41%**, 3/19/2009
100,000,000
99,076,1672.5%**, 3/10/2009
125,000,000
123,880,2082.6%**, 11/4/2008
100,000,000
99,978,3332.7%**, 12/23/2008
200,300,000
199,518,8302.725%**, 3/4/2009
346,400,000
343,174,8722.74%**, 3/23/2009
148,600,000
146,993,9642.75%**, 3/24/2009
63,000,000
62,311,8133.306%*, 12/26/2008
100,000,000
100,026,1923.535%*, 4/27/2009
205,000,000
205,000,0004.018%*, 4/7/2009
100,000,000
99,990,739Federal National Mortgage Association:2.03%**, 12/15/2008
82,800,000
82,594,5642.1%**, 12/15/2008
50,000,000
49,871,6672.35%**, 2/18/2009
300,000,000
297,865,4172.37%**, 3/10/2009
30,000,000
29,745,2252.42%**, 3/11/2009
72,000,000
71,370,8002.46%**, 3/19/2009
76,000,000
75,283,3202.47%**, 11/12/2008
30,000,000
29,977,3582.5%**, 11/7/2008
175,000,000
174,927,0832.5%**, 12/3/2008
22,000,000
21,951,1112.55%**, 2/9/2009
160,000,000
158,866,6672.575%**, 11/26/2008
50,000,000
49,910,5902.725%**, 3/10/2009
173,000,000
171,310,7272.75%**, 3/16/2009
100,000,000
98,968,7502.75%**, 3/24/2009
72,000,000
71,213,5002.8%**, 1/14/2009
42,000,000
41,758,267Total Government & Agency Obligations (Cost $6,482,160,085)
6,482,160,085Repurchase Agreements 46.0%Banc of America Securities LLC, 0.2%, dated 10/31/2008, to
be repurchased at $2,700,045,000 on 11/3/2008 (a)
2,700,000,000
2,700,000,000BNP Paribas, 0.25%, dated 10/31/2008, to be repurchased
at $1,700,035,417 on 11/3/2008 (b)
1,700,000,000
1,700,000,000JPMorgan Securities, Inc., 0.2%, dated 10/31/2008, to be
repurchased at $323,139,065 on 11/3/2008 (c)
323,133,679
323,133,679Merrill Lynch Government Securities, Inc., 0.2%, dated
10/31/2008, to be repurchased at $800,013,333 on
11/3/2008 (d)
800,000,000
800,000,000Total Repurchase Agreements (Cost $5,523,133,679)
5,523,133,679 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $12,005,293,764)+
100.0
12,005,293,764Other Assets and Liabilities, Net
0.0
(857,494)Net Assets
100.0
12,004,436,270 * Floating rate notes are securities whose yields vary with a designated market index or
market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities
are shown at their current rate as of October 31, 2008.  ** Annualized yield at the time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $12,005,293,764.  (a) Collateralized by:  Principal
Amount ($)
Security
Rate (%)
Maturity
Date
Collateral
Value ($)884,624,499
Federal Home Loan
Mortgage Corp.
5.0
6/1/2038
841,274,950132,613,400
US Treasury Bond
8.125
5/15/2021
178,899,8771,688,138,000
US Treasury Notes
1.5-4.75
12/31/2008-
2/15/2013
1,733,825,217Total Collateral Value
2,754,000,044 (b) Collateralized by:  Principal
Amount ($)
Security
Rate (%)
Maturity
Date
Collateral
Value ($)789,023,164
Federal Home Loan
Mortgage Corp.
5.0-6.5
11/1/2037-
9/1/2038
780,462,344755,443,048
Federal National
Mortgage Association
6.0-6.5
11/1/2034-
10/1/2037
761,852,549195,560,778
Government National
Mortgage Association
5.5
8/15/2038
191,685,107Total Collateral Value
1,734,000,000 (c) Collateralized by $336,247,981 Federal National Mortgage Association, with various
coupon rates from 5.0%-6.0%, with various maturities of 8/1/2034-5/1/2038 with a
value of $329,597,806.  (d) Collateralized by:  Principal
Amount ($)
Security
Rate (%)
Maturity
Date
Collateral
Value ($)788,498,000
Federal Home Loan
Mortgage Corp.
Zero Coupon
1/6/2009-
3/10/2009
785,647,09230,270,000
Federal National
Mortgage Association
4.125-5.28
3/23/2009-
12/26/2018
30,354,659Total Collateral Value
816,001,751 Fair Value Measurements The following is a summary of the inputs used as of October 31, 2008 in valuing the
Portfolio's investments. For information on the Portfolio's policy regarding the valuation of
investments and of the valuation inputs, and the aggregate levels used in the tables below,
please refer to the Security Valuation section of Note 1 in the accompanying Notes to the
Financial Statements. Valuation Inputs
Investments in
SecuritiesLevel 1
$       Level 2
12,005,293,764Level 3
Total
$    12,005,293,764 The accompanying notes are an integral part of the financial statements. Financial Statements Government & Agency Securities Portfolio Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited)Assets
Government &
Agency
Securities
PortfolioInvestments:Investments in securities, valued at amortized cost
$       6,482,160,085Repurchase agreements, valued at amortized cost
5,523,133,679Total investments, valued at amortized cost
12,005,293,764Receivable for investments sold
274,725Receivable for Portfolio shares sold
323,161Interest receivable
7,638,739Other assets
196,894Total assets
12,013,727,283LiabilitiesCash overdraft
79,004Payable for Portfolio shares redeemed
10,508Distributions payable
2,801,521Accrued management fee
503,920Other accrued expenses and payables
5,896,060Total liabilities
9,291,013Net assets, at value
$    12,004,436,270Net Assets Consist ofDistributions in excess of net investment income
(142,080)Accumulated net realized gain (loss)
611,042Paid-in capital
12,003,967,308Net assets, at value
$    12,004,436,270 The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited) (continued)Net Asset Value
Government &
Agency
Securities
PortfolioCapital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($338,185,148 ÷ 338,171,221 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($29,880,658 ÷ 29,879,230 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($13,437,319 ÷ 13,436,026 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share
($402,808,479 ÷ 402,792,544 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share
($6,351,790,934 ÷ 6,351,493,639 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)
$    1.00Government Cash Managed Shares
Net Asset Value, offering and redemption price per share
($373,659,377 ÷ 373,754,099 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($4,304,650,519 ÷ 4,304,409,551 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)
$    1.00Service Shares
Net Asset Value, offering and redemption price per share
($190,023,836 ÷ 190,013,249 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    1.00 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended October 31, 2008 (Unaudited)Investment Income
Government &
Agency
Securities
PortfolioIncome:Interest
$       78,621,361Expenses:Management fee
2,360,797Administration fee
3,060,659Services to shareholders
5,229,810Custodian fee
134,569Distribution and service fees
9,728,103Professional fees
91,471Trustees' fees and expenses
81,492Registration fees
101,302Other
430,798Total expenses before expense reductions
21,219,001Expense reductions
(307,873)Total expenses after expense reductions
20,911,128Net investment income
57,710,233Net realized gain (loss) from investments
611,042Net increase (decrease) in net assets resulting from operations
$    58,321,275 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets
Government & Agency
Securities PortfolioIncrease (Decrease) in Net Assets
Six Months
Ended
October 31,
2008
(Unaudited)
Year Ended
April 30, 2008Operations:Net investment income
$       57,710,233
$       157,051,484Net realized gain (loss)
611,042
240,990Net increase in net assets resulting from operations
58,321,275
157,292,474Distributions to shareholders from:Net investment income:Capital Assets Funds Shares
(1,298,444)
(5,335,669)Davidson Cash Equivalent Shares
(238,446)
(2,651,679)Davidson Cash Equivalent Plus Shares
(235,604)
(1,247,248)DWS Government & Agency Money Fund
(4,307,911)
(19,570,135)DWS Government Cash Institutional Shares
(25,140,584)
(30,640,381)Government Cash Managed Shares
(3,113,577)
(13,195,029)Premier Money Market Shares
(22,773,719)
(81,430,773)Service Shares
(958,850)
(2,979,640)Total distributions
(58,067,135)
(157,050,554)Portfolio share transactions:Proceeds from shares sold
18,729,640,545
11,435,203,263Reinvestment of distributions
45,091,896
135,724,939Cost of shares redeemed
(12,049,147,737)
(9,191,053,207)Net increase (decrease) in net assets from Portfolio
share transactions
6,725,584,704
2,379,874,995Increase (decrease) in net assets
6,725,838,844
2,380,116,915Net assets at beginning of period
5,278,597,426
2,898,480,511Net assets at end of period (including distributions in
excess of net investment income and undistributed
net investment income of $142,080 and $214,822,
respectively)
$12,004,436,270
$    5,278,597,426 The accompanying notes are an integral part of the financial statements. Financial Highlights Government & Agency Securities Portfolio
DWS Government & Agency Money FundYears Ended April 30,
2008a
2008
2007bSelected Per Share DataNet asset value, beginning of period
$    1.00
$    1.00
$    1.00Net investment income
.010
.043
.006Less distributions from net investment income
(.010)
(.043)
(.006)Net asset value, end of period
$    1.00
$    1.00
$    1.00Total Return (%)c
1.05**
4.42
.60**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
403
438
436Ratio of expenses before expense reductions (%)
.26*
.30
.30*Ratio of expenses after expense reductions (%)
.25*
.28
.28*Ratio of net investment income (%)
2.00*
4.17
5.06*aFor the six months ended October 31, 2008 (Unaudited).bFor the period from March 19, 2007 (commencement of operations) to April 30, 2007.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized Notes to Financial Statements(Unaudited) 1. Significant Accounting Policies Cash Account Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end
investment management company organized as a Massachusetts
business trust. The Trust offers three portfolios: Money Market Portfolio, Government &
Agency Securities Portfolio and Tax-Exempt Portfolio (the "Portfolios").
The financial statements of Money Market Portfolio and Tax-Exempt
Portfolio are presented in separate annual reports. Government & Agency Securities Portfolio (the "Portfolio") offers eight
classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent
Shares, Davidson Cash Equivalent Plus Shares, DWS Government &
Agency Money Fund, DWS Government Cash Institutional Shares,
Government Cash Managed Shares, Premier Money Market Shares and
Service Shares. The financial highlights for all classes of shares, other than DWS
Government & Agency Money Fund are provided separately and are
available upon request. The Portfolio's investment income, realized and unrealized gains and
losses, and certain Portfolio-level expenses and expense reductions, if
any, are borne pro rata on the basis of relative net assets by the holders of
all classes of shares of that Portfolio, except that each class bears certain
expenses unique to that class such as distribution and service fees,
shareholder service fees and certain other class-specific expenses.
Differences in class-level expenses may result in payment of different per
share dividends by class. All shares of the Trust have equal rights with
respect to voting subject to class-specific arrangements. The Portfolio's financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America
which require the use of management estimates. Actual results could
differ from those estimates. The policies described below are followed
consistently by the Portfolio in the preparation of its financial statements. Security Valuation. Portfolio securities are valued utilizing the amortized
cost method permitted in accordance with Rule 2a-7 under the 1940 Act
and certain conditions therein. Under this method, which does not take
into account unrealized gains or losses on securities, an instrument is
initially valued at its cost and thereafter assumes a constant
accretion/amortization rate to maturity of any discount or premium. The Portfolio adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS
157"), effective at the beginning of the Portfolio's fiscal year. FAS 157
establishes a three-tier hierarchy to maximize the use of observable
market data and minimize the use of unobservable inputs and requires
additional disclosure about the classification of fair value measurements. Various inputs are used in determining the value of the Portfolio's
investments. These inputs are summarized in three broad levels. Level 1
includes quoted prices in active markets for identical securities. Level 2
includes other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 includes significant unobservable inputs (including the Portfolio's
own assumptions in determining the fair value of investments). The inputs
or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
Securities held by a money market fund are reflected as Level 2 because
the securities are valued at amortized cost (which approximates fair value)
and, accordingly, the inputs used to determine value are not quoted prices
in an active market. The aggregate value by input level, as of October 31, 2008, for the
Portfolio's investments is included at the end of the Portfolio's Investment
Portfolio. Repurchase Agreements. The Portfolio may enter into repurchase
agreements with certain banks and broker/dealers whereby the Portfolio,
through its custodian or sub-custodian bank, receives delivery of the
underlying securities, the amount of which at the time of purchase and
each subsequent business day is required to be maintained at such a level
that the value is equal to at least the principal amount of the repurchase
price plus accrued interest. The custodial bank holds the collateral in a
separate account until the agreement matures. If the value of the
securities falls below the principal amount of the repurchase agreement
plus accrued interest, the financial institution deposits additional collateral
by the following business day. If the financial institution either fails to
deposit the required additional collateral or fails to repurchase the
securities as agreed, the Portfolio has the right to sell the securities and
recover any resulting loss from the financial institution. If the financial
institution enters into bankruptcy, the Portfolio's claims on the collateral
may be subject to legal proceedings. Federal Income Taxes. The Portfolio's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies and to distribute all of its
taxable and tax-exempt income to its shareholders. The Portfolio has reviewed the tax positions for the open tax years as of
April 30, 2008 and has determined that no provision for income tax is
required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by
the Internal Revenue Service. Distribution of Income. Net investment income of the Portfolio is declared
as a daily dividend and is distributed to shareholders monthly. The
Portfolio may take into account capital gains and losses in its daily
dividend declarations. The Portfolio may also make additional distributions
for tax purposes if necessary. Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital. Temporary
book and tax basis differences will reverse in a subsequent period. There
were no significant book-to-tax differences for the Portfolio. The tax character of current year distributions will be determined at the
end of the current fiscal year. Expenses. Expenses of the Trust arising in connection with a specific
Portfolio are allocated to that Portfolio. Other Trust expenses which cannot
be directly attributed to a Portfolio are apportioned pro rata on the basis of
relative net assets among the Portfolios in the Trust. Contingencies. In the normal course of business, the Portfolio may enter
into contracts with service providers that contain general indemnification
clauses. The Portfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against
the Portfolio that have not yet been made. However, based on experience,
the Portfolio expects the risk of loss to be remote. Other. Investment transactions are accounted for on trade date. Interest
income is recorded on the accrual basis. Realized gains and losses from
investment transactions are recorded on an identified cost basis. All
premiums and discounts are amortized/accreted for both tax and financial
reporting purposes. 2. Related Parties Management Agreement. Under the Amended and Restated Investment
Management Agreement with Deutsche Investment Management
Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned
subsidiary of Deutsche Bank AG, the Advisor directs the investments of
the Trust in accordance with its investment objectives, policies and
restrictions. The Advisor determines the securities, instruments and other
contracts relating to investments to be purchased, sold or entered into by
the Portfolio. Prior to June 1, 2008, in addition to portfolio management services, the
Advisor provided certain administrative services in accordance with the
Investment Management Agreement. For the period from May 1, 2008
through May 31, 2008, the Portfolio paid a monthly management fee
based on the Trust's combined average daily net assets, computed and
accrued daily and payable monthly, at 1/12 of the following annual rates: First $500 million of the Trust's combined average daily net assets
.220%Next $500 million of such net assets
.200%Next $1 billion of such net assets
.175%Next $1 billion of such net assets
.160%Over $3 billion of such net assets
.150% Effective June 1, 2008, under the Amended and Restated Investment
Management Agreement with the Advisor, the Portfolio pays a monthly
management fee based on the Trust's combined average daily net assets,
computed and accrued daily and payable monthly, at 1/12 of the following
annual rates: First $500 million of the Trust's combined average daily net assets
.120%Next $500 million of such net assets
.100%Next $1 billion of such net assets
.075%Next $1 billion of such net assets
.060%Over $3 billion of such net assets
.050% For the period from February 15, 2007 through May 31, 2008, the Advisor
has agreed to contractually reduce its management fee on the Portfolio
such that the annual effective rate is limited to 0.15% of the Portfolio's
average daily net assets. Effective June 1, 2008, the Advisor agreed to contractually reduce its
management fee for the Portfolio such that the annual effective rate
limited to 0.05% of the Portfolio's average daily net assets. Accordingly, for the six months ended October 31, 2008, the Advisor
waived a portion of its management fee on the Portfolio aggregating
$254,234 and the amount charged aggregated $2,106,563. Accordingly, for the six months ended October 31, 2008, the Portfolio
incurred a management fee equivalent to the following annualized
effective rate of the Portfolio's average daily net assets: Annualized
Effective RateGovernment & Agency Securities Portfolio
.06% For the period from March 19, 2007 through March 18, 2010, the Advisor
has contractually agreed to waive all or a portion of its management fee
and reimburse or pay certain operating expenses of the DWS Government
& Agency Money Fund to the extent necessary to maintain total operating
expenses at 0.45% of average daily net assets (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest). The Advisor also has agreed to maintain expenses of certain other classes
of the Trust. These rates are disclosed in the respective share classes'
semiannual reports that are provided separately and are available upon
request. Administration Fee.Effective June 1, 2008, the Government & Agency
Securities Portfolio entered into an Administrative Services Agreement
with DIMA, pursuant to which DIMA 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 0.10% of the Portfolio's average daily net assets,
computed and accrued daily and payable monthly. For the period from
June 1, 2008 through October 31, 2008, the Advisor received an
Administration Fee from the Government & Agency Securities Portfolio as
follows: Portfolio
Administration
Fee
Unpaid at
October 31, 2008Government & Agency Securities Portfolio
$       3,060,659
$       976,246 Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Portfolio. Pursuant to a sub-transfer
agency agreement between DISC and DST Systems, Inc. ("DST"), DISC
has delegated certain transfer agent, dividend-paying agent and
shareholder service agent functions to DST. DISC compensates DST out
of the shareholder servicing fee it receives from the Portfolio. For the six
months ended October 31, 2008, the amounts charged to the Portfolio by
DISC were as follows: Government & Agency
Securities Portfolio:
Total
Aggregated
Waived
Unpaid at
October 31, 2008Capital Assets Funds Shares
$       228,325
$       
$       84,750Davidson Cash Equivalent Shares
44,021

34,079Davidson Cash Equivalent Plus
Shares
30,492

15,733DWS Government & Agency
Money Fund
166,508

109,788DWS Government Cash
Institutional Shares
126,755

94,103Government Cash Managed Shares
221,286

72,225Premier Money Market Shares
4,142,540

2,519,011Service Shares
191,510
7,048
100,943 Distribution Service Agreement. Under the Distribution Service
Agreement, in accordance with Rule 12b-1 under the 1940 Act,
DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee"), calculated as a percentage of average
daily net assets for the shares listed in the following table. For the six months ended October 31, 2008, the Distribution Fee was as
follows: Government & Agency
Securities Portfolio:
Distribution Fee
Unpaid at
October 31,
2008
Annualized
Effective
Rate
Contractual
Rate
(Up To)Capital Assets Funds
Shares
$       325,967
$       69,812
.33%
.33%Davidson Cash Equivalent
Shares
52,825
8,458
.30%
.30%Davidson Cash Equivalent
Plus Shares
38,191
4,296
.25%
.25%Premier Money Market
Shares
4,142,540
892,357
.25%
.25%Service Shares
459,623
124,008
.60%
.60% In addition, DIDI provides information and administrative services for a fee
("Service Fee") for the shares listed in the following table. A portion of
these fees may be paid pursuant to a Rule 12b-1 plan. For the six months ended October 31, 2008, the Service Fee was as
follows: Government & Agency
Securities Portfolio:
Service Fee
Unpaid at
October 31, 2008
Annualized
Effective
Rate
Contractual
Rate
(Up To)Capital Assets Funds
Shares
$       246,944
$       52,888
.25%
.25%Davidson Cash Equivalent
Shares
44,021
7,048
.25%
.25%Davidson Cash Equivalent
Plus Shares
30,553
3,552
.20%
.20%Government Cash
Managed Shares
244,899
46,582
.15%
.15%Premier Money Market
Shares
4,142,540
904,262
.25%
.25% Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Portfolio. For the six months ended October 31,
2008, the amount charged to the Portfolio by DIMA included in the
Statement of Operations under "other" expenses was as follows: Total
Aggregated
Unpaid at
October 31, 2008Government & Agency Securities Portfolio
$       42,821
$       11,395 Trustees' Fees and Expenses. The Portfolio paid each Trustee not affiliated
with the Advisor retainer fees plus specified amounts for various
committee services and for the Board Chairperson and Vice Chairperson. 3. Fee Reductions The Portfolio has entered into an arrangement with its custodian and
transfer agent whereby credits realized as a result of uninvested cash
balances are used to reduce a portion of the Portfolio's custodian
expenses. During the six months ended October 31, 2008, the Portfolio's
custodian fee was reduced as follows: Portfolio
Custody Credits
Transfer Agent
CreditsGovernment & Agency Securities Portfolio
$       35,193
$       11,398 4. Line of Credit The Portfolio and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks.
The Portfolio may borrow for temporary or emergency purposes, including
the meeting of redemption requests that otherwise might require the
untimely disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of
the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Portfolio may borrow up to a maximum of 33 percent of
its net assets under the agreement. 5. Share Transactions The following table summarizes share and dollar activity in the Portfolio: Six Months Ended
October 31, 2008
Year Ended
April 30, 2008Shares
Dollars
Shares
DollarsShares soldCapital Assets
Funds Shares
361,567,026
$       361,567,026
1,042,257,699
$       1,042,257,699Davidson Cash
Equivalent Shares
3,906,227
3,906,227
5,983,708
5,983,708Davidson Cash
Equivalent Plus
Shares
74,963,808
74,963,808
159,723,038
159,723,038DWS Government
& Agency Money
Fund
138,194,066
138,194,066
365,365,300
365,365,300DWS Government
Cash Institutional
Shares
15,316,934,230
15,316,934,230
6,079,749,820
6,079,749,820Government Cash
Managed Shares
413,444,998
413,444,998
1,115,211,809
1,115,211,809Premier Money
Market Shares
1,953,736,454
1,953,736,454
2,230,643,567
2,230,643,567Service Shares
466,893,736
466,893,736
436,268,322
436,268,322$    18,729,640,545

$    11,435,203,263Shares issued to shareholders in reinvestment of distributionsCapital Assets
Funds Shares
1,309,482
$       1,309,482
5,333,077
$       5,333,077Davidson Cash
Equivalent Shares
239,544
239,544
2,652,215
2,652,215Davidson Cash
Equivalent Plus
Shares
236,189
236,189
1,247,465
1,247,465DWS Government
& Agency Money
Fund
4,209,612
4,209,612
19,372,556
19,372,556DWS Government
Cash Institutional
Shares
14,913,983
14,913,983
21,777,245
21,777,245Government Cash
Managed Shares
340,634
340,634
930,548
930,548Premier Money
Market Shares
22,916,397
22,916,397
81,429,492
81,429,492Service Shares
926,055
926,055
2,982,341
2,982,341$    45,091,896

$    135,724,939Shares redeemedCapital Assets
Funds Shares
(223,698,625)
$       (223,698,625)
(924,571,632)
$       (924,571,632)Davidson Cash
Equivalent Shares
(14,131,272)
(14,131,272)
(104,121,383)
(104,121,383)Davidson Cash
Equivalent Plus
Shares
(92,980,294)
(92,980,294)
(165,777,146)
(165,777,146)DWS Government
& Agency Money
Fund
(177,894,250)
(177,894,250)
(382,558,636)
(382,558,636)DWS Government
Cash Institutional
Shares
(10,136,660,203)
(10,136,660,203)
(5,270,411,104)
(5,270,411,104)Government Cash
Managed Shares
(418,749,904)
(418,749,904)
(874,011,456)
(874,011,456)Premier Money
Market Shares
(607,050,918)
(607,050,918)
(1,077,500,550)
(1,077,500,550)Service Shares
(377,982,271)
(377,982,271)
(392,101,300)
(392,101,300)$    (12,049,147,737)

$    (9,191,053,207)Net increase (decrease)Capital Assets
Funds Shares
139,177,883
$       139,177,883
123,019,144
$       123,019,144Davidson Cash
Equivalent Shares
(9,985,501)
(9,985,501)
(95,485,460)
(95,485,460)Davidson Cash
Equivalent Plus
Shares
(17,780,297)
(17,780,297)
(4,806,643)
(4,806,643)DWS Government
& Agency Money
Fund
(35,490,572)
(35,490,572)
2,179,220
2,179,220DWS Government
Cash Institutional
Shares
5,195,188,010
5,195,188,010
831,115,961
831,115,961Government Cash
Managed Shares
(4,964,272)
(4,964,272)
242,130,901
242,130,901Premier Money
Market Shares
1,369,601,933
1,369,601,933
1,234,572,509
1,234,572,509Service Shares
89,837,520
89,837,520
47,149,363
47,149,363$    6,725,584,704

$    2,379,874,995 6. Participation in the Treasury's Temporary Guarantee Program The U.S. Department of the Treasury (the "Treasury") has established a
Temporary Guarantee Program for Money Market Funds (the "Program").
The Portfolio is participating in the Program. The Program is designed to protect the value of accounts in the Portfolio
as of the close of business on September 19, 2008. According to the
terms of the Program, any investment made by a shareholder after
September 19, 2008 in excess of the amount held in the account as of
the close of business on that date will not be covered by the Program.
Any purchase of shares of the Portfolio for an account opened after
September 19, 2008 will also not be covered under the Program. The
Program guarantee will apply to the lesser of (i) the number of shares held
in an account as of the close of business on September 19, 2008, or (ii)
the number of shares held in the account on the date the Program
guarantee is triggered. Subject to certain conditions and limitations, the
Program guarantee is triggered if the Portfolio's net asset value falls below
$0.995 and the Portfolio is liquidated. Guarantee payments under the
Program will not exceed the amount available within the Treasury's
Exchange Stabilization Fund ("ESF") on the date of payment. As of the
date of this report, ESF assets are approximately $49 billion. The Treasury
and the Secretary of the Treasury have the authority to use assets from
the ESF for purposes other than those of the Program. The Portfolio will bear the expenses of participating in the Program.
For the initial three months of the Program, the Portfolio paid 0.01%
of the product of (i) the number of shares outstanding as of
September 19, 2008, and (ii) $1.00, as required under the Program. For
the period from December 19, 2008 through April 30, 2009, the rate has
been increased to 0.015%. The Program is set to terminate on April 30,
2009, unless extended by the Treasury. The Treasury may extend the
program through the close of business on September 18, 2009. If the
Program is extended beyond April 30, 2009, the Portfolio would need to
pay an additional fee and there can be no assurances that the Portfolio will
continue to participate. Neither the Portfolio nor Deutsche Investment Management Americas
Inc., the Portfolio's investment advisor, are in any manner approved,
endorsed, sponsored or authorized by the Treasury. Other Information Proxy Voting A description of the Portfolio's policies and procedures for voting proxies
for portfolio securities and information about how the portfolio voted
proxies related to its portfolio securities during the 12-month period ended
June 30 is available on our Web site  www.dws-investments.com (click
on "proxy voting" at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the portfolio's policies and
procedures without charge, upon request, call us toll free at
(800) 621-1048. Portfolio of Investments Following the Portfolio's fiscal first and third quarter-end, a complete
portfolio holdings listing is filed with the SEC on Form N-Q. The form will
be available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800) SEC-0330. Principal Underwriter DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606 Shareholder Meeting Results Government & Agency Securities Portfolio The Special Meeting of Shareholders of the Government & Agency
Securities Portfolio of Cash Account Trust (the "Fund") was held on
March 31, 2008 at the offices of Deutsche Asset Management, 345 Park
Avenue, New York, NY 10154. The following matters were voted upon by
the shareholders of said Fund (the resulting votes are presented below): 1.       Election of the Board of Trustees Number of Votes:Trustee
For
WithheldJohn W. Ballantine
2,033,167,204.3680
145,843,774.9700Henry P. Becton, Jr.
2,032,218,301.6780
146,792,677.6600Dawn-Marie Driscoll
2,032,708,527.4680
146,302,451.8700Keith R. Fox
2,033,163,955.7280
145,847,023.6100Paul K. Freeman
2,032,670,063.2080
146,340,916.1300Kenneth C. Froewiss
2,032,801,582.3080
146,209,397.0300Richard J. Herring
2,033,510,322.9680
145,500,656.3700William McClayton
2,032,168,725.6380
146,842,253.7000Rebecca W. Rimel
2,032,905,588.5680
146,105,390.7700William N. Searcy, Jr.
2,033,277,588.7280
145,733,390.6100Jean Gleason Stromberg
2,032,158,369.9680
146,852,609.3700Robert H. Wadsworth
2,032,860,454.5680
146,150,524.7700Axel Schwarzer
2,031,930,458.0980
147,080,528.2400 The Special Meeting of Shareholders was reconvened on May 1, 2008, at
which time the following matters were voted upon by the shareholders
(the resulting votes are presented below): Number of Votes:For
Against
Abstain
Broker Non-Votes*2-A.     Approval of an Amended and Restated Investment Management
Agreement2,138,134,484.6780
144,921,479.9000
218,947,355.6000
5,056,003.00002-B.     Approval of a Subadvisor Approval Policy2,137,640,278.7080
146,042,793.4400
218,320,248.0300
5,056,003.00003-A.     Approval of a Revised Fundamental Investment Policy Regarding
Borrowing Money2,114,935,853.1980
158,700,295.2600
228,367,171.7200
5,056,003.00003-B.     Approval of a Revised Fundamental Investment Policy Regarding
Senior Securities2,117,335,934.1380
156,446,459.7800
228,220,926.2600
5,056,003.00003-D.     Approval of a Revised Fundamental Investment Policy Regarding
Underwriting of Securities2,118,178,034.9780
155,111,778.1900
228,713,507.0100
5,056,003.00003-E.     Approval of a Revised Fundamental Investment Policy Regarding
Real Estate Investments2,115,712,105.6880
157,629,848.3200
228,661,366.1700
5,056,003.00003-F.     Approval of a Revised Fundamental Investment Policy Regarding
Commodities2,116,542,966.8680
156,787,652.5700
228,672,700.7400
5,056,003.00003-G.     Approval of a Revised Fundamental Investment Policy Regarding
Lending2,114,785,125.8080
158,373,083.1300
228,845,111.2400
5,056,003.00003-H.     Approval of a Revised Fundamental Investment Policy Regarding
Portfolio Diversification for Diversified Funds2,119,413,227.7580
154,078,590.3600
228,511,502.0600
5,056,003.00003-I.     Approval of the Removal of the Fundamental Investment Policy
Regarding Investing for Control2,097,782,580.0880
165,651,830.5100
238,568,909.5800
5,056,003.00003-K.     Approval of the Removal of the Fundamental Investment Policy
Margin Transactions2,095,850,633.6280
167,535,927.0100
238,616,759.5400
5,056,003.00003-M.     Approval of the Removal of the Fundamental Investment Policy
Short Sales2,096,738,540.6480
166,628,616.2100
238,636,163.3200
5,056,003.00003-N.     Approval of the Removal of the Fundamental Investment Policy
Options2,096,479,299.2580
166,675,049.5100
238,848,971.4100
5,056,003.00003-O.     Approval of the Removal of the Fundamental Investment Policy
Securities Owned by Officers and Trustees or the Advisor2,097,710,150.7880
166,087,789.1800
238,205,380.2100
5,056,003.00003-S.     Approval of the Removal of the Fundamental Investment Policy Oil,
Gas and Mineral Programs2,098,940,023.8880
164,370,29.3900
238,693,046.9000
5,056,003.00004-A.     Approval of a Reclassification of Fundamental Investment
Objectives as Non-Fundamental2,098,380,937.8480
165,737,314.2600
242,885,068.0700
5,056,003.00004-B.     Approval of a Reclassification of Fundamental Investment Policies
as Non-Fundamental2,097,475,407.1080
166,645,255.1700
237,882,657.9000
5,056,003.0000 The meeting of shareholders was reconvened on August 15, 2008, at
which time the following matter was not approved by shareholders
because the matter failed to receive sufficient shareholder votes: Number of Votes:For
Against
Abstain
Broker Non-Votes*5.       Approval of Amended and Restated Declaration of Trust
("Number of Votes" represents all portfolios that are a series of
Cash Account Trust)5,758,446,288.09
352,651,067.17
535,360,670.74
16,492,432.00 * Broker non-votes are proxies received by the fund from brokers or nominees when the
broker or nominee neither has received instructions from the beneficial owner or other
persons entitled to vote nor has discretionary power to vote on a particular matter.
Broker non-votes have the effect of a negative vote.  Investment Management Agreement
Approval The Board of Trustees, including the Independent Trustees, approved
the renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008. In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that: •    At the present time, all but one of your Fund's Trustees are
independent of DIMA and its affiliates. •    The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Fixed Income and Quant
Oversight Committee, reviewed comprehensive materials received
from DIMA, independent third parties and independent counsel. These
materials included an analysis of the Fund's performance, fees and
expenses, and profitability compiled by the Fund's independent fee
consultant. The Board also received extensive information throughout
the year regarding performance of the Fund. •    The Independent Trustees regularly meet privately with their
independent counsel (and, as needed, other advisors) to discuss
contract review and other matters. In addition, the Independent
Trustees were also advised by the Fund's independent fee consultant
in the course of their review of the Fund's contractual arrangements
and considered a comprehensive report prepared by the independent
fee consultant in connection with their deliberations (the "IFC
Report"). •    In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and
other material service agreements. •    Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and
presented their recommendations to the full Board. In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others.
The Board also considered that DIMA and its predecessors have managed
the Fund since its inception, and the Board believes that a long-term
relationship with a capable, conscientious advisor is in the best interests
of the Fund. The Board considered, generally, that shareholders chose to
invest or remain invested in the Fund knowing that DIMA managed the
Fund, and that the Agreement was approved by the Fund's shareholders
at a special meeting held in 2008. DIMA is part of Deutsche Bank, a major
global banking institution that is engaged in a wide range of financial
services. The Board believes that there are significant advantages to being
part of a global asset management business that offers a wide range of
investing expertise and resources, including hundreds of portfolio
managers and analysts with research capabilities in many countries
throughout the world. While shareholders may focus primarily on fund performance and fees,
the Fund's Board considers these and many other factors, including the
quality and integrity of DIMA's personnel and such other issues as
back-office operations, fund valuations, and compliance policies and
procedures. Nature, Quality and Extent of Services. The Board considered the terms
of the Agreement, including the scope of advisory services provided
under the Agreement. The Board noted that, under the Agreement, DIMA
provides portfolio management services to the Fund and that, pursuant
to a separate administrative services agreement, DIMA provides
administrative services to the Fund. The Board considered the experience
and skills of senior management and investment personnel, the resources
made available to such personnel, the ability of DIMA to attract and retain
high-quality personnel, and the organizational depth and stability of DIMA.
The Board reviewed the Fund's performance over short-term and
long-term periods and compared those returns to various agreed-upon
performance measures, including a peer universe compiled by the
independent fee consultant using information supplied by iMoneyNet Inc.
("iMoneyNet"). The Board also noted that it has put a process into place
of identifying "Focus Funds" (e.g., funds performing poorly relative to
their benchmark or a peer group compiled by Lipper Inc. ("Lipper")), and
receives more frequent reporting and information from DIMA regarding
such funds, along with DIMA's remedial plans to address
underperformance. The Board believes this process is an effective manner
of identifying and addressing underperforming funds. Based on the
information provided, the Board noted that for the one-, three- and
five-year periods ended December 31, 2007, the Fund's performance
(Premier Money Market Shares) was in the 1st quartile of the applicable
iMoneyNet universe (the 1st quartile being the best performers and the
4th quartile being the worst performers). On the basis of this evaluation and the ongoing review of investment
results by the Board, the Board concluded that the nature, quality and
extent of services provided by DIMA historically have been and continue
to be satisfactory. Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent
fee consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted
that the contractual fee rates paid by the Fund, which include the 0.10%
fee paid to DIMA under the Fund's administrative services agreement,
were lower than the median (2nd quartile) of the applicable Lipper peer
group (based on Lipper data provided as of December 31, 2007). Based
on Lipper data provided as of December 31, 2007, the Board noted that
the Fund's total (net) operating expenses (excluding 12b-1 fees and/or
shareholder administration fees) were expected to be higher than the
median of the applicable Lipper expense universe for the following share
classes: Service Shares (3rd quartile), Capital Assets Funds Shares
(4th quartile) and Government Cash Managed Shares (4th quartile); at
the median the applicable Lipper expense universe for the following share
classes: Davidson Cash Equivalent Shares and Premier Money Market
Shares; and lower than the median of the applicable Lipper expense
universe for the following share classes: Davidson Cash Equivalent Shares
Plus (2nd quartile), DWS Government Cash Institutional Shares
(1st quartile), DWS Government & Agency Money Fund shares (1st
quartile). The Board considered the Fund's management fee rate as
compared to fees charged by DIMA and certain of its affiliates for
comparable mutual funds and considered differences in fund and fee
structures between the DWS Funds. The Board also considered how the
Fund's total (net) operating expenses compared to the total (net) operating
expenses of a more customized peer group selected by Lipper (based
on such factors as asset size). The Board also noted that the expense
limitations agreed to by DIMA helped to ensure that the Fund's total (net)
operating expenses would be competitive relative to the applicable Lipper
universe. On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA. Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the
DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Fund in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS
Investments organization with respect to all fund services in totality and
by fund. The Board reviewed DIMA's methodology in allocating its costs
to the management of the Fund. Based on the information provided, the
Board concluded that the pre-tax profits realized by DIMA in connection
with the management of the Fund were not unreasonable. The Board
also reviewed information regarding the profitability of certain similar
investment management firms. The Board noted that while information
regarding the profitability of such firms is limited (and in some cases is
not necessarily prepared on a comparable basis), DIMA and its affiliates'
overall profitability with respect to the DWS Investments fund complex
(after taking into account distribution and other services provided to the
funds by DIMA and its affiliates) was lower than the overall profitability
levels of many comparable firms for which such data was available. Economies of Scale. The Board considered whether there are economies
of scale with respect to the management of the Fund and whether the
Fund benefits from any economies of scale. The Board noted that the
Fund's management fee schedule includes fee breakpoints. The Board
concluded that the Fund's fee schedule represents an appropriate sharing
between the Fund and DIMA of such economies of scale as may exist in
the management of the Fund at current asset levels. Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and
its affiliates, including any fees received by DIMA for administrative
services provided to the Fund and any fees received by an affiliate of
DIMA for distribution services. The Board also considered benefits to
DIMA related to brokerage and soft-dollar allocations, including allocating
brokerage to pay for research generated by parties other than the
executing broker dealers, which pertain primarily to funds investing in
equity securities, along with the incidental public relations benefits to
DIMA related to DWS Funds advertising and cross-selling opportunities
among DWS Investments products and services. The Board concluded
that management fees were reasonable in light of these fallout benefits. Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and
(iii) the substantial commitment of resources by DIMA and its affiliates to
compliance matters. Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the continuation of the Agreement is in the best interests of the
Fund. In making this determination the Board did not give particular
weight to any single factor identified above. The Board considered these
factors over the course of numerous meetings, certain of which were in
executive session with only the Independent Trustees and their counsel
present. It is possible that individual Trustees may have weighed these
factors differently in reaching their individual decisions to approve the
continuation of the Agreement. Summary of Management Fee Evaluation
by Independent Fee Consultant October 24, 2008 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General
of New York, I, Thomas H. Mack, have been appointed the Independent
Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds).
My duties include preparing an annual written evaluation of the
management fees DeAM charges the Funds, considering among other
factors the management fees charged by other mutual fund companies
for like services, management fees DeAM charges other clients for like
services, DeAM's costs of supplying services under the management
agreements and related profit margins, possible economies of scale if a
Fund grows larger, and the nature and quality of DeAM's services,
including fund performance. This report summarizes my evaluation for
2008, including my qualifications, the evaluation process for each of the
DWS Funds, consideration of certain complex-level factors, and my
conclusions. I served in substantially the same capacity in 2007. Qualifications For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards,
product distributors and related organizations. Over the past ten years I
have completed a number of assignments for mutual fund boards,
specifically including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I
am an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private
market research company, and have served in various leadership and
financial oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Fund My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 129 Fund portfolios in the DWS Fund family. For each Fund,
I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as
in their approval of contracts for several new funds (documented
separately). In evaluating each Fund's fees, I reviewed comprehensive materials
provided by or on behalf of DeAM, including expense information
prepared by Lipper Analytical, comparative performance information,
profitability data, manager histories, and other materials. I also accessed
certain additional information from the Lipper, Strategic Insight, and
Morningstar databases and drew on my industry knowledge and
experience. To facilitate evaluating this considerable body of information, I prepared
for each Fund a document summarizing the key data elements in each
area as well as additional analytics discussed below. This made it possible
to consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number
of fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution
arrangements and being of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar
distribution arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution
channel. The principal figure-of-merit used in these comparisons was the
subject Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled
fund and non-fund investment management accounts in any of the
investment categories where there is a DWS Fund. These similar
products included the other DWS Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information,
I calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level. Evaluating information regarding non-fund products is difficult because
there are varying levels of services required for different types of
accounts, with mutual funds generally requiring considerably more
regulatory and administrative types of service as well as having more
frequent cash flows than other types of accounts. Also, while mutual fund
fees for similar fund products can be expected to be similar, there will be
some differences due to different pricing conditions in different
distribution channels (e.g. retail funds versus those used in variable
insurance products), differences in underlying investment processes and
other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After
making some adjustments so that the presentation would be more
comparable to the available industry figures, I reviewed profit margins
from investment management alone, from investment management plus
other fund services (excluding distribution) provided to the Funds by
DeAM (principally shareholder services), and DeAM profits from all
sources, including distribution. A later section comments on overall
profitability. Economies of Scale Economies of scale  an expected decline in management cost per
dollar of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this
industry observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule,
the extent of the fee reduction built into the schedule and the asset
levels where the breaks take effect, and in the case of a sub-advised
Fund how the Fund's break-points compare with those of the
sub-advisory fee schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance,
which is the principal result of the investment management service. Each
Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as
applicable, and compared with that of other funds in the same investment
category and with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or
less risk than is typical in its investment category. I also received and considered the history of portfolio manager changes
for each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers. I considered whether DeAM and affiliates receive any significant
ancillary or "fall-out" benefits that should be considered in interpreting
the direct profitability results. These would be situations where serving
as the investment manager of the Funds is beneficial to another part of
the Deutsche Bank organization. I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management
and other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external
data sources and considering among other factors the fees DeAM
charges other clients, the fees charged by other fund managers, DeAM's
costs and profits associated with managing the Funds, economies of
scale, possible fall-out benefits, and the nature and quality of services
provided, in my opinion the management fees charged the DWS Funds
are reasonable. catgasgam_sigmack0Thomas H. Mack Privacy Statement This privacy statement is issued by Deutsche Investment Management
Americas Inc., DWS Investments Distributors, Inc., DWS Investor
Services, Inc., DWS Trust Company and the DWS Funds. We consider privacy fundamental to our client relationships and
adhere to the policies and practices described below to protect
current and former clients' information.We never sell customer lists
or individual client information. Internal policies are in place to protect
confidentiality, while allowing client needs to be served. Only individuals
who need to do so in carrying out their job responsibilities may access
client information. We maintain physical, electronic and procedural
safeguards that comply with federal and state standards to protect
confidentiality. These safeguards extend to all forms of interaction with
us, including the Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and
through transactions with us or our affiliates. Examples of the nonpublic
personal information collected are name, address, Social Security number,
and transaction and balance information. To be able to serve our clients,
certain of this client information is shared with affiliated and nonaffiliated
third party service providers such as transfer agents, custodians and
broker-dealers to assist us in processing transactions and servicing your
account with us. In addition, we may disclose the information we collect to companies that
perform marketing services on our behalf or to other financial institutions
with which we have joint marketing agreements. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we
will comply with them before we share information about you. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to or
we may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. Questions on this policy may be sent to: DWS Investments
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415 September 2008 Notes Notes Notes Notes Notes Notes catgasgam_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
     
 Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Service Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Premier Money Market Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio and Tax-Exempt Portfolio (Capital Assets Funds Shares), Money Market Portfolio (Capital Assets Funds Shares and Capital Assets Funds Preferred Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Davidson Cash Equivalent Shares), Government & Agency Securities Portfolio and Money Market Portfolio (Davidson Cash Equivalent Plus Shares), each a series of Cash Account Trust Money Market Portfolio (Premium Reserve Money Market Shares and Institutional Money Market Shares), a series of Cash Account Trust Money Market Portfolio (Institutional Select Money Market Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government Cash Institutional Shares and Government Cash Managed Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government & Agency Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Cash Institutional Shares, Tax-Exempt Cash Managed Shares), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax Free Money Fund Class S), a series of Cash Account Trust Tax-Exempt Portfolio (Tax-Free Investment Class), a series of Cash Account Trust DWS Disciplined Long/Short Growth Fund, a series of DWS Equity Trust DWS Disciplined Long/Short Value Fund, a series of DWS Equity Trust DWS LifeCompass Income Fund, a series of DWS Target Fund DWS LifeCompass Protect Fund, a series of DWS Target Fund  By:

                        /s/Michael G. Clark
 Michael G. Clark
 President  Date:

                        December 29, 2008
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  By:

                        /s/Michael G. Clark
 Michael G. Clark
 President  Date:

                        December 29, 2008
  By:

                        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:

                        December 29, 2008