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)  222 South Riverside Plaza Chicago, IL  60606 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154 (Name and Address of Agent for Service)  Date of fiscal year end:
        4/30
  Date of reporting period:
        10/31/07
   ITEM 1.REPORT TO STOCKHOLDERS


SEMIANNUAL REPORT TO SHAREHOLDERS

Davidson Cash Equivalent Shares

Money Market Portfolio

Government & Agency Securities Portfolio

Tax-Exempt Portfolio

Davidson Cash Equivalent Plus Shares

Money Market Portfolio

Government & Agency Securities Portfolio

October 31, 2007

This report must be preceded or accompanied by a prospectus. To obtain a prospectus
for any of our funds, call (800) 332-5915. We advise you to consider a portfolio's
objectives, risks, charges and expenses carefully before investing. The prospectus
contains this and other important information about a portfolio. Please read the
prospectus carefully before you invest.

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



catdeca_auto0

Information About Each Portfolio's Expenses

As an investor of a Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees, distribution and service (12b-1) fees and other Portfolio expenses.
Examples of transaction costs include sales charges (loads), redemption
fees and account maintenance fees, which are not shown in this section.
The following tables are intended to help you understand your ongoing
expenses (in dollars) of investing in each Portfolio and to help you
compare these expenses with the ongoing expenses of investing in other
mutual funds. In the most recent six-month period, the Government &
Agency Securities Portfolio and the Tax-Exempt Portfolio limited these
expenses; had they not done so, expenses would have been higher for
the Davidson Cash Equivalent Shares for the Government & Agency
Securities Portfolio and the Tax-Exempt Portfolio and the Davidson Cash
Equivalent Plus Shares for the Government & Agency Securities Portfolio.
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, 2007 to October 31, 2007).

The tables illustrate each Portfolio's expenses in two ways:

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

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

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

Davidson Cash Equivalent Shares

|Expenses and Value of a $1,000 Investmentfor the six months ended October 31, 2007
|----------------------------------------------------------------------------------
|Actual Portfolio Return                                                           
|Beginning Account Value 5/1/07                                                    
|Ending Account Value 10/31/07                                                     
|Expenses Paid per $1,000*                                                         
|Hypothetical 5% Portfolio Return                                                  
|Beginning Account Value 5/1/07                                                    
|Ending Account Value 10/31/07                                                     
|Expenses Paid per $1,000*                                                         

|Annualized Expense Ratios       | Money Market
Portfolio | Government &
Agency
Securities
Portfolio | Tax-Exempt
Portfolio
|------------------------------- | ---------------------- | ---------------------------------------- | --------------------
|Davidson Cash Equivalent Shares | 1.00%                  | .98%                                     | .85%                

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

Davidson Cash Equivalent Plus Shares

|Expenses and Value of a $1,000 Investmentfor the six months ended October 31, 2007
|----------------------------------------------------------------------------------
|Actual Portfolio Return                                                           
|Beginning Account Value 5/1/07                                                    
|Ending Account Value 10/31/07                                                     
|Expenses Paid per $1,000*                                                         
|Hypothetical 5% Portfolio Return                                                  
|Beginning Account Value 5/1/07                                                    
|Ending Account Value 10/31/07                                                     
|Expenses Paid per $1,000*                                                         

|Annualized Expense Ratios            | Money Market
Portfolio | Government & Agency
Securities Portfolio
|------------------------------------ | ---------------------- | ----------------------------------------
|Davidson Cash Equivalent Plus Shares | .85%                   | .84%                                    

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

Portfolio Summary

Money Market Portfolio

|Asset Allocation                       | 10/31/07 | 4/30/07
|-------------------------------------- | -------- | -------
|                                       |          |        
|Commercial Paper                       | 44%      | 38%    
|Certificates of Deposit and Bank Notes | 23%      | 24%    
|Short-Term Notes                       | 22%      | 29%    
|Repurchase Agreements                  | 4%       | 4%     
|Master Notes                           | 3%       | 1%     
|Promissory Notes                       | 3%       | 3%     
|Government & Agency Obligations        | 1%       |       
|Funding Agreements                     |         | 1%     
|                                       | 100%     | 100%   

|Weighted Average Maturity                   | 10/31/07 | 4/30/07
|------------------------------------------- | -------- | -------
|                                            |          |        
|Cash Account Trust  Money Market Portfolio | 47 days  | 33 days
|First Tier Retail Money Fund Average*       | 44 days  | 41 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 5-10. A quarterly Fact Sheet is available
upon request. Information concerning portfolio holdings of the Portfolio as of month end will
be posted to www.dws-scudder.com on or after the 14th day of the following month. In
addition, the Portfolio's top ten holdings and other information about the Portfolio is posted
on www.dws-scudder.com as of the calendar quarter-end on or after the 14th day following
quarter-end.

Investment Portfolioas of October 31, 2007 (Unaudited)

Money Market Portfolio

|                                                                                                          | Principal
Amount ($) | Value ($)  
|--------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                          |                     
|Certificates of Deposit and Bank Notes 23.3%                                                             
|ABN AMRO Bank NV, 5.1%, 1/22/2008                                                                         | 45,000,000           | 45,003,036 
|Banco Santander Central Hispano SA:                                                                       |                      |            
|4.91%, 2/1/2008                                                                                           | 15,000,000           | 15,002,246 
|4.99%, 2/1/2008                                                                                           | 45,550,000           | 45,554,594 
|Bank of Ireland, 4.96%, 1/24/2008                                                                         | 15,000,000           | 15,004,104 
|Bank of Nova Scotia, 4.83%, 11/26/2007                                                                    | 15,000,000           | 15,000,000 
|Bank of Scotland PLC:                                                                                     |                      |            
|4.77%, 4/25/2008                                                                                          | 15,000,000           | 15,000,000 
|4.91%, 4/23/2008                                                                                          | 20,000,000           | 20,005,599 
|4.93%, 10/9/2008                                                                                          | 10,000,000           | 10,000,000 
|Bank of the West, 5.1%, 11/13/2007                                                                        | 46,700,000           | 46,700,000 
|Bank of Tokyo-Mitsubishi-UFJ, Ltd., 5.3%, 2/21/2008                                                       | 35,000,000           | 35,000,000 
|Barclays Bank PLC:                                                                                        |                      |            
|5.2%, 4/9/2008                                                                                            | 22,200,000           | 22,200,000 
|5.22%, 12/27/2007                                                                                         | 45,000,000           | 45,000,000 
|5.5%, 3/12/2008                                                                                           | 38,000,000           | 38,000,000 
|Calyon, 4.8%, 3/25/2008                                                                                   | 22,000,000           | 22,000,000 
|Canadian Imperial Bank of Commerce:                                                                       |                      |            
|4.75%, 11/29/2007                                                                                         | 35,000,000           | 35,000,000 
|5.181%, 3/17/2008                                                                                         | 45,000,000           | 45,001,191 
|Chase Bank USA NA, 5.15%, 2/12/2008                                                                       | 22,000,000           | 22,000,000 
|Citibank NA, 5.3%, 2/20/2008                                                                              | 15,000,000           | 15,000,000 
|Credit Agricole SA, 5.31%, 11/13/2007                                                                     | 20,000,000           | 19,999,935 
|Credit Industrial et Commercial:                                                                          |                      |            
|5.21%, 12/21/2007                                                                                         | 40,000,000           | 40,000,548 
|5.35%, 11/13/2007                                                                                         | 22,000,000           | 22,000,064 
|Credit Suisse, 5.307%, 11/2/2007                                                                          | 12,000,000           | 11,999,999 
|HSH Nordbank AG, 5.35%, 1/11/2008                                                                         | 32,000,000           | 31,999,756 
|KBC Bank NV, 5.7%, 3/6/2008                                                                               | 21,300,000           | 21,307,187 
|Landesbank Baden Wurttemberg:                                                                             |                      |            
|5.4%, 3/18/2008                                                                                           | 15,000,000           | 15,000,000 
|5.6%, 11/30/2007                                                                                          | 15,000,000           | 15,000,000 
|Mizuho Corporate Bank:                                                                                    |                      |            
|5.1%, 11/13/2007                                                                                          | 77,750,000           | 77,750,000 
|5.6%, 11/30/2007                                                                                          | 67,000,000           | 67,000,000 
|Norinchukin Bank, 5.345%, 11/26/2007                                                                      | 25,000,000           | 25,000,000 
|Societe Generale:                                                                                         |                      |            
|5.305%, 1/24/2008                                                                                         | 30,000,000           | 30,000,341 
|5.35%, 1/18/2008                                                                                          | 30,000,000           | 30,000,000 
|5.35%, 1/22/2008                                                                                          | 42,000,000           | 42,000,000 
|UBS AG:                                                                                                   |                      |            
|5.39%, 3/18/2008                                                                                          | 45,000,000           | 45,000,000 
|5.48%, 3/7/2008                                                                                           | 40,000,000           | 40,000,000 
|Total Certificates of Deposit and Bank Notes (Cost $1,040,528,600)                                        | 1,040,528,600       
|                                                                                                         
|Commercial Paper** 44.2%                                                                                 
|Archer-Daniels-Midland Co., 4.62%, 12/11/2007                                                             | 15,000,000           | 14,923,000 
|AstraZeneca PLC:                                                                                          |                      |            
|4.95%, 4/7/2008                                                                                           | 32,000,000           | 31,304,800 
|5.22%, 12/12/2007                                                                                         | 10,000,000           | 9,940,550  
|Atlantis One Funding Corp.:                                                                               |                      |            
|4.8%, 1/30/2008                                                                                           | 20,000,000           | 19,760,000 
|4.9%, 11/1/2007                                                                                           | 100,000,000          | 100,000,000
|Bank of America Corp., 5.185%, 1/22/2008                                                                  | 25,000,000           | 24,704,743 
|Bank of Scotland PLC, 5.08%, 1/16/2008                                                                    | 35,000,000           | 34,624,644 
|Cafco LLC, 5.75%, 11/26/2007                                                                              | 25,000,000           | 24,900,174 
|Caisse Nationale des Caisses D'Epargne et Prevoyance,
5.168%, 11/13/2007                                  | 40,000,000           | 39,931,093 
|Cancara Asset Securitization LLC:                                                                         |                      |            
|5.17%, 1/11/2008                                                                                          | 20,000,000           | 19,796,072 
|5.215%, 1/14/2008                                                                                         | 40,000,000           | 39,571,211 
|6.1%, 12/14/2007                                                                                          | 20,000,000           | 19,854,278 
|6.17%, 12/14/2007                                                                                         | 20,000,000           | 19,852,606 
|Chariot Funding LLC, 5.75%, 11/19/2007                                                                    | 5,000,000            | 4,985,625  
|Ciesco LLC:                                                                                               |                      |            
|5.43%, 2/14/2008                                                                                          | 25,000,000           | 24,604,063 
|5.45%, 2/14/2008                                                                                          | 25,000,000           | 24,602,604 
|5.75%, 11/20/2007                                                                                         | 35,000,000           | 34,893,785 
|CitiBank Credit Card Issuance Trust, Series 01-A3, 6.15%,
12/14/2007                                      | 20,000,000           | 19,853,083 
|CRC Funding LLC, 5.8%, 11/19/2007                                                                         | 25,000,000           | 24,927,500 
|Depfa Bank PLC, 5.49%, 11/29/2007                                                                         | 20,000,000           | 19,914,600 
|Diageo Capital PLC, 5.28%, 11/8/2007                                                                      | 18,500,000           | 18,481,007 
|Falcon Asset Securitization Corp.:                                                                        |                      |            
|5.75%, 11/16/2007                                                                                         | 20,000,000           | 19,952,083 
|5.75%, 11/19/2007                                                                                         | 10,000,000           | 9,971,250  
|Fortune Brands, Inc., 5.05%, 11/1/2007                                                                    | 18,240,000           | 18,240,000 
|General Electric Capital Corp.:                                                                           |                      |            
|4.62%, 4/21/2008                                                                                          | 15,000,000           | 14,668,900 
|5.15%, 1/24/2008                                                                                          | 35,000,000           | 34,579,417 
|General Electric Co., 4.94%, 12/31/2007                                                                   | 15,000,000           | 14,876,500 
|Giro Balanced Funding Corp.:                                                                              |                      |            
|5.175%, 12/3/2007                                                                                         | 25,000,000           | 24,885,000 
|5.18%, 11/29/2007                                                                                         | 40,000,000           | 39,838,844 
|Grampian Funding Ltd.:                                                                                    |                      |            
|5.16%, 2/5/2008                                                                                           | 33,000,000           | 32,545,920 
|5.18%, 12/20/2007                                                                                         | 32,450,000           | 32,221,209 
|5.18%, 1/2/2008                                                                                           | 20,000,000           | 19,821,578 
|5.28%, 11/2/2007                                                                                          | 23,500,000           | 23,496,553 
|5.75%, 11/26/2007                                                                                         | 25,000,000           | 24,900,174 
|5.75%, 12/18/2007                                                                                         | 5,000,000            | 4,962,465  
|Jupiter Securitization Corp., 4.9%, 11/1/2007                                                             | 31,000,000           | 31,000,000 
|KBC Financial Products International Ltd., 5.22%,
12/17/2007                                              | 35,000,000           | 34,766,550 
|Kellogg Co., 5.2%, 11/16/2007                                                                             | 15,000,000           | 14,967,500 
|Lake Constance Funding LLC, 5.23%, 1/11/2008                                                              | 15,000,000           | 14,845,279 
|Liberty Street Funding, 6.0%, 11/16/2007                                                                  | 15,000,000           | 14,962,500 
|Natexis Banques Populaires US Finance Co., LLC, 4.745%,
2/6/2008                                          | 20,000,000           | 19,744,297 
|Nestle Capital Corp.:                                                                                     |                      |            
|4.75%, 3/7/2008                                                                                           | 25,000,000           | 24,581,076 
|5.23%, 1/24/2008                                                                                          | 22,500,000           | 22,225,425 
|Nieuw Amsterdam Receivables Corp.:                                                                        |                      |            
|5.15%, 11/13/2007                                                                                         | 75,000,000           | 74,871,250 
|5.22%, 1/4/2008                                                                                           | 20,000,000           | 19,814,400 
|Norddeutsche Landesbank Girozentrale, 5.23%, 1/7/2008                                                     | 14,500,000           | 14,358,863 
|North Sea Funding LLC, 5.15%, 1/25/2008                                                                   | 40,000,000           | 39,513,611 
|Old Line Funding LLC:                                                                                     |                      |            
|5.9%, 11/14/2007                                                                                          | 40,000,000           | 39,914,778 
|5.9%, 11/16/2007                                                                                          | 7,000,000            | 6,982,792  
|6.0%, 11/26/2007                                                                                          | 20,000,000           | 19,916,667 
|Park Avenue Receivables Co., LLC, 5.75%, 11/19/2007                                                       | 15,000,000           | 14,956,875 
|Perry Global Funding LLC:                                                                                 |                      |            
|Series A, 5.23%, 12/21/2007                                                                               | 15,000,000           | 14,891,042 
|Series A, 5.26%, 1/17/2008                                                                                | 20,000,000           | 19,774,989 
|Pfizer, Inc., 4.53%, 4/28/2008                                                                            | 22,000,000           | 21,504,468 
|Prudential PLC, 5.24%, 11/23/2007                                                                         | 80,000,000           | 79,743,822 
|Ranger Funding Co., LLC, 5.8%, 11/19/2007                                                                 | 17,000,000           | 16,950,700 
|San Paolo IMI US Financial Co., 5.105%, 1/11/2008                                                         | 20,000,000           | 19,798,636 
|Scaldis Capital LLC:                                                                                      |                      |            
|5.0%, 11/15/2007                                                                                          | 28,797,000           | 28,741,006 
|5.02%, 1/25/2008                                                                                          | 16,000,000           | 15,810,356 
|5.18%, 1/3/2008                                                                                           | 40,000,000           | 39,637,400 
|5.24%, 1/9/2008                                                                                           | 30,000,000           | 29,698,700 
|5.75%, 11/19/2007                                                                                         | 10,000,000           | 9,971,250  
|Sheffield Receivables Corp., 6.1%, 12/13/2007                                                             | 20,000,000           | 19,857,667 
|Siemens Capital Co., LLC, 4.8%, 11/29/2007                                                                | 15,000,000           | 14,944,000 
|Societe Generale North America, Inc.:                                                                     |                      |            
|4.775%, 2/1/2008                                                                                          | 15,000,000           | 14,816,958 
|5.16%, 1/3/2008                                                                                           | 44,600,000           | 44,197,262 
|5.17%, 11/9/2007                                                                                          | 18,000,000           | 17,979,320 
|5.57%, 12/4/2007                                                                                          | 30,000,000           | 29,846,825 
|Swedbank AB, 4.73%, 2/29/2008                                                                             | 18,000,000           | 17,716,200 
|Teachers Insurance & Annuity Association of America,
5.31%, 11/20/2007                                    | 14,000,000           | 13,960,765 
|Tempo Finance Corp., 5.36%, 12/19/2007                                                                    | 25,000,000           | 24,821,333 
|Toyota Motor Credit Corp., 4.84%, 3/31/2008                                                               | 20,000,000           | 19,593,978 
|Tulip Funding Corp., 6.25%, 11/13/2007                                                                    | 28,000,000           | 27,941,667 
|Westpac Banking Corp.:                                                                                    |                      |            
|5.1%, 1/11/2008                                                                                           | 20,000,000           | 19,798,833 
|5.165%, 11/7/2007                                                                                         | 45,000,000           | 44,961,262 
|5.23%, 11/20/2007                                                                                         | 25,500,000           | 25,429,613 
|Windmill Funding Corp., 5.07%, 1/18/2008                                                                  | 44,000,000           | 43,516,660 
|Total Commercial Paper (Cost $1,969,711,906)                                                              | 1,969,711,906       
|                                                                                                         
|Short-Term Notes* 21.6%                                                                                  
|Alliance & Leicester PLC, 5.131%, 8/7/2008                                                                | 50,000,000           | 50,000,000 
|American Express Bank FSB, 5.081%, 2/8/2008                                                               | 20,000,000           | 20,000,000 
|Australia & New Zealand Banking Group Ltd., 4.97%,
8/22/2008                                              | 20,000,000           | 20,000,000 
|Bank of America NA, 5.315%, 5/16/2008                                                                     | 15,000,000           | 15,000,000 
|Bank of Ireland, 5.007%, 8/19/2008                                                                        | 100,000,000          | 100,000,000
|BMW (UK) Capital PLC, 5.111%, 8/14/2008                                                                   | 20,000,000           | 20,000,000 
|BNP Paribas, 4.846%, 8/25/2008                                                                            | 35,000,000           | 35,000,000 
|Canadian Imperial Bank of Commerce:                                                                       |                      |            
|4.91%, 6/9/2008                                                                                           | 14,000,000           | 14,000,000 
|5.248%, 7/18/2008                                                                                         | 15,000,000           | 14,979,231 
|Commonwealth Bank of Australia, 4.912%, 9/23/2008                                                         | 30,000,000           | 30,000,000 
|Credit Agricole SA, 5.18%, 7/22/2008                                                                      | 35,000,000           | 35,000,000 
|DNB NOR Bank ASA, 4.872%, 9/24/2008                                                                       | 30,000,000           | 30,000,000 
|General Electric Capital Corp.:                                                                           |                      |            
|5.661%, 3/4/2008                                                                                          | 45,000,000           | 45,010,899 
|5.696%, 1/15/2008                                                                                         | 27,000,000           | 26,993,938 
|HSBC Bank USA NA, 5.091%, 8/14/2008                                                                       | 165,000,000          | 165,001,263
|HSBC Finance Corp., 5.131%, 8/6/2008                                                                      | 30,000,000           | 30,000,000 
|Intesa Bank Ireland PLC, 4.882%, 8/22/2008                                                                | 21,000,000           | 21,000,000 
|Marshall & Ilsley Bank, 5.091%, 8/14/2008                                                                 | 35,000,000           | 35,000,000 
|Mitsubishi UFJ Trust & Banking Corp., 5.05%, 2/19/2008                                                    | 30,000,000           | 30,000,000 
|Nordea Bank AB, 5.111%, 9/8/2008                                                                          | 30,000,000           | 30,000,000 
|Pyxis Master Trust, Series 2007-6, 5.6%, 3/6/2008                                                         | 19,000,000           | 19,000,000 
|Skandinaviska Enskilda Banken:                                                                            |                      |            
|5.055%, 8/19/2008                                                                                         | 25,000,000           | 25,000,000 
|5.121%, 8/8/2008                                                                                          | 50,000,000           | 50,000,000 
|SunTrust Bank, Atlanta, 5.18%, 4/21/2008                                                                  | 15,000,000           | 14,985,180 
|UniCredito Italiano Bank (Ireland) PLC:                                                                   |                      |            
|5.111%, 8/13/2008                                                                                         | 25,000,000           | 25,000,000 
|5.141%, 8/8/2008                                                                                          | 42,000,000           | 42,000,000 
|UniCredito Italiano SpA, 5.113%, 5/2/2008                                                                 | 22,000,000           | 21,999,987 
|Total Short-Term Notes (Cost $964,970,498)                                                                | 964,970,498         
|                                                                                                         
|Master Notes* 3.0%                                                                                       
|Citigroup Global Markets, Inc., 5.037%, 11/1/20007 (a)                                                    | 82,000,000           | 82,000,000 
|The Bear Stearns Companies, Inc., 5.067%, 11/1/2007 (a)                                                   | 50,000,000           | 50,000,000 
|Total Master Notes (Cost $132,000,000)                                                                    | 132,000,000         
|                                                                                                         
|Promissory Notes* 2.7%                                                                                   
|Merrill Lynch & Co., Inc., 5.708%, 3/4/2008                                                               | 85,000,000           | 85,000,000 
|The Goldman Sachs Group, Inc., 4.89%, 1/18/2008                                                           | 34,000,000           | 34,000,000 
|Total Promissory Notes (Cost $119,000,000)                                                                | 119,000,000         
|                                                                                                         
|Government & Agency Obligations 1.1%                                                                     
|US Treasury Bills:                                                                                        |                      |            
|3.9%**, 4/24/2008                                                                                         | 19,600,000           | 19,228,417 
|4.085%**, 4/17/2008                                                                                       | 15,000,000           | 14,714,050 
|US Treasury Note, 4.125%, 8/15/2008                                                                       | 15,000,000           | 15,004,530 
|Total Government & Agency Obligations (Cost $48,946,997)                                                  | 48,946,997          
|                                                                                                         
|Repurchase Agreements 3.9%                                                                               
|JPMorgan Securities, Inc., 4.96%, dated 10/31/2007, to be
repurchased at $12,996,146 on 11/1/2007 (b)     | 12,994,352           | 12,994,352 
|State Street Bank and Trust Co., 4.35%, dated 10/31/2007,
to be repurchased at $135,016 on 11/1/2007 (c)  | 135,000              | 135,000    
|The Bear Stearns & Co., Inc., 4.97%, dated 10/31/2007, to
be repurchased at $161,822,337 on 11/1/2007 (d) | 161,800,000          | 161,800,000
|Total Repurchase Agreements (Cost $174,929,352)                                                           | 174,929,352         

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $4,450,087,353)+ | 99.8            | 4,450,087,353
|Other Assets and Liabilities, Net                | 0.2             | 7,680,456    
|Net Assets                                       | 100.0           | 4,457,767,809

|Principal
Amount ($)   | Security                                 | Rate (%) | Maturity Date | Collateral
Value ($)
|---------------------- | ---------------------------------------- | -------- | ------------- | --------------------
|556,589                | Federal National Mortgage
Association    | 5.5      | 1/25/2039     | 559,257             
|12,426,609             | Government National
Mortgage Association | 5.878    | 6/16/2024     | 12,698,550          
|Total Collateral Value | 13,257,807                              

|Principal
Amount ($)   | Security                              | Rate (%)    | Maturity Date     | Collateral
Value ($)
|---------------------- | ------------------------------------- | ----------- | ----------------- | --------------------
|133,858,662            | Federal Home Loan
Mortgage Corp.      | 6.522-7.261 | 1/1/2024-1/1/2037 | 137,806,103         
|27,025,624             | Federal National
Mortgage Association | 5.154-5.989 | 9/1/2036-9/1/2037 | 27,230,097          
|Total Collateral Value | 165,036,200                          

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



Financial Statements

Money Market Portfolio

|Statement of Assets and Liabilitiesas of October 31, 2007 (Unaudited)
|---------------------------------------------------------------------
|Assets                                                               
|Investments:Investments in securities, valued at amortized cost      
|Repurchase agreements, valued at amortized cost                      
|Total investments, valued at amortized cost                          
|Cash                                                                 
|Interest receivable                                                  
|Receivable for Portfolio shares sold                                 
|Other assets                                                         
|Total assets                                                         
|Liabilities                                                          
|Dividends payable                                                    
|Payable for Portfolio shares redeemed                                
|Accrued management fee                                               
|Other accrued expenses and payables                                  
|Total liabilities                                                    
|Net assets, at value                                                 
|Net Assets Consist of                                                
|Undistributed net investment income                                  
|Accumulated net realized gain (loss)                                 
|Paid-in capital                                                      
|Net assets, at value                                                 

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

|Statement of Assets and Liabilitiesas of October 31, 2007 (Unaudited) (continued)                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                           
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($1,003,207,475 ÷ 1,003,178,852 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)    
|Capital Assets Funds Preferred Shares
Net Asset Value, offering and redemption price per share
($14,790,530 ÷ 14,789,483 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share ($97,382,826
÷ 97,378,161 outstanding shares of beneficial interest, $.01 par value,
unlimited number of shares authorized)      
|Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($21,921,167 ÷ 21,919,788 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized) 
|Institutional Money Market Shares
Net Asset Value, offering and redemption price per share
($155,246,664 ÷ 155,240,579 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)  
|Institutional Select Money Market Shares
Net Asset Value, offering and redemption price per share ($237 ÷ 236
outstanding shares of beneficial interest, $.01 par value, unlimited
number of shares authorized)           
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($1,599,289,697 ÷ 1,599,112,522 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)    
|Premium Reserve Money Market Shares
Net Asset Value, offering and redemption price per share
($280,160,135 ÷ 280,068,527 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
|Service Shares
Net Asset Value, offering and redemption price per share
($1,285,769,078 ÷ 1,285,737,361 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)                 

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

|Statement of Operationsfor the six months ended October 31, 2007 (Unaudited)
|----------------------------------------------------------------------------
|Investment Income                                                           
|Income:Interest                                                             
|Expenses:Management fee                                                     
|Services to shareholders                                                    
|Custodian fees                                                              
|Distribution and service fees                                               
|Professional fees                                                           
|Trustees' fees and expenses                                                 
|Reports to shareholders                                                     
|Registration fees                                                           
|Other                                                                       
|Total expenses before expense reductions                                    
|Expense reductions                                                          
|Total expenses after expense reductions                                     
|Net investment income                                                       
|Net realized gain (loss) from investments                                   
|Net increase (decrease) in net assets resulting from operations             

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

|Statement of Changes in Net Assets                                                                                 | Money Market Portfolio                       
|------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------
|Increase (Decrease) in Net Assets                                                                                  | Six Months
Ended
October 31,
2007
(Unaudited)
|Operations:Net investment income                                                                                   | $      96,267,613                            
|Net realized gain (loss)                                                                                           | 105,176                                      
|Net increase in net assets resulting from operations                                                               | 96,372,789                                   
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                               | (21,939,558)                                 
|Capital Assets Funds Preferred Shares                                                                              | (738,709)                                    
|Davidson Cash Equivalent Shares                                                                                    | (3,288,888)                                  
|Davidson Cash Equivalent Plus Shares                                                                               | (997,314)                                    
|Institutional Money Market Shares                                                                                  | (2,864,673)                                  
|Institutional Select Money Market Shares                                                                           | (6)                                          
|Premier Money Market Shares                                                                                        | (33,370,063)                                 
|Premium Reserve Money Market Shares                                                                                | (6,778,983)                                  
|Service Shares                                                                                                     | (26,289,413)                                 
|Portfolio share transactions:Proceeds from shares sold                                                             | 3,127,470,160                                
|Reinvestment of distributions                                                                                      | 95,595,345                                   
|Cost of shares redeemed                                                                                            | (2,920,768,961)                              
|Net increase (decrease) in net assets from Portfolio
share transactions                                            | 302,296,544                                  
|Increase (decrease) in net assets                                                                                  | 302,401,726                                  
|Net assets at beginning of period                                                                                  | 4,155,366,083                                
|Net assets at end of period (including undistributed
net investment income of $107,755 and $107,749,
respectively) | $   4,457,767,809                            

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

Financial Highlights

|Money Market Portfolio
Davidson Cash Equivalent Shares                                                                                                                                                                                             
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                                              
|Selected Per Share Data                                                                                                                                                                                                                            
|Net asset value, beginning of period                                                                                                                                                                                                               
|Net investment income                                                                                                                                                                                                                              
|Less distributions from net investment income                                                                                                                                                                                                      
|Net asset value, end of period                                                                                                                                                                                                                     
|Total Return (%)                                                                                                                                                                                                                                   
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                 
|Net assets, end of period ($ millions)                                                                                                                                                                                                             
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                    
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                     
|Ratio of net investment income (%)                                                                                                                                                                                                                 
|aFor the six months ended October 31, 2007 (Unaudited).bFor the period from September 27, 2004 (commencement of operations) to
April 30, 2005.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized

|Money Market Portfolio
Davidson Cash Equivalent Plus Shares                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                                              
|Selected Per Share Data                                                                                                                                                                                                                            
|Net asset value, beginning of period                                                                                                                                                                                                               
|Net investment income                                                                                                                                                                                                                              
|Less distributions from net investment income                                                                                                                                                                                                      
|Net asset value, end of period                                                                                                                                                                                                                     
|Total Return (%)                                                                                                                                                                                                                                   
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                 
|Net assets, end of period ($ millions)                                                                                                                                                                                                             
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                    
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                     
|Ratio of net investment income (%)                                                                                                                                                                                                                 
|aFor the six months ended October 31, 2007 (Unaudited).bFor the period from September 28, 2004 (commencement of operations) to
April 30, 2005.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized

Portfolio Summary

Government & Agency Securities Portfolio

|Asset Allocation                                                      | 10/31/07 | 4/30/07
|--------------------------------------------------------------------- | -------- | -------
|                                                                      |          |        
|Repurchase Agreements                                                 | 53%      | 83%    
|Agencies Not Backed by the Full Faith and Credit of the
US Government | 45%      | 15%    
|Agencies Backed by the Full Faith and Credit of the
US Government     | 2%       | 2%     
|                                                                      | 100%     | 100%   

|Weighted Average Maturity                                     | 10/31/07 | 4/30/07
|------------------------------------------------------------- | -------- | -------
|                                                              |          |        
|Cash Account Trust  Government & Agency
Securities Portfolio | 39 days  | 32 days
|Government & Agencies Retail Money Fund Average*              | 34 days  | 33 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 17-19. A quarterly Fact Sheet is available
upon request. Information concerning portfolio holdings of the Portfolio as of month end will
be posted to www.dws-scudder.com on or after the 14th day of the following month. In
addition, the Portfolio's top ten holdings and other information about the Portfolio is posted
on www.dws-scudder.com as of the calendar quarter-end on or after the 14th day following
quarter-end.

Investment Portfolioas of October 31, 2007 (Unaudited)

Government & Agency Securities Portfolio

|                                                                                                                | Principal
Amount ($) | Value ($)  
|--------------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                                |                     
|Agencies Not Backed by the Full Faith and Credit of the
US Government 45.2%                                    
|Federal Home Loan Bank:                                                                                         |                      |            
|4.43%*, 3/24/2008                                                                                               | 75,000,000           | 73,671,000 
|4.72%*, 12/12/2007                                                                                              | 80,305,000           | 79,873,316 
|4.804%**, 4/30/2009                                                                                             | 32,000,000           | 32,000,000 
|4.88%*, 2/25/2008                                                                                               | 32,215,000           | 31,708,437 
|5.236%**, 2/11/2009                                                                                             | 250,000,000          | 250,070,522
|5.36%**, 8/21/2008                                                                                              | 120,000,000          | 120,070,985
|5.427%**, 3/20/2008                                                                                             | 55,000,000           | 54,986,074 
|5.544%**, 9/17/2008                                                                                             | 350,000,000          | 349,855,781
|Federal Home Loan Mortgage Corp.:                                                                               |                      |            
|4.34%*, 4/21/2008                                                                                               | 140,000,000          | 137,097,022
|4.36%*, 6/27/2008                                                                                               | 15,000,000           | 14,565,817 
|4.43%*, 3/24/2008                                                                                               | 49,360,000           | 48,485,341 
|4.62%*, 3/17/2008                                                                                               | 65,000,000           | 63,857,191 
|4.63%*, 3/17/2008                                                                                               | 100,000,000          | 98,238,028 
|Federal National Mortgage Association:                                                                          |                      |            
|4.62%*, 3/12/2008                                                                                               | 109,728,000          | 107,869,208
|4.7%*, 12/28/2007                                                                                               | 120,000,000          | 119,107,000
|5.038%**, 12/28/2007                                                                                            | 160,000,000          | 159,986,924
|5.04%*, 1/23/2008                                                                                               | 35,000,000           | 34,593,300 
|5.06%*, 1/23/2008                                                                                               | 77,741,000           | 76,834,065 
|Total Agencies Not Backed by the Full Faith and Credit of the
US Government (Cost $1,852,870,011)               | 1,852,870,011       
|                                                                                                               
|Agencies Backed by the Full Faith and Credit of the
US Government 1.5%                                         
|Hainan Airlines:                                                                                                |                      |            
|Series 2001-3, 5.621%**, 12/15/2007                                                                             | 21,117,917           | 21,117,917 
|Series 2001-1, 5.694%**, 12/15/2007                                                                             | 21,117,918           | 21,117,918 
|Series 2001-2, 5.694%**, 12/15/2007                                                                             | 20,801,072           | 20,801,072 
|Total Agencies Backed by the Full Faith and Credit of the
US Government (Cost $63,036,907)                      | 63,036,907          
|                                                                                                               
|Repurchase Agreements 53.2%                                                                                    
|Banc of America Securities LLC, 4.77%, dated 10/17/2007,
to be repurchased at $191,787,425 on 12/27/2007 (a)    | 190,000,000          | 190,000,000
|Credit Suisse Securities (USA) LLC, 4.96%, dated
10/31/2007, to be repurchased at $209,532,464 on
11/1/2007 (b) | 209,503,599          | 209,503,599
|Greenwich Capital Markets, Inc., 4.97%, dated 10/31/2007,
to be repurchased at $800,110,444 on 11/1/2007 (c)    | 800,000,000          | 800,000,000
|JPMorgan Securities, Inc., 4.96%, dated 10/31/2007, to be
repurchased at $285,046,399 on 11/1/2007 (d)          | 285,007,131          | 285,007,131
|The Bear Stearns & Co., Inc., 4.97%, dated 10/31/2007, to
be repurchased at $700,096,639 on 11/1/2007 (e)       | 700,000,000          | 700,000,000
|Total Repurchase Agreements (Cost $2,184,510,730)                                                               | 2,184,510,730       

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $4,100,417,648)+ | 99.9            | 4,100,417,648
|Other Assets and Liabilities, Net                | 0.1             | 4,266,496    
|Net Assets                                       | 100.0           | 4,104,684,144

|Principal
Amount ($)   | Security                              | Rate (%) | Maturity
Date      | Collateral
Value ($)
|---------------------- | ------------------------------------- | -------- | ------------------ | --------------------
|117,493,050            | Federal Home Loan
Mortgage Corp.      | 4.0-7.0  | 6/1/2019-
6/1/2037 | 117,377,180         
|96,288,297             | Federal National Mortgage
Association | 4.5-6.5  | 6/1/2015-
4/1/2037 | 96,320,979          
|Total Collateral Value | $   213,698,159                      

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

|Principal
Amount ($)   | Security                                                | Rate (%) | Maturity
Date         | Collateral
Value ($)
|---------------------- | ------------------------------------------------------- | -------- | --------------------- | --------------------
|25,515,719             | Federal Home Loan Mortgage
Corp.  Principal Only       |         | 4/15/2036-
5/15/2036  | 19,137,604          
|699,344,277            | Federal Home Loan Mortgage
Corp.                        | 4.5-9.45 | 12/15/2013-
8/15/2037 | 696,552,884         
|98,035,700             | Federal National Mortgage
Association                   | 4.1-7.72 | 1/25/2018-
8/25/2037  | 96,437,883          
|4,802,627              | Federal National Mortgage
Association.  Principal Only |         | 7/25/2036             | 3,875,789           
|Total Collateral Value | $   816,004,160                                        

|Principal
Amount ($)   | Security                                 | Rate (%)  | Maturity
Date         | Collateral
Value ($)
|---------------------- | ---------------------------------------- | --------- | --------------------- | --------------------
|143,439,357            | Government National
Mortgage Association | 2.21-6.18 | 4/16/2017-
12/16/2045 | 141,381,893         
|143,517,062            | Federal National Mortgage
Association    | 4.5-10.53 | 5/25/2011-
3/25/2047  | 149,327,983         
|Total Collateral Value | $   290,709,876                         

|Principal
Amount ($)   | Security                                 | Rate (%) | Maturity
Date         | Collateral
Value ($)
|---------------------- | ---------------------------------------- | -------- | --------------------- | --------------------
|88,314,945             | Government National
Mortgage Association | 5.4-5.5  | 5/20/2036-
3/20/2037  | 88,724,812          
|415,124,243            | Federal Home Loan
Mortgage Corp.         | 4.5-6.0  | 5/15/2016-
7/15/2037  | 423,981,793         
|199,633,178            | Federal National Mortgage
Association    | 5.5-6.0  | 12/25/2035-
8/25/2037 | 201,298,105         
|Total Collateral Value | $   714,004,710                         

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

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, 2007 (Unaudited)
|---------------------------------------------------------------------
|Assets                                                               
|Investments:Investments in securities, valued at amortized cost      
|Repurchase agreements, valued at amortized cost                      
|Total investments, valued at amortized cost                          
|Cash                                                                 
|Interest receivable                                                  
|Receivable for Portfolio shares sold                                 
|Other assets                                                         
|Total assets                                                         
|Liabilities                                                          
|Dividends payable                                                    
|Payable for Portfolio shares redeemed                                
|Accrued management fee                                               
|Other accrued expenses and payables                                  
|Total liabilities                                                    
|Net assets, at value                                                 
|Net Assets Consist of                                                
|Distributions in excess of net investment income                     
|Accumulated net realized gain (loss)                                 
|Paid-in capital                                                      
|Net assets, at value                                                 

|Statement of Assets and Liabilitiesas of October 31, 2007 (Unaudited) (continued)                                                                                                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($166,718,985 ÷ 166,718,789 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)             
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($60,642,108 ÷ 60,641,527 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)           
|Davidson Cash Equivalent Plus Shares
Net Asset Value, offering and redemption price per share
($23,799,905 ÷ 23,799,653 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)      
|DWS Government & Agency Money Fund
Net Asset Value, offering and redemption price per share
($457,729,317 ÷ 457,736,180 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)      
|DWS Government Cash Institutional Shares
Net Asset Value, offering and redemption price per share
($750,782,672 ÷ 750,796,706 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
|Government Cash Managed Shares
Net Asset Value, offering and redemption price per share
($403,877,580 ÷ 403,885,328 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)          
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($2,136,403,472 ÷ 2,136,385,193 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)         
|Service Shares
Net Asset Value, offering and redemption price per share
($104,730,105 ÷ 104,729,478 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                          

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

|Statement of Operationsfor the six months ended October 31, 2007 (Unaudited)
|----------------------------------------------------------------------------
|Investment Income                                                           
|Income:Interest                                                             
|Expenses:Management fee                                                     
|Services to shareholders                                                    
|Custodian fees                                                              
|Distribution and service fees                                               
|Professional fees                                                           
|Trustees' fees and expenses                                                 
|Reports to shareholders                                                     
|Registration fees                                                           
|Other                                                                       
|Total expenses before expense reductions                                    
|Expense reductions                                                          
|Total expenses after expense reductions                                     
|Net investment income                                                       
|Net realized gain (loss) from investments                                   
|Net increase (decrease) in net assets resulting from operations             

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

|Statement of Changes in Net Assets                                                                                            | Government & Agency
Securities Portfolio     
|----------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------
|Increase (Decrease) in Net Assets                                                                                             | Six Months
Ended
October 31,
2007
(Unaudited)
|Operations:Net investment income                                                                                              | $      76,796,906                            
|Net realized gain (loss)                                                                                                      | 638                                          
|Net increase in net assets resulting from operations                                                                          | 76,797,544                                   
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                                          | (2,499,167)                                  
|Davidson Cash Equivalent Shares                                                                                               | (1,897,451)                                  
|Davidson Cash Equivalent Plus Shares                                                                                          | (612,034)                                    
|DWS Government & Agency Money Fund                                                                                            | (11,274,363)                                 
|DWS Government Cash Institutional Shares                                                                                      | (11,247,822)                                 
|Government Cash Managed Shares                                                                                                | (5,691,481)                                  
|Premier Money Market Shares                                                                                                   | (41,982,190)                                 
|Service Shares                                                                                                                | (1,592,397)                                  
|Portfolio share transactions:Proceeds from shares sold                                                                        | 3,956,819,936                                
|Reinvestment of distributions                                                                                                 | 69,015,258                                   
|Cost of shares redeemed                                                                                                       | (2,819,632,200)                              
|Net assets acquired in tax-free reorganization                                                                                |                                             
|Net increase (decrease) in net assets from Portfolio
share transactions                                                       | 1,206,202,994                                
|Increase (decrease) in net assets                                                                                             | 1,206,203,633                                
|Net assets at beginning of period                                                                                             | 2,898,480,511                                
|Net assets at end of period (including distributions in
excess of net investment income of $27,097 and
$27,098, respectively) | $   4,104,684,144                            

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

Financial Highlights

|Government & Agency Securities Portfolio
Davidson Cash Equivalent Shares                                                                                                                                                                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                                              
|Selected Per Share Data                                                                                                                                                                                                                            
|Net asset value, beginning of period                                                                                                                                                                                                               
|Net investment income                                                                                                                                                                                                                              
|Less distributions from net investment income                                                                                                                                                                                                      
|Net asset value, end of period                                                                                                                                                                                                                     
|Total Return (%)c                                                                                                                                                                                                                                  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                 
|Net assets, end of period ($ millions)                                                                                                                                                                                                             
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                    
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                     
|Ratio of net investment income (%)                                                                                                                                                                                                                 
|aFor the six months ended October 31, 2007 (Unaudited).bFor the period from September 27, 2004 (commencement of operations) to
April 30, 2005.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized

|Government & Agency Securities Portfolio
Davidson Cash Equivalent Plus Shares                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                                           
|Selected Per Share Data                                                                                                                                                                                                                         
|Net asset value, beginning of period                                                                                                                                                                                                            
|Net investment income                                                                                                                                                                                                                           
|Less distributions from net investment income                                                                                                                                                                                                   
|Net asset value, end of period                                                                                                                                                                                                                  
|Total Return (%)c                                                                                                                                                                                                                               
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                              
|Net assets, end of period ($ millions)                                                                                                                                                                                                          
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                 
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                  
|Ratio of net investment income (%)                                                                                                                                                                                                              
|aFor the six months ended October 31, 2007 (Unaudited).bFor the period from October 4, 2004 (commencement of operations) to April 30, 2005.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized

Portfolio Summary

Tax-Exempt Portfolio

|Asset Allocation                                           | 10/31/07 | 4/30/07
|---------------------------------------------------------- | -------- | -------
|                                                           |          |        
|Municipal Investments
Municipal Variable Rate Demand Notes | 78%      | 78%    
|Municipal Bonds and Notes                                  | 22%      | 22%    
|                                                           | 100%     | 100%   

|Weighted Average Maturity                    | 10/31/07 | 4/30/07
|-------------------------------------------- | -------- | -------
|                                             |          |        
|Cash Account Trust  Tax-Exempt Portfolio    | 38 days  | 14 days
|National Tax-Free Retail Money Fund Average* | 30 days  | 24 days

Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio's holdings, see pages 26-44. A quarterly Fact Sheet is available
upon request. Information concerning portfolio holdings of the Portfolio as of month end will
be posted to www.dws-scudder.com on or after the 14th day of the following month. In
addition, the Portfolio's top ten holdings and other information about the Portfolio is posted
on www.dws-scudder.com as of the calendar quarter-end on or after the 14th day following
quarter-end.

Investment Portfolioas of October 31, 2007 (Unaudited)

Tax-Exempt Portfolio

|                                                                                                                                                                                                | Principal
Amount ($) | Value ($) 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | ----------
|                                                                                                                                                                                                |                     
|Municipal Investments 100.9%                                                                                                                                                                   
|Alabama 1.5%                                                                                                                                                                                   
|Alabama, Municipal Securities Trust Certificates, "A",
Series 2005-9060, 144A, 3.5%*, 3/10/2011 (a)                                                                                             | 9,055,000            | 9,055,000 
|Alabama, Southeast Gas District Revenue, Supply Project,
Series A, 3.58%*, 8/1/2027                                                                                                             | 31,300,000           | 31,300,000
|Austin Trust, Various States, Series 2007-1001, 144A,
3.49%*, 9/1/2041 (a)                                                                                                                      | 7,355,000            | 7,355,000 
|Hoover, AL, Board of Education Capital Outlay Warrants,
Series D-11, 144A, 3.34%*, 2/15/2027 (a)                                                                                                | 4,495,000            | 4,495,000 
|                                                                                                                                                                                                | 52,205,000          
|Alaska 1.7%                                                                                                                                                                                    
|Alaska, Lehman Municipal Trust Receipts, Various States,
Series K40W-D, AMT, 144A, 3.4%*, 12/1/2036 (a)                                                                                         | 4,955,000            | 4,955,000 
|Alaska, State Housing Finance Corp., Home Mortgage:                                                                                                                                             |                      |           
|Series A, AMT, 3.51%*, 6/1/2032 (a)                                                                                                                                                             | 30,000,000           | 30,000,000
|Series A, AMT, 3.51%*, 12/1/2036 (a)                                                                                                                                                            | 24,920,000           | 24,920,000
|Anchorage, AK, Core City, General Obligation, Series II-R,
144A, 3.51%*, 6/1/2019 (a)                                                                                                           | 2,890,000            | 2,890,000 
|                                                                                                                                                                                                | 62,765,000          
|Arizona 1.9%                                                                                                                                                                                   
|Arizona, Health Facilities Authority Revenue, The Terraces,
3.46%*, 12/1/2037, Sovereign Bank FSB (b)                                                                                           | 10,000,000           | 10,000,000
|Arizona, Salt River Project:                                                                                                                                                                    |                      |           
|3.54%, 11/5/2007                                                                                                                                                                                | 25,000,000           | 25,000,000
|3.55%, 11/2/2007                                                                                                                                                                                | 12,400,000           | 12,400,000
|Arizona, Salt River Project, Agriculture Improvement &
Power District Electric System Revenue, "A", 144A,
3.52%*, 1/1/2035                                                                      | 3,000,000            | 3,000,000 
|Pinal County, AZ, Electrical District No. 3, Electrical Systems
Revenue, Series U-1, 144A, 3.52%*, 10/3/2011                                                                                    | 16,995,000           | 16,995,000
|                                                                                                                                                                                                | 67,395,000          
|Arkansas 0.1%                                                                                                                                                                                  
|Pocahontas, AR, Industrial Development Revenue,
MacLean Esna LP Project, AMT, 3.4%*, 5/1/2015,
Northern Trust Co. (b)                                                                           | 2,500,000            | 2,500,000 
|California 2.2%                                                                                                                                                                                
|California, State Revenue Anticipation Notes,
4.0%, 6/30/2008                                                                                                                                   | 80,500,000           | 80,829,245
|Colorado 4.2%                                                                                                                                                                                  
|Adams & Weld Counties, CO, Brighton School District
No. 27J, Series R-6514, 144A, 3.51%*, 12/1/2024 (a)                                                                                         | 13,370,000           | 13,370,000
|Austin Trust, Various States, Series 2007-319, 144A,
3.52%*, 6/7/2010, Bank of America NA (b)                                                                                                   | 16,850,000           | 16,850,000
|Colorado, Educational & Cultural Facilities Authority
Revenue, National Jewish Federation Bond Program,
Series C-5, 3.58%*, 11/1/2037, US Bank NA (b)                                           | 3,500,000            | 3,500,000 
|Colorado, Educational & Cultural Facilities Authority
Revenue, Trinity School Project, 3.48%*, 9/1/2026,
Branch Banking & Trust (b)                                                             | 2,000,000            | 2,000,000 
|Colorado, Educational & Cultural Facilities Authority
Revenue, Vail Mountain School Project, 3.53%*,
5/1/2033, KeyBank NA (b)                                                                   | 5,000,000            | 5,000,000 
|Colorado, Health Facilities Authority Revenue, Catholic
Health Initiatives, Series B-6, 3.3%*, 3/1/2044                                                                                         | 31,400,000           | 31,400,000
|Colorado, Municipal Securities Trust Certificates, Series
2004-220-A, 144A, 3.51%*, 2/15/2023 (a)                                                                                               | 13,275,000           | 13,275,000
|Colorado, Regional Transportation District, Sales Tax
Revenue, Series R-10117, 144A, 3.51%*, 11/1/2036 (a)                                                                                      | 4,405,000            | 4,405,000 
|Colorado, State General Fund Revenue, Anticipation Notes,
Series A, 4.25%, 6/27/2008                                                                                                            | 50,000,000           | 50,168,866
|Greenwood Village, CO, Fiddlers Business Improvement
District, Series 2, 3.47%*, 12/1/2036, KeyBank NA (b)                                                                                      | 10,000,000           | 10,000,000
|Larimer County, CO, School District No. R-1 Poudre,
Series R-4535, 144A, 3.51%*, 12/15/2021 (a)                                                                                                 | 2,765,000            | 2,765,000 
|                                                                                                                                                                                                | 152,733,866         
|Delaware 1.7%                                                                                                                                                                                  
|Delaware, State Economic Development Authority
Revenue, YMCA Delaware Project, 3.45%*, 5/1/2036,
PNC Bank NA (b)                                                                                | 21,585,000           | 21,585,000
|Delaware, UBS Municipal (CRVS), Various States,
Series 2007-11, AMT, 144A, 3.54%*, 7/1/2015                                                                                                     | 9,010,000            | 9,010,000 
|Sussex County, DE, First Mortgage Revenue,
Cadbury Lewes, Series C, 3.49%*, 1/1/2016,
Citizens Bank of PA (b)                                                                                   | 26,500,000           | 26,500,000
|Sussex County, DE, Industrial Development Revenue,
Perdue Agrirecycle LLC Project, AMT, 3.49%*,
1/1/2013, SunTrust Bank, Atlanta (b)                                                            | 5,000,000            | 5,000,000 
|                                                                                                                                                                                                | 62,095,000          
|District of Columbia 1.1%                                                                                                                                                                      
|District of Columbia, Center for Internships & Academic
Revenue, 3.48%*, 7/1/2036, Branch Banking & Trust (b)                                                                                   | 3,400,000            | 3,400,000 
|District of Columbia, General Obligation:                                                                                                                                                       |                      |           
|Series B-33, 144A, 3.34%*, 6/1/2025 (a)                                                                                                                                                         | 4,970,000            | 4,970,000 
|Series B-34, 144A, 3.34%*, 6/1/2026 (a)                                                                                                                                                         | 4,000,000            | 4,000,000 
|Series PT-2440, 144A, 3.44%*, 6/1/2024 (a)                                                                                                                                                      | 1,880,000            | 1,880,000 
|District of Columbia, Housing Finance Agency,
Multi-Family Housing Revenue, Series R-433, AMT,
144A, 3.59%*, 6/1/2038                                                                           | 7,780,000            | 7,780,000 
|District of Columbia, Puttable Floating Option, Tax-Exempt
Receipts, Series PT-4154, 144A, 3.4%*, 6/1/2031 (a)                                                                                  | 14,000,000           | 14,000,000
|District of Columbia, UBS Municipal (CRVS), Various States,
Series 07-1020, 144A, 3.51%*, 2/1/2031 (a)                                                                                          | 5,000,000            | 5,000,000 
|                                                                                                                                                                                                | 41,030,000          
|Florida 5.3%                                                                                                                                                                                   
|Austin Trust, Various States, Series 2007-129, 144A,
3.5%*, 7/1/2032 (a)                                                                                                                        | 3,235,000            | 3,235,000 
|Brevard County, FL, Housing Finance Authority, Multi-Family
Housing Revenue, Timber Trace Apartments Project,
AMT, 3.33%*, 3/15/2045, Citibank NA (b)                                           | 13,600,000           | 13,600,000
|Broward County, FL, School Board Certificates of
Participation, Series R-1056, 144A, 3.51%*, 7/1/2019 (a)                                                                                       | 5,780,000            | 5,780,000 
|Collier County, FL, Industrial Development Authority
Revenue, Allete, Inc. Project, AMT, 3.5%*, 10/1/2025,
Wells Fargo Bank NA (b)                                                              | 2,000,000            | 2,000,000 
|Florida, Capital Trust Agency Revenue, Aero Miami
FX Project-Air Cargo, AMT, 3.55%*, 8/1/2034,
Bank One NA (b)                                                                                  | 14,100,000           | 14,100,000
|Florida, Housing Financial Corp., Multi-Family Mortgage
Revenue, Clear Harbor Apartments, AMT, 3.51%*,
6/15/2042, Citibank NA (b)                                                               | 5,950,000            | 5,950,000 
|Florida, Municipal Securities Trust Certificates, "A",
Series 7007, AMT, 144A, 3.55%*, 3/1/2040 (a)                                                                                             | 8,250,000            | 8,250,000 
|Florida, State Turnkpike Authority Revenue, Series R-4041,
144A, 3.51%*, 7/1/2020 (a)                                                                                                           | 13,370,000           | 13,370,000
|Gulf Breeze, FL, Municipal Bond Fund Revenue, Series A,
3.47%*, 3/31/2021, Bank of America NA (b)                                                                                               | 10,110,000           | 10,110,000
|Jacksonville, FL, Economic Development Commission,
Industrial Development Revenue, STI Project, AMT,
3.48%*, 12/1/2020, Bank of America NA (b)                                                  | 1,350,000            | 1,350,000 
|Jacksonville, FL, Electric Authority, 3.62%, 11/5/2007                                                                                                                                          | 5,500,000            | 5,500,000 
|Lee County, FL, Airport Revenue, Series 811-X, AMT, 144A,
3.53%*, 10/1/2029 (a)                                                                                                                 | 2,000,000            | 2,000,000 
|Miami-Dade County, FL, Industrial Development Authority
Revenue, Gulliver Schools Project, 3.45%*, 9/1/2029,
Bank of America NA (b)                                                             | 6,355,000            | 6,355,000 
|Miami-Dade County, FL, School District Revenue,
5.0%, 2/15/2008 (a)                                                                                                                             | 6,495,000            | 6,520,709 
|Orange County, FL, Housing Finance Authority,
Multi-Family Revenue:                                                                                                                             |                      |           
|Series E, AMT, 3.44%*, 3/1/2035, Bank of
America NA (b)                                                                                                                                         | 1,470,000            | 1,470,000 
|Series 1179, AMT, 144A, 3.55%*, 10/1/2031                                                                                                                                                       | 8,400,000            | 8,400,000 
|Orange County, FL, Housing Finance Authority,
Multi-Family Revenue, Laurel Oaks Apartments, Phase I,
AMT, 3.52%*, 8/15/2042, SunTrust Bank (b)                                                  | 10,780,000           | 10,780,000
|Orange County, FL, Housing Finance Authority, Multi-Family
Revenue, Laurel Oaks Apartments, Phase II, AMT,
3.51%*, 8/15/2042, SunTrust Bank (b)                                                 | 8,660,000            | 8,660,000 
|Orlando, FL, Government Financing, 3.55%, 1/10/2008                                                                                                                                             | 3,000,000            | 3,000,000 
|Palm Beach County, FL, Community Foundation, Palm
Beach Project Revenue, 3.49%*, 3/1/2034, Northern
Trust Co. (b)                                                                               | 4,165,000            | 4,165,000 
|Palm Beach County, FL, Housing Finance Authority,
Multi-Family Housing Revenue, Palm Gardens
Apartments Project, AMT, 3.37%*, 9/15/2044,
Citibank NA (b)                                        | 10,250,000           | 10,250,000
|Pasco County, FL, School Board Certificates of Participation,
Series R-11084, 144A, 3.51%*, 8/1/2024 (a)                                                                                        | 5,790,000            | 5,790,000 
|Santa Rosa County, FL, Health Facilities Authority Revenue,
Baptist Hospital, Inc., 3.25%*, 10/1/2021, Bank of
America NA (b)                                                                   | 12,240,000           | 12,240,000
|Sarasota County, FL, Health Facilities Authority Revenue,
Health Care Facilities, Bay Village Project, 3.45%*,
12/1/2023, Bank of America NA (b)                                                | 4,820,000            | 4,820,000 
|Sarasota County, FL, Utility System Revenue, Series 852,
144A, 3.49%*, 4/1/2013 (a)                                                                                                             | 4,480,000            | 4,480,000 
|Seminole County, FL, Industrial Development Authority
Revenue, Masters Academy Project, 3.46%*, 11/1/2034,
Allied Irish Bank PLC (b)                                                            | 8,640,000            | 8,640,000 
|Tallahassee, FL, Energy Systems Revenue, "A", 144A,
3.5%*, 10/1/2037 (a)                                                                                                                        | 9,905,000            | 9,905,000 
|West Palm Beach, FL, Utility Systems Revenue,
3.25%*, 10/1/2029 (a)                                                                                                                             | 1,815,000            | 1,815,000 
|                                                                                                                                                                                                | 192,535,709         
|Georgia 0.8%                                                                                                                                                                                   
|Atlanta, GA, Airport Revenue, Series C-1,
3.47%*, 1/1/2030 (a)                                                                                                                                  | 5,000,000            | 5,000,000 
|Fulton County, GA, Development Authority Revenue, Doris
& Alex Weber School Project, 3.48%*, 12/1/2030, Branch
Banking & Trust (b)                                                              | 5,000,000            | 5,000,000 
|Fulton County, GA, Development Authority Revenue, Kings
Ridge Christian School, 3.48%*, 5/1/2026, Branch
Banking & Trust (b)                                                                    | 2,500,000            | 2,500,000 
|Fulton County, GA, Development Authority Revenue, Mount
Vernon Presbyterian School, 3.48%*, 8/1/2035, Branch
Banking & Trust (b)                                                                | 2,500,000            | 2,500,000 
|Georgia, Private Colleges & Universities Authority Revenue,
Mercer University Project, Series A, 3.5%*, 10/1/2036,
Branch Banking & Trust (b)                                                   | 5,500,000            | 5,500,000 
|RBC Municipal Products, Inc. Trust, Various States,
Series C-3, 144A, AMT, 3.57%*, 3/1/2016, Royal Bank
of Canada (b)                                                                           | 10,000,000           | 10,000,000
|                                                                                                                                                                                                | 30,500,000          
|Hawaii 0.8%                                                                                                                                                                                    
|ABN AMRO, Munitops Certificates Trust, Series 2004-16,
144A, 3.5%*, 7/1/2012 (a)                                                                                                                | 7,200,000            | 7,200,000 
|Hawaii, General Obligation:                                                                                                                                                                     |                      |           
|Series R-4545, 144A, 3.51%*, 8/1/2020 (a)                                                                                                                                                       | 5,120,000            | 5,120,000 
|Series R-4553, 144A, 3.51%*, 5/1/2023 (a)                                                                                                                                                       | 8,910,000            | 8,910,000 
|Honolulu, HI, City & Country, Waste Water System
Revenue, "A", 144A, 3.5%*, 7/1/2030 (a)                                                                                                        | 5,845,000            | 5,845,000 
|                                                                                                                                                                                                | 27,075,000          
|Idaho 0.8%                                                                                                                                                                                     
|Idaho, Health Facilities Authority Revenue, St. Luke's
Medical Center, 3.59%*, 7/1/2030 (a)                                                                                                     | 2,150,000            | 2,150,000 
|Idaho, Lehman Municipal Trust Receipts, Various States,
Series K39W-D, AMT, 144A, 3.4%*, 7/1/2038                                                                                               | 5,710,000            | 5,710,000 
|Idaho, State General Obligation, Tax Anticipation Notes,
4.5%, 6/30/2008                                                                                                                        | 20,000,000           | 20,098,130
|                                                                                                                                                                                                | 27,958,130          
|Illinois 12.6%                                                                                                                                                                                 
|ABN AMRO, Munitops Certificates Trust, Series 2006-53,
144A, 3.5%*, 7/1/2014 (a)                                                                                                                | 12,000,000           | 12,000,000
|Austin Trust, General Obligation, Various States:                                                                                                                                               |                      |           
|Series 2001, 144A, 3.5%*, 12/1/2026 (a)                                                                                                                                                         | 4,175,000            | 4,175,000 
|Series 2003, 144A, 3.5%*, 1/1/2026 (a)                                                                                                                                                          | 5,900,000            | 5,900,000 
|Series 2007-2014, 144A, 3.5%*, 6/1/2034 (a)                                                                                                                                                     | 17,740,000           | 17,740,000
|Chicago, IL, De La Salle Institute Project Revenue,
3.39%*, 4/1/2027, Fifth Third Bank (b)                                                                                                      | 4,877,000            | 4,877,000 
|Chicago, IL, Multi-Family Housing Revenue, Series F3-D,
AMT, 144A, 3.37%*, 7/15/2039                                                                                                            | 13,305,000           | 13,305,000
|Chicago, IL, Multi-Family Housing Revenue, Central Station
Project, Series A, AMT, 3.53%*, 7/15/2039                                                                                            | 5,450,000            | 5,450,000 
|Chicago, IL, O'Hare International Airport Revenue, Series
MT-049, AMT, 144A, 3.55%*, 1/1/2017 (a)                                                                                               | 1,995,000            | 1,995,000 
|Chicago, IL, O'Hare International Airport Revenue,
Pool Trust National, Series 1438, AMT, 144A,
3.63%*, 7/1/2026                                                                                | 26,889,000           | 26,889,000
|Chicago, IL, Solar Eclipse Funding Trust, Series 2006-0003,
144A, 3.8%*, 1/1/2026 (a)                                                                                                           | 9,315,000            | 9,315,000 
|Chicago, IL, Tender Notes, 3.64%*, 2/20/2009, Harris NA (b)                                                                                                                                     | 23,000,000           | 23,000,000
|Cook County, IL, Catholic Theological Union Project
Revenue, 3.31%*, 2/1/2035, Harris Trust & Savings
Bank (b)                                                                                  | 6,000,000            | 6,000,000 
|Cook County, IL, Industrial Development Revenue,
Devorahco LLC Project, Series A, AMT, 3.55%*,
12/1/2034, LaSalle Bank NA (b)                                                                   | 2,000,000            | 2,000,000 
|Hillside, IL, Economic Development Revenue, L&J
Technologies Project, AMT, 3.4%*, 7/1/2024,
Northern Trust Co. (b)                                                                              | 3,420,000            | 3,420,000 
|Illinois, Development Finance Authority, Series D-10, 144A,
3.4%*, 7/15/2023                                                                                                                    | 12,755,000           | 12,755,000
|Illinois, Development Finance Authority, Industrial
Development Revenue, Home Run Inn Frozen Foods,
AMT, 3.73%*, 4/1/2020, Bank One NA (b)                                                      | 2,515,000            | 2,515,000 
|Illinois, Development Finance Authority, Industrial
Development Revenue, Katlaw Tretam & Co. Project,
AMT, 3.55%*, 8/1/2027, LaSalle Bank NA (b)                                                | 3,750,000            | 3,750,000 
|Illinois, Development Finance Authority, Industrial Project
Revenue, Grecian Delight Foods Project, AMT, 3.55%*,
8/1/2019, LaSalle Bank NA (b)                                                  | 3,500,000            | 3,500,000 
|Illinois, Development Finance Authority Revenue,
Series B-1, 3.39%*, 10/1/2029, Comerica Bank (b)                                                                                               | 3,325,000            | 3,325,000 
|Illinois, Development Finance Authority Revenue, Fenwick
High School Project, 3.33%*, 3/1/2032, JPMorgan
Chase Bank (b)                                                                         | 5,600,000            | 5,600,000 
|Illinois, Development Finance Authority Revenue, Regional
Organization Bank of Illinois Project, 3.68%*, 12/1/2020,
Bank One NA (b)                                                             | 3,500,000            | 3,500,000 
|Illinois, Finance Authority, Student Housing Revenue,
Dekalb LLC Project, Series A, 3.5%*, 7/1/2038, Sovereign
Bank FSB (b)                                                                     | 4,500,000            | 4,500,000 
|Illinois, Finance Authority Revenue, "A", 144A, 3.52%*,
12/1/2042                                                                                                                               | 8,565,000            | 8,565,000 
|Illinois, Finance Authority Revenue, Clare Oaks:                                                                                                                                                |                      |           
|Series C, 3.47%*, 11/1/2040, Sovereign Bank FSB (b)                                                                                                                                             | 5,000,000            | 5,000,000 
|Series D, 3.47%*, 11/1/2040, Sovereign Bank FSB (b)                                                                                                                                             | 10,000,000           | 10,000,000
|Illinois, Finance Authority Revenue, North Park University
Project, 3.33%*, 7/1/2035, JPMorgan Chase Bank (b)                                                                                   | 14,000,000           | 14,000,000
|Illinois, Finance Authority Revenue, UBS Municipal (CRVS),
Series 06-2001, 3.51%*, 7/1/2009                                                                                                     | 5,000,000            | 5,000,000 
|Illinois, Housing Development Authority Revenue,
Homeowner Mortgage, Series H-2, 3.48%, 2/1/2039                                                                                                | 20,000,000           | 20,000,000
|Illinois, Municipal Securities Trust Certificates, "A",
Series 3081, 144A, 3.5%*, 6/9/2021 (a)                                                                                                  | 3,760,000            | 3,760,000 
|Illinois, Munitops II Trust, Series 2007-29, 144A,
3.5%*, 6/1/2027 (a)                                                                                                                          | 16,200,000           | 16,200,000
|Illinois, Regional Transportation Authority, Series A-23,
144A, 3.34%*, 7/1/2030 (a)                                                                                                            | 4,910,000            | 4,910,000 
|Illinois, Reset Optional Certificates Trust II, Various States,
Series R-1076, 144A, 3.51%*, 4/1/2029 (a)                                                                                       | 6,035,000            | 6,035,000 
|Illinois, Sales Tax Revenue, Series R-4516, 144A,
3.51%*, 6/15/2023                                                                                                                             | 4,445,000            | 4,445,000 
|Illinois, State General Obligation:                                                                                                                                                             |                      |           
|Series PT-3524, 3.49%*, 1/1/2020                                                                                                                                                                | 10,485,000           | 10,485,000
|Series PT-1750, 144A, 3.58%*, 12/1/2010 (a)                                                                                                                                                     | 5,240,000            | 5,240,000 
|4.25%, 11/9/2007                                                                                                                                                                                | 72,000,000           | 72,007,680
|Illinois, University of Illinois Revenue, "A", 144A,
3.52%*, 4/1/2035 (a)                                                                                                                       | 14,300,000           | 14,300,000
|Justice, IL, Multi-Family Housing Revenue, Candlewood
Apartments Project, AMT, 3.54%*, 1/15/2033                                                                                                | 10,700,000           | 10,700,000
|Lake Zurich, IL, Industrial Development Revenue, Screenco
LLC/ScreenFlex Project, AMT, 3.55%*, 3/1/2018, LaSalle
National Bank (b)                                                              | 1,435,000            | 1,435,000 
|Mundelein, IL, Industrial Development Revenue, MacLean
Fogg Co. Project, AMT, 3.4%*, 1/1/2015, Northern
Trust Co. (b)                                                                           | 6,500,000            | 6,500,000 
|Tinley Park, IL, Industrial Development Revenue, Harbor
Tool Manufacturing, Inc., Project, AMT,
3.55%*, 7/1/2020, LaSalle Bank NA (b)                                                           | 2,080,000            | 2,080,000 
|Western Springs, IL, Special Assessment, Timber Trails
Project, 3.32%*, 12/1/2025, Lasalle Bank NA (b)                                                                                          | 24,723,000           | 24,723,000
|Will & Kendall Counties, IL, Community School District
No. 202, Series R-4031, 144A, 3.51%*, 1/1/2023 (a)                                                                                       | 2,560,000            | 2,560,000 
|Woodridge, IL, Du Page Will & Cook Counties, Industrial
Development Revenue, Morey Realty Group, Inc. Project,
AMT, 3.59%*, 12/1/2016, Bank One NA (b)                                          | 3,430,000            | 3,430,000 
|Woodstock, IL, Multi-Family Housing Revenue, Willow
Brooke Apartments, AMT, 3.51%*, 4/1/2042, Wells
Fargo Bank NA (b)                                                                           | 28,000,000           | 28,000,000
|                                                                                                                                                                                                | 454,886,680         
|Indiana 1.4%                                                                                                                                                                                   
|Columbia City, IN, Economic Development Revenue,
Precision Plastics Project, AMT, 3.4%*, 11/30/2017,
Northern Trust Co. (b)                                                                     | 3,700,000            | 3,700,000 
|Indiana, Health & Educational Facility, Financing Authority
Revenue, Greenwood Village South Project, Series A,
3.47%*, 5/1/2036, Sovereign Bank FSB (b)                                        | 9,400,000            | 9,400,000 
|Indiana, Health Facility Financing Authority Revenue,
Clark Memorial Hospital, Series A, 3.5%*, 4/1/2024,
Bank One NA (b)                                                                       | 2,000,000            | 2,000,000 
|Indiana, State Development Finance Authority, Industrial
Development Revenue, Enterprise Center V Project,
AMT, 3.39%*, 6/1/2022, LaSalle Bank NA (b)                                           | 5,000,000            | 5,000,000 
|Indiana, State Development Finance Authority, Industrial
Development Revenue, Enterprise Center VI Project,
AMT, 3.46%*, 6/1/2022, LaSalle Bank NA (b)                                          | 4,900,000            | 4,900,000 
|Indiana, State Finance Authority, Water Facilities Revenue,
Series 111, 144A, AMT, 3.53%*, 10/1/2036 (a)                                                                                        | 2,695,000            | 2,695,000 
|Indiana, Transportation Finance Authority Highway Revenue:                                                                                                                                      |                      |           
|Series B-21, 144A, 3.34%*, 12/1/2022 (a)                                                                                                                                                        | 2,070,000            | 2,070,000 
|Series R-4528, 144A, 3.51%*, 6/1/2018 (a)                                                                                                                                                       | 2,260,000            | 2,260,000 
|Indianapolis, IN, Local Public Import Bond Bank, Macon
Trust, Series P, 144A, AMT, 3.53%*, 1/1/2030 (a)                                                                                         | 3,120,000            | 3,120,000 
|Portage, IN, Economic Development Revenue, Breckenridge
Apartments Project, AMT, 3.5%*, 5/1/2025, LaSalle
National Bank (b)                                                                     | 4,650,000            | 4,650,000 
|Terre Haute, IN, Westminster Village Revenue, Series A,
3.47%*, 8/1/2036, Sovereign Bank FSB (b)                                                                                                | 9,245,000            | 9,245,000 
|                                                                                                                                                                                                | 49,040,000          
|Iowa 0.3%                                                                                                                                                                                      
|Iowa, Finance Authority Student Housing Revenue,
Des Moines LLC Project, Series A, 3.49%*, 6/1/2039,
Citibank NA (b)                                                                            | 10,000,000           | 10,000,000
|Kansas 0.2%                                                                                                                                                                                    
|Kansas, Hospital Authority Health Facilities Revenue,
University of Kansas Health Systems, 3.58%*, 9/1/2034,
Harris Trust & Savings Bank (b)                                                    | 2,500,000            | 2,500,000 
|Kansas, State Development Finance Authority, Multi-Family
Revenue, Oak Ridge Park II Project, Series X, AMT,
3.58%*, 12/1/2036, Marshall & Ilsley (b)                                           | 3,650,000            | 3,650,000 
|                                                                                                                                                                                                | 6,150,000           
|Kentucky 2.6%                                                                                                                                                                                  
|Branch Banking & Trust Municipal Trust, Various States,
Series 2008, 144A, 3.49%*, 11/1/2025 (a)                                                                                                | 9,995,000            | 9,995,000 
|Danville, KY, Multi-City Lease, 3.81%, 12/13/2007                                                                                                                                               | 30,330,000           | 30,330,000
|Kentucky, Asset/Liability Commission General Fund
Revenue, Series R-11126, 144A, 3.51%*, 11/1/2027 (a)                                                                                          | 5,230,000            | 5,230,000 
|Kentucky, Kentucky, Inc., Public Energy Authority, Gas
Supply Revenue, Series A, 3.58%*, 8/1/2016                                                                                               | 45,000,000           | 45,000,000
|Somerset, KY, Blakley Family YMCA, Inc. Project, 3.5%*,
4/1/2015, Fifth Third Bank (b)                                                                                                          | 2,415,000            | 2,415,000 
|                                                                                                                                                                                                | 92,970,000          
|Louisiana 1.9%                                                                                                                                                                                 
|Austin Trust, Various States, Series 2009, 144A,
3.5%*, 12/1/2022 (a)                                                                                                                           | 5,320,000            | 5,320,000 
|Louisiana, State Gas & Fuels Tax Revenue, "A", 144A,
3.52%*, 5/1/2036 (a)                                                                                                                       | 5,000,000            | 5,000,000 
|Louisiana, State Municipal Natural Gas Purchasing & District
Authority, Series 1411Q, 144A, 3.53%*, 3/15/2014,
JPMorgan Chase & Co. (b)                                                         | 50,902,000           | 50,902,000
|Louisiana, State Offshore Term Authority, Deep Water Port
Revenue, Loop LLC Project, 3.26%*, 10/1/2019,
JPMorgan Chase Bank (b)                                                                 | 5,900,000            | 5,900,000 
|                                                                                                                                                                                                | 67,122,000          
|Maine 0.3%                                                                                                                                                                                     
|Maine, State Housing Authority Mortgage Purchase:                                                                                                                                               |                      |           
|Series G, AMT, 3.5%*, 11/15/2037                                                                                                                                                                | 5,000,000            | 5,000,000 
|Series H, AMT, 3.62%*, 11/15/2034                                                                                                                                                               | 5,000,000            | 5,000,000 
|                                                                                                                                                                                                | 10,000,000          
|Maryland 1.0%                                                                                                                                                                                  
|Maryland, State Economic Development Corp. Revenue,
YMCA Central Maryland Project, 3.48%*, 4/1/2031,
Branch Banking & Trust (b)                                                                 | 3,850,000            | 3,850,000 
|Maryland, State Health & Higher Education,
3.53%, 11/1/2007                                                                                                                                     | 18,446,000           | 18,446,000
|Montgomery County, MD, Economic Development
Revenue, Howard Hughes Medical Facility, Series A,
3.31%*, 10/15/2020                                                                               | 15,000,000           | 15,000,000
|                                                                                                                                                                                                | 37,296,000          
|Massachusetts 2.6%                                                                                                                                                                             
|Massachusetts, Puttable Floating Option Tax-Exempt
Receipts, Series PT-4303, 144A, 3.49%*, 8/1/2030 (a)                                                                                         | 37,640,000           | 37,640,000
|Massachusetts, Solar Eclipse Funding Trust, 144A,
3.48%*, 8/1/2037 (a)                                                                                                                          | 10,500,000           | 10,500,000
|Massachusetts, State Development Finance Agency
Revenue, Bridgewell, Inc., Series A, 3.46%*, 6/1/2030,
KeyBank NA (b)                                                                           | 6,000,000            | 6,000,000 
|Massachusetts, State Development Finance Agency
Revenue, Charles River School, 3.46%*, 5/1/2037,
Citizens Bank of MA (b)                                                                        | 5,000,000            | 5,000,000 
|Massachusetts, State Development Finance Agency
Revenue, Governor Dummer Academy, 3.32%*,
8/1/2036, Citizens Bank of MA (b)                                                                     | 4,000,000            | 4,000,000 
|Massachusetts, State Development Finance Agency
Revenue, Tabor Academy, Series A, 3.48%*, 12/1/2036,
Citizens Bank of MA (b)                                                                    | 7,805,000            | 7,805,000 
|Massachusetts, State Development Finance Agency
Revenue, YMCA of Greater Worcester, 3.34%*,
9/1/2041, TD BankNorth NA (b)                                                                       | 5,775,000            | 5,775,000 
|Massachusetts, State General Obligation, Series R-11130,
144A, 3.5%*, 10/1/2018 (a)                                                                                                             | 7,890,000            | 7,890,000 
|Massachusetts, State Industrial Finance Agency Revenue,
Groton School Issue, Series B, 3.48%*, 3/1/2028                                                                                         | 9,000,000            | 9,000,000 
|                                                                                                                                                                                                | 93,610,000          
|Michigan 1.4%                                                                                                                                                                                  
|Detroit, MI, City School District, Series PT-1844, 144A,
3.39%*, 5/1/2011 (a)                                                                                                                   | 6,665,000            | 6,665,000 
|Detroit, MI, Revenue Anticipation Notes, 4.5%, 3/1/2008,
ScotiaBank (b)                                                                                                                         | 20,600,000           | 20,652,476
|Flushing, MI, General Obligation, Community Schools,
Series R-4517, 144A, 3.51%*, 5/1/2023                                                                                                      | 5,135,000            | 5,135,000 
|Forest Hills, MI, Public Schools, Series 1791, 144A,
3.49%*, 5/1/2009                                                                                                                           | 10,395,000           | 10,395,000
|Michigan, Higher Education Facilities Authority Revenue,
Spring Arbor University, 3.48%*, 11/1/2030,
Comerica Bank (b)                                                                          | 3,435,000            | 3,435,000 
|Michigan, Municipal Securities Trust Certificates, Michigan
State Building, "A", Series 2006-277, 144A, 3.6%*,
10/7/2014 (a)                                                                    | 40,000               | 40,000    
|Michigan, State Certificates of Participation, Series 530,
144A, 3.5%*, 9/1/2011 (a)                                                                                                            | 4,625,000            | 4,625,000 
|                                                                                                                                                                                                | 50,947,476          
|Minnesota 0.7%                                                                                                                                                                                 
|Minnesota, Enhanced Return Puttable Floating
Option, Tax-Exempt Receipts, Series 1061, 144A,
3.54%*, 6/1/2013                                                                                   | 4,185,000            | 4,185,000 
|Minnesota, Municipal Securities Trust Certificates,
Minneapolis & St. Paul, "A", Series 2007-290, 144A,
3.51%*, 12/23/2014 (a)                                                                  | 4,985,000            | 4,985,000 
|Minnesota, State General Obligation, Series R-4065, 144A,
3.51%*, 8/1/2023                                                                                                                      | 3,840,000            | 3,840,000 
|Minnesota, State Housing Finance Agency, Residential
Housing Finance, Series M, AMT, 3.53%*, 1/1/2036                                                                                           | 11,100,000           | 11,100,000
|                                                                                                                                                                                                | 24,110,000          
|Missouri 1.0%                                                                                                                                                                                  
|Missouri, Development Finance Board, Air Cargo Facility
Revenue, St. Louis Airport, AMT, 3.52%*, 3/1/2030,
American National Bank & Trust (b)                                                   | 14,000,000           | 14,000,000
|Missouri, State Health & Educational Facilities Authority
Revenue, Lutheran Church, Series A, 3.59%*, 7/1/2029,
Bank of America NA (b)                                                          | 9,735,000            | 9,735,000 
|Platte County, MO, Industrial Development Authority
Industrial Revenue, Complete Home Concepts, Series A,
AMT, 3.53%*, 1/1/2039, Columbian Bank (b)                                             | 6,800,000            | 6,800,000 
|Springfield, MO, Public Utilities Revenue, Series 1559,
144A, 3.49%*, 8/1/2014 (a)                                                                                                              | 6,790,000            | 6,790,000 
|                                                                                                                                                                                                | 37,325,000          
|Nebraska 0.3%                                                                                                                                                                                  
|Nebraska, Investment Finance Authority, Single Family
Housing Revenue, Series B, AMT, 3.29%*, 9/1/2036                                                                                          | 10,260,000           | 10,260,000
|Nevada 0.1%                                                                                                                                                                                    
|Truckee Meadows, NV, Water Authority Revenue,
Series 2007-120, 144A, 3.5%*, 7/1/2023 (a)                                                                                                        | 4,000,000            | 4,000,000 
|New Hampshire 1.2%                                                                                                                                                                             
|New Hampshire, Health & Education Facilities Authority
Revenue, Currier Museum of Art, 3.46%*, 8/1/2036,
Citizens Bank of NH (b)                                                                | 14,000,000           | 14,000,000
|New Hampshire, Health & Education Facilities Authority
Revenue, Kendal at Hanover, Series B, 3.46%*,
10/1/2030, RBS Citizens NA (b)                                                             | 13,895,000           | 13,895,000
|New Hampshire, Health & Education Facilities Authority
Revenue, LRG Healthcare, Series B, 3.5%*, 1/1/2032,
JPMorgan Chase Bank (b)                                                              | 8,390,000            | 8,390,000 
|New Hampshire, State Business Finance Authority, Exempt
Facilities Revenue, Waste Management of New
Hampshire, Inc. Project, AMT, 3.53%*, 9/1/2012,
Wachovia Bank NA (b)                        | 6,000,000            | 6,000,000 
|                                                                                                                                                                                                | 42,285,000          
|New Jersey 0.4%                                                                                                                                                                                
|New Jersey, Economic Development Authority, Industrial
Development Revenue, CST-Products LLC Project, AMT,
3.56%*, 4/1/2026, National Bank of Canada (b)                                        | 3,000,000            | 3,000,000 
|New Jersey, Municipal Securities Trust Certificates, "A",
Series 2006-3009, 144A, 3.51%*, 8/24/2023 (a)                                                                                         | 7,265,000            | 7,265,000 
|New Jersey, Reset Option Certificates Trust, Various States,
Series R-684Z, 144A, 3.51%*, 12/15/2036 (a)                                                                                        | 2,580,000            | 2,580,000 
|                                                                                                                                                                                                | 12,845,000          
|New Mexico 0.5%                                                                                                                                                                                
|Albuquerque, NM, Airport Facilities Revenue, Series A,
3.3%*, 7/1/2020 (a)                                                                                                                      | 5,000,000            | 5,000,000 
|Farmington, NM, Pollution Control Revenue, Arizona Public
Service Co., Series C, AMT, 3.6%*, 9/1/2024, Barclays
Bank PLC (b)                                                                    | 3,700,000            | 3,700,000 
|New Mexico, UBS Municipal (CRVS), Various States,
Series 07-23, AMT, 144A, 3.54%*, 2/1/2017                                                                                                     | 10,680,000           | 10,680,000
|                                                                                                                                                                                                | 19,380,000          
|New York 0.4%                                                                                                                                                                                  
|Austin Trust, Various States, Series 2007-132, 144A,
3.47%*, 6/15/2030                                                                                                                          | 12,500,000           | 12,500,000
|New York, State Housing Finance Agency Revenue, Helena
Housing, Series A, AMT, 3.32%*, 5/15/2036                                                                                                | 2,000,000            | 2,000,000 
|                                                                                                                                                                                                | 14,500,000          
|North Carolina 1.4%                                                                                                                                                                            
|North Carolina, Capital Facilities Finance Agency Educational
Revenue, Forsyth Country Day School, 3.48%*,
12/1/2031, Branch Banking & Trust (b)                                                | 11,295,000           | 11,295,000
|North Carolina, Capital Facilities Finance Agency,
Educational Facilities Revenue, Salem Academy
& College Project, 3.48%*, 8/1/2030, Branch
Banking & Trust (b)                                | 7,400,000            | 7,400,000 
|North Carolina, Medical Care Commission, Health Care
Facilities Revenue, Lutheran Retirement Project, 3.46%*,
1/1/2037, SunTrust Bank (b)                                                       | 10,000,000           | 10,000,000
|North Carolina, Medical Care Community, Health Care
Facilities Revenue, First Mortgage-Friends Homes,
3.3%*, 9/1/2033, Bank of America NA (b)                                                   | 11,300,000           | 11,300,000
|North Carolina, Medical Care Community, Retirement
Facilities Revenue, First Mortgage-United Methodist:                                                                                         |                      |           
|Series B, 3.48%*, 10/1/2008, Branch Banking & Trust (b)                                                                                                                                         | 3,650,000            | 3,650,000 
|Series B, 3.48%*, 10/1/2035, Branch Banking & Trust (b)                                                                                                                                         | 5,000,000            | 5,000,000 
|North Carolina, Medical Care Community Hospital Revenue,
Southeastern Regional Medical Center, 3.48%*,
6/1/2037, Branch Banking & Trust (b)                                                     | 2,500,000            | 2,500,000 
|University of North Carolina, Board of Governors, 3.75%,
1/15/2008                                                                                                                              | 1,000,000            | 1,000,000 
|                                                                                                                                                                                                | 52,145,000          
|Ohio 5.8%                                                                                                                                                                                      
|Akron, Bath & Copley, OH, Joint Township Hospital District
Revenue, Health Care Facility, Summner Project, 3.5%*,
12/1/2032, KBC Bank NV (b)                                                    | 5,130,000            | 5,130,000 
|Athens County, OH, Port Authority, Housing Revenue,
University Housing for Ohio, Inc. Project, 3.5%*,
6/1/2032, Wachovia Bank NA (b)                                                            | 9,175,000            | 9,175,000 
|Butler County, OH, Healthcare Facilities Revenue,
LifeSphere Project, 3.46%*, 5/1/2030, US Bank NA (b)                                                                                          | 6,960,000            | 6,960,000 
|Cleveland, OH, Airport Systems Revenue, Series PT-3731,
144A, 3.38%*, 1/1/2021 (a)                                                                                                              | 13,600,000           | 13,600,000
|Cuyahoga, OH, Community College District, General
Receipts, Series B, 3.46%*, 12/1/2032 (a)                                                                                                     | 7,325,000            | 7,325,000 
|Cuyahoga County, OH, Hospital Revenue, Improvement
Metrohealth System, 3.49%*, 2/1/2035, National
City Bank (b)                                                                                 | 10,170,000           | 10,170,000
|Franklin County, OH, Health Care Facilities Revenue, Ohio
Presbyterian, Series A, 3.51%*, 7/1/2036, National City
Bank (b)                                                                      | 15,000,000           | 15,000,000
|Huron County, OH, Hospital Facilities Revenue, Fisher-Titus
Medical Center, Series A, 3.45%*, 12/1/2027, National
City Bank (b)                                                                 | 3,735,000            | 3,735,000 
|Montgomery County, OH, Catholic Health Revenue,
Series B-1, 3.3%*, 4/1/2037                                                                                                                     | 32,500,000           | 32,500,000
|Ohio, Clipper Tax-Exempt Certificate Trust, Series 2006-8,
AMT, 144A, 3.55%*, 11/1/2008                                                                                                         | 8,255,000            | 8,255,000 
|Ohio, Housing Finance Agency, Mortgage Revenue,
Residential-Mortgage Backed, Series D, AMT,
3.39%*, 9/1/2036                                                                                    | 45,000,000           | 45,000,000
|Ohio, State Air Quality Development Authority Revenue,
Pollution Control, FirstEnergy Generation, Series A,
3.32%*, 12/1/2023, KeyBank NA (b)                                                   | 25,000,000           | 25,000,000
|Ohio, State Higher Educational Facility Revenue, Cleveland
Institution Music Project, 3.47%*, 5/1/2030, National
City Bank (b)                                                                  | 6,000,000            | 6,000,000 
|Ohio, University of Toledo, General Receipts Bonds,
3.58%*, 6/1/2032 (a)                                                                                                                        | 16,650,000           | 16,650,000
|Summit County, OH, Revenue Bonds, Western Reserve
Academy Project, 3.46%*, 10/1/2027, KeyBank NA (b)                                                                                            | 5,135,000            | 5,135,000 
|                                                                                                                                                                                                | 209,635,000         
|Oklahoma 2.0%                                                                                                                                                                                  
|Blaine County, OK, Industrial Development Authority
Revenue, Seaboard Project, AMT, 3.49%*, 11/1/2018,
SunTrust Bank (b)                                                                        | 5,200,000            | 5,200,000 
|Payne County, OK, Economic Development Authority,
Student Housing Revenue, OSUF Phase III Project,
3.47%*, 7/1/2032 (a)                                                                         | 68,120,000           | 68,120,000
|                                                                                                                                                                                                | 73,320,000          
|Oregon 4.1%                                                                                                                                                                                    
|Austin Trust, Various States, Series 2007-313, 144A,
3.52%*, 12/1/2039                                                                                                                          | 8,805,000            | 8,805,000 
|Oregon, Munitops II Trust:                                                                                                                                                                      |                      |           
|Series 2007-64, 144A, 3.5%*, 6/15/2015 (a)                                                                                                                                                      | 10,980,000           | 10,980,000
|Series 2007-38, 144A, 3.52%*, 6/15/2015 (a)                                                                                                                                                     | 8,471,000            | 8,471,000 
|Oregon, State Department of Administrative Services,
Certificates of Participation, Series PT-1679, 144A,
3.44%*, 11/1/2012 (a)                                                                 | 4,125,000            | 4,125,000 
|Oregon, State General Obligation, Veterans Welfare,
Series 86, 3.57%*, 6/1/2040                                                                                                                 | 5,000,000            | 5,000,000 
|Oregon, State General Obligation, Tax Anticipation Notes,
Series A, 4.5%, 6/30/2008                                                                                                             | 90,000,000           | 90,501,827
|Portland, OR, Economic Development, Broadway Project,
Series A, 3.46%*, 4/1/2035 (a)                                                                                                            | 4,500,000            | 4,500,000 
|Salem, OR, Hospital Facility Authority Revenue, Capital
Manor, Inc. Project:                                                                                                                    |                      |           
|3.48%*, 5/1/2034, Bank of America NA (b)                                                                                                                                                        | 9,175,000            | 9,175,000 
|3.48%*, 5/1/2037, Bank of America NA (b)                                                                                                                                                        | 5,665,000            | 5,665,000 
|                                                                                                                                                                                                | 147,222,827         
|Pennsylvania 5.0%                                                                                                                                                                              
|Allentown, PA, Area Hospital Authority Revenue, Sacred
Heart Hospital, Series B, 3.46%*, 7/1/2023, Wachovia
Bank NA (b)                                                                         | 5,785,000            | 5,785,000 
|Beaver County, PA, Industrial Development Authority,
Pollution Control Revenue, FirstEnergy, Series B, 3.28%*,
12/1/2041, Royal Bank of Scotland (b)                                            | 5,000,000            | 5,000,000 
|Dauphin County, PA, General Authority, Education & Health
Loan Program, 3.48%*, 11/1/2017 (a)                                                                                                   | 18,965,000           | 18,965,000
|Lehman Municipal Trust Receipts, Pennsylvania
Economic Development, Series 06-FC3-D, AMT, 144A,
3.37%*, 6/1/2031                                                                                | 5,900,000            | 5,900,000 
|Luzerne County, PA, Industrial Development Authority
Revenue, Pennsummit Tubular LLC, Series A, AMT,
3.55%*, 2/1/2021, Wachovia Bank NA (b)                                                     | 3,100,000            | 3,100,000 
|Moon, PA, Industrial Development Authority, First Mortgage
Revenue, Providence Point Project, 3.5%*, 7/1/2038,
Bank of Scotland (b)                                                             | 35,000,000           | 35,000,000
|Pennsylvania, Economic Development Financing Authority,
Solid Waste Disposal Revenue:                                                                                                           |                      |           
|Series MT-047, AMT, 144A, 3.4%*, 11/1/2021                                                                                                                                                      | 14,265,000           | 14,265,000
|Series V, AMT, 144A, 3.55%*, 11/1/2028                                                                                                                                                          | 6,000,000            | 6,000,000 
|Pennsylvania, Housing Finance Agency, Single Family
Mortgage, Series 82-B, AMT, 3.34%*, 4/1/2034                                                                                                | 17,215,000           | 17,215,000
|Pennsylvania, Puttable Floating Option Tax-Exempt
Receipts, Series EC-1166, 144A, 3.52%*, 7/1/2020 (a)                                                                                          | 21,090,000           | 21,090,000
|Pennsylvania, Reset Option Certificates Trust, Various
States, Series R-682, 144A, 3.51%*, 11/1/2031 (a)                                                                                        | 2,600,000            | 2,600,000 
|Pennsylvania, State Higher Educational Facilities
Authority Revenue, Association of Independent
Colleges & Universities, Series L-3, 3.47%*, 5/1/2028,
PNC Bank NA (b)                          | 5,100,000            | 5,100,000 
|Pennsylvania, State Higher Educational Facilities
Authority, Hospital Revenue, Series MT-042, 144A,
3.54%*, 1/1/2024                                                                            | 6,385,000            | 6,385,000 
|Philadelphia, PA, School District, Tax & Revenue
Anticipation Notes, Series A, 4.5%, 6/27/2008, Bank of
America NA (b)                                                                          | 35,000,000           | 35,172,455
|                                                                                                                                                                                                | 181,577,455         
|Puerto Rico 0.0%                                                                                                                                                                               
|Puerto Rico, Industrial Tourist Educational, Medical &
Environmental Control Facilities, Bristol-Myers Squibb
Project, AMT, 3.48%*, 12/1/2030                                                   | 1,000,000            | 1,000,000 
|South Carolina 3.8%                                                                                                                                                                            
|Charleston County, SC, School District, Tax Anticipation
Notes, 4.25%, 4/15/2008                                                                                                                | 43,200,000           | 43,304,525
|Greenwood County, SC, Exempt Facility Industrial Revenue,
Fuji Photo Film Project, AMT, 3.6%*, 9/1/2011                                                                                         | 3,300,000            | 3,300,000 
|South Carolina, Educational Facilities Authority for Private
Nonprofit Institutions, Coker College, 3.5%*, 6/1/2019,
Wachovia Bank NA (b)                                                       | 3,945,000            | 3,945,000 
|South Carolina, Jobs Economic Development Authority
Revenue, Goodwill Industries of Lower South Carolina,
3.48%*, 10/1/2028, Wachovia Bank NA (b)                                               | 16,620,000           | 16,620,000
|South Carolina, Jobs Economic Development Authority
Revenue, Goodwill Industries of Upper South Carolina,
Inc., Project, 3.48%*, 9/1/2028, Branch Banking &
Trust (b)                           | 5,500,000            | 5,500,000 
|South Carolina, Jobs Economic Development Authority
Revenue, MUFC Central Energy Plant, 3.43%*,
8/15/2032, Bank of America NA (b)                                                               | 10,000,000           | 10,000,000
|South Carolina, Jobs Economic Development Authority,
Hospital Facilities Revenue, Sisters of Charity Hospitals,
3.46%*, 11/1/2032, Wachovia Bank NA (b)                                         | 13,265,000           | 13,265,000
|South Carolina, Lehman Municipal Trust Receipts, Various
States, Series 2007-P93W-D, AMT, 144A, 3.36%*,
7/1/2037                                                                                | 9,975,000            | 9,975,000 
|South Carolina, Macron Trust, Various States,
Series 2007-303, 144A, 3.52%*, 2/1/2012, Bank of
America NA (b)                                                                                   | 9,080,000            | 9,080,000 
|South Carolina, Municipal Securities Trust Certificates, "A",
Series 2005-245, 144A, 3.51%*, 5/15/2024 (a)                                                                                      | 10,755,000           | 10,755,000
|South Carolina, Public Service Revenue, 3.68%, 11/1/2007                                                                                                                                        | 10,218,000           | 10,218,000
|                                                                                                                                                                                                | 135,962,525         
|Tennessee 1.4%                                                                                                                                                                                 
|Chattanooga, TN, Health Educational & Housing Facility
Board Revenue, Catholic Health, Series C,
3.3%*, 5/1/2039                                                                                | 8,650,000            | 8,650,000 
|Chattanooga, TN, Health Educational & Housing Facility
Board Revenue, Siskin Rehab Project, 3.58%*, 6/1/2028,
Bank of America NA (b)                                                            | 4,875,000            | 4,875,000 
|Memphis-Shelby County, TN, Sports Authority Income
Revenue, Memphis Arena Project, Series A,
3.46%*, 11/1/2028 (a)                                                                              | 24,150,000           | 24,150,000
|Nashville & Davidson County, TN, Metropolitan Government
Health & Educational Facilities Board Revenue, Housing
Old Hickory Towers, Series A, AMT, 144A, 3.37%*,
1/1/2030, Wachovia Bank NA (b) | 3,596,000            | 3,596,000 
|Nashville & Davidson County, TN, Metropolitan Government
Health & Educational Facilities Board Revenue, Jackson
Grove Apartments, Series A, AMT, 3.51%*, 4/1/2036,
Marshall & Ilsley (b)        | 10,000,000           | 10,000,000
|                                                                                                                                                                                                | 51,271,000          
|Texas 14.4%                                                                                                                                                                                    
|ABN AMRO, Munitops Certificates Trust:                                                                                                                                                          |                      |           
|Series 2004-38, 144A, 3.5%*, 2/15/2011                                                                                                                                                          | 9,205,000            | 9,205,000 
|Series 2006-59, 144A, 3.5%*, 8/1/2013                                                                                                                                                           | 10,000,000           | 10,000,000
|Series 2007-28, 144A, 3.5%*, 8/15/2015 (a)                                                                                                                                                      | 21,595,000           | 21,595,000
|Series 2007-01, 144A, 3.5%*, 2/15/2027                                                                                                                                                          | 15,650,000           | 15,650,000
|Aldine, TX, Independent School District, Series 827, 144A,
3.5%*, 1/1/2012                                                                                                                      | 2,895,000            | 2,895,000 
|Austin, TX, Electric Utility Systems Revenue, Series R-1057,
144A, 3.51%*, 11/15/2021 (a)                                                                                                       | 4,745,000            | 4,745,000 
|Austin, TX, General Obligation, Various States, Series
2007-127, 144A, 3.5%*, 8/15/2028 (a)                                                                                                     | 8,000,000            | 8,000,000 
|Austin, TX, Lehman Municipal Trust Receipts, Various
States, Series K48W-D, 144A, 3.29%*, 8/1/2026 (a)                                                                                          | 8,505,000            | 8,505,000 
|Austin Trust, Various States, Series 2007-164, 144A,
3.5%*, 11/15/2033 (a)                                                                                                                      | 5,435,000            | 5,435,000 
|Clear Creek, TX, Independent School District, Series 04,
144A, 3.34%*, 2/15/2029 (a)                                                                                                            | 4,495,000            | 4,495,000 
|Coppell, TX, Lehman Municipal Trust Receipts, Various
States, Series 07-K12-D, 144A, 3.29%*, 8/15/2023                                                                                          | 8,800,000            | 8,800,000 
|Corpus Christi, TX, Utility System Revenue, Series PT-1816,
144A, 3.58%*, 7/15/2010 (a)                                                                                                         | 6,130,000            | 6,130,000 
|Cypress-FairBanks, TX, Independent School District,
Series PT-2512, 144A, 3.58%*, 2/15/2022                                                                                                     | 6,740,000            | 6,740,000 
|Dallas, TX, Independent School District, Series 6038, 144A,
3.51%*, 8/15/2024                                                                                                                   | 6,095,000            | 6,095,000 
|Harris County, TX:                                                                                                                                                                              |                      |           
|Series 1099, 144A, 3.49%*, 8/15/2009 (a)                                                                                                                                                        | 2,800,000            | 2,800,000 
|Series 1111, 144A, 3.49%*, 8/15/2009 (a)                                                                                                                                                        | 3,845,000            | 3,845,000 
|Harris County, TX, Tax Anticipation Notes:                                                                                                                                                      |                      |           
|4.0%, 2/29/2008                                                                                                                                                                                 | 40,000,000           | 40,044,207
|4.5%, 2/29/2008                                                                                                                                                                                 | 49,000,000           | 49,132,630
|Hidalgo County, TX, General Obligation, Series R-2148,
144A, 3.51%*, 8/15/2024 (a)                                                                                                              | 7,290,000            | 7,290,000 
|Houston, TX, General Obligation, 3.6%, 11/1/2007                                                                                                                                                | 10,750,000           | 10,750,000
|Jefferson County, TX, Health Facilities Development Corp.,
Series A-83, 144A, 3.34%*, 8/15/2021 (a)                                                                                             | 3,525,000            | 3,525,000 
|Keller, TX, Independent School District, Series 2007-122,
144A, 3.5%*, 8/15/2032                                                                                                                | 3,085,000            | 3,085,000 
|Lubbock, TX, Independent School District, School Building,
3.45%*, 2/1/2030                                                                                                                     | 8,550,000            | 8,550,000 
|North Texas, Higher Educational Authority, Inc., Student
Loan Revenue, Series A, AMT, 3.38%*, 12/1/2041, Bank
of America NA (b)                                                                 | 25,000,000           | 25,000,000
|Northside, TX, Independent School District, Series 1301,
144A, 3.5%*, 12/15/2013                                                                                                                | 4,595,000            | 4,595,000 
|Plano, TX, Independent School District, Series PT-2428,
144A, 3.58%*, 2/15/2024                                                                                                                 | 5,355,000            | 5,355,000 
|San Antonio, TX, Electric & Gas Revenue, Series PT-1700,
144A, 3.58%*, 2/1/2010                                                                                                                 | 6,465,000            | 6,465,000 
|San Antonio, TX, Water Revenue, Series 66, 144A,
3.5%*, 5/15/2037 (a)                                                                                                                           | 7,100,000            | 7,100,000 
|Texas, A&M University Revenues, Series 944, 144A,
3.5%*, 5/15/2013                                                                                                                              | 1,780,000            | 1,780,000 
|Texas, Alliance Airport Authority, Inc., Special Facilities
Revenue, Series 2088, AMT, 144A, 3.58%*, 4/1/2021                                                                                   | 10,000,000           | 10,000,000
|Texas, Capital Area Housing Finance Corp., Cypress Creek
at River Apartments, AMT, 3.31%*, 10/1/2039,
Citibank NA (b)                                                                           | 5,500,000            | 5,500,000 
|Texas, Lehman Municipal Trust Receipts, Various States,
Series 2007-P94W-D, AMT, 144A, 3.35%*, 3/1/2039                                                                                         | 7,650,000            | 7,650,000 
|Texas, Lower Colorado River Authority, 3.68%, 12/6/2007                                                                                                                                         | 20,000,000           | 20,000,000
|Texas, Macon Trust, Various States, Series 2007-307, AMT,
3.55%*, 4/1/2009                                                                                                                      | 23,995,000           | 23,995,000
|Texas, Municipal Securities Trust Certificates, "A", Series
2005-235, 144A, 3.51%*, 4/5/2023 (a)                                                                                                | 6,180,000            | 6,180,000 
|Texas, North East Independent School District, "A", 144A,
3.5%*, 8/1/2037                                                                                                                       | 8,935,000            | 8,935,000 
|Texas, State Tax & Revenue Anticipation Notes,
4.5%, 8/28/2008                                                                                                                                  | 96,000,000           | 96,609,311
|Texas, State Turnpike Authority, Central Texas
Turnpike System Revenue, Series 1407, 144A,
3.5%*, 8/15/2042 (a)                                                                                 | 7,241,000            | 7,241,000 
|Texas, Upper Trinity Regional Water Distribution Revenue,
3.5%, 1/17/2008                                                                                                                       | 15,550,000           | 15,550,000
|Texas, Water Development Board Revenue, Series PT-2187,
144A, 3.52%*, 7/15/2021                                                                                                                 | 14,670,000           | 14,670,000
|Travis County, TX, Housing Finance Corp., Single Family
Mortgage Revenue, Series P21U-D, AMT, 144A,
3.35%*, 6/1/2039                                                                            | 2,990,000            | 2,990,000 
|Wichita Falls, TX, Water & Sewer Revenue, Series 1713,
144A, 3.5%*, 8/1/2014 (a)                                                                                                                | 3,425,000            | 3,425,000 
|                                                                                                                                                                                                | 520,352,148         
|Utah 1.5%                                                                                                                                                                                      
|Davis County, UT, Tax & Revenue Anticipation Notes,
4.5%, 12/27/2007                                                                                                                            | 10,000,000           | 10,011,863
|Utah, Water Finance Agency Revenue:                                                                                                                                                             |                      |           
|Series A-12, 3.31%*, 10/1/2035 (a)                                                                                                                                                              | 10,000,000           | 10,000,000
|Series A-16, 3.31%*, 7/1/2036 (a)                                                                                                                                                               | 5,000,000            | 5,000,000 
|Series A-17, 3.34%*, 12/1/2032 (a)                                                                                                                                                              | 10,000,000           | 10,000,000
|Utah, Water Finance Agency Revenue, Tender Option:                                                                                                                                              |                      |           
|Series A-18, 3.34%*, 3/1/2027 (a)                                                                                                                                                               | 10,000,000           | 10,000,000
|Series A-21, 3.34%*, 10/1/2037 (a)                                                                                                                                                              | 9,400,000            | 9,400,000 
|                                                                                                                                                                                                | 54,411,863          
|Vermont 0.6%                                                                                                                                                                                   
|Austin Trust, Various States, Series 2007-1004, 144A, AMT,
3.53%*, 5/1/2038 (a)                                                                                                                 | 7,340,000            | 7,340,000 
|Vermont, Housing Finance Agency, Series A, AMT,
3.38%*, 5/1/2037 (a)                                                                                                                            | 12,800,000           | 12,800,000
|                                                                                                                                                                                                | 20,140,000          
|Virginia 3.4%                                                                                                                                                                                  
|Alexandria, VA, Redevelopment & Multi-Family Housing
Authority Revenue, Fairfield Village Square Project,
Series A, AMT, 3.5%*, 1/15/2039                                                       | 4,000,000            | 4,000,000 
|Henrico County, VA, Economic Development Authority,
Industrial Development Revenue, Colonial Mechanical
Corp., AMT, 3.55%*, 8/1/2020, Wachovia Bank NA (b)                                      | 3,600,000            | 3,600,000 
|James City County, VA, Economic Development Authority
Residential Care Facility, Virginia United Methodist
Homes, Series C, 3.47%*, 7/1/2017, LaSalle Bank NA (b)                               | 53,295,000           | 53,295,000
|Madison County, VA, Industrial Development Authority,
Educational Facilities Revenue, Woodberry Forest School,
3.58%*, 10/1/2037, SunTrust Bank (b)                                             | 8,900,000            | 8,900,000 
|Norfolk, VA, State General Obligations, AMT,
3.52%*, 8/1/2037                                                                                                                                   | 12,000,000           | 12,000,000
|RBC Municipal Products, Inc. Trust, Various States,
Series C-2, AMT, 144A, 3.57%*, 1/1/2014, Royal Bank
of Canada (b)                                                                           | 9,935,000            | 9,935,000 
|Virginia Port Authority, Facility Revenue, "A", AMT, 144A,
3.6%*, 7/1/2036 (a)                                                                                                                  | 9,390,000            | 9,390,000 
|Winchester, VA, Industrial Development Authority, Puttable
Floating Option Tax-Exempt Receipts, Series MT-522,
144A, 3.5%*, 1/21/2014 (a)                                                       | 16,495,000           | 16,495,000
|Winchester, VA, Industrial Development Authority,
Residential Care Facility Revenue, Westminster
Cantenbury:                                                                                    |                      |           
|Series B, 3.48%*, 1/1/2010, Branch Banking & Trust (b)                                                                                                                                          | 350,000              | 350,000   
|Series B, 3.48%*, 1/1/2035, Branch Banking & Trust (b)                                                                                                                                          | 3,000,000            | 3,000,000 
|                                                                                                                                                                                                | 120,965,000         
|Washington 2.7%                                                                                                                                                                                
|King County, WA, Housing Authority Revenue, Summerfield
Apartments Project, 3.52%*, 9/1/2035, US Bank NA (b)                                                                                    | 1,655,000            | 1,655,000 
|King County, WA, Public Hospital District No. 002, Series
R-6036, 144A, 3.51%*, 12/1/2023 (a)                                                                                                   | 1,265,000            | 1,265,000 
|Port Seattle, WA, 3.72%, 11/16/2007                                                                                                                                                             | 14,505,000           | 14,505,000
|Port Tacoma, WA, General Obligation, Series R-4036, 144A,
3.51%*, 12/1/2025 (a)                                                                                                                 | 5,815,000            | 5,815,000 
|Washington, Municipal Securities Trust Certificates:                                                                                                                                            |                      |           
|"A", Series 9058, 144A, 3.5%*, 9/23/2010 (a)                                                                                                                                                    | 9,990,000            | 9,990,000 
|"A", Series 2006-250, 144A, 3.5%*, 8/14/2015 (a)                                                                                                                                                | 7,545,000            | 7,545,000 
|Washington, State General Obligation, Series PZ-106, 144A,
3.53%*, 1/1/2020 (a)                                                                                                                 | 8,370,000            | 8,370,000 
|Washington, State General Obligations, Series R-7059,
144A, 3.51%*, 1/1/2027 (a)                                                                                                                | 5,100,000            | 5,100,000 
|Washington, State Health Care Facilities Authority Revenue,
Seattle Cancer Care, 3.55%*, 3/1/2035, KeyBank NA (b)                                                                               | 3,885,000            | 3,885,000 
|Washington, State Housing Finance Commission, Series
PA-1430, AMT, 144A, 3.55%*, 6/1/2037                                                                                                       | 2,935,000            | 2,935,000 
|Washington, State Housing Finance Commission,
Multi-Family Housing Revenue, Echo Lake Senior
Apartment Project, AMT, 3.5%*, 7/15/2040                                                           | 8,985,000            | 8,985,000 
|Washington, State Housing Finance Commission,
Multi-Family Housing Revenue, Lake City Senior
Apartments Project, Series A, AMT, 3.51%*, 7/1/2039                                                | 2,000,000            | 2,000,000 
|Washington, State Housing Finance Commission,
Multi-Family Housing Revenue, Vintage Silverdale,
Series A, AMT, 3.5%*, 9/15/2039                                                                 | 4,000,000            | 4,000,000 
|Washington, State Housing Finance Commission,
Multi-Family Revenue, Cedar Ridge Retirement, Series A,
AMT, 3.5%*, 10/1/2041, Wells Fargo Bank NA (b)                                            | 3,525,000            | 3,525,000 
|Washington, State Housing Finance Commission,
Multi-Family Revenue, Highland Park Apartments
Project, Series A, AMT, 3.65%*, 7/15/2038, Bank of
America NA (b)                                  | 6,040,000            | 6,040,000 
|Washington, State Housing Finance Commission,
Multi-Family Revenue, Merrill Gardens of Tacoma,
Series A, AMT, 3.5%*, 9/15/2040, Bank of
America NA (b)                                          | 8,000,000            | 8,000,000 
|Washington, State Housing Finance Commission, Nonprofit
Revenue, Eastside Catholic School, Series A, 3.47%*,
7/1/2038, KeyBank NA (b)                                                           | 4,000,000            | 4,000,000 
|                                                                                                                                                                                                | 97,615,000          
|Wisconsin 1.7%                                                                                                                                                                                 
|Milwaukee, WI, General Obligation, Series V8,
3.3%*, 2/1/2025                                                                                                                                   | 1,900,000            | 1,900,000 
|Milwaukee, WI, Sewer Revenue, Series R-4500, 144A,
3.51%*, 6/1/2022 (a)                                                                                                                         | 3,565,000            | 3,565,000 
|Milwaukee County, WI, Airport Revenue, Series PT-3726,
AMT, 144A, 3.61%*, 12/1/2026 (a)                                                                                                         | 2,625,000            | 2,625,000 
|Whitewater, WI, Industrial Development Revenue, MacLean
Fogg Co. Project, AMT, 3.35%*, 12/1/2009, Bank of
America NA (b)                                                                        | 3,000,000            | 3,000,000 
|Wisconsin, Clipper Tax-Exempt Certificates Trust, 144A,
3.53%*, 9/1/2017                                                                                                                        | 6,755,000            | 6,755,000 
|Wisconsin, Puttable Floating Options, Tax-Exempts
Receipts, Wisconsin State Transition Revenue, Series
PT-3929, 144A, 3.52%*, 7/1/2026 (a)                                                      | 6,830,000            | 6,830,000 
|Wisconsin, State Health & Educational Facilities Authority
Revenue, Amery Regional Medical Center, Inc., Series A,
3.39%*, 5/1/2036, Fifth Third Bank (b)                                       | 8,630,000            | 8,630,000 
|Wisconsin, State Health & Educational Facilities Authority
Revenue, Franciscan Sisters, Series B, 3.46%*, 9/1/2033,
Marshall & Ilsley (b)                                                       | 5,020,000            | 5,020,000 
|Wisconsin, State Health & Educational Facilities Authority
Revenue, Marshfield Clinic, Series B, 3.47%*, 1/15/2036,
Marshall & Ilsley (b)                                                       | 5,000,000            | 5,000,000 
|Wisconsin, State Health & Educational Facilities Authority
Revenue, Mercy Alliance, Inc., 3.47%*, 6/1/2022,
Marshall & Ilsley (b)                                                               | 10,000,000           | 10,000,000
|Wisconsin, State Transportation, 3.6%, 11/9/2007                                                                                                                                                | 7,975,000            | 7,975,000 
|                                                                                                                                                                                                | 61,300,000          
|Wyoming 0.3%                                                                                                                                                                                   
|Sweetwater County, WY, Environmental Improvement
Revenue, Simplot Phosphates LLC, AMT, 3.31%*,
7/1/2026, Rabobank Nederland (b)                                                                 | 10,000,000           | 10,000,000
|Multi-State 1.8%                                                                                                                                                                               
|Branch Banking & Trust Municipal Trust, Various States:                                                                                                                                         |                      |           
|Series 1003, 144A, 3.52%*, 4/1/2022, Branch
Banking & Trust (b)                                                                                                                                 | 18,240,000           | 18,240,000
|Series 1005, 144A, 3.52%*, 6/1/2022, Branch
Banking & Trust (b)                                                                                                                                 | 9,350,000            | 9,350,000 
|Puttable Floating Option, Tax-Exempt Receipts,
Series PZP-020, 144A, 3.63%*, 8/1/2031                                                                                                           | 16,150,000           | 16,150,000
|UBS Municipal (CRVS), Various States, Series 07-GM01,
144A, 3.53%*, 8/1/2036                                                                                                                    | 20,250,000           | 20,250,000
|                                                                                                                                                                                                | 63,990,000          

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $3,637,256,924)+ | 100.9           | 3,637,256,924
|Other Assets and Liabilities, Net                | (0.9)           | (33,442,418) 
|Net Assets                                       | 100.0           | 3,603,814,506

|Insurance Coverage                   | As a % of Total
Investment Portfolio
|------------------------------------ | ------------------------------------
|Ambac Financial Group, Inc.          | 9.1                                 
|Financial Guaranty Insurance Company | 5.3                                 
|Financial Security Assurance, Inc.   | 6.5                                 
|MBIA Corporation                     | 4.8                                 

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

AMT: Subject to alternative minimum tax.

CRVS: Custodial Residual and Variable Securities.

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



Financial Statements

Tax-Exempt Portfolio

|Statement of Assets and Liabilitiesas of October 31, 2007 (Unaudited)
|---------------------------------------------------------------------
|Assets                                                               
|Investments in securities, valued at amortized cost                  
|Cash                                                                 
|Receivable for investments sold                                      
|Interest receivable                                                  
|Receivable for Portfolio shares sold                                 
|Other assets                                                         
|Total assets                                                         
|Liabilities                                                          
|Dividends payable                                                    
|Payable for investments purchased                                    
|Payable for Portfolio shares redeemed                                
|Accrued management fee                                               
|Other accrued expenses and payables                                  
|Total liabilities                                                    
|Net assets, at value                                                 
|Net Assets Consist of                                                
|Undistributed net investment income                                  
|Accumulated net realized gain (loss)                                 
|Paid-in capital                                                      
|Net assets, at value                                                 

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

|Statement of Assets and Liabilitiesas of October 31, 2007 (Unaudited) (continued)                                                                                                                                                  
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                    
|Capital Assets Funds Shares
Net Asset Value, offering and redemption price per share
($19,442,326 ÷ 19,440,980 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                   
|Davidson Cash Equivalent Shares
Net Asset Value, offering and redemption price per share
($64,862,113 ÷ 64,858,423 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)               
|DWS Tax-Exempt Cash Institutional Shares
Net Asset Value, offering and redemption price per share
($1,493,329,071 ÷ 1,493,333,324 outstanding shares of beneficial
interest, $.01 par value, unlimited number of shares authorized)
|DWS Tax-Exempt Money Fund
Net Asset Value, offering and redemption price per share
($624,905,102 ÷ 624,852,310 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                   
|DWS Tax-Free Money Fund Class S
Net Asset Value, offering and redemption price per share
($164,311,737 ÷ 164,130,343 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)             
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($239,866,583 ÷ 239,862,097 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                 
|Service Shares
Net Asset Value, offering and redemption price per share
($72,261,975 ÷ 72,259,937 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                                
|Tax-Exempt Cash Managed Shares
Net Asset Value, offering and redemption price per share
($279,580,951 ÷ 279,573,947 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)              
|Tax-Free Investment Class
Net Asset Value, offering and redemption price per share
($645,254,648 ÷ 645,332,365 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                   

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

|Statement of Operationsfor the six months ended October 31, 2007 (Unaudited)                                        
|--------------------------------------------------------------------------------------------------------------------
|Investment Income                                                                                                   
|Income:Interest                                                                                                     
|Expenses:Management fee                                                                                             
|Services to shareholders                                                                                            
|Custodian fees                                                                                                      
|Distribution and service fees                                                                                       
|Professional fees                                                                                                   
|Trustees' fees and expenses                                                                                         
|Reports to shareholders                                                                                             
|Registration fees                                                                                                   
|Other                                                                                                               
|Total expenses before expense reductions                                                                            
|Expense reductions                                                                                                  
|Total expenses after expense reductions                                                                             
|Net investment income                                                                                               
|Net realized gain (loss) from investments                                                                           
|Increase from payments by affiliates for losses realized on the disposal of
investments in violation of restrictions
|Net gain (loss) on investment transactions                                                                          
|Net increase (decrease) in net assets resulting from operations                                                     

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

|Statement of Changes in Net Assets                                                                              | Tax-Exempt Portfolio                         
|--------------------------------------------------------------------------------------------------------------- | ---------------------------------------------
|Increase (Decrease) in Net Assets                                                                               | Six Months
Ended
October 31,
2007
(Unaudited)
|Operations:Net investment income                                                                                | $      56,535,196                            
|Net realized gain (loss)                                                                                        | 36,963                                       
|Net increase in net assets resulting from operations                                                            | 56,572,159                                   
|Distributions to shareholders from:Net investment income:Capital Assets Funds Shares                            | (261,422)                                    
|Davidson Cash Equivalent Shares                                                                                 | (968,432)                                    
|DWS Tax-Exempt Cash Institutional Shares                                                                        | (24,681,929)                                 
|DWS Tax-Exempt Money Fund                                                                                       | (11,167,671)                                 
|DWS Tax-Free Money Fund Class S                                                                                 | (2,942,827)                                  
|Premier Money Market Shares                                                                                     | (2,395,045)                                  
|Service Shares                                                                                                  | (621,982)                                    
|Tax-Exempt Cash Managed Shares                                                                                  | (3,935,349)                                  
|Tax-Free Investment Class                                                                                       | (9,576,825)                                  
|Portfolio share transactions:Proceeds from shares sold                                                          | 4,684,754,905                                
|Reinvestment of distributions                                                                                   | 45,252,017                                   
|Cost of shares redeemed                                                                                         | (3,951,668,401)                              
|Net assets acquired in tax-free reorganization                                                                  |                                             
|Net increase (decrease) in net assets from Portfolio
share transactions                                         | 778,338,521                                  
|Increase (decrease) in net assets                                                                               | 778,359,198                                  
|Net assets at beginning of period                                                                               | 2,825,455,308                                
|Net assets at end of period (including undistributed
net investment income of $2,738 and $19,024,
respectively) | $   3,603,814,506                            

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

Financial Highlights

|Tax-Exempt Portfolio
Davidson Cash Equivalent Shares                                                                                                                                                                                               
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended April 30,                                                                                                                                                                                                                              
|Selected Per Share Data                                                                                                                                                                                                                            
|Net asset value, beginning of period                                                                                                                                                                                                               
|Net investment income                                                                                                                                                                                                                              
|Less distributions from net investment income                                                                                                                                                                                                      
|Net asset value, end of period                                                                                                                                                                                                                     
|Total Return (%)c                                                                                                                                                                                                                                  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                 
|Net assets, end of period ($ millions)                                                                                                                                                                                                             
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                    
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                     
|Ratio of net investment income (%)                                                                                                                                                                                                                 
|aFor the six months ended October 31, 2007 (Unaudited).bFor the period from September 28, 2004 (commencement of operations) to
April 30, 2005.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").

Money Market Portfolio offers nine classes of shares: Capital Assets
Funds Shares, Capital Assets Funds Preferred Shares, Davidson Cash
Equivalent Shares, Davidson Cash Equivalent Plus Shares, Institutional
Money Market Shares, Institutional Select Money Market Shares, Premier
Money Market Shares, Premium Reserve Money Market Shares and
Service Shares.

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

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

The financial highlights for all classes of shares, other than Davidson Cash
Equivalent Shares and Davidson Cash Equivalent Plus Shares, are
provided separately and are available upon request.

Each Portfolio's investment income, realized and unrealized gains and
losses, and certain Portfolio-level expenses and expense reductions, if
any, are borne pro rata on the basis of relative net assets by the holders of
all classes of shares of that Portfolio, except that each class bears certain
expenses unique to that class such as distribution 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.

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

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

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

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

Federal Income Taxes. Each 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. Accordingly, each
Portfolio paid no federal income taxes and no federal income tax provision
was required.

At April 30, 2007, the Money Market Portfolio had a net tax basis capital
loss carryforward of approximately ($761,500) which may be applied
against any realized net taxable capital gains of each succeeding year until
fully utilized or until April 30, 2010 ($750,000) and April 30, 2015 ($11,500),
the respective expiration dates, whichever occurs first.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes  an interpretation of FASB Statement
No. 109" (the "Interpretation"). The Interpretation establishes for the
Portfolios a minimum threshold for financial statement recognition of the
benefit of positions taken in filing tax returns. Management has evaluated
the application of FIN 48 and has determined there is no impact on the
Portfolios' financial statements.

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

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

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

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

2. Related Parties

Management Agreement. Under the Investment Management
Agreement with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of
Deutsche Bank AG, the Advisor directs the investments of each Portfolio
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 each
Portfolio. In addition to portfolio management services, the Advisor
provides certain administrative services in accordance with the
Investment Management Agreement. The Portfolios pay a monthly
management fee based on the Trust's combined average daily net assets,
accrued daily and payable monthly, at 1/12 of the following annual rates:

|First $500 million of the Trust's combined average daily net assets | .220%
|------------------------------------------------------------------- | -----
|Next $500 million of such net assets                                | .200%
|Next $1 billion of such net assets                                  | .175%
|Next $1 billion of such net assets                                  | .160%
|Over $3 billion of such net assets                                  | .150%

For the period from February 16, 2007 through March 16, 2010, the
Advisor has agreed to contractually reduce its management fee for the
Government & Agency Securities Portfolio such that the annual payable is
limited to 0.15% of the Portfolio's average daily net assets.

Accordingly, for the six months ended October 31, 2007, the Advisor
waived a portion of its management fee on the Government & Agency
Securities Portfolio aggregating $170,283 and the amount charged
aggregated $2,554,242.

Accordingly, for the six months ended October 31, 2007, the Portfolios
incurred management fees equivalent to the following annualized effective
rates of each Portfolio's average daily net assets:

|Portfolio                                | Annualized
Effective Rate
|---------------------------------------- | -------------------------
|Money Market Portfolio                   | .16%                     
|Government & Agency Securities Portfolio | .15%                     
|Tax-Exempt Portfolio                     | .16%                     

For the period from May 1, 2007 through October 31, 2007, the Advisor
voluntarily agreed to waive or reimburse certain operating expenses in
order to maintain the annualized expenses at 1.00% and 1.00% of the
Davidson Cash Equivalent Shares of the Money Market Portfolio and
Government & Agency Securities Portfolio, respectively (excluding certain
expenses such as extraordinary expenses, taxes, brokerage, interest and
organizational and offering costs).

For the period from May 1, 2007 through July 31, 2008, the Advisor had
contractually agreed to waive or reimburse certain operating expenses in
order to maintain the annualized expenses at 0.85% of the Davidson Cash
Equivalent Shares of the Tax--Exempt Portfolio (excluding certain
expenses such as extraordinary expenses, taxes, brokerage, interest and
organizational and offering costs).

For the period from May 1, 2007 through October 31, 2007, the Advisor
voluntarily agreed to waive or reimburse certain operating expenses in
order to maintain the annualized expenses at 0.85% and 0.85% of the
Davidson Cash Equivalent Plus Shares of the Money Market Portfolio and
Government & Agency Securities Portfolio, respectively (excluding certain
expenses such as extraordinary expenses, taxes, brokerage, interest and
organizational and offering costs).

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

Service Provider Fees. DWS Scudder Investments Service Company
("DWS-SISC"), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent for the Portfolios.
Pursuant to a sub-transfer agency agreement between DWS-SISC and
DST Systems, Inc. ("DST"), DWS-SISC has delegated certain transfer
agent and dividend-paying agent functions to DST. DWS-SISC
compensates DST out of the shareholder servicing fee it receives from
the Portfolios. For the six months ended October 31, 2007, the amounts
charged to the Portfolios by DWS-SISC were as follows:

|Money Market Portfolio:               | Total
Aggregated | Waived        | Unpaid at
October 31, 2007
|------------------------------------- | ---------------- | ------------- | --------------------------
|Capital Assets Funds Shares           | $      1,190,270 | $      81,303 | $      340,372            
|Capital Assets Funds Preferred
Shares | 29,342           | 14,245        | 9,177                     
|Davidson Cash Equivalent Shares       | 185,490          |              | 100,372                   
|Davidson Cash Equivalent Plus
Shares  | 43,577           |              | 11,475                    
|Institutional Money Market Shares     | 14,976           |              | 5,404                     
|Premier Money Market Shares           | 1,792,803        |              | 632,915                   
|Premium Reserve Money Market
Shares   | 143,943          |              | 42,536                    
|Service Shares                        | 1,402,574        | 188,629       | 424,934                   

|Government & Agency
Securities Portfolio: | Total
Aggregated | Waived   | Unpaid at
October 31, 2007
|----------------------------------------- | ---------------- | -------- | --------------------------
|Capital Assets Funds Shares               | $      135,243   | $       | $      69,621             
|Davidson Cash Equivalent Shares           | 109,690          |         | 56,132                    
|Davidson Cash Equivalent Plus
Shares      | 28,368           |         | 8,417                     
|DWS Government & Agency
Money Fund        | 195,914          |         | 52,662                    
|DWS Government Cash
Institutional Shares  | 6,100            |         | 11,763                    
|Government Cash Managed Shares            | 113,878          |         | 75,433                    
|Premier Money Market Shares               | 2,943,027        |         | 1,702,694                 
|Service Shares                            | 82,888           | 2,089    | 43,099                    

|Tax-Exempt Portfolio:                    | Total
Aggregated | Waived       | Unpaid at
October 31, 2007
|---------------------------------------- | ---------------- | ------------ | --------------------------
|Capital Assets Funds Shares              | $      23,344    | $      1,000 | $      7,341              
|Davidson Cash Equivalent Shares          | 46,740           | 8,223        | 5,876                     
|DWS Tax-Exempt Cash Institutional
Shares | 116,288          | 11,546       | 19,786                    
|DWS Tax-Exempt Money Fund                | 126,670          |             | 36,626                    
|DWS Tax-Free Money Fund Class S          | 70,463           |             | 38,182                    
|Premier Money Market Shares              | 213,492          |             | 99,959                    
|Service Shares                           | 54,920           | 6,595        | 24,921                    
|Tax-Exempt Cash Managed Shares           | 76,460           |             | 39,289                    
|Tax-Free Investment Class                | 345,534          |             | 112,712                   

Distribution Service Agreement. Under the Distribution Service
Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS
Scudder Distributors, Inc. ("DWS-SDI"), 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, 2007, the Distribution Fee was as
follows:

|Money Market Portfolio:               | Distribution Fee | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------------- | ---------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares           | $      1,630,652 | $      275,903             | .33%                      | .33%                    
|Capital Assets Funds
Preferred Shares | 30,591           | 2,112                      | .20%                      | .20%                    
|Davidson Cash Equivalent
Shares       | 222,588          | 25,913                     | .30%                      | .30%                    
|Davidson Cash Equivalent
Plus Shares  | 54,471           | 4,784                      | .25%                      | .25%                    
|Institutional Money Market
Shares     | 5,498            | 1,164                      | .01%                      | .08%                    
|Premier Money Market
Shares           | 1,850,938        | 333,485                    | .25%                      | .25%                    
|Service Shares                        | 3,548,367        | 642,412                    | .60%                      | .60%                    

|Government & Agency
Securities Portfolio: | Distribution Fee | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|----------------------------------------- | ---------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares               | $      194,379   | $      49,454              | .33%                      | .33%                    
|Davidson Cash Equivalent
Shares           | 132,167          | 15,912                     | .30%                      | .30%                    
|Davidson Cash Equivalent
Plus Shares      | 34,474           | 4,794                      | .25%                      | .25%                    
|Premier Money Market
Shares               | 2,452,523        | 457,401                    | .25%                      | .25%                    
|Service Shares                            | 226,058          | 56,512                     | .60%                      | .60%                    

|Tax-Exempt Portfolio:           | Distribution Fee | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------- | ---------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares     | $      31,360    | $      5,265               | .33%                      | .33%                    
|Davidson Cash Equivalent
Shares | 100,367          | 16,267                     | .30%                      | .30%                    
|Premier Money Market
Shares     | 212,574          | 50,436                     | .25%                      | .25%                    
|Service Shares                  | 134,869          | 40,622                     | .60%                      | .60%                    
|Tax-Free Investment Class       | 764,438          | 138,049                    | .25%                      | .25%                    

In addition, DWS-SDI 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, 2007, the Service Fee was as
follows:

|Money Market Portfolio:               | Service Fee      | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------------- | ---------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares           | $      1,235,342 | $      211,886             | .25%                      | .25%                    
|Capital Assets Funds
Preferred Shares | 15,296           | 1,184                      | .10%                      | .10%                    
|Davidson Cash Equivalent
Shares       | 185,490          | 21,509                     | .25%                      | .25%                    
|Davidson Cash Equivalent
Plus Shares  | 43,577           | 5,176                      | .20%                      | .20%                    
|Institutional Money Market
Shares     | 5,498            | 1,163                      | .01%                      | .08%                    
|Premier Money Market
Shares           | 1,848,343        | 325,782                    | .25%                      | .25%                    
|Premium Reserve Money
Market Shares   | 346,385          | 58,601                     | .25%                      | .25%                    

|Government & Agency
Securities Portfolio: | Service Fee    | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|----------------------------------------- | -------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares               | $      147,257 | $      36,644              | .25%                      | .25%                    
|Davidson Cash Equivalent
Shares           | 110,139        | 16,643                     | .25%                      | .25%                    
|Davidson Cash Equivalent
Plus Shares      | 27,579         | 3,939                      | .20%                      | .20%                    
|Government Cash Managed
Shares            | 178,173        | 50,136                     | .15%                      | .15%                    
|Premier Money Market
Shares               | 2,452,523      | 466,667                    | .25%                      | .25%                    

|Tax-Exempt Portfolio:           | Service Fee   | Unpaid at
October 31,
2007 | Annualized
Effective
Rate | Contractual
Rate
(Up To)
|------------------------------- | ------------- | -------------------------- | ------------------------- | ------------------------
|Capital Assets Funds
Shares     | $      23,758 | $      3,913               | .25%                      | .25%                    
|Davidson Cash Equivalent
Shares | 83,639        | 13,607                     | .25%                      | .25%                    
|Premier Money Market
Shares     | 212,574       | 49,095                     | .25%                      | .25%                    
|Tax-Exempt Cash Managed
Shares  | 176,289       | 35,788                     | .15%                      | .25%                    
|Tax-Free Investment Class       | 214,043       | 39,097                     | .07%                      | .25%                    

Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Portfolios. For the six months ended October 31,
2007, the amounts charged to the Portfolios by DIMA included in the
Statement of Operations under "reports to shareholders" were as
follows:

|Portfolio                                | Total
Aggregated | Unpaid at
October 31, 2007
|---------------------------------------- | ---------------- | --------------------------
|Money Market Portfolio                   | $      40,206    | $      9,149              
|Government & Agency Securities Portfolio | 37,451           | 4,963                     
|Tax-Exempt Portfolio                     | 69,091           | 7,814                     

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

3. Fee Reductions

For the six months ended October 31, 2007, the Advisor has agreed to
reimburse the Portfolios the following amounts, which represent a portion
of the fee savings expected to be realized by the Advisor related to the
outsourcing by the Advisor of certain administrative services to an
unaffiliated service provider:

|Portfolio                                | Amount ($)   
|---------------------------------------- | -------------
|Money Market Portfolio                   | $      24,043
|Government & Agency Securities Portfolio | 12,246       
|Tax-Exempt Portfolio                     | 7,145        

In addition, the Portfolios have entered into an arrangement with its
custodian and transfer agent whereby credits realized as a result of
uninvested cash balances are used to reduce a portion of each Portfolio's
custodian expenses. During the six months ended October 31, 2007, each
Portfolio's custodian fees were reduced as follows:

|Portfolio                                | Custody Credits | Transfer Agent
Credits
|---------------------------------------- | --------------- | ----------------------
|Money Market Portfolio                   | $      1,635    | $      54,381         
|Government & Agency Securities Portfolio | 576             | 41,817                
|Tax-Exempt Portfolio                     | 1,946           | 42,374                

4. Line of Credit

The Portfolios and other affiliated funds (the "Participants") share in a
$750 million revolving credit facility administered by JPMorgan Chase
Bank, N.A. for temporary or emergency purposes, including the meeting
of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated, based upon net assets, among each
of the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. Each Portfolio may borrow up to a maximum of 33 percent
of its net assets under the agreement.

5. Share Transactions

The following table summarizes share and dollar activity in the Portfolios:

Money Market Portfolio

|                                                               | Six Months Ended
October 31, 2007 | Year Ended
April 30, 2007
|-------------------------------------------------------------- | --------------------------------- | -------------------------
|                                                               | Shares                            | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 472,056,883                       | $      472,056,883       
|Capital Assets
Funds Preferred
Shares                          | 121,941,148                       | 121,941,148              
|Davidson Cash
Equivalent
Shares                                | 2,739,462                         | 2,739,462                
|Davidson Cash
Equivalent Plus
Shares                           | 7,263,228                         | 7,263,228                
|Institutional
Money Market
Shares                              | 277,187,405                       | 277,187,405              
|Premier Money
Market Shares                                    | 1,132,416,698                     | 1,132,416,698            
|Premium
Reserve Money
Market Shares                            | 210,371,519                       | 210,371,519              
|Service Shares                                                 | 903,493,817                       | 903,493,817              
|                                                               |                                   | $   3,127,470,160        
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 21,941,967                        | $      21,941,967        
|Capital Assets
Funds Preferred
Shares                          | 738,309                           | 738,309                  
|Davidson Cash
Equivalent
Shares                                | 3,289,763                         | 3,289,763                
|Davidson Cash
Equivalent Plus
Shares                           | 997,593                           | 997,593                  
|Institutional
Money Market
Shares                              | 2,812,738                         | 2,812,738                
|Institutional
Select Money
Market Shares                       | 7                                 | 7                        
|Premier Money
Market Shares                                    | 33,377,742                        | 33,377,742               
|Premium
Reserve Money
Market Shares                            | 6,153,718                         | 6,153,718                
|Service Shares                                                 | 26,283,508                        | 26,283,508               
|                                                               |                                   | $   95,595,345           
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (469,721,416)                     | $      (469,721,416)     
|Capital Assets
Funds Preferred
Shares                          | (107,952,863)                     | (107,952,863)            
|Davidson Cash
Equivalent
Shares                                | (149,041,624)                     | (149,041,624)            
|Davidson Cash
Equivalent Plus
Shares                           | (69,569,867)                      | (69,569,867)             
|Institutional
Money Market
Shares                              | (255,754,855)                     | (255,754,855)            
|Premier Money
Market Shares                                    | (909,244,535)                     | (909,244,535)            
|Premium
Reserve Money
Market Shares                            | (218,717,738)                     | (218,717,738)            
|Service Shares                                                 | (740,766,063)                     | (740,766,063)            
|                                                               |                                   | $   (2,920,768,961)      
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | 24,277,434                        | $      24,277,434        
|Capital Assets
Funds Preferred
Shares                          | 14,726,594                        | 14,726,594               
|Davidson Cash
Equivalent
Shares                                | (143,012,399)                     | (143,012,399)            
|Davidson Cash
Equivalent Plus
Shares                           | (61,309,046)                      | (61,309,046)             
|Institutional
Money Market
Shares                              | 24,245,288                        | 24,245,288               
|Institutional
Select Money
Market Shares                       | 7                                 | 7                        
|Premier Money
Market Shares                                    | 256,549,905                       | 256,549,905              
|Premium
Reserve Money
Market Shares                            | (2,192,501)                       | (2,192,501)              
|Service Shares                                                 | 189,011,262                       | 189,011,262              
|                                                               |                                   | $   302,296,544          

Government & Agency Securities Portfolio

|                                                               | Six Months Ended
October 31, 2007 | Year Ended
April 30, 2007
|-------------------------------------------------------------- | --------------------------------- | -------------------------
|                                                               | Shares                            | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 568,339,132                       | $      568,339,132       
|Davidson Cash
Equivalent Shares                                | 3,366,911                         | 3,366,911                
|Davidson Cash
Equivalent Plus
Shares                           | 57,656,222                        | 57,656,222               
|DWS Government
& Agency Money
Fund                             | 179,223,731                       | 179,223,731              
|DWS Government
Cash Institutional
Shares                       | 1,528,276,592                     | 1,528,276,592            
|Government Cash
Managed Shares                                 | 508,981,523                       | 508,981,523              
|Premier Money
Market Shares                                    | 861,920,401                       | 861,920,401              
|Service Shares                                                 | 249,055,424                       | 249,055,424              
|                                                               |                                   | $   3,956,819,936        
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 2,496,539                         | $      2,496,539         
|Davidson Cash
Equivalent Shares                                | 1,897,895                         | 1,897,895                
|Davidson Cash
Equivalent Plus
Shares                           | 612,527                           | 612,527                  
|DWS Government
& Agency Money
Fund                             | 10,938,522                        | 10,938,522               
|DWS Government
Cash Institutional
Shares                       | 9,007,582                         | 9,007,582                
|Government Cash
Managed Shares                                 | 486,430                           | 486,430                  
|Premier Money
Market Shares                                    | 41,980,189                        | 41,980,189               
|Service Shares                                                 | 1,595,574                         | 1,595,574                
|                                                               |                                   | $   69,015,258           
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (480,091,076)                     | $      (480,091,076)     
|Davidson Cash
Equivalent Shares                                | (79,973,470)                      | (79,973,470)             
|Davidson Cash
Equivalent Plus
Shares                           | (70,492,062)                      | (70,492,062)             
|DWS Government
& Agency Money
Fund                             | (168,529,969)                     | (168,529,969)            
|DWS Government
Cash Institutional
Shares                       | (1,111,677,136)                   | (1,111,677,136)          
|Government Cash
Managed Shares                                 | (242,170,095)                     | (242,170,095)            
|Premier Money
Market Shares                                    | (467,750,506)                     | (467,750,506)            
|Service Shares                                                 | (198,947,886)                     | (198,947,886)            
|                                                               |                                   | $   (2,819,632,200)      
|Shares acquired in tax-free reorganization                    
|DWS Government
& Agency Money
Fund                             |                                  | $                       
|DWS Government
Cash Institutional
Shares                       |                                  |                         
|Government Cash
Managed Shares                                 |                                  |                         
|                                                               |                                   | $                       
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | 90,744,595                        | $      90,744,595        
|Davidson Cash
Equivalent Shares                                | (74,708,664)                      | (74,708,664)             
|Davidson Cash
Equivalent Plus
Shares                           | (12,223,313)                      | (12,223,313)             
|DWS Government
& Agency Money
Fund                             | 21,632,284                        | 21,632,284               
|DWS Government
Cash Institutional
Shares                       | 425,607,038                       | 425,607,038              
|Government Cash
Managed Shares                                 | 267,297,858                       | 267,297,858              
|Premier Money
Market Shares                                    | 436,150,084                       | 436,150,084              
|Service Shares                                                 | 51,703,112                        | 51,703,112               
|                                                               |                                   | $   1,206,202,994        

Tax-Exempt Portfolio

|                                                               | Six Months Ended
October 31, 2007 | Year Ended
April 30, 2007
|-------------------------------------------------------------- | --------------------------------- | -------------------------
|                                                               | Shares                            | Dollars                  
|Shares sold                                                   
|Capital Assets
Funds Shares                                    | 16,164,083                        | $      16,164,083        
|Davidson Cash
Equivalent
Shares                                | 87,631,140                        | 87,631,140               
|DWS Tax-Exempt
Cash Institutional
Shares                       | 3,055,458,065                     | 3,055,458,065            
|DWS Tax-Exempt
Money Fund                                      | 222,709,470                       | 222,709,470              
|DWS Tax-Free
Money Fund
Class S                                | 25,159,073                        | 25,159,073               
|Premier Money
Market Shares                                    | 314,412,830                       | 314,412,830              
|Service Shares                                                 | 149,891,588                       | 149,891,588              
|Tax-Exempt Cash
Managed Shares                                 | 303,678,551                       | 303,678,551              
|Tax-Free
Investment Class                                      | 509,650,105                       | 509,650,105              
|                                                               |                                   | $   4,684,754,905        
|Shares issued to shareholders in reinvestment of distributions
|Capital Assets
Funds Shares                                    | 261,379                           | $      261,379           
|Davidson Cash
Equivalent
Shares                                | 969,188                           | 969,188                  
|DWS Tax-Exempt
Cash Institutional
Shares                       | 17,766,165                        | 17,766,165               
|DWS Tax-Exempt
Money Fund                                      | 10,965,706                        | 10,965,706               
|DWS Tax-Free
Money Fund
Class S                                | 2,696,681                         | 2,696,681                
|Premier Money
Market Shares                                    | 2,395,663                         | 2,395,663                
|Service Shares                                                 | 619,525                           | 619,525                  
|Tax-Exempt Cash
Managed Shares                                 | 2,551                             | 2,551                    
|Tax-Free
Investment Class                                      | 9,575,159                         | 9,575,159                
|                                                               |                                   | $   45,252,017           
|Shares redeemed                                               
|Capital Assets
Funds Shares                                    | (15,318,606)                      | $      (15,318,606)      
|Davidson Cash
Equivalent
Shares                                | (81,698,772)                      | (81,698,772)             
|DWS Tax-Exempt
Cash Institutional
Shares                       | (2,644,056,409)                   | (2,644,056,409)          
|DWS Tax-Exempt
Money Fund                                      | (235,608,529)                     | (235,608,529)            
|DWS Tax-Free
Money Fund
Class S                                | (35,622,587)                      | (35,622,587)             
|Premier Money
Market Shares                                    | (194,004,590)                     | (194,004,590)            
|Service Shares                                                 | (96,684,879)                      | (96,684,879)             
|Tax-Exempt Cash
Managed Shares                                 | (248,990,984)                     | (248,990,984)            
|Tax-Free
Investment Class                                      | (399,683,045)                     | (399,683,045)            
|                                                               |                                   | $   (3,951,668,401)      
|Shares issued in tax-free reorganization                      
|DWS Tax-Exempt
Cash Institutional
Shares                       |                                  |                         
|DWS Tax-Exempt
Money Fund                                      |                                  |                         
|DWS Tax-Free
Money Fund
Class S                                |                                  |                         
|Tax-Free
Investment Class                                      |                                  |                         
|                                                               |                                   | $                       
|Net increase (decrease)                                       
|Capital Assets
Funds Shares                                    | 1,106,856                         | $      1,106,856         
|Davidson Cash
Equivalent
Shares                                | 6,901,556                         | 6,901,556                
|DWS Tax-Exempt
Cash Institutional
Shares                       | 429,167,821                       | 429,167,821              
|DWS Tax-Exempt
Money Fund                                      | (1,933,353)                       | (1,933,353)              
|DWS Tax-Free
Money Fund
Class S                                | (7,766,833)                       | (7,766,833)              
|Premier Money
Market Shares                                    | 122,803,903                       | 122,803,903              
|Service Shares                                                 | 53,826,234                        | 53,826,234               
|Tax-Exempt Cash
Managed Shares                                 | 54,690,118                        | 54,690,118               
|Tax-Free
Investment Class                                      | 119,542,219                       | 119,542,219              
|                                                               |                                   | $   778,338,521          

6. Payments Made by Affiliates

During the six months ended October 31, 2007, the Advisor fully
reimbursed Cash Account Trust: Tax-Exempt Portfolio $3,191 for losses on
the disposal of securities purchased in violation of investment restrictions.

The amount of the loss was less than 0.01% of the Portfolio's average net
assets, thus having no impact on the Portfolio's total return.

7. Acquisition of Assets

On February 16, 2007, Cash Account Trust: Government & Agency
Securities Portfolio acquired all of the net assets of Investors Cash Trust:
Government & Agency Securities Portfolio pursuant to an agreement and
plan of reorganization approved by shareholders on January 25, 2007. The
acquisition was accomplished by a tax-free exchange of 217,331,694
Service Shares and 81,291,534 DWS Government Cash Institutional
Shares, respectively, of Investors Cash Trust: Government & Agency
Securities Portfolio for 298,623,228 DWS Government Cash Institutional
Shares of Cash Account Trust: Government & Agency Securities Portfolio,
and 141,887,406 Government Cash Managed Shares of Investors Cash
Trust: Government & Agency Securities Portfolio for 141,887,406
Government Cash Managed Shares of Cash Account Trust: Government &
Agency Securities Portfolio outstanding on February 16, 2007. Investors
Cash Trust: Government & Agency Securities Portfolio's net assets at that
date of $440,488,675 were combined with those of Cash Account Trust:
Government & Agency Securities Portfolio. The aggregate net assets of
Cash Account Trust: Government & Agency Securities Portfolio
immediately before the acquisition were $2,121,296,000. The combined
net assets of Cash Account Trust: Government & Agency Securities
Portfolio immediately following the acquisition were $2,561,784,675.

On March 19, 2007, Cash Account Trust: Government & Agency Securities
Portfolio acquired all of the net assets of DWS Government & Agency
Money Fund pursuant to an agreement and plan of reorganization
approved by shareholders on January 25, 2007. The acquisition was
accomplished by a tax-free exchange of 438,858,379 shares of
DWS Government & Agency Money Fund for 438,858,379
DWS Government & Agency Money Fund shares of Cash Account Trust:
Government & Agency Securities Portfolio outstanding on March 19, 2007.
DWS Government & Agency Money Fund's net assets at that date of
$438,851,445 were combined with those of Cash Account Trust:
Government & Agency Securities Portfolio. The aggregate net assets of
Cash Account Trust: Government & Agency Securities Portfolio
immediately before the acquisition were $2,684,924,760. The combined
net assets of Cash Account Trust: Government & Agency Securities
Portfolio immediately following the acquisition were $3,123,776,205.

On March 19, 2007, Cash Account Trust: Tax-Exempt Portfolio acquired all
of the net assets of DWS Tax-Free Money Fund, DWS Tax-Exempt Money
Fund, and Cash Reserve Fund, Inc. Tax-Free Series pursuant to an
agreement and plan of reorganization approved by shareholders on
January 25, 2007 for DWS Tax-Free Money Fund and DWS Tax-Exempt
Money Fund, and on February 7, 2007 for Cash Reserve Fund, Inc.
Tax-Free Series. The acquisition was accomplished by a tax-free exchange
of 173,481,265 shares of DWS Tax Free Money Fund, 640,985,030 shares
of DWS Tax-Exempt Money Fund, 268,985,283 Tax-Free Shares and
562,136,851 Tax-Free Institutional Shares of Cash Reserve Fund, Inc.
Tax-Free Series, respectively, for 173,481,265 DWS Tax-Free Money Fund
Class S shares, 640,985,030 DWS Tax-Exempt Money Fund shares,
268,985,283 DWS Tax-Exempt Cash Institutional Shares and 562,136,851
Tax-Free Investment Class shares of Cash Account Trust: Tax-Exempt
Portfolio, respectively, outstanding on March 19, 2007. DWS Tax Free
Money Fund's, DWS Tax-Exempt Money Fund's, and Cash Reserve Fund,
Inc. Tax-Free Series' net assets at that date of $173,664,739,
$641,044,754, and $831,044,266, respectively, were combined with those
of Cash Account Trust: Tax-Exempt Portfolio. The aggregate net assets of
Cash Account Trust: Tax-Exempt Portfolio immediately before the
acquisition were $1,363,024,909. The combined net assets of Cash
Account Trust: Tax-Exempt Portfolio immediately following the acquisition
were $3,008,778,668.

Other Information

Proxy Voting

A description of each Portfolio's policies and procedures for voting proxies
for portfolio securities and information about how each portfolio voted
proxies related to its portfolio securities during the 12-month period ended
June 30 is available on our Web site  www.dws-scudder.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 each Portfolio's policies and
procedures without charge, upon request, call us toll free at
(800) 621-1048.

Portfolio of Investments

Following each 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 Scudder Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606

Investment Management Agreement
Approval

Money Market Portfolio

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Portfolio's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor") in September 2007. As part of its review
process, the Board requested and evaluated all information it deemed
reasonably necessary to evaluate the Agreement. Over the course of
several months, the Contract Review Committee, in coordination with the
Fixed-Income Oversight Committee and the Operations Committee of the
Board, reviewed comprehensive materials received from the Advisor,
independent third parties and independent counsel. These materials
included an analysis of the Portfolio's performance, fees and expenses,
and profitability compiled by an independent fee consultant. The Board
also received extensive information throughout the year regarding
performance and operating results of the Portfolio. Based on their
evaluation of the information provided, the Committees presented their
findings and recommendations to the Independent Trustees as a group.
The Independent Trustees then reviewed the Committees' findings and
recommendations and presented their recommendations to the full
Board. Throughout their consideration of the Agreement, the Independent
Trustees were advised by their independent legal counsel and by an
independent fee consultant.

In connection with the contract review process, the various Committees
and the Board considered the factors discussed below, among others. The
Board also considered that the Advisor and its predecessors have
managed the Portfolio since its inception, and the Board believes that a
long-term relationship with a capable, conscientious advisor is in the best
interests of the Portfolio. The Board considered, generally, that
shareholders invested in the Portfolio, or approved the investment
management agreement for the Portfolio, knowing that the Advisor
managed the Portfolio and knowing the investment management fee
schedule. The Board considered Deutsche Bank's commitment that it will
devote to the Advisor and its affiliates all attention and resources that are
necessary to provide the Portfolio with top-quality investment
management and shareholder, administrative and product distribution
services.

Nature, Quality and Extent of Services. The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and
investment personnel, the resources made available to such personnel,
the ability of the Advisor to attract and retain high-quality personnel, and
the organizational depth and stability of the Advisor. The Board reviewed
the Portfolio's gross and net performance over short-term and long-term
periods and compared those returns to various agreed-upon peer universe
performance measures, focusing, for this purpose, primarily on gross
performance. The Board considered whether investment results were
consistent with the Portfolio's investment objective and policies. The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to a peer group compiled by
iMoneyNet Inc.), and receives more frequent reporting and information
from the Advisor regarding such funds, along with the Advisor's remedial
plans to address underperformance. The Board believes this process is an
effective manner of addressing poorly performing funds at this time.

On the basis of this evaluation and the ongoing review of investment
results by the Fixed-Income Oversight Committee, the Board concluded
that the nature, quality and extent of services provided by the Advisor
historically have been and continue to be satisfactory, and that the
Portfolio's gross performance over time was satisfactory.

Fees and Expenses. The Board considered the Portfolio's management fee
rate, operating expenses and total expense ratios, and compared
management fees to a peer group and total expenses to a broader peer
universe based on information and data supplied by Lipper and
supplemented by the independent fee consultant. The information
provided to the Board, which included the effect of contractual expense
caps that expired on August 1, 2007 for Service Shares, Capital Assets
Funds Shares, and Capital Assets Funds Preferred Shares and voluntary
expense caps for Davidson Cash Equivalent Shares, Davidson Cash
Equivalent Plus Shares and Institutional Select Money Market Shares
showed that the Portfolio's management fee rate was at the 14thpercentile of the peer group, and that the Portfolio's total expense ratios
(excluding any 12b-1 fees and/or administrative services fees) were at the
following percentiles of the peer universe: the 76thpercentile for Capital
Assets Funds Shares, the 66thpercentile for Capital Assets Funds
Preferred Shares, the 36thpercentile for Davidson Cash Equivalent
Shares, the 30thpercentile for Davidson Cash Equivalent Plus Shares, the
51stpercentile for Institutional Money Market Shares, the 41stpercentile
for Institutional Select Money Market Shares, the 59thpercentile for
Premier Money Market Shares, the 30th percentile for Service Shares and
the 26th percentile for Premium Reserve Money Market Shares. The
Board also considered the Portfolio's management fee rates as compared
to fees charged by the Advisor and certain of its affiliates for comparable
mutual funds and considered differences in fund and fee structures
among the DWS Funds. The Board took into account the Advisor's
commitment to cap total expenses for Service Shares, Capital Assets
Funds Shares and Capital Assets Funds Preferred Shares until August 1,
2008.

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 the Advisor. The Board noted
that, although total expense ratios for certain share classes were above
the median of the peer universe, such total expense ratios were within an
acceptable range of the peer universe and consistent with reasonable
expectations in light of the nature, quality and extent of services provided
by the Advisor.

Profitability. The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising
the DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Portfolio in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS Scudder
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 Portfolio. Although the Board noted the inherently
subjective nature of any allocation methodology, the Board received an
attestation report from an accounting firm affirming that the allocation
methods were consistently applied and were based upon practices
commonly used in the investment management industry. Based on the
information provided, the Board concluded that the pre-tax profits realized
by DIMA in connection with the management of the Portfolio were not
unreasonable.

Economies of Scale. The Board considered whether there are economies
of scale with respect to the management of the Portfolio and whether the
Portfolio benefits from any economies of scale. The Board considered
whether the management fee schedule under the Agreement is
reasonable in relation to the asset size of the Portfolio. The Board noted
that the management fee schedule included four breakpoints, designed to
share economies of scale with Portfolio shareholders. The Board
concluded that the management fee schedule, together with expense
caps, reflects an appropriate level of sharing of any economies of scale.

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 the Advisor for administrative
services provided to the Portfolio and any fees received by an affiliate of
the Advisor for distribution services. The Board also considered benefits
to DIMA related to brokerage and soft-dollar allocations, 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 DeAM products and services. The
Board concluded that management fees were reasonable in light of these
fallout benefits.

Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the terms of the Agreement continue to be fair and reasonable and
that the continuation of the Agreement is in the best interests of the
Portfolio. No single factor was determinative in the Board's analysis.

Government & Agency Securities Portfolio

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Portfolio's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor") in September 2007. As part of its review
process, the Board requested and evaluated all information it deemed
reasonably necessary to evaluate the Agreement. Over the course of
several months, the Contract Review Committee, in coordination with the
Fixed-Income Oversight Committee and the Operations Committee of the
Board, reviewed comprehensive materials received from the Advisor,
independent third parties and independent counsel. These materials
included an analysis of the Portfolio's performance, fees and expenses,
and profitability compiled by an independent fee consultant. The Board
also received extensive information throughout the year regarding
performance and operating results of the Portfolio. Based on their
evaluation of the information provided, the Committees presented their
findings and recommendations to the Independent Trustees as a group.
The Independent Trustees then reviewed the Committees' findings and
recommendations and presented their recommendations to the full
Board. Throughout their consideration of the Agreement, the Independent
Trustees were advised by their independent legal counsel and by an
independent fee consultant.

In connection with the contract review process, the various Committees
and the Board considered the factors discussed below, among others.
The Board also considered that the Advisor and its predecessors have
managed the Portfolio since its inception, and the Board believes that a
long-term relationship with a capable, conscientious advisor is in the
best interests of the Portfolio. The Board considered, generally, that
shareholders invested in the Portfolio, or approved the investment
management agreement for the Portfolio, knowing that the Advisor
managed the Portfolio and knowing the investment management fee
schedule. The Board considered Deutsche Bank's commitment that it
will devote to the Advisor and its affiliates all attention and resources
that are necessary to provide the Portfolio with top-quality investment
management and shareholder, administrative and product distribution
services.

Nature, Quality and Extent of Services. The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and
investment personnel, the resources made available to such personnel,
the ability of the Advisor to attract and retain high-quality personnel, and
the organizational depth and stability of the Advisor. The Board reviewed
the Portfolio's gross and net performance over short-term and long-term
periods and compared those returns to various agreed-upon peer universe
performance measures, focusing, for this purpose, primarily on the gross
performance. The Board considered whether investment results were
consistent with the Portfolio's investment objective and policies. The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to a peer group compiled by
iMoneyNet Inc.), and receives more frequent reporting and information
from the Advisor regarding such funds, along with the Advisor's remedial
plans to address underperformance. The Board believes this process is an
effective manner of addressing poorly performing funds at this time.

On the basis of this evaluation and the ongoing review of investment
results by the Fixed-Income Oversight Committee, the Board concluded
that the nature, quality and extent of services provided by the Advisor
historically have been and continue to be satisfactory, and that the
Portfolio's gross performance over time was satisfactory.

Fees and Expenses. The Board considered the Portfolio's management
fee rate, operating expenses and total expense ratios, and compared
management fees to a peer group and total expenses to a broader peer
universe based on information and data supplied by Lipper and
supplemented by the independent fee consultant. The information
provided to the Board, which included the effect of contractual expense
caps for Service Shares and Capital Assets Funds Shares that expired on
August 1, 2007 and voluntary expense caps for Davidson Cash Equivalent
Shares and Davidson Cash Equivalent Plus Shares, showed that the
Portfolio's management fee rate was at the 21stpercentile of the peer
group, and that the Portfolio's total expense ratios (excluding any 12b-1
fees and/or administrative services fees) were at the following percentiles
of the peer universe: the 83rdpercentile for Capital Assets Funds Shares,
the 51stpercentile for Davidson Cash Equivalent Shares, the 41stpercentile for Davidson Cash Equivalent Plus Shares, the 67thpercentile
for Premier Money Market Shares, the 45thpercentile for Service Shares,
the 30th percentile for DWS Government Cash Institutional Shares,
the 74th percentile for Government Cash Managed Shares, and the
9th percentile for DWS Government & Agency Money Fund Shares. The
Board also considered the Portfolio's management fee rates as compared
to fees charged by the Advisor and certain of its affiliates for comparable
mutual funds and considered differences in fund and fee structures
among the DWS Funds. The Board took into account the Advisor's
commitment to cap total expenses for Service Shares and Capital Assets
Funds Shares until August 1, 2008 and to cap total expenses for DWS
Government Cash Institutional Shares, Government Cash Managed
Shares and DWS Government & Agency Money Fund Shares until
March 19, 2010. The Board also noted that a new management fee
schedule for the Portfolio took effect upon the completion of the merger
of Investors Cash Trust  Government & Agency Securities Portfolio into
the Portfolio on February 16, 2007. The Board considered that the adoption
of the new management fee schedule resulted in a slight reduction in the
Portfolio's management fee rate. The Board also considered the Advisor's
representation that there would be no diminution in services provided in
connection with the amendment of the Agreement.

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 the Advisor. The Board noted
that, although total expense ratios for certain share classes were above
the median of the peer universe, such total expense ratios were within an
acceptable range of the peer universe and consistent with reasonable
expectations in light of the nature, quality and extent of services provided
by the Advisor.

Profitability. The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising
the DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Portfolio in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS Scudder
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 Portfolio. Although the Board noted the inherently
subjective nature of any allocation methodology, the Board received an
attestation report from an accounting firm affirming that the allocation
methods were consistently applied and were based upon practices
commonly used in the investment management industry. Based on the
information provided, the Board concluded that the pre-tax profits realized
by DIMA in connection with the management of the Portfolio were not
unreasonable.

Economies of Scale. The Board considered whether there are economies
of scale with respect to the management of the Portfolio and whether the
Portfolio benefits from any economies of scale. The Board considered
whether the management fee schedule under the Agreement is
reasonable in relation to the asset size of the Portfolio. The Board
concluded that the revised management fee schedule, together with
expense caps, reflects an appropriate level of sharing of any economies
of scale.

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 the Advisor for administrative
services provided to the Portfolio and any fees received by an affiliate of
the Advisor for distribution services. The Board also considered benefits
to DIMA related to brokerage and soft-dollar allocations, 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 DeAM products and services. The
Board concluded that management fees were reasonable in light of these
fallout benefits.

Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the terms of the Agreement continue to be fair and reasonable and
that the continuation of the Agreement and the adoption of the new
management fee schedule upon the completion of the Merger is in the
best interests of the Portfolio. No single factor was determinative in the
Board's analysis.

Tax-Exempt Portfolio

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Portfolio's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor") in September 2007. As part of its review
process, the Board requested and evaluated all information it deemed
reasonably necessary to evaluate the Agreement. Over the course of
several months, the Contract Review Committee, in coordination with the
Fixed-Income Oversight Committee and the Operations Committee of the
Board, reviewed comprehensive materials received from the Advisor,
independent third parties and independent counsel. These materials
included an analysis of the Portfolio's performance, fees and expenses,
and profitability compiled by an independent fee consultant. The Board
also received extensive information throughout the year regarding
performance and operating results of the Portfolio. Based on their
evaluation of the information provided, the Committees presented their
findings and recommendations to the Independent Trustees as a group.
The Independent Trustees then reviewed the Committees' findings and
recommendations and presented their recommendations to the full
Board. Throughout their consideration of the Agreement, the Independent
Trustees were advised by their independent legal counsel and by an
independent fee consultant.

In connection with the contract review process, the various Committees
and the Board considered the factors discussed below, among others. The
Board also considered that the Advisor and its predecessors have
managed the Portfolio since its inception, and the Board believes that a
long-term relationship with a capable, conscientious advisor is in the best
interests of the Portfolio. The Board considered, generally, that
shareholders invested in the Portfolio, or approved the investment
management agreement for the Portfolio, knowing that the Advisor
managed the Portfolio and knowing the investment management fee
schedule. The Board considered Deutsche Bank's commitment that it will
devote to the Advisor and its affiliates all attention and resources that are
necessary to provide the Portfolio with top-quality investment
management and shareholder, administrative and product distribution
services.

Nature, Quality and Extent of Services. The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and
investment personnel, the resources made available to such personnel,
the ability of the Advisor to attract and retain high-quality personnel, and
the organizational depth and stability of the Advisor. The Board reviewed
the Portfolio's gross and net performance over short-term and long-term
periods and compared those returns to various agreed-upon peer universe
performance measures, focusing, for this purpose, primarily on gross
performance. The Board considered whether investment results were
consistent with the Portfolio's investment objective and policies. The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to a peer group compiled by
iMoneyNet Inc.), and receives more frequent reporting and information
from the Advisor regarding such funds, along with the Advisor's remedial
plans to address underperformance. The Board believes this process is an
effective manner of addressing poorly performing funds at this time.

On the basis of this evaluation and the ongoing review of investment
results by the Fixed-Income Oversight Committee, the Board concluded
that the nature, quality and extent of services provided by the Advisor
historically have been and continue to be satisfactory, and that the
Portfolio's gross performance over time was satisfactory.

Fees and Expenses. The Board considered the Portfolio's management fee
rate, operating expenses and total expense ratios, and compared
management fees to a peer group and total expenses to a broader peer
universe based on information and data supplied by Lipper and
supplemented by the independent fee consultant. The information
provided to the Board, which included the effect of expense caps for
Service Shares, Capital Assets Funds Shares and Davidson Cash
Equivalent Shares that expired on August 1, 2007 and an expense cap for
Tax-Free Investment Class Shares that expires on March 19, 2010, showed
that the Portfolio's management fee rate was at the 9thpercentile of the
peer group, and that the Portfolio's total expense ratios (excluding any
12b-1 fees and/or administrative services fees) were at the following
percentiles of the peer universe: the 90thpercentile for Capital Assets
Funds Shares, the 35thpercentile for Davidson Cash Equivalent Shares,
the 53rdpercentile for Tax-Exempt Cash Institutional Shares, the 71stpercentile for Tax-Exempt Cash Managed Shares, the 58thpercentile for
Premier Money Market Shares, the 53rdpercentile for Service Shares, the
21st percentile for Tax-Free Investment Class Shares, the 14th percentile
for DWS Tax-Exempt Money Fund Class S Shares, and the 3rd percentile
for DWS Tax-Exempt Money Fund Shares. The Board also considered the
Portfolio's management fee rate as compared to fees charged by the
Advisor and certain of its affiliates for comparable mutual funds and
considered differences in fund and fee structures among the DWS Funds.
The Board took into account the Advisor's commitment to cap total
expenses for Service Shares, Capital Assets Funds Shares and Davidson
Cash Equivalent Shares until August 1, 2008 and to cap total expenses for
Tax-Free Investment Class Shares, DWS Tax-Exempt Money Fund Class S
Shares, DWS Tax-Exempt Money Fund Shares and DWS Tax-Exempt Cash
Institutional Shares until March 19, 2010.

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 the Advisor. The Board noted
that, although total expense ratios for certain classes were above the
median of the peer universe, such total expense ratios were within an
acceptable range of the peer universe and consistent with reasonable
expectations in light of the nature, quality and extent of services provided
by the Advisor.

Profitability. The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising
the DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Portfolio in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS Scudder
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 Portfolio. Although the Board noted the inherently
subjective nature of any allocation methodology, the Board received an
attestation report from an accounting firm affirming that the allocation
methods were consistently applied and were based upon practices
commonly used in the investment management industry. Based on the
information provided, the Board concluded that the pre-tax profits realized
by DIMA in connection with the management of the Portfolio were not
unreasonable.

Economies of Scale. The Board considered whether there are economies
of scale with respect to the management of the Portfolio and whether the
Portfolio benefits from any economies of scale. The Board considered
whether the management fee schedule under the Agreement is
reasonable in relation to the asset size of the Portfolio. The Board noted
that the management fee schedule included four breakpoints, designed to
share economies of scale with Portfolio shareholders. The Board
concluded that the management fee schedule, together with expense
caps, reflects an appropriate level of sharing of any economies of scale.

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 the Advisor for administrative
services provided to the Portfolio and any fees received by an affiliate of
the Advisor for distribution services. The Board also considered benefits
to DIMA related to brokerage and soft-dollar allocations, 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 DeAM products and services. The
Board concluded that management fees were reasonable in light of these
fallout benefits.

Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the terms of the Agreement continue to be fair and reasonable and
that the continuation of the Agreement is in the best interests of the
Portfolio. No single factor was determinative in the Board's analysis.

Summary of Management Fee Evaluation
by Independent Fee Consultant

October 26, 2007

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General
of New York, I, Thomas H. Mack, have been appointed the Independent
Fee Consultant for the DWS Scudder Funds. My duties include preparing
an annual written evaluation of the management fees DeAM charges the
Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM
charges other clients for like services, DeAM's costs of supplying services
under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of
DeAM's services, including fund performance. This report summarizes my
evaluation for 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions.

Qualifications

For more than 30 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards,
product distributors and related organizations. Over the past several years
I have completed a number of assignments for mutual fund boards,
specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors,
from Harvard University; and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I
am an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private
market research company, and have served in various leadership and
financial oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 136 Fund portfolios in the DWS Scudder Fund family. For
each Fund, I considered each of the key factors mentioned above, as well
as any other relevant information. In doing so I worked closely with the
Funds' Independent Directors in their annual contract renewal process, as
well as in their approval of contracts for several new funds (documented
separately).

In evaluating each Fund's fees, I reviewed comprehensive materials
provided by or on behalf of DeAM, including expense information
prepared by Lipper Analytical, comparative performance information,
profitability data, manager histories, and other materials. I also accessed
certain additional information from the Lipper, Strategic Insight, and
Morningstar databases and drew on my industry knowledge and
experience.

To facilitate evaluating this considerable body of information, I prepared
for each Fund a document summarizing the key data elements in each
area as well as additional analytics discussed below. This made it possible
to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number
of fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two
primary comparisons:

The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g.
Large Capitalization Growth) having similar distribution arrangements
and being of similar size.

The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar
distribution arrangements.

These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution
channel. The principal figure-of-merit used in these comparisons was the
subject Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled
fund and non-fund investment management accounts in any of the
investment categories where there is a DWS Scudder Fund. These similar
products included the other DWS Scudder Funds, non-fund pooled
accounts, institutional accounts and sub-advisory accounts. Using this
information, I calculated for each Fund the fee that would be charged to
each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because
there are varying levels of services required for different types of
accounts, with mutual funds generally requiring considerably more
regulatory and administrative types of service as well as having more
frequent cash flows than other types of accounts. Also, while mutual fund
fees for similar fund products can be expected to be similar, there will be
some differences due to different pricing conditions in different
distribution channels (e.g. retail funds versus those used in variable
insurance products), differences in underlying investment processes and
other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After
making some adjustments so that the presentation would be more
comparable to the available industry figures, I reviewed profit margins
from investment management alone, from investment management plus
other fund services (excluding distribution) provided to the Funds by
DeAM (principally shareholder services), and DeAM profits from all
sources, including distribution. A later section comments on overall
profitability.

Economies of Scale

Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Scudder Fund compares with
this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule,
the extent of the fee reduction built into the schedule and the asset
levels where the breaks take effect, and in the case of a sub-advised
Fund how the Fund's break-points compare with those of the
sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.

Quality of Service  Performance

The quality-of-service evaluation focused on investment performance,
which is the principal result of the investment management service. Each
Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as
applicable, and compared with that of other funds in the same investment
category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or
less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes
for each Fund, as this provided an important context for evaluating the
performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Scudder funds,
with a view toward determining if the allocation procedures used were
reasonable and how profit levels compared with public data for other
investment managers.

I considered whether DeAM and affiliates receive any significant
ancillary or "fall-out" benefits that should be considered in interpreting
the direct profitability results. These would be situations where serving
as the investment manager of the Funds is beneficial to another part of
the Deutsche Bank organization.

I considered how aggregated DWS Scudder Fund expenses had varied
over the years, by asset class and in the context of trends in asset
levels.

I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management
and other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external
data sources and considering among other factors the fees DeAM
charges other clients, the fees charged by other fund managers, DeAM's
costs and profits associated with managing the Funds, economies of
scale, possible fall-out benefits, and the nature and quality of services
provided, in my opinion the management fees charged the DWS Scudder
Funds are reasonable.

catdeca_mack0Thomas H. Mack

Privacy Statement

This privacy statement is issued by DWS Scudder Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor
Services, Inc., DWS Trust Company and the DWS Funds.

We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the
policies and practices described below to protect current and former
clients' 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 all of 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. The organizations described above that receive client
information may only use it for the purpose designated by the DWS
Scudder Companies listed in the first paragraph of this Privacy Statement.

We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required 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 Scudder  
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415

September 2007

catdeca_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 Procedures and Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to the Fund's Secretary for the attention of the Chairman of the Nominating and Governance Committee, Two International Place, Boston, MA 02110. Suggestions for candidates must include a resume of the candidate.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.
   ITEM 12.
        EXHIBITS(a)(1)   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.  Registrant:
        Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Davidson Cash Equivalent Shares and Davidson Cash Equivalent Plus Shares), a series of Cash Account Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 28, 2007
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Davidson Cash Equivalent Shares and Davidson Cash Equivalent Plus Shares), a series of Cash Account Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 28, 2007
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        December 28, 2007