UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF        REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number        811-5970

Cash        Account Trust

(Exact name of registrant as specified in        charter)

 

222        South Riverside Plaza

Chicago, IL 60606

(Address of principal executive offices)                    (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for        service)

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

Date of fiscal year end:04/30

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

 

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

         

 

**Cash        Account Trust-Government & Agency Securities Portfolio**

 

|                                        | **Principal****Amount ($)**                                                                            |       | **Value                        ($)** |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------|------------|--------------------------------------|
|                                             |
|                                        | **Agencies Not Backed by the Full Faith and Credit of                        the US Government 54.6%** |       |
| Federal Farm Credit Bank, 4.25%, 10/10/2008 |                                                                                                   | 50,000,000 |                                 | 50,529,346 |
| Federal Home Loan Bank:                     |                                                                                                   |
|                                        | 3.05%, 10/14/2008                                                                                      |       | 31,850,000                           |   | 31,580,852 |
|                                        | 3.071% *, 4/30/2009                                                                                    |       | 32,000,000                           |   | 32,000,000 |
|                                        | 3.161% *, 1/28/2009                                                                                    |       | 200,000,000                          |   | 199,953,268 |
|                                        | 3.93% **, 3/19/2008                                                                                    |       | 245,000,000                          |   | 243,742,946 |
|                                        | 3.96% **, 4/9/2008                                                                                     |       | 100,000,000                          |   | 99,252,000 |
|                                        | 4.05% **, 5/9/2008                                                                                     |       | 50,000,000                           |   | 49,448,750 |
|                                        | 4.1% **, 7/22/2008                                                                                     |       | 20,000,000                           |   | 19,608,222 |
|                                        | 4.21% **, 4/30/2008                                                                                    |       | 70,000,000                           |   | 69,271,436 |
|                                        | 4.3% **, 2/6/2008                                                                                      |       | 140,000,000                          |   | 139,916,389 |
|                                             |                                                                                                        |            |                                      |  |  |  |  |

|                                                                                                                                               | 4.3%, 12/10/2008                                                                                                                                                                                                                                                                                                |              | 20,000,000                           |          | 19,998,280  |
|----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------------|---------------|-------------|
|                                                                                                                                               | 4.35%, 12/11/2008                                                                                                                                                                                                                                                                                               |              | 87,400,000                           |          | 87,400,000  |
|                                                                                                                                               | 4.43% **, 3/24/2008                                                                                                                                                                                                                                                                                             |              | 75,000,000                           |          | 74,520,083  |
|                                                                                                                                               | 4.5%, 4/14/2008                                                                                                                                                                                                                                                                                                 |              | 31,000,000                           |          | 31,000,000  |
|                                                                                                                                               | 4.5%, 11/5/2008                                                                                                                                                                                                                                                                                                 |              | 70,000,000                           |          | 70,015,294  |
|                                                                                                                                               | 4.51% *, 7/7/2009                                                                                                                                                                                                                                                                                               |              | 50,000,000                           |          | 50,056,720  |
|                                                                                                                                               | 4.766% *, 3/20/2008                                                                                                                                                                                                                                                                                             |              | 55,000,000                           |          | 54,995,225  |
|                                                                                                                                               | 4.767% *, 2/11/2009                                                                                                                                                                                                                                                                                             |              | 250,000,000                          |          | 250,056,659 |
|                                                                                                                                               | 4.795% *, 5/27/2009                                                                                                                                                                                                                                                                                             |              | 110,000,000                          |          | 109,990,147 |
|                                                                                                                                               | 4.84% *, 9/17/2008                                                                                                                                                                                                                                                                                              |              | 350,000,000                          |          | 349,897,115 |
|                                                                                                                                               | 4.841% *, 8/21/2008                                                                                                                                                                                                                                                                                             |              | 120,000,000                          |          | 120,048,772 |
|                                                                                                                                               | 4.88% **, 2/25/2008                                                                                                                                                                                                                                                                                             |              | 32,215,000                           |          | 32,110,194  |
| Federal Home Loan Mortgage Corp.:                                                                                                                  |                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                               | 2.72% **, 7/21/2008                                                                                                                                                                                                                                                                                             |              | 42,650,000                           |          | 42,098,962  |
|                                                                                                                                               | 4.01% **, 4/7/2008                                                                                                                                                                                                                                                                                              |              | 100,000,000                          |          | 99,264,833  |
|                                                                                                                                               | 4.15% **, 6/9/2008                                                                                                                                                                                                                                                                                              |              | 45,000,000                           |          | 44,330,813  |
|                                                                                                                                               | 4.27% **, 3/20/2008                                                                                                                                                                                                                                                                                             |              | 130,000,000                          |          | 129,259,867 |
|                                                                                                                                               | 4.34% **, 4/21/2008                                                                                                                                                                                                                                                                                             |              | 140,000,000                          |          | 138,649,778 |
|                                                                                                                                               | 4.36% **, 6/27/2008                                                                                                                                                                                                                                                                                             |              | 15,000,000                           |          | 14,732,950  |
|                                                                                                                                               | 4.43% **, 3/24/2008                                                                                                                                                                                                                                                                                             |              | 49,360,000                           |          | 49,044,151  |
|                                                                                                                                               | 4.62% **, 3/17/2008                                                                                                                                                                                                                                                                                             |              | 65,000,000                           |          | 64,624,625  |
|                                                                                                                                               | 4.63% **, 3/17/2008                                                                                                                                                                                                                                                                                             |              | 100,000,000                          |          | 99,421,250  |
| Federal National Mortgage Association:                                                                                                             |                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                               | 2.5%, 6/15/2008                                                                                                                                                                                                                                                                                                 |              | 100,000,000                          |          | 99,570,294  |
|                                                                                                                                               | 4.235% **, 3/19/2008                                                                                                                                                                                                                                                                                            |              | 45,000,000                           |          | 44,751,194  |
|                                                                                                                                               | 4.24% **, 3/28/2008                                                                                                                                                                                                                                                                                             |              | 34,085,000                           |          | 33,860,190  |
|                                                                                                                                               | 4.62% **, 3/12/2008                                                                                                                                                                                                                                                                                             |              | 109,728,000                          |          | 109,164,730 |
|                                                                                                                                                    |
| **Total Agencies Not Backed by the Full Faith and Credit                        of the US Government**(Cost                        $3,154,165,335) |                                                                                                                                                                                                                                                                                                            | **3,154,165,335** |
|                                                                                                                                               | **Repurchase Agreements 45.3%**                                                                                                                                                                                                                                                                                 |              |
| BNP Paribas, 3.0%, dated 1/31/2008, to be repurchased at                        $100,008,333 on 2/1/2008 (a)                                       |                                                                                                                                                                                                                                                                                                            | 100,000,000       |                                 | 100,000,000   |
| BNP Paribas, 3.15%, dated 1/31/2008, to be repurchased at                        $162,914,254 on 2/1/2008 (b)                                      |                                                                                                                                                                                                                                                                                                            | 162,900,000       |                                 | 162,900,000   |
| Greenwich Capital Markets, Inc., 3.0%, dated 1/31/2008,                        to be repurchased at $800,066,667 on 2/1/2008 (c)                   |                                                                                                                                                                                                                                                                                                            | 800,000,000       |                                 | 800,000,000   |
| Greenwich Capital Markets, Inc., 4.26%, dated 1/11/2008,                        to be repurchased at $75,284,000 on 2/12/2008 (d)                  |                                                                                                                                                                                                                                                                                                            | 75,000,000        |                                 | 75,000,000    |
| JPMorgan Securities, Inc., 3.0%, dated 1/31/2008, to be                        repurchased at $243,860,479 on 2/1/2008 (e)                         |                                                                                                                                                                                                                                                                                                            | 243,840,159       |                                 | 243,840,159   |
| Merrill Lynch Government Securities, Inc., 2.8%, dated                        1/31/2008, to be repurchased at $128,244,006 on 2/1/2008 (f)         |                                                                                                                                                                                                                                                                                                            | 128,234,032       |                                 | 128,234,032   |
| The Bear Stearns & Co., Inc., 3.0%, dated 1/31/2008,                        to be repurchased at $1,107,371,881 on 2/1/2008 (g)                |                                                                                                                                                                                                                                                                                                            | 1,107,279,608     |                                 | 1,107,279,608 |
|                                                                                                                                                    |
| **Total Repurchase Agreements**(Cost $2,617,253,799)                                                                                               |                                                                                                                                                                                                                                                                                                            | **2,617,253,799** |
|                                                                                                                                               | **%                        of****Net Assets**                                                                                                                                                                                                                                                                   |              | **Value                        ($)** |
|                                                                                                                                                    |
| **Total Investment Portfolio**(Cost $5,771,419,134)                                                                                                | 99.9                                                                                                                                                                                                                                                                                                            |              | **5,771,419,134**                    |
| **Other Assets and Liabilities, Net**                                                                                                              | 0.1                                                                                                                                                                                                                                                                                                             |              | **2,990,151**                        |
|                                                                                                                                                    |
| **Net Assets**                                                                                                                                     | 100.0                                                                                                                                                                                                                                                                                                           |              | **5,774,409,285**                    |
|                                                                                                                                               | *For information on the Fund’s policies regarding                        the valuation of investments and other significant accounting policies,                        please refer to the Fund’s most recent semi-annual or annual                        financial statements.*                  |
| ***                                                                                                                                                | *Floating rate notes are securities whose yields vary                        with a designated market index or market rate, such as the                        coupon-equivalent of the US Treasury bill rate. These securities are shown                        at their current rate as of January 31, 2008.* |
| ****                                                                                                                                               | *Annualized yield at time of purchase; not a coupon                        rate.*                                                                                                                                                                                                                               |
| *(a)*                                                                                                                                              | *Collateralized by $102,395,925 Federal National                        Mortgage Association, with various coupon rates from 4.805-6.1%, with                        various maturity dates of 4/1/2034-11/1/2037 with a value of                        $102,000,001.*                                         |
|                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                 |                   |                                      |               |             |  |  |  |  |

 

| *(b)* | *Collateralized by:* |
|-------|----------------------|

 

| ***Principal***              |                                    |           | ***Maturity***      | ***Collateral*** |
|------------------------------|-----------------------------------------|----------------|---------------------|------------------|
| ***Amount ($)***             | ***Security***                          | ***Rate (%)*** | ***Date***          | ***Value ($)***  |
| *27,925,545*                 | *Federal Home Loan Mortgage Corp.*      | *5.609-6.092*  | *5/1/2036-8/1/2036* | *28,855,469*     |
| *134,535,087*                | *Federal National Mortgage Association* | *4.792-6.102*  | *4/1/2035-2/1/2038* | *137,302,531*    |
| ***Total Collateral Value*** |                                    |           | ***166,158,000***   |

 

| *(c)* | *Collateralized by:* |
|-------|----------------------|

 

| ***Principal***              |                                                                       |           | ***Maturity***         | ***Collateral*** |
|------------------------------|----------------------------------------------------------------------------|----------------|------------------------|------------------|
| ***Amount ($)***             | ***Security***                                                             | ***Rate (%)*** | ***Date***             | ***Value ($)***  |
| *569,399,081*                | *Federal Home Loan Mortgage Corp.*                                         | *4.875-7.5*    | *2/17/2009-4/15/2037*  | *601,201,593*    |
| *24,514,722*                 | *Federal Home Loan Mortgage Corp. - Principal                        Only* | *-*            | *4/15/2036-5/15/2036*  | *16,708,501*     |
| *198,925,834*                | *Federal National Mortgage Association*                                    | *3.375-14.599* | *12/15/2008-5/25/2037* | *198,094,644*    |
| ***Total Collateral Value*** |                                                                       |           | ***816,004,738***      |

 

| *(d)* | *Collateralized by:* |
|-------|----------------------|

 

| ***Principal***              |                                                                            |           | ***Maturity***        | ***Collateral*** |
|------------------------------|---------------------------------------------------------------------------------|----------------|-----------------------|------------------|
| ***Amount ($)***             | ***Security***                                                                  | ***Rate (%)*** | ***Date***            | ***Value ($)***  |
| *26,267,635*                 | *Federal Home Loan Mortgage Corp.*                                              | *5.0*          | *2/15/2032*           | *26,492,073*     |
| *46,793,447*                 | *Federal National Mortgage Association*                                         | *5.0-6.0*      | *7/25/2026-9/25/2037* | *46,823,710*     |
| *4,753,176*                  | *Federal National Mortgage Association - Principal                        Only* | *-*            | *7/25/2036*           | *3,186,837*      |
| ***Total Collateral Value*** |                                                                            |           | ***76,502,620***      |

 

| *(e)* | *Collateralized by:* |
|-------|----------------------|

 

| ***Principal***              |                                       |           | ***Maturity***         | ***Collateral*** |
|------------------------------|--------------------------------------------|----------------|------------------------|------------------|
| ***Amount ($)***             | ***Security***                             | ***Rate (%)*** | ***Date***             | ***Value ($)***  |
| *76,349,755*                 | *Federal Home Loan Mortgage Corp.*         | *4.0-6.25*     | *9/15/2014-12/15/2037* | *77,183,634*     |
| *119,056,075*                | *Federal National Mortgage Association*    | *4.0-6.454*    | *5/25/2011-1/25/2034*  | *119,644,360*    |
| *51,380,448*                 | *Government National Mortgage Association* | *4.5-5.5*      | *2/20/2027-11/20/2037* | *51,889,061*     |
| ***Total Collateral Value*** |                                       |           | ***248,717,055***      |

 

| *(f)* | *Collateralized by:* |
|-------|----------------------|

 

| ***Principal***  |                                                                           |           | ***Maturity***          | ***Collateral*** |
|------------------|--------------------------------------------------------------------------------|----------------|-------------------------|------------------|
| ***Amount ($)*** | ***Security***                                                                 | ***Rate (%)*** | ***Date***              | ***Value ($)***  |
| *6,701,146*      | *Federal Home Loan Mortgage Corp.*                                             | *8.667*        | *10/15/2023*            | *7,560,945*      |
| *341,727,337*    | *Federal Home Loan Mortgage Corp. - Interest                        Only*      | *2.214-3.864*  | *11/15/2017-11/15/2037* | *27,214,231*     |
| *41,154,467*     | *Federal Home Loan Mortgage Corp. - Principal                        Only*     | *-*            | *2/15/2032-9/15/2037*   | *32,901,844*     |
| *14,234,721*     | *Federal National Mortgage Association*                                        | *12.683-22.35* | *9/25/2031-8/25/2037*   | *19,012,028*     |
| *143,333,969*    | *Federal National Mortgage Association - Interest                        Only* | *3.324-6.0*    | *3/25/2018-5/25/2037*   | *12,901,897*     |

| *41,803,587*                 | *Federal National Mortgage Association - Principal                        Only* | *-*    | *7/25/2033-9/25/2037* | *31,208,198* |
|------------------------------|---------------------------------------------------------------------------------|--------|-----------------------|--------------|
| ***Total Collateral Value*** |                                                                            |   | ***130,799,143***     |

 

| *(g)* | *Collateralized by:* |
|-------|----------------------|

 

|                         |                                                                            |              |                   |             |
|------------------------------|---------------------------------------------------------------------------------|-------------------|------------------------|------------------|
| ***Principal***              |                                                                            |              | ***Maturity***         | ***Collateral*** |
| ***Amount ($)***             | ***Security***                                                                  | ***Rate (%)***    | ***Date***             | ***Value ($)***  |
| *432,559,975*                | *Federal Home Loan Mortgage Corp.*                                              | *4.0-8.0*         | *12/15/2013-7/15/2037* | *432,897,700*    |
| *137,858,494*                | *Federal Home Loan Mortgage Corp. - Interest                        Only*       | *0.19-2.86*       | *3/15/2034-3/15/2035*  | *7,064,208*      |
| *521,268,702*                | *Federal National Mortgage Association*                                         | *Zero Coupon-9.5* | *9/25/2011-2/25/2038*  | *522,688,653*    |
| *7,140,752*                  | *Federal National Mortgage Association - Interest                        Only*  | *5.0*             | *4/25/2035*            | *1,784,117*      |
| *10,256,651*                 | *Federal National Mortgage Association - Principal                        Only* | *-*               | *1/25/2032-8/25/2037*  | *7,187,906*      |
| *161,554,381*                | *Government National Mortgage Association*                                      | *4.5-6.0*         | *9/202034-1/20/2038*   | *157,803,195*    |
| ***Total Collateral Value*** |                                                                            |              | ***1,129,425,779***    |

 

 

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

 

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

 

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | (a)                                 The Chief Executive                        and Financial Officers concluded that the Registrant’s Disclosure                        Controls and Procedures are effective based on the evaluation of the                        Disclosure Controls and Procedures as of a date within 90 days of the                        filing date of this report.                                                                                                                                                                       |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | (b)                                 There have been no                        changes in the registrant’s internal control over financial reporting                        that occurred during the registrant’s last 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 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | Certification pursuant to Rule 30a-2(a) under the Investment                        Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as                        Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                 |

 

**SIGNATURES**

 

Pursuant to        the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of        1940, the registrant has duly caused this report to be signed on its behalf by the        undersigned, thereunto duly authorized.

 

| Registrant: | Government & Agency Securities Portfolio, a series of                        Cash Account Trust |
|-------------|-----------------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 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: | Government & Agency Securities Portfolio, a series of                        Cash Account Trust |
|-------------|-----------------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|