# EDGAR Filing Document

**Accession Number:** 0000858372
**File Stem:** 0000088053-25-001136
**Filing Date:** 2025-12
**Character Count:** 235210
**Document Hash:** be3fd901a9a953fc839a574f227b7f37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-25-001136.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000088053-25-001136

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CASH ACCOUNT TRUST
- **CENTRAL INDEX KEY:** 0000858372

**ORGANIZATION NAME:**
- **EIN:** 371259201
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05970
- **FILM NUMBER:** 251611709

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

## Series and Classes Contracts Data

### DWS Government & Agency Securities Portfolio (Series ID: S000006301)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000017334 | Service Shares                           | CAGXX           |
| C000035155 | DWS Government & Agency Money Fund       | DTGXX           |
| C000035156 | DWS Government Cash Institutional Shares | DBBXX           |
| C000035157 | Government Cash Managed Shares           | DCMXX           |

### DWS Tax-Exempt Portfolio (Series ID: S000006303)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000017348 | DWS Tax-Exempt Cash Premier Shares | SCIXX           |
| C000017349 | Service Shares                     | CHSXX           |
| C000017350 | Tax-Exempt Cash Managed Shares     | TXMXX           |
| C000035158 | DWS Tax-Exempt Money Fund          | DTBXX           |
| C000035159 | DWS Tax-Free Money Fund Class S    | DTCXX           |
| C000035160 | Tax-Free Investment Class          | DTDXX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05970

<u>Cash Account Trust</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 4/30 <br>Date of reporting period: 10/31/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS Government & Agency Securities Portfolio

# DWS Government & Agency Money Fund: DTGXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Government & Agency Securities Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DWS Government & Agency Money Fund | $9 | 0.17%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.22%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6458410730 |
| Number of Portfolio Holdings | 75 |
| Total Net Advisory Fees Paid ($) | 998793 |
| Weighted Average Maturity | 19 days |
| 7-Day Current Yield | 4.02% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 4.00% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 60% |
| Government & Agency Obligations | 40% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **DGAMF** - **TSRS** 

## R-103435-2 (12/25)

# DWS Government & Agency Securities Portfolio

# DWS Government Cash Institutional Shares: DBBXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Government & Agency Securities Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DWS Government Cash Institutional Shares | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6458410730 |
| Number of Portfolio Holdings | 75 |
| Total Net Advisory Fees Paid ($) | 998793 |
| Weighted Average Maturity | 19 days |
| 7-Day Current Yield | 4.04% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 4.02% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 60% |
| Government & Agency Obligations | 40% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **DGCFI** - **TSRS** 

## R-103435-2 (12/25)

# DWS Government & Agency Securities Portfolio

# Government Cash Managed Shares: DCMXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Government & Agency Securities Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Government Cash Managed Shares | $19 | 0.37%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.42%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6458410730 |
| Number of Portfolio Holdings | 75 |
| Total Net Advisory Fees Paid ($) | 998793 |
| Weighted Average Maturity | 19 days |
| 7-Day Current Yield | 3.83% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 3.82% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 60% |
| Government & Agency Obligations | 40% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **DGCFM** - **TSRS** 

## R-103435-2 (12/25)

# DWS Government & Agency Securities Portfolio

# Service Shares: CAGXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Government & Agency Securities Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $51 | 1.00%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.05%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6458410730 |
| Number of Portfolio Holdings | 75 |
| Total Net Advisory Fees Paid ($) | 998793 |
| Weighted Average Maturity | 19 days |
| 7-Day Current Yield | 3.19% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 3.17% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 60% |
| Government & Agency Obligations | 40% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **SERVGAS** - **TSRS** 

## R-103435-2 (12/25)

# DWS Tax Exempt Portfolio

# DWS Tax-Exempt Cash Premier Shares: SCIXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DWS Tax-Exempt Cash Premier Shares | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.42%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 3.03% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.61% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **STIS** - **TSRS** 

## R-103437-2 (12/25)

# DWS Tax Exempt Portfolio

# DWS Tax-Exempt Money Fund: DTBXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DWS Tax-Exempt Money Fund | $12 | 0.24%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.41%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 2.99% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.65% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTEMF** - **TSRS** 

## R-103437-2 (12/25)

# DWS Tax Exempt Portfolio

# DWS Tax-Free Money Fund Class S: DTCXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DWS Tax-Free Money Fund Class S | $14 | 0.28%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 2.95% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.60% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTFMF** - **TSRS** 

## R-103437-2 (12/25)

# DWS Tax Exempt Portfolio

# Service Shares: CHSXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $54 | 1.07%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.22%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 2.18% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.45% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

#### Material Fund Changes
This is a summary of certain changes of the Fund since May 1, 2025. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 730-1313.

The Fund's Board of Trustees approved the liquidation of the Service Class shares of the Fund effective November 25, 2025.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **SERVTEX** - **TSRS** 

## R-103437-2 (12/25)

# DWS Tax Exempt Portfolio

# Tax-Exempt Cash Managed Shares: TXMXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tax-Exempt Cash Managed Shares | $18 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.53%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 2.88% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.53% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **STMS** - **TSRS** 

## R-103437-2 (12/25)

# DWS Tax Exempt Portfolio

# Tax-Free Investment Class: DTDXX

## Semi-Annual Shareholder Report — October 31, 2025
![Image](i6ec57ecff66cfd3297c32e5b.jpg)

This semi-annual shareholder report contains important information about DWS Tax Exempt Portfolio (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 730-1313.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tax-Free Investment Class | $30 | 0.60%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.78%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130791688 |
| Number of Portfolio Holdings | 90 |
| Total Net Advisory Fees Paid ($) | 0 |
| Weighted Average Maturity | 5 days |
| 7-Day Current Yield | 2.63% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of October 31, 2025. The 7-Day Current Yield would have been 2.29% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Variable Rate Demand Notes | 89% |
| Variable Rate Demand Preferred Shares | 5% |
| Tax-Exempt Commercial Paper | 5% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 730-1313.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 730-1313.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. 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, which can be requested by calling (800) 730-1313, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **CATTEP** - **TSRS** 

## R-103437-2 (12/25)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

![](img3722b9761.jpg)

October 31, 2025

**Semiannual Financial Statements and Other Information**

**DWS Government & Agency Securities Portfolio**

![](imgc1f825f82.jpg)

------

**Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_SOI-CC-Financial-RunningFooter-399_1) |
| **10** | [Statement of Assets and Liabilities](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_FS-CC-Financial-RunningFooter-399_1) |
| **12** | [Statement of Operations](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_FS-CC-Financial-RunningFooter-399_3) |
| **13** | [Statements of Changes in Net Assets](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_FS-CC-Financial-RunningFooter-399_4) |
| **14** | [Financial Highlights](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_FIHI-CC-Financial-RunningFooter-399_1) |
| **18** | [Notes to Financial Statements](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_NTF-CC-Financial-RunningFooter-399_1) |
| **28** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c60c81ea-96df-409d-8f4d-3c8fae2c6b8c_AABCF-CC-Financial-RunningFooter-399_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **2**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

**Investment Portfolioas of October 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 40.0%** | **Government & Agency Obligations 40.0%** | **Government & Agency Obligations 40.0%** |
| **U.S. Government Sponsored Agencies 16.9%** | **U.S. Government Sponsored Agencies 16.9%** | **U.S. Government Sponsored Agencies 16.9%** |
| Federal Farm Credit Banks Funding Corp.: |  |  |
| 1 day USD SOFR + 0.03%, 4.07% (a), 2/19/2026 | 10000000 | &nbsp;&nbsp; 10000000 |
| 1 day USD SOFR + 0.06%, 4.1% (a), 10/6/2026 | 29250000 | &nbsp;&nbsp; 29250000 |
| 1 day USD SOFR + 0.065%, 4.105% (a), 7/30/2026 | 27000000 | &nbsp;&nbsp; 27000000 |
| 1 day USD SOFR + 0.07%, 4.11% (a), 8/4/2026 | 8500000 | &nbsp;&nbsp; 8500000 |
| 1 day USD SOFR + 0.07%, 4.11% (a), 8/26/2026 | 35000000 | &nbsp;&nbsp; 35000000 |
| 1 day USD SOFR + 0.1%, 4.14% (a), 1/8/2027 | 12000000 | &nbsp;&nbsp; 12000000 |
| 1 day USD SOFR + 0.1%, 4.14% (a), 5/27/2027 | 9500000 | &nbsp;&nbsp; 9500000 |
| 1 day USD SOFR + 0.1%, 4.14% (a), 7/9/2027 | 18500000 | &nbsp;&nbsp; 18500000 |
| 1 day USD SOFR + 0.115%, 4.155% (a), 7/30/2027 | 9500000 | &nbsp;&nbsp; 9500000 |
| 1 day USD SOFR + 0.125%, 4.165% (a), 8/18/2027 | 20000000 | &nbsp;&nbsp; 20000000 |
| 1 day USD SOFR + 0.13%, 4.17% (a), 2/3/2027 | 20000000 | &nbsp;&nbsp; 20000000 |
| 1 day USD SOFR + 0.135%, 4.175% (a), 12/18/2026 | 6000000 | &nbsp;&nbsp; 6000000 |
| 1 day USD SOFR + 0.135%, 4.175% (a), 1/8/2027 | 32000000 | &nbsp;&nbsp; 32000000 |
| 1 day USD SOFR + 0.135%, 4.175% (a), 10/1/2027 | 56000000 | &nbsp;&nbsp; 56000000 |
| 1 day USD SOFR + 0.14%, 4.18% (a), 8/26/2026 | 11000000 | &nbsp;&nbsp; 11000000 |
| 1 day USD SOFR + 0.145%, 4.185% (a), 9/3/2027 | 37750000 | &nbsp;&nbsp; 37750000 |
| Federal Home Loan Bank Discount Notes, 4.01% (b), <br> 1/6/2026<br>| 62500000 | &nbsp;&nbsp; 62046823 |
| Federal Home Loan Banks: |  |  |
| 4.0%, 8/28/2026 | 20000000 | &nbsp;&nbsp; 19986027 |
| 1 day USD SOFR + 0.005%, 4.045% (a), 11/4/2025 | 26250000 | &nbsp;&nbsp; 26250000 |
| 1 day USD SOFR + 0.005%, 4.045% (a), 11/10/2025 | 18250000 | &nbsp;&nbsp; 18250000 |
| 1 day USD SOFR + 0.005%, 4.045% (a), 11/12/2025 | 20750000 | &nbsp;&nbsp; 20750000 |
| 1 day USD SOFR + 0.01%, 4.05% (a), 5/20/2026 | 19250000 | &nbsp;&nbsp; 19250000 |
| 1 day USD SOFR + 0.01%, 4.05% (a), 6/15/2026 | 20250000 | &nbsp;&nbsp; 20250000 |
| 1 day USD SOFR + 0.015%, 4.055% (a), 6/18/2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| 1 day USD SOFR + 0.025%, 4.065% (a), 12/15/2025 | 30000000 | &nbsp;&nbsp; 30000000 |
| 1 day USD SOFR + 0.025%, 4.065% (a), 2/13/2026 | 25500000 | &nbsp;&nbsp; 25500000 |
| 1 day USD SOFR + 0.03%, 4.07% (a), 2/18/2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| 1 day USD SOFR + 0.03%, 4.07% (a), 3/3/2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| 1 day USD SOFR + 0.065%, 4.105% (a), 8/12/2026 | 18750000 | &nbsp;&nbsp; 18750000 |
| 1 day USD SOFR + 0.12%, 4.16% (a), 4/9/2027 | 12000000 | &nbsp;&nbsp; 12000000 |
| 1 day USD SOFR + 0.17%, 4.21% (a), 9/22/2027 | 22000000 | &nbsp;&nbsp; 22000000 |
| 1 day USD SOFR + 0.17%, 4.21% (a), 9/24/2027 | 15000000 | &nbsp;&nbsp; 15000000 |
| Federal Home Loan Mortgage Corp.: |  |  |
| 1 day USD SOFR + 0.1%, 4.14% (a), 2/9/2026 | 29500000 | &nbsp;&nbsp; 29500000 |
| 1 day USD SOFR + 0.11%, 4.15% (a), 5/7/2026 | 3500000 | &nbsp;&nbsp; 3500000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>3</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| 1 day USD SOFR + 0.14%, 4.18% (a), 9/4/2026 | 6700000 | &nbsp;&nbsp; 6700000 |
| 1 day USD SOFR + 0.14%, 4.18% (a), 10/6/2027 | 48500000 | &nbsp;&nbsp; 48500000 |
| Federal Home Loan Mortgage Corp. Discount Notes, <br> 4.01% (b), 1/12/2026<br>| 80000000 | &nbsp;&nbsp; 79367200 |
| Federal National Mortgage Association: |  |  |
| 1 day USD SOFR + 0.1%, 4.14% (a), 6/18/2026 | 15750000 | &nbsp;&nbsp; 15750000 |
| 1 day USD SOFR + 0.12%, 4.16% (a), 7/29/2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| 1 day USD SOFR + 0.135%, 4.175% (a), 8/21/2026 | 26250000 | &nbsp;&nbsp; 26250000 |
| 1 day USD SOFR + 0.14%, 4.18% (a), 9/11/2026 | 42375000 | &nbsp;&nbsp; 42375000 |
| 1 day USD SOFR + 0.14%, 4.18% (a), 10/23/2026 | 8000000 | &nbsp;&nbsp; 8000000 |
| 1 day USD SOFR + 0.14%, 4.18% (a), 12/11/2026 | 22000000 | &nbsp;&nbsp; 22000000 |
|  |  | &nbsp;&nbsp; **1093975050** |
| **U.S. Treasury Obligations 23.1%** | **U.S. Treasury Obligations 23.1%** | **U.S. Treasury Obligations 23.1%** |
| U.S. Treasury Bills: |  |  |
| 3.676% (b), 4/23/2026 | 65000000 | &nbsp;&nbsp; 63867379 |
| 3.753% (b), 4/2/2026 | 52500000 | &nbsp;&nbsp; 51679501 |
| 3.756% (b), 3/26/2026 | 50000000 | &nbsp;&nbsp; 49253854 |
| 3.775% (b), 2/24/2026 | 65000000 | &nbsp;&nbsp; 64226960 |
| 3.863% (b), 1/20/2026 | 35000000 | &nbsp;&nbsp; 34703628 |
| 3.975% (b), 5/14/2026 | 25000000 | &nbsp;&nbsp; 24471822 |
| 3.985% (b), 12/11/2025 | 130000000 | &nbsp;&nbsp; 129432261 |
| 4.004% (b), 1/2/2026 | 85000000 | &nbsp;&nbsp; 84421837 |
| 4.015% (b), 12/2/2025 | 250000000 | &nbsp;&nbsp; 249147500 |
| 4.031% (b), 4/16/2026 | 55000000 | &nbsp;&nbsp; 54029407 |
| 4.035% (b), 3/19/2026 | 25000000 | &nbsp;&nbsp; 24618583 |
| 4.056% (b), 1/22/2026 | 65000000 | &nbsp;&nbsp; 64428688 |
| 4.056% (b), 2/19/2026 | 25000000 | &nbsp;&nbsp; 24694445 |
| 4.154% (b), 11/6/2025 | 50000000 | &nbsp;&nbsp; 49971545 |
| 4.18% (b), 1/15/2026 | 85000000 | &nbsp;&nbsp; 84303136 |
| 4.236% (b), 11/4/2025 | 270000000 | &nbsp;&nbsp; 269907484 |
| 4.284% (b), 11/12/2025 | 50000000 | &nbsp;&nbsp; 49935451 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury <br> money market yield + 0.245%, 4.011% (a), <br> 1/31/2026<br>| 117000000 | &nbsp;&nbsp; 117053704 |
|  |  | &nbsp;&nbsp; **1490147185** |
| **Total Government & Agency Obligations** (Cost $2,584,122,235) | **Total Government & Agency Obligations** (Cost $2,584,122,235) | &nbsp;&nbsp; **2584122235** |
| **Repurchase Agreements 59.5%** | **Repurchase Agreements 59.5%** | **Repurchase Agreements 59.5%** |
| Banco Santander SA: |  |  |
| 4.16%, dated 10/31/2025, to be repurchased at <br> $250,086,667 on 11/3/2025 (c)<br>| 250000000 | &nbsp;&nbsp; 250000000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **4**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| 4.17%, dated 10/31/2025, to be repurchased at <br> $250,086,875 on 11/3/2025 (d)<br>| 250000000 | &nbsp;&nbsp; 250000000 |
| Barclays Bank PLC, 4.15%, dated 10/31/2025, to be <br> repurchased at $475,164,271 on 11/3/2025 (e)<br>| 475000000 | &nbsp;&nbsp; 475000000 |
| BNP Paribas, 4.14%, dated 10/31/2025, to be <br> repurchased at $107,036,915 on 11/3/2025 (f)<br>| 107000000 | &nbsp;&nbsp; 107000000 |
| Citigroup Global Markets, Inc., 4.15%, dated <br> 10/31/2025, to be repurchased at $435,150,438 on <br> 11/3/2025 (g)<br>| 435000000 | &nbsp;&nbsp; 435000000 |
| Fixed Income Clearing Corp.: |  |  |
| 4.15%, dated 10/31/2025, to be repurchased at <br> $500,172,917 on 11/3/2025 (h)<br>| 500000000 | &nbsp;&nbsp; 500000000 |
| 4.15%, dated 10/31/2025, to be repurchased at <br> $500,172,917 on 11/3/2025 (i)<br>| 500000000 | &nbsp;&nbsp; 500000000 |
| JPMorgan Securities, Inc.: |  |  |
| 4.14%, dated 10/31/2025, to be repurchased at <br> $28,909,971 on 11/3/2025 (j)<br>| 28900000 | &nbsp;&nbsp; 28900000 |
| 4.15%, dated 10/31/2025, to be repurchased at <br> $300,103,750 on 11/3/2025 (k)<br>| 300000000 | &nbsp;&nbsp; 300000000 |
| Merrill Lynch & Co., Inc., 4.15%, dated 10/31/2025, to <br> be repurchased at $100,034,583 on 11/3/2025 (l)<br>| 100000000 | &nbsp;&nbsp; 100000000 |
| Royal Bank of Canada: |  |  |
| 4.14%, dated 10/31/2025, to be repurchased at <br> $1,000,345 on 11/3/2025 (m)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 4.15%, dated 10/31/2025, to be repurchased at <br> $300,103,750 on 11/3/2025 (n)<br>| 300000000 | &nbsp;&nbsp; 300000000 |
| Wells Fargo Bank: |  |  |
| 4.15%, dated 10/31/2025, to be repurchased at <br> $346,219,693 on 11/3/2025 (o)<br>| 346100000 | &nbsp;&nbsp; 346100000 |
| 4.16%, dated 10/31/2025, to be repurchased at <br> $250,086,667 on 11/3/2025 (p)<br>| 250000000 | &nbsp;&nbsp; 250000000 |
| **Total Repurchase Agreements** (Cost $3,843,000,000) | **Total Repurchase Agreements** (Cost $3,843,000,000) | &nbsp;&nbsp; **3843000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of Net** <br>**Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $6,427,122,235) | 99.5 | &nbsp;&nbsp; **6427122235** |
| **Other Assets and Liabilities, Net** | 0.5 | &nbsp;&nbsp; **31288495** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **6458410730** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. These securities are shown at their current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized yield at time of purchase; not a coupon rate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>5</sub> |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 26061948 | Federal Home Loan <br> Mortgage Corporation<br>| 5.5–6.0 | 1/1/2053–2/1/2053 | 26633606 |
| 181616672 | Federal National <br> Mortgage Association<br>| 2.0–7.0 | 11/1/2039–11/1/2055 | 171757702 |
| 57409566 | Government National <br> Mortgage Association<br>| 4.5–7.0 | 3/20/2055–7/20/2055 | 56608693 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **255000001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 247247366 | Federal National <br> Mortgage Association<br>| 3.5–7.5 | 8/1/2052–5/1/2055 | 254997008 |
| 2835 | Government National <br> Mortgage Association<br>| 5.72 | 9/15/2060 | 2993 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **255000001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 283964400 | U.S. Treasury Inflation <br> Index Notes<br>| 1.25–1.75 | 4/15/2028–1/15/2034 | 305623730 |
| 4600 | U.S. Treasury Notes | 2.625 | 1/31/2026 | 4616 |
| 376421000 | U.S. Treasury Strips | Zero Coupon | 2/15/2028–8/15/2053 | 178871654 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **484500000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 700 | U.S. Treasury Bills | Zero Coupon | 4/30/2026 | 687 |
| 32904000 | U.S. Treasury Inflation <br> Index Notes<br>| 1.125 | 1/15/2033 | 34679346 |
| 66535700 | U.S. Treasury Notes | 3.625–4.25 | 3/15/2027–5/31/2028 | 67129743 |
| 12338208 | U.S. Treasury Strips | Zero Coupon | 2/15/2026–8/15/2048 | 7330257 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **109140033** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **6**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 427797000 | U.S. Treasury Bonds | 2.75–4.75 | 11/15/2042–11/15/2043 | 443700040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 502690700 | U.S. Treasury Notes | 1.125–4.625 | 8/31/2028–10/2/2028 | 510000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 502445700 | U.S. Treasury Notes | 4.0–4.375 | 2/15/2034–5/15/2034 | 510000041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 1400 | U.S. Treasury Floating <br> Rate Notes<br>| 3.956 | 10/31/2027 | 1400 |
| 29464800 | U.S. Treasury Notes | 0.375–3.125 | 7/31/2027–11/15/2028 | 29476285 |
| 350 | U.S. Treasury Strips | Zero Coupon | 8/15/2028 | 316 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **29478001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 304304388 | Federal National <br> Mortgage Association<br>| 2.0–7.0 | 4/1/2037–9/1/2060 | 306000001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(l) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 1317337139 | Federal Home Loan <br> Mortgage Corporation<br>| 0.0–5.687 | 5/25/2026–3/25/2061 | 96220637 |
| 30488626 | Federal National <br> Mortgage Association, <br> Interest Only<br>| 4.5 | 5/25/2052 | 5779363 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **102000000** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>7</sub> |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(m) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 16000 | U.S. Treasury Bonds | 2.25–3.625 | 5/15/2041–5/15/2053 | 12098 |
| 9400 | U.S. Treasury Notes | 0.5–2.25 | 10/31/2027–2/15/2030 | 9046 |
| 2689500 | U.S. Treasury Strips | Zero Coupon | 8/15/2046–2/15/2049 | 999208 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **1020352** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(n) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 26698035 | Federal Home Loan <br> Mortgage Corporation<br>| 2.5–7.0 | 6/1/2042–11/1/2055 | 26098508 |
| 82732868 | Federal National <br> Mortgage Association<br>| 2.0–6.5 | 8/1/2048–3/1/2054 | 73540398 |
| 193062162 | Government National <br> Mortgage Association<br>| 2.5–6.5 | 10/15/2040–7/20/2055 | 189465790 |
| 1100 | U.S. Treasury Bills | Zero Coupon | 11/6/2025–1/22/2026 | 1092 |
| 178700 | U.S. Treasury Bonds | 1.25–4.5 | 2/15/2043–5/15/2050 | 90973 |
| 16334000 | U.S. Treasury Notes | 0.375–4.625 | 5/31/2026–5/15/2034 | 16909096 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **306105857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(o) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 87 | U.S. Treasury Bills | Zero Coupon | 12/11/2025 | 86 |
| 81542847 | U.S. Treasury Notes | 2.125–4.5 | 3/31/2026–4/30/2028 | 81731765 |
| 188798 | U.S. Treasury Floating <br> Rate Notes<br>| 3.926 | 4/30/2027 | 188712 |
| 240326907 | U.S. Treasury Inflation <br> Index Notes<br>| 0.125–2.375 | 1/15/2026–1/15/2035 | 271101437 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **353022000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(p) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 260236605 | Government National <br> Mortgage Association<br>| 1.5–7.5 | 4/20/2028–10/20/2055 | 255000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

SOFR: Secured Overnight Financing Rate <br> STRIPS: Separate Trading of Registered Interest and Principal Securities

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund'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 Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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 October 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2584122235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2584122235 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 3843000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3843000000 |
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$6427122235** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$6427122235** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>9</sub> |

---

------

**Statement of Assets and Liabilities**

as of October 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at amortized cost | $2584122235 |
| Repurchase agreements, valued at amortized cost | 3843000000 |
| Cash | 2923373 |
| Receivable for Fund shares sold | 38231215 |
| Interest receivable | 5662249 |
| Other assets | 181632 |
| Total assets | 6474120704 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 8328284 |
| Distributions payable | 6485129 |
| Accrued management fee | 172254 |
| Accrued Trustees' fees | 21390 |
| Other accrued expenses and payables | 702917 |
| Total liabilities | 15709974 |
| **Net assets, at value** | **$6458410730** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 166634 |
| Paid-in capital | 6458244096 |
| **Net assets, at value** | **$6458410730** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

**Statement of Assets and Liabilities** as of October 31, 2025 (Unaudited) (continued)

------

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **DWS Government & Agency Money Fund** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($3,329,773,717 ÷ 3,329,764,472 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **DWS Government Cash Institutional Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($3,099,366,332 ÷ 3,099,357,678 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **Government Cash Managed Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($27,097,915 ÷ 27,097,839 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **Service Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($2,172,766 ÷ 2,172,760 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>11</sub> |

---

------

**Statement of Operations**

for the six months ended October 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $115891896 |
| Expenses: |  |
| Management fee | 1812326 |
| Administration fee | 2603939 |
| Services to shareholders | 433175 |
| Distribution and service fees | 17468 |
| Custodian fee | 24260 |
| Professional fees | 51992 |
| Reports to shareholders | 48928 |
| Registration fees | 94520 |
| Trustees' fees and expenses | 72320 |
| Other | 106380 |
| Total expenses before expense reductions | 5265308 |
| Expense reductions | (911016)<br>|
| Total expenses after expense reductions | 4354292 |
| **Net investment income** | **111537604** |
| **Net realized gain (loss) from investments** | **41479** |
| **Net increase (decrease) in net assets resulting from operations** | **$111579083** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**October 31, 2025**<br>| **Year Ended** <br>**April 30,**<br>|
| **Increase (Decrease) in Net Assets** | **(Unaudited)** | **2025** |
| Operations: |  |  |
| Net investment income | $111537604 | $196134565 |
| Net realized gain (loss) | 41479 | 261717 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| 111579083 | 196396282 |
| Distributions to shareholders: |  |  |
| DWS Government & Agency Money Fund | (62572096)<br>| (103924515)<br>|
| DWS Government Cash Institutional Shares | (48668889)<br>| (91545549)<br>|
| Government Cash Managed Shares | (252719)<br>| (566878)<br>|
| Service Shares | (43869)<br>| (97623)<br>|
| Total distributions | (111537573)<br>| (196134565)<br>|
| Fund share transactions: |  |  |
| Proceeds from shares sold | 57117413545 | 81736975002 |
| Reinvestment of distributions | 73737103 | 122260477 |
| Payments for shares redeemed | (55434977013)<br>| (80993641716)<br>|
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| 1756173635 | 865593763 |
| **Increase (decrease) in net assets** | 1756215145 | 865855480 |
| Net assets at beginning of period | 4702195585 | 3836340105 |
| **Net assets at end of period** | **$6458410730** | **$4702195585** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|<sub>13</sub> |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government & Agency Money Fund** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .021 | .047 | .052 | .029 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .021 | .047 | .052 | .029 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.021)<br>| (.047)<br>| (.052)<br>| (.029)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 2.12 <br><sup>\*\*</sup><br>| 4.82 | 5.35 | 2.92 | .03 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 3330 | 2683 | 1664 | 397 | 169 | 218 |
| Ratio of expenses before expense <br>reductions (%)<br>| .20 <br><sup>\*\*\*</sup><br>| .22 | .23 | .28 | .26 | .25 |
| Ratio of expenses after expense <br>reductions (%)<br>| .17 <br><sup>b\*\*\*</sup><br>| .17 | .13 | .16 | .07 | .11 |
| Ratio of net investment income (%) | 4.14 <br><sup>\*\*\*</sup><br>| 4.64 | 5.21 | 3.25 | .03 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .03% higher had the Advisor not voluntarily <br> waived or reimbursed certain operating expenses.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** | **DWS Government & Agency Securities Portfolio** — **DWS** <br> **Government Cash Institutional Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .021 | .047 | .052 | .029 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .021 | .047 | .052 | .029 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.021)<br>| (.047)<br>| (.052)<br>| (.029)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 2.13 <br><sup>\*\*</sup><br>| 4.84 | 5.33 | 2.97 | .04 | .03 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 3099 | 2004 | 2156 | 1351 | 2796 | 2396 |
| Ratio of expenses before expense<br> reductions (%)<br>| .19 <br><sup>\*\*\*</sup><br>| .20 | .21 | .23 | .21 | .21 |
| Ratio of expenses after expense<br> reductions (%)<br>| .15 <br><sup>b\*\*\*</sup><br>| .15 | .12 | .10 | .06 | .09 |
| Ratio of net investment income (%) | 4.18 <br><sup>\*\*\*</sup><br>| 4.76 | 5.22 | 2.69 | .04 | .03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .03% higher had the Advisor not voluntarily <br> waived or reimbursed certain operating expenses.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **15**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** | **DWS Government & Agency Securities Portfolio** — **Government** <br> **Cash Managed Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .020 | .045 | .050 | .027 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .020 | .045 | .050 | .027 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.020)<br>| (.045)<br>| (.050)<br>| (.027)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 2.01 <br><sup>\*\*</sup><br>| 4.61 | 5.13 | 2.77 | .01 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 27 | 13 | 14 | 11 | 59 | 60 |
| Ratio of expenses before expense <br>reductions (%)<br>| .41 <br><sup>\*\*\*</sup><br>| .42 | .44 | .43 | .38 | .42 |
| Ratio of expenses after expense <br>reductions (%)<br>| .37 <br><sup>b\*\*\*</sup><br>| .37 | .31 | .30 | .08 | .13 |
| Ratio of net investment income (%) | 3.95 <br><sup>\*\*\*</sup><br>| 4.53 | 5.02 | 2.07 | .01 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .04% higher had the Advisor not voluntarily <br> waived or reimbursed certain operating expenses.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** | **DWS Government & Agency Securities Portfolio** — **Service** <br> **Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .017 | .039 | .044 | .021 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .017 | .039 | .044 | .021 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.017)<br>| (.039)<br>| (.044)<br>| (.021)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.69 <br><sup>\*\*</sup><br>| 3.94 | 4.45 | 2.13 | .01 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 2 | 2 | 2 | 10 | 12 | 22 |
| Ratio of expenses before expense <br>reductions (%)<br>| 1.04 <br><sup>\*\*\*</sup><br>| 1.05 | 1.06 | 1.10 | 1.05 | 1.05 |
| Ratio of expenses after expense <br>reductions (%)<br>| 1.00 <br><sup>b\*\*\*</sup><br>| 1.01 | .95 | .91 | .07 | .12 |
| Ratio of net investment income (%) | 3.34 <br><sup>\*\*\*</sup><br>| 3.89 | 4.30 | 1.78 | .01 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been 0.05% higher had the Advisor not voluntarily <br> waived or reimbursed certain operating expenses.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **17**  |

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

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

The Trust offers two diversified funds: DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio. These financial statements report on DWS Government & Agency Securities Portfolio (the "Fund").

The Fund offers multiple classes of shares: DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.

The Fund's investment income, realized gains and losses, and certain Fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares of the Fund, 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 Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Various inputs are used in determining the value of the Fund'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 Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Fund values all securities 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. Securities held by the 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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Repurchase Agreements.** The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a 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 custodial bank or another designated sub-custodian bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **19**  |

---

------

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 Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings.

As of October 31, 2025, the Fund held repurchase agreements with a gross value of $3,843,000,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

**Tax Information.** The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At April 30, 2025, the Fund had net tax basis capital loss carryforwards of $79,399 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

At October 31, 2025, the Fund had an aggregate cost of investments for federal income tax purposes of $6,427,122,235.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended April 30, 2025, remains subject to examination by taxing authorities.

**Distribution of Income.** Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund 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 book-to-tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned pro rata on the basis of relative net assets among the funds in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

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

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

**B.** **Related Parties**

**Management Agreement.** Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund 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 Fund.

The monthly management fee for the Fund is computed based on the combined average daily net assets of the two funds of the Trust and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $500 million of the Funds' combined average daily net assets | &nbsp;&nbsp; .120% |
| Next $500 million of such net assets | &nbsp;&nbsp; .100% |
| Next $1 billion of such net assets | &nbsp;&nbsp; .075% |
| Next $1 billion of such net assets | &nbsp;&nbsp; .060% |
| Over $3 billion of such net assets | &nbsp;&nbsp; .050% |

---

Accordingly, for the six months ended October 31, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.068% of the Fund's average daily net assets.

The Advisor has agreed to contractually reduce its management fee for the Fund such that the annual effective rate is limited to 0.05% of the Fund's average daily net assets.

For the period from May 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **21**  |

---

------

such as extraordinary expenses, taxes, brokerage and interest expense) of certain classes as follows:

---

| | |
|:---|:---|
| DWS Government & Agency Money Fund | &nbsp;&nbsp; .45% |
| DWS Government Cash Institutional Shares | &nbsp;&nbsp; .18% |
| Government Cash Managed Shares | &nbsp;&nbsp; .46% |

---

For the period from May 1, 2025 through October 31, 2025, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of DWS Government Cash Institutional Shares at 0.15%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

In addition, the Advisor agreed to voluntarily waive additional expenses. The voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on DWS Government & Agency Money Fund, Government Cash Managed Shares and Service Shares.

For the six months ended October 31, 2025, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| DWS Government & Agency Money Fund | &nbsp;&nbsp; $466154 |
| DWS Government Cash Institutional Shares | &nbsp;&nbsp; 441838 |
| Government Cash Managed Shares | &nbsp;&nbsp; 2431 |
| Service Shares | &nbsp;&nbsp; 593 |
|  | &nbsp;&nbsp; **$911016** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended October 31, 2025, the Administration Fee was $2,603,939, of which $491,650 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

October 31, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>|
| DWS Government & Agency Money Fund | &nbsp;&nbsp; $33532 | &nbsp;&nbsp; $10300 |
| DWS Government Cash Institutional Shares | &nbsp;&nbsp; 84588 | &nbsp;&nbsp; 15381 |
| Government Cash Managed Shares | &nbsp;&nbsp; 4912 | &nbsp;&nbsp; 1256 |
| Service Shares | &nbsp;&nbsp; 3471 | &nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp; **$126503** | &nbsp;&nbsp; **$27667** |

---

In addition, for the six months ended October 31, 2025, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| DWS Government & Agency Money Fund | &nbsp;&nbsp; $286248 |
| DWS Government Cash Institutional Shares | &nbsp;&nbsp; 3680 |
|  | &nbsp;&nbsp; **$289928** |

---

**Distribution Service Agreement.** Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Distributors, Inc. ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table. For the six months ended October 31, 2025, the Distribution Fee was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>| **Annualized** <br>**Rate**<br>| **Contractual** <br>**Rate**<br>|
| Service Shares | &nbsp;&nbsp; $7883 | &nbsp;&nbsp; $1104 | &nbsp;&nbsp; .60% | &nbsp;&nbsp; .60% |

---

In addition, DDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan. For the six months ended October 31, 2025, the Service Fee was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>| **Annualized** <br>**Rate**<br>| **Contractual** <br>**Rate**<br>|
| Government Cash <br> Managed Shares<br>| &nbsp;&nbsp; $9585 | &nbsp;&nbsp; $2022 | &nbsp;&nbsp; .15% | &nbsp;&nbsp; .15% |

---

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended October 31, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $625, of which $113 is unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **23**  |

---

------

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**C.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund 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 a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2025.

**D.** **Fund Share Transactions**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31, 2025** | **Six Months Ended** <br>**October 31, 2025** | **Year Ended** <br>**April 30, 2025** | **Year Ended** <br>**April 30, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| DWS <br> Government & <br> Agency Money <br> Fund<br>| &nbsp;&nbsp; 1706211597 | &nbsp;&nbsp; $1706211597 | &nbsp;&nbsp; 2842286099 | &nbsp;&nbsp; $2842286099 |
| DWS <br> Government <br> Cash <br> Institutional <br> Shares<br>| &nbsp;&nbsp; 55375787206 | &nbsp;&nbsp; 55375787206 | &nbsp;&nbsp; 78853983618 | &nbsp;&nbsp; 78853983618 |
| Government <br> Cash Managed <br> Shares<br>| &nbsp;&nbsp; 34228250 | &nbsp;&nbsp; 34228250 | &nbsp;&nbsp; 38750912 | &nbsp;&nbsp; 38750912 |
| Service Shares | &nbsp;&nbsp; 1181992 | &nbsp;&nbsp; 1181992 | &nbsp;&nbsp; 1949366 | &nbsp;&nbsp; 1949366 |
| Account <br> maintenance <br> fees<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5007 |
|  |  | &nbsp;&nbsp; **$57117413545** |  | &nbsp;&nbsp; **$81736975002** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31, 2025** | **Six Months Ended**<br> **October 31, 2025** | **Year Ended**<br> **April 30, 2025** | **Year Ended**<br> **April 30, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| DWS <br> Government & <br> Agency Money <br> Fund<br>| &nbsp;&nbsp; 63252905 | &nbsp;&nbsp; $63252905 | &nbsp;&nbsp; 104022954 | &nbsp;&nbsp; $104022954 |
| DWS <br> Government <br> Cash <br> Institutional <br> Shares<br>| &nbsp;&nbsp; 10440268 | &nbsp;&nbsp; 10440268 | &nbsp;&nbsp; 18139209 | &nbsp;&nbsp; 18139209 |
| Government <br> Cash Managed <br> Shares<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 794 |
| Service Shares | &nbsp;&nbsp; 43924 | &nbsp;&nbsp; 43924 | &nbsp;&nbsp; 97520 | &nbsp;&nbsp; 97520 |
|  |  | &nbsp;&nbsp; **$73737103** |  | &nbsp;&nbsp; **$122260477** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| DWS <br> Government & <br> Agency Money <br> Fund<br>| &nbsp;&nbsp; (1122262115)<br>| &nbsp;&nbsp; $(1122262115)<br>| &nbsp;&nbsp; (1927726259)<br>| &nbsp;&nbsp; $(1927726259)<br>|
| DWS <br> Government <br> Cash <br> Institutional <br> Shares<br>| &nbsp;&nbsp; (54290817650)<br>| &nbsp;&nbsp; (54290817650)<br>| &nbsp;&nbsp; (79024630401)<br>| &nbsp;&nbsp; (79024630401)<br>|
| Government <br> Cash Managed <br> Shares<br>| &nbsp;&nbsp; (20454001)<br>| &nbsp;&nbsp; (20454001)<br>| &nbsp;&nbsp; (39325114)<br>| &nbsp;&nbsp; (39325114)<br>|
| Service Shares | &nbsp;&nbsp; (1443247)<br>| &nbsp;&nbsp; (1443247)<br>| &nbsp;&nbsp; (1959942)<br>| &nbsp;&nbsp; (1959942)<br>|
|  |  | &nbsp;&nbsp; **$(55434977013)**<br>|  | &nbsp;&nbsp; **$(80993641716)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **25**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31, 2025** | **Six Months Ended**<br> **October 31, 2025** | **Year Ended**<br> **April 30, 2025** | **Year Ended**<br> **April 30, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| DWS <br> Government & <br> Agency Money <br> Fund<br>| &nbsp;&nbsp; 647202387 | &nbsp;&nbsp; $647202387 | &nbsp;&nbsp; 1018582794 | &nbsp;&nbsp; $1018582794 |
| DWS <br> Government <br> Cash <br> Institutional <br> Shares<br>| &nbsp;&nbsp; 1095409824 | &nbsp;&nbsp; 1095409824 | &nbsp;&nbsp; (152507574)<br>| &nbsp;&nbsp; (152507574)<br>|
| Government <br> Cash Managed <br> Shares<br>| &nbsp;&nbsp; 13774255 | &nbsp;&nbsp; 13774255 | &nbsp;&nbsp; (573408)<br>| &nbsp;&nbsp; (573408)<br>|
| Service Shares | &nbsp;&nbsp; (217331)<br>| &nbsp;&nbsp; (217331)<br>| &nbsp;&nbsp; 86944 | &nbsp;&nbsp; 86944 |
| Account <br> maintenance <br> fees<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5007 |
|  |  | &nbsp;&nbsp; **$1756173635** |  | &nbsp;&nbsp; **$865593763** |

---

**E.** **Ownership of the Fund**

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

At October 31, 2025, 13% of the outstanding shares of the Fund was held by other affiliated DWS funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the DWS family of funds.

**F.** **Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

during periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and, at times, could impair the Fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **27**  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Government & Agency Securities Portfolio's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2024, the Fund's gross performance (Service Shares) was in the 2nd quartile and 3rd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). Based on Broadridge data provided as of December 31, 2024, the Board noted that the Fund's total operating expenses (excluding 12b-1 fees and/or shareholder administration fees, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **29**  |

---

------

applicable) were lower than the median of the applicable Broadridge expense universe (less any applicable 12b-1 fees) for the following share classes: DWS Government Cash Institutional Shares (2nd quartile), Government Cash Managed Shares (2nd quartile) and DWS Government & Agency Money Fund shares (2nd quartile); and higher than the median of the applicable Broadridge expense universe (less any applicable 12b-1 fees) for the following share class: Service Shares (4th quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **30**  | \|  | DWS Government & Agency Securities Portfolio  |

---

------

Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present.

GAS-BFE2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Government & Agency Securities Portfolio  | \|  | **31**  |

---

------

![](imgc1f825f82.jpg)

GAS-NCSRS

------

![](img5f2d95451.jpg)

October 31, 2025

**Semiannual Financial Statements and Other Information**

**DWS Tax-Exempt Portfolio**

![](img9be87d2a2.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_SOI-CC-Financial-RunningFooter-400_1) |
| **11** | [Statement of Assets and Liabilities](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_FS-CC-Financial-RunningFooter-400_1) |
| **13** | [Statement of Operations](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_FS-CC-Financial-RunningFooter-400_3) |
| **14** | [Statements of Changes in Net Assets](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_FS-CC-Financial-RunningFooter-400_4) |
| **15** | [Financial Highlights](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_FIHI-CC-Financial-RunningFooter-400_1) |
| **21** | [Notes to Financial Statements](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_NTF-CC-Financial-RunningFooter-400_1) |
| **30** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_e9816d8d-c6a9-4e34-8905-fbdb48b4c45c_AABCF-CC-Financial-RunningFooter-400_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **2**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Investment Portfolioas of October 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Municipal Investments 98.4%** | **Municipal Investments 98.4%** |  |
| **California 18.8%** | **California 18.8%** |  |
| California, Bay Area Toll Authority Revenue, Series A, <br> 3.05% (a), 11/3/2025, LOC: Barclays Bank PLC<br>| 500000 | &nbsp;&nbsp; 500000 |
| California, East Bay Muncipal Utility District: |  |  |
| Series A-1, TECP, 2.8%, 11/6/2025 | 4400000 | &nbsp;&nbsp; 4400000 |
| Series A-2, TECP, 2.8%, 11/6/2025 | 2150000 | &nbsp;&nbsp; 2150000 |
| California, Statewide Communities Development Authority, <br> Multi-Family Housing Revenue, Foxwood Apartments <br> Project, Series J, 2.99% (a), 11/7/2025, LOC: Wells Fargo <br> Bank NA<br>| 1600000 | &nbsp;&nbsp; 1600000 |
| California, University Revenue: |  |  |
| Series AL-1, 3.25% (a), 11/3/2025 | 1800000 | &nbsp;&nbsp; 1800000 |
| Series AL-3, 3.25% (a), 11/3/2025 | 1500000 | &nbsp;&nbsp; 1500000 |
| Series AL-2, 3.3% (a), 11/3/2025 | 6000000 | &nbsp;&nbsp; 6000000 |
| Nuveen California Quality Municipal Income Fund, <br> Series 1-1362, 144A, AMT, 3.31% (a), 11/7/2025, LIQ: <br> Societe Generale<br>| 3400000 | &nbsp;&nbsp; 3400000 |
| Nuveen Municipal Credit Opportunities Fund, Series W, <br> 144A, AMT, 3.36% (a), 11/7/2025, LOC: Sumitomo <br> Mitsui Banking<br>| 2900000 | &nbsp;&nbsp; 2900000 |
| Orange County, CA, Water District, Certificate of <br> Participation, Series A, 2.78% (a), 11/7/2025, LOC: Bank <br> of America NA<br>| 350000 | &nbsp;&nbsp; 350000 |
|  |  | &nbsp;&nbsp; **24600000** |
| **Colorado 1.8%** | **Colorado 1.8%** |  |
| Colorado, State Educational & Cultural Facilities Authority <br> Revenue, Michael Ann Russell Jewish Community <br> Center, Inc., Series B-5, 3.9% (a), 11/3/2025, LOC: TD <br> Bank NA<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Colorado, State Housing & Finance Authority, "I" , Series SF, <br> 3.2% (a), 11/7/2025, SPA: Royal Bank of Canada<br>| 355000 | &nbsp;&nbsp; 355000 |
|  |  | &nbsp;&nbsp; **2355000** |
| **Connecticut 4.6%** | **Connecticut 4.6%** |  |
| Connecticut, State Health & Educational Facilities Authority, <br> Series V-1, 3.5% (a), 11/3/2025<br>| 3200000 | &nbsp;&nbsp; 3200000 |
| Connecticut, State Health & Educational Facilities Authority <br> Revenue, Yale University:<br>|  |  |
| Series A, 3.3% (a), 11/3/2025 | 100000 | &nbsp;&nbsp; 100000 |
| Series V-2, 3.3% (a), 11/3/2025 | 2700000 | &nbsp;&nbsp; 2700000 |
|  |  | &nbsp;&nbsp; **6000000** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>3</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Florida 7.5%** | **Florida 7.5%** |  |
| Alachua County, FL, Housing Finance Authority, Multi-Family <br> Revenue, Santa Fe Apartments II Project, 3.25% (a), <br> 11/7/2025, LIQ: Fannie Mae<br>| 830000 | &nbsp;&nbsp; 830000 |
| Highlands County, FL, Health Facilities Authority Revenue, <br> AdventHealth Obligated Group:<br>|  |  |
| Series C, 3.9% (a), 11/3/2025, SPA: PNC Bank NA | 5200000 | &nbsp;&nbsp; 5200000 |
| Series D, 3.9% (a), 11/3/2025, SPA: PNC Bank NA | 900000 | &nbsp;&nbsp; 900000 |
| Orange County, FL, Health Facilities Authority, The Nemours <br> Foundation, Series C-2, 3.32% (a), 11/7/2025, LOC: TD <br> Bank NA<br>| 1270000 | &nbsp;&nbsp; 1270000 |
| Palm Beach County, FL, Henry Morrison Flagler Project <br> Revenue, 3.23% (a), 11/7/2025, LOC: Northern <br> Trust Company<br>| 800000 | &nbsp;&nbsp; 800000 |
| Pinellas County, FL, Housing Finance Authority, Multi-Family <br> Housing Revenue, Booker Creek Apartments, 3.25% (a), <br> 11/7/2025, LOC: Freddie Mac<br>| 825000 | &nbsp;&nbsp; 825000 |
|  |  | &nbsp;&nbsp; **9825000** |
| **Georgia 0.4%** | **Georgia 0.4%** |  |
| Valdosta-Lowndes County, GA, Industrial Development <br> Authority, Martins Famous Pastry Shoppe, Inc., Series A, <br> AMT, 3.37% (a), 11/7/2025, LOC: Wells Fargo Bank NA<br>| 550000 | &nbsp;&nbsp; **550000** |
| **Hawaii 1.3%** | **Hawaii 1.3%** |  |
| Hawaii, State Department of Budget & Finance Revenue, <br> Queen's Health Systems Obligated Group, Series B, <br> 3.5% (a), 11/3/2025, LOC: Barclays Bank PLC<br>| 1700000 | &nbsp;&nbsp; **1700000** |
| **Idaho 0.5%** | **Idaho 0.5%** |  |
| Idaho, State Health Facilities Authority Revenue, St. Luke's <br> Health System, Series C, 3.9% (a), 11/3/2025, LOC: <br> U.S. Bank NA<br>| 700000 | &nbsp;&nbsp; **700000** |
| **Illinois 7.6%** | **Illinois 7.6%** |  |
| Brookfield, IL, Zoo Project, 3.2% (a), 11/7/2025, LOC: <br> Northern Trust Company<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Illinois, State Development Finance Authority, American <br> Youth Hostels Project, Series A, 3.22% (a), 11/7/2025, <br> LOC: BMO Harris Bank NA<br>| 210000 | &nbsp;&nbsp; 210000 |
| Illinois, State Development Finance Authority, YMCA <br> Metropolitan Chicago Project, 3.35% (a), 11/7/2025, LOC: <br> BMO Harris Bank NA<br>| 1900000 | &nbsp;&nbsp; 1900000 |
| Illinois, State Educational Facilities Authority Revenue, The <br> Adler Planetarium, 3.0% (a), 11/7/2025, LOC: PNC <br> Bank NA<br>| 1550000 | &nbsp;&nbsp; 1550000 |
| Illinois, State Finance Authority Revenue, Clearbrook <br> Project, 3.22% (a), 11/7/2025, LOC: BMO Harris Bank NA<br>| 1745000 | &nbsp;&nbsp; 1745000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **4**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Illinois, State Finance Authority Revenue, Steppenwolf <br> Theatre Co., Project, 3.35% (a), 11/7/2025, LOC: <br> Northern Trust Company<br>| 1740000 | &nbsp;&nbsp; 1740000 |
| Illinois, State Finance Authority Revenue, The University of <br> Chicago Medical Center, Series B, 3.95% (a), 11/3/2025, <br> LOC: TD Bank NA<br>| 950000 | &nbsp;&nbsp; 950000 |
| Illinois, State Housing Development Authority, Multi-Family <br> Revenue, Woodlawn Apartments, Series A, 3.35% (a), <br> 11/7/2025, LOC: Freddie Mac<br>| 800000 | &nbsp;&nbsp; 800000 |
|  |  | &nbsp;&nbsp; **9895000** |
| **Indiana 1.0%** | **Indiana 1.0%** |  |
| Elkhart County, IN, Multi-Family Revenue, Ashton Pines <br> Apartments, Series A, 3.3% (a), 11/7/2025, LOC: Federal <br> Home Loan Bank<br>| 570000 | &nbsp;&nbsp; 570000 |
| St. Joseph County, IN, Economic Development Revenue, <br> 3.27% (a), 11/7/2025, LOC: PNC Bank NA<br>| 690000 | &nbsp;&nbsp; 690000 |
|  |  | &nbsp;&nbsp; **1260000** |
| **Iowa 2.4%** | **Iowa 2.4%** |  |
| Iowa, Iowa Finance Authority, Health System Obligated <br> Group, Series F, 3.95% (a), 11/3/2025, LOC: TD Bank NA<br>| 400000 | &nbsp;&nbsp; 400000 |
| Iowa, Single-Family Finance Authority, Series B, 3.2% (a), <br> 11/7/2025, SPA: Royal Bank of Canada<br>| 2800000 | &nbsp;&nbsp; 2800000 |
|  |  | &nbsp;&nbsp; **3200000** |
| **Kansas 2.8%** | **Kansas 2.8%** |  |
| Kansas, State Development Finance Authority, Health <br> Facilities, University of Kansas Health System, Series J, <br> 3.9% (a), 11/3/2025, LOC: U.S. Bank NA<br>| 400000 | &nbsp;&nbsp; 400000 |
| Kansas, University of Kansas Hospital Authority Revenue, <br> Health System Obligated Group, 3.9% (a), 11/3/2025, <br> LOC: U.S. Bank NA<br>| 2260000 | &nbsp;&nbsp; 2260000 |
| Olathe City, KS, Industrial Revenue, Multi Modal Diamant <br> Boart, Series A, AMT, 3.36% (a), 11/7/2025, LOC: <br> Svenska Handelsbanken<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; **3660000** |
| **Kentucky 0.2%** | **Kentucky 0.2%** |  |
| Boone County, KY, Pollution Control Revenue, Duke Energy <br> Kentucky, Inc., 3.35% (a), 11/7/2025, LOC: Sumitomo <br> Mitsui Banking<br>| 300000 | &nbsp;&nbsp; **300000** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>5</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Louisiana 0.6%** | **Louisiana 0.6%** |  |
| Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, <br> 4.0% (a), 11/3/2025, LOC: Toronto-Dominion Bank<br>| 300000 | &nbsp;&nbsp; 300000 |
| Louisiana, State Housing Finance Agency Multi-Family <br> Housing Revenue, Reserve Jefferson Crossing, <br> 3.35% (a), 11/7/2025, LOC: Freddie Mac<br>| 535000 | &nbsp;&nbsp; 535000 |
|  |  | &nbsp;&nbsp; **835000** |
| **Massachusetts 1.9%** | **Massachusetts 1.9%** |  |
| Massachusetts, State Department of Transportation, <br> Metropolitan Highway Systems Revenue, Series A-2, <br> 3.0% (a), 11/7/2025, LOC: TD Bank NA<br>| 1150000 | &nbsp;&nbsp; 1150000 |
| Massachusetts, State Health & Educational Facilities <br> Authority Revenue, Massachusetts Institute of <br> Technology, Series J-2, 3.6% (a), 11/3/2025<br>| 100000 | &nbsp;&nbsp; 100000 |
| Massachusetts, State Water Resources Authority, <br> Series A1, 3.23% (a), 11/7/2025, SPA: JP Morgan Chase <br> Bank NA<br>| 1230000 | &nbsp;&nbsp; 1230000 |
|  |  | &nbsp;&nbsp; **2480000** |
| **Minnesota 3.7%** | **Minnesota 3.7%** |  |
| Rochester City, MN, Bella Grove Apartments Project, <br> Series C, 3.25% (a), 11/7/2025, LOC: Federal Home <br> Loan Bank<br>| 4800000 | &nbsp;&nbsp; **4800000** |
| **Mississippi 0.0%** | **Mississippi 0.0%** |  |
| Mississippi, State Business Finance Commission, Gulf <br> Opportunity Zone, Chevron U.S.A., Inc., Series F, <br> 3.15% (a), 11/7/2025, GTY: Chevron Corp.<br>| 50000 | &nbsp;&nbsp; **50000** |
| **Missouri 5.7%** | **Missouri 5.7%** |  |
| Kansas City, MO, Special Obligation, H. Roe Bartle <br> Convention Center, Series E, 3.32% (a), 11/7/2025, LOC: <br> Sumitomo Mitsui Banking<br>| 1510000 | &nbsp;&nbsp; 1510000 |
| Missouri, State Health & Educational Facilities Authority <br> Revenue, St Louis University, Series B-1, 3.8% (a), <br> 11/3/2025, LOC: Barclays Bank PLC<br>| 5700000 | &nbsp;&nbsp; 5700000 |
| Wright City, MO, Industrial Revenue, WaterLow Process <br> Systems, Inc., AMT, 3.37% (a), 11/7/2025, LOC: Bank of <br> America NA<br>| 255000 | &nbsp;&nbsp; 255000 |
|  |  | &nbsp;&nbsp; **7465000** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **6**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Nebraska 3.0%** | **Nebraska 3.0%** |  |
| Douglas County, NE, State Hospital Authority No. <br> 2 Revenue, Children's Hospital Obligated Group, Series A, <br> 3.9% (a), 11/3/2025, LOC: U.S. Bank NA<br>| 1700000 | &nbsp;&nbsp; 1700000 |
| Washington County, NE, Industrial Development Revenue, <br> Cargill, Inc., Series B, 3.25% (a), 11/7/2025<br>| 2200000 | &nbsp;&nbsp; 2200000 |
|  |  | &nbsp;&nbsp; **3900000** |
| **New Jersey 0.3%** | **New Jersey 0.3%** |  |
| New Jersey, State Health Care Facilities Financing Authority <br> Revenue, AHS Hospital Corp., Series C, 3.25% (a), <br> 11/7/2025, LOC: JP Morgan Chase Bank NA<br>| 400000 | &nbsp;&nbsp; **400000** |
| **New York 11.7%** | **New York 11.7%** |  |
| New York, Metropolitan Transportation Authority Revenue: |  |  |
| Series G-1G, 3.25% (a), 11/7/2025, LOC: TD Bank NA | 240000 | &nbsp;&nbsp; 240000 |
| Series E-1, 3.9% (a), 11/3/2025, LOC: Barclays Bank PLC | 890000 | &nbsp;&nbsp; 890000 |
| New York, State Energy Research & Development Authority <br> Facilities Revenue, Consolidated Edison Co., Inc. Project, <br> Series A-3, 3.15% (a), 11/7/2025, LOC: Mizuho Bank Ltd.<br>| 300000 | &nbsp;&nbsp; 300000 |
| New York, State Housing Finance Agency Revenue, Liberty <br> Street Realty LLC, Series A, 3.25% (a), 11/7/2025, LIQ: <br> Freddie Mac<br>| 1400000 | &nbsp;&nbsp; 1400000 |
| New York, Triborough Bridge & Tunnel Authority Revenue: |  |  |
| Series A, 3.15% (a), 11/7/2025, LOC: Barclays Bank PLC | 800000 | &nbsp;&nbsp; 800000 |
| Series B-4C, 3.95% (a), 11/3/2025, LOC: U.S. Bank NA | 450000 | &nbsp;&nbsp; 450000 |
| New York City, NY, General Obligation: |  |  |
| Series D-5, 3.25% (a), 11/7/2025, LOC: PNC Bank NA | 900000 | &nbsp;&nbsp; 900000 |
| Series 3, 3.9% (a), 11/3/2025 | 1000000 | &nbsp;&nbsp; 1000000 |
| Series A-3, 3.9% (a), 11/3/2025, LOC: Mizuho Bank Ltd. | 800000 | &nbsp;&nbsp; 800000 |
| Series F-6, 3.9% (a), 11/3/2025, SPA: JP Morgan Chase <br> Bank NA<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| Series G-6, 4.0% (a), 11/3/2025, LOC: Mizuho Bank Ltd. | 500000 | &nbsp;&nbsp; 500000 |
| New York City, NY, Health & Hospital Corp., Health System <br> Revenue, Series B, 3.18% (a), 11/7/2025, LOC: TD <br> Bank NA<br>| 170000 | &nbsp;&nbsp; 170000 |
| New York City, NY, Municipal Water Finance Authority, Water <br> & Sewer System Revenue:<br>|  |  |
| Series AA-6, 3.8% (a), 11/3/2025, SPA: Mizuho Bank Ltd. | 1500000 | &nbsp;&nbsp; 1500000 |
| 3.9% (a), 11/3/2025, SPA: JP Morgan Chase Bank NA | 700000 | &nbsp;&nbsp; 700000 |
| Series DD-3B, 3.95% (a), 11/3/2025, SPA: State Street <br> B&T Co.<br>| 300000 | &nbsp;&nbsp; 300000 |
| Series EE-2, 3.95% (a), 11/3/2025, LIQ: State Street B&T <br> Co.<br>| 2900000 | &nbsp;&nbsp; 2900000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>7</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| New York City, NY, Municipal Water Finance Authority, Water <br> & Sewer Systems Revenue, Series BB, 3.32% (a), <br> 11/7/2025, SPA: TD Bank NA<br>| 300000 | &nbsp;&nbsp; 300000 |
| New York City, NY, Transitional Finance Authority Revenue, <br> Future Tax Secured, Series A4, 3.9% (a), 11/3/2025, SPA: <br> JP Morgan Chase Bank NA<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; **15350000** |
| **Ohio 3.3%** | **Ohio 3.3%** |  |
| Columbus, OH, Regional Airport Authority, Capital Funding <br> Revenue, Oasbo Expanded Asset, 3.25% (a), 11/7/2025, <br> LOC: U.S. Bank NA<br>| 445000 | &nbsp;&nbsp; 445000 |
| Cuyahoga County, OH, Health Care Facilities Revenue, AM <br> McGregor Home Project, Series A, 3.27% (a), 11/7/2025, <br> LOC: Northern Trust Company<br>| 2850000 | &nbsp;&nbsp; 2850000 |
| Franklin County, OH, Hospital Facilities Revenue, Health <br> Corp., Series D, 3.15% (a), 11/7/2025, LOC: Northern <br> Trust Company<br>| 1040000 | &nbsp;&nbsp; 1040000 |
|  |  | &nbsp;&nbsp; **4335000** |
| **Oklahoma 2.1%** | **Oklahoma 2.1%** |  |
| Oklahoma, Tender Option Bond Trust Receipts, <br> Series 2018-XM0708, 144A, AMT, 3.28% (a), 11/7/2025, <br> INS: BAM, LIQ: JPMorgan Chase Bank NA<br>| 2750000 | &nbsp;&nbsp; **2750000** |
| **Oregon 2.7%** | **Oregon 2.7%** |  |
| Oregon, State Facilities Authority Revenue, <br> Peacehealth Systems:<br>|  |  |
| Series A, 3.85% (a), 11/3/2025, LOC: U.S. Bank NA | 1775000 | &nbsp;&nbsp; 1775000 |
| Series B, 3.95% (a), 11/3/2025, LOC: TD Bank NA | 1700000 | &nbsp;&nbsp; 1700000 |
|  |  | &nbsp;&nbsp; **3475000** |
| **Pennsylvania 1.9%** | **Pennsylvania 1.9%** |  |
| Lancaster County, PA, Industrial Development Authority, <br> Willow Valley Retirement, Series C, 3.35% (a), 11/7/2025, <br> LOC: PNC Bank NA<br>| 2500000 | &nbsp;&nbsp; **2500000** |
| **Rhode Island 0.7%** | **Rhode Island 0.7%** |  |
| Rhode Island, State Health & Educational Building Corp., <br> Higher Education Facility Revenue, Bryant University, <br> Series B, 3.25% (a), 11/7/2025, LOC: TD Bank NA<br>| 865000 | &nbsp;&nbsp; **865000** |
| **South Dakota 1.7%** | **South Dakota 1.7%** |  |
| South Dakota, State Health & Educational Facilities <br> Authority, Sioux Vy Hospital & Health Revenue, Series B, <br> 3.25% (a), 11/7/2025, LOC: U.S. Bank NA<br>| 2250000 | &nbsp;&nbsp; **2250000** |
| **Texas 3.4%** | **Texas 3.4%** |  |
| Harris County, TX, Hospital District Revenue, 3.27% (a), <br> 11/7/2025, LOC: JP Morgan Chase Bank NA<br>| 485000 | &nbsp;&nbsp; 485000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Tarrant County, TX, Cultural Education Facilities Finance <br> Corp., Christus Health Obligated Group:<br>|  |  |
| Series C-1, 3.35% (a), 11/7/2025, LOC: Sumitomo Mitsui <br> Banking<br>| 760000 | &nbsp;&nbsp; 760000 |
| Series C-2, 3.35% (a), 11/7/2025, LOC: Bank of NY <br> Mellon<br>| 2355000 | &nbsp;&nbsp; 2355000 |
| Tarrant County, TX, Cultural Education Facilities Finance <br> Corp., Hospital Revenue, Methodist Hospitals of <br> Dallas Project, Series A, 3.9% (a), 11/3/2025, LOC: TD <br> Bank NA<br>| 825000 | &nbsp;&nbsp; 825000 |
|  |  | &nbsp;&nbsp; **4425000** |
| **Vermont 2.0%** | **Vermont 2.0%** |  |
| Vermont, State Educational & Health Buildings Financing <br> Agency Revenue, Fletcher Allen Health care, Series A, <br> 3.33% (a), 11/7/2025, LOC: TD Bank NA<br>| 1760000 | &nbsp;&nbsp; 1760000 |
| Vermont, State Educational & Health Buildings Financing <br> Agency Revenue, Landmark College Project, Series A, <br> 3.96% (a), 11/3/2025, LOC: TD Bank NA<br>| 800000 | &nbsp;&nbsp; 800000 |
|  |  | &nbsp;&nbsp; **2560000** |
| **Virginia 0.9%** | **Virginia 0.9%** |  |
| Loudoun County, VA, Industrial Development Authority, <br> Industrial Development Revenue, Jack Kent Cooke <br> Foundation Project, 3.15% (a), 11/7/2025, LOC: Northern <br> Trust Company<br>| 1125000 | &nbsp;&nbsp; **1125000** |
| **Washington 2.2%** | **Washington 2.2%** |  |
| Washington, State Housing Finance Commission, <br> Combridge Apartments, 3.25% (a), 11/7/2025, LIQ: <br> Fannie Mae<br>| 1060000 | &nbsp;&nbsp; 1060000 |
| Washington, State Housing Finance Commission, Panorama <br> Project, 3.22% (a), 11/7/2025, LOC: Wells Fargo Bank NA<br>| 1750000 | &nbsp;&nbsp; 1750000 |
|  |  | &nbsp;&nbsp; **2810000** |
| **Other 1.7%** | **Other 1.7%** |  |
| Federal Home Loan Mortgage Corp., Multi-Family Variable <br> Rate Certificates, "A" , Series M027, 144A, 3.24% (a), <br> 11/7/2025, LIQ: Freddie Mac<br>| 2280000 | &nbsp;&nbsp; **2280000** |
| **Total Municipal Investments** (Cost $128,700,000) | **Total Municipal Investments** (Cost $128,700,000) | &nbsp;&nbsp; **128700000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **% of Net**<br> **Assets** | **% of Net**<br> **Assets** | **Value ($)** |
| **Total Investment Portfolio** (Cost $128,700,000) | 98.4 | &nbsp;&nbsp; **128700000** |
| **Other Assets and Liabilities, Net** | 1.6 | &nbsp;&nbsp; **2091688** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **130791688** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>9</sub> |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of October 31, 2025. Date shown reflects the earlier of demand date or stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally to <br> qualified institutional buyers.<br>|
| AMT: Subject to alternative minimum tax. |
| BAM: Build America Mutual |
| GTY: Guaranty Agreement |
| INS: Insured |
| LIQ: Liquidity Facility |
| LOC: Letter of Credit |
| SPA: Standby Bond Purchase Agreement |
| TECP: Tax Exempt Commercial Paper |

---

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund'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 Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the 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 October 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $128700000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $128700000 |
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$128700000** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$128700000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Statement of Assets and Liabilities**

as of October 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at amortized cost | $128700000 |
| Cash | 41455 |
| Receivable for investments sold | 1615000 |
| Receivable for Fund shares sold | 114125 |
| Interest receivable | 351726 |
| Other assets | 63986 |
| Total assets | 130886292 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 2461 |
| Distributions payable | 47043 |
| Accrued Trustees' fees | 1418 |
| Other accrued expenses and payables | 43682 |
| Total liabilities | 94604 |
| **Net assets, at value** | **$130791688** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (88724)<br>|
| Paid-in capital | 130880412 |
| **Net assets, at value** | **$130791688** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>11</sub> |

---

------

**Statement of Assets and Liabilities** as of October 31, 2025 (Unaudited) (continued)

------

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **DWS Tax-Exempt Cash Premier Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br>($327,438 ÷ 327,224 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **DWS Tax-Exempt Money Fund** |  |
| **Net Asset Value,** offering and redemption price per share <br>($72,349,385 ÷ 72,302,139 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **DWS Tax-Free Money Fund Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br>($30,740,613 ÷ 30,720,559 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **Service Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br>($23,106 ÷ 23,091 outstanding shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$1.00** |
| **Tax-Exempt Cash Managed Shares** |  |
| **Net Asset Value,** offering and redemption price per share <br>($23,711,717 ÷ 23,696,181 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |
| **Tax-Free Investment Class** |  |
| **Net Asset Value,** offering and redemption price per share <br>($3,639,429 ÷ 3,637,049 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$1.00** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Statement of Operations**

for the six months ended October 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $1772692 |
| Expenses: |  |
| Management fee | 46584 |
| Administration fee | 67032 |
| Services to shareholders | 43026 |
| Distribution and service fees | 28948 |
| Custodian fee | 2272 |
| Audit fee | 15784 |
| Legal fees | 17340 |
| Tax fees | 2984 |
| Reports to shareholders | 18280 |
| Registration fees | 54260 |
| Trustees' fees and expenses | 2944 |
| Other | 28396 |
| Total expenses before expense reductions | 327850 |
| Expense reductions | (126589)<br>|
| Total expenses after expense reductions | 201261 |
| **Net investment income** | **1571431** |
| **Net increase (decrease) in net assets resulting from operations** | **$1571431** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Tax-Exempt Portfolio  | \|<sub>13</sub> |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**October 31, 2025**<br>| **Year Ended** <br>**April 30,**<br>|
| **Increase (Decrease) in Net Assets** | **(Unaudited)** | **2025** |
| Operations: |  |  |
| Net investment income | $1571431 | $4268154 |
| Net realized gain (loss) |  | (3)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| 1571431 | 4268151 |
| Distributions to shareholders: |  |  |
| DWS Tax-Exempt Cash Premier Shares | (12303)<br>| (17113)<br>|
| DWS Tax-Exempt Money Fund | (889733)<br>| (2237927)<br>|
| DWS Tax-Free Money Fund Class S | (375816)<br>| (962940)<br>|
| Service Shares | (7828)<br>| (46681)<br>|
| Tax-Exempt Cash Managed Shares | (310898)<br>| (908662)<br>|
| Tax-Free Investment Class | (32658)<br>| (94831)<br>|
| Total distributions | (1629236)<br>| (4268154)<br>|
| Fund share transactions: |  |  |
| Proceeds from shares sold | 42605836 | 114612960 |
| Reinvestment of distributions | 1287545 | 3280224 |
| Payments for shares redeemed | (55273700)<br>| (139295938)<br>|
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| (11380319)<br>| (21402754)<br>|
| **Increase (decrease) in net assets** | (11438124)<br>| (21402757)<br>|
| Net assets at beginning of period | 142229812 | 163632569 |
| **Net assets at end of period** | **$130791688** | **$142229812** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Cash Premier** <br> **Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .012 | .029 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .012 | .029 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.012)<br>| (.029)<br>| (.032)<br>| (.019)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.24 <br><sup>\*\*</sup><br>| 2.96 | 3.27 | 1.93 | .05 | .04 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| .3 | 1 | 1 | 4 | 18 | 26 |
| Ratio of expenses before expense <br>reductions (%)<br>| .42 <br><sup>\*\*\*</sup><br>| .42 | .40 | .39 | .34 | .33 |
| Ratio of expenses after expense <br>reductions (%)<br>| .20 <br><sup>\*\*\*</sup><br>| .20 | .20 | .20 | .10 | .17 |
| Ratio of net investment income (%) | 2.31 <br><sup>\*\*\*</sup><br>| 3.10 | 3.25 | 1.41 | .04 | .03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **15**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Exempt Money Fund** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .012 | .029 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .012 | .029 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.012)<br>| (.029)<br>| (.032)<br>| (.019)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.22 <br><sup>\*\*</sup><br>| 2.93 | 3.25 | 1.91 | .04 | .03 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 72 | 74 | 80 | 81 | 93 | 109 |
| Ratio of expenses before expense <br>reductions (%)<br>| .42 <br><sup>\*\*\*</sup><br>| .41 | .42 | .41 | .37 | .35 |
| Ratio of expenses after expense <br>reductions (%)<br>| .24 <br><sup>b\*\*\*</sup><br>| .24 <br><sup>b</sup><br>| .22 | .22 | .10 | .17 |
| Ratio of net investment income (%) | 2.33 <br><sup>\*\*\*</sup><br>| 2.89 | 3.20 | 1.79 | .04 | .03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .15% and .17% higher had the Advisor not <br> voluntarily waived or reimbursed certain operating expenses for the periods ended <br> October 31, 2025 and April 30, 2025, respectively.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** | **DWS Tax-Exempt Portfolio** — **DWS Tax-Free Money Fund Class S** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .012 | .028 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .012 | .028 | .032 | .018 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.012)<br>| (.028)<br>| (.032)<br>| (.019)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.20 <br><sup>\*\*</sup><br>| 2.88 | 3.22 | 1.88 | .04 | .02 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 31 | 32 | 35 | 37 | 37 | 40 |
| Ratio of expenses before expense<br> reductions (%)<br>| .47 <br><sup>\*\*\*</sup><br>| .45 | .46 | .45 | .42 | .39 |
| Ratio of expenses after expense<br> reductions (%)<br>| .28 <br><sup>b\*\*\*</sup><br>| .28 <br><sup>b</sup><br>| .25 | .25 | .11 | .18 |
| Ratio of net investment income (%) | 2.28 <br><sup>\*\*\*</sup><br>| 2.84 | 3.17 | 1.80 | .04 | .02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .18% and .17% higher had the Advisor not <br> voluntarily waived or reimbursed certain operating expenses for the periods ended <br> October 31, 2025 and April 30, 2025, respectively.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **17**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** | **DWS Tax-Exempt Portfolio** — **Service Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .008 | .021 | .024 | .010 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .008 | .021 | .024 | .010 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.008)<br>| (.021)<br>| (.024)<br>| (.011)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| .81 <br><sup>\*\*</sup><br>| 2.09 | 2.41 | 1.14 | .01 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| .02 | 2 | 2 | 5 | 5 | 5 |
| Ratio of expenses before expense <br>reductions (%)<br>| 1.25 <br><sup>\*\*\*</sup><br>| 1.22 | 1.24 | 1.22 | 1.18 | 1.17 |
| Ratio of expenses after expense <br>reductions (%)<br>| 1.07 <br><sup>b\*\*\*</sup><br>| 1.06 <br><sup>b</sup><br>| 1.04 | .98 | .15 | .18 |
| Ratio of net investment income (%) | 1.38 <br><sup>\*\*\*</sup><br>| 2.03 | 2.37 | 1.05 | .01 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .18% and .16% higher had the Advisor not <br> voluntarily waived or reimbursed certain operating expenses for the periods ended <br> October 31, 2025 and April 30, 2025, respectively.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** | **DWS Tax-Exempt Portfolio** — **Tax-Exempt Cash Managed Shares** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .012 | .028 | .031 | .016 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .012 | .028 | .031 | .016 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.012)<br>| (.028)<br>| (.031)<br>| (.017)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.17 <br><sup>\*\*</sup><br>| 2.81 | 3.13 | 1.76 | .02 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 24 | 29 | 42 | 8 | 13 | 32 |
| Ratio of expenses before expense <br>reductions (%)<br>| .54 <br><sup>\*\*\*</sup><br>| .53 | .54 | .54 | .49 | .50 |
| Ratio of expenses after expense <br>reductions (%)<br>| .35 <br><sup>b\*\*\*</sup><br>| .35 <br><sup>b</sup><br>| .34 | .37 | .11 | .19 |
| Ratio of net investment income (%) | 2.21 <br><sup>\*\*\*</sup><br>| 2.79 | 3.08 | 1.68 | .02 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .19% and .17% higher had the Advisor not <br> voluntarily waived or reimbursed certain operating expenses for the periods ended <br> October 31, 2025 and April 30, 2025, respectively.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **19**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** | **DWS Tax-Exempt Portfolio** — **Tax-Free Investment Class** |
|  | **Six Months** <br>**Ended 10/31/25**<br>| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning** <br> **of period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |
| Net investment income | .010 | .025 | .028 | .014 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) |  | (.000 )<sup>\*</sup><br>|  | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment** <br> **operations**<br>| .010 | .025 | .028 | .014 | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | (.010)<br>| (.025)<br>| (.028)<br>| (.015)<br>| (.000 )<sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 1.04 <br><sup>\*\*</sup><br>| 2.55 | 2.87 | 1.54 | .01 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period <br> ($ millions)<br>| 4 | 4 | 3 | 4 | 10 | 10 |
| Ratio of expenses before expense <br>reductions (%)<br>| .80 <br><sup>\*\*\*</sup><br>| .78 | .79 | .77 | .73 | .71 |
| Ratio of expenses after expense <br>reductions (%)<br>| .60 <br><sup>b\*\*\*</sup><br>| .60 <br><sup>b</sup><br>| .59 | .59 | .14 | .19 |
| Ratio of net investment income (%) | 1.96 <br><sup>\*\*\*</sup><br>| 2.53 | 2.82 | 1.18 | .01 | .01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; The ratio of expenses would have been .11% and .12% higher had the Advisor not <br> voluntarily waived or reimbursed certain operating expenses for the periods ended <br> October 31, 2025 and April 30, 2025, respectively.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

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

The Trust offers two diversified funds: DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio. These financial statements report on DWS Tax-Exempt Portfolio (the "Fund").

The Fund offers multiple classes of shares: DWS Tax-Exempt Cash Premier Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class. Upon the recommendation of the Advisor,the Fund's Board of Trustees authorized the termination and liquidation of Service Shares, effective on November 25, 2025 (the "Liquidation Date").Shareholders who continued to hold shares of Service Shares on the Liquidation Date received the net asset value per share for all shares they owned on the Liquidation Date. The Fund may impose a discretionary liquidity fee (not to exceed 2%) upon redemption of shares if the Advisor determines a liquidity fee is in the Fund's best interests. The Advisor may impose such a fee in times of market stress, impaired liquidity of the Fund's investments or in other circumstances. A liquidity fee would reduce the amount a shareholder receives upon redemption of shares.

The Fund's investment income, realized gains and losses, and certain Fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares of the Fund, 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 Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **21**  |

---

------

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Various inputs are used in determining the value of the Fund'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 Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Fund values all securities 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. Securities held by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Tax Information.** The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.

At April 30, 2025, the Fund had net tax basis capital loss carryforwards of $3,090 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

At October 31, 2025, the Fund had an aggregate cost of investments for federal income tax purposes of $128,700,000.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended April 30, 2025, remains subject to examination by taxing authorities.

**Distribution of Income.** Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund 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 book-to-tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned pro rata on the basis of relative net assets among the funds in the Trust.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **23**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B.** **Related Parties**

**Management Agreement.** Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund 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 Fund.

The monthly management fee for the Fund is computed based on the combined average daily net assets of the two funds of the Trust and allocated to the Fund based on its relative net assets, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $500 million of the Funds' combined average daily net assets | &nbsp;&nbsp; .120% |
| Next $500 million of such net assets | &nbsp;&nbsp; .100% |
| Next $1 billion of such net assets | &nbsp;&nbsp; .075% |
| Next $1 billion of such net assets | &nbsp;&nbsp; .060% |
| Over $3 billion of such net assets | &nbsp;&nbsp; .050% |

---

Accordingly, for the six months ended October 31, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.067% of the Fund's average daily net assets.

For the period from May 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of certain classes as follows:

---

| | |
|:---|:---|
| DWS Tax-Exempt Cash Premier Shares | &nbsp;&nbsp; .20% |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; .40% |
| DWS Tax-Free Money Fund Class S | &nbsp;&nbsp; .48% |
| Tax-Free Investment Class | &nbsp;&nbsp; .72% |

---

In addition, the Advisor agreed to voluntarily waive additional expenses. The voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses on DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Service Shares,Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

For the six months ended October 31, 2025, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| DWS Tax-Exempt Cash Premier Shares | &nbsp;&nbsp; $1139 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; 66609 |
| DWS Tax-Free Money Fund Class S | &nbsp;&nbsp; 29322 |
| Service Shares | &nbsp;&nbsp; 1037 |
| Tax-Exempt Cash Managed Shares | &nbsp;&nbsp; 25392 |
| Tax-Free Investment Class | &nbsp;&nbsp; 3090 |
|  | &nbsp;&nbsp; **$126589** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended October 31, 2025, the Administration Fee was $67,032, of which $10,484 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended October 31, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>|
| DWS Tax-Exempt Cash Premier Shares | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $19 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; 13616 | &nbsp;&nbsp; 4347 |
| DWS Tax-Free Money Fund Class S | &nbsp;&nbsp; 12798 | &nbsp;&nbsp; 4175 |
| Service Shares | &nbsp;&nbsp; 1539 | &nbsp;&nbsp; 9 |
| Tax-Exempt Cash Managed Shares | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 99 |
| Tax-Free Investment Class | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp; **$30156** | &nbsp;&nbsp; **$9126** |

---

In addition, for the six months ended October 31, 2025, the amounts charged to the Fund for recordkeeping and other administrative services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **25**  |

---

------

provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| DWS Tax-Exempt Cash Premier Shares | &nbsp;&nbsp; $1 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; 477 |
| DWS Tax-Free Money Fund Class S | &nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp; **$778** |

---

**Distribution Service Agreement.** Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Distributors, Inc. ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee"), calculated as a percentage of average daily net assets for the shares listed in the following table. For the six months ended October 31, 2025, the Distribution Fee was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>| **Annualized** <br>**Rate**<br>| **Contractual** <br>**Rate**<br>|
| Service Shares | &nbsp;&nbsp; $3396 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; .60% | &nbsp;&nbsp; .60% |
| Tax-Free <br> Investment Class<br>| &nbsp;&nbsp; 3966 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; .25% | &nbsp;&nbsp; .25% |
|  | &nbsp;&nbsp; **$7362** | &nbsp;&nbsp; **$728** |  |  |

---

In addition, DDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan. For the six months ended October 31, 2025, the Service Fee was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**October 31, 2025**<br>| **Annualized** <br>**Rate**<br>| **Contractual** <br>**Rate**<br>|
| Tax-Exempt Cash <br> Managed Shares<br>| &nbsp;&nbsp; $20475 | &nbsp;&nbsp; $2825 | &nbsp;&nbsp; .15% | &nbsp;&nbsp; .15% |
| Tax-Free <br> Investment Class<br>| &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; .07% | &nbsp;&nbsp; .07% |
|  | &nbsp;&nbsp; **$21586** | &nbsp;&nbsp; **$3026** |  |  |

---

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended October 31, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $798, of which $138 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

**Transactions with Affiliates.** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the six months ended October 31, 2025, the Fund engaged in securities purchases of $32,830,000 and securities sales of $35,170,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

**C.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund 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 a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2025.

**D.** **Fund Share Transactions**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31, 2025** | **Six Months Ended** <br>**October 31, 2025** | **Year Ended** <br>**April 30, 2025** | **Year Ended** <br>**April 30, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| DWS Tax-Exempt Cash Premier <br> Shares<br>| &nbsp;&nbsp; 2866044 | &nbsp;&nbsp; $2866044 | &nbsp;&nbsp; 2844582 | &nbsp;&nbsp; $2844582 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; 7141235 | &nbsp;&nbsp; 7141235 | &nbsp;&nbsp; 20614780 | &nbsp;&nbsp; 20614780 |
| DWS Tax-Free Money Fund <br> Class S<br>| &nbsp;&nbsp; 1173941 | &nbsp;&nbsp; 1173941 | &nbsp;&nbsp; 6764252 | &nbsp;&nbsp; 6764252 |
| Service Shares | &nbsp;&nbsp; 3649560 | &nbsp;&nbsp; 3649560 | &nbsp;&nbsp; 20862661 | &nbsp;&nbsp; 20862661 |
| Tax-Exempt Cash Managed <br> Shares<br>| &nbsp;&nbsp; 25022010 | &nbsp;&nbsp; 25022010 | &nbsp;&nbsp; 55233655 | &nbsp;&nbsp; 55233655 |
| Tax-Free Investment Class | &nbsp;&nbsp; 2748591 | &nbsp;&nbsp; 2748591 | &nbsp;&nbsp; 8287941 | &nbsp;&nbsp; 8287941 |
| Account maintenance fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5089 |
|  |  | &nbsp;&nbsp; **$42605836** |  | &nbsp;&nbsp; **$114612960** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **27**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31, 2025** | **Six Months Ended**<br> **October 31, 2025** | **Year Ended**<br> **April 30, 2025** | **Year Ended**<br> **April 30, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| DWS Tax-Exempt Cash Premier <br> Shares<br>| &nbsp;&nbsp; 12290 | &nbsp;&nbsp; $12290 | &nbsp;&nbsp; 16970 | &nbsp;&nbsp; $16970 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; 894492 | &nbsp;&nbsp; 894492 | &nbsp;&nbsp; 2211120 | &nbsp;&nbsp; 2211120 |
| DWS Tax-Free Money Fund <br> Class S<br>| &nbsp;&nbsp; 340125 | &nbsp;&nbsp; 340125 | &nbsp;&nbsp; 910145 | &nbsp;&nbsp; 910145 |
| Service Shares | &nbsp;&nbsp; 6646 | &nbsp;&nbsp; 6646 | &nbsp;&nbsp; 45113 | &nbsp;&nbsp; 45113 |
| Tax-Exempt Cash Managed <br> Shares<br>| &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 3142 | &nbsp;&nbsp; 3142 |
| Tax-Free Investment Class | &nbsp;&nbsp; 32628 | &nbsp;&nbsp; 32628 | &nbsp;&nbsp; 93734 | &nbsp;&nbsp; 93734 |
|  |  | &nbsp;&nbsp; **$1287545** |  | &nbsp;&nbsp; **$3280224** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| DWS Tax-Exempt Cash Premier <br> Shares<br>| &nbsp;&nbsp; (3600760)<br>| &nbsp;&nbsp; $(3600760)<br>| &nbsp;&nbsp; (2851074)<br>| &nbsp;&nbsp; $(2851074)<br>|
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; (9403998)<br>| &nbsp;&nbsp; (9403998)<br>| &nbsp;&nbsp; (29487134)<br>| &nbsp;&nbsp; (29487134)<br>|
| DWS Tax-Free Money Fund <br> Class S<br>| &nbsp;&nbsp; (3221041)<br>| &nbsp;&nbsp; (3221041)<br>| &nbsp;&nbsp; (10269264)<br>| &nbsp;&nbsp; (10269264)<br>|
| Service Shares | &nbsp;&nbsp; (5748720)<br>| &nbsp;&nbsp; (5748720)<br>| &nbsp;&nbsp; (21111280)<br>| &nbsp;&nbsp; (21111280)<br>|
| Tax-Exempt Cash Managed <br> Shares<br>| &nbsp;&nbsp; (30656112)<br>| &nbsp;&nbsp; (30656112)<br>| &nbsp;&nbsp; (67422370)<br>| &nbsp;&nbsp; (67422370)<br>|
| Tax-Free Investment Class | &nbsp;&nbsp; (2643069)<br>| &nbsp;&nbsp; (2643069)<br>| &nbsp;&nbsp; (8154816)<br>| &nbsp;&nbsp; (8154816)<br>|
|  |  | &nbsp;&nbsp; **$(55273700)**<br>|  | &nbsp;&nbsp; **$(139295938)**<br>|
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| DWS Tax-Exempt Cash Premier <br> Shares<br>| &nbsp;&nbsp; (722426)<br>| &nbsp;&nbsp; $(722426)<br>| &nbsp;&nbsp; 10478 | &nbsp;&nbsp; $10478 |
| DWS Tax-Exempt Money Fund | &nbsp;&nbsp; (1368271)<br>| &nbsp;&nbsp; (1368271)<br>| &nbsp;&nbsp; (6661234)<br>| &nbsp;&nbsp; (6661234)<br>|
| DWS Tax-Free Money Fund <br> Class S<br>| &nbsp;&nbsp; (1706975)<br>| &nbsp;&nbsp; (1706975)<br>| &nbsp;&nbsp; (2594867)<br>| &nbsp;&nbsp; (2594867)<br>|
| Service Shares | &nbsp;&nbsp; (2092514)<br>| &nbsp;&nbsp; (2092514)<br>| &nbsp;&nbsp; (203506)<br>| &nbsp;&nbsp; (203506)<br>|
| Tax-Exempt Cash Managed <br> Shares<br>| &nbsp;&nbsp; (5632738)<br>| &nbsp;&nbsp; (5632738)<br>| &nbsp;&nbsp; (12185573)<br>| &nbsp;&nbsp; (12185573)<br>|
| Tax-Free Investment Class | &nbsp;&nbsp; 138150 | &nbsp;&nbsp; 138150 | &nbsp;&nbsp; 226859 | &nbsp;&nbsp; 226859 |
| Account maintenance fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5089 |
|  |  | &nbsp;&nbsp; **$(11380319)**<br>|  | &nbsp;&nbsp; **$(21402754)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and during periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and, at times, could impair the Fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **29**  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Tax-Exempt Portfolio's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **30**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2024, the Fund's gross performance (DWS Tax-Exempt Cash Premier Shares) was in the 4th quartile and 3rd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). Based on Broadridge data provided as of December 31, 2024, the Board noted that the Fund's total operating expenses (excluding 12b-1 fees and/or shareholder administration fees, if applicable) were higher than the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **31**  |

---

------

median of the applicable Broadridge expense universe (less any applicable 12b-1 fees) for the following share classes: Service Shares (4th quartile), DWS Tax-Exempt Cash Premier Shares (4th quartile), Tax-Free Investment Class shares (4th quartile), Tax-Exempt Cash Managed Shares (4th quartile), DWS Tax-Exempt Money Fund shares (4th quartile) and DWS Tax-Free Money Fund Class S shares (4th quartile). The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds"), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **32**  | \|  | DWS Tax-Exempt Portfolio  |

---

------

Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present

CATTEP-BFE2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| DWS Tax-Exempt Portfolio  | \|  | **33**  |

---

------

![](img9be87d2a2.jpg)

CATTEP-NCSRS

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The 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 Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during 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. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[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.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[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.](ex99906cert.htm) |

---

**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;DWS Tax-Exempt Portfolio and DWS Government & Agency Securities Portfolio, each a series of Cash Account Trust |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;12/30/2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;12/30/2025 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;12/30/2025 |

---

## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Tax-Exempt Portfolio and DWS Government & Agency Securities Portfolio, each a series of Cash Account Trust, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;12/30/2025 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Tax-Exempt Portfolio and DWS Government & Agency Securities Portfolio, each a series of Cash Account Trust, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;12/30/2025 | &nbsp;&nbsp;<u>/s/ Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Tax-Exempt Portfolio and DWS Government & Agency Securities Portfolio, each a series of Cash Account Trust, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;12/30/2025 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Tax-Exempt Portfolio and DWS Government & Agency Securities Portfolio, each a series of Cash Account Trust, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;12/30/2025 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---