UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  Investment Company Act file number
        811-6103
  Investors Cash Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        3/31
  Date of reporting period:
        3/31/09
   ITEM 1.REPORT TO STOCKHOLDERS


|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ANNUAL REPORT TO SHAREHOLDERS
Investors Cash Trust
Treasury Portfolio
Institutional Shares
March 31, 2009 | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | 
|This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, visit www.dws-investments.com. We advise
you to consider the fund's objectives, risks, charges and expenses carefully
before investing. The prospectus contains this and other important
information about the fund. Please read the prospectus carefully before you
invest.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE 
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY |                                                                                                          

Portfolio Management Review

In the following interview, the portfolio management team discusses
the market environment and the team's approach to managing the
Treasury Portfolio during the fund's most recent fiscal year ended
March 31, 2009.

The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The
management team's views are subject to change at any time based on market and other
conditions and should not be construed as a recommendation. Past performance is no
guarantee of future results. Current and future portfolio holdings are subject to risk.

Q: Will you discuss the market environment for the fund during
the most recent 12-month period?

A:During the past 12 months, the financial markets experienced
a series of unprecedented developments. The massive credit
crunch that originated with problems in the US subprime
mortgage market as well as securitized mortgages eventually
brought down several major financial firms and transformed Wall
Street. September 2008 was an exceptionally traumatic month for
the financial industry as severe losses and the general liquidity
squeeze forced some major financial companies to seek rescue
throughout a government bailout or a merger.

The loss of market liquidity forced the US Federal Reserve Board
(the Fed) and other central banks to make significant efforts to
boost liquidity by creating expansive lending facilities. In late
2008, among other unprecedented actions, the US government
placed Fannie Mae (Federal National Mortgage Association) and
Freddie Mac (Federal Home Loan Mortgage Corporation) in
conservatorship of the Federal Housing Finance Agency, a
newly-created regulator, to inject $700 billion into the banking
system through the Troubled Asset Relief Program ("TARP") and
to offer a stimulus package to US consumers. In response to a
freeze-up in money market liquidity, the government created new
lending facilities for commercial paper.1 In 2009, the new
administration introduced an additional series of initiatives to deal
with financial market turbulence. These included a second large
stimulus package; a $75 billion homeowner affordability plan; the
Fed's injection of billions of dollars into the financial system with
purchases of Treasuries and mortgage-backed securities in order
to lower interest rates; and perhaps most significantly for investor
confidence, Treasury Secretary Geithner's Public-Private
Investment Program designed to repair the balance sheets of
struggling banks. By the close of the period, it seemed evident
that an array of government programs had improved investor
sentiment and the overall tone of the financial markets.

As of March 31, 2009, three-month LIBOR, an industry standard
for measuring three-month taxable money market rates, stood at
1.19%, compared with 2.69% as of March 31, 2008.2

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

A:As market conditions became more stressed over the period,
we witnessed a tremendous "flight to quality" into Treasury
securities. Though market conditions seem to have eased, with
yields across the money market maturity spectrum gradually
declining as a result, strong demand for Treasuries has continued
unabated. Given this market environment, we have continued to
hold a significant percentage of portfolio assets in overnight
Treasury repurchase agreements for high-quality and liquidity
purposes. We are also purchasing three- and six-month Treasury
issues opportunistically when their yields are attractive.

Q: What detracted from performance during the period?

A:During the fall of 2008  when market volatility was at its
height  the types of securities that we were investing in tended
to have lower yields than issues carrying more risk. We preferred
to be extremely cautious during a period of significant market
turbulence. In the end this cost the fund some yield, but we
believe that this represented a prudent approach to preserving
principal.

Q: Will you describe your investment philosophy?

A:We plan to maintain our conservative investment strategies
and standards, applying a careful approach to investing while
seeking competitive yield for our shareholders.

|Portfolio Performance(as of March 31, 2009)
Performance is historical and does not guarantee future results. Current
performance may be lower or higher than the performance data quoted.
An investment in a money market fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Although money market funds seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in them.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Treasury Portfolio  Institutional Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Yields are historical, will fluctuate, and do not guarantee future performance. The 7-day
current yield refers to the income paid by the Portfolio over a 7-day period expressed as an
annual percentage rate of the fund's shares outstanding.
Please call your financial advisor for the most current yield information.                                                                                                                                                               

Information About Your Portfolio's
Expenses

As an investor, 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 account maintenance fees, which
are not shown in this section. The following tables are intended to help
you understand your ongoing expenses (in dollars) of investing in the
Portfolio and to help you compare these expenses with the ongoing
expenses of investing in other mutual funds. 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 (October 1, 2008 to
March 31, 2009).

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

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

|Expenses and Value of a $1,000 Investmentfor the six months ended March 31, 2009
|--------------------------------------------------------------------------------
|Actual Portfolio Return                                                         
|Beginning Account Value 10/1/08                                                 
|Ending Account Value 3/31/09                                                    
|Expenses Paid per $1,000*                                                       
|Hypothetical 5% Portfolio Return                                                
|Beginning Account Value 10/1/08                                                 
|Ending Account Value 3/31/09                                                    
|Expenses Paid per $1,000*                                                       

|Annualized Expense Ratio |     
|------------------------ | ----
|Institutional Shares     | .24%

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

Portfolio Summary

Investors Cash Trust  Treasury Portfolio

|Asset Allocation(As a % of Investment Portfolio) | 3/31/09 | 3/31/08
|------------------------------------------------ | ------- | -------
|                                                 |         |        
|US Treasury Obligations                          | 49%     | 20%    
|Repurchase Agreements                            | 47%     | 80%    
|Money Market Funds                               | 4%      |       
|                                                 | 100%    | 100%   

|Weighted Average Maturity                 | 3/31/09 | 3/31/08
|----------------------------------------- | ------- | -------
|                                          |         |        
|Investors Cash Trust  Treasury Portfolio | 56 days | 13 days
|Treasury & Repo Retail Fund Average*      | 41 days | 20 days

Asset allocation and weighted average maturity are subject to change.

For more complete details about the Portfolio's holdings, see page 8. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Portfolio is
posted twice each month to www.dws-investments.com. Portfolio holdings as of the 15th
day of each month are posted on or after month-end and Portfolio holdings as of each
month-end are posted on or after the 14th day of the following month. More frequent
posting of portfolio holdings information may be made from time to time on
www.dws-investments.com.

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

Investment Portfolioas of March 31, 2009

|                                                                                                              | Principal
Amount ($) | Value ($)  
|------------------------------------------------------------------------------------------------------------- | -------------------- | -----------
|                                                                                                              |                     
|Government & Agency Obligations 48.6%                                                                        
|US Treasury Obligations                                                                                      
|US Treasury Bills:                                                                                            |                      |            
|0.2%*, 4/9/2009                                                                                               | 70,500,000           | 70,496,867 
|0.205%*, 6/11/2009                                                                                            | 97,500,000           | 97,460,580 
|0.23%*, 6/4/2009                                                                                              | 2,526,000            | 2,524,967  
|0.23%*, 6/11/2009                                                                                             | 206,140,000          | 206,046,493
|0.275%*, 6/25/2009                                                                                            | 70,000,000           | 69,954,549 
|0.29%*, 7/2/2009                                                                                              | 131,330,000          | 131,232,670
|0.3%*, 7/30/2009                                                                                              | 150,000,000          | 149,850,000
|0.32%*, 7/23/2009                                                                                             | 50,000,000           | 49,949,778 
|0.34%*, 5/14/2009                                                                                             | 120,000,000          | 119,951,267
|0.345%*, 7/30/2009                                                                                            | 85,000,000           | 84,902,250 
|0.4%*, 8/6/2009                                                                                               | 25,000,000           | 24,964,722 
|0.5%*, 1/14/2010                                                                                              | 35,000,000           | 34,860,000 
|0.59%*, 12/17/2009                                                                                            | 50,000,000           | 49,786,944 
|0.645%*, 11/19/2009                                                                                           | 90,000,000           | 89,625,900 
|0.705%*, 12/17/2009                                                                                           | 46,000,000           | 45,765,783 
|0.99%*, 5/15/2009                                                                                             | 135,620,000          | 135,455,900
|1.05%*, 7/30/2009                                                                                             | 39,305,000           | 39,167,432 
|1.33%*, 7/2/2009                                                                                              | 50,000,000           | 49,830,056 
|1.35%*, 4/29/2009                                                                                             | 156,150,000          | 155,986,042
|1.35%*, 6/24/2009                                                                                             | 82,420,000           | 82,160,377 
|1.495%*, 4/2/2009                                                                                             | 100,000,000          | 99,995,847 
|1.53%*, 4/23/2009                                                                                             | 28,800,000           | 28,773,072 
|1.8%*, 4/23/2009                                                                                              | 48,650,000           | 48,596,485 
|2.2%*, 6/4/2009                                                                                               | 30,000,000           | 29,882,667 
|2.37%*, 6/4/2009                                                                                              | 30,000,000           | 29,873,600 
|US Treasury Notes:                                                                                            |                      |            
|3.875%, 5/15/2009                                                                                             | 50,000,000           | 50,226,210 
|4.0%, 8/31/2009                                                                                               | 82,650,000           | 83,848,138 
|4.625%, 7/31/2009                                                                                             | 100,000,000          | 101,393,521
|Total Government & Agency Obligations (Cost $2,162,562,117)                                                   | 2,162,562,117       
|                                                                                                             
|Repurchase Agreements 47.4%                                                                                  
|Banc of America Securities LLC, 0.21%, dated 3/19/2009, to
be repurchased at $500,177,917 on 5/19/2009 (a)    | 500,000,000          | 500,000,000
|BNP Paribas, 0.27%, dated 3/23/2009, to be repurchased at
$450,202,500 on 5/22/2009 (b)                       | 450,000,000          | 450,000,000
|Credit Suisse Securities (USA) LLC, 0.15%, dated
3/31/2009, to be repurchased at $500,002,083
on 4/1/2009 (c) | 500,000,000          | 500,000,000
|JPMorgan Securities, Inc., 0.15%, dated 3/31/2009, to be
repurchased at $657,317,208 on 4/1/2009 (d)          | 657,314,469          | 657,314,469
|Total Repurchase Agreements (Cost $2,107,314,469)                                                             | 2,107,314,469       

|                                                                                | Shares      | Value ($)  
|------------------------------------------------------------------------------- | ----------- | -----------
|                                                                                |            
|Money Market Fund 4.0%                                                         
|AIM Short-Term Investment Trust Treasury Portfolio,
0.16%** (Cost $180,000,000) | 180,000,000 | 180,000,000

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $4,449,876,586)+ | 100.0           | 4,449,876,586
|Other Assets and Liabilities, Net                | 0.0             | 254,839      
|Net Assets                                       | 100.0           | 4,450,131,425

|Principal
Amount ($)   | Security                           | Rate (%)    | Maturity Date        | Collateral
Value ($)
|---------------------- | ---------------------------------- | ----------- | -------------------- | --------------------
|59,124,300             | US Treasury
Inflation-Indexed Bond | 2.375       | 1/15/2027            | 65,420,341          
|96,670,100             | US Treasury Notes                  | 3.375-4.875 | 8/15/2009-11/15/2014 | 104,850,987         
|560,732,737            | US Treasury STRIPS                 | Zero Coupon | 4/15/2009-2/15/2039  | 339,728,687         
|Total Collateral Value | 510,000,015                       

|Principal
Amount ($)   | Security                           | Rate (%)    | Maturity Date         | Collateral
Value ($)
|---------------------- | ---------------------------------- | ----------- | --------------------- | --------------------
|4,609,400              | US Treasury
Inflation-Indexed Note | 1.375       | 7/15/2018             | 4,502,297           
|826,064,600            | US Treasury STRIPS                 | Zero Coupon | 11/15/2021-11/15/2027 | 454,497,734         
|Total Collateral Value | 459,000,031                       

|Principal
Amount ($)   | Security                            | Rate (%)   | Maturity Date       | Collateral
Value ($)
|---------------------- | ----------------------------------- | ---------- | ------------------- | --------------------
|97,716,500             | US Treasury
Inflation-Indexed
Bonds | 1.75-3.875 | 1/15/2025-4/15/2032 | 116,340,715         
|482,381,400            | US Treasury
Inflation-Indexed
Notes | 0.875-4.25 | 1/15/2010-1/15/2019 | 554,123,159         
|Total Collateral Value | 670,463,874                        

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and
requires additional disclosure about the classification of fair value measurements.

Various inputs are used in determining the value of the Portfolio's investments. These inputs
are summarized in three broad levels. Level 1 includes quoted prices in active markets for
identical securities. Level 2 includes other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3
includes significant unobservable inputs (including the Portfolio's own assumptions in
determining the fair value of investments). The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in those
securities. Most securities held by a money market fund are reflected as Level 2 because
the securities are valued at amortized cost (which approximates fair value) and, accordingly,
the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's
investments. For information on the Portfolio's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note 1 in the accompanying Notes to the
Financial Statements.

|Valuation Inputs | Investments in
Securities
|---------------- | -------------------------
|Level 1          | $       180,000,000      
|Level 2          | 4,269,876,586            
|Level 3          |                         
|Total            | $    4,449,876,586       



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

Financial Statements

|Statement of Assets and Liabilitiesas of March 31, 2009                                                                                                                                                             
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Assets                                                                                                                                                                                                              
|Investments:Investments in securities, at value (cost $2,342,562,117)                                                                                                                                               
|Repurchase Agreements, at value (cost $2,107,314,469)                                                                                                                                                               
|Total investments, at value (cost $4,449,876,586)                                                                                                                                                                   
|Interest receivable                                                                                                                                                                                                 
|Receivable for Portfolio shares sold                                                                                                                                                                                
|Due from Advisor                                                                                                                                                                                                    
|Other assets                                                                                                                                                                                                        
|Total assets                                                                                                                                                                                                        
|Liabilities                                                                                                                                                                                                         
|Payable for Portfolio shares redeemed                                                                                                                                                                               
|Distributions payable                                                                                                                                                                                               
|Accrued management fee                                                                                                                                                                                              
|Other accrued expenses and payables                                                                                                                                                                                 
|Total liabilities                                                                                                                                                                                                   
|Net assets, at value                                                                                                                                                                                                
|Net Assets Consist of:                                                                                                                                                                                              
|Accumulated net realized gain (loss)                                                                                                                                                                                
|Paid-in capital                                                                                                                                                                                                     
|Net assets, at value                                                                                                                                                                                                
|Net Asset Value                                                                                                                                                                                                     
|Institutional Shares
Net Asset Value, offering and redemption price per share
($3,247,287,817 ÷ 3,246,507,089 outstanding shares of capital stock,
no par value, unlimited number of shares authorized)             
|Premier Money Market Shares
Net Asset Value, offering and redemption price per share
($168,451,660 ÷ 168,437,165 outstanding shares of capital stock,
no par value, unlimited number of shares authorized)          
|Investment Class
Net Asset Value, offering and redemption price per share ($845,537,684
 ÷ 845,327,697 outstanding shares of capital stock, no par value,
unlimited number of shares authorized)                    
|DWS U.S. Treasury Money Fund Class S
Net Asset Value, offering and redemption price per share ($188,854,264
 ÷ 188,881,358 outstanding shares of capital stock, no par value,
unlimited number of shares authorized)

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

|Statement of Operationsfor the year ended March 31, 2009       
|---------------------------------------------------------------
|Investment Income                                              
|Income:Interest                                                
|Expenses:Management fee                                        
|Administration fee                                             
|Services to shareholders                                       
|Distribution and service fees                                  
|Custodian fee                                                  
|Professional fees                                              
|Trustees' fees and expenses                                    
|Reports to shareholders                                        
|Registration fees                                              
|Other                                                          
|Total expenses before expense reductions                       
|Expense reductions                                             
|Total expenses after expense reductions                        
|Net investment income                                          
|Net realized gain (loss) 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                                                                         
|-----------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                          
|2009                                                                                                       
|Operations:Net investment income                                                                           
|Net realized gain (loss)                                                                                   
|Net increase (decrease) in net assets resulting from
operations                                            
|Distributions to shareholders from:Net investment income:Institutional Shares                              
|Premier Money Market Shares                                                                                
|Investment Class                                                                                           
|DWS U.S. Treasury Money Fund Class S                                                                       
|Total distributions                                                                                        
|Portfolio share transactions:Proceeds from shares sold                                                     
|Net assets acquired in tax-free reorganizations                                                            
|Reinvestment of distributions                                                                              
|Cost of shares redeemed                                                                                    
|Net increase (decrease) in net assets from Portfolio
share transactions                                    
|Increase (decrease) in net assets                                                                          
|Net assets at beginning of period                                                                          
|Net assets at end of period (including undistributed
net investment income of $0 and $23,677,
respectively)

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

Financial Highlights

|Institutional Shares                                                                                                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Years Ended March 31,                                                                                                                                                                                         
|Selected Per Share Data                                                                                                                                                                                       
|Net asset value, beginning of period                                                                                                                                                                          
|Net investment income                                                                                                                                                                                         
|Less distributions from net
investment income                                                                                                                                                                 
|Net asset value, end of period                                                                                                                                                                                
|Total Return (%)                                                                                                                                                                                              
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                            
|Net assets, end of period ($ millions)                                                                                                                                                                        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                               
|Ratio of expenses after expense reductions (%)                                                                                                                                                                
|Ratio of net investment income (%)                                                                                                                                                                            
|aTotal return would have been lower had certain expenses not been reduced.bDue to the timing of the subscriptions and redemptions, the amount shown does not
correspond to the total return during the period.

Notes to Financial Statements

1. Significant Accounting Policies

Investors Cash Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end,
diversified investment management company organized as a
Massachusetts business trust.

The Treasury Portfolio ("the Portfolio") offers multiple classes of shares
that include: Institutional Shares, Premier Money Market Shares,
Investment Class and DWS U.S. Treasury Money Fund Class S. Certain
detailed financial information for the Premier Money Market Shares,
Investment Class and DWS U.S. Treasury Money Fund Class S is provided
separately and is available upon request.

Investment income, realized 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, except that
each class bears certain expenses unique to that class such as distribution
and service fees, services to shareholders and certain other class-specific
expenses. Differences in class-level expenses may result in payment of
different per share dividends by class. All shares of the Trust have equal
rights with respect to voting subject to class-specific arrangements.

The Trust'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 Trust in the preparation of its financial statements.

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

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

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

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

Federal Income Taxes. The Portfolio's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders.

The Portfolio has reviewed the tax positions for the open tax years as of
March 31, 2009 and has determined that no provision for income tax is
required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by
the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Portfolio
is declared as a daily dividend and is distributed to shareholders monthly.
The Portfolio may take into account capital gains and losses in its daily
dividend declarations. The Portfolio may also make additional distributions
for tax purposes if necessary.

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

At March 31, 2009, the Portfolio's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:

|Undistributed ordinary income* | $       1,049,899
|------------------------------ | -----------------

In addition, the tax character of distributions paid to shareholders by the
Portfolio is summarized as follows:

|                                    | Years Ended March 31,
|----------------------------------- | ---------------------
|                                    | 2009                 
|Distributions from ordinary income* | $       33,785,634   

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

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

2. Related Parties

Management Agreement. Under the Amended and Restated Investment
Management Agreement with Deutsche Investment Management
Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned
subsidiary of Deutsche Bank, AG, the Advisor directs the investments of
the 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
the Portfolio.

Prior to May 1, 2008, in addition to portfolio management services, the
Advisor provided certain administrative services in accordance with the
Investment Management Agreement. For the period from April 1, 2008
through April 30, 2008, the Portfolio paid a monthly management fee of
1/12 of the annual rate of 0.15% of average daily net assets.

Effective May 1, 2008, under the Amended  and Restated Investment
Management Agreement with the Advisor, the Portfolio pays a monthly
management fee of 0.05% of the Portfolio's average daily net assets.

For the period from April 1, 2008 through the expiration dates noted
below, the Advisor has contractually agreed to waive all or a portion of its
management fee and reimburse or pay certain operating expenses of the
Portfolio (excluding certain expenses such as extraordinary expenses,
taxes, brokerage and interest) to the extent necessary to maintain the
operating expenses of each class as follows:

|                                     |      | Expiration Date
|------------------------------------ | ---- | ---------------
|Institutional Shares                 | .25% | 9/14/2010      
|Premier Money Market Shares          | .98% | 5/18/2010      
|Investment Class                     | .67% | 9/14/2010      
|DWS U.S. Treasury Money Fund Class S | .65% | 5/18/2010      

In addition, the Advisor has agreed to voluntarily waive expenses as
necessary to maintain a minimum yield. The waiver may be changed or
terminated at any time without notice. Under these arrangements, the
Advisor waived distribution and service fees on Premier Money Market
Shares and Investment Class.

Accordingly, for the year ended March 31, 2009, the fee pursuant to the
management agreements was equivalent to an annual effective rate of
0.06% of the Portfolio's average daily net assets.

Administration Fee. Effective May 1, 2008, the Portfolio entered into an
Administrative Services Agreement with DIMA, pursuant to which DIMA
provides most administrative services to the Portfolio. For all services
provided under the Administrative Services Agreement, the Portfolio pays
the Advisor an annual fee ("Administration Fee") of 0.10% of the
Portfolio's average daily net assets, computed and accrued daily and
payable monthly. For the period from May 1, 2008 through March 31,
2009, the Advisor received an Administration Fee of $4,402,475, of which
$408,236 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Portfolio. Pursuant to a sub-transfer
agency agreement between DISC and DST Systems, Inc. ("DST"), DISC
has delegated certain transfer agent, dividend-paying agent and
shareholder service agent functions to DST. DISC compensates DST out
of the shareholder servicing fee it receives from the Portfolio. For the year
ended March 31, 2009, the amounts charged to the Portfolio by DISC
were as follows:

|Services to Shareholders             | Total
Aggregated | Unpaid at
March 31, 2009
|------------------------------------ | ---------------- | ------------------------
|Institutional Shares                 | $       288,302  | $       94,864          
|Premier Money Market Shares          | 336,017          | 242,134                 
|Investment Class                     | 522,649          | 295,309                 
|DWS U.S. Treasury Money Fund Class S | 252,682          | 64,470                  
|                                     | $    1,399,650   | $    696,777            

Distribution and Service Fees Under the Portfolio's Premier Money
Market Shares and Investment Class 12b-1 Plans, DWS Investors
Distributors, Inc., ("DIDI"), an affiliate of the Advisor, receives a fee
("Distribution Fee") of 0.25% of average daily net assets of each of the
Premier Money Market Shares and Investment Class. For the year ended
March 31, 2009, the Distribution Fee was as follows:

|Distribution Fee            | Total
Aggregated | Waived         
|--------------------------- | ---------------- | ---------------
|Premier Money Market Shares | $       340,003  | $       340,003
|Investment Class            | 1,986,906        | 473,014        
|                            | $    2,326,909   | $    813,017   

In addition, DIDI provides information and administrative services for a fee
("Service Fee") for the Institutional Shares at an annual rate of 0.05% of
average daily net assets, up to 0.25% of average daily net assets for the
Premier Money Market Shares, and up to 0.07% of average daily net
assets for the Investment Class. DIDI in turn has various agreements with
financial services firms that provide these services and pays these fees
based upon the assets of the shareholder accounts the firms service. For
the year ended March 31, 2009, the Service Fee was as follows:

|Service Fee                 | Total
Aggregated  | Waived      | Unpaid at
March 31, 2009 | Annual
Effective Rate
|--------------------------- | ----------------- | ----------- | ------------------------ | ---------------------
|Institutional
Shares        | $       1,759,629 | $          | $       152,481          | .05%                 
|Premier Money
Market Shares | 340,003           | 56,118      |                         | .21%                 
|Investment Class            | 562,382           |            | 51,252                   | .07%                 
|                            | $    2,662,014    | $    56,118 | $    203,733             |                      

Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Portfolio. For the year ended March 31, 2009, the
amount charged to the Portfolio by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $62,163, of which
$18,959 is unpaid.

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

In connection with the board consolidation on April 1, 2008, of the two
DWS Funds Boards of Trustees, certain Independent Board Members
retired prior to their normal retirement date, and received a one-time
retirement benefit. DIMA has agreed to reimburse the Funds for the cost
of this benefit. During the period ended March 31, 2009, the Portfolio paid
its allocated portion of the retirement benefit of $121,800 to the
non-continuing Independent Board Members, and the Portfolio was
reimbursed by DIMA for this payment.

3. Fee Reductions

The Portfolio has entered into an arrangement with its custodian and
transfer agent whereby credits realized as a result of uninvested cash
balances are used to reduce a portion of the Portfolio's custodian
expenses. During the year ended March 31, 2009, the Portfolio's
custodian fee was reduced by $30,321 and $5,663, respectively, for
custody and transfer agent credits earned.

4. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks.
The Portfolio may borrow for temporary or emergency purposes, including
the meeting of redemption requests that otherwise might require the
untimely disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of
the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Trust may borrow up to a maximum of 33 percent of its
net assets under the agreement.

5. Share Transactions

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

|                                                               | Year Ended March 31, 2009 | Year Ended March 31, 2008
|-------------------------------------------------------------- | ------------------------- | -------------------------
|                                                               | Shares                    | Dollars                  
|Shares sold                                                   
|Institutional
Shares                                           | 19,763,253,175            | $       19,763,253,175   
|Premier Money
Market Shares                                    | 419,788,190               | 419,788,190              
|Investment Class                                               | 1,502,129,239             | 1,502,129,239            
|DWS U.S.
Treasury Money
Fund Class S                           | 122,234,947               | 122,234,947              
|                                                               |                           | $    21,807,405,551      
|Shares issued in tax-free reorganizations                     
|Institutional
Shares                                           |                          | $                       
|Investment Class                                               |                          |                         
|DWS U.S.
Treasury Money
Fund Class S                           |                          |                         
|                                                               |                           |                         
|Shares issued to shareholders in reinvestment of distributions
|Institutional
Shares                                           | 21,542,208                | $       21,542,208       
|Premier Money
Market Shares                                    | 604,364                   | 604,364                  
|Investment Class                                               | 4,820,867                 | 4,820,867                
|DWS U.S.
Treasury Money
Fund Class S                           | 1,791,008                 | 1,791,008                
|                                                               |                           | $    28,758,447          
|Shares redeemed                                               
|Institutional
Shares                                           | (18,630,056,496)          | $       (18,630,056,496) 
|Premier Money
Market Shares                                    | (350,128,960)             | (350,128,960)            
|Investment Class                                               | (1,288,818,325)           | (1,288,818,325)          
|DWS U.S.
Treasury Money
Fund Class S                           | (124,035,137)             | (124,035,137)            
|                                                               |                           | $    (20,393,038,918)    
|Net increase (decrease)                                       
|Institutional
Shares                                           | 1,154,738,887             | $       1,154,738,887    
|Premier Money
Market Shares                                    | 70,263,594                | 70,263,594               
|Investment Class                                               | 218,131,781               | 218,131,781              
|DWS U.S.
Treasury Money
Fund Class S                           | (9,182)                   | (9,182)                  
|                                                               |                           | $    1,443,125,080       

6. Acquisition of Assets

On May 21, 2007, the Portfolio acquired all of the net assets of DWS U.S.
Treasury Money Fund and Cash Reserve Fund, Inc.  Treasury Series
pursuant to a plan of reorganization approved by shareholders on April 18,
2007. The acquisition was accomplished by a tax-free exchange of
177,832,893 shares of DWS U.S. Treasury Money Fund Class S,
271,817,186 Institutional shares of the Cash Reserve Fund, Inc. 
Treasury Series and 286,117,024 Treasury shares of the Cash Reserve
Fund, Inc.  Treasury Series, for 177,832,893 DWS U.S. Treasury Money
Fund Class S shares and 271,817,186 Institutional Shares and 286,117,024
Investment Class of the Portfolio, respectively, outstanding on May 21,
2007. DWS U.S. Treasury Money Fund and Cash Reserve Fund, Inc. 
Treasury Series' net assets at that date of $177,764,511 and $557,978,258,
respectively, were combined with those of the Portfolio. The aggregate
net assets of the Portfolio immediately before the acquisition were
$64,255,859. The combined net assets of the Portfolio immediately
following the acquisition were $799,998,628.

On September 17, 2007, the Portfolio acquired all of the net assets of
Treasury Money Portfolio pursuant to a plan of reorganization approved by
shareholders for Treasury Money Fund Institutional and Treasury Money
Fund Investment on May 4, 2007 and on August 21, 2007, respectively
(both funds were formerly feeders of the Treasury Money Portfolio). The
acquisition was accomplished by a tax-free exchange of 105,144,063
Treasury Money Fund Investment shares and 690,258,166 Treasury
Money Fund Institutional shares for 105,144,063 Investment Class and
690,258,166 Institutional Shares of the Portfolio outstanding on
September 17, 2007. Treasury Money Portfolio's net assets at that date of
$795,358,457 were combined with those of the Portfolio. The aggregate
net assets of the Portfolio immediately before the acquisition were
$1,034,307,211. The combined net assets of the Portfolio immediately
following the acquisition were $1,829,665,668.

7. Participation in the Treasury's Temporary Guarantee Program

For the period from September 19, 2008 and ending on December 18,
2008, the Portfolio participated in the Temporary Guarantee Program for
Money Market Funds (the "Program") established by the U.S.
Department of the Treasury (the "Treasury").

The Portfolio has borne the expenses of participating in the Program over
the period. The Program participation fee incurred was determined by the
product of (i) the number of shares outstanding of each class as of
September 19, 2008 valued at $1.00; and (ii) the Program participation fee
rate of 0.010%, which was based upon the market-based net asset value
outstanding of each share class as of September 19, 2008. This expense
was amortized over the length of the participation in the Program and is
included in "Other" expense on the Statement of Operations. For the
period through December 18, 2008, the Portfolio accrued $433,718. This
expense was borne by the Portfolio without regard to any expense
limitation currently in effect for the Portfolio.

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

Report of Independent Registered Public
Accounting Firm

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

We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Investors Cash Trust: Treasury
Portfolio (the "Portfolio"), as of March 31, 2009, and the related statement
of operations for the year then ended, the statement of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Portfolio's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. We were not engaged to perform an audit of the
Portfolio's internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstance, but
not for the purpose of expressing an opinion on the effectiveness of the
Portfolio's internal control over financial reporting. Accordingly, we express
no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principals
used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included
confirmation of investments owned as of March 31, 2009, by
correspondence with the custodian and brokers. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Investors Cash Trust: Treasury Portfolio at March 31, 2009, the results of
its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in conformity with U.S.
generally accepted accounting principles.

|Boston, Massachusetts
May 26, 2009 |  | ictinst_eny0
|---------------------------------- |  | ------------

Tax Information(Unaudited)

Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns.

Other Information

Proxy Voting

A description of the Trust's policies and procedures for voting proxies for
portfolio securities and information about how the Trust voted proxies
related to its portfolio securities during the 12-month period ended
June 30 is available on our Web site  www.dws-investments.com (click
on "proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the Trust's policies and
procedures without charge, upon request, call us toll free at
(800) 621-1048.

Summary of Management Fee Evaluation
by Independent Fee Consultant

October 24, 2008

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General
of New York, I, Thomas H. Mack, have been appointed the Independent
Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds).
My duties include preparing an annual written evaluation of the
management fees DeAM charges the Funds, considering among other
factors the management fees charged by other mutual fund companies
for like services, management fees DeAM charges other clients for like
services, DeAM's costs of supplying services under the management
agreements and related profit margins, possible economies of scale if a
Fund grows larger, and the nature and quality of DeAM's services,
including fund performance. This report summarizes my evaluation for
2008, including my qualifications, the evaluation process for each of the
DWS Funds, consideration of certain complex-level factors, and my
conclusions. I served in substantially the same capacity in 2007.

Qualifications

For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

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

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

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 129 Fund portfolios in the DWS Fund family. For each Fund,
I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as
in their approval of contracts for several new funds (documented
separately).

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

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

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

Fees and Expenses Compared with Other Funds

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

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

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

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

DeAM's Fees for Similar Services to Others

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

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

Costs and Profit Margins

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

Economies of Scale

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

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

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

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

Quality of Service  Performance

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

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

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

Complex-Level Considerations

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

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

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

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

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

Findings

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

ictinst_sigmac0Thomas H. Mack

Summary of Administrative Fee Evaluation
by Independent Fee Consultant

September 29, 2008

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

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

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

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

ictinst_sigmack0Thomas H. Mack

Board Members and Officers

The following table presents certain information regarding the Board
Members and Officers of the Trust as of March 31, 2009. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address
of each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed
or as otherwise provided in the governing documents of the fund.
Because the fund does not hold an annual meeting of shareholders, each
Board Member will hold office for an indeterminate period. The Board
Members may also serve in similar capacities with other funds in the fund
complex. The Length of Time Served represents the year in which the
Board Member joined the board of one or more DWS funds now overseen
by the Board.

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

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

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

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

Notes

Notes

ictinst_backcover0






ITEM 2.
        CODE OF ETHICSAs of the end of the period, March 31, 2009, Treasury Portfolio has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

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

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES


INVESTORS CASH TRUST - TREASURY PORTFOLIO

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund.

Services that the Funds Independent Registered Public Accountant Billed to the Fund

Fiscal YearEndedMarch 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2009
        $55,525
        $0
        $6,863
        $02008
        $39,882
        $0
        $5,439
        $0




The above "Tax Fees" were billed for professional services rendered for tax return preparation.



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

The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DIMA or the Adviser), and any entity controlling, controlled by or under common control with DIMA (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.





Fiscal YearEndedMarch 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2009
        $0
        $524,500
        $02008
        $32,000
        $655,614
        $0




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

Non-Audit Services

The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.



Fiscal YearEndedMarch 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2009
        $6,863
        $524,500
        $1,248,247
        $1,779,6102008
        $5,439
        $655,614
        $1,392,237
        $2,053,290






All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the Fund.



Audit Committee Pre-Approval Policies and Procedures.  Generally, each Funds Audit Committee must pre approve (i) all services to be performed for a Fund by a Funds Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Funds Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Funds Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000.  All such delegated pre approvals shall be presented to each Funds Audit Committee no later than the next Audit Committee meeting.



There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.



According to the registrants principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.



***

E&Y advised the Funds Audit Committee that E&Y had identified four matters that it determined to be inconsistent with the SECs auditor independence rules.



First, E&Y advised the Funds Audit Committee that, in 2006 and 2007, Deutsche Bank AG (DB) provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to the E&Y member firm in Germany (E&Y Germany).  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund. E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X. (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an accounting firm has a loan to or from an audit client.) E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of
the Fund. In reaching this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements. E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangement and has terminated the guarantee on the lease deposits.



Second, E&Y advised the Funds Audit Committee that, in 2007 and 2008, DB provided standard overdraft protection on a depository account to the E&Y member firm in India (E&Y India).  E&Y advised the Audit Committee that E&Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors,including that the arrangement did not create a mutual or conflicting interest between E&Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company
Complex.  E&Y informed the Audit Committee that E&Y India has cancelled the overdraft arrangement.



Third, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&Y.  Subsequent to the purchase, the E&Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the
Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.



Finally, E&Y advised the Funds Audit Committee that, in 2008, an E&Y professional whose spouse owned interests in two DWS Funds that are not audited by E&Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex.  E&Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&Y noted a number of factors, including thatthe E&Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund.  E&Y informed the Audit
Committee that the E&Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.

ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot Applicable








ITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.




ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.




ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.




ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)         There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.











Form N-CSR Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        Treasury Portfolio (Institutional Shares), a series of Investors Cash Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 29, 2009
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        Treasury Portfolio (Institutional Shares), a series of Investors Cash Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 29, 2009
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                        May 29, 2009