Cash Account Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-05970

Cash Account Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code:(212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	4/30

Date of reporting period:	10/31/2019

ITEM 1.	REPORT TO STOCKHOLDERS

This N-CSR filing contains the annual reports relating to the classes of the following series of the registrant:

DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio — Service Shares

DWS Government & Agency Securities Portfolio — DWS Government & Agency Money Fund

DWS Government & Agency Securities Portfolio — DWS Government Cash Institutional Shares and Government Cash Managed Shares

DWS Tax-Exempt Portfolio — DWS Tax-Exempt Cash Premier Shares and Tax-Exempt Cash Managed Shares

DWS Tax-Exempt Portfolio — DWS Tax-Exempt Money Fund

DWS Tax-Exempt Portfolio — Tax-Free Investment Class

DWS Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S

LOGO

October 31, 2019

Semiannual Report

to Shareholders

Cash Account Trust

Service Shares

DWS Government & Agency Securities Portfolio

DWSTax-Exempt Portfolio

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

LOGO

Contents


	DWS Government & Agency Securities Portfolio
	3			Portfolio Summary
	4			Investment Portfolio
	8			Statement of Assets and Liabilities
	10			Statement of Operations
	11			Statements of Changes in Net Assets
	12			Financial Highlights
	DWS Tax-Exempt Portfolio
	13			Portfolio Summary
	14			Investment Portfolio
	25			Statement of Assets and Liabilities


	27			Statement of Operations
	28			Statements of Changes in Net Assets
	29			Financial Highlights
	30			Notes to Financial Statements

	41			Information About Each Fund’s Expenses
	43			Other Information
	44			Advisory Agreement Board Considerations and Fee Evaluation
	52			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider a fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about each fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, each Fund cannot guarantee it will do so. The DWSTax-Exempt Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the DWSTax-Exempt Portfolio’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain a fund’s $1.00 share price. 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 a fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares in a fund may have a significant adverse effect on the share prices of all classes of shares within that fund. Please read the prospectus for specific details regarding each Fund’s risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY


2		\|		Cash Account Trust — Service Shares


Portfolio Summary		(Unaudited)

DWS Government & Agency Securities Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Government & Agency Obligations		74%		57%
Repurchase Agreements		26%		43%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWS Government & Agency
Securities Portfolio		24 days		21 days
iMoneyNet Money Fund Average^™ — Gov’t & Agency
Retail^*		28 days		29 days

The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

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.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–7. A quarterly Fact Sheet is available on dws.com or upon request.


		Cash Account Trust — Service Shares		\|			3


Investment Portfolio		as of October 31, 2019 (Unaudited)


	Principal Amount ($)		Value ($)
Government & Agency Obligations 75.4%
U.S. Government Sponsored Agencies 46.5%

Federal Farm Credit Bank:

1-month LIBOR minus 0.050%, 1.773%**, 2/25/2020		20,000,000		19,999,714

1-month LIBOR minus 0.020%, 1.78%**, 4/30/2020		33,000,000		33,000,000

1-month LIBOR minus 0.025%, 1.78%**, 5/29/2020		12,500,000		12,499,641

1-month LIBOR minus 0.035%, 1.811%**, 8/20/2020		48,500,000		48,500,000

1-month LIBOR minus 0.010%, 1.856%**, 8/19/2020		7,500,000		7,500,650

1-month LIBOR minus 0.075%, 1.915%**, 11/5/2019		18,000,000		17,999,980

1-month LIBOR minus 0.050%, 1.947%**, 2/4/2020		32,000,000		32,000,000

3-month LIBOR minus 0.180%, 2.073%**, 11/1/2019		25,000,000		25,000,000

Federal Home Loan Bank:

3-month LIBOR minus 0.200%, 1.801%**, 1/16/2020		14,000,000		14,000,000

SOFR plus 0.005%, 1.825%**, 1/17/2020		22,500,000		22,500,000

SOFR plus 0.020%, 1.84%**, 5/14/2020		10,000,000		10,000,000

SOFR plus 0.025%, 1.845%**, 4/22/2020		24,000,000		24,000,000

SOFR plus 0.030%, 1.85%**, 7/17/2020		9,000,000		9,000,000

3-month LIBOR minus 0.135%, 1.851%**, 4/13/2020		25,000,000		25,000,000

SOFR plus 0.035%, 1.855%**, 2/21/2020		28,000,000		28,000,000

SOFR plus 0.035%, 1.855%**, 5/8/2020		30,000,000		30,000,000

SOFR plus 0.040%, 1.86%**, 9/10/2020		40,000,000		40,000,000

1-month LIBOR minus 0.055%, 1.866%**, 1/14/2020		30,000,000		30,000,000

SOFR plus 0.050%, 1.87%**, 1/28/2021		20,000,000		20,000,000

SOFR plus 0.065%, 1.885%**, 11/15/2019		22,500,000		22,500,000

SOFR plus 0.065%, 1.885%**, 2/26/2021		25,000,000		25,000,000

1-month LIBOR minus 0.020%, 1.901%**, 5/12/2020		24,250,000		24,250,000

3-month LIBOR minus 0.230%, 1.902%**, 12/3/2019		25,000,000		25,000,000

SOFR plus 0.105%, 1.925%**, 10/1/2020		20,000,000		20,000,000

1-month LIBOR minus 0.060%, 1.93%**, 12/6/2019		30,000,000		30,000,000

1.94%, 6/16/2020		18,000,000		18,000,000

3-month LIBOR minus 0.195%, 1.98%**, 2/14/2020		35,000,000		35,000,000

1-month LIBOR minus 0.010%, 2.022%**, 9/1/2020		20,000,000		20,000,000

Federal Home Loan Bank Discount Notes:

1.663%*, 1/31/2020		18,500,000		18,423,307

1.678%*, 1/21/2020		15,000,000		14,944,144

1.911%*, 3/13/2020		12,500,000		12,412,950

1.916%*, 3/20/2020		4,000,000		3,970,600

1.935%*, 3/20/2020		34,000,000		33,750,100

1.967%*, 11/25/2019		23,000,000		22,970,253

1.968%*, 12/11/2019		33,500,000		33,427,752

2.023%*, 11/6/2019		25,000,000		24,993,073

2.406%*, 11/15/2019		27,500,000		27,474,622

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


4		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)

Federal Home Loan Mortgage Corp.:

1.82%**, 2/12/2020		22,000,000		22,000,000

SOFR plus 0.005%, 1.825%**, 5/13/2020		24,000,000		24,000,000

SOFR plus 0.010%, 1.83%**, 2/21/2020		35,000,000		35,000,000

SOFR plus 0.010%, 1.83%**, 7/22/2020		12,500,000		12,500,000

SOFR plus 0.020%, 1.84%**, 6/5/2020		50,000,000		50,000,000

SOFR plus 0.020%, 1.84%**, 7/8/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 5/8/2020		20,000,000		20,000,000

SOFR plus 0.030%, 1.85%**, 6/2/2020		25,000,000		25,000,000

SOFR plus 0.030%, 1.85%**, 6/4/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 8/21/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 1/22/2021		35,000,000		35,000,000

Federal National Mortgage Association:

SOFR plus 0.040%, 1.86%**, 1/29/2021		18,000,000		18,000,000

SOFR plus 0.060%, 1.88%**, 7/30/2020		16,500,000		16,500,000

SOFR plus 0.075%, 1.895%**, 10/30/2020		22,000,000		22,000,000

SOFR plus 0.010%, 1.92%**, 4/30/2020		5,000,000		5,000,000

				1,296,116,786

U.S. Treasury Obligations 28.9%

U.S. Treasury Bills:

1.65%*, 4/16/2020		21,000,000		20,841,503

1.659%*, 1/30/2020		65,000,000		64,734,150

1.674%*, 12/17/2019		21,870,000		21,823,863

1.678%*, 12/17/2019		21,870,000		21,823,751

1.678%*, 1/9/2020		25,000,000		24,920,698

1.695%*, 4/9/2020		25,000,000		24,814,222

1.713%*, 4/9/2020		10,500,000		10,421,133

1.724%*, 11/5/2019		25,000,000		24,995,278

1.736%*, 11/26/2019		65,000,000		64,922,722

1.752%*, 11/26/2019		45,000,000		44,947,562

1.774%*, 11/12/2019		65,000,000		64,965,243

1.81%*, 4/2/2020		25,000,000		24,810,344

1.828%*, 4/2/2020		25,000,000		24,810,184

1.86%*, 3/26/2020		16,000,000		15,879,307

1.866%*, 1/2/2020		50,000,000		49,841,556

1.886%*, 3/26/2020		15,000,000		14,886,850

1.947%*, 11/19/2019		20,000,000		19,980,800

1.956%*, 12/5/2019		32,500,000		32,440,790

1.973%*, 11/12/2019		25,000,000		24,985,139

1.975%*, 12/19/2019		5,000,000		4,987,017

1.977%*, 11/19/2019		20,000,000		19,980,500

1.983%*, 11/19/2019		20,000,000		19,980,500

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


		Cash Account Trust — Service Shares		\|			5


	Principal Amount ($)			Value ($)

U.S. Treasury Floating Rate Notes:

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.637%**, 1/31/2020		82,500,000			82,471,864

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.67%**, 4/30/2020		80,000,000			79,950,130

					804,215,106

Total Government & Agency Obligations(Cost $2,100,331,892)					2,100,331,892

Repurchase Agreements 26.2%

BNP Paribas, 1.72%, dated 10/31/2019, to be repurchased at $35,001,672 on 11/1/2019 (a)		35,000,000			35,000,000

Citigroup Global Markets, Inc., 1.72%, dated 10/31/2019, to be repurchased at $90,004,300 on 11/1/2019 (b)		90,000,000			90,000,000

Fixed Income Clearing Corp., 1.50%, dated 10/31/2019, to be repurchased at $100,004,167 on 11/1/2019 (c)		100,000,000			100,000,000

Wells Fargo Bank, 1.74%, dated 10/31/2019, to be repurchased at $503,724,346 on 11/1/2019 (d)		503,700,000			503,700,000
Total Repurchase Agreements(Cost $728,700,000)					728,700,000

	% of Net Assets			Value ($)
Total Investment Portfolio(Cost $2,829,031,892)		101.6			2,829,031,892
Other Assets and Liabilities, Net		(1.6	)		(45,422,877	)

Net Assets		100.0			2,783,609,015

*	Annualized yield at time of purchase; not a coupon rate.

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

(a)	Collateralized by:

Principal
Amount ($)

Security

Rate (%)

Maturity
Date

Collateral
Value ($)

200

U.S. Treasury Notes

1.50–1.625

7/15/2020–10/31/2026

200

31,023,200

U.S. Treasury Bonds

3.00–2.875

11/15/2044–5/15/2049

35,699,802

Total Collateral Value

35,700,002

(b)	Collateralized by $91,901,900 U.S. Treasury Notes, 0.125–2.75%, maturing on 11/30/2020–10/31/2024 with a value of $91,800,004.

(c)	Collateralized by $95,975,000 U.S. Treasury Note, 2.75%, maturing on 8/31/2025 with a value of $102,002,518.

(d)	Collateralized by $505,583,633 U.S. Treasury Bonds, 2.500–4.00%, maturing on 6/1/2034–11/01/2049 with a value of $513,774,000.

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

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


6		\|		Cash Account Trust — Service Shares

Fair Value Measurements

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

The following is a summary of the inputs used as of October 31, 2019 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 (e)	$	—	$	2,100,331,892	$	—	$	2,100,331,892
Repurchase Agreements		—		728,700,000		—		728,700,000
Total	$	—	$	2,829,031,892	$	—	$	2,829,031,892

(e)	See Investment Portfolio for additional detailed categorizations.

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


		Cash Account Trust — Service Shares		\|			7

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Government & Agency Securities Portfolio
Investment in securities, valued at amortized cost	$	2,100,331,892
Repurchased agreements, valued at amortized cost		728,700,000
Cash		310,450
Receivable for Fund shares sold		294,211
Interest receivable		2,604,752
Other assets		82,737
Total assets		2,832,324,042

Liabilities
Payable for investments purchased		44,947,563
Payable for Fund shares redeemed		233,547
Distributions payable		2,934,448
Accrued management fee		15,688
Accrued Trustees’ fees		39,939
Other accrued expenses and payables		543,842
Total liabilities		48,715,027
Net assets, at value	$	2,783,609,015

Net Assets Consist of
Distributable earnings (loss)		129,461
Paid-in capital		2,783,479,554
Net assets, at value	$	2,783,609,015

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


8		\|		Cash Account Trust — Service Shares


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Government & Agency Securities Portfolio

DWS Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($265,595,046 ÷ 265,600,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWS Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($2,305,823,475 ÷ 2,305,869,954 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Government Cash Managed Shares

Net Asset Value, offering and redemption price per share ($199,803,866 ÷ 199,807,894 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($12,386,628 ÷ 12,386,878 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


		Cash Account Trust — Service Shares		\|			9

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)


Investment Income		DWS Government & Agency Securities Portfolio
Income:

Interest	$	33,139,303
Expenses:

Management fee		1,156,248
Administration fee		1,449,987
Services to shareholders		339,236
Distribution and service fees		239,470
Custodian fee		16,914
Professional fees		71,086
Reports to shareholders		42,863
Registration fees		48,479
Trustees’ fees and expenses		71,269
Other		100,009
Total expenses before expense reductions		3,535,561
Expense reductions		(1,106,866	)
Total expenses after expense reductions		2,428,695
Net investment income		30,710,608
Net realized gain (loss) from investments		(19,536	)
Net increase (decrease) in net assets resulting from operations	$	30,691,072

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


10		\|		Cash Account Trust — Service Shares

Statements of Changes in Net Assets


	DWS Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Years Ended April 30, 2019

Operations:

Net investment income	$	30,710,608		$	67,942,263
Net realized gain (loss)		(19,536	)		(53,787	)
Net increase in net assets resulting from operations		30,691,072			67,888,476
Distributions to shareholders:

DWS Government & Agency Money Fund		(2,425,997	)		(3,382,007	)
DWS Government Cash Institutional Shares		(25,845,425	)		(60,835,410	)
Government Cash Managed Shares		(2,295,707	)		(3,456,004	)
Service Shares		(143,477	)		(269,527	)
Total distributions		(30,710,606	)		(67,942,948	)
Fund share transactions:

Proceeds from shares sold		30,270,761,793			92,680,038,672
Reinvestment of distributions		8,778,509			15,062,485
Payments for shares redeemed		(30,234,177,264	)		(94,673,626,673	)
Net increase (decrease) in net assets from Fund share transactions		45,363,038			(1,978,525,516	)
Increase (decrease) in net assets		45,343,504			(1,978,579,988	)
Net assets at beginning of period		2,738,265,511			4,716,845,499

Net assets at end of period	$	2,783,609,015		$	2,738,265,511

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


		Cash Account Trust — Service Shares		\|			11

Financial Highlights

DWS Government & Agency Securities Portfolio

Service Shares


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.007			.012			.002			.000	^***		.000	^***		.000	^***
Net realized gain (loss)		(.000	)^***		(.000	)^***		.000	^***		.000	^***		(.000	)^***		.000	^***
Total from investment operations		.007			0.12			.002			.000	^***		.000	^***		.000	^***
Less distributions from:
Net investment income		(.007	)		(.012	)		(.002	)		(.000	)^***		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.66	^**		1.21			.23			.01			.01			.01

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		12			16			46			32			46			64
Ratio of expenses before expense reductions (%)		1.06	^*		1.05			1.03			1.04			1.04			1.04
Ratio of expenses after expense reductions (%)		.98	^*		.98			.98			.48			.20			.08
Ratio of net investment income (%)		1.36	^*		1.09			.22			.01			.01			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


12		\|		Cash Account Trust — Service Shares


Portfolio Summary		(Unaudited)

DWSTax-Exempt Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Municipal Investments
Municipal Variable Rate Demand Notes		80%		62%
Municipal Bonds and Notes		10%		11%
Tax-Exempt Commercial Paper		4%		17%
MunicipalFloating-Rate Notes		1%		5%
Preferred Shares ofClosed-End Investment Companies		5%		5%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWSTax-Exempt Portfolio		27 days		13 days
iMoneyNet Money Fund Average^™ — Tax-Free National Retail*		29 days		19 days

*	The Fund is compared to its respective iMoneyNet Money Fund Average category:Tax-Free National Retail — Category includes retail funds that invest in obligations oftax-exempt entities, including state and municipal authorities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 14–24. A quarterly Fact Sheet is available on dws.com or upon request.


		Cash Account Trust — Service Shares		\|			13


Investment Portfolio		as of October 31, 2019 (Unaudited)

DWSTax-Exempt Portfolio


	Principal Amount ($)		Value ($)
Municipal Investments 94.0%
Arizona 1.3%

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Angelin Apartments Project, Series A, AMT, 1.25%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		240,000		240,000

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Clemente Apartments Project:

Series A, AMT, 1.18%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		810,000		810,000

Series A, AMT, 1.23%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		145,000		145,000

Pima County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Eastside PL Apartments, 1.16%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		1,320,000		1,320,000

Pima County, AZ, Industrial Development Authority, Series A, 1.12%*, 11/7/2019, LOC: Federal Home Loan Bank		1,365,000		1,365,000

				3,880,000

Arkansas 2.2%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 1.29%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		6,500,000		6,500,000

California 8.3%

California, Public Improvements, Series 2019-MIZ9003, 144A, 1.29%*, 11/7/2019, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd.		10,000,000		10,000,000

California, State Infrastructure & Economic Development Bank Revenue, Industrial Development Revenue, Pleasant Mattress, Inc., Project, Series A, AMT, 1.17%*, 11/7/2019, LOC: Wells Fargo Bank NA		860,000		860,000

San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments:

SeriesH-2, 1.17%*, 11/7/2019, LOC: Bank of China Ltd.		2,335,000		2,335,000

SeriesH-1, 1.19%*, 11/7/2019, LOC: Bank of China Ltd.		10,850,000		10,850,000

				24,045,000

Colorado 0.2%
Colorado, State Housing & Finance Authority, Series I - AA2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		475,000		475,000

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


14		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)
Connecticut 0.4%
Connecticut, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,135,000		1,135,000

Delaware 0.2%
Delaware, State Economic Development Authority Revenue, YMCA State Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		645,000		645,000

Florida 4.8%

Florida, Jacksonville Water & Sewer System Revenue,Series A-2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,950,000		6,950,000

Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		4,150,000		4,150,000

Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 1.16%*, 11/7/2019, LOC: Northern Trust Company		1,300,000		1,300,000

Seminole County, FL, Industrial Development Authority, Camp Road LLC Project, AMT, 1.4%*, 11/7/2019, LOC: PNC Bank NA		1,640,000		1,640,000

				14,040,000

Georgia 7.4%

Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment Poll Project, 1.13%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

Georgia, General Obligation Notes, TECP, 1.41%, 11/7/2019		10,500,000		10,500,000

Georgia, Municipal Electric Authority, Series B, 1.13%*, 11/7/2019, LOC: Barclays Bank PLC		945,000		945,000

Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 1.22%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		6,800,000		6,800,000

Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 1.25%*, 11/7/2019, LOC: Branch Banking & Trust		435,000		435,000

Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp.:

Series A, 1.12%*, 11/7/2019, LOC: Bank of Montreal		450,000		450,000

Series B, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		1,235,000		1,235,000

Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 1.31%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

				21,465,000

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


		Cash Account Trust — Service Shares		\|			15


	Principal Amount ($)		Value ($)
Illinois 14.0%

Brookfield, IL, Zoo Project, 1.11%*, 11/7/2019, LOC: Northern Trust Company		1,400,000		1,400,000

Channahon, IL, Morris Hospital Revenue, 1.13%*, 11/7/2019, LOC: U.S. Bank NA		4,005,000		4,005,000

Galesburg, IL, Knox College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		1,800,000		1,800,000

Illinois, State Finance Authority Revenue, Elmhurst Memorial Healthcare, Series D, 1.11%*, 11/7/2019, LOC: Bank of America NA		1,300,000		1,300,000

Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 1.33%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		400,000		400,000

Illinois, State Development Finance Authority, American Youth Hostels Project, 1.13%*, 11/7/2019, LOC: Harris NA		2,615,000		2,615,000

Illinois, State Development Finance Authority, Ignatius College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,000,000		2,000,000

Illinois, State Development Finance Authority, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		825,000		825,000

Illinois, State Development Finance Authority, St. Ignatius College Preparatory, 1.14%*, 11/7/2019, LOC: PNC Bank NA		3,850,000		3,850,000

Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.18%*, 11/7/2019, LOC: BMO Harris Bank NA		1,700,000		1,700,000

Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 1.22%*, 11/7/2019, LOC: PNC Bank NA		1,100,000		1,100,000

Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 1.13%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		420,000		420,000

Illinois, State Finance Authority Revenue, Clearbrook Project, 1.13%*, 11/7/2019, LOC: Harris NA		3,035,000		3,035,000

Illinois, State Finance Authority Revenue, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		3,510,000		3,510,000

Illinois, State Finance Authority Revenue, Northwest Community Hospital:

Series B, 1.14%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		400,000		400,000

Series C, 1.14%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		3,440,000		3,440,000

Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		2,825,000		2,825,000

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, 1.11%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		5,015,000		5,015,000

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


16		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, Brainard Landings II Apartments, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		550,000		550,000

University of Illinois, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		330,000		330,000

				40,520,000

Indiana 1.3%

Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 1.11%*, 11/7/2019, LOC: Federal Home Loan Bank		495,000		495,000

Indiana, State Finance Authority Revenue, Trinity Health, SeriesD-1, 1.13%*, 11/7/2019		670,000		670,000

Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 1.18%*, 11/7/2019, LOC: Bank of NY Mellon		2,055,000		2,055,000

Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series C, 1.22%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		415,000		415,000

				3,635,000

Iowa 1.1%

Iowa, State Finance Authority, Economic Development Revenue, Series A, 1.15%*, 11/7/2019		300,000		300,000

Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 1.14%*, 11/7/2019		405,000		405,000

Iowa, State Finance Authority, Single Family Mortgage Revenue, Mortgage Backed Securities Program:

Series D, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		1,550,000		1,550,000

Series E, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		855,000		855,000

				3,110,000

Kansas 0.3%
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 1.29%*, 11/7/2019, LOC: Svenska Handelsbanken		1,000,000		1,000,000

Kentucky 0.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 1.2%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		300,000		300,000

Louisiana 0.7%

Louisiana, Caddo-Bossier Parishes Port Commission, Oakley Co. Project, AMT, 1.22%*, 11/7/2019, LOC: Bank of America NA		985,000		985,000

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


		Cash Account Trust — Service Shares		\|			17


	Principal Amount ($)		Value ($)

Louisiana, Calcasieu Parish Public Trust Authority, Solid Waste Disposal Revenue, AMT, 1.23%*, 11/7/2019, LOC: Freddie Mac		1,000,000		1,000,000

				1,985,000

Maryland 0.4%

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 1.12%*, 11/7/2019, LOC: Bank of America NA		125,000		125,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 1.19%*, 11/7/2019, LOC: PNC Bank NA		1,025,000		1,025,000

				1,150,000

Massachusetts 5.6%

Massachusetts, State General Obligation, Series C, 4.0%, 6/18/2020		10,000,000		10,174,523

Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 1.14%*, 11/7/2019, LIQ: Citibank NA		2,300,000		2,300,000

Massachusetts, University of Massachusetts, Building Authority Revenue, Series 2, MUNIPSA + 0.300%, 1.42%**, 11/1/2034		3,800,000		3,800,000

				16,274,523

Michigan 0.1%
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C, 1.16%*, 11/7/2019, LOC: Bank of New York		290,000		290,000

Mississippi 1.3%

Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:

Series A, 1.14%*, 11/7/2019, GTY: Chevron Corp.		3,845,000		3,845,000

Series F, 1.14%*, 11/7/2019, GTY: Chevron Corp.		50,000		50,000

				3,895,000

Missouri 1.4%

Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 1.12%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		410,000		410,000

Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		2,660,000		2,660,000

St. Louis County, MO, Industrial Development Authority, Educational Whitefield School, Inc., Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		860,000		860,000

				3,930,000

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


18		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)
Nebraska 3.1%
Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 1.18%*, 11/7/2019, LOC: Citibank NA		9,000,000		9,000,000

Nevada 4.0%

Clark County, NV, Airport Systems Revenue:

SeriesD-3, 1.1%*, 11/7/2019, LOC: Bank of America NA		3,000,000		3,000,000

SeriesD-1, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,455,000		6,455,000

Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.23%*, 11/7/2019, LOC: Citibank NA		2,000,000		2,000,000

				11,455,000

New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 1.12%*, 11/7/2019, LOC: Freddie Mac		1,050,000		1,050,000

New York 12.1%

New York, Metropolitan Transportation Authority Revenue:

Series 2012G-1, 1.28%*, 11/1/2019, LOC: Barclays Bank PLC		1,000,000		1,000,000

Series C, 4.0%, 7/1/2020		11,100,000		11,293,370

New York, State Dormitory Authority Revenues,Non-State Supported Debt, Royal Charter Properties, Series A, 1.12%*, 11/7/2019, LOC: Fannie Mae		265,000		265,000

New York, State Housing Finance Agency, Service Contract Revenue, SeriesM-1, 1.08%*, 11/7/2019, LOC: Bank of America NA		450,000		450,000

New York, State Thruway Authority Revenue, Series 2016-XF2345, 144A, 1.15%*, 11/7/2019, LIQ: Credit Suisse		1,865,000		1,865,000

New York, Tender Option Bond Trust Receipts, Series 2019-XF0829,144A, 1.15%*, 11/7/2019, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada		3,000,000		3,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jamaica First Parking LLC Project, 1.15%*, 11/7/2019, LOC: TD Bank NA		385,000		385,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series BB, 1.13%*, 11/7/2019, SPA: Industrial and Commercial Bank of China		8,090,000		8,090,000

New York City, NY, Transitional Finance Authority Revenue, Series3-G, 1.15%*, 11/7/2019, SPA: Bank of New York Mellon		250,000		250,000

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


		Cash Account Trust — Service Shares		\|			19


	Principal Amount ($)		Value ($)

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:

Series 2018C-6, 1.11%*, 11/7/2019, SPA: Sumitomo Mitsui Banking		4,400,000		4,400,000

SeriesA-5, 1.22%*, 11/1/2019, SPA: U.S. Bank NA		850,000		850,000

SeriesG-5, 1.3%*, 11/2/2019, SPA: Barclays Bank PLC		2,475,000		2,475,000

New York, NY, General Obligation:

SeriesA-4, 1.1%*, 11/7/2019, LOC: Citibank NA		400,000		400,000

SeriesG-4, 1.1%*, 11/7/2019, LOC: Citibank NA		100,000		100,000

SeriesB-5, 1.3%*, 11/1/2019, SPA: Barclays Bank PLC		145,000		145,000

				34,968,370

North Carolina 0.0%

North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 1.15%*, 11/7/2019, LOC: Branch Banking & Trust		15,000		15,000

North Carolina, State Medical Care Commission, Health Care Facilities Revenue, Series A, 1.12%*, 11/7/2019, SPA: Branch Banking & Trust		100,000		100,000

				115,000

Ohio 5.9%

Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		9,000,000		9,000,000

Franklin County, OH, Trinity Health Credit Group, 1.35%, Mandatory Put 2/3/2020 @ 100, 12/1/2046		6,000,000		6,000,000

Hamilton County, OH, Economic Development Revenue, St Xavier High School Project, 1.19%*, 11/7/2019, LOC: PNC Bank NA		960,000		960,000

Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 1.15%*, 11/7/2019, LOC: BMO Harris Bank NA		1,000,000		1,000,000

				16,960,000

Oklahoma 1.3%
Oklahoma, Tender Option Bond Trust Floaters, Series 2018-XM0708, 144A, AMT, 1.3%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		3,750,000		3,750,000

Oregon 0.2%

Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System:

Series A, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		165,000		165,000

Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		350,000		350,000

				515,000

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


20		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)
Pennsylvania 1.6%

Lancaster, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,500,000		2,500,000

Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 1.14%*, 11/7/2019, LOC: PNC Bank NA		700,000		700,000

Pennsylvania, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,500,000		1,500,000

				4,700,000

South Dakota 0.3%
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health, Series B, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		880,000		880,000

Tennessee 2.3%

Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		3,220,000		3,220,000

Shelby County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Revenue, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		3,550,000		3,550,000

				6,770,000

Texas 3.3%

Houston, TX, Utility Systems Revenue, First Lien:

SeriesB-5, 1.11%*, 11/7/2019, LOC: Wells Fargo Bank NA		590,000		590,000

Series B, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		400,000		400,000

SeriesB-3, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		350,000		350,000

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group,Series C-2, 1.16%*, 11/7/2019, LOC: Bank of NY Mellon		1,500,000		1,500,000

Texas, State General Obligation, 1.21%*, 11/7/2019, SPA: TD Bank N.A.		735,000		735,000

Texas, State General Obligation, Veterans:

Series B, 1.18%*, 11/7/2019, SPA: Federal Home Loan Bank		460,000		460,000

1.25%*, 11/7/2019, LIQ: Federal Home Loan Bank		200,000		200,000

Texas, State Veterans Housing Assistance Program Fund II:

Series B, 1.21%*, 11/7/2019, LIQ: State Street Bank & Trust Co.		700,000		700,000

Series A, AMT, 1.24%*, 11/7/2019, SPA: State Street Bank & Trust Co.		1,395,000		1,395,000

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


		Cash Account Trust — Service Shares		\|			21


	Principal Amount ($)		Value ($)

Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		3,100,000		3,100,000

				9,430,000
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, Hospital Fletcher Allen, Series A, 1.12%*, 11/7/2019, LOC: TD Bank North NA		1,270,000		1,270,000

Virginia 0.4%

Loudoun County, VA, Industrial Development Authority Revenue, Jack Kent Cooke Foundation Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		650,000		650,000

Salem, VA, Industrial Development Authority, Multi-Family Housing Revenue, Oak Park Apartments Project, 1.1%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		535,000		535,000

				1,185,000

Washington 2.7%

Chelan County, WA, Public Utility District #1, Series B, 1.13%*, 11/7/2019, SPA: Barclays Bank		3,900,000		3,900,000

King County, WA, Sewer Revenue, Junior Lien, Series A, 1.1%*, 11/7/2019, LOC: Landesbank Hessen-Thuringen		530,000		530,000

Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.17%*, 11/7/2019, LOC: U.S. Bank NA		760,000		760,000

Washington, State Housing Finance Commission, 1.12%*, 11/7/2019, LIQ: Fannie Mae		850,000		850,000

Washington, State Housing Finance Commission, Combridge Apartments, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		600,000		600,000

Washington, State Housing Finance Commission,Non-Profit Revenue, Overlake School Project, 1.16%*, 11/7/2019, LOC: Wells Fargo Bank NA		445,000		445,000

Washington, State Housing Finance Commission, Panorma City Project, 1.26%*, 11/7/2019, LOC: Wells Fargo Bank NA		490,000		490,000

Washington, State Housing Finance Commission, Urban Central Airports Project, 1.14%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		325,000		325,000

				7,900,000

Wisconsin 2.6%

Wisconsin, Whitewater Community Development Authority, Housing Preservation, 1.13%*, 11/7/2019, LOC: BMO Harris Bank NA		7,455,000		7,455,000

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


22		\|		Cash Account Trust — Service Shares


	Principal Amount ($)		Value ($)

Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 1.13%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		105,000		105,000

				7,560,000
Other 2.3%

Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:

“A”, Series M027, 1.14%*, 11/7/2019, LIQ: Freddie Mac		2,795,000		2,795,000

“A”, Series M031, 1.15%*, 11/7/2019, LIQ: Freddie Mac		2,930,000		2,930,000

“A”, Series M015, AMT, 1.17%*, 11/7/2019, LIQ: Freddie Mac		960,000		960,000

				6,685,000
Total Municipal Investments(Cost $272,467,893)				272,467,893

Preferred Shares ofClosed-End Investment Companies 5.0%
California

California, Nuveen Dividend Advantage Municipal Fund, Series1-1362, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Societe Generate		9,500,000		9,500,000

California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.25%*, 11/7/2019, LIQ: Citibank NA		1,400,000		1,400,000

California, Nuveen Quality Municipal Income Fund, Series 7, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Royal Bank of Canada		3,500,000		3,500,000
Total Preferred Shares ofClosed-End Investment Companies(Cost $14,400,000)				14,400,000

	% of Net Assets		Value ($)
Total Investment Portfolio(Cost $286,867,893)		99.0		286,867,893
Other Assets and Liabilities, Net		1.0		2,985,021

Net Assets		100.0		289,852,914

Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of October 31, 2019. Date shown reflects the earlier of demand date or stated maturity date.

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

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

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


		Cash Account Trust — Service Shares		\|			23

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (a)	$	—	$	272,467,893	$	—	$	272,467,893
Preferred Shares ofClosed-End Investment Companies		—		14,400,000		—		14,400,000
Total	$	—	$	286,867,893	$	—	$	286,867,893

(a)	See Investment Portfolio for additional detailed categorizations.

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


24		\|		Cash Account Trust — Service Shares

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Tax-Exempt Portfolio
Investments in securities, valued at amortized cost	$	286,867,893
Receivable for investments sold		8,640,018
Receivable for Fund shares sold		70,471
Interest receivable		596,902
Other assets		52,577
Total assets		296,227,861

Liabilities
Cash overdraft		163,256
Payable for investments purchased		6,000,000
Payable for Fund shares redeemed		3,248
Distributions payable		43,224
Accrued Trustees’ fees		4,234
Other accrued expenses and payables		160,985
Total liabilities		6,374,947
Net assets, at value	$	289,852,914

Net Assets Consist of
Distributable earnings (loss)		(39,435	)
Paid-in capital		289,892,349
Net assets, at value	$	289,852,914

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


		Cash Account Trust — Service Shares		\|			25


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Tax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($65,658,529 ÷ 65,615,782 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($120,190,718 ÷ 120,112,525 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($44,132,649 ÷ 44,103,923 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($15,198,032 ÷ 15,188,133 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt Cash Managed Shares

Net Asset Value, offering and redemption price per share ($37,124,550 ÷ 37,100,361 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Free Investment Class

Net Asset Value, offering and redemption price per share ($7,548,436 ÷ 7,543,521 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


26		\|		Cash Account Trust — Service Shares

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)

Investment Income		DWS Tax-Exempt Portfolio

Income:

Interest	$	2,194,090
Expenses:

Management fee		115,861
Administration fee		145,249
Services to shareholders		82,810
Distribution and service fees		86,472
Custodian fee		4,961
Professional fees		45,366
Reports to shareholders		56,926
Registration fees		52,117
Trustees’ fees and expenses		8,096
Other		35,220
Total expenses before expense reductions		633,078
Expense reductions		(206,009	)
Total expenses after expense reductions		427,069
Net investment income		1,767,021
Net realized gain (loss) from investments		11,134
Net increase (decrease) in net assets resulting from operations	$	1,778,155

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


		Cash Account Trust — Service Shares		\|			27

Statements of Changes in Net Assets


	DWSTax-Exempt Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Year Ended April 30, 2019

Operations:

Net investment income	$	1,767,021		$	3,679,217
Net realized gain (loss)		11,134			16,792
Net increase in net assets resulting from operations		1,778,155			3,696,009
Distributions to shareholders:

DWSTax-Exempt Cash Premier Shares		(376,965	)		(554,487	)
DWSTax-Exempt Money Fund		(787,930	)		(1,689,303	)
DWSTax-Free Money Fund Class S		(295,540	)		(640,705	)
Service Shares		(34,021	)		(115,693	)
Tax-Exempt Cash Managed Shares		(241,097	)		(607,973	)
Tax-Free Investment Class		(31,469	)		(58,355	)
Total distributions		(1,767,022	)		(3,666,516	)
Fund share transactions:

Proceeds from shares sold		135,700,009			459,762,725
Reinvestment of distributions		1,445,536			2,971,761
Payments for shares redeemed		(138,852,957	)		(485,955,370	)
Net increase (decrease) in net assets from Fund share transactions		(1,707,412	)		(23,220,884	)
Increase (decrease) in net assets		(1,696,279	)		(23,191,391	)
Net assets at beginning of period		291,549,193			314,740,584

Net assets at end of period	$	289,852,914		$	291,549,193

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


28		\|		Cash Account Trust — Service Shares

Financial Highlights

DWSTax-Exempt Portfolio

Service Shares


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.002			.005			.001			.001			.000	^***		.000	^***
Net realized gain (loss)		.000	^***		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations		.002			.005			.001			.001			.000	^***		.000	^***
Less distributions from:
Net investment income		(.002	)		(.005	)		(.001	)		(.001	)		(.000	)^***		(.000	)^***
Net realized gains		—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions		(.002	)		(.005	)		(.001	)		(.001	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.24	^**		.50			.07			.10			.02			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		15			14			42			40			49			48
Ratio of expenses before expense reductions (%)		1.18	^*		1.18			1.15			1.11			1.07			1.06
Ratio of expenses after expense reductions (%)		1.04	^*		1.05			1.00			.64			.14			.10
Ratio of net investment income (%)		.47	^*		.43			.07			.02			.01			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


		Cash Account Trust — Service Shares		\|			29


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The Trust offers two funds: DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio (each a “Fund” and together, the “Funds”). These financial statements report on DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio.

DWS Government & Agency Securities Portfolio offers four classes of shares: DWS Government & Agency Money Fund, DWS Government Cash Institutional Shares, Government Cash Managed Shares and Service Shares.

DWSTax-Exempt Portfolio offers six classes of shares: DWSTax-Exempt Cash Premier Shares, DWSTax-Exempt Money Fund, DWSTax-Free Money Fund Class S, Service Shares,Tax-Exempt Cash Managed Shares andTax-Free Investment Class.

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

Each Fund’s investment income, realized gains and losses, and certainFund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares of that Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain otherclass-specific expenses. Differences inclass-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 toclass-specific arrangements.

Each 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. Each 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 Funds in the preparation of their financial statements.


30		\|		Cash Account Trust — Service Shares

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 Funds value all securities utilizing the amortized cost method permitted in accordance with Rule2a-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 each Fund’s Investment Portfolio.

Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby each Fund, through its custodian or asub-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 subcustodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Funds have the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Funds’ claims on the collateral may be subject to legal proceedings.

As of October 31, 2019, DWS Government & Agency Securities Portfolio held repurchase agreements with a gross value of $728,700,000. 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 DWS Government & Agency Securities Portfolio’s Investment Portfolio.

Federal Income Taxes. Each of the Funds’ policies is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable andtax-exempt income to its shareholders.


		Cash Account Trust — Service Shares		\|			31

At April 30, 2019, DWS Government & Agency Securities Portfolio had a net tax basis capital loss carryforward of approximately $56,000 of short-term losses, which may be applied against any realized net taxable capital gains indefinitely.

At April 30, 2019, DWSTax-Exempt Portfolio had a net tax basis capital loss carryforward of approximately $15,000, which may be applied against any realized net taxable capital gains indefinitely.

At October 31, 2019, DWS Government & Agency Securities Portfolio had an aggregate cost of investments for federal income tax purposes of $2,829,031,892.

At October 31, 2019, DWSTax-Exempt Portfolio had an aggregate cost of investments for federal income tax purposes of $286,867,893.

The Funds have reviewed the tax positions for the open tax years as of April 30, 2019 and have determined that no provision for income tax and/or uncertain tax positions is required in the Funds’ financial statements. The Funds’ federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

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

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

Other.Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from


32		\|		Cash Account Trust — Service Shares

investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Related Parties

Management Agreement. Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio in accordance with their respective investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by each Fund.

The monthly management fee for the funds is computed based on the combined average daily net assets of the two funds of the Trust and allocated to DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio, respectively, based on their relative net assets, computed and accrued daily and payable monthly, at the following annual rates:


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

Accordingly, for the six months ended October 31, 2019, the fee pursuant to the Investment Management Agreement on DWS Government & Agency Securities Portfolio was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.08% of the Fund’s average daily net assets.

Accordingly, for the six months ended October 31, 2019, the fee pursuant to the Investment Management Agreement on DWS Tax-Exempt Portfolio was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.08% of the Fund’s average daily net assets.

The Advisor has agreed to contractually reduce its management fee for the DWS Government & Agency Securities Portfolio such that the annual effective rate is limited to 0.05% of the DWS Government & Agency Securities Portfolio’s average daily net assets.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived


		Cash Account Trust — Service Shares		\|			33

certain expenses on Service Shares of DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio.

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

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWS Government & Agency Securities Portfolio:
DWS Government & Agency Money Fund	$	74,205
DWS Government Cash Institutional Shares		942,046
Government Cash Managed Shares		82,567
Service Shares		8,048
	$	1,106,866


DWSTax-Exempt Portfolio:
DWSTax-Exempt Cash Premier Shares	$	38,712
DWSTax-Exempt Money Fund		87,038
DWSTax-Free Money Fund Class S		34,457
Service Shares		10,255
Tax-Exempt Cash Managed Shares		30,832
Tax-Free Investment Class		4,715
	$	206,009

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio. For all services provided under the Administrative Services Agreement, each of these two Funds pays the Advisor an annual fee (“Administration Fee”) of 0.10% of each of these two Funds’ average daily net assets, computed and accrued daily and payable monthly. For the six months ended October 31, 2019, the Administration Fee from DWS Government & Agency Securities Portfolio and DWSTax-Exempt Portfolio was as follows:


Fund	Administration Fee		Unpaid at October 31, 2019
DWS Government & Agency Securities Portfolio	$	1,449,987	$	249,646
DWSTax-Exempt Portfolio	$	145,249	$	23,808

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 Funds. Pursuant to asub-transfer agency agreement


34		\|		Cash Account Trust — Service Shares

between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Funds. For the six months ended October 31, 2019, the amounts charged to the Funds by DSC were as follows:


DWS Government & Agency Securities Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWS Government & Agency Money Fund	$	31,322	$	11,359
DWS Government Cash Institutional Shares		152,754		42,280
Government Cash Managed Shares		60,568		18,158
Service Shares		26,275		3,575
	$	270,919	$	75,372


DWSTax-Exempt Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Cash Premier Shares	$	1,392	$	351
DWSTax-Exempt Money Fund		17,553		6,303
DWSTax-Free Money Fund Class S		14,425		5,213
Service Shares		18,345		4,831
Tax-Exempt Cash Managed Shares		9,450		2,085
Tax-Free Investment Class		2,701		925
	$	63,866	$	19,708

In addition, for the six months ended October 31, 2019, the amounts charged to each 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
DWS Government & Agency Securities Portfolio:	Total Aggregated
DWS Government & Agency Money Fund	$	44,421


DWS Tax-Exempt Portfolio:	Total Aggregated
DWSTax-Exempt Money Fund	$	2,510
DWSTax-Free Money Fund Class S		1,315
	$	3,825


		Cash Account Trust — Service Shares		\|			35

(“Distribution Fee”), calculated as a percentage of average daily net assets for the shares listed in the following table.

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWS Government & Agency Securities Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	63,169	$	5,358		.60	%		.60	%

DWSTax-Exempt Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	43,565	$	8,051		.60	%		.60	%
Tax-Free Investment Class		8,577		1,538		.25	%		.25	%
	$	52,142	$	9,589

In addition, DDI provides information and administrative services for a fee (“Service Fee”) for the shares listed in the following table. A portion of these fees may be paid pursuant to aRule 12b-1 plan.

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Government & Agency Securities Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Government Cash Managed Shares	$	176,301	$	27,132		.15	%		.15	%

DWS Tax-Exempt Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Tax-Exempt Cash Managed Shares	$	31,928	$	4,654		.15	%		.15	%
Tax-Free Investment Class		2,402		431		.07	%		.07	%
	$	34,330	$	5,085

Typesetting and Filing Service Fees. Under an agreement with the Funds, DIMA is compensated for providing certainpre-press and regulatory filing services to the Funds. For the six months ended October 31, 2019, the amounts charged to the Funds by DIMA included in the Statement of Operations under “Reports to shareholders” were as follows:


Fund	Total Aggregated		Unpaid a October 31, 2019
DWS Government & Agency Securities Portfolio	$	14,498	$	14,338
DWSTax-Exempt Portfolio	$	25,388	$	20,092

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


36		\|		Cash Account Trust — Service Shares

Transactions with Affiliates.The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the six months ended October 31, 2019, the DWSTax-Exempt Portfolio engaged in securities purchases of $133,230,000 and securities sales of $220,036,000 with an affiliated fund in compliance withRule 17a-7 under the 1940 Act.

C. Line of Credit

The Funds and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. Each 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Funds had no outstanding loans at October 31, 2019.

D. Fund Share Transactions

The following tables summarize share and dollar activity in the Funds:

DWS Government & Agency Securities Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWS Government & Agency Money Fund		162,681,632	$	162,681,632		306,947,300	$	306,947,300
DWS Government Cash Institutional Shares		29,505,367,626		29,505,367,626		91,279,295,482		91,279,295,482
Government Cash Managed Shares		562,109,835		562,109,835		965,718,437		965,718,437
Service Shares		40,571,476		40,571,476		128,077,453		128,077,453
Account Maintenance Fees		—		31,224		—		—
			$	30,270,761,793			$	92,680,038,672


		Cash Account Trust — Service Shares		\|			37


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares issued to shareholders in reinvestment of distributions
DWS Government & Agency Money Fund		2,397,760		$	2,397,760			3,331,892		$	3,331,892
DWS Government Cash Institutional Shares		5,457,636			5,457,636			10,340,704			10,340,704
Government Cash Managed Shares		782,319			782,319			1,138,641			1,138,641
Service Shares		140,794			140,794			251,248			251,248
				$	8,778,509					$	15,062,485

Shares redeemed
DWS Government & Agency Money Fund		(113,451,745	)	$	(113,451,745	)		(228,757,444	)	$	(228,757,444	)
DWS Government Cash Institutional Shares		(29,538,897,643	)		(29,538,897,643	)		(93,306,190,114	)		(93,306,190,114	)
Government Cash Managed Shares		(537,002,558	)		(537,002,558	)		(980,618,887	)		(980,618,887	)
Service Shares		(44,825,318	)		(44,825,318	)		(158,060,228	)		(158,060,228	)
				$	(30,234,177,264	)				$	(94,673,626,673	)

Net increase (decrease)
DWS Government & Agency Money Fund		51,627,647		$	51,627,647			81,521,748		$	81,521,748
DWS Government Cash Institutional Shares		(28,072,381	)		(28,072,381	)		(2,016,553,928	)		(2,016,553,928	)
Government Cash Managed Shares		25,889,596			25,889,596			(13,761,809	)		(13,761,809	)
Service Shares		(4,113,048	)		(4,113,048	)		(29,731,527	)		(29,731,527	)
Account Maintenance Fees		—			31,224			—			—
				$	45,363,038					$	(1,978,525,516	)


38		\|		Cash Account Trust — Service Shares

DWSTax-Exempt Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWSTax-Exempt Cash Premier Shares		30,414,669	$	30,414,669		62,299,935	$	62,299,935
DWSTax-Exempt Money Fund		12,262,058		12,262,058		34,172,341		34,172,341
DWSTax-Free Money Fund Class S		3,688,696		3,688,696		11,153,741		11,153,741
Service Shares		12,078,630		12,078,630		53,988,330		53,988,330
Tax-Exempt Cash Managed Shares		73,810,500		73,810,500		286,624,984		286,624,984
Tax-Free Investment Class		3,411,645		3,411,645		11,523,394		11,523,394
Account Maintenance Fees		—		33,811		—		—
			$	135,700,009			$	459,762,725

Shares issued to shareholders in reinvestment of distributions
DWSTax-Exempt Cash Premier Shares		326,394	$	326,394		537,230	$	537,230
DWSTax-Exempt Money Fund		774,605		774,605		1,659,886		1,659,886
DWSTax-Free Money Fund Class S		278,479		278,479		607,214		607,214
Service Shares		33,880		33,880		108,406		108,406
Tax-Exempt Cash Managed Shares		744		744		1,638		1,638
Tax-Free Investment Class		31,434		31,434		57,387		57,387
			$	1,445,536			$	2,971,761


		Cash Account Trust — Service Shares		\|			39


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWSTax-Exempt Cash Premier Shares		(14,579,429	)	$	(14,579,429	)		(54,454,045	)	$	(54,454,045	)
DWSTax-Exempt Money Fund		(17,215,796	)		(17,215,796	)		(47,917,455	)		(47,917,455	)
DWSTax-Free Money Fund Class S		(11,496,675	)		(11,496,675	)		(11,058,223	)		(11,058,223	)
Service Shares		(10,759,220	)		(10,759,220	)		(82,572,012	)		(82,572,012	)
Tax-Exempt Cash Managed Shares		(82,447,502	)		(82,447,502	)		(279,241,365	)		(279,241,365	)
Tax-Free Investment Class		(2,354,335	)		(2,354,335	)		(10,712,270	)		(10,712,270	)
				$	(138,852,957	)				$	(485,955,370	)

Net increase (decrease)
DWSTax-Exempt Cash Premier Shares		16,161,634		$	16,161,634			8,383,120		$	8,383,120
DWSTax-Exempt Money Fund		(4,179,133	)		(4,179,133	)		(12,085,228	)		(12,085,228	)
DWSTax-Free Money Fund Class S		(7,529,500	)		(7,529,500	)		702,732			702,732
Service Shares		1,353,290			1,353,290			(28,475,276	)		(28,475,276	)
Tax-Exempt Cash Managed Shares		(8,636,258	)		(8,636,258	)		7,385,257			7,385,257
Tax-Free Investment Class		1,088,744			1,088,744			868,511			868,511
Account Maintenance Fees		—			33,811			—			—
				$	(1,707,412	)				$	(23,220,884	)

E. Ownership of the Fund

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

At October 31, 2019, 20% of the outstanding shares of DWS Government & Agency Securities Portfolio was held by other affiliated DWS funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the DWS family of funds.


40		\|		Cash Account Trust — Service Shares

Information About Each Fund’s Expenses

As an investor of a Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in each Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, each Fund limited these expenses; had they not done so, expenses would have been higher for the Service Shares. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

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

–

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


		Cash Account Trust — Service Shares		\|			41

Service Shares


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Government & Agency Securities Portfolio		DWS Tax-Exempt Portfolio
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,006.60	$	1,002.40
Expenses Paid per $1,000*	$	4.94	$	5.23

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,020.21	$	1,019.91
Expenses Paid per $1,000*	$	4.98	$	5.28

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratios	DWS Government & Agency Securities Portfolio			DWS Tax-Exempt Portfolio
Service Shares		.98	%		1.04	%

For more information, please refer to each Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.


42		\|		Cash Account Trust — Service Shares

Other Information

Proxy Voting

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site —dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800)728-3337.

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, From N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.


		Cash Account Trust — Service Shares		\|			43

Advisory Agreement Board Considerations and Fee Evaluation

DWS Government & Agency Securities Portfolio

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Government & Agency Securities Portfolio’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

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’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

–	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 addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.


44		\|		Cash Account Trust — Service Shares

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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s 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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (Service Shares) was in the 1st quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios,


		Cash Account Trust — Service Shares		\|			45

and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant 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 0.10% 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, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s total operating expenses (excluding12b-1 fees and/or shareholder administration fees, if applicable) were lower than the median (2nd quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: DWS Government Cash Institutional Shares, Government Cash Managed Shares and DWS Government & Agency Money Fund shares and higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: Service Shares. The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-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, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-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 and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available


46		\|		Cash Account Trust — Service Shares

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 lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

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

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. 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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.


		Cash Account Trust — Service Shares		\|			47

DWS Tax-Exempt Portfolio

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWSTax-Exempt Portfolio’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and 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


48		\|		Cash Account Trust — Service Shares

range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (DWSTax-Exempt Cash Premier Shares) was in the 3rd quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant 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


		Cash Account Trust — Service Shares		\|			49

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 0.10% 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, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s total operating expenses (excluding12b-1 fees and/or shareholder administration fees, if applicable) were higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: Service Shares, DWSTax-Exempt Cash Premier Shares, Tax Free Investment Class shares,Tax-Exempt Cash Managed Shares, DWSTax-Exempt Money Fund shares and DWSTax-Free Money Fund Class S shares. The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 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 anysub-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.


50		\|		Cash Account Trust — Service Shares

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 lower than the overall profitability levels of most comparable firms for which such data was available.


		Cash Account Trust — Service Shares		\|			51

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com


52		\|		Cash Account Trust — Service Shares




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019


		Cash Account Trust — Service Shares		\|			53

Notes

LOGO

CATS-3

(R-033430-7 12/19

LOGO

October 31, 2019

Semiannual Report

to Shareholders

DWS Government & Agency Securities Portfolio

DWS Government & Agency Money Fund

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	8			Statement of Assets and Liabilities
	10			Statement of Operations
	11			Statements of Changes in Net Assets
	12			Financial Highlights


	13			Notes to Financial Statements
	21			Information About Your Fund’s Expenses
	23			Other Information
	24			Advisory Agreement Board Considerations and Fee Evaluation
	28			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. 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. The actions of a few large investors in one class of shares of the Fund may have a significant adverse effect on the share prices of all classes of shares of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

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.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY


2		\|		DWS Government & Agency Money Fund


Portfolio Summary		(Unaudited)

DWS Government & Agency Securities Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Government & Agency Obligations		74%		57%
Repurchase Agreements		26%		43%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWS Government & Agency
Securities Portfolio		24 days		21 days
iMoneyNet Money Fund Average^™ — Gov’t & Agency
Retail^*		28 days		29 days

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–7. A quarterly Fact Sheet is available on dws.com or upon request.


		DWS Government & Agency Money Fund		\|			3


Investment Portfolio		as of October 31, 2019 (Unaudited)


	Principal Amount ($)		Value ($)
Government & Agency Obligations 75.4%
U.S. Government Sponsored Agencies 46.5%

Federal Farm Credit Bank:

1-month LIBOR minus 0.050%, 1.773%**, 2/25/2020		20,000,000		19,999,714

1-month LIBOR minus 0.020%, 1.78%**, 4/30/2020		33,000,000		33,000,000

1-month LIBOR minus 0.025%, 1.78%**, 5/29/2020		12,500,000		12,499,641

1-month LIBOR minus 0.035%, 1.811%**, 8/20/2020		48,500,000		48,500,000

1-month LIBOR minus 0.010%, 1.856%**, 8/19/2020		7,500,000		7,500,650

1-month LIBOR minus 0.075%, 1.915%**, 11/5/2019		18,000,000		17,999,980

1-month LIBOR minus 0.050%, 1.947%**, 2/4/2020		32,000,000		32,000,000

3-month LIBOR minus 0.180%, 2.073%**, 11/1/2019		25,000,000		25,000,000

Federal Home Loan Bank:

3-month LIBOR minus 0.200%, 1.801%**, 1/16/2020		14,000,000		14,000,000

SOFR plus 0.005%, 1.825%**, 1/17/2020		22,500,000		22,500,000

SOFR plus 0.020%, 1.84%**, 5/14/2020		10,000,000		10,000,000

SOFR plus 0.025%, 1.845%**, 4/22/2020		24,000,000		24,000,000

SOFR plus 0.030%, 1.85%**, 7/17/2020		9,000,000		9,000,000

3-month LIBOR minus 0.135%, 1.851%**, 4/13/2020		25,000,000		25,000,000

SOFR plus 0.035%, 1.855%**, 2/21/2020		28,000,000		28,000,000

SOFR plus 0.035%, 1.855%**, 5/8/2020		30,000,000		30,000,000

SOFR plus 0.040%, 1.86%**, 9/10/2020		40,000,000		40,000,000

1-month LIBOR minus 0.055%, 1.866%**, 1/14/2020		30,000,000		30,000,000

SOFR plus 0.050%, 1.87%**, 1/28/2021		20,000,000		20,000,000

SOFR plus 0.065%, 1.885%**, 11/15/2019		22,500,000		22,500,000

SOFR plus 0.065%, 1.885%**, 2/26/2021		25,000,000		25,000,000

1-month LIBOR minus 0.020%, 1.901%**, 5/12/2020		24,250,000		24,250,000

3-month LIBOR minus 0.230%, 1.902%**, 12/3/2019		25,000,000		25,000,000

SOFR plus 0.105%, 1.925%**, 10/1/2020		20,000,000		20,000,000

1-month LIBOR minus 0.060%, 1.93%**, 12/6/2019		30,000,000		30,000,000

1.94%, 6/16/2020		18,000,000		18,000,000

3-month LIBOR minus 0.195%, 1.98%**, 2/14/2020		35,000,000		35,000,000

1-month LIBOR minus 0.010%, 2.022%**, 9/1/2020		20,000,000		20,000,000

Federal Home Loan Bank Discount Notes:

1.663%*, 1/31/2020		18,500,000		18,423,307

1.678%*, 1/21/2020		15,000,000		14,944,144

1.911%*, 3/13/2020		12,500,000		12,412,950

1.916%*, 3/20/2020		4,000,000		3,970,600

1.935%*, 3/20/2020		34,000,000		33,750,100

1.967%*, 11/25/2019		23,000,000		22,970,253

1.968%*, 12/11/2019		33,500,000		33,427,752

2.023%*, 11/6/2019		25,000,000		24,993,073

2.406%*, 11/15/2019		27,500,000		27,474,622

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


4		\|		DWS Government & Agency Money Fund


	Principal Amount ($)		Value ($)

Federal Home Loan Mortgage Corp.:

1.82%**, 2/12/2020		22,000,000		22,000,000

SOFR plus 0.005%, 1.825%**, 5/13/2020		24,000,000		24,000,000

SOFR plus 0.010%, 1.83%**, 2/21/2020		35,000,000		35,000,000

SOFR plus 0.010%, 1.83%**, 7/22/2020		12,500,000		12,500,000

SOFR plus 0.020%, 1.84%**, 6/5/2020		50,000,000		50,000,000

SOFR plus 0.020%, 1.84%**, 7/8/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 5/8/2020		20,000,000		20,000,000

SOFR plus 0.030%, 1.85%**, 6/2/2020		25,000,000		25,000,000

SOFR plus 0.030%, 1.85%**, 6/4/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 8/21/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 1/22/2021		35,000,000		35,000,000

Federal National Mortgage Association:

SOFR plus 0.040%, 1.86%**, 1/29/2021		18,000,000		18,000,000

SOFR plus 0.060%, 1.88%**, 7/30/2020		16,500,000		16,500,000

SOFR plus 0.075%, 1.895%**, 10/30/2020		22,000,000		22,000,000

SOFR plus 0.010%, 1.92%**, 4/30/2020		5,000,000		5,000,000

				1,296,116,786

U.S. Treasury Obligations 28.9%

U.S. Treasury Bills:

1.65%*, 4/16/2020		21,000,000		20,841,503

1.659%*, 1/30/2020		65,000,000		64,734,150

1.674%*, 12/17/2019		21,870,000		21,823,863

1.678%*, 12/17/2019		21,870,000		21,823,751

1.678%*, 1/9/2020		25,000,000		24,920,698

1.695%*, 4/9/2020		25,000,000		24,814,222

1.713%*, 4/9/2020		10,500,000		10,421,133

1.724%*, 11/5/2019		25,000,000		24,995,278

1.736%*, 11/26/2019		65,000,000		64,922,722

1.752%*, 11/26/2019		45,000,000		44,947,562

1.774%*, 11/12/2019		65,000,000		64,965,243

1.81%*, 4/2/2020		25,000,000		24,810,344

1.828%*, 4/2/2020		25,000,000		24,810,184

1.86%*, 3/26/2020		16,000,000		15,879,307

1.866%*, 1/2/2020		50,000,000		49,841,556

1.886%*, 3/26/2020		15,000,000		14,886,850

1.947%*, 11/19/2019		20,000,000		19,980,800

1.956%*, 12/5/2019		32,500,000		32,440,790

1.973%*, 11/12/2019		25,000,000		24,985,139

1.975%*, 12/19/2019		5,000,000		4,987,017

1.977%*, 11/19/2019		20,000,000		19,980,500

1.983%*, 11/19/2019		20,000,000		19,980,500

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


		DWS Government & Agency Money Fund		\|			5


	Principal Amount ($)			Value ($)

U.S. Treasury Floating Rate Notes:

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.637%**, 1/31/2020		82,500,000			82,471,864

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.67%**, 4/30/2020		80,000,000			79,950,130

					804,215,106

Total Government & Agency Obligations(Cost $2,100,331,892)					2,100,331,892

Repurchase Agreements 26.2%

BNP Paribas, 1.72%, dated 10/31/2019, to be repurchased at $35,001,672 on 11/1/2019 (a)		35,000,000			35,000,000

Citigroup Global Markets, Inc., 1.72%, dated 10/31/2019, to be repurchased at $90,004,300 on 11/1/2019 (b)		90,000,000			90,000,000

Fixed Income Clearing Corp., 1.50%, dated 10/31/2019, to be repurchased at $100,004,167 on 11/1/2019 (c)		100,000,000			100,000,000

Wells Fargo Bank, 1.74%, dated 10/31/2019, to be repurchased at $503,724,346 on 11/1/2019 (d)		503,700,000			503,700,000
Total Repurchase Agreements(Cost $728,700,000)					728,700,000

	% of Net Assets			Value ($)
Total Investment Portfolio(Cost $2,829,031,892)		101.6			2,829,031,892
Other Assets and Liabilities, Net		(1.6	)		(45,422,877	)

Net Assets		100.0			2,783,609,015

*	Annualized yield at time of purchase; not a coupon rate.

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

(a)	Collateralized by:

Principal
Amount ($)

Security

Rate (%)

Maturity
Date

Collateral
Value ($)

200

U.S. Treasury Notes

1.50–1.625

7/15/2020–10/31/2026

200

31,023,200

U.S. Treasury Bonds

3.00–2.875

11/15/2044–5/15/2049

35,699,802

Total Collateral Value

35,700,002

(b)	Collateralized by $91,901,900 U.S. Treasury Notes, 0.125–2.75%, maturing on 11/30/2020–10/31/2024 with a value of $91,800,004.

(c)	Collateralized by $95,975,000 U.S. Treasury Note, 2.75%, maturing on 8/31/2025 with a value of $102,002,518.

(d)	Collateralized by $505,583,633 U.S. Treasury Bonds, 2.500–4.00%, maturing on 6/1/2034–11/01/2049 with a value of $513,774,000.

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

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


6		\|		DWS Government & Agency Money Fund

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (e)	$	�� —	$	2,100,331,892	$	—	$	2,100,331,892
Repurchase Agreements		—		728,700,000		—		728,700,000
Total	$	—	$	2,829,031,892	$	—	$	2,829,031,892

(e)	See Investment Portfolio for additional detailed categorizations.

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


		DWS Government & Agency Money Fund		\|			7

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Government & Agency Securities Portfolio
Investment in securities, valued at amortized cost	$	2,100,331,892
Repurchased agreements, valued at amortized cost		728,700,000
Cash		310,450
Receivable for Fund shares sold		294,211
Interest receivable		2,604,752
Other assets		82,737
Total assets		2,832,324,042

Liabilities
Payable for investments purchased		44,947,563
Payable for Fund shares redeemed		233,547
Distributions payable		2,934,448
Accrued management fee		15,688
Accrued Trustees’ fees		39,939
Other accrued expenses and payables		543,842
Total liabilities		48,715,027
Net assets, at value	$	2,783,609,015

Net Assets Consist of
Distributable earnings (loss)		129,461
Paid-in capital		2,783,479,554
Net assets, at value	$	2,783,609,015

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


8		\|		DWS Government & Agency Money Fund


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Government & Agency Securities Portfolio

DWS Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($265,595,046 ÷ 265,600,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWS Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($2,305,823,475 ÷ 2,305,869,954 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Government Cash Managed Shares

Net Asset Value, offering and redemption price per share ($199,803,866 ÷ 199,807,894 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($12,386,628 ÷ 12,386,878 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


		DWS Government & Agency Money Fund		\|			9

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)


Investment Income		DWS Government & Agency Securities Portfolio
Income:

Interest	$	33,139,303
Expenses:

Management fee		1,156,248
Administration fee		1,449,987
Services to shareholders		339,236
Distribution and service fees		239,470
Custodian fee		16,914
Professional fees		71,086
Reports to shareholders		42,863
Registration fees		48,479
Trustees’ fees and expenses		71,269
Other		100,009
Total expenses before expense reductions		3,535,561
Expense reductions		(1,106,866	)
Total expenses after expense reductions		2,428,695
Net investment income		30,710,608
Net realized gain (loss) from investments		(19,536	)
Net increase (decrease) in net assets resulting from operations	$	30,691,072

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


10		\|		DWS Government & Agency Money Fund

Statements of Changes in Net Assets


	DWS Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Years Ended April 30, 2019

Operations:

Net investment income	$	30,710,608		$	67,942,263
Net realized gain (loss)		(19,536	)		(53,787	)
Net increase in net assets resulting from operations		30,691,072			67,888,476
Distributions to shareholders:

DWS Government & Agency Money Fund		(2,425,997	)		(3,382,007	)
DWS Government Cash Institutional Shares		(25,845,425	)		(60,835,410	)
Government Cash Managed Shares		(2,295,707	)		(3,456,004	)
Service Shares		(143,477	)		(269,527	)
Total distributions		(30,710,606	)		(67,942,948	)
Fund share transactions:

Proceeds from shares sold		30,270,761,793			92,680,038,672
Reinvestment of distributions		8,778,509			15,062,485
Payments for shares redeemed		(30,234,177,264	)		(94,673,626,673	)
Net increase (decrease) in net assets from Fund share transactions		45,363,038			(1,978,525,516	)
Increase (decrease) in net assets		45,343,504			(1,978,579,988	)
Net assets at beginning of period		2,738,265,511			4,716,845,499

Net assets at end of period	$	2,783,609,015		$	2,738,265,511

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


		DWS Government & Agency Money Fund		\|			11

Financial Highlights

DWS Government & Agency Securities Portfolio

DWS Government & Agency Money Fund


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.010			.020			.010			.003			.000	^***		.000	^***
Net realized gain (loss)		(.000	)^***		(.000	)^***		.000	^***		.000	^***		(.000	)^***		.000	^***
Total from investment operations		.010			.020			.010			.003			.000	^***		.000	^***
Less distributions from:

Net investment income		(.010	)		(.020	)		(.010	)		(.003	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		1.05	^**		1.99			1.03			.31			.05			.01

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		266			214			132			145			84			84
Ratio of expenses before expense reductions (%)		.27	^*		.28			.30			.30			.28			.27
Ratio of expenses after expense reductions (%)		.21	^*		.21			.19			.19			.18			.08
Ratio of net investment income (%)		2.06	^*		2.01			1.01			.33			.05			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


12		\|		DWS Government & Agency Money Fund


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The financial highlights for all classes of shares, other than DWS Government & Agency Money Fund, are provided separately and are available upon request.

The Fund’s investment income, realized gains and losses, and certainFund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares of the Fund, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain otherclass-specific expenses. Differences inclass-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 toclass-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. 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.

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.


		DWS Government & Agency Money Fund		\|			13

The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule2a-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 asub-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 subcustodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund’s claims on the collateral may be subject to legal proceedings.

As of October 31, 2019, the Fund held repurchase agreements with a gross value of $728,700,000. 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.

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


14		\|		DWS Government & Agency Money Fund

At October 31, 2019, DWS Government & Agency Securities Portfolio had an aggregate cost of investments for federal income tax purposes of $2,829,031,892.

The Fund has reviewed the tax positions for the open tax years as of April 30, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

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

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

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

B. Related Parties


		DWS Government & Agency Money Fund		\|			15

policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

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


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

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

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Government & Agency Money Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.45%.

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWS Government & Agency Money Fund	$	74,205
DWS Government Cash Institutional Shares		942,046
Government Cash Managed Shares		82,567
Service Shares		8,048
	$	1,106,866


16		\|		DWS Government & Agency Money Fund

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended October 31, 2019, the Administration Fee was as follows:


Fund	Administration Fee		Unpaid at October 31, 2019
DWS Government & Agency Securities Portfolio	$	1,449,987	$	249,646

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 asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended October 31, 2019, the amounts charged to the Fund by DSC were as follows:


DWS Government & Agency Securities Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWS Government & Agency Money Fund	$	31,322	$	11,359
DWS Government Cash Institutional Shares		152,754		42,280
Government Cash Managed Shares		60,568		18,158
Service Shares		26,275		3,575
	$	270,919	$	75,372

In addition, for the six months ended October 31, 2019, the amount 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,” was as follows:


Sub-Recordkeeping	Total Aggregated
DWS Government & Agency Money Fund	$	44,421

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule12b-1 under the 1940 Act, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”), calculated as a percentage of average daily net assets for the shares listed in the following table.


		DWS Government & Agency Money Fund		\|			17

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWS Government & Agency Securities Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	63,169	$	5,358		.60	%		.60	%

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Government & Agency Securities Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Government Cash Managed Shares	$	176,301	$	27,132		.15	%		.15	%

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the six months ended October 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ was as follows:


Fund	Total Aggregated		Unpaid at October 31, 2019
DWS Government & Agency Securities Portfolio	$	14,498	$	14,338

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 $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2019.


18		\|		DWS Government & Agency Money Fund

D. Fund Share Transactions

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

DWS Government & Agency Securities Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWS Government & Agency Money Fund		162,681,632	$	162,681,632		306,947,300	$	306,947,300
DWS Government Cash Institutional Shares		29,505,367,626		29,505,367,626		91,279,295,482		91,279,295,482
Government Cash Managed Shares		562,109,835		562,109,835		965,718,437		965,718,437
Service Shares		40,571,476		40,571,476		128,077,453		128,077,453
Account Maintenance Fees		—		31,224		—		—
			$	30,270,761,793			$	92,680,038,672

Shares issued to shareholders in reinvestment of distributions
DWS Government & Agency Money Fund		2,397,760	$	2,397,760		3,331,892	$	3,331,892
DWS Government Cash Institutional Shares		5,457,636		5,457,636		10,340,704		10,340,704
Government Cash Managed Shares		782,319		782,319		1,138,641		1,138,641
Service Shares		140,794		140,794		251,248		251,248
			$	8,778,509			$	15,062,485


		DWS Government & Agency Money Fund		\|			19


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWS Government & Agency Money Fund		(113,451,745	)	$	(113,451,745	)		(228,757,444	)	$	(228,757,444	)
DWS Government Cash Institutional Shares		(29,538,897,643	)		(29,538,897,643	)		(93,306,190,114	)		(93,306,190,114	)
Government Cash Managed Shares		(537,002,558	)		(537,002,558	)		(980,618,887	)		(980,618,887	)
Service Shares		(44,825,318	)		(44,825,318	)		(158,060,228	)		(158,060,228	)
				$	(30,234,177,264	)				$	(94,673,626,673	)

Net increase (decrease)
DWS Government & Agency Money Fund		51,627,647		$	51,627,647			81,521,748		$	81,521,748
DWS Government Cash Institutional Shares		(28,072,381	)		(28,072,381	)		(2,016,553,928	)		(2,016,553,928	)
Government Cash Managed Shares		25,889,596			25,889,596			(13,761,809	)		(13,761,809	)
Service Shares		(4,113,048	)		(4,113,048	)		(29,731,527	)		(29,731,527	)
Account Maintenance Fees		—			31,224			—			—
				$	45,363,038					$	(1,978,525,516	)

E. Ownership of the Fund

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

At October 31, 2019, 20% of the outstanding shares of the Fund was held by other affiliated DWS funds shareholder accounts as a cash management vehicle for the cash collateral received in connection with the securities lending program of the DWS family of funds.


20		\|		DWS Government & Agency Money Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the DWS Government & Agency Money Fund. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

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


		DWS Government & Agency Money Fund		\|			21


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Government & Agency Money Fund
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,010.50
Expenses Paid per $1,000*	$	1.06

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,024.08
Expenses Paid per $1,000*	$	1.07

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratio
DWS Government & Agency Money Fund	.21	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.


22		\|		DWS Government & Agency Money Fund

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed onForm N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.


		DWS Government & Agency Money Fund		\|			23

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to


24		\|		DWS Government & Agency Money Fund

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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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.


		DWS Government & Agency Money Fund		\|			25

(“Broadridge”) and the Fee Consultant 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 0.10% 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, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s total operating expenses (excluding12b-1 fees and/or shareholder administration fees, if applicable) were lower than the median (2nd quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: DWS Government Cash Institutional Shares, Government Cash Managed Shares and DWS Government & Agency Money Fund shares and higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: Service Shares. The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-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.


26		\|		DWS Government & Agency Money Fund

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 lower than the overall profitability levels of most comparable firms for which such data was available.


		DWS Government & Agency Money Fund		\|			27

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com


28		\|		DWS Government & Agency Money Fund




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019


		DWS Government & Agency Money Fund		\|			29

Notes

LOGO

DGAMF-3

(R-033436-7 12/19)

LOGO

October 31, 2019

Semiannual Report

to Shareholders

DWS Government & Agency Securities Portfolio

DWS Government Cash Institutional Shares

Fund #250

Government Cash Managed Shares

Fund #254

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	8			Statement of Assets and Liabilities
	10			Statement of Operations
	11			Statements of Changes in Net Assets
	12			Financial Highlights


	14			Notes to Financial Statements
	22			Information About Your Fund’s Expenses
	24			Other Information
	25			Advisory Agreement Board Considerations and Fee Evaluation
	29			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. 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. The actions of a few large investors in one class of shares of the Fund may have a significant adverse effect on the share prices of all classes of shares of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Government Cash Institutional Shares

Government Cash Managed Shares


Portfolio Summary		(Unaudited)

DWS Government & Agency Securities Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Government & Agency Obligations		74%		57%
Repurchase Agreements		26%		43%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWS Government & Agency
Securities Portfolio		24 days		21 days
iMoneyNet Money Fund Average^™ — Gov’t & Agency
Institutional*		31 days		28 days

The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Institutional — Category includes the most broadly based of the government institutional funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–7. A quarterly Fact Sheet is available on dws.com or upon request.

DWS Government Cash Institutional Shares

Government Cash Managed Shares


Investment Portfolio		as of October 31, 2019 (Unaudited)


	Principal Amount ($)		Value ($)
Government & Agency Obligations 75.4%
U.S. Government Sponsored Agencies 46.5%

Federal Farm Credit Bank:

1-month LIBOR minus 0.050%, 1.773%**, 2/25/2020		20,000,000		19,999,714

1-month LIBOR minus 0.020%, 1.78%**, 4/30/2020		33,000,000		33,000,000

1-month LIBOR minus 0.025%, 1.78%**, 5/29/2020		12,500,000		12,499,641

1-month LIBOR minus 0.035%, 1.811%**, 8/20/2020		48,500,000		48,500,000

1-month LIBOR minus 0.010%, 1.856%**, 8/19/2020		7,500,000		7,500,650

1-month LIBOR minus 0.075%, 1.915%**, 11/5/2019		18,000,000		17,999,980

1-month LIBOR minus 0.050%, 1.947%**, 2/4/2020		32,000,000		32,000,000

3-month LIBOR minus 0.180%, 2.073%**, 11/1/2019		25,000,000		25,000,000

Federal Home Loan Bank:

3-month LIBOR minus 0.200%, 1.801%**, 1/16/2020		14,000,000		14,000,000

SOFR plus 0.005%, 1.825%**, 1/17/2020		22,500,000		22,500,000

SOFR plus 0.020%, 1.84%**, 5/14/2020		10,000,000		10,000,000

SOFR plus 0.025%, 1.845%**, 4/22/2020		24,000,000		24,000,000

SOFR plus 0.030%, 1.85%**, 7/17/2020		9,000,000		9,000,000

3-month LIBOR minus 0.135%, 1.851%**, 4/13/2020		25,000,000		25,000,000

SOFR plus 0.035%, 1.855%**, 2/21/2020		28,000,000		28,000,000

SOFR plus 0.035%, 1.855%**, 5/8/2020		30,000,000		30,000,000

SOFR plus 0.040%, 1.86%**, 9/10/2020		40,000,000		40,000,000

1-month LIBOR minus 0.055%, 1.866%**, 1/14/2020		30,000,000		30,000,000

SOFR plus 0.050%, 1.87%**, 1/28/2021		20,000,000		20,000,000

SOFR plus 0.065%, 1.885%**, 11/15/2019		22,500,000		22,500,000

SOFR plus 0.065%, 1.885%**, 2/26/2021		25,000,000		25,000,000

1-month LIBOR minus 0.020%, 1.901%**, 5/12/2020		24,250,000		24,250,000

3-month LIBOR minus 0.230%, 1.902%**, 12/3/2019		25,000,000		25,000,000

SOFR plus 0.105%, 1.925%**, 10/1/2020		20,000,000		20,000,000

1-month LIBOR minus 0.060%, 1.93%**, 12/6/2019		30,000,000		30,000,000

1.94%, 6/16/2020		18,000,000		18,000,000

3-month LIBOR minus 0.195%, 1.98%**, 2/14/2020		35,000,000		35,000,000

1-month LIBOR minus 0.010%, 2.022%**, 9/1/2020		20,000,000		20,000,000

Federal Home Loan Bank Discount Notes:

1.663%*, 1/31/2020		18,500,000		18,423,307

1.678%*, 1/21/2020		15,000,000		14,944,144

1.911%*, 3/13/2020		12,500,000		12,412,950

1.916%*, 3/20/2020		4,000,000		3,970,600

1.935%*, 3/20/2020		34,000,000		33,750,100

1.967%*, 11/25/2019		23,000,000		22,970,253

1.968%*, 12/11/2019		33,500,000		33,427,752

2.023%*, 11/6/2019		25,000,000		24,993,073

2.406%*, 11/15/2019		27,500,000		27,474,622

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares


	Principal Amount ($)		Value ($)

Federal Home Loan Mortgage Corp.:

1.82%**, 2/12/2020		22,000,000		22,000,000

SOFR plus 0.005%, 1.825%**, 5/13/2020		24,000,000		24,000,000

SOFR plus 0.010%, 1.83%**, 2/21/2020		35,000,000		35,000,000

SOFR plus 0.010%, 1.83%**, 7/22/2020		12,500,000		12,500,000

SOFR plus 0.020%, 1.84%**, 6/5/2020		50,000,000		50,000,000

SOFR plus 0.020%, 1.84%**, 7/8/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 5/8/2020		20,000,000		20,000,000

SOFR plus 0.030%, 1.85%**, 6/2/2020		25,000,000		25,000,000

SOFR plus 0.030%, 1.85%**, 6/4/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 8/21/2020		50,000,000		50,000,000

SOFR plus 0.030%, 1.85%**, 1/22/2021		35,000,000		35,000,000

Federal National Mortgage Association:

SOFR plus 0.040%, 1.86%**, 1/29/2021		18,000,000		18,000,000

SOFR plus 0.060%, 1.88%**, 7/30/2020		16,500,000		16,500,000

SOFR plus 0.075%, 1.895%**, 10/30/2020		22,000,000		22,000,000

SOFR plus 0.010%, 1.92%**, 4/30/2020		5,000,000		5,000,000

				1,296,116,786

U.S. Treasury Obligations 28.9%

U.S. Treasury Bills:

1.65%*, 4/16/2020		21,000,000		20,841,503

1.659%*, 1/30/2020		65,000,000		64,734,150

1.674%*, 12/17/2019		21,870,000		21,823,863

1.678%*, 12/17/2019		21,870,000		21,823,751

1.678%*, 1/9/2020		25,000,000		24,920,698

1.695%*, 4/9/2020		25,000,000		24,814,222

1.713%*, 4/9/2020		10,500,000		10,421,133

1.724%*, 11/5/2019		25,000,000		24,995,278

1.736%*, 11/26/2019		65,000,000		64,922,722

1.752%*, 11/26/2019		45,000,000		44,947,562

1.774%*, 11/12/2019		65,000,000		64,965,243

1.81%*, 4/2/2020		25,000,000		24,810,344

1.828%*, 4/2/2020		25,000,000		24,810,184

1.86%*, 3/26/2020		16,000,000		15,879,307

1.866%*, 1/2/2020		50,000,000		49,841,556

1.886%*, 3/26/2020		15,000,000		14,886,850

1.947%*, 11/19/2019		20,000,000		19,980,800

1.956%*, 12/5/2019		32,500,000		32,440,790

1.973%*, 11/12/2019		25,000,000		24,985,139

1.975%*, 12/19/2019		5,000,000		4,987,017

1.977%*, 11/19/2019		20,000,000		19,980,500

1.983%*, 11/19/2019		20,000,000		19,980,500

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares


	Principal Amount ($)			Value ($)

U.S. Treasury Floating Rate Notes:

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.637%**, 1/31/2020		82,500,000			82,471,864

3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.67%**, 4/30/2020		80,000,000			79,950,130

					804,215,106

Total Government & Agency Obligations(Cost $2,100,331,892)					2,100,331,892

Repurchase Agreements 26.2%

BNP Paribas, 1.72%, dated 10/31/2019, to be repurchased at $35,001,672 on 11/1/2019 (a)		35,000,000			35,000,000

Citigroup Global Markets, Inc., 1.72%, dated 10/31/2019, to be repurchased at $90,004,300 on 11/1/2019 (b)		90,000,000			90,000,000

Fixed Income Clearing Corp., 1.50%, dated 10/31/2019, to be repurchased at $100,004,167 on 11/1/2019 (c)		100,000,000			100,000,000

Wells Fargo Bank, 1.74%, dated 10/31/2019, to be repurchased at $503,724,346 on 11/1/2019 (d)		503,700,000			503,700,000
Total Repurchase Agreements(Cost $728,700,000)					728,700,000

	% of Net Assets			Value ($)
Total Investment Portfolio(Cost $2,829,031,892)		101.6			2,829,031,892
Other Assets and Liabilities, Net		(1.6	)		(45,422,877	)

Net Assets		100.0			2,783,609,015

*	Annualized yield at time of purchase; not a coupon rate.

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

(a)	Collateralized by:

Principal
Amount ($)

Security

Rate (%)

Maturity
Date

Collateral
Value ($)

200

U.S. Treasury Notes

1.50–1.625

7/15/2020–10/31/2026

200

31,023,200

U.S. Treasury Bonds

3.00–2.875

11/15/2044–5/15/2049

35,699,802

Total Collateral Value

35,700,002

(b)	Collateralized by $91,901,900 U.S. Treasury Notes, 0.125–2.75%, maturing on 11/30/2020–10/31/2024 with a value of $91,800,004.

(c)	Collateralized by $95,975,000 U.S. Treasury Note, 2.75%, maturing on 8/31/2025 with a value of $102,002,518.

(d)	Collateralized by $505,583,633 U.S. Treasury Bonds, 2.500–4.00%, maturing on 6/1/2034–11/01/2049 with a value of $513,774,000.

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (e)	$	—	$	2,100,331,892	$	—	$	2,100,331,892
Repurchase Agreements		—		728,700,000		—		728,700,000
Total	$	—	$	2,829,031,892	$	—	$	2,829,031,892

(e)	See Investment Portfolio for additional detailed categorizations.

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Government & Agency Securities Portfolio
Investment in securities, valued at amortized cost	$	2,100,331,892
Repurchased agreements, valued at amortized cost		728,700,000
Cash		310,450
Receivable for Fund shares sold		294,211
Interest receivable		2,604,752
Other assets		82,737
Total assets		2,832,324,042

Liabilities
Payable for investments purchased		44,947,563
Payable for Fund shares redeemed		233,547
Distributions payable		2,934,448
Accrued management fee		15,688
Accrued Trustees’ fees		39,939
Other accrued expenses and payables		543,842
Total liabilities		48,715,027
Net assets, at value	$	2,783,609,015

Net Assets Consist of
Distributable earnings (loss)		129,461
Paid-in capital		2,783,479,554
Net assets, at value	$	2,783,609,015

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Government & Agency Securities Portfolio

DWS Government & Agency Money Fund

Net Asset Value, offering and redemption price per share ($265,595,046 ÷ 265,600,394 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWS Government Cash Institutional Shares

Net Asset Value, offering and redemption price per share ($2,305,823,475 ÷ 2,305,869,954 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Government Cash Managed Shares

Net Asset Value, offering and redemption price per share ($199,803,866 ÷ 199,807,894 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($12,386,628 ÷ 12,386,878 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)


Investment Income		DWS Government & Agency Securities Portfolio
Income:

Interest	$	33,139,303
Expenses:

Management fee		1,156,248
Administration fee		1,449,987
Services to shareholders		339,236
Distribution and service fees		239,470
Custodian fee		16,914
Professional fees		71,086
Reports to shareholders		42,863
Registration fees		48,479
Trustees’ fees and expenses		71,269
Other		100,009
Total expenses before expense reductions		3,535,561
Expense reductions		(1,106,866	)
Total expenses after expense reductions		2,428,695
Net investment income		30,710,608
Net realized gain (loss) from investments		(19,536	)
Net increase (decrease) in net assets resulting from operations	$	30,691,072

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Statements of Changes in Net Assets


	DWS Government & Agency Securities Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Years Ended April 30, 2019

Operations:

Net investment income	$	30,710,608		$	67,942,263
Net realized gain (loss)		(19,536	)		(53,787	)
Net increase in net assets resulting from operations		30,691,072			67,888,476
Distributions to shareholders:

DWS Government & Agency Money Fund		(2,425,997	)		(3,382,007	)
DWS Government Cash Institutional Shares		(25,845,425	)		(60,835,410	)
Government Cash Managed Shares		(2,295,707	)		(3,456,004	)
Service Shares		(143,477	)		(269,527	)
Total distributions		(30,710,606	)		(67,942,948	)
Fund share transactions:

Proceeds from shares sold		30,270,761,793			92,680,038,672
Reinvestment of distributions		8,778,509			15,062,485
Payments for shares redeemed		(30,234,177,264	)		(94,673,626,673	)
Net increase (decrease) in net assets from Fund share transactions		45,363,038			(1,978,525,516	)
Increase (decrease) in net assets		45,343,504			(1,978,579,988	)
Net assets at beginning of period		2,738,265,511			4,716,845,499

Net assets at end of period	$	2,783,609,015		$	2,738,265,511

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Financial Highlights

DWS Government & Agency Securities Portfolio

DWS Government Cash Institutional Shares


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.011			.020			.011			.004			.001			.000	^***
Net realized gain (loss)		(.000	)^***		(.000	)^***		.000	^***		.000	^***		(.000	)^***		.000	^***
Total from investment operations		.011			.020			.011			.004			.001			.000	^***
Less distributions from:

Net investment income		(.011	)		(.020	)		(.011	)		(.004	)		(.001	)		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		1.08	^**		2.06			1.07			.39			.12			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		2,306			2,334			4,350			4,236			3,430			3,333
Ratio of expenses before expense reductions (%)		.22	^*		.21			.20			.20			.20			.20
Ratio of expenses after expense reductions (%)		.14	^*		.14			.14			.11			.11			.06
Ratio of net investment income (%)		2.15	^*		1.98			1.07			.39			.12			.03

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

DWS Government & Agency Securities Portfolio

Government Cash Managed Shares


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.010			.018			.009			.002			.000	^***		.000	^***
Net realized gain (loss)		(.000	)^***		(.000	)^***		.000	^***		.000	^***		(.000	)^***		.000	^***
Total from investment operations		.010			.018			.009			.002			.000	^***		.000	^***
Less distributions from:

Net investment income		(.010	)		(.018	)		(.009	)		(.002	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.98	^**		1.86			.88			.16			.01			.01

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		200			174			188			199			268			235
Ratio of expenses before expense reductions (%)		.41	^*		.42			.40			.42			.42			.42
Ratio of expenses after expense reductions (%)		.34	^*		.34			.33			.34			.22			.08
Ratio of net investment income (%)		1.95	^*		1.83			.86			.15			.01			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

The financial highlights for all classes of shares, other than DWS Government Cash Institutional Shares and Government Cash Managed Shares, are provided separately and are available upon request.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

At October 31, 2019, DWS Government & Agency Securities Portfolio had an aggregate cost of investments for federal income tax purposes of $2,829,031,892.

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

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

B. Related Parties

DWS Government Cash Institutional Shares

Government Cash Managed Shares

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.


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

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

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the DWS Government Cash Institutional Shares and Government Cash Managed Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.18% and 0.46%, respectively.

For the period from May 1, 2019 through October 31, 2019, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of DWS Government Cash Institutional Shares at 0.14%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWS Government & Agency Money Fund	$	74,205
DWS Government Cash Institutional Shares		942,046
Government Cash Managed Shares		82,567
Service Shares		8,048
	$	1,106,866


Fund	Administration Fee		Unpaid at October 31, 2019
DWS Government & Agency Securities Portfolio	$	1,449,987	$	249,646


DWS Government & Agency Securities Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWS Government & Agency Money Fund	$	31,322	$	11,359
DWS Government Cash Institutional Shares		152,754		42,280
Government Cash Managed Shares		60,568		18,158
Service Shares		26,275		3,575
	$	270,919	$	75,372


Sub-Recordkeeping	Total Aggregated
DWS Government & Agency Money Fund	$	44,421

DWS Government Cash Institutional Shares

Government Cash Managed Shares

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWS Government & Agency Securities Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	63,169	$	5,358		.60	%		.60	%

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Government & Agency Securities Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Government Cash Managed Shares	$	176,301	$	27,132		.15	%		.15	%


Fund	Total Aggregated		Unpaid at October 31, 2019
DWS Government & Agency Securities Portfolio	$	14,498	$	14,338

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

DWS Government Cash Institutional Shares

Government Cash Managed Shares

sum of the Federal Funds Rate plus 1.25 percent plus, if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2019.

D. Fund Share Transactions

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

DWS Government & Agency Securities Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWS Government & Agency Money Fund		162,681,632	$	162,681,632		306,947,300	$	306,947,300
DWS Government Cash Institutional Shares		29,505,367,626		29,505,367,626		91,279,295,482		91,279,295,482
Government Cash Managed Shares		562,109,835		562,109,835		965,718,437		965,718,437
Service Shares		40,571,476		40,571,476		128,077,453		128,077,453
Account Maintenance Fees		—		31,224		—		—
			$	30,270,761,793			$	92,680,038,672

Shares issued to shareholders in reinvestment of distributions
DWS Government & Agency Money Fund		2,397,760	$	2,397,760		3,331,892	$	3,331,892
DWS Government Cash Institutional Shares		5,457,636		5,457,636		10,340,704		10,340,704
Government Cash Managed Shares		782,319		782,319		1,138,641		1,138,641
Service Shares		140,794		140,794		251,248		251,248
			$	8,778,509			$	15,062,485

DWS Government Cash Institutional Shares

Government Cash Managed Shares


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWS Government & Agency Money Fund		(113,451,745	)	$	(113,451,745	)		(228,757,444	)	$	(228,757,444	)
DWS Government Cash Institutional Shares		(29,538,897,643	)		(29,538,897,643	)		(93,306,190,114	)		(93,306,190,114	)
Government Cash Managed Shares		(537,002,558	)		(537,002,558	)		(980,618,887	)		(980,618,887	)
Service Shares		(44,825,318	)		(44,825,318	)		(158,060,228	)		(158,060,228	)
				$	(30,234,177,264	)				$	(94,673,626,673	)

Net increase (decrease)
DWS Government & Agency Money Fund		51,627,647		$	51,627,647			81,521,748		$	81,521,748
DWS Government Cash Institutional Shares		(28,072,381	)		(28,072,381	)		(2,016,553,928	)		(2,016,553,928	)
Government Cash Managed Shares		25,889,596			25,889,596			(13,761,809	)		(13,761,809	)
Service Shares		(4,113,048	)		(4,113,048	)		(29,731,527	)		(29,731,527	)
Account Maintenance Fees		—			31,224			—			—
				$	45,363,038					$	(1,978,525,516	)

E. Ownership of the Fund

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the DWS Government Cash Institutional Shares and the Government Cash Managed Shares. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

DWS Government Cash Institutional Shares

Government Cash Managed Shares


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Government Cash Institutional Shares		Government Cash Managed Shares
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,010.80	$	1,009.80
Expenses Paid per $1,000*	$	.71	$	1.72

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,024.43	$	1,023.43
Expenses Paid per $1,000*	$	.71	$	1.73

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratios
DWS Government Cash Institutional Shares	.14	%
Government Cash Managed Shares	.34	%

For more information, please refer to each Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC onForm N-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Inc. (“Broadridge”) and the Fee Consultant 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 0.10% 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, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s total operating expenses (excluding12b-1 fees and/or shareholder administration fees, if applicable) were lower than the median (2nd quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: DWS Government Cash Institutional Shares, Government Cash Managed Shares and DWS Government & Agency Money Fund shares and higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: Service Shares. The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-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.

DWS Government Cash Institutional Shares

Government Cash Managed Shares

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com

DWS Government Cash Institutional Shares

Government Cash Managed Shares




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019

DWS Government Cash Institutional Shares

Government Cash Managed Shares

Notes

LOGO

DGCF-3

(R-033435-7 12/19)

LOGO

October 31, 2019

Semiannual Report

to Shareholders

DWSTax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Fund #148

Tax-Exempt Cash Managed Shares

Fund #248

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	15			Statement of Assets and Liabilities
	17			Statement of Operations
	18			Statements of Changes in Net Assets
	19			Financial Highlights


	21			Notes to Financial Statements
	29			Information About Your Fund’s Expenses
	31			Other Information
	32			Advisory Agreement Board Considerations and Fee Evaluation
	36			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. 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. The actions of a few large investors in one class of shares of the Fund may have a significant adverse effect on the share prices of all classes of shares of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


Portfolio Summary		(Unaudited)

DWSTax-Exempt Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Municipal Investments
Municipal Variable Rate Demand Notes		80%		62%
Municipal Bonds and Notes		10%		11%
Tax-Exempt Commercial Paper		4%		17%
MunicipalFloating-Rate Notes		1%		5%
Preferred Shares ofClosed-End Investment Companies		5%		5%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWSTax-Exempt Portfolio		27 days		13 days
iMoneyNet Money Fund Average^™ — Tax-Free National Retail*		29 days		19 days

*	The Fund is compared to its respective iMoneyNet Money Fund Average category:Tax-Free National Retail — Category includes retail funds that invest in obligations oftax-exempt entities, including state and municipal authorities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–14. A quarterly Fact Sheet is available on dws.com or upon request.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


Investment Portfolio		as of October 31, 2019 (Unaudited)

DWSTax-Exempt Portfolio


	Principal Amount ($)		Value ($)
Municipal Investments 94.0%
Arizona 1.3%

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Angelin Apartments Project, Series A, AMT, 1.25%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		240,000		240,000

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Clemente Apartments Project:

Series A, AMT, 1.18%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		810,000		810,000

Series A, AMT, 1.23%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		145,000		145,000

Pima County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Eastside PL Apartments, 1.16%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		1,320,000		1,320,000

Pima County, AZ, Industrial Development Authority, Series A, 1.12%*, 11/7/2019, LOC: Federal Home Loan Bank		1,365,000		1,365,000

				3,880,000

Arkansas 2.2%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 1.29%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		6,500,000		6,500,000

California 8.3%

California, Public Improvements, Series 2019-MIZ9003, 144A, 1.29%*, 11/7/2019, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd.		10,000,000		10,000,000

California, State Infrastructure & Economic Development Bank Revenue, Industrial Development Revenue, Pleasant Mattress, Inc., Project, Series A, AMT, 1.17%*, 11/7/2019, LOC: Wells Fargo Bank NA		860,000		860,000

San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments:

SeriesH-2, 1.17%*, 11/7/2019, LOC: Bank of China Ltd.		2,335,000		2,335,000

SeriesH-1, 1.19%*, 11/7/2019, LOC: Bank of China Ltd.		10,850,000		10,850,000

				24,045,000

Colorado 0.2%
Colorado, State Housing & Finance Authority, Series I - AA2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		475,000		475,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)
Connecticut 0.4%
Connecticut, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,135,000		1,135,000

Delaware 0.2%
Delaware, State Economic Development Authority Revenue, YMCA State Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		645,000		645,000

Florida 4.8%

Florida, Jacksonville Water & Sewer System Revenue,Series A-2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,950,000		6,950,000

Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		4,150,000		4,150,000

Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 1.16%*, 11/7/2019, LOC: Northern Trust Company		1,300,000		1,300,000

Seminole County, FL, Industrial Development Authority, Camp Road LLC Project, AMT, 1.4%*, 11/7/2019, LOC: PNC Bank NA		1,640,000		1,640,000

				14,040,000

Georgia 7.4%

Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment Poll Project, 1.13%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

Georgia, General Obligation Notes, TECP, 1.41%, 11/7/2019		10,500,000		10,500,000

Georgia, Municipal Electric Authority, Series B, 1.13%*, 11/7/2019, LOC: Barclays Bank PLC		945,000		945,000

Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 1.22%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		6,800,000		6,800,000

Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 1.25%*, 11/7/2019, LOC: Branch Banking & Trust		435,000		435,000

Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp.:

Series A, 1.12%*, 11/7/2019, LOC: Bank of Montreal		450,000		450,000

Series B, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		1,235,000		1,235,000

Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 1.31%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

				21,465,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)
Illinois 14.0%

Brookfield, IL, Zoo Project, 1.11%*, 11/7/2019, LOC: Northern Trust Company		1,400,000		1,400,000

Channahon, IL, Morris Hospital Revenue, 1.13%*, 11/7/2019, LOC: U.S. Bank NA		4,005,000		4,005,000

Galesburg, IL, Knox College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		1,800,000		1,800,000

Illinois, State Finance Authority Revenue, Elmhurst Memorial Healthcare, Series D, 1.11%*, 11/7/2019, LOC: Bank of America NA		1,300,000		1,300,000

Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 1.33%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		400,000		400,000

Illinois, State Development Finance Authority, American Youth Hostels Project, 1.13%*, 11/7/2019, LOC: Harris NA		2,615,000		2,615,000

Illinois, State Development Finance Authority, Ignatius College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,000,000		2,000,000

Illinois, State Development Finance Authority, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		825,000		825,000

Illinois, State Development Finance Authority, St. Ignatius College Preparatory, 1.14%*, 11/7/2019, LOC: PNC Bank NA		3,850,000		3,850,000

Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.18%*, 11/7/2019, LOC: BMO Harris Bank NA		1,700,000		1,700,000

Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 1.22%*, 11/7/2019, LOC: PNC Bank NA		1,100,000		1,100,000

Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 1.13%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		420,000		420,000

Illinois, State Finance Authority Revenue, Clearbrook Project, 1.13%*, 11/7/2019, LOC: Harris NA		3,035,000		3,035,000

Illinois, State Finance Authority Revenue, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		3,510,000		3,510,000

Illinois, State Finance Authority Revenue, Northwest Community Hospital:

Series B, 1.14%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		400,000		400,000

Series C, 1.14%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		3,440,000		3,440,000

Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		2,825,000		2,825,000

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, 1.11%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		5,015,000		5,015,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, Brainard Landings II Apartments, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		550,000		550,000

University of Illinois, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		330,000		330,000

				40,520,000

Indiana 1.3%

Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 1.11%*, 11/7/2019, LOC: Federal Home Loan Bank		495,000		495,000

Indiana, State Finance Authority Revenue, Trinity Health, SeriesD-1, 1.13%*, 11/7/2019		670,000		670,000

Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 1.18%*, 11/7/2019, LOC: Bank of NY Mellon		2,055,000		2,055,000

Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series C, 1.22%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		415,000		415,000

				3,635,000

Iowa 1.1%

Iowa, State Finance Authority, Economic Development Revenue, Series A, 1.15%*, 11/7/2019		300,000		300,000

Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 1.14%*, 11/7/2019		405,000		405,000

Iowa, State Finance Authority, Single Family Mortgage Revenue, Mortgage Backed Securities Program:

Series D, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		1,550,000		1,550,000

Series E, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		855,000		855,000

				3,110,000

Kansas 0.3%
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 1.29%*, 11/7/2019, LOC: Svenska Handelsbanken		1,000,000		1,000,000

Kentucky 0.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 1.2%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		300,000		300,000

Louisiana 0.7%

Louisiana, Caddo-Bossier Parishes Port Commission, Oakley Co. Project, AMT, 1.22%*, 11/7/2019, LOC: Bank of America NA		985,000		985,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)

Louisiana, Calcasieu Parish Public Trust Authority, Solid Waste Disposal Revenue, AMT, 1.23%*, 11/7/2019, LOC: Freddie Mac		1,000,000		1,000,000

				1,985,000

Maryland 0.4%

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 1.12%*, 11/7/2019, LOC: Bank of America NA		125,000		125,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 1.19%*, 11/7/2019, LOC: PNC Bank NA		1,025,000		1,025,000

				1,150,000

Massachusetts 5.6%

Massachusetts, State General Obligation, Series C, 4.0%, 6/18/2020		10,000,000		10,174,523

Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 1.14%*, 11/7/2019, LIQ: Citibank NA		2,300,000		2,300,000

Massachusetts, University of Massachusetts, Building Authority Revenue, Series 2, MUNIPSA + 0.300%, 1.42%**, 11/1/2034		3,800,000		3,800,000

				16,274,523

Michigan 0.1%
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C, 1.16%*, 11/7/2019, LOC: Bank of New York		290,000		290,000

Mississippi 1.3%

Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:

Series A, 1.14%*, 11/7/2019, GTY: Chevron Corp.		3,845,000		3,845,000

Series F, 1.14%*, 11/7/2019, GTY: Chevron Corp.		50,000		50,000

				3,895,000

Missouri 1.4%

Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 1.12%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		410,000		410,000

Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		2,660,000		2,660,000

St. Louis County, MO, Industrial Development Authority, Educational Whitefield School, Inc., Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		860,000		860,000

				3,930,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)
Nebraska 3.1%
Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 1.18%*, 11/7/2019, LOC: Citibank NA		9,000,000		9,000,000

Nevada 4.0%

Clark County, NV, Airport Systems Revenue:

SeriesD-3, 1.1%*, 11/7/2019, LOC: Bank of America NA		3,000,000		3,000,000

SeriesD-1, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,455,000		6,455,000

Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.23%*, 11/7/2019, LOC: Citibank NA		2,000,000		2,000,000

				11,455,000

New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 1.12%*, 11/7/2019, LOC: Freddie Mac		1,050,000		1,050,000

New York 12.1%

New York, Metropolitan Transportation Authority Revenue:

Series 2012G-1, 1.28%*, 11/1/2019, LOC: Barclays Bank PLC		1,000,000		1,000,000

Series C, 4.0%, 7/1/2020		11,100,000		11,293,370

New York, State Dormitory Authority Revenues,Non-State Supported Debt, Royal Charter Properties, Series A, 1.12%*, 11/7/2019, LOC: Fannie Mae		265,000		265,000

New York, State Housing Finance Agency, Service Contract Revenue, SeriesM-1, 1.08%*, 11/7/2019, LOC: Bank of America NA		450,000		450,000

New York, State Thruway Authority Revenue, Series 2016-XF2345, 144A, 1.15%*, 11/7/2019, LIQ: Credit Suisse		1,865,000		1,865,000

New York, Tender Option Bond Trust Receipts, Series 2019-XF0829,144A, 1.15%*, 11/7/2019, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada		3,000,000		3,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jamaica First Parking LLC Project, 1.15%*, 11/7/2019, LOC: TD Bank NA		385,000		385,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series BB, 1.13%*, 11/7/2019, SPA: Industrial and Commercial Bank of China		8,090,000		8,090,000

New York City, NY, Transitional Finance Authority Revenue, Series3-G, 1.15%*, 11/7/2019, SPA: Bank of New York Mellon		250,000		250,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:

Series 2018C-6, 1.11%*, 11/7/2019, SPA: Sumitomo Mitsui Banking		4,400,000		4,400,000

SeriesA-5, 1.22%*, 11/1/2019, SPA: U.S. Bank NA		850,000		850,000

SeriesG-5, 1.3%*, 11/2/2019, SPA: Barclays Bank PLC		2,475,000		2,475,000

New York, NY, General Obligation:

SeriesA-4, 1.1%*, 11/7/2019, LOC: Citibank NA		400,000		400,000

SeriesG-4, 1.1%*, 11/7/2019, LOC: Citibank NA		100,000		100,000

SeriesB-5, 1.3%*, 11/1/2019, SPA: Barclays Bank PLC		145,000		145,000

				34,968,370

North Carolina 0.0%

North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 1.15%*, 11/7/2019, LOC: Branch Banking & Trust		15,000		15,000

North Carolina, State Medical Care Commission, Health Care Facilities Revenue, Series A, 1.12%*, 11/7/2019, SPA: Branch Banking & Trust		100,000		100,000

				115,000

Ohio 5.9%

Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		9,000,000		9,000,000

Franklin County, OH, Trinity Health Credit Group, 1.35%, Mandatory Put 2/3/2020 @ 100, 12/1/2046		6,000,000		6,000,000

Hamilton County, OH, Economic Development Revenue, St Xavier High School Project, 1.19%*, 11/7/2019, LOC: PNC Bank NA		960,000		960,000

Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 1.15%*, 11/7/2019, LOC: BMO Harris Bank NA		1,000,000		1,000,000

				16,960,000

Oklahoma 1.3%
Oklahoma, Tender Option Bond Trust Floaters, Series 2018-XM0708, 144A, AMT, 1.3%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		3,750,000		3,750,000

Oregon 0.2%

Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System:

Series A, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		165,000		165,000

Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		350,000		350,000

				515,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)
Pennsylvania 1.6%

Lancaster, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,500,000		2,500,000

Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 1.14%*, 11/7/2019, LOC: PNC Bank NA		700,000		700,000

Pennsylvania, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,500,000		1,500,000

				4,700,000

South Dakota 0.3%
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health, Series B, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		880,000		880,000

Tennessee 2.3%

Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		3,220,000		3,220,000

Shelby County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Revenue, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		3,550,000		3,550,000

				6,770,000

Texas 3.3%

Houston, TX, Utility Systems Revenue, First Lien:

SeriesB-5, 1.11%*, 11/7/2019, LOC: Wells Fargo Bank NA		590,000		590,000

Series B, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		400,000		400,000

SeriesB-3, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		350,000		350,000

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group,Series C-2, 1.16%*, 11/7/2019, LOC: Bank of NY Mellon		1,500,000		1,500,000

Texas, State General Obligation, 1.21%*, 11/7/2019, SPA: TD Bank N.A.		735,000		735,000

Texas, State General Obligation, Veterans:

Series B, 1.18%*, 11/7/2019, SPA: Federal Home Loan Bank		460,000		460,000

1.25%*, 11/7/2019, LIQ: Federal Home Loan Bank		200,000		200,000

Texas, State Veterans Housing Assistance Program Fund II:

Series B, 1.21%*, 11/7/2019, LIQ: State Street Bank & Trust Co.		700,000		700,000

Series A, AMT, 1.24%*, 11/7/2019, SPA: State Street Bank & Trust Co.		1,395,000		1,395,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)

Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		3,100,000		3,100,000

				9,430,000
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, Hospital Fletcher Allen, Series A, 1.12%*, 11/7/2019, LOC: TD Bank North NA		1,270,000		1,270,000

Virginia 0.4%

Loudoun County, VA, Industrial Development Authority Revenue, Jack Kent Cooke Foundation Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		650,000		650,000

Salem, VA, Industrial Development Authority, Multi-Family Housing Revenue, Oak Park Apartments Project, 1.1%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		535,000		535,000

				1,185,000

Washington 2.7%

Chelan County, WA, Public Utility District #1, Series B, 1.13%*, 11/7/2019, SPA: Barclays Bank		3,900,000		3,900,000

King County, WA, Sewer Revenue, Junior Lien, Series A, 1.1%*, 11/7/2019, LOC: Landesbank Hessen-Thuringen		530,000		530,000

Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.17%*, 11/7/2019, LOC: U.S. Bank NA		760,000		760,000

Washington, State Housing Finance Commission, 1.12%*, 11/7/2019, LIQ: Fannie Mae		850,000		850,000

Washington, State Housing Finance Commission, Combridge Apartments, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		600,000		600,000

Washington, State Housing Finance Commission,Non-Profit Revenue, Overlake School Project, 1.16%*, 11/7/2019, LOC: Wells Fargo Bank NA		445,000		445,000

Washington, State Housing Finance Commission, Panorma City Project, 1.26%*, 11/7/2019, LOC: Wells Fargo Bank NA		490,000		490,000

Washington, State Housing Finance Commission, Urban Central Airports Project, 1.14%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		325,000		325,000

				7,900,000

Wisconsin 2.6%

Wisconsin, Whitewater Community Development Authority, Housing Preservation, 1.13%*, 11/7/2019, LOC: BMO Harris Bank NA		7,455,000		7,455,000

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Principal Amount ($)		Value ($)

Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 1.13%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		105,000		105,000

				7,560,000
Other 2.3%

Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:

“A”, Series M027, 1.14%*, 11/7/2019, LIQ: Freddie Mac		2,795,000		2,795,000

“A”, Series M031, 1.15%*, 11/7/2019, LIQ: Freddie Mac		2,930,000		2,930,000

“A”, Series M015, AMT, 1.17%*, 11/7/2019, LIQ: Freddie Mac		960,000		960,000

				6,685,000
Total Municipal Investments(Cost $272,467,893)				272,467,893

Preferred Shares ofClosed-End Investment Companies 5.0%
California

California, Nuveen Dividend Advantage Municipal Fund, Series1-1362, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Societe Generate		9,500,000		9,500,000

California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.25%*, 11/7/2019, LIQ: Citibank NA		1,400,000		1,400,000

California, Nuveen Quality Municipal Income Fund, Series 7, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Royal Bank of Canada		3,500,000		3,500,000
Total Preferred Shares ofClosed-End Investment Companies(Cost $14,400,000)				14,400,000

	% of Net Assets		Value ($)
Total Investment Portfolio(Cost $286,867,893)		99.0		286,867,893
Other Assets and Liabilities, Net		1.0		2,985,021

Net Assets		100.0		289,852,914

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (a)	$	—	$	272,467,893	$	—	$	272,467,893
Preferred Shares ofClosed-End Investment Companies		—		14,400,000		—		14,400,000
Total	$	—	$	286,867,893	$	—	$	286,867,893

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Tax-Exempt Portfolio
Investments in securities, valued at amortized cost	$	286,867,893
Receivable for investments sold		8,640,018
Receivable for Fund shares sold		70,471
Interest receivable		596,902
Other assets		52,577
Total assets		296,227,861

Liabilities
Cash overdraft		163,256
Payable for investments purchased		6,000,000
Payable for Fund shares redeemed		3,248
Distributions payable		43,224
Accrued Trustees’ fees		4,234
Other accrued expenses and payables		160,985
Total liabilities		6,374,947
Net assets, at value	$	289,852,914

Net Assets Consist of
Distributable earnings (loss)		(39,435	)
Paid-in capital		289,892,349
Net assets, at value	$	289,852,914

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Tax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($65,658,529 ÷ 65,615,782 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($120,190,718 ÷ 120,112,525 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($44,132,649 ÷ 44,103,923 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($15,198,032 ÷ 15,188,133 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt Cash Managed Shares

Net Asset Value, offering and redemption price per share ($37,124,550 ÷ 37,100,361 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Free Investment Class

Net Asset Value, offering and redemption price per share ($7,548,436 ÷ 7,543,521 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)

Investment Income		DWS Tax-Exempt Portfolio

Income:

Interest	$	2,194,090
Expenses:

Management fee		115,861
Administration fee		145,249
Services to shareholders		82,810
Distribution and service fees		86,472
Custodian fee		4,961
Professional fees		45,366
Reports to shareholders		56,926
Registration fees		52,117
Trustees’ fees and expenses		8,096
Other		35,220
Total expenses before expense reductions		633,078
Expense reductions		(206,009	)
Total expenses after expense reductions		427,069
Net investment income		1,767,021
Net realized gain (loss) from investments		11,134
Net increase (decrease) in net assets resulting from operations	$	1,778,155

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Statements of Changes in Net Assets


	DWSTax-Exempt Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Year Ended April 30, 2019

Operations:

Net investment income	$	1,767,021		$	3,679,217
Net realized gain (loss)		11,134			16,792
Net increase in net assets resulting from operations		1,778,155			3,696,009
Distributions to shareholders:

DWSTax-Exempt Cash Premier Shares		(376,965	)		(554,487	)
DWSTax-Exempt Money Fund		(787,930	)		(1,689,303	)
DWSTax-Free Money Fund Class S		(295,540	)		(640,705	)
Service Shares		(34,021	)		(115,693	)
Tax-Exempt Cash Managed Shares		(241,097	)		(607,973	)
Tax-Free Investment Class		(31,469	)		(58,355	)
Total distributions		(1,767,022	)		(3,666,516	)
Fund share transactions:

Proceeds from shares sold		135,700,009			459,762,725
Reinvestment of distributions		1,445,536			2,971,761
Payments for shares redeemed		(138,852,957	)		(485,955,370	)
Net increase (decrease) in net assets from Fund share transactions		(1,707,412	)		(23,220,884	)
Increase (decrease) in net assets		(1,696,279	)		(23,191,391	)
Net assets at beginning of period		291,549,193			314,740,584

Net assets at end of period	$	289,852,914		$	291,549,193

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Financial Highlights

DWSTax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares


	Six Months Ended 10/31/19				Years Ended April 30,
	(Unaudited)				2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:

Net investment income			.007			.013			.009			.005			.000	^***		.000	^***
Net realized gain (loss)			.000	^***		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations			.007			.013			.009			.005			.000	^***		.000	^***
Less distributions from:

Net investment income			(.007	)		(.013	)		(.009	)		(.005	)		(.000	)^***		(.000	)^***
Net realized gains			—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions			(.007	)		(.013	)		(.009	)		(.005	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)^a			.66	^**		1.36			.86			.55			.04			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			66			49			41			38			514			296
Ratio of expenses before expense reductions (%)			.33	^*		.34			.31			.27			.24			.22
Ratio of expenses after expense reductions (%)			.20	^*		.20			.20			.20			.12			.10
Ratio of net investment income (%)			1.30	^*		1.37			.83			.32			.04			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

DWSTax-Exempt Portfolio

Tax-Exempt Cash Managed Shares


	Six Months Ended 10/31/19				Years Ended April 30,
	(Unaudited)				2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:

Net investment income			.006			.012			.007			.003			.000	^***		.000	^***
Net realized gain (loss)			.000	^***		.000	^***		(.000	)^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations			.006			.012			.007			.003			.000	^***		.000	^***
Less distributions from:

Net investment income			(.006	)		(.012	)		(.007	)		(.003	)		(.000	)^***		(.000	)^***
Net realized gains			—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions			(.006	)		(.012	)		(.007	)		(.003	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)^a			.57	^**		1.16			.66			.31			.02			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			37			46			38			55			60			52
Ratio of expenses before expense reductions (%)			.52	^*		.54			.51			.49			.44			.44
Ratio of expenses after expense reductions (%)			.38	^*		.40			.41			.44			.14			.10
Ratio of net investment income (%)			1.13	^*		1.16			.59			.23			.01			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The financial highlights for all classes of shares, other than DWSTax-Exempt Cash Premier Shares andTax-Exempt Cash Managed Shares, are provided separately and are available upon request.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

At April 30, 2019, the Fund had a net tax basis capital loss carryforward of approximately $15,000, which may be applied against any realized net taxable capital gains indefinitely.

At October 31, 2019, DWSTax-Exempt Portfolio had an aggregate cost of investments for federal income tax purposes of $286,867,893.

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

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

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

B. Related Parties

Management Agreement. Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

certain operating expenses of the DWSTax-Exempt Cash Premier Shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.20%.

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

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWSTax-Exempt Cash Premier Shares	$	38,712
DWSTax-Exempt Money Fund		87,038
DWSTax-Free Money Fund Class S		34,457
Service Shares		10,255
Tax-Exempt Cash Managed Shares		30,832
Tax-Free Investment Class		4,715
	$	206,009


Fund	Administration Fee		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	145,249	$	23,808

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

fee it receives from the Fund. For the six months ended October 31, 2019, the amounts charged to the Fund by DSC were as follows:


DWSTax-Exempt Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Cash Premier Shares	$	1,392	$	351
DWSTax-Exempt Money Fund		17,553		6,303
DWSTax-Free Money Fund Class S		14,425		5,213
Service Shares		18,345		4,831
Tax-Exempt Cash Managed Shares		9,450		2,085
Tax-Free Investment Class		2,701		925
	$	63,866	$	19,708

In addition, for the six months ended October 31, 2019, 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 Aggregated
DWSTax-Exempt Money Fund	$	2,510
DWSTax-Free Money Fund Class S		1,315
	$	3,825

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWSTax-Exempt Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	43,565	$	8,051		.60	%		.60	%
Tax-Free Investment Class		8,577		1,538		.25	%		.25	%
	$	52,142	$	9,589

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Tax-Exempt Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Tax-Exempt Cash Managed Shares	$	31,928	$	4,654		.15	%		.15	%
Tax-Free Investment Class		2,402		431		.07	%		.07	%
	$	34,330	$	5,085


Fund	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	25,388	$	20,092

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.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the six months ended October 31, 2019, the Fund engaged in securities purchases of $133,230,000 and securities sales of $220,036,000 with an affiliated fund in compliance withRule 17a-7 under the 1940 Act.

C. Line of Credit

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

D. Fund Share Transactions

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

DWSTax-Exempt Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWSTax-Exempt Cash Premier Shares		30,414,669	$	30,414,669		62,299,935	$	62,299,935
DWSTax-Exempt Money Fund		12,262,058		12,262,058		34,172,341		34,172,341
DWSTax-Free Money Fund Class S		3,688,696		3,688,696		11,153,741		11,153,741
Service Shares		12,078,630		12,078,630		53,988,330		53,988,330
Tax-Exempt Cash Managed Shares		73,810,500		73,810,500		286,624,984		286,624,984
Tax-Free Investment Class		3,411,645		3,411,645		11,523,394		11,523,394
Account Maintenance Fees		—		33,811		—		—
			$	135,700,009			$	459,762,725

Shares issued to shareholders in reinvestment of distributions
DWSTax-Exempt Cash Premier Shares		326,394	$	326,394		537,230	$	537,230
DWSTax-Exempt Money Fund		774,605		774,605		1,659,886		1,659,886
DWSTax-Free Money Fund Class S		278,479		278,479		607,214		607,214
Service Shares		33,880		33,880		108,406		108,406
Tax-Exempt Cash Managed Shares		744		744		1,638		1,638
Tax-Free Investment Class		31,434		31,434		57,387		57,387
			$	1,445,536			$	2,971,761

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWSTax-Exempt Cash Premier Shares		(14,579,429	)	$	(14,579,429	)		(54,454,045	)	$	(54,454,045	)
DWSTax-Exempt Money Fund		(17,215,796	)		(17,215,796	)		(47,917,455	)		(47,917,455	)
DWSTax-Free Money Fund Class S		(11,496,675	)		(11,496,675	)		(11,058,223	)		(11,058,223	)
Service Shares		(10,759,220	)		(10,759,220	)		(82,572,012	)		(82,572,012	)
Tax-Exempt Cash Managed Shares		(82,447,502	)		(82,447,502	)		(279,241,365	)		(279,241,365	)
Tax-Free Investment Class		(2,354,335	)		(2,354,335	)		(10,712,270	)		(10,712,270	)
				$	(138,852,957	)				$	(485,955,370	)

Net increase (decrease)
DWSTax-Exempt Cash Premier Shares		16,161,634		$	16,161,634			8,383,120		$	8,383,120
DWSTax-Exempt Money Fund		(4,179,133	)		(4,179,133	)		(12,085,228	)		(12,085,228	)
DWSTax-Free Money Fund Class S		(7,529,500	)		(7,529,500	)		702,732			702,732
Service Shares		1,353,290			1,353,290			(28,475,276	)		(28,475,276	)
Tax-Exempt Cash Managed Shares		(8,636,258	)		(8,636,258	)		7,385,257			7,385,257
Tax-Free Investment Class		1,088,744			1,088,744			868,511			868,511
Account Maintenance Fees		—			33,811			—			—
				$	(1,707,412	)				$	(23,220,884	)

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for the DWSTax-Exempt Cash Premier Shares andTax-Exempt Cash Managed Shares. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Tax-Exempt Cash Premier Shares		Tax-Exempt Cash Managed Shares
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,006.60	$	1,005.70
Expenses Paid per $1,000*	$	1.01	$	1.92

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00	$	1,000.00
Ending Account Value 10/31/19	$	1,024.13	$	1,023.23
Expenses Paid per $1,000*	$	1.02	$	1.93

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratios
DWSTax-Exempt Cash Premier Shares	.20	%
Tax-Exempt Cash Managed Shares	.38	%

For more information, please refer to each Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (DWSTax-Exempt Cash Premier Shares) was in the 3rd quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

(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 0.10% 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, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s total operating expenses (excluding12b-1 fees and/or shareholder administration fees, if applicable) were higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees) for the following share classes: Service Shares, DWSTax-Exempt Cash Premier Shares, Tax Free Investment Class shares,Tax-Exempt Cash Managed Shares, DWSTax-Exempt Money Fund shares and DWSTax-Free Money Fund Class S shares. The Board noted the expense limitations agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 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 anysub-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.

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019

DWS Tax-Exempt Cash Premier Shares

Tax-Exempt Cash Managed Shares

Notes

LOGO

STIM-3

(R-033437-7 12/19)

LOGO

October 31, 2019

Semiannual Report

to Shareholders

DWSTax-Exempt Portfolio

DWSTax-Exempt Money Fund

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling(800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call(800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	15			Statement of Assets and Liabilities
	17			Statement of Operations
	18			Statements of Changes in Net Assets
	19			Financial Highlights


	20			Notes to Financial Statements
	28			Information About Your Fund’s Expenses
	30			Other Information
	31			Advisory Agreement Board Considerations and Fee Evaluation
	35			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. 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. The actions of a few large investors in one class of shares of the Fund may have a significant adverse effect on the share prices of all classes of shares of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY


2		\|		DWS Tax-Exempt Money Fund


Portfolio Summary		(Unaudited)

DWSTax-Exempt Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Municipal Investments
Municipal Variable Rate Demand Notes		80%		62%
Municipal Bonds and Notes		10%		11%
Tax-Exempt Commercial Paper		4%		17%
MunicipalFloating-Rate Notes		1%		5%
Preferred Shares ofClosed-End Investment Companies		5%		5%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWSTax-Exempt Portfolio		27 days		13 days
iMoneyNet Money Fund Average^™ — Tax-Free National Retail*		29 days		19 days

*	The Fund is compared to its respective iMoneyNet Money Fund Average category:Tax-Free National Retail — Category includes retail funds that invest in obligations oftax-exempt entities, including state and municipal authorities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–14. A quarterly Fact Sheet is available on dws.com or upon request.


		DWS Tax-Exempt Money Fund		\|			3


Investment Portfolio		as of October 31, 2019 (Unaudited)

DWSTax-Exempt Portfolio


	Principal Amount ($)		Value ($)
Municipal Investments 94.0%
Arizona 1.3%

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Angelin Apartments Project, Series A, AMT, 1.25%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		240,000		240,000

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Clemente Apartments Project:

Series A, AMT, 1.18%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		810,000		810,000

Series A, AMT, 1.23%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		145,000		145,000

Pima County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Eastside PL Apartments, 1.16%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		1,320,000		1,320,000

Pima County, AZ, Industrial Development Authority, Series A, 1.12%*, 11/7/2019, LOC: Federal Home Loan Bank		1,365,000		1,365,000

				3,880,000

Arkansas 2.2%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 1.29%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		6,500,000		6,500,000

California 8.3%

California, Public Improvements, Series 2019-MIZ9003, 144A, 1.29%*, 11/7/2019, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd.		10,000,000		10,000,000

California, State Infrastructure & Economic Development Bank Revenue, Industrial Development Revenue, Pleasant Mattress, Inc., Project, Series A, AMT, 1.17%*, 11/7/2019, LOC: Wells Fargo Bank NA		860,000		860,000

San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments:

SeriesH-2, 1.17%*, 11/7/2019, LOC: Bank of China Ltd.		2,335,000		2,335,000

SeriesH-1, 1.19%*, 11/7/2019, LOC: Bank of China Ltd.		10,850,000		10,850,000

				24,045,000

Colorado 0.2%
Colorado, State Housing & Finance Authority, Series I - AA2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		475,000		475,000

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


4		\|		DWS Tax-Exempt Money Fund


	Principal Amount ($)		Value ($)
Connecticut 0.4%
Connecticut, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,135,000		1,135,000

Delaware 0.2%
Delaware, State Economic Development Authority Revenue, YMCA State Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		645,000		645,000

Florida 4.8%

Florida, Jacksonville Water & Sewer System Revenue,Series A-2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,950,000		6,950,000

Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		4,150,000		4,150,000

Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 1.16%*, 11/7/2019, LOC: Northern Trust Company		1,300,000		1,300,000

Seminole County, FL, Industrial Development Authority, Camp Road LLC Project, AMT, 1.4%*, 11/7/2019, LOC: PNC Bank NA		1,640,000		1,640,000

				14,040,000

Georgia 7.4%

Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment Poll Project, 1.13%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

Georgia, General Obligation Notes, TECP, 1.41%, 11/7/2019		10,500,000		10,500,000

Georgia, Municipal Electric Authority, Series B, 1.13%*, 11/7/2019, LOC: Barclays Bank PLC		945,000		945,000

Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 1.22%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		6,800,000		6,800,000

Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 1.25%*, 11/7/2019, LOC: Branch Banking & Trust		435,000		435,000

Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp.:

Series A, 1.12%*, 11/7/2019, LOC: Bank of Montreal		450,000		450,000

Series B, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		1,235,000		1,235,000

Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 1.31%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

				21,465,000

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


		DWS Tax-Exempt Money Fund		\|			5


	Principal Amount ($)		Value ($)
Illinois 14.0%

Brookfield, IL, Zoo Project, 1.11%*, 11/7/2019, LOC: Northern Trust Company		1,400,000		1,400,000

Channahon, IL, Morris Hospital Revenue, 1.13%*, 11/7/2019, LOC: U.S. Bank NA		4,005,000		4,005,000

Galesburg, IL, Knox College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		1,800,000		1,800,000

Illinois, State Finance Authority Revenue, Elmhurst Memorial Healthcare, Series D, 1.11%*, 11/7/2019, LOC: Bank of America NA		1,300,000		1,300,000

Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 1.33%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		400,000		400,000

Illinois, State Development Finance Authority, American Youth Hostels Project, 1.13%*, 11/7/2019, LOC: Harris NA		2,615,000		2,615,000

Illinois, State Development Finance Authority, Ignatius College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,000,000		2,000,000

Illinois, State Development Finance Authority, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		825,000		825,000

Illinois, State Development Finance Authority, St. Ignatius College Preparatory, 1.14%*, 11/7/2019, LOC: PNC Bank NA		3,850,000		3,850,000

Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.18%*, 11/7/2019, LOC: BMO Harris Bank NA		1,700,000		1,700,000

Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 1.22%*, 11/7/2019, LOC: PNC Bank NA		1,100,000		1,100,000

Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 1.13%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		420,000		420,000

Illinois, State Finance Authority Revenue, Clearbrook Project, 1.13%*, 11/7/2019, LOC: Harris NA		3,035,000		3,035,000

Illinois, State Finance Authority Revenue, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		3,510,000		3,510,000

Illinois, State Finance Authority Revenue, Northwest Community Hospital:

Series B, 1.14%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		400,000		400,000

Series C, 1.14%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		3,440,000		3,440,000

Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		2,825,000		2,825,000

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, 1.11%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		5,015,000		5,015,000

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


6		\|		DWS Tax-Exempt Money Fund


	Principal Amount ($)		Value ($)

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, Brainard Landings II Apartments, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		550,000		550,000

University of Illinois, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		330,000		330,000

				40,520,000

Indiana 1.3%

Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 1.11%*, 11/7/2019, LOC: Federal Home Loan Bank		495,000		495,000

Indiana, State Finance Authority Revenue, Trinity Health, SeriesD-1, 1.13%*, 11/7/2019		670,000		670,000

Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 1.18%*, 11/7/2019, LOC: Bank of NY Mellon		2,055,000		2,055,000

Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series C, 1.22%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		415,000		415,000

				3,635,000

Iowa 1.1%

Iowa, State Finance Authority, Economic Development Revenue, Series A, 1.15%*, 11/7/2019		300,000		300,000

Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 1.14%*, 11/7/2019		405,000		405,000

Iowa, State Finance Authority, Single Family Mortgage Revenue, Mortgage Backed Securities Program:

Series D, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		1,550,000		1,550,000

Series E, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		855,000		855,000

				3,110,000

Kansas 0.3%
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 1.29%*, 11/7/2019, LOC: Svenska Handelsbanken		1,000,000		1,000,000

Kentucky 0.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 1.2%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		300,000		300,000

Louisiana 0.7%

Louisiana, Caddo-Bossier Parishes Port Commission, Oakley Co. Project, AMT, 1.22%*, 11/7/2019, LOC: Bank of America NA		985,000		985,000

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


		DWS Tax-Exempt Money Fund		\|			7


	Principal Amount ($)		Value ($)

Louisiana, Calcasieu Parish Public Trust Authority, Solid Waste Disposal Revenue, AMT, 1.23%*, 11/7/2019, LOC: Freddie Mac		1,000,000		1,000,000

				1,985,000

Maryland 0.4%

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 1.12%*, 11/7/2019, LOC: Bank of America NA		125,000		125,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 1.19%*, 11/7/2019, LOC: PNC Bank NA		1,025,000		1,025,000

				1,150,000

Massachusetts 5.6%

Massachusetts, State General Obligation, Series C, 4.0%, 6/18/2020		10,000,000		10,174,523

Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 1.14%*, 11/7/2019, LIQ: Citibank NA		2,300,000		2,300,000

Massachusetts, University of Massachusetts, Building Authority Revenue, Series 2, MUNIPSA + 0.300%, 1.42%**, 11/1/2034		3,800,000		3,800,000

				16,274,523

Michigan 0.1%
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C, 1.16%*, 11/7/2019, LOC: Bank of New York		290,000		290,000

Mississippi 1.3%

Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:

Series A, 1.14%*, 11/7/2019, GTY: Chevron Corp.		3,845,000		3,845,000

Series F, 1.14%*, 11/7/2019, GTY: Chevron Corp.		50,000		50,000

				3,895,000

Missouri 1.4%

Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 1.12%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		410,000		410,000

Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		2,660,000		2,660,000

St. Louis County, MO, Industrial Development Authority, Educational Whitefield School, Inc., Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		860,000		860,000

				3,930,000

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


8		\|		DWS Tax-Exempt Money Fund


	Principal Amount ($)		Value ($)
Nebraska 3.1%
Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 1.18%*, 11/7/2019, LOC: Citibank NA		9,000,000		9,000,000

Nevada 4.0%

Clark County, NV, Airport Systems Revenue:

SeriesD-3, 1.1%*, 11/7/2019, LOC: Bank of America NA		3,000,000		3,000,000

SeriesD-1, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,455,000		6,455,000

Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.23%*, 11/7/2019, LOC: Citibank NA		2,000,000		2,000,000

				11,455,000

New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 1.12%*, 11/7/2019, LOC: Freddie Mac		1,050,000		1,050,000

New York 12.1%

New York, Metropolitan Transportation Authority Revenue:

Series 2012G-1, 1.28%*, 11/1/2019, LOC: Barclays Bank PLC		1,000,000		1,000,000

Series C, 4.0%, 7/1/2020		11,100,000		11,293,370

New York, State Dormitory Authority Revenues,Non-State Supported Debt, Royal Charter Properties, Series A, 1.12%*, 11/7/2019, LOC: Fannie Mae		265,000		265,000

New York, State Housing Finance Agency, Service Contract Revenue, SeriesM-1, 1.08%*, 11/7/2019, LOC: Bank of America NA		450,000		450,000

New York, State Thruway Authority Revenue, Series 2016-XF2345, 144A, 1.15%*, 11/7/2019, LIQ: Credit Suisse		1,865,000		1,865,000

New York, Tender Option Bond Trust Receipts, Series 2019-XF0829,144A, 1.15%*, 11/7/2019, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada		3,000,000		3,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jamaica First Parking LLC Project, 1.15%*, 11/7/2019, LOC: TD Bank NA		385,000		385,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series BB, 1.13%*, 11/7/2019, SPA: Industrial and Commercial Bank of China		8,090,000		8,090,000

New York City, NY, Transitional Finance Authority Revenue, Series3-G, 1.15%*, 11/7/2019, SPA: Bank of New York Mellon		250,000		250,000

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


		DWS Tax-Exempt Money Fund		\|			9


	Principal Amount ($)		Value ($)

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:

Series 2018C-6, 1.11%*, 11/7/2019, SPA: Sumitomo Mitsui Banking		4,400,000		4,400,000

SeriesA-5, 1.22%*, 11/1/2019, SPA: U.S. Bank NA		850,000		850,000

SeriesG-5, 1.3%*, 11/2/2019, SPA: Barclays Bank PLC		2,475,000		2,475,000

New York, NY, General Obligation:

SeriesA-4, 1.1%*, 11/7/2019, LOC: Citibank NA		400,000		400,000

SeriesG-4, 1.1%*, 11/7/2019, LOC: Citibank NA		100,000		100,000

SeriesB-5, 1.3%*, 11/1/2019, SPA: Barclays Bank PLC		145,000		145,000

				34,968,370

North Carolina 0.0%

North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 1.15%*, 11/7/2019, LOC: Branch Banking & Trust		15,000		15,000

North Carolina, State Medical Care Commission, Health Care Facilities Revenue, Series A, 1.12%*, 11/7/2019, SPA: Branch Banking & Trust		100,000		100,000

				115,000

Ohio 5.9%

Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		9,000,000		9,000,000

Franklin County, OH, Trinity Health Credit Group, 1.35%, Mandatory Put 2/3/2020 @ 100, 12/1/2046		6,000,000		6,000,000

Hamilton County, OH, Economic Development Revenue, St Xavier High School Project, 1.19%*, 11/7/2019, LOC: PNC Bank NA		960,000		960,000

Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 1.15%*, 11/7/2019, LOC: BMO Harris Bank NA		1,000,000		1,000,000

				16,960,000

Oklahoma 1.3%
Oklahoma, Tender Option Bond Trust Floaters, Series 2018-XM0708, 144A, AMT, 1.3%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		3,750,000		3,750,000

Oregon 0.2%

Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System:

Series A, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		165,000		165,000

Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		350,000		350,000

				515,000

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


10		\|		DWS Tax-Exempt Money Fund


	Principal Amount ($)		Value ($)
Pennsylvania 1.6%

Lancaster, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,500,000		2,500,000

Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 1.14%*, 11/7/2019, LOC: PNC Bank NA		700,000		700,000

Pennsylvania, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,500,000		1,500,000

				4,700,000

South Dakota 0.3%
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health, Series B, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		880,000		880,000

Tennessee 2.3%

Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		3,220,000		3,220,000

Shelby County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Revenue, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		3,550,000		3,550,000

				6,770,000

Texas 3.3%

Houston, TX, Utility Systems Revenue, First Lien:

SeriesB-5, 1.11%*, 11/7/2019, LOC: Wells Fargo Bank NA		590,000		590,000

Series B, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		400,000		400,000

SeriesB-3, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		350,000		350,000

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group,Series C-2, 1.16%*, 11/7/2019, LOC: Bank of NY Mellon		1,500,000		1,500,000

Texas, State General Obligation, 1.21%*, 11/7/2019, SPA: TD Bank N.A.		735,000		735,000

Texas, State General Obligation, Veterans:

Series B, 1.18%*, 11/7/2019, SPA: Federal Home Loan Bank		460,000		460,000

1.25%*, 11/7/2019, LIQ: Federal Home Loan Bank		200,000		200,000

Texas, State Veterans Housing Assistance Program Fund II:

Series B, 1.21%*, 11/7/2019, LIQ: State Street Bank & Trust Co.		700,000		700,000

Series A, AMT, 1.24%*, 11/7/2019, SPA: State Street Bank & Trust Co.		1,395,000		1,395,000

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


		DWS Tax-Exempt Money Fund		\|			11


	Principal Amount ($)		Value ($)

Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		3,100,000		3,100,000

				9,430,000

Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, Hospital Fletcher Allen, Series A, 1.12%*, 11/7/2019, LOC: TD Bank North NA		1,270,000		1,270,000

Virginia 0.4%

Loudoun County, VA, Industrial Development Authority Revenue, Jack Kent Cooke Foundation Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		650,000		650,000

Salem, VA, Industrial Development Authority, Multi-Family Housing Revenue, Oak Park Apartments Project, 1.1%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		535,000		535,000

				1,185,000

Washington 2.7%

Chelan County, WA, Public Utility District #1, Series B, 1.13%*, 11/7/2019, SPA: Barclays Bank		3,900,000		3,900,000

King County, WA, Sewer Revenue, Junior Lien, Series A, 1.1%*, 11/7/2019, LOC: Landesbank Hessen-Thuringen		530,000		530,000

Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.17%*, 11/7/2019, LOC: U.S. Bank NA		760,000		760,000

Washington, State Housing Finance Commission, 1.12%*, 11/7/2019, LIQ: Fannie Mae		850,000		850,000

Washington, State Housing Finance Commission, Combridge Apartments, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		600,000		600,000

Washington, State Housing Finance Commission,Non-Profit Revenue, Overlake School Project, 1.16%*, 11/7/2019, LOC: Wells Fargo Bank NA		445,000		445,000

Washington, State Housing Finance Commission, Panorma City Project, 1.26%*, 11/7/2019, LOC: Wells Fargo Bank NA		490,000		490,000

Washington, State Housing Finance Commission, Urban Central Airports Project, 1.14%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		325,000		325,000

				7,900,000

Wisconsin 2.6%

Wisconsin, Whitewater Community Development Authority, Housing Preservation, 1.13%*, 11/7/2019, LOC: BMO Harris Bank NA		7,455,000		7,455,000

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


12		\|		DWS Tax-Exempt Money Fund


	Principal Amount ($)		Value ($)

Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 1.13%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		105,000		105,000

				7,560,000

Other 2.3%

Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:

“A”, Series M027, 1.14%*, 11/7/2019, LIQ: Freddie Mac		2,795,000		2,795,000

“A”, Series M031, 1.15%*, 11/7/2019, LIQ: Freddie Mac		2,930,000		2,930,000

“A”, Series M015, AMT, 1.17%*, 11/7/2019, LIQ: Freddie Mac		960,000		960,000

				6,685,000
Total Municipal Investments(Cost $272,467,893)				272,467,893

Preferred Shares ofClosed-End Investment Companies 5.0%
California

California, Nuveen Dividend Advantage Municipal Fund, Series1-1362, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Societe Generate		9,500,000		9,500,000

California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.25%*, 11/7/2019, LIQ: Citibank NA		1,400,000		1,400,000

California, Nuveen Quality Municipal Income Fund, Series 7, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Royal Bank of Canada		3,500,000		3,500,000
Total Preferred Shares ofClosed-End Investment Companies(Cost $14,400,000)				14,400,000

	% of Net Assets		Value ($)
Total Investment Portfolio(Cost $286,867,893)		99.0		286,867,893
Other Assets and Liabilities, Net		1.0		2,985,021

Net Assets		100.0		289,852,914

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

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


		DWS Tax-Exempt Money Fund		\|			13

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (a)	$	—	$	272,467,893	$	—	$	272,467,893
Preferred Shares ofClosed-End Investment Companies		—		14,400,000		—		14,400,000
Total	$	—	$	286,867,893	$	—	$	286,867,893

(a)	See Investment Portfolio for additional detailed categorizations.

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


14		\|		DWS Tax-Exempt Money Fund

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Tax-Exempt Portfolio
Investments in securities, valued at amortized cost	$	286,867,893
Receivable for investments sold		8,640,018
Receivable for Fund shares sold		70,471
Interest receivable		596,902
Other assets		52,577
Total assets		296,227,861

Liabilities
Cash overdraft		163,256
Payable for investments purchased		6,000,000
Payable for Fund shares redeemed		3,248
Distributions payable		43,224
Accrued Trustees’ fees		4,234
Other accrued expenses and payables		160,985
Total liabilities		6,374,947
Net assets, at value	$	289,852,914

Net Assets Consist of
Distributable earnings (loss)		(39,435	)
Paid-in capital		289,892,349
Net assets, at value	$	289,852,914

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


		DWS Tax-Exempt Money Fund		\|			15


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Tax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($65,658,529 ÷ 65,615,782 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($120,190,718 ÷ 120,112,525 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($44,132,649 ÷ 44,103,923 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($15,198,032 ÷ 15,188,133 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt Cash Managed Shares

Net Asset Value, offering and redemption price per share ($37,124,550 ÷ 37,100,361 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Free Investment Class

Net Asset Value, offering and redemption price per share ($7,548,436 ÷ 7,543,521 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


16		\|		DWS Tax-Exempt Money Fund

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)

Investment Income		DWS Tax-Exempt Portfolio

Income:

Interest	$	2,194,090
Expenses:

Management fee		115,861
Administration fee		145,249
Services to shareholders		82,810
Distribution and service fees		86,472
Custodian fee		4,961
Professional fees		45,366
Reports to shareholders		56,926
Registration fees		52,117
Trustees’ fees and expenses		8,096
Other		35,220
Total expenses before expense reductions		633,078
Expense reductions		(206,009	)
Total expenses after expense reductions		427,069
Net investment income		1,767,021
Net realized gain (loss) from investments		11,134
Net increase (decrease) in net assets resulting from operations	$	1,778,155

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


		DWS Tax-Exempt Money Fund		\|			17

Statements of Changes in Net Assets


	DWSTax-Exempt Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Year Ended April 30, 2019

Operations:

Net investment income	$	1,767,021		$	3,679,217
Net realized gain (loss)		11,134			16,792
Net increase in net assets resulting from operations		1,778,155			3,696,009
Distributions to shareholders:

DWSTax-Exempt Cash Premier Shares		(376,965	)		(554,487	)
DWSTax-Exempt Money Fund		(787,930	)		(1,689,303	)
DWSTax-Free Money Fund Class S		(295,540	)		(640,705	)
Service Shares		(34,021	)		(115,693	)
Tax-Exempt Cash Managed Shares		(241,097	)		(607,973	)
Tax-Free Investment Class		(31,469	)		(58,355	)
Total distributions		(1,767,022	)		(3,666,516	)
Fund share transactions:

Proceeds from shares sold		135,700,009			459,762,725
Reinvestment of distributions		1,445,536			2,971,761
Payments for shares redeemed		(138,852,957	)		(485,955,370	)
Net increase (decrease) in net assets from Fund share transactions		(1,707,412	)		(23,220,884	)
Increase (decrease) in net assets		(1,696,279	)		(23,191,391	)
Net assets at beginning of period		291,549,193			314,740,584

Net assets at end of period	$	289,852,914		$	291,549,193

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


18		\|		DWS Tax-Exempt Money Fund

Financial Highlights

DWSTax-Exempt Portfolio

DWSTax-Exempt Money Fund


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.006			.013			.008			.005			.000	^***		.000	^***
Net realized gain (loss)		.000	^***		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations		.006			.013			.008			.005			.000	^***		.000	^***
Less distributions from:

Net investment income		(.006	)		(.013	)		(.008	)		(.005	)		(.000	)^***		(.000	)^***
Net realized gains		—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions		(.006	)		(.013	)		(.008	)		(.005	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.65	^**		1.34			.83			.50			.04			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		120			124			136			143			171			176
Ratio of expenses before expense reductions (%)		.36	^*		.38			.33			.30			.26			.24
Ratio of expenses after expense reductions (%)		.22	^*		.22			.23			.25			.12			.10
Ratio of net investment income (%)		1.29	^*		1.33			.82			.41			.03			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


		DWS Tax-Exempt Money Fund		\|			19


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The financial highlights for all classes of shares, other than DWSTax-Exempt Money Fund, are provided separately and are available upon request.


20		\|		DWS Tax-Exempt Money Fund

investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

At April 30, 2019, the Fund had a net tax basis capital loss carryforward of approximately $15,000, which may be applied against any realized net taxable capital gains indefinitely.

At October 31, 2019, DWSTax-Exempt Portfolio had an aggregate cost of investments for federal income tax purposes of $286,867,893.

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


		DWS Tax-Exempt Money Fund		\|			21

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

B. Related Parties

Management Agreement. Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse


22		\|		DWS Tax-Exempt Money Fund

certain operating expenses of the DWSTax-Exempt Money Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.40%.

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWSTax-Exempt Cash Premier Shares	$	38,712
DWSTax-Exempt Money Fund		87,038
DWSTax-Free Money Fund Class S		34,457
Service Shares		10,255
Tax-Exempt Cash Managed Shares		30,832
Tax-Free Investment Class		4,715
	$	206,009


Fund	Administration Fee		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	145,249	$	23,808


		DWS Tax-Exempt Money Fund		\|			23

fee it receives from the Fund. For the six months ended October 31, 2019, the amounts charged to the Fund by DSC were as follows:


DWSTax-Exempt Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Cash Premier Shares	$	1,392	$	351
DWSTax-Exempt Money Fund		17,553		6,303
DWSTax-Free Money Fund Class S		14,425		5,213
Service Shares		18,345		4,831
Tax-Exempt Cash Managed Shares		9,450		2,085
Tax-Free Investment Class		2,701		925
	$	63,866	$	19,708


Sub-Recordkeeping	Total Aggregated
DWSTax-Exempt Money Fund	$	2,510
DWSTax-Free Money Fund Class S		1,315
	$	3,825

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWSTax-Exempt Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	43,565	$	8,051		.60	%		.60	%
Tax-Free Investment Class		8,577		1,538		.25	%		.25	%
	$	52,142	$	9,589


24		\|		DWS Tax-Exempt Money Fund

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Tax-Exempt Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Tax-Exempt Cash Managed Shares	$	31,928	$	4,654		.15	%		.15	%
Tax-Free Investment Class		2,402		431		.07	%		.07	%
	$	34,330	$	5,085


Fund	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	25,388	$	20,092

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


		DWS Tax-Exempt Money Fund		\|			25

D. Fund Share Transactions

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

DWSTax-Exempt Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWSTax-Exempt Cash Premier Shares		30,414,669	$	30,414,669		62,299,935	$	62,299,935
DWSTax-Exempt Money Fund		12,262,058		12,262,058		34,172,341		34,172,341
DWSTax-Free Money Fund Class S		3,688,696		3,688,696		11,153,741		11,153,741
Service Shares		12,078,630		12,078,630		53,988,330		53,988,330
Tax-Exempt Cash Managed Shares		73,810,500		73,810,500		286,624,984		286,624,984
Tax-Free Investment Class		3,411,645		3,411,645		11,523,394		11,523,394
Account Maintenance Fees		—		33,811		—		—
			$	135,700,009			$	459,762,725

Shares issued to shareholders in reinvestment of distributions
DWSTax-Exempt Cash Premier Shares		326,394	$	326,394		537,230	$	537,230
DWSTax-Exempt Money Fund		774,605		774,605		1,659,886		1,659,886
DWSTax-Free Money Fund Class S		278,479		278,479		607,214		607,214
Service Shares		33,880		33,880		108,406		108,406
Tax-Exempt Cash Managed Shares		744		744		1,638		1,638
Tax-Free Investment Class		31,434		31,434		57,387		57,387
			$	1,445,536			$	2,971,761


26		\|		DWS Tax-Exempt Money Fund


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWSTax-Exempt Cash Premier Shares		(14,579,429	)	$	(14,579,429	)		(54,454,045	)	$	(54,454,045	)
DWSTax-Exempt Money Fund		(17,215,796	)		(17,215,796	)		(47,917,455	)		(47,917,455	)
DWSTax-Free Money Fund Class S		(11,496,675	)		(11,496,675	)		(11,058,223	)		(11,058,223	)
Service Shares		(10,759,220	)		(10,759,220	)		(82,572,012	)		(82,572,012	)
Tax-Exempt Cash Managed Shares		(82,447,502	)		(82,447,502	)		(279,241,365	)		(279,241,365	)
Tax-Free Investment Class		(2,354,335	)		(2,354,335	)		(10,712,270	)		(10,712,270	)
				$	(138,852,957	)				$	(485,955,370	)

Net increase (decrease)
DWSTax-Exempt Cash Premier Shares		16,161,634		$	16,161,634			8,383,120		$	8,383,120
DWSTax-Exempt Money Fund		(4,179,133	)		(4,179,133	)		(12,085,228	)		(12,085,228	)
DWSTax-Free Money Fund Class S		(7,529,500	)		(7,529,500	)		702,732			702,732
Service Shares		1,353,290			1,353,290			(28,475,276	)		(28,475,276	)
Tax-Exempt Cash Managed Shares		(8,636,258	)		(8,636,258	)		7,385,257			7,385,257
Tax-Free Investment Class		1,088,744			1,088,744			868,511			868,511
Account Maintenance Fees		—			33,811			—			—
				$	(1,707,412	)				$	(23,220,884	)


		DWS Tax-Exempt Money Fund		\|			27

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for DWSTax-Exempt Money Fund. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

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

–

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


28		\|		DWS Tax-Exempt Money Fund


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Tax-Exempt Money Fund
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,006.50
Expenses Paid per $1,000*	$	1.11

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,024.03
Expenses Paid per $1,000*	$	1.12

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratio
DWSTax-Exempt Money Fund	.22	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.


		DWS Tax-Exempt Money Fund		\|			29

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of eachmonth-end. Please see the Fund’s current prospectus for more information.


30		\|		DWS Tax-Exempt Money Fund

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.


		DWS Tax-Exempt Money Fund		\|			31

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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (DWSTax-Exempt Cash Premier Shares) was in the 3rd quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).


32		\|		DWS Tax-Exempt Money 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.


		DWS Tax-Exempt Money Fund		\|			33


34		\|		DWS Tax-Exempt Money Fund

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com


		DWS Tax-Exempt Money Fund		\|			35




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019


36		\|		DWS Tax-Exempt Money Fund

Notes

LOGO

DTEMF-3

(R-033438-7 12/19)

LOGO

October 31, 2019

Semiannual Report

to Shareholders

Tax-Free Investment Class

DWSTax-Exempt Portfolio

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	15			Statement of Assets and Liabilities
	17			Statement of Operations
	18			Statements of Changes in Net Assets
	19			Financial Highlights


	20			Notes to Financial Statements
	28			Information About Your Fund’s Expenses
	30			Other Information
	31			Advisory Agreement Board Considerations and Fee Evaluation
	35			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY


2		\|		Tax-Free Investment Class


Portfolio Summary		(Unaudited)

DWSTax-Exempt Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Municipal Investments
Municipal Variable Rate Demand Notes		80%		62%
Municipal Bonds and Notes		10%		11%
Tax-Exempt Commercial Paper		4%		17%
MunicipalFloating-Rate Notes		1%		5%
Preferred Shares ofClosed-End Investment Companies		5%		5%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWSTax-Exempt Portfolio		27 days		13 days
iMoneyNet Money Fund Average^™ — Tax-Free National Retail*		29 days		19 days

*	The Fund is compared to its respective iMoneyNet Money Fund Average category:Tax-Free National Retail — Category includes retail funds that invest in obligations oftax-exempt entities, including state and municipal authorities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–14. A quarterly Fact Sheet is available on dws.com or upon request.


		Tax-Free Investment Class		\|			3


Investment Portfolio		as of October 31, 2019 (Unaudited)

DWSTax-Exempt Portfolio


	Principal Amount ($)		Value ($)
Municipal Investments 94.0%
Arizona 1.3%

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Angelin Apartments Project, Series A, AMT, 1.25%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		240,000		240,000

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Clemente Apartments Project:

Series A, AMT, 1.18%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		810,000		810,000

Series A, AMT, 1.23%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		145,000		145,000

Pima County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Eastside PL Apartments, 1.16%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		1,320,000		1,320,000

Pima County, AZ, Industrial Development Authority, Series A, 1.12%*, 11/7/2019, LOC: Federal Home Loan Bank		1,365,000		1,365,000

				3,880,000

Arkansas 2.2%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 1.29%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		6,500,000		6,500,000

California 8.3%

California, Public Improvements, Series 2019-MIZ9003, 144A, 1.29%*, 11/7/2019, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd.		10,000,000		10,000,000

California, State Infrastructure & Economic Development Bank Revenue, Industrial Development Revenue, Pleasant Mattress, Inc., Project, Series A, AMT, 1.17%*, 11/7/2019, LOC: Wells Fargo Bank NA		860,000		860,000

San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments:

SeriesH-2, 1.17%*, 11/7/2019, LOC: Bank of China Ltd.		2,335,000		2,335,000

SeriesH-1, 1.19%*, 11/7/2019, LOC: Bank of China Ltd.		10,850,000		10,850,000

				24,045,000

Colorado 0.2%
Colorado, State Housing & Finance Authority, Series I - AA2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		475,000		475,000

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


4		\|		Tax-Free Investment Class


	Principal Amount ($)		Value ($)
Connecticut 0.4%
Connecticut, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,135,000		1,135,000

Delaware 0.2%
Delaware, State Economic Development Authority Revenue, YMCA State Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		645,000		645,000

Florida 4.8%

Florida, Jacksonville Water & Sewer System Revenue,Series A-2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,950,000		6,950,000

Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		4,150,000		4,150,000

Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 1.16%*, 11/7/2019, LOC: Northern Trust Company		1,300,000		1,300,000

Seminole County, FL, Industrial Development Authority, Camp Road LLC Project, AMT, 1.4%*, 11/7/2019, LOC: PNC Bank NA		1,640,000		1,640,000

				14,040,000

Georgia 7.4%

Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment Poll Project, 1.13%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

Georgia, General Obligation Notes, TECP, 1.41%, 11/7/2019		10,500,000		10,500,000

Georgia, Municipal Electric Authority, Series B, 1.13%*, 11/7/2019, LOC: Barclays Bank PLC		945,000		945,000

Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 1.22%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		6,800,000		6,800,000

Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 1.25%*, 11/7/2019, LOC: Branch Banking & Trust		435,000		435,000

Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp.:

Series A, 1.12%*, 11/7/2019, LOC: Bank of Montreal		450,000		450,000

Series B, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		1,235,000		1,235,000

Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 1.31%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

				21,465,000

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


		Tax-Free Investment Class		\|			5


	Principal Amount ($)		Value ($)
Illinois 14.0%

Brookfield, IL, Zoo Project, 1.11%*, 11/7/2019, LOC: Northern Trust Company		1,400,000		1,400,000

Channahon, IL, Morris Hospital Revenue, 1.13%*, 11/7/2019, LOC: U.S. Bank NA		4,005,000		4,005,000

Galesburg, IL, Knox College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		1,800,000		1,800,000

Illinois, State Finance Authority Revenue, Elmhurst Memorial Healthcare, Series D, 1.11%*, 11/7/2019, LOC: Bank of America NA		1,300,000		1,300,000

Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 1.33%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		400,000		400,000

Illinois, State Development Finance Authority, American Youth Hostels Project, 1.13%*, 11/7/2019, LOC: Harris NA		2,615,000		2,615,000

Illinois, State Development Finance Authority, Ignatius College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,000,000		2,000,000

Illinois, State Development Finance Authority, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		825,000		825,000

Illinois, State Development Finance Authority, St. Ignatius College Preparatory, 1.14%*, 11/7/2019, LOC: PNC Bank NA		3,850,000		3,850,000

Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.18%*, 11/7/2019, LOC: BMO Harris Bank NA		1,700,000		1,700,000

Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 1.22%*, 11/7/2019, LOC: PNC Bank NA		1,100,000		1,100,000

Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 1.13%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		420,000		420,000

Illinois, State Finance Authority Revenue, Clearbrook Project, 1.13%*, 11/7/2019, LOC: Harris NA		3,035,000		3,035,000

Illinois, State Finance Authority Revenue, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		3,510,000		3,510,000

Illinois, State Finance Authority Revenue, Northwest Community Hospital:

Series B, 1.14%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		400,000		400,000

Series C, 1.14%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		3,440,000		3,440,000

Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		2,825,000		2,825,000

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, 1.11%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		5,015,000		5,015,000

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


6		\|		Tax-Free Investment Class


	Principal Amount ($)		Value ($)

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, Brainard Landings II Apartments, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		550,000		550,000

University of Illinois, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		330,000		330,000

				40,520,000

Indiana 1.3%

Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 1.11%*, 11/7/2019, LOC: Federal Home Loan Bank		495,000		495,000

Indiana, State Finance Authority Revenue, Trinity Health, SeriesD-1, 1.13%*, 11/7/2019		670,000		670,000

Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 1.18%*, 11/7/2019, LOC: Bank of NY Mellon		2,055,000		2,055,000

Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series C, 1.22%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		415,000		415,000

				3,635,000

Iowa 1.1%

Iowa, State Finance Authority, Economic Development Revenue, Series A, 1.15%*, 11/7/2019		300,000		300,000

Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 1.14%*, 11/7/2019		405,000		405,000

Iowa, State Finance Authority, Single Family Mortgage Revenue, Mortgage Backed Securities Program:

Series D, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		1,550,000		1,550,000

Series E, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		855,000		855,000

				3,110,000

Kansas 0.3%
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 1.29%*, 11/7/2019, LOC: Svenska Handelsbanken		1,000,000		1,000,000

Kentucky 0.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 1.2%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		300,000		300,000

Louisiana 0.7%

Louisiana, Caddo-Bossier Parishes Port Commission, Oakley Co. Project, AMT, 1.22%*, 11/7/2019, LOC: Bank of America NA		985,000		985,000

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


		Tax-Free Investment Class		\|			7


	Principal Amount ($)		Value ($)

Louisiana, Calcasieu Parish Public Trust Authority, Solid Waste Disposal Revenue, AMT, 1.23%*, 11/7/2019, LOC: Freddie Mac		1,000,000		1,000,000

				1,985,000

Maryland 0.4%

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 1.12%*, 11/7/2019, LOC: Bank of America NA		125,000		125,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 1.19%*, 11/7/2019, LOC: PNC Bank NA		1,025,000		1,025,000

				1,150,000

Massachusetts 5.6%

Massachusetts, State General Obligation, Series C, 4.0%, 6/18/2020		10,000,000		10,174,523

Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 1.14%*, 11/7/2019, LIQ: Citibank NA		2,300,000		2,300,000

Massachusetts, University of Massachusetts, Building Authority Revenue, Series 2, MUNIPSA + 0.300%, 1.42%**, 11/1/2034		3,800,000		3,800,000

				16,274,523

Michigan 0.1%
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C, 1.16%*, 11/7/2019, LOC: Bank of New York		290,000		290,000

Mississippi 1.3%

Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:

Series A, 1.14%*, 11/7/2019, GTY: Chevron Corp.		3,845,000		3,845,000

Series F, 1.14%*, 11/7/2019, GTY: Chevron Corp.		50,000		50,000

				3,895,000

Missouri 1.4%

Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 1.12%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		410,000		410,000

Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		2,660,000		2,660,000

St. Louis County, MO, Industrial Development Authority, Educational Whitefield School, Inc., Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		860,000		860,000

				3,930,000

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


8		\|		Tax-Free Investment Class


	Principal Amount ($)		Value ($)
Nebraska 3.1%
Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 1.18%*, 11/7/2019, LOC: Citibank NA		9,000,000		9,000,000

Nevada 4.0%

Clark County, NV, Airport Systems Revenue:

SeriesD-3, 1.1%*, 11/7/2019, LOC: Bank of America NA		3,000,000		3,000,000

SeriesD-1, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,455,000		6,455,000

Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.23%*, 11/7/2019, LOC: Citibank NA		2,000,000		2,000,000

				11,455,000

New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 1.12%*, 11/7/2019, LOC: Freddie Mac		1,050,000		1,050,000

New York 12.1%

New York, Metropolitan Transportation Authority Revenue:

Series 2012G-1, 1.28%*, 11/1/2019, LOC: Barclays Bank PLC		1,000,000		1,000,000

Series C, 4.0%, 7/1/2020		11,100,000		11,293,370

New York, State Dormitory Authority Revenues,Non-State Supported Debt, Royal Charter Properties, Series A, 1.12%*, 11/7/2019, LOC: Fannie Mae		265,000		265,000

New York, State Housing Finance Agency, Service Contract Revenue, SeriesM-1, 1.08%*, 11/7/2019, LOC: Bank of America NA		450,000		450,000

New York, State Thruway Authority Revenue, Series 2016-XF2345, 144A, 1.15%*, 11/7/2019, LIQ: Credit Suisse		1,865,000		1,865,000

New York, Tender Option Bond Trust Receipts, Series 2019-XF0829,144A, 1.15%*, 11/7/2019, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada		3,000,000		3,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jamaica First Parking LLC Project, 1.15%*, 11/7/2019, LOC: TD Bank NA		385,000		385,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series BB, 1.13%*, 11/7/2019, SPA: Industrial and Commercial Bank of China		8,090,000		8,090,000

New York City, NY, Transitional Finance Authority Revenue, Series3-G, 1.15%*, 11/7/2019, SPA: Bank of New York Mellon		250,000		250,000

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


		Tax-Free Investment Class		\|			9


	Principal Amount ($)		Value ($)

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:

Series 2018C-6, 1.11%*, 11/7/2019, SPA: Sumitomo Mitsui Banking		4,400,000		4,400,000

SeriesA-5, 1.22%*, 11/1/2019, SPA: U.S. Bank NA		850,000		850,000

SeriesG-5, 1.3%*, 11/2/2019, SPA: Barclays Bank PLC		2,475,000		2,475,000

New York, NY, General Obligation:

SeriesA-4, 1.1%*, 11/7/2019, LOC: Citibank NA		400,000		400,000

SeriesG-4, 1.1%*, 11/7/2019, LOC: Citibank NA		100,000		100,000

SeriesB-5, 1.3%*, 11/1/2019, SPA: Barclays Bank PLC		145,000		145,000

				34,968,370

North Carolina 0.0%

North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 1.15%*, 11/7/2019, LOC: Branch Banking & Trust		15,000		15,000

North Carolina, State Medical Care Commission, Health Care Facilities Revenue, Series A, 1.12%*, 11/7/2019, SPA: Branch Banking & Trust		100,000		100,000

				115,000

Ohio 5.9%

Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		9,000,000		9,000,000

Franklin County, OH, Trinity Health Credit Group, 1.35%, Mandatory Put 2/3/2020 @ 100, 12/1/2046		6,000,000		6,000,000

Hamilton County, OH, Economic Development Revenue, St Xavier High School Project, 1.19%*, 11/7/2019, LOC: PNC Bank NA		960,000		960,000

Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 1.15%*, 11/7/2019, LOC: BMO Harris Bank NA		1,000,000		1,000,000

				16,960,000

Oklahoma 1.3%
Oklahoma, Tender Option Bond Trust Floaters, Series 2018-XM0708, 144A, AMT, 1.3%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		3,750,000		3,750,000

Oregon 0.2%

Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System:

Series A, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		165,000		165,000

Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		350,000		350,000

				515,000

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


10		\|		Tax-Free Investment Class


	Principal Amount ($)		Value ($)
Pennsylvania 1.6%

Lancaster, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,500,000		2,500,000

Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 1.14%*, 11/7/2019, LOC: PNC Bank NA		700,000		700,000

Pennsylvania, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,500,000		1,500,000

				4,700,000

South Dakota 0.3%
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health, Series B, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		880,000		880,000

Tennessee 2.3%

Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		3,220,000		3,220,000

Shelby County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Revenue, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		3,550,000		3,550,000

				6,770,000

Texas 3.3%

Houston, TX, Utility Systems Revenue, First Lien:

SeriesB-5, 1.11%*, 11/7/2019, LOC: Wells Fargo Bank NA		590,000		590,000

Series B, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		400,000		400,000

SeriesB-3, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		350,000		350,000

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group,Series C-2, 1.16%*, 11/7/2019, LOC: Bank of NY Mellon		1,500,000		1,500,000

Texas, State General Obligation, 1.21%*, 11/7/2019, SPA: TD Bank N.A.		735,000		735,000

Texas, State General Obligation, Veterans:

Series B, 1.18%*, 11/7/2019, SPA: Federal Home Loan Bank		460,000		460,000

1.25%*, 11/7/2019, LIQ: Federal Home Loan Bank		200,000		200,000

Texas, State Veterans Housing Assistance Program Fund II:

Series B, 1.21%*, 11/7/2019, LIQ: State Street Bank & Trust Co.		700,000		700,000

Series A, AMT, 1.24%*, 11/7/2019, SPA: State Street Bank & Trust Co.		1,395,000		1,395,000

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


		Tax-Free Investment Class		\|			11


	Principal Amount ($)		Value ($)

Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		3,100,000		3,100,000

				9,430,000
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, Hospital Fletcher Allen, Series A, 1.12%*, 11/7/2019, LOC: TD Bank North NA		1,270,000		1,270,000

Virginia 0.4%

Loudoun County, VA, Industrial Development Authority Revenue, Jack Kent Cooke Foundation Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		650,000		650,000

Salem, VA, Industrial Development Authority, Multi-Family Housing Revenue, Oak Park Apartments Project, 1.1%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		535,000		535,000

				1,185,000

Washington 2.7%

Chelan County, WA, Public Utility District #1, Series B, 1.13%*, 11/7/2019, SPA: Barclays Bank		3,900,000		3,900,000

King County, WA, Sewer Revenue, Junior Lien, Series A, 1.1%*, 11/7/2019, LOC: Landesbank Hessen-Thuringen		530,000		530,000

Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.17%*, 11/7/2019, LOC: U.S. Bank NA		760,000		760,000

Washington, State Housing Finance Commission, 1.12%*, 11/7/2019, LIQ: Fannie Mae		850,000		850,000

Washington, State Housing Finance Commission, Combridge Apartments, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		600,000		600,000

Washington, State Housing Finance Commission,Non-Profit Revenue, Overlake School Project, 1.16%*, 11/7/2019, LOC: Wells Fargo Bank NA		445,000		445,000

Washington, State Housing Finance Commission, Panorma City Project, 1.26%*, 11/7/2019, LOC: Wells Fargo Bank NA		490,000		490,000

Washington, State Housing Finance Commission, Urban Central Airports Project, 1.14%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		325,000		325,000

				7,900,000

Wisconsin 2.6%

Wisconsin, Whitewater Community Development Authority, Housing Preservation, 1.13%*, 11/7/2019, LOC: BMO Harris Bank NA		7,455,000		7,455,000

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


12		\|		Tax-Free Investment Class


	Principal Amount ($)		Value ($)

Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 1.13%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		105,000		105,000

				7,560,000
Other 2.3%

Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:

“A”, Series M027, 1.14%*, 11/7/2019, LIQ: Freddie Mac		2,795,000		2,795,000

“A”, Series M031, 1.15%*, 11/7/2019, LIQ: Freddie Mac		2,930,000		2,930,000

“A”, Series M015, AMT, 1.17%*, 11/7/2019, LIQ: Freddie Mac		960,000		960,000

				6,685,000
Total Municipal Investments(Cost $272,467,893)				272,467,893

Preferred Shares ofClosed-End Investment Companies 5.0%
California

California, Nuveen Dividend Advantage Municipal Fund, Series1-1362, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Societe Generate		9,500,000		9,500,000

California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.25%*, 11/7/2019, LIQ: Citibank NA		1,400,000		1,400,000

California, Nuveen Quality Municipal Income Fund, Series 7, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Royal Bank of Canada		3,500,000		3,500,000
Total Preferred Shares ofClosed-End Investment Companies(Cost $14,400,000)				14,400,000

	% of Net Assets		Value ($)
Total Investment Portfolio(Cost $286,867,893)		99.0		286,867,893
Other Assets and Liabilities, Net		1.0		2,985,021

Net Assets		100.0		289,852,914

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

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


		Tax-Free Investment Class		\|			13

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (a)	$	—	$	272,467,893	$	—	$	272,467,893
Preferred Shares ofClosed-End Investment Companies		—		14,400,000		—		14,400,000
Total	$	—	$	286,867,893	$	—	$	286,867,893

(a)	See Investment Portfolio for additional detailed categorizations.

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


14		\|		Tax-Free Investment Class

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Tax-Exempt Portfolio
Investments in securities, valued at amortized cost	$	286,867,893
Receivable for investments sold		8,640,018
Receivable for Fund shares sold		70,471
Interest receivable		596,902
Other assets		52,577
Total assets		296,227,861

Liabilities
Cash overdraft		163,256
Payable for investments purchased		6,000,000
Payable for Fund shares redeemed		3,248
Distributions payable		43,224
Accrued Trustees’ fees		4,234
Other accrued expenses and payables		160,985
Total liabilities		6,374,947
Net assets, at value	$	289,852,914

Net Assets Consist of
Distributable earnings (loss)		(39,435	)
Paid-in capital		289,892,349
Net assets, at value	$	289,852,914

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


		Tax-Free Investment Class		\|			15

Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Tax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($65,658,529 ÷ 65,615,782 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($120,190,718 ÷ 120,112,525 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($44,132,649 ÷ 44,103,923 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($15,198,032 ÷ 15,188,133 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt Cash Managed Shares

Net Asset Value, offering and redemption price per share ($37,124,550 ÷ 37,100,361 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Free Investment Class

Net Asset Value, offering and redemption price per share ($7,548,436 ÷ 7,543,521 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


16		\|		Tax-Free Investment Class

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)

Investment Income		DWS Tax-Exempt Portfolio

Income:

Interest	$	2,194,090
Expenses:

Management fee		115,861
Administration fee		145,249
Services to shareholders		82,810
Distribution and service fees		86,472
Custodian fee		4,961
Professional fees		45,366
Reports to shareholders		56,926
Registration fees		52,117
Trustees’ fees and expenses		8,096
Other		35,220
Total expenses before expense reductions		633,078
Expense reductions		(206,009	)
Total expenses after expense reductions		427,069
Net investment income		1,767,021
Net realized gain (loss) from investments		11,134
Net increase (decrease) in net assets resulting from operations	$	1,778,155

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


		Tax-Free Investment Class		\|			17

Statements of Changes in Net Assets


	DWSTax-Exempt Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Year Ended April 30, 2019

Operations:

Net investment income	$	1,767,021		$	3,679,217
Net realized gain (loss)		11,134			16,792
Net increase in net assets resulting from operations		1,778,155			3,696,009
Distributions to shareholders:

DWSTax-Exempt Cash Premier Shares		(376,965	)		(554,487	)
DWSTax-Exempt Money Fund		(787,930	)		(1,689,303	)
DWSTax-Free Money Fund Class S		(295,540	)		(640,705	)
Service Shares		(34,021	)		(115,693	)
Tax-Exempt Cash Managed Shares		(241,097	)		(607,973	)
Tax-Free Investment Class		(31,469	)		(58,355	)
Total distributions		(1,767,022	)		(3,666,516	)
Fund share transactions:

Proceeds from shares sold		135,700,009			459,762,725
Reinvestment of distributions		1,445,536			2,971,761
Payments for shares redeemed		(138,852,957	)		(485,955,370	)
Net increase (decrease) in net assets from Fund share transactions		(1,707,412	)		(23,220,884	)
Increase (decrease) in net assets		(1,696,279	)		(23,191,391	)
Net assets at beginning of period		291,549,193			314,740,584

Net assets at end of period	$	289,852,914		$	291,549,193

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


18		\|		Tax-Free Investment Class

Financial Highlights

DWSTax-Exempt Portfolio

Tax-Free Investment Class


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.005			.010			.004			.001			.000	^***		.000	^***
Net realized gain (loss)		.000	^***		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations		.005			.010			.004			.001			.000	^***		.000	^***
Less distributions from:

Net investment income		(.005	)		(.010	)		(.004	)		(.001	)		(.000	)^***		(.000	)^***
Net realized gains		—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions		(.005	)		(.010	)		(.004	)		(.001	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.46	^**		.96			.45			.13			.02			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		8			6			6			9			239			263
Ratio of expenses before expense reductions (%)		.73	^*		.74			.72			.66			.66			.64
Ratio of expenses after expense reductions (%)		.59	^*		.59			.63			.49			.14			.10
Ratio of net investment income (%)		.92	^*		.96			.39			.02			.01			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


		Tax-Free Investment Class		\|			19


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The financial highlights for all classes of shares, other thanTax-Free Investment Class, are provided separately and are available upon request.


20		\|		Tax-Free Investment Class

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

At April 30, 2019, the Fund had a net tax basis capital loss carryforward of approximately $15,000, which may be applied against any realized net taxable capital gains indefinitely.

At October 31, 2019, DWSTax-Exempt Portfolio had an aggregate cost of investments for federal income tax purposes of $286,867,893.

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

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


		Tax-Free Investment Class		\|			21

B. Related Parties

Management Agreement. Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of theTax-Free Investment Class to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.72%.


22		\|		Tax-Free Investment Class

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWSTax-Exempt Cash Premier Shares	$	38,712
DWSTax-Exempt Money Fund		87,038
DWSTax-Free Money Fund Class S		34,457
Service Shares		10,255
Tax-Exempt Cash Managed Shares		30,832
Tax-Free Investment Class		4,715
	$	206,009


Fund	Administration Fee		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	145,249	$	23,808


		Tax-Free Investment Class		\|			23

fee it receives from the Fund. For the six months ended October 31, 2019, the amounts charged to the Fund by DSC were as follows:


DWSTax-Exempt Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Cash Premier Shares	$	1,392	$	351
DWSTax-Exempt Money Fund		17,553		6,303
DWSTax-Free Money Fund Class S		14,425		5,213
Service Shares		18,345		4,831
Tax-Exempt Cash Managed Shares		9,450		2,085
Tax-Free Investment Class		2,701		925
	$	63,866	$	19,708


Sub-Recordkeeping	Total Aggregated
DWSTax-Exempt Money Fund	$	2,510
DWSTax-Free Money Fund Class S		1,315
	$	3,825

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWSTax-Exempt Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	43,565	$	8,051		.60	%		.60	%
Tax-Free Investment Class		8,577		1,538		.25	%		.25	%
	$	52,142	$	9,589


24		\|		Tax-Free Investment Class

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Tax-Exempt Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Tax-Exempt Cash Managed Shares	$	31,928	$	4,654		.15	%		.15	%
Tax-Free Investment Class		2,402		431		.07	%		.07	%
	$	34,330	$	5,085


Fund	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	25,388	$	20,092

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


		Tax-Free Investment Class		\|			25

D. Fund Share Transactions

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

DWSTax-Exempt Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWSTax-Exempt Cash Premier Shares		30,414,669	$	30,414,669		62,299,935	$	62,299,935
DWSTax-Exempt Money Fund		12,262,058		12,262,058		34,172,341		34,172,341
DWSTax-Free Money Fund Class S		3,688,696		3,688,696		11,153,741		11,153,741
Service Shares		12,078,630		12,078,630		53,988,330		53,988,330
Tax-Exempt Cash Managed Shares		73,810,500		73,810,500		286,624,984		286,624,984
Tax-Free Investment Class		3,411,645		3,411,645		11,523,394		11,523,394
Account Maintenance Fees		—		33,811		—		—
			$	135,700,009			$	459,762,725

Shares issued to shareholders in reinvestment of distributions
DWSTax-Exempt Cash Premier Shares		326,394	$	326,394		537,230	$	537,230
DWSTax-Exempt Money Fund		774,605		774,605		1,659,886		1,659,886
DWSTax-Free Money Fund Class S		278,479		278,479		607,214		607,214
Service Shares		33,880		33,880		108,406		108,406
Tax-Exempt Cash Managed Shares		744		744		1,638		1,638
Tax-Free Investment Class		31,434		31,434		57,387		57,387
			$	1,445,536			$	2,971,761


26		\|		Tax-Free Investment Class


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars

Shares redeemed
DWSTax-Exempt Cash Premier Shares		(14,579,429	)	$	(14,579,429	)		(54,454,045	)	$	(54,454,045	)
DWSTax-Exempt Money Fund		(17,215,796	)		(17,215,796	)		(47,917,455	)		(47,917,455	)
DWSTax-Free Money Fund Class S		(11,496,675	)		(11,496,675	)		(11,058,223	)		(11,058,223	)
Service Shares		(10,759,220	)		(10,759,220	)		(82,572,012	)		(82,572,012	)
Tax-Exempt Cash Managed Shares		(82,447,502	)		(82,447,502	)		(279,241,365	)		(279,241,365	)
Tax-Free Investment Class		(2,354,335	)		(2,354,335	)		(10,712,270	)		(10,712,270	)
				$	(138,852,957	)				$	(485,955,370	)

Net increase (decrease)
DWSTax-Exempt Cash Premier Shares		16,161,634		$	16,161,634			8,383,120		$	8,383,120
DWSTax-Exempt Money Fund		(4,179,133	)		(4,179,133	)		(12,085,228	)		(12,085,228	)
DWSTax-Free Money Fund Class S		(7,529,500	)		(7,529,500	)		702,732			702,732
Service Shares		1,353,290			1,353,290			(28,475,276	)		(28,475,276	)
Tax-Exempt Cash Managed Shares		(8,636,258	)		(8,636,258	)		7,385,257			7,385,257
Tax-Free Investment Class		1,088,744			1,088,744			868,511			868,511
Account Maintenance Fees		—			33,811			—			—
				$	(1,707,412	)				$	(23,220,884	)


		Tax-Free Investment Class		\|			27

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for theTax-Free Investment Class. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–


28		\|		Tax-Free Investment Class


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	Tax-Free Investment Class
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,004.60
Expenses Paid per $1,000*	$	2.97

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,022.17
Expenses Paid per $1,000*	$	3.00

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratio
Tax-Free Investment Class			.59%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.


		Tax-Free Investment Class		\|			29

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.


30		\|		Tax-Free Investment Class

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.


		Tax-Free Investment Class		\|			31

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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (DWSTax-Exempt Cash Premier Shares) was in the 3rd quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).


32		\|		Tax-Free Investment Class

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.


		Tax-Free Investment Class		\|			33


34		\|		Tax-Free Investment Class

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com


		Tax-Free Investment Class		\|			35




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019


36		\|		Tax-Free Investment Class

Notes

LOGO

CATTEP-3

(R-033440-7 12/19)

LOGO

October 31, 2019

Semiannual Report

to Shareholders

DWSTax-Exempt Portfolio

DWSTax-Free Money Fund Class S

LOGO

Contents


	3			Portfolio Summary
	4			Investment Portfolio
	15			Statement of Assets and Liabilities
	17			Statement of Operations
	18			Statements of Changes in Net Assets
	19			Financial Highlights


	20			Notes to Financial Statements
	28			Information About Your Fund’s Expenses
	30			Other Information
	31			Advisory Agreement Board Considerations and Fee Evaluation
	35			Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, visit dws.com. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. 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. The actions of a few large investors in one class of shares of the Fund may have a significant adverse effect on the share prices of all classes of shares of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

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


2		\|		DWS Tax-Free Money Fund Class S


Portfolio Summary		(Unaudited)

DWSTax-Exempt Portfolio



Asset Allocation (As a % of Investment Portfolio)	10/31/19		4/30/19
Municipal Investments
Municipal Variable Rate Demand Notes		80%		62%
Municipal Bonds and Notes		10%		11%
Tax-Exempt Commercial Paper		4%		17%
MunicipalFloating-Rate Notes		1%		5%
Preferred Shares ofClosed-End Investment Companies		5%		5%
		100%		100%

Weighted Average Maturity	10/31/19		4/30/19
Cash Account Trust — DWSTax-Exempt Portfolio		27 days		13 days
iMoneyNet Money Fund Average^™ — Tax-Free National Retail*		29 days		19 days

*	The Fund is compared to its respective iMoneyNet Money Fund Average category:Tax-Free National Retail — Category includes retail funds that invest in obligations oftax-exempt entities, including state and municipal authorities.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s holdings, see pages 4–14. A quarterly Fact Sheet is available on dws.com or upon request.


		DWS Tax-Free Money Fund Class S		\|			3


Investment Portfolio		as of October 31, 2019 (Unaudited)

DWSTax-Exempt Portfolio


	Principal Amount ($)		Value ($)
Municipal Investments 94.0%
Arizona 1.3%

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Angelin Apartments Project, Series A, AMT, 1.25%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		240,000		240,000

Maricopa County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, San Clemente Apartments Project:

Series A, AMT, 1.18%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		810,000		810,000

Series A, AMT, 1.23%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		145,000		145,000

Pima County, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Eastside PL Apartments, 1.16%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		1,320,000		1,320,000

Pima County, AZ, Industrial Development Authority, Series A, 1.12%*, 11/7/2019, LOC: Federal Home Loan Bank		1,365,000		1,365,000

				3,880,000

Arkansas 2.2%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 1.29%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		6,500,000		6,500,000

California 8.3%

California, Public Improvements, Series 2019-MIZ9003, 144A, 1.29%*, 11/7/2019, LIQ: Mizuho Bank Ltd., LOC: Mizuho Bank Ltd.		10,000,000		10,000,000

California, State Infrastructure & Economic Development Bank Revenue, Industrial Development Revenue, Pleasant Mattress, Inc., Project, Series A, AMT, 1.17%*, 11/7/2019, LOC: Wells Fargo Bank NA		860,000		860,000

San Francisco City & County, CA, Multi Family Housing Revenue, Transbay Block 8 Tower Apartments:

SeriesH-2, 1.17%*, 11/7/2019, LOC: Bank of China Ltd.		2,335,000		2,335,000

SeriesH-1, 1.19%*, 11/7/2019, LOC: Bank of China Ltd.		10,850,000		10,850,000

				24,045,000

Colorado 0.2%
Colorado, State Housing & Finance Authority, Series I - AA2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		475,000		475,000

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


4		\|		DWS Tax-Free Money Fund Class S


	Principal Amount ($)		Value ($)
Connecticut 0.4%
Connecticut, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,135,000		1,135,000

Delaware 0.2%
Delaware, State Economic Development Authority Revenue, YMCA State Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		645,000		645,000

Florida 4.8%

Florida, Jacksonville Water & Sewer System Revenue,Series A-2, 1.14%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,950,000		6,950,000

Gainesville, FL, Industrial Development Revenue, Gainesville Hillel, Inc. Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		4,150,000		4,150,000

Palm Beach County, FL, Henry Morrison Flagler Project Revenue, 1.16%*, 11/7/2019, LOC: Northern Trust Company		1,300,000		1,300,000

Seminole County, FL, Industrial Development Authority, Camp Road LLC Project, AMT, 1.4%*, 11/7/2019, LOC: PNC Bank NA		1,640,000		1,640,000

				14,040,000

Georgia 7.4%

Cobb County, GA, Hospital Authority Revenue, Anticipation Certificates Equipment Poll Project, 1.13%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

Georgia, General Obligation Notes, TECP, 1.41%, 11/7/2019		10,500,000		10,500,000

Georgia, Municipal Electric Authority, Series B, 1.13%*, 11/7/2019, LOC: Barclays Bank PLC		945,000		945,000

Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 1.22%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		6,800,000		6,800,000

Gordon County, GA, Development Authority, Pine Hall Brick Co., Inc. Project, AMT, 1.25%*, 11/7/2019, LOC: Branch Banking & Trust		435,000		435,000

Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp.:

Series A, 1.12%*, 11/7/2019, LOC: Bank of Montreal		450,000		450,000

Series B, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		1,235,000		1,235,000

Valdosta-Lowndes County, GA, Industrial Development Authority, Martins Famous Pastry Shoppe, Inc., Series A, AMT, 1.31%*, 11/7/2019, LOC: Wells Fargo Bank NA		550,000		550,000

				21,465,000

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


		DWS Tax-Free Money Fund Class S		\|			5


	Principal Amount ($)		Value ($)
Illinois 14.0%

Brookfield, IL, Zoo Project, 1.11%*, 11/7/2019, LOC: Northern Trust Company		1,400,000		1,400,000

Channahon, IL, Morris Hospital Revenue, 1.13%*, 11/7/2019, LOC: U.S. Bank NA		4,005,000		4,005,000

Galesburg, IL, Knox College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		1,800,000		1,800,000

Illinois, State Finance Authority Revenue, Elmhurst Memorial Healthcare, Series D, 1.11%*, 11/7/2019, LOC: Bank of America NA		1,300,000		1,300,000

Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 1.33%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		400,000		400,000

Illinois, State Development Finance Authority, American Youth Hostels Project, 1.13%*, 11/7/2019, LOC: Harris NA		2,615,000		2,615,000

Illinois, State Development Finance Authority, Ignatius College Project, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,000,000		2,000,000

Illinois, State Development Finance Authority, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		825,000		825,000

Illinois, State Development Finance Authority, St. Ignatius College Preparatory, 1.14%*, 11/7/2019, LOC: PNC Bank NA		3,850,000		3,850,000

Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.18%*, 11/7/2019, LOC: BMO Harris Bank NA		1,700,000		1,700,000

Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 1.22%*, 11/7/2019, LOC: PNC Bank NA		1,100,000		1,100,000

Illinois, State Finance Authority Revenue, Carle Foundation, Series E, 1.13%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		420,000		420,000

Illinois, State Finance Authority Revenue, Clearbrook Project, 1.13%*, 11/7/2019, LOC: Harris NA		3,035,000		3,035,000

Illinois, State Finance Authority Revenue, North Park University Project, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		3,510,000		3,510,000

Illinois, State Finance Authority Revenue, Northwest Community Hospital:

Series B, 1.14%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		400,000		400,000

Series C, 1.14%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		3,440,000		3,440,000

Illinois, State Finance Authority Revenue, Steppenwolf Theatre Co., Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		2,825,000		2,825,000

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, 1.11%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		5,015,000		5,015,000

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


6		\|		DWS Tax-Free Money Fund Class S


	Principal Amount ($)		Value ($)

Illinois, State Housing Development Authority, Multi-Family Housing Revenue, Brainard Landings II Apartments, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		550,000		550,000

University of Illinois, 1.18%*, 11/7/2019, LOC: JPMorgan Chase Bank NA		330,000		330,000

				40,520,000

Indiana 1.3%

Elkhart County, IN, Multy-Family Revenue, Ashton Pines Apartments, Series A, 1.11%*, 11/7/2019, LOC: Federal Home Loan Bank		495,000		495,000

Indiana, State Finance Authority Revenue, Trinity Health, SeriesD-1, 1.13%*, 11/7/2019		670,000		670,000

Indiana, State Finance Authority, Health Systems Revenue, Sisters of St. Francis Health, Series F, 1.18%*, 11/7/2019, LOC: Bank of NY Mellon		2,055,000		2,055,000

Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series C, 1.22%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		415,000		415,000

				3,635,000

Iowa 1.1%

Iowa, State Finance Authority, Economic Development Revenue, Series A, 1.15%*, 11/7/2019		300,000		300,000

Iowa, State Finance Authority, Midwestern Disaster Area Revenue, 1.14%*, 11/7/2019		405,000		405,000

Iowa, State Finance Authority, Single Family Mortgage Revenue, Mortgage Backed Securities Program:

Series D, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		1,550,000		1,550,000

Series E, 1.14%*, 11/7/2019, SPA: Federal Home Loan Bank		855,000		855,000

				3,110,000

Kansas 0.3%
Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 1.29%*, 11/7/2019, LOC: Svenska Handelsbanken		1,000,000		1,000,000

Kentucky 0.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., 1.2%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		300,000		300,000

Louisiana 0.7%

Louisiana, Caddo-Bossier Parishes Port Commission, Oakley Co. Project, AMT, 1.22%*, 11/7/2019, LOC: Bank of America NA		985,000		985,000

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


		DWS Tax-Free Money Fund Class S		\|			7


	Principal Amount ($)		Value ($)

Louisiana, Calcasieu Parish Public Trust Authority, Solid Waste Disposal Revenue, AMT, 1.23%*, 11/7/2019, LOC: Freddie Mac		1,000,000		1,000,000

				1,985,000

Maryland 0.4%

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health System, Series B, 1.12%*, 11/7/2019, LOC: Bank of America NA		125,000		125,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia Foundation, 1.19%*, 11/7/2019, LOC: PNC Bank NA		1,025,000		1,025,000

				1,150,000

Massachusetts 5.6%

Massachusetts, State General Obligation, Series C, 4.0%, 6/18/2020		10,000,000		10,174,523

Massachusetts, Tender Option Bond Trust Receipts, Series 2015-XF2203, 144A, 1.14%*, 11/7/2019, LIQ: Citibank NA		2,300,000		2,300,000

Massachusetts, University of Massachusetts, Building Authority Revenue, Series 2, MUNIPSA + 0.300%, 1.42%**, 11/1/2034		3,800,000		3,800,000

				16,274,523

Michigan 0.1%
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C, 1.16%*, 11/7/2019, LOC: Bank of New York		290,000		290,000

Mississippi 1.3%

Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc.:

Series A, 1.14%*, 11/7/2019, GTY: Chevron Corp.		3,845,000		3,845,000

Series F, 1.14%*, 11/7/2019, GTY: Chevron Corp.		50,000		50,000

				3,895,000

Missouri 1.4%

Kansas City, MO, Special Obligation, H. Roe Bartle Convention Center, Series E, 1.12%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		410,000		410,000

Missouri, Tender Option Bond Trust Receipts, Series 2015-XF2198, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		2,660,000		2,660,000

St. Louis County, MO, Industrial Development Authority, Educational Whitefield School, Inc., Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		860,000		860,000

				3,930,000

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


8		\|		DWS Tax-Free Money Fund Class S


	Principal Amount ($)		Value ($)
Nebraska 3.1%
Nebraska, State Investment Finance Authority, Multi Family Revenue, Irvington Heights, Series A, AMT, 1.18%*, 11/7/2019, LOC: Citibank NA		9,000,000		9,000,000

Nevada 4.0%

Clark County, NV, Airport Systems Revenue:

SeriesD-3, 1.1%*, 11/7/2019, LOC: Bank of America NA		3,000,000		3,000,000

SeriesD-1, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		6,455,000		6,455,000

Nevada, State Housing Division, Multi-Unit Housing, AMT, 1.23%*, 11/7/2019, LOC: Citibank NA		2,000,000		2,000,000

				11,455,000

New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, Multi-Family Housing Revenue, Villas de San Ignacio LP, Series A, 1.12%*, 11/7/2019, LOC: Freddie Mac		1,050,000		1,050,000

New York 12.1%

New York, Metropolitan Transportation Authority Revenue:

Series 2012G-1, 1.28%*, 11/1/2019, LOC: Barclays Bank PLC		1,000,000		1,000,000

Series C, 4.0%, 7/1/2020		11,100,000		11,293,370

New York, State Dormitory Authority Revenues,Non-State Supported Debt, Royal Charter Properties, Series A, 1.12%*, 11/7/2019, LOC: Fannie Mae		265,000		265,000

New York, State Housing Finance Agency, Service Contract Revenue, SeriesM-1, 1.08%*, 11/7/2019, LOC: Bank of America NA		450,000		450,000

New York, State Thruway Authority Revenue, Series 2016-XF2345, 144A, 1.15%*, 11/7/2019, LIQ: Credit Suisse		1,865,000		1,865,000

New York, Tender Option Bond Trust Receipts, Series 2019-XF0829,144A, 1.15%*, 11/7/2019, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada		3,000,000		3,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jamaica First Parking LLC Project, 1.15%*, 11/7/2019, LOC: TD Bank NA		385,000		385,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series BB, 1.13%*, 11/7/2019, SPA: Industrial and Commercial Bank of China		8,090,000		8,090,000

New York City, NY, Transitional Finance Authority Revenue, Series3-G, 1.15%*, 11/7/2019, SPA: Bank of New York Mellon		250,000		250,000

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


		DWS Tax-Free Money Fund Class S		\|			9


	Principal Amount ($)		Value ($)

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:

Series 2018C-6, 1.11%*, 11/7/2019, SPA: Sumitomo Mitsui Banking		4,400,000		4,400,000

SeriesA-5, 1.22%*, 11/1/2019, SPA: U.S. Bank NA		850,000		850,000

SeriesG-5, 1.3%*, 11/2/2019, SPA: Barclays Bank PLC		2,475,000		2,475,000

New York, NY, General Obligation:

SeriesA-4, 1.1%*, 11/7/2019, LOC: Citibank NA		400,000		400,000

SeriesG-4, 1.1%*, 11/7/2019, LOC: Citibank NA		100,000		100,000

SeriesB-5, 1.3%*, 11/1/2019, SPA: Barclays Bank PLC		145,000		145,000

				34,968,370

North Carolina 0.0%

North Carolina, State Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 1.15%*, 11/7/2019, LOC: Branch Banking & Trust		15,000		15,000

North Carolina, State Medical Care Commission, Health Care Facilities Revenue, Series A, 1.12%*, 11/7/2019, SPA: Branch Banking & Trust		100,000		100,000

				115,000

Ohio 5.9%

Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 1.18%*, 11/7/2019, LOC: Northern Trust Company		9,000,000		9,000,000

Franklin County, OH, Trinity Health Credit Group, 1.35%, Mandatory Put 2/3/2020 @ 100, 12/1/2046		6,000,000		6,000,000

Hamilton County, OH, Economic Development Revenue, St Xavier High School Project, 1.19%*, 11/7/2019, LOC: PNC Bank NA		960,000		960,000

Ohio, Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group, Series B, 1.15%*, 11/7/2019, LOC: BMO Harris Bank NA		1,000,000		1,000,000

				16,960,000

Oklahoma 1.3%
Oklahoma, Tender Option Bond Trust Floaters, Series 2018-XM0708, 144A, AMT, 1.3%*, 11/7/2019, LIQ: JP Morgan Chase Bank NA		3,750,000		3,750,000

Oregon 0.2%

Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System:

Series A, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		165,000		165,000

Series B, 1.15%*, 11/7/2019, LOC: U.S. Bank NA		350,000		350,000

				515,000

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


10		\|		DWS Tax-Free Money Fund Class S


	Principal Amount ($)		Value ($)
Pennsylvania 1.6%

Lancaster, PA, Industrial Development Authority, Willow Valley Retirement, Series C, 1.14%*, 11/7/2019, LOC: PNC Bank NA		2,500,000		2,500,000

Pennsylvania, State Economic Development Financing Authority Revenue, Hawley Silk Mill LLC, Recovery Zone Facility, Series A1, 1.14%*, 11/7/2019, LOC: PNC Bank NA		700,000		700,000

Pennsylvania, Tender Option Bond Trust, Series 2019-ZF2779, 144A, 1.15%*, 11/7/2019, LIQ: Barclays Bank PLC		1,500,000		1,500,000

				4,700,000

South Dakota 0.3%
South Dakota, State Health & Educational Facilities Authority, Sioux Vy Hospital & Health, Series B, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		880,000		880,000

Tennessee 2.3%

Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.18%*, 11/7/2019, LOC: U.S. Bank NA		3,220,000		3,220,000

Shelby County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Revenue, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		3,550,000		3,550,000

				6,770,000

Texas 3.3%

Houston, TX, Utility Systems Revenue, First Lien:

SeriesB-5, 1.11%*, 11/7/2019, LOC: Wells Fargo Bank NA		590,000		590,000

Series B, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		400,000		400,000

SeriesB-3, 1.11%*, 11/7/2019, LOC: Sumitomo Mitsui Banking		350,000		350,000

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Christus Health Obligated Group,Series C-2, 1.16%*, 11/7/2019, LOC: Bank of NY Mellon		1,500,000		1,500,000

Texas, State General Obligation, 1.21%*, 11/7/2019, SPA: TD Bank N.A.		735,000		735,000

Texas, State General Obligation, Veterans:

Series B, 1.18%*, 11/7/2019, SPA: Federal Home Loan Bank		460,000		460,000

1.25%*, 11/7/2019, LIQ: Federal Home Loan Bank		200,000		200,000

Texas, State Veterans Housing Assistance Program Fund II:

Series B, 1.21%*, 11/7/2019, LIQ: State Street Bank & Trust Co.		700,000		700,000

Series A, AMT, 1.24%*, 11/7/2019, SPA: State Street Bank & Trust Co.		1,395,000		1,395,000

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


		DWS Tax-Free Money Fund Class S		\|			11


	Principal Amount ($)		Value ($)

Texas, Tender Option Bond Trust Receipts, Series 2015-XF2201, 144A, 1.15%*, 11/7/2019, LIQ: Citibank NA		3,100,000		3,100,000

				9,430,000
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, Hospital Fletcher Allen, Series A, 1.12%*, 11/7/2019, LOC: TD Bank North NA		1,270,000		1,270,000

Virginia 0.4%

Loudoun County, VA, Industrial Development Authority Revenue, Jack Kent Cooke Foundation Project, 1.14%*, 11/7/2019, LOC: Northern Trust Company		650,000		650,000

Salem, VA, Industrial Development Authority, Multi-Family Housing Revenue, Oak Park Apartments Project, 1.1%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		535,000		535,000

				1,185,000

Washington 2.7%

Chelan County, WA, Public Utility District #1, Series B, 1.13%*, 11/7/2019, SPA: Barclays Bank		3,900,000		3,900,000

King County, WA, Sewer Revenue, Junior Lien, Series A, 1.1%*, 11/7/2019, LOC: Landesbank Hessen-Thuringen		530,000		530,000

Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 1.17%*, 11/7/2019, LOC: U.S. Bank NA		760,000		760,000

Washington, State Housing Finance Commission, 1.12%*, 11/7/2019, LIQ: Fannie Mae		850,000		850,000

Washington, State Housing Finance Commission, Combridge Apartments, 1.12%*, 11/7/2019, LIQ: Fannie Mae, LOC: Fannie Mae		600,000		600,000

Washington, State Housing Finance Commission,Non-Profit Revenue, Overlake School Project, 1.16%*, 11/7/2019, LOC: Wells Fargo Bank NA		445,000		445,000

Washington, State Housing Finance Commission, Panorma City Project, 1.26%*, 11/7/2019, LOC: Wells Fargo Bank NA		490,000		490,000

Washington, State Housing Finance Commission, Urban Central Airports Project, 1.14%*, 11/7/2019, LIQ: Freddie Mac, LOC: Freddie Mac		325,000		325,000

				7,900,000

Wisconsin 2.6%

Wisconsin, Whitewater Community Development Authority, Housing Preservation, 1.13%*, 11/7/2019, LOC: BMO Harris Bank NA		7,455,000		7,455,000

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


12		\|		DWS Tax-Free Money Fund Class S


	Principal Amount ($)		Value ($)

Wisconsin, State Health & Educational Facilities Authority Revenue, Wausau Hospital, Series B, 1.13%*, 11/7/2019, LOC: JP Morgan Chase Bank NA		105,000		105,000

				7,560,000
Other 2.3%

Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates:

“A”, Series M027, 1.14%*, 11/7/2019, LIQ: Freddie Mac		2,795,000		2,795,000

“A”, Series M031, 1.15%*, 11/7/2019, LIQ: Freddie Mac		2,930,000		2,930,000

“A”, Series M015, AMT, 1.17%*, 11/7/2019, LIQ: Freddie Mac		960,000		960,000

				6,685,000
Total Municipal Investments(Cost $272,467,893)				272,467,893

Preferred Shares ofClosed-End Investment Companies 5.0%
California

California, Nuveen Dividend Advantage Municipal Fund, Series1-1362, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Societe Generate		9,500,000		9,500,000

California, Nuveen Dividend Advantage Municipal Fund, Series 6, 144A, AMT, 1.25%*, 11/7/2019, LIQ: Citibank NA		1,400,000		1,400,000

California, Nuveen Quality Municipal Income Fund, Series 7, 144A, AMT, 1.24%*, 11/7/2019, LIQ: Royal Bank of Canada		3,500,000		3,500,000
Total Preferred Shares ofClosed-End Investment Companies(Cost $14,400,000)				14,400,000

	% of Net Assets		Value ($)
Total Investment Portfolio(Cost $286,867,893)		99.0		286,867,893
Other Assets and Liabilities, Net		1.0		2,985,021

Net Assets		100.0		289,852,914

**	Floating rate security. These securities are shown at their current rate as of October 31, 2019.

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


		DWS Tax-Free Money Fund Class S		\|			13

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (a)	$	—	$	272,467,893	$	—	$	272,467,893
Preferred Shares ofClosed-End Investment Companies		—		14,400,000		—		14,400,000
Total	$	—	$	286,867,893	$	—	$	286,867,893

(a)	See Investment Portfolio for additional detailed categorizations.

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


14		\|		DWS Tax-Free Money Fund Class S

Statement of Assets and Liabilities


as of October 31, 2019 (Unaudited)


Assets		DWS Tax-Exempt Portfolio
Investments in securities, valued at amortized cost	$	286,867,893
Receivable for investments sold		8,640,018
Receivable for Fund shares sold		70,471
Interest receivable		596,902
Other assets		52,577
Total assets		296,227,861

Liabilities
Cash overdraft		163,256
Payable for investments purchased		6,000,000
Payable for Fund shares redeemed		3,248
Distributions payable		43,224
Accrued Trustees’ fees		4,234
Other accrued expenses and payables		160,985
Total liabilities		6,374,947
Net assets, at value	$	289,852,914

Net Assets Consist of
Distributable earnings (loss)		(39,435	)
Paid-in capital		289,892,349
Net assets, at value	$	289,852,914

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


		DWS Tax-Free Money Fund Class S		\|			15


Statement of Assets and Liabilitiesas of October 31, 2019 (Unaudited) (continued)



Net Asset Value		DWS Tax-Exempt Portfolio

DWSTax-Exempt Cash Premier Shares

Net Asset Value, offering and redemption price per share ($65,658,529 ÷ 65,615,782 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Exempt Money Fund

Net Asset Value, offering and redemption price per share ($120,190,718 ÷ 120,112,525 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
DWSTax-Free Money Fund Class S

Net Asset Value, offering and redemption price per share ($44,132,649 ÷ 44,103,923 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Service Shares

Net Asset Value, offering and redemption price per share ($15,198,032 ÷ 15,188,133 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt Cash Managed Shares

Net Asset Value, offering and redemption price per share ($37,124,550 ÷ 37,100,361 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00
Tax-Free Investment Class

Net Asset Value, offering and redemption price per share ($7,548,436 ÷ 7,543,521 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

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


16		\|		DWS Tax-Free Money Fund Class S

Statement of Operations


for the six months ended October 31, 2019 (Unaudited)

Investment Income		DWS Tax-Exempt Portfolio

Income:

Interest	$	2,194,090
Expenses:

Management fee		115,861
Administration fee		145,249
Services to shareholders		82,810
Distribution and service fees		86,472
Custodian fee		4,961
Professional fees		45,366
Reports to shareholders		56,926
Registration fees		52,117
Trustees’ fees and expenses		8,096
Other		35,220
Total expenses before expense reductions		633,078
Expense reductions		(206,009	)
Total expenses after expense reductions		427,069
Net investment income		1,767,021
Net realized gain (loss) from investments		11,134
Net increase (decrease) in net assets resulting from operations	$	1,778,155

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


		DWS Tax-Free Money Fund Class S		\|			17

Statements of Changes in Net Assets


	DWSTax-Exempt Portfolio
Increase (Decrease) in Net Assets	Six Months Ended October 31, 2019 (Unaudited)			Year Ended April 30, 2019

Operations:

Net investment income	$	1,767,021		$	3,679,217
Net realized gain (loss)		11,134			16,792
Net increase in net assets resulting from operations		1,778,155			3,696,009
Distributions to shareholders:

DWSTax-Exempt Cash Premier Shares		(376,965	)		(554,487	)
DWSTax-Exempt Money Fund		(787,930	)		(1,689,303	)
DWSTax-Free Money Fund Class S		(295,540	)		(640,705	)
Service Shares		(34,021	)		(115,693	)
Tax-Exempt Cash Managed Shares		(241,097	)		(607,973	)
Tax-Free Investment Class		(31,469	)		(58,355	)
Total distributions		(1,767,022	)		(3,666,516	)
Fund share transactions:

Proceeds from shares sold		135,700,009			459,762,725
Reinvestment of distributions		1,445,536			2,971,761
Payments for shares redeemed		(138,852,957	)		(485,955,370	)
Net increase (decrease) in net assets from Fund share transactions		(1,707,412	)		(23,220,884	)
Increase (decrease) in net assets		(1,696,279	)		(23,191,391	)
Net assets at beginning of period		291,549,193			314,740,584

Net assets at end of period	$	289,852,914		$	291,549,193

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


18		\|		DWS Tax-Free Money Fund Class S

Financial Highlights

DWSTax-Exempt Portfolio

DWSTax-Free Money Fund Class S


	Six Months Ended 10/31/19			Years Ended April 30,
	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:

Net investment income		.006			.013			.008			.005			.000	^***		.000	^***
Net realized gain (loss)		.000	^***		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***
Total from investment operations		.006			.013			.008			.005			.000	^***		.000	^***
Less distributions from:

Net investment income		(.006	)		(.013	)		(.008	)		(.005	)		(.000	)^***		(.000	)^***
Net realized gains		—			—			—			(.000	)^***		(.000	)^***		(.000	)^***
Total distributions		(.006	)		(.013	)		(.008	)		(.005	)		(.000	)^***		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)^a		.64	^**		1.30			.79			.46			.03			.03

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		44			52			51			55			67			76
Ratio of expenses before expense reductions (%)		.40	^*		.40			.36			.33			.28			.27
Ratio of expenses after expense reductions (%)		.25	^*		.26			.27			.28			.13			.10
Ratio of net investment income (%)		1.27	^*		1.29			.78			.38			.02			.01

^a	Total return would have been lower had certain expenses not been reduced.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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


		DWS Tax-Free Money Fund Class S		\|			19


Notes to Financial Statements		(Unaudited)

A. Organization and Significant Accounting Policies

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

The financial highlights for all classes of shares, other than DWSTax-Free Money Fund Class S, are provided separately and are available upon request.


20		\|		DWS Tax-Free Money Fund Class S

investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

At April 30, 2019, the Fund had a net tax basis capital loss carryforward of approximately $15,000, which may be applied against any realized net taxable capital gains indefinitely.

At October 31, 2019, DWSTax-Exempt Portfolio had an aggregate cost of investments for federal income tax purposes of $286,867,893.

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


		DWS Tax-Free Money Fund Class S		\|			21

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

B. Related Parties

Management Agreement. Under an Amended and Restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.


First $500 million of the Funds’ combined average daily net assets			.120%
Next $500 million of such net assets			.100%
Next $1 billion of such net assets			.075%
Next $1 billion of such net assets			.060%
Over $3 billion of such net assets			.050%

For the period from May 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse


22		\|		DWS Tax-Free Money Fund Class S

certain operating expenses of the DWSTax-Free Money Fund Class S to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.48%.

For the six months ended October 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:


DWSTax-Exempt Cash Premier Shares	$	38,712
DWSTax-Exempt Money Fund		87,038
DWSTax-Free Money Fund Class S		34,457
Service Shares		10,255
Tax-Exempt Cash Managed Shares		30,832
Tax-Free Investment Class		4,715
	$	206,009


Fund	Administration Fee		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	145,249	$	23,808


		DWS Tax-Free Money Fund Class S		\|			23

fee it receives from the Fund. For the six months ended October 31, 2019, the amounts charged to the Fund by DSC were as follows:


DWSTax-Exempt Portfolio:	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Cash Premier Shares	$	1,392	$	351
DWSTax-Exempt Money Fund		17,553		6,303
DWSTax-Free Money Fund Class S		14,425		5,213
Service Shares		18,345		4,831
Tax-Exempt Cash Managed Shares		9,450		2,085
Tax-Free Investment Class		2,701		925
	$	63,866	$	19,708


Sub-Recordkeeping	Total Aggregated
DWSTax-Exempt Money Fund	$	2,510
DWSTax-Free Money Fund Class S		1,315
	$	3,825

For the six months ended October 31, 2019, the Distribution Fee was as follows:


DWSTax-Exempt Portfolio:	Distribution Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Service Shares	$	43,565	$	8,051		.60	%		.60	%
Tax-Free Investment Class		8,577		1,538		.25	%		.25	%
	$	52,142	$	9,589


24		\|		DWS Tax-Free Money Fund Class S

For the six months ended October 31, 2019, the Service Fee was as follows:


DWS Tax-Exempt Portfolio:	Service Fee		Unpaid at October 31, 2019		Annualized Rate			Contractual Rate
Tax-Exempt Cash Managed Shares	$	31,928	$	4,654		.15	%		.15	%
Tax-Free Investment Class		2,402		431		.07	%		.07	%
	$	34,330	$	5,085


Fund	Total Aggregated		Unpaid at October 31, 2019
DWSTax-Exempt Portfolio	$	25,388	$	20,092

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


		DWS Tax-Free Money Fund Class S		\|			25

D. Fund Share Transactions

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

DWSTax-Exempt Portfolio


	Six Months Ended October 31, 2019				Year Ended April 30, 2019
	Shares		Dollars		Shares		Dollars

Shares sold
DWSTax-Exempt Cash Premier Shares		30,414,669	$	30,414,669		62,299,935	$	62,299,935
DWSTax-Exempt Money Fund		12,262,058		12,262,058		34,172,341		34,172,341
DWSTax-Free Money Fund Class S		3,688,696		3,688,696		11,153,741		11,153,741
Service Shares		12,078,630		12,078,630		53,988,330		53,988,330
Tax-Exempt Cash Managed Shares		73,810,500		73,810,500		286,624,984		286,624,984
Tax-Free Investment Class		3,411,645		3,411,645		11,523,394		11,523,394
Account Maintenance Fees		—		33,811		—		—
			$	135,700,009			$	459,762,725

Shares issued to shareholders in reinvestment of distributions
DWSTax-Exempt Cash Premier Shares		326,394	$	326,394		537,230	$	537,230
DWSTax-Exempt Money Fund		774,605		774,605		1,659,886		1,659,886
DWSTax-Free Money Fund Class S		278,479		278,479		607,214		607,214
Service Shares		33,880		33,880		108,406		108,406
Tax-Exempt Cash Managed Shares		744		744		1,638		1,638
Tax-Free Investment Class		31,434		31,434		57,387		57,387
			$	1,445,536			$	2,971,761


26		\|		DWS Tax-Free Money Fund Class S


	Six Months Ended October 31, 2019						Year Ended April 30, 2019
	Shares			Dollars			Shares			Dollars		��

Shares redeemed
DWSTax-Exempt Cash Premier Shares		(14,579,429	)	$	(14,579,429	)		(54,454,045	)	$	(54,454,045	)
DWSTax-Exempt Money Fund		(17,215,796	)		(17,215,796	)		(47,917,455	)		(47,917,455	)
DWSTax-Free Money Fund Class S		(11,496,675	)		(11,496,675	)		(11,058,223	)		(11,058,223	)
Service Shares		(10,759,220	)		(10,759,220	)		(82,572,012	)		(82,572,012	)
Tax-Exempt Cash Managed Shares		(82,447,502	)		(82,447,502	)		(279,241,365	)		(279,241,365	)
Tax-Free Investment Class		(2,354,335	)		(2,354,335	)		(10,712,270	)		(10,712,270	)
				$	(138,852,957	)				$	(485,955,370	)

Net increase (decrease)
DWSTax-Exempt Cash Premier Shares		16,161,634		$	16,161,634			8,383,120		$	8,383,120
DWSTax-Exempt Money Fund		(4,179,133	)		(4,179,133	)		(12,085,228	)		(12,085,228	)
DWSTax-Free Money Fund Class S		(7,529,500	)		(7,529,500	)		702,732			702,732
Service Shares		1,353,290			1,353,290			(28,475,276	)		(28,475,276	)
Tax-Exempt Cash Managed Shares		(8,636,258	)		(8,636,258	)		7,385,257			7,385,257
Tax-Free Investment Class		1,088,744			1,088,744			868,511			868,511
Account Maintenance Fees		—			33,811			—			—
				$	(1,707,412	)				$	(23,220,884	)


		DWS Tax-Free Money Fund Class S		\|			27

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher for DWSTax-Free Money Fund Class S. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (May 1, 2019 to October 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

–

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for DWSTax-Free Money Fund Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for DWSTax-Free Money Fund Class S shares during the period would be higher, and account value during the period would be lower, by this amount.


28		\|		DWS Tax-Free Money Fund Class S


Expenses and Value of a $1,000 Investment for the six months ended October 31, 2019 (Unaudited)

Actual Fund Return	DWS Tax-Free Money Fund Class S
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,006.40
Expenses Paid per $1,000*	$	1.26

Hypothetical 5% Fund Return
Beginning Account Value 5/1/19	$	1,000.00
Ending Account Value 10/31/19	$	1,023.88
Expenses Paid per $1,000*	$	1.27

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 366.


Annualized Expense Ratio
DWSTax-Free Money Fund Class S			.25%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.


		DWS Tax-Free Money Fund Class S		\|			29

Other Information

Proxy Voting

Portfolio Holdings

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s first fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.


30		\|		DWS Tax-Free Money Fund Class S

Advisory Agreement Board Considerations and Fee Evaluation

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

–

–	In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.


		DWS Tax-Free Money Fund Class S		\|			31

Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide

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 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 theone- and three-year periods ended December 31, 2018, the Fund’s gross performance (DWSTax-Exempt Cash Premier Shares) was in the 3rd quartile and 2nd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).


32		\|		DWS Tax-Free Money Fund Class S

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.


		DWS Tax-Free Money Fund Class S		\|			33


34		\|		DWS Tax-Free Money Fund Class S

Privacy Statement


FACTS		What Does DWS Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address,e-mail address and telephone number

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.


Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No

For our marketing purposes —to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We do not share

For our affiliates’ everyday businesspurposes —information about your transactions and experiences	No	We do not share

For our affiliates’ everyday businesspurposes —information about your creditworthiness	No	We do not share

Fornon-affiliates to market to you	No	We do not share


Questions?		Call (800)728-3337 ore-mail us at service@dws.com


		DWS Tax-Free Money Fund Class S		\|			35




Who we are

Who is providing this notice?		DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds

What we do

How does DWS protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does DWS collect my personal information?		We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments

Why can’t I limit all sharing?		Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing fornon-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial ornon-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.

Non-affiliates		Companies not related by common ownership or control. They can be financial andnon-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing		A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019


36		\|		DWS Tax-Free Money Fund Class S

Notes

LOGO

DTFMF-3

R-033439-7 12/19)


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

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

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	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.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable

ITEM 13.	EXHIBITS

	(a)(1)	Not applicable

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Registrant:	DWS Government & Agency Securities Portfolio and DWS Tax-Exempt Portfolio, each a series of Cash Account Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	12/30/2019

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.

By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	12/30/2019



By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer

Date:	12/30/2019

Cash Account Trust N-CSRSCertified semi-annual shareholder report (management investment company)