# EDGAR Filing Document

**Accession Number:** 0000863209
**File Stem:** 0000088053-26-000445
**Filing Date:** 2026-6
**Character Count:** 135142
**Document Hash:** 7b6ed2b62cb402f50fb26a8217fc5180
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000445.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0000088053-26-000445

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESTORS CASH TRUST
- **CENTRAL INDEX KEY:** 0000863209

**ORGANIZATION NAME:**
- **EIN:** 363708479
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06103
- **FILM NUMBER:** 261056335

**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 Treasury Portfolio (Series ID: S000006308)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000017365 | Institutional Shares                 | ICTXX           |
| C000035153 | DWS U.S. Treasury Money Fund Class S | IUSXX           |
| C000035154 | Investment Class Shares              | ITVXX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06103

<u>Investors Cash 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: 3/31 <br>Date of reporting period: 3/31/2026

---

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

---

# DWS Treasury Portfolio

# DWS U.S. Treasury Money Fund Class S: IUSXX

## Annual Shareholder Report — March 31, 2026
![Image](i447fc835c7b31b816edba578.jpg)

This annual shareholder report contains important information about DWS Treasury Portfolio (the "Fund") for the period April 1, 2025 to March 31, 2026. 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 year?
(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 U.S. Treasury Money Fund Class S | $27 | 0.26% |

---

Gross expense ratio as of the latest prospectus: 0.30%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 580033575 |
| Number of Portfolio Holdings | 32 |
| Total Net Advisory Fees Paid ($) | 67087 |
| Weighted Average Maturity | 21 days |
| 7-Day Current Yield | 3.45% |

---

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 March 31, 2026. The 7-Day Current Yield would have been 3.40% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 54% |
| Government & Agency Obligations | 46% |
| 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.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **DUSTMF** - **TSRA** 

## R-105358-2 (05/26)

# DWS Treasury Portfolio

# Institutional Shares: ICTXX

## Annual Shareholder Report — March 31, 2026
![Image](i447fc835c7b31b816edba578.jpg)

This annual shareholder report contains important information about DWS Treasury Portfolio (the "Fund") for the period April 1, 2025 to March 31, 2026. 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $17 | 0.17% |

---

Gross expense ratio as of the latest prospectus: 0.30%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 580033575 |
| Number of Portfolio Holdings | 32 |
| Total Net Advisory Fees Paid ($) | 67087 |
| Weighted Average Maturity | 21 days |
| 7-Day Current Yield | 3.53% |

---

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 March 31, 2026. The 7-Day Current Yield would have been 3.40% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 54% |
| Government & Agency Obligations | 46% |
| 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.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **ICT** - **TSRA** 

## R-105358-2 (05/26)

# DWS Treasury Portfolio

# Investment Class Shares: ITVXX

## Annual Shareholder Report — March 31, 2026
![Image](i447fc835c7b31b816edba578.jpg)

This annual shareholder report contains important information about DWS Treasury Portfolio (the "Fund") for the period April 1, 2025 to March 31, 2026. 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investment Class Shares | $55 | 0.54% |

---

Gross expense ratio as of the latest prospectus: 0.59%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 580033575 |
| Number of Portfolio Holdings | 32 |
| Total Net Advisory Fees Paid ($) | 67087 |
| Weighted Average Maturity | 21 days |
| 7-Day Current Yield | 3.18% |

---

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 March 31, 2026. The 7-Day Current Yield would have been 3.08% had certain expenses not been reduced.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 54% |
| Government & Agency Obligations | 46% |
| 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.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **ICTTF** - **TSRA** 

## R-105358-2 (05/26)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |

---

**Investors Cash Trust: DWS Treasury Portfolio**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> March 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All<br> Other Fees Billed to Fund |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$30679 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5969 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$30679 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5969 | &nbsp;&nbsp;$0 |

---

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

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> March 31, | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All<br> Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$588231 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1369569 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> March 31, | &nbsp;&nbsp;Total <br> Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$5969 | &nbsp;&nbsp;$588231 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$594200 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$5969 | &nbsp;&nbsp;$1369569 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1375538 |

---

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

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

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

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.

\*\*\*

In connection with the audit of the 2025 and 2026 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

---

| | |
|:---|:---|
| &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) |

---

![](img7b6428581.jpg)

March 31, 2026

**Annual Financial Statements and Other Information**

**Investors Cash Trust**

**DWS Treasury Portfolio**

![](img1175f07c2.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_SOI-CC-Financial-RunningFooter-379_1) |
| **7** | [Statement of Assets and Liabilities](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_FS-CC-Financial-RunningFooter-379_1) |
| **8** | [Statement of Operations](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_FS-CC-Financial-RunningFooter-379_2) |
| **9** | [Statements of Changes in Net Assets](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_FS-CC-Financial-RunningFooter-379_3) |
| **10** | [Financial Highlights](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_FIHI-CC-Financial-RunningFooter-379_1) |
| **13** | [Notes to Financial Statements](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_NTF-CC-Financial-RunningFooter-379_1) |
| **22** | [Report of Independent Registered Public Accounting Firm](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_AUD-CC-Financial-RunningFooter-379_1) |
| **24** | [Tax Information](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_FEXPTI-CC-Financial-RunningFooter-379_1) |
| **25** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_5b01caab-ceda-4ea4-aec6-3eb53c0258a5_AABCF-CC-Financial-RunningFooter-379_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 Treasury Portfolio  |

---

------

**Investment Portfolioas of March 31, 2026**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 45.6%** | **Government & Agency Obligations 45.6%** | **Government & Agency Obligations 45.6%** |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bills: |  |  |
| 3.45% (a), 2/18/2027 | 3000000 | &nbsp;&nbsp; 2908416 |
| 3.49% (a), 12/24/2026 | 1500000 | &nbsp;&nbsp; 1461702 |
| 3.514% (a), 6/25/2026 | 5000000 | &nbsp;&nbsp; 4959088 |
| 3.514% (a), 7/9/2026 | 2525000 | &nbsp;&nbsp; 2500933 |
| 3.544% (a), 6/18/2026 | 6500000 | &nbsp;&nbsp; 6450772 |
| 3.549% (a), 8/13/2026 | 6500000 | &nbsp;&nbsp; 6415307 |
| 3.554% (a), 9/10/2026 | 6500000 | &nbsp;&nbsp; 6397479 |
| 3.564% (a), 5/5/2026 | 6000000 | &nbsp;&nbsp; 5980082 |
| 3.566% (a), 8/27/2026 | 6500000 | &nbsp;&nbsp; 6406005 |
| 3.57% (a), 7/23/2026 | 5000000 | &nbsp;&nbsp; 4944740 |
| 3.594% (a), 6/11/2026 | 5000000 | &nbsp;&nbsp; 4965042 |
| 3.605% (a), 4/28/2026 | 5500000 | &nbsp;&nbsp; 5485331 |
| 3.613% (a), 10/1/2026 | 6000000 | &nbsp;&nbsp; 5890421 |
| 3.636% (a), 6/16/2026 | 7000000 | &nbsp;&nbsp; 6947007 |
| 3.645% (a), 5/14/2026 | 16000000 | &nbsp;&nbsp; 15930745 |
| 3.647% (a), 7/14/2026 | 8000000 | &nbsp;&nbsp; 7916869 |
| 3.651% (a), 7/7/2026 | 5500000 | &nbsp;&nbsp; 5446635 |
| 3.665% (a), 3/18/2027 | 3000000 | &nbsp;&nbsp; 2894260 |
| 3.676% (a), 4/23/2026 | 5750000 | &nbsp;&nbsp; 5737259 |
| 3.716% (a), 5/21/2026 | 6000000 | &nbsp;&nbsp; 5969458 |
| 3.753% (a), 4/2/2026 | 5500000 | &nbsp;&nbsp; 5499434 |
| 3.754% (a), 4/16/2026 | 5750000 | &nbsp;&nbsp; 5741128 |
| U.S. Treasury Floating Rate Notes: |  |  |
| 3 mo. Treasury money market yield + 0.15%, <br> 3.803% (b), 4/30/2026<br>| 40000000 | &nbsp;&nbsp; 39998857 |
| 3 mo. Treasury money market yield + 0.16%, <br> 3.813% (b), 4/30/2027<br>| 37500000 | &nbsp;&nbsp; 37543533 |
| 3 mo. Treasury money market yield + 0.182%, <br> 3.835% (b), 7/31/2026<br>| 30000000 | &nbsp;&nbsp; 30001991 |
| 3 mo. Treasury money market yield + 0.205%, <br> 3.858% (b), 10/31/2026<br>| 30000000 | &nbsp;&nbsp; 30008545 |
| **Total Government & Agency Obligations** (Cost $264,401,039) | **Total Government & Agency Obligations** (Cost $264,401,039) | &nbsp;&nbsp; **264401039** |
| **Repurchase Agreements 54.1%** | **Repurchase Agreements 54.1%** | **Repurchase Agreements 54.1%** |
| Barclays Bank PLC, 3.66%, dated 3/31/2026, to be <br> repurchased at $7,000,712 on 4/1/2026 (c)<br>| 7000000 | &nbsp;&nbsp; 7000000 |

---

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

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

---

| | |
|:---|:---|
| DWS Treasury Portfolio  | \|<sub>3</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Citigroup Global Markets, Inc., 3.66%, dated 3/31/2026, <br> to be repurchased at $49,004,982 on 4/1/2026 (d)<br>| 49000000 | &nbsp;&nbsp; 49000000 |
| Fixed Income Clearing Corp., 3.66%, dated 3/31/2026, to <br> be repurchased at $100,010,167 on 4/1/2026 (e)<br>| 100000000 | &nbsp;&nbsp; 100000000 |
| JPMorgan Securities, Inc., 3.66%, dated 3/31/2026, to be <br> repurchased at $50,005,083 on 4/1/2026 (f)<br>| 50000000 | &nbsp;&nbsp; 50000000 |
| Royal Bank of Canada, 3.66%, dated 3/31/2026, to be <br> repurchased at $17,001,728 on 4/1/2026 (g)<br>| 17000000 | &nbsp;&nbsp; 17000000 |
| Wells Fargo Bank, 3.66%, dated 3/31/2026, to be <br> repurchased at $91,009,252 on 4/1/2026 (h)<br>| 91000000 | &nbsp;&nbsp; 91000000 |
| **Total Repurchase Agreements** (Cost $314,000,000) | **Total Repurchase Agreements** (Cost $314,000,000) | &nbsp;&nbsp; **314000000** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net** <br>**Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $578,401,039) | 99.7 | &nbsp;&nbsp; **578401039** |
| **Other Assets and Liabilities, Net** | 0.3 | &nbsp;&nbsp; **1632536** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **580033575** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. These securities are shown at their current rate as of March 31, 2026.

&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>|
| 14700 | U.S. Treasury Bonds | 3.0–5.375 | 2/15/2031–11/15/2045 | 15529 |
| 7880557 | U.S. Treasury Strips | Zero Coupon | 11/15/2028–2/15/2044 | 7124471 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **7140000** |

---

&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>|
| 48523500 | U.S. Treasury Inflation <br> Index Notes<br>| 1.875–2.125 | 7/15/2034–7/15/2035 | 49018985 |
| 950100 | U.S. Treasury Notes | 3.875–4.25 | 8/15/2034–5/15/2035 | 961115 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **49980100** |

---

&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>|
| 101160200 | U.S. Treasury Notes | 3.875–4.625 | 3/31/2031–6/2/2031 | 102000000 |

---

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

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

---

| | | |
|:---|:---|:---|
| **4**  | \|  | DWS Treasury Portfolio  |

---

------

&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>|
| 55319454 | U.S. Treasury Strips | Zero Coupon | 5/15/2028 | 51000000 |

---

&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>|
| 11506400 | U.S. Treasury Bonds | 2.25–4.75 | 8/15/2046–8/15/2055 | 11274076 |
| 30800 | U.S. Treasury Inflation <br> Index Notes<br>| 2.125 | 4/15/2029 | 33579 |
| 2979600 | U.S. Treasury Notes | 1.25–4.625 | 2/15/2028–9/30/2030 | 2800336 |
| 3726388 | U.S. Treasury Strips | Zero Coupon | 5/15/2029–2/15/2049 | 3233772 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **17341763** |

---

&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>|
| 88890848 | U.S. Treasury Inflation <br> Index Notes<br>| 0.125–1.875 | 4/15/2027–1/15/2036 | 92820001 |

---

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

STRIPS: Separate Trading of Registered Interest and Principal Securities

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

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

---

| | |
|:---|:---|
| DWS Treasury Portfolio  | \|<sub>5</sub> |

---

------

**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 March 31, 2026 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; $264401039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264401039 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 314000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 314000000 |
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$578401039** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$578401039** |

---

&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;

---

| | | |
|:---|:---|:---|
| **6**  | \|  | DWS Treasury Portfolio  |

---

------

**Statement of Assets and Liabilities**

as of March 31, 2026

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at amortized cost | $264401039 |
| Repurchase agreements, valued at amortized cost | 314000000 |
| Cash | 96562 |
| Receivable for Fund shares sold | 7572858 |
| Interest receivable | 905056 |
| Other assets | 52530 |
| Total assets | 587028045 |
| **Liabilities** |  |
| Payable for investments purchased | 5890421 |
| Payable for Fund shares redeemed | 399016 |
| Distributions payable | 499102 |
| Accrued Trustees' fees | 4733 |
| Other accrued expenses and payables | 201198 |
| Total liabilities | 6994470 |
| **Net assets, at value** | **$580033575** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (75215)<br>|
| Paid-in capital | 580108790 |
| **Net assets, at value** | **$580033575** |
| **Net Asset Value** |  |
| **Institutional Shares** |  |
| **Net Asset Value,** offering and redemption price per share ($316,155,599 ÷ <br> 316,166,566 outstanding shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$1.00** |
| **Investment Class Shares** |  |
| **Net Asset Value,** offering and redemption price per share ($128,480,702 ÷ <br> 128,485,215 outstanding shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$1.00** |
| **DWS U.S. Treasury Money Fund Class S** |  |
| **Net Asset Value,** offering and redemption price per share ($135,397,274 ÷ <br> 135,402,013 outstanding shares of beneficial interest, no par value, <br> 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 Treasury Portfolio  | \|<sub>7</sub> |

---

------

**Statement of Operations**

for the year ended March 31, 2026

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $24507520 |
| Expenses: |  |
| Management fee | 297570 |
| Administration fee | 577286 |
| Services to shareholders | 343555 |
| Distribution and service fees | 759936 |
| Custodian fee | 6191 |
| Professional fees | 66664 |
| Reports to shareholders | 48455 |
| Registration fees | 98941 |
| Trustees' fees and expenses | 18962 |
| Other | 97300 |
| Total expenses before expense reductions | 2314860 |
| Expense reductions | (484125)<br>|
| Total expenses after expense reductions | 1830735 |
| **Net investment income** | **22676785** |
| **Net realized gain (loss) from investments** | **18644** |
| **Net increase (decrease) in net assets resulting from operations** | **$22695429** |

---

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

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

---

| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Treasury Portfolio  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
| **Increase (Decrease) in Net Assets** | **2026** | **2025** |
| Operations: |  |  |
| Net investment income | $22676785 | $29079884 |
| Net realized gain (loss) | 18644 | 19149 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| 22695429 | 29099033 |
| Distributions to shareholders: |  |  |
| Capital Shares | (1643 )<sup>\*</sup><br>| (2175)<br>|
| Institutional Shares | (11086409)<br>| (14495157)<br>|
| Investment Class Shares | (7012468)<br>| (9417514)<br>|
| DWS U.S. Treasury Money Fund Class S | (4576233)<br>| (5165038)<br>|
| Total distributions | (22676753)<br>| (29079884)<br>|
| Fund share transactions: |  |  |
| Proceeds from shares sold | 3047785121 | 2095062950 |
| Reinvestment of distributions | 10148125 | 10877776 |
| Payments for shares redeemed | (3183312945)<br>| (2007822491)<br>|
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| (125379699)<br>| 98118235 |
| **Increase (decrease) in net assets** | (125361023)<br>| 98137384 |
| Net assets at beginning of period | 705394598 | 607257214 |
| **Net assets at end of period** | **$580033575** | **$705394598** |

---

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

<sup>\*</sup> For the period from April 1, 2025 to February 11, 2026 (Capital shares liquidation date).

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

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

---

| | |
|:---|:---|
| DWS Treasury Portfolio  | \|<sub>9</sub> |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Treasury Portfolio** — **Institutional Shares** | **DWS Treasury Portfolio** — **Institutional Shares** | **DWS Treasury Portfolio** — **Institutional Shares** | **DWS Treasury Portfolio** — **Institutional Shares** | **DWS Treasury Portfolio** — **Institutional Shares** | **DWS Treasury Portfolio** — **Institutional Shares** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **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 of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | .039 | .048 | .051 | .026 | .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment operations** | .039 | .048 | .051 | .026 | .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.039)<br>| (.048)<br>| (.051)<br>| (.026)<br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 4.00 | 4.89 | 5.25 | 2.65 | .03 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 316 | 386 | 273 | 250 | 525 |
| Ratio of expenses before expense reductions (%) | .29 | .30 | .28 | .30 | .25 |
| Ratio of expenses after expense reductions (%) | .17 <br><sup>b</sup><br>| .17 <br><sup>b</sup><br>| .16 | .15 | .05 |
| Ratio of net investment income (%) | 3.92 | 4.81 | 5.13 | 2.35 | .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> The ratio of expenses would have been .08% and .08% higher had the Advisor not voluntarily waived or reimbursed certain operating expenses for the periods ended March 31, 2026 and March 31, 2025, respectively. 

<sup>\*</sup> Amount is less than $.0005.

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

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

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS Treasury Portfolio  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Treasury Portfolio** — **Investment Class Shares** | **DWS Treasury Portfolio** — **Investment Class Shares** | **DWS Treasury Portfolio** — **Investment Class Shares** | **DWS Treasury Portfolio** — **Investment Class Shares** | **DWS Treasury Portfolio** — **Investment Class Shares** | **DWS Treasury Portfolio** — **Investment Class Shares** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | .036 | .044 | .048 | .023 | .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment operations** | .036 | .044 | .048 | .023 | .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.036)<br>| (.044)<br>| (.048)<br>| (.023)<br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 3.63 | 4.49 | 4.86 | 2.27 | .01 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 128 | 205 | 226 | 217 | 225 |
| Ratio of expenses before expense reductions (%) | .58 | .59 | .60 | .61 | .58 |
| Ratio of expenses after expense <br>reductions (%)<br>| .54 <br><sup>b</sup><br>| .56 <br><sup>b</sup><br>| .53 | .52 | .08 |
| Ratio of net investment income (%) | 3.63 | 4.40 | 4.76 | 2.20 | .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> The ratio of expenses would have been .04% and .03% higher had the Advisor not voluntarily waived or reimbursed certain operating expensesfor the periods ended March 31, 2026 and March 31, 2025, respectively.. 

<sup>\*</sup> Amount is less than $.0005.

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

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

---

| | |
|:---|:---|
| DWS Treasury Portfolio  | \|<sub>11</sub> |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** | **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** | **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** | **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** | **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** | **DWS Treasury Portfolio** — **DWS U.S. Treasury Money Fund Class S** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | .038 | .047 | .051 | .025 | .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | .000 <br><sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>| .000 <br><sup>\*</sup><br>| (.000 )<sup>\*</sup><br>|
| **Total from investment operations** | .038 | .047 | .051 | .025 | .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.038)<br>| (.047)<br>| (.051)<br>| (.025)<br>| (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Total Return (%)<sup>a</sup> <br>| 3.92 | 4.79 | 5.17 | 2.54 | .02 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 135 | 115 | 108 | 105 | 95 |
| Ratio of expenses before expense reductions (%) | .31 | .30 | .30 | .32 | .30 |
| Ratio of expenses after expense reductions (%) | .26 <br><sup>b</sup><br>| .27 <br><sup>b</sup><br>| .23 | .26 | .07 |
| Ratio of net investment income (%) | 3.85 | 4.68 | 5.06 | 2.53 | .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> The ratio of expenses would have been .05% and .03% higher had the Advisor not voluntarily waived or reimbursed certain operating expenses for the periods ended March 31, 2026 and March 31, 2025, respectively. 

<sup>\*</sup> Amount is less than $.0005.

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

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

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Treasury Portfolio  |

---

------

**Notes to Financial Statements** 

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

DWS Treasury Portfolio (the "Fund") is a diversified series of Investors Cash Trust (the "Trust"), which 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 Fund offers multiple classes of shares which provide investors with different purchase options that include Capital Shares, Institutional Shares, Investment Class Shares and DWS U.S. Treasury Money Fund Class S. Upon the recommendation of the Advisor, the Fund's Board of Trustees authorized the termination and liquidation of Capital Shares, effective February 11, 2026.

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, 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 Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the

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

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| | |
|:---|:---|
| DWS Treasury Portfolio  | \|<sub>13</sub> |

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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 holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the

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

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Treasury Portfolio  |

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------

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 March 31, 2026, the Fund held repurchase agreements with a gross value of $314,000,000. 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 March 31, 2026, the Fund had net tax basis capital loss carryforwards of $72,827 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

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 March 31, 2026, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** 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 significant book-to-tax differences for the Fund.

At March 31, 2026, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $496715 |
| Capital loss carryforwards | &nbsp;&nbsp; $(72827)<br>|

---

At March 31, 2026, the Fund had an aggregate cost of investments for federal income tax purposes of $578,401,039.

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

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **15**  |

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $22676753 | &nbsp;&nbsp; $29079884 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**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 the 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.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.05%.

For the period from April 1, 2025 through September 30, 2026 (through February 11, 2026 (Capital shares liquidation date) for Capital shares), the Advisor 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

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

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| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Treasury Portfolio  |

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

---

| | |
|:---|:---|
| Capital Shares | &nbsp;&nbsp; .20% |
| Institutional Shares | &nbsp;&nbsp; .25% |

---

For the period from April 1, 2025 through March 31, 2026, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Institutional Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.17%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

The Advisor agreed to voluntarily waive expenses of the Investment Class Shares and of the DWS U.S. Treasury Money Fund Class S. This voluntary waiver may be changed or terminated at any time without notice.

For the year ended March 31, 2026 (through February 11, 2026 (Capital shares liquidation date) for Capital shares), fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Capital Shares | &nbsp;&nbsp; $64 |
| Institutional Shares | &nbsp;&nbsp; 347904 |
| Investment Class Shares | &nbsp;&nbsp; 76422 |
| DWS U.S. Treasury Money Fund Class S | &nbsp;&nbsp; 59735 |
|  | &nbsp;&nbsp; **$484125** |

---

**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 year ended March 31, 2026, the Administration Fee was $577,286, of which $50,140 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 year ended March 31,

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **17**  |

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2026 (through February 11, 2026 (Capital shares liquidation date) for Capital shares), the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**March 31, 2026**<br>|
| Capital Shares | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $5 |
| Institutional Shares | &nbsp;&nbsp; 87532 | &nbsp;&nbsp; 15263 |
| Investment Class Shares | &nbsp;&nbsp; 74263 | &nbsp;&nbsp; 9356 |
| DWS U.S. Treasury Money Fund Class S | &nbsp;&nbsp; 65944 | &nbsp;&nbsp; 10932 |
|  | &nbsp;&nbsp; **$227800** | &nbsp;&nbsp; **$35556** |

---

In addition, for the year ended March 31, 2026, 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>|
| Institutional Shares | &nbsp;&nbsp; $9315 |
| Investment Class Shares | &nbsp;&nbsp; 22338 |
| DWS U.S. Treasury Money Fund Class S | &nbsp;&nbsp; 53172 |
|  | &nbsp;&nbsp; **$84825** |

---

**Distribution and Service Fees.** Under the Fund's Investment Class Shares 12b-1 Plan, DWS Distributors, Inc., ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.25% of the average daily net assets of Investment Class Shares. For the year ended March 31, 2026, the Distribution Fee was as follows:

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| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**March 31, 2026**<br>|
| Investment Class Shares | &nbsp;&nbsp; $483172 | &nbsp;&nbsp; $27036 |

---

In addition, DDI provides information and administrative services for a fee ("Service Fee") at an annual rate of 0.05% of the average daily net assets for the Institutional Shares and 0.07% of the average daily net assets for the Investment Class Shares. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of the shareholder accounts the firms service. For the year ended March 31, 2026, the Service Fee was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**March 31, 2026**<br>| **Annual** <br>**Rate**<br>|
| Institutional Shares | &nbsp;&nbsp; $141476 | &nbsp;&nbsp; $15315 | &nbsp;&nbsp; .05% |
| Investment Class Shares | &nbsp;&nbsp; 135288 | &nbsp;&nbsp; 7570 | &nbsp;&nbsp; .07% |
|  | &nbsp;&nbsp; **$276764** | &nbsp;&nbsp; **$22885** |  |

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

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| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Treasury Portfolio  |

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**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended March 31, 2026, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,184, of which $500 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.

**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 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 March 31, 2026.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026** | **Year Ended** <br>**March 31, 2026** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Institutional Shares | &nbsp;&nbsp; 2470560815 | &nbsp;&nbsp; $2470560815 | &nbsp;&nbsp; 1624806961 | &nbsp;&nbsp; $1624806961 |
| Investment <br> Class Shares<br>| &nbsp;&nbsp; 508592341 | &nbsp;&nbsp; 508592341 | &nbsp;&nbsp; 428320006 | &nbsp;&nbsp; 428320006 |
| DWS U.S. Treasury <br> Money Fund Class S<br>| &nbsp;&nbsp; 68628725 | &nbsp;&nbsp; 68628725 | &nbsp;&nbsp; 41933863 | &nbsp;&nbsp; 41933863 |
| Account <br> maintenance fees<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2120 |
|  |  | &nbsp;&nbsp; **$3047785121** |  | &nbsp;&nbsp; **$2095062950** |

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

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **19**  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **March 31, 2026** | **Year Ended**<br> **March 31, 2026** | **Year Ended**<br> **March 31, 2025** | **Year Ended**<br> **March 31, 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** |
| Capital Shares | &nbsp;&nbsp; 1597 <br><sup>\*</sup><br>| &nbsp;&nbsp; $1597 <br><sup>\*</sup><br>| &nbsp;&nbsp; 2175 | &nbsp;&nbsp; $2175 |
| Institutional Shares | &nbsp;&nbsp; 3036191 | &nbsp;&nbsp; 3036191 | &nbsp;&nbsp; 3697799 | &nbsp;&nbsp; 3697799 |
| Investment <br> Class Shares<br>| &nbsp;&nbsp; 2632105 | &nbsp;&nbsp; 2632105 | &nbsp;&nbsp; 2116869 | &nbsp;&nbsp; 2116869 |
| DWS U.S. Treasury <br> Money Fund Class S<br>| &nbsp;&nbsp; 4478232 | &nbsp;&nbsp; 4478232 | &nbsp;&nbsp; 5060933 | &nbsp;&nbsp; 5060933 |
|  |  | &nbsp;&nbsp; **$10148125** |  | &nbsp;&nbsp; **$10877776** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Capital Shares | &nbsp;&nbsp; (48566 )<sup>\*</sup><br>| &nbsp;&nbsp; $(48566 )<sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Institutional Shares | &nbsp;&nbsp; (2543186938)<br>| &nbsp;&nbsp; (2543186938)<br>| &nbsp;&nbsp; (1515995326)<br>| &nbsp;&nbsp; (1515995326)<br>|
| Investment <br> Class Shares<br>| &nbsp;&nbsp; (587427389)<br>| &nbsp;&nbsp; (587427389)<br>| &nbsp;&nbsp; (451624676)<br>| &nbsp;&nbsp; (451624676)<br>|
| DWS U.S. Treasury <br> Money Fund Class S<br>| &nbsp;&nbsp; (52650052)<br>| &nbsp;&nbsp; (52650052)<br>| &nbsp;&nbsp; (40202489)<br>| &nbsp;&nbsp; (40202489)<br>|
|  |  | &nbsp;&nbsp; **$(3183312945)**<br>|  | &nbsp;&nbsp; **$(2007822491)**<br>|
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Capital Shares | &nbsp;&nbsp; (46969 )<sup>\*</sup><br>| &nbsp;&nbsp; $(46969 )<sup>\*</sup><br>| &nbsp;&nbsp; 2175 | &nbsp;&nbsp; $2175 |
| Institutional Shares | &nbsp;&nbsp; (69589932)<br>| &nbsp;&nbsp; (69589932)<br>| &nbsp;&nbsp; 112509434 | &nbsp;&nbsp; 112509434 |
| Investment <br> Class Shares<br>| &nbsp;&nbsp; (76202943)<br>| &nbsp;&nbsp; (76202943)<br>| &nbsp;&nbsp; (21187801)<br>| &nbsp;&nbsp; (21187801)<br>|
| DWS U.S. Treasury <br> Money Fund Class S<br>| &nbsp;&nbsp; 20456905 | &nbsp;&nbsp; 20456905 | &nbsp;&nbsp; 6792307 | &nbsp;&nbsp; 6792307 |
| Account <br> maintenance fees<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2120 |
|  |  | &nbsp;&nbsp; **$(125379699)**<br>|  | &nbsp;&nbsp; **$98118235** |

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

\* For the period from April 1, 2025 to February 11, 2026 (Capital shares liquidation date).

**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

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

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| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Treasury Portfolio  |

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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. 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;

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **21**  |

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**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Investors Cash Trust and Shareholders of DWS Treasury Portfolio:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Treasury Portfolio (the "Fund") (one of the funds constituting Investors Cash Trust (the "Trust")), including the investment portfolio, as of March 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Investors Cash Trust) at March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

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

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| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Treasury Portfolio  |

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img08cb418b3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

May 22, 2026

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

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **23**  |

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**Tax Information (Unaudited)**

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

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

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| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Treasury Portfolio  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Treasury 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;

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **25**  |

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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 (Institutional Shares) was in the 2nd quartile 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 applicable) were higher than the median of the applicable Broadridge

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

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Treasury Portfolio  |

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expense universe (less any applicable 12b-1 fees) for Capital Shares (4th quartile), Institutional Shares (4th quartile), Investment Class Shares (4th quartile) and DWS U.S. Treasury 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. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, the Fund's fee schedule

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

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| | | |
|:---|:---|:---|
| DWS Treasury Portfolio  | \|  | **27**  |

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------

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.

ICT-BFE2025

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

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| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Treasury Portfolio  |

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![](img1175f07c2.jpg)

ICT-NCSRA

------

---

| | |
|:---|:---|
|  | &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;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &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 Treasury Portfolio, a series of Investors Cash Trust |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;5/29/2026 |

---

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;5/29/2026 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;5/29/2026 |

---

## Ex-99.Code

**DWS**

**Principal Executive Officer and Principal Financial Officer Code of Ethics**

**For the Registered Investment Companies Listed on Appendix A**

**Effective Date**

**January 31, 2005**

**Date Last Reviewed**

**April 1, 2026**

**Table of Contents**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[I. Overview](#a_Toc230266946) |
| &nbsp;&nbsp;&nbsp;&nbsp;[II. Purposes of the Officer Code](#a_Toc230266947) |
| &nbsp;&nbsp;&nbsp;&nbsp;[III. Responsibilities of Covered Officers](#a_Toc230266948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Honest and Ethical Conduct](#a_Toc230266949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Conflicts of Interest](#a_Toc230266950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Use of Personal Fund Shareholder Information](#a_Toc230266951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Public Communications](#a_Toc230266952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Compliance with Applicable Laws, Rules and Regulations](#a_Toc230266953) |
| &nbsp;&nbsp;&nbsp;&nbsp;[IV. Violation Reporting](#a_Toc230266954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Overview](#a_Toc230266955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. How to Report](#a_Toc230266956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Process for Violation Reporting to the Fund Board](#a_Toc230266957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Sanctions for Officer Code Violations](#a_Toc230266958) |
| &nbsp;&nbsp;&nbsp;&nbsp;[V. Waivers from the Officer Code](#a_Toc230266959) |
| &nbsp;&nbsp;&nbsp;&nbsp;[VI. Amendments to the Officer Code](#a_Toc230266960) |
| &nbsp;&nbsp;&nbsp;&nbsp;[VII. Regulatory Filings and Reporting](#a_Toc230266961) |
| &nbsp;&nbsp;&nbsp;&nbsp;[VIII. Acknowledgement and Certification of Adherence to the Officer Code](#a_Toc230266962) |
| &nbsp;&nbsp;&nbsp;&nbsp;[IX. Scope of Responsibilities](#a_Toc230266963) |
| &nbsp;&nbsp;&nbsp;&nbsp;[X. Recordkeeping](#a_Toc230266964) |
| &nbsp;&nbsp;&nbsp;&nbsp;[XI. Confidentiality](#a_Toc230266965) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Appendices](#a_Toc230266966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Appendix A: List of Covered Officers under the Code and Related Funds](#a_Toc230266967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Appendix B: Acknowledgement and Certification](#a_Toc230266968) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics (the "Officer Code") sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officer(s)[1](#note_ftn1) and Principal Financial Officer(s)[2](#note_ftn2) (each a "Covered Officer" and together, the "Covered Officers") of the registered investment companies[3](#note_ftn3) advised by DWS[4](#note_ftn4) (each a "Fund" and together, the "Funds") they serve. A list of Covered Officers and Funds is included in Appendix A.

The Boards of the Funds listed in Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission's (the "SEC") rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, the Covered Officers must also comply with DWS policies and procedures, such as the Code of Ethics – DWS Group (U.S. Registered Entities) governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act").[5](#note_ftn5) In addition, such individuals must also comply with other applicable Fund policies and procedures.

The Fund's Chief Compliance Officer or their designee (the "Compliance Officer"), who shall not be a Covered Officer and who shall serve as such subject to the approval of each Fund's Board (or committee thereof), is primarily responsible for implementing and enforcing this Officer Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances.

The Compliance Officer and his or her contact information can be found in Appendix A. Any questions about the Officer Code should be directed to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encourage the prompt internal reporting of violations of the Officer Code to the Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish accountability for adherence to the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Officer Code is designed to address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund's expense or to the Fund's detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund's expense or to the Fund's detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.

Certain conflicts of interest covered by this Officer Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Officer Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS's fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the Compliance Officer, may report the matter directly to the Fund's Board (or committee thereof), as appropriate (e.g., if the conflict involves the Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the Compliance Officer will take steps to determine whether a conflict exists. In so doing, the Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[6](#note_ftn6) The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund's Board (or committee thereof). If the Compliance Officer determines that the appearance of a conflict exists, the Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the Compliance Officer instead may refer the matter to the Fund's Board (or committee thereof), as appropriate. However, the Compliance Officer must refer the matter to the Fund's Board (or committee thereof) if the Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Officer Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds' and DWS's privacy policies under SEC Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund's public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund's Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS's Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds ("Applicable Laws"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

Each Covered Officer must promptly report to the Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unethical or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to report violations of the Officer Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Known or obvious deviations from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to acknowledge and certify adherence to the Officer Code

The Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Officer Code violations, including consulting with the Fund's Board, the independent Board members, a Board committee, the Fund's legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[7](#note_ftn7) The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund Board

The Compliance Officer will promptly report any violations of the Officer Code to the Fund's Board (or committee thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Officer Code Violations

Violations of the Officer Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund's Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund's Board could include termination of association with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the Compliance Officer.[8](#note_ftn8) The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The Compliance Officer will present this information to the Fund's Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund's Board (or committee thereof) regarding such activities, as appropriate.

The Compliance Officer will coordinate and facilitate with the Principal Financial Officer(s) any required public disclosures of any waivers granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Officer Code

The Compliance Officer will review the Officer Code from time to time for its continued appropriateness. Any material amendments must be approved by the Fund's Board (or committee thereof). In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Officer Code as necessary or appropriate.

The Compliance Officer will coordinate and facilitate with the Principal Financial Officer(s) any required public disclosures of any amendments, to the extent required by the SEC's rules, to the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Regulatory Filings and Reporting

The Principal Financial Officer(s) shall file a copy of the Officer Code with the SEC as an exhibit to each Fund's certified shareholder report on Form N-CSR and facilitate the posting of the Officer Code on the Funds' website, or disclose in Form N-CSR the fact that the Officer Code is available on the Funds' website and provide a hyperlink that will direct the shareholder to the Officer Code. Descriptions of any waivers and material amendments will be disclosed either in each Fund's Form N-CSR or on the Funds' website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer's obligation.

The Compliance Officer will maintain such Acknowledgements in the Fund's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Scope of Responsibilities

A Covered Officer's responsibilities under the Officer Code are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (*i.e.*, matters within the scope of the Covered Officer's responsibilities as a Fund officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Fund matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Recordkeeping

The Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Officer Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the Compliance Officer, the Fund's Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

**Appendices**

**Appendix A: List of Covered Officers under the Code and Related Funds**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**Principal Executive Officer (President)** | &nbsp;&nbsp;**Principal Financial Officer (Treasurer)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;DWS Funds[9](#note_ftn9) | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally |
| &nbsp;&nbsp;Germany Funds[10](#note_ftn10) | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally |

---

.

 

**Compliance Officer:**

Rob Benson

Chief Compliance Officer of the DWS Funds/Germany Funds

Phone: (904) 645-4653

Email: rob.benson@dws.com

Eddie Chenea

Senior Compliance Officer – Mutual Funds Compliance

Phone: (617) 295-1714

Email: eddie.chenea@dws.com

**As of: April 1, 2026**

**Appendix B: Acknowledgement and Certification**

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer Code") effective on [DATE], and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I will report any known or suspected violations of the Officer Code in a timely manner to the Compliance Officer identified in the Officer Code.

______________________________ ____________________

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer Code"), including during the period from [Date] to [Date] (the "Period"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have adhered to the Officer Code during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the Compliance Officer in accordance with the Officer Code's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have always acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have reported any known or suspected violations of the Officer Code in a timely manner to the Compliance Officer identified in the Officer Code.

______________________________ ____________________

Signature Date

------

[1](#note_ftnref1) The individual or individuals holding the office of President, or similar function, of the Funds listed on Appendix A.

[2](#note_ftnref2) The individual or individuals holding the office of Treasurer, or similar function, of the Funds listed on Appendix A.

[3](#note_ftnref3) Registered investment companies shall not include a face-amount certificate company or a unit investment trust.

[4](#note_ftnref4) DWS includes DWS Investment Management Americas, Inc., DWS International GmbH, DWS Distributors, Inc. or their affiliates.

[5](#note_ftnref5) The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the 1940 Act, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Officer Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Officer Code.

[6](#note_ftnref6) For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

[7](#note_ftnref7) For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

[8](#note_ftnref8) Of course, it is not a waiver of the Officer Code if the Fund's Board (or committee thereof) determines that a matter is not a deviation from the Officer Code's requirements or is otherwise not covered by the Officer Code.

[9](#note_ftnref9) The DWS Funds include each of the following and their series: Cash Account Trust, Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Market Trust, Deutsche DWS Money Funds. Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS State Tax-Free Income Series, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I, Deutsche DWS Variable Series II, DWS Municipal Income Trust, Government Cash Management Portfolio, and Investors Cash Trust.

[10](#note_ftnref10) The Germany Funds include: The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

## Ex-99.Cert

**Principal Executive Officer**

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

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Treasury Portfolio, a series of Investors Cash Trust, on Form N-CSR;

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;5/29/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

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

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Treasury Portfolio, a series of Investors Cash Trust, on Form N-CSR;

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;5/29/2026 | &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 Treasury Portfolio, a series of Investors Cash Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (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;5/29/2026 | &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 Treasury Portfolio, a series of Investors Cash Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (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;5/29/2026 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---