Annual Report to Shareholders

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1 August 31, 2017 Annual Report to Shareholders Deutsche Variable NAV Money Fund Institutional Shares Deutsche Variable NAV Money Fund Institutional Shares 1

2 Contents 3 Portfolio Management Review 7 Portfolio Summary 8 Investment Portfolio 12 Statement of Assets and Liabilities 13 Statement of Operations 14 Statements of Changes in Net Assets 15 Financial Highlights 16 Notes to Financial Statements 24 Report of Independent Registered Public Accounting Firm 25 Information About Your Fund's Expenses 26 Tax Information 27 Advisory Agreement Board Considerations and Fee Evaluation 31 Board Members and Officers 36 Account Management Resources This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. 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. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the 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. Money Market investments are subject to interest rate and credit risks. When interest rates rise, prices generally fall. In addition, any unexpected behavior in interest rates could increase the volatility of the fund's yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Although individual securities may outperform the market, the entire market may decline as a result of rising interest rates, regulatory developments or deteriorating economic conditions. Any investments in money market instruments of foreign issuers are subject to some of the risks of foreign investing, such as unfavorable political and legal developments, limited financial information, regulatory risk, and economic and financial instability. Portfolio management could be wrong in its analysis of industries, companies, economic trends and favor a security that underperforms the market. See the prospectus for details. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY 2 Deutsche Variable NAV Money Fund Institutional Shares

3 Portfolio Management Review (Unaudited) Market Overview and Fund Performance All performance information below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit liquidity.deutscheam.com/us/index.jsp for the fund's most recent month end performance. The yield quotation more closely reflects the current earnings of the fund rather than the total return quotation. The 7 day current yield refers to the income paid by the fund over a 7 day period expressed as an annual percentage rate of the fund's shares outstanding. Yields fluctuate and are not guaranteed. Investment Strategy Deutsche Variable NAV Money Fund invests in high quality, short term, U.S. dollar denominated money market instruments paying a fixed, variable or floating interest rate. For its most recent fiscal period ended August 31, 2017, Deutsche Variable NAV Money Fund posted a total return of 0.89% (Institutional Shares). The fund's 7 day current yield as of August 31, 2017 was 1.15%. The fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. The fund is managed in accordance with Rule 2a 7 under the Investment Company Act of 1940, as amended, which governs the quality, maturity, diversity and liquidity of instruments in which a money fund may invest. The fund does not seek to maintain a stable share price. As a result, the fund's share price, which is its net asset value per share (NAV), varies daily and reflects the effects of unrealized appreciation and depreciation and realized losses and gains. Deutsche Variable NAV Money Fund Institutional Shares 3

4 Portfolio Performance (as of August 31, 2017) Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the 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. 7 Day Current Yield Deutsche Variable NAV Money Fund Institutional Shares 1.15% Yields are historical, will fluctuate and do not guarantee future performance. The 7 day current yield refers to the income paid by the portfolio over a 7 day period expressed as an annual percentage rate of the fund's shares outstanding. Please call the Service Center at (800) for the fund's most recent month end performance. Over the past 12 months ended August 31, 2017, short term rates were quite volatile based on a variety of intersecting factors including money market regulatory reform, the presidential election, geopolitical uncertainty and evolving U.S. Federal Reserve Board (the Fed) statements and actions. Despite the volatility, improved U.S. economic data paved the way for the only Fed rate hike in 2016, which occurred in December. Following a tumultuous election season, the first quarter saw continued market improvements in anticipation of economically friendly fiscal policy initiatives from the incoming administration. While these policy expectations were tempered during the quarter, equity markets continued to climb, and hawkish statements from the Fed had investors pricing in a more aggressive normalization of interest rates in Though the Fed did raise short term rates at its March meeting, the accompanying statement was more restrained in tone, and short term rate expectations moderated. Despite softening inflation data in the second quarter, a strong U.S. labor market prompted the Fed to raise short term rates again in June, to 1.00% 1.25%, keeping its forward rate forecast unchanged and hinting that the Fed would soon begin to unwind its significant holdings in Treasury and mortgage securities. However, by the end of the period, the money market yield curve had flattened in reaction to political 4 Deutsche Variable NAV Money Fund Institutional Shares

5 uncertainty in Washington, D.C. and the lack of any sign of an uptick in U.S. inflation. Positive Contributors to Fund Performance We were able to maintain what we believe to be a competitive yield for the fund during the fiscal period ended August 31, The fund seeks ample liquidity, high credit quality and strong diversification across sectors and geographic regions. (Diversification cannot protect against loss.) As we believe that the Fed will hike short term rates in December, as well up to two additional times in the first half of 2018, we maintained a cautious strategy during the period. We kept the fund's average maturity relatively short, while focusing on floating rate investments with maturities of six months to one year. We also focused on short term investments in the financial sector, where we continue to see significant value. As we believe that the Fed will hike short term rates in December, as well up to two additional times in the first half of 2018, we maintained a cautious strategy during the period. Negative Contributors to Fund Performance As stated, based on our outlook for additional Fed rate hikes over the coming months, we elected to keep the fund s maturity short. In the end, this cost the fund some yield, but we believe that this represented a prudent approach to preserving principal. Outlook and Positioning We continue to monitor the statements and actions of the Fed in response to macroeconomic reports and geopolitical events. With the recent flattening of the short term yield curve, and shrinking yield spreads between shorter and longer term investments, we plan to maintain our current strategy and the fund's shorter maturity as we anticipate a pickup in the U.S. economy based on economic stimulus from substantial aid to be directed toward areas of the country ravaged by the recent hurricanes, as well as the significant stimulus that could emerge if comprehensive changes are made to the federal tax code by Congress and the administration. Deutsche Variable NAV Money Fund Institutional Shares 5

6 We continue our insistence on the highest credit quality within the fund. We also plan to maintain our conservative investment strategies and standards under the current market conditions. We continue to apply what we believe to be a careful approach to investing on behalf of the fund and to seek competitive yield for our shareholders. Portfolio Management Team A group of investment professionals is responsible for the day to day management of the fund. These investment professionals have a broad range of experience managing money market funds. The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk. Terms to Know Credit quality is the ability of an issuer of fixed income securities to repay interest and principal in a timely manner. Credit quality is measured using credit ratings, i.e., assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency. Letter grades of BBB and above indicate that the rated borrower is considered investment grade by a particular ratings agency. Floating rate securities are debt instruments with floating rate coupons that generally reset every 30 to 90 days. While floating rate securities are senior to equity and fixed income securities, there is no guaranteed return of principal in case of default. Floating rate issues often have less interest rate risk than other fixed income investments. Floating rate securities are most often secured assets, generally senior to a company's secured debt, and can be transferred to debt holders, resulting in potential downside risk. The yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short term bonds. Yield spread represents the difference in yield between non Treasury or credit securities, and Treasury securities of comparable maturity. If yield spreads are narrow, for example, it typically means that yields have been declining, and prices rising, compared with Treasury securities of similar maturity. If yield spreads are wide, it means that yields have been rising, and prices falling, in relation to the equivalent Treasury issue. 6 Deutsche Variable NAV Money Fund Institutional Shares

7 Portfolio Summary (Unaudited) Asset Allocation (As a % of Investment Portfolio) 8/31/17 8/31/16 Commercial Paper 69% 41% Municipal Bonds and Notes 14% 8% Certificates of Deposit and Bank Notes 12% 31% Time Deposits 4% 9% Government & Agency Obligations 1% 6% Short Term Notes 5% 100% 100% Weighted Average Maturity 8/31/17 8/31/16 Deutsche Variable NAV Money Fund 29 days 21 days 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 page 8. A quarterly Fact Sheet is available on deutscheliquidity.com/us or upon request. Please see the Account Management Resources section on page 36 for contact information. Deutsche Variable NAV Money Fund Institutional Shares 7

8 Investment Portfolio as of August 31, 2017 Principal Amount ($) Value ($) Certificates of Deposit 12.1% Bank of Montreal: 1.32%, 11/21/2017 2,000,000 2,000,092 1 month USD LIBOR %, 1.769%**, 1/11/ , ,783 Canadian Imperial Bank of Commerce, 1 month USD LIBOR %, 1.421%**, 5/22/2018 1,250,000 1,250,076 Cooperatieve Rabobank UA, 1 month USD LIBOR %, 1.371%**, 5/21/2018 1,000, ,579 Dexia Credit Local, 1 month USD LIBOR %, 1.358%**, 5/16/2018 1,000,000 1,000,000 KBC Bank NV, 1.24%, 9/1/2017 2,991,000 2,991,000 Oversea Chinese Banking Corp., Ltd.: 1.32%, 11/14/2017 2,000,000 2,000,058 1 month USD LIBOR %, 1.354%**, 2/26/ , ,000 Wells Fargo Bank NA, 1 month USD LIBOR %, 1.788%**, 1/18/ , ,874 Total Certificates of Deposit and Bank Notes (Cost $11,741,000) 11,742,462 Commercial Paper 68.5% Issued at Discount* 59.8% Bank Nederlandse Gemeenten, 144A, 1.292%, 10/31/2017 3,000,000 2,993,540 Bank of New York Mellon Corp., 144A, 1.014%, 9/1/2017 3,000,000 3,000,000 BNZ International Funding Ltd., 144A, 1.167%, 9/20/ , ,738 BPCE SA, 144A, 1.304%, 11/10/ , ,225 Bunge Asset Funding Corp.: 144A, 1.369%, 9/1/2017 3,840,000 3,840, A, 1.258%, 9/29/2017 1,000, ,022 Caisse des Depots et Consignations, 144A, 1.415%, 2/15/2018 3,000,000 2,980,308 Chesham Finance Ltd., 144A, 1.237%, 9/1/2017 2,000,000 2,000,000 Cooperatieve Rabobank UA, 1.212%, 10/6/ , ,546 Danske Corp.: 144A, 1.471%, 10/17/2017 2,500,000 2,495, A, 1.473%, 10/20/ , ,897 DZ Bank AG, 144A, 1.095%, 9/1/2017 3,000,000 3,000,000 Erste Abwicklungsanstalt, 144A, 1.149%, 9/6/ , ,880 Federation Desjardins du Quebec, 144A, 1.208%, 9/5/2017 3,450,000 3,449,537 ING U.S. Funding LLC: 1.283%, 12/1/2017 1,150,000 1,146, %, 2/5/2018 1,000, ,969 JPMorgan Securities LLC: 1.219%, 9/14/2017 1,000, , %, 12/14/ , ,249 The accompanying notes are an integral part of the financial statements. 8 Deutsche Variable NAV Money Fund Institutional Shares

9 Principal Amount ($) Value ($) Kells Funding LLC: 144A, 1.246%, 10/16/2017 1,000, , A, 1.249%, 10/19/2017 1,565,000 1,562,394 Liberty Street Funding LLC, 144A, 1.303%, 11/7/ , ,787 Matchpoint Finance PLC, 144A, 1.217%, 9/1/2017 4,452,000 4,452,000 MetLife Short Term Funding LLC, 144A, 1.34%, 12/4/2017 1,000, ,501 Natixis, 1.085%, 9/1/2017 3,500,000 3,500,000 Nieuw Amsterdam Receivables Corp., 144A, 1.297%, 10/17/ , ,171 NRW.Bank, 144A, 1.183%, 9/15/2017 3,500,000 3,498,390 Ontario Teachers Finance Trust: 144A, 1.332%, 1/5/ , , A, 1.427%, 3/6/ , ,102 Pricoa Short Term Funding LLC, 144A, 1.233%, 10/3/ , ,178 Regency Markets No. 1 LLC, 144A, 1.22%, 9/7/2017 3,000,000 2,999,390 Svenska Handelsbanken AB, 144A, 1.275%, 11/27/ , ,771 Swedbank AB: 1.065%, 9/1/2017 1,500,000 1,500, %, 11/14/2017 3,000,000 2,992,446 Toronto Dominion Holdings (U.S.A.), Inc., 144A, 1.212%, 10/6/ , ,588 United Overseas Bank Ltd.: 144A, 1.18%, 9/7/ , , A, 1.219%, 10/13/ , ,573 57,839,045 Issued at Par** 8.7% ASB Finance Ltd.: 144A, 1 month USD LIBOR %, 1.687%, 2/15/ , , A, 3 month USD LIBOR + 0.5%, 1.736%, 9/13/ , ,093 Australia & New Zealand Banking Group Ltd., 144A, 1 month USD LIBOR + 0.1%, 1.335%, 1/22/2018 3,500,000 3,500,195 Bedford Row Funding Corp., 144A, 1 month USD LIBOR %, 1.354%, 2/21/2018 1,500,000 1,499,928 Collateralized Commercial Paper II Co., LLC, 144A, 1 month USD LIBOR %, 1.388%, 1/18/ , ,063 Crown Point Capital Co., LLC, 144A, 1 month USD LIBOR + 0.3%, 1.536%, 3/23/ , ,946 Erste Abwicklungsanstalt, 144A, 1 month USD LIBOR %, 1.451%, 9/7/ , ,024 Ontario Teachers Finance Trust, 144A, 1 month USD LIBOR %, 1.351%, 2/5/ , ,034 Oversea Chinese Banking Corp., Ltd., 144A, 1 month USD LIBOR %, 1.441%, 9/5/ , ,016 8,451,094 Total Commercial Paper (Cost $66,288,696) 66,290,139 The accompanying notes are an integral part of the financial statements. Deutsche Variable NAV Money Fund Institutional Shares 9

10 Principal Amount ($) Value ($) Time Deposit 4.1% Credit Agricole SA, 1.06%, 9/1/2017 (Cost $4,000,000) 4,000,000 4,000,000 Municipal Bonds and Notes 14.4% Colorado, State Housing & Finance Authority: 1, Series B 1, 1.2%***, 9/7/2017, SPA: Federal Home Loan Bank 2,650,000 2,650,000 Series B 1, 1.25%***, 9/7/2017, SPA: Royal Bank of Canada 1,350,000 1,350,000 Illinois, State Finance Authority Revenue, Carle Foundation, Series B, 1.2%***, 9/7/2017, LOC: JPMorgan Chase Bank NA 2,000,000 2,000,000 Michigan, State Finance Authority Revenue, School Loan, Series B, 1.15%***, 9/7/2017, LOC: PNC Bank NA 3,800,000 3,800,000 New Jersey, State Housing & Mortgage Finance Agency, Multi Family Housing Revenue, Series G, 1.21%***, 9/7/2017, LOC: Bank of America NA 2,575,000 2,575,000 New York, State Housing Finance Agency, Tribeca Green Housing Revenue, Series B, 1.2%***, 9/7/2017, LOC: Landesbank Hessen Thuringen 700, ,000 Sterling, IL, Rock River Redevelopment Revenue, 1.22%***, 9/7/2017, LOC: Wells Fargo Bank NA 410, ,000 Wilkes Barre, PA, General Obligation, Series C, 1.32%***, 9/7/2017, LOC: PNC Bank NA 410, ,000 Total Municipal Bonds and Notes (Cost $13,895,000) 13,895,000 Government & Agency Obligation 1.0% U.S. Treasury Obligation U.S. Treasury Floating Rate Note, 3-month U.S. Treasury Bill Money Market Yield %, 1.295%**, 1/31/2018 (Cost $1,000,092) 1,000,000 1,001, Deutsche Variable NAV Money Fund Institutional Shares % of Net Assets Value ($) Total Investment Portfolio (Cost $96,924,788) ,928,806 Other Assets and Liabilities, Net (0.1) (132,509) Net Assets ,796,297 * Current yield; not a coupon rate. ** Floating rate security. These securities are shown at their current rate as of August 31, *** Variable rate demand notes 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 August 31, Date shown reflects the earlier of demand date or stated maturity date. The accompanying notes are an integral part of the financial statements.

11 144A: Security exempt from registration under Rule 144A of the Securities Act of These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. LIBOR: London Interbank Offered Rate LOC: Letter of Credit SPA: Standby Bond Purchase Agreement 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. The following is a summary of the inputs used as of August 31, 2017 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements. Assets Level 1 Level 2 Level 3 Total Investments in Securities (a) $ $ 96,928,806 $ $ 96,928,806 Total $ $ 96,928,806 $ $ 96,928,806 There have been no transfers between fair value measurement levels during the year ended August 31, (a) See Investment Portfolio for additional detailed categorizations. The accompanying notes are an integral part of the financial statements. Deutsche Variable NAV Money Fund Institutional Shares 11

12 Statement of Assets and Liabilities as of August 31, 2017 Assets Investments in securities, at value (cost $96,924,788) $ 96,928,806 Cash 760 Interest receivable 52,977 Due from Advisor 13,965 Other assets 5,374 Total assets 97,001,882 Liabilities Distributions payable 56,097 Accrued Trustees' fees 1,468 Other accrued expenses and payables 148,020 Total liabilities 205,585 Net assets, at value $ 96,796,297 Net Assets Consist of Undistributed net investment income 1,489 Net unrealized appreciation (depreciation) on investments 4,018 Paid in capital 96,790,790 Net assets, at value $ 96,796,297 Net Asset Value Capital Shares Net Asset Value, offering and redemption price per share ($96,785,218 96,784,932 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) $ Institutional Shares Net Asset Value, offering and redemption price per share ($11,079 11,080 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) $.9999 The accompanying notes are an integral part of the financial statements. 12 Deutsche Variable NAV Money Fund Institutional Shares

13 Statement of Operations for the year ended August 31, 2017 Investment Income Income: Interest $ 472,587 Other income 2,515 Total income 475,102 Expenses: Management fee 71,742 Administration fee 47,828 Services to shareholders 814 Service fee 6 Custodian fee 54,096 Professional fees 68,714 Reports to shareholders 54,654 Registration fees 42,013 Trustees' fees and expenses 4,472 Other 36,207 Total expenses before expense reductions 380,546 Expense reductions (367,919) Total expenses after expense reductions 12,627 Net investment income 462,475 Realized and Unrealized Gain (Loss) Net realized gain (loss) from investments 1,869 Change in net unrealized appreciation (depreciation) on investments (4,669) Net gain (loss) (2,800) Net increase (decrease) in net assets resulting from operations $ 459,675 The accompanying notes are an integral part of the financial statements. Deutsche Variable NAV Money Fund Institutional Shares 13

14 Statements of Changes in Net Assets Years Ended August 31, Increase (Decrease) in Net Assets Operations: Net investment income $ 462,475 $ 442,053 Net realized gain (loss) 1,869 (574) Change in net unrealized appreciation (depreciation) (4,669) 8,729 Net increase (decrease) in net assets resulting from operations 459, ,208 Distribution to shareholders from: Net investment income Capital Shares (462,414) (441,970) Institutional Shares (100) (51) Total distributions (462,514) (442,021) Fund share transactions: Proceeds from shares sold 77,915,635 94,559,649 Reinvestment of distributions 322, ,058 Payments for shares redeemed (47,851,631) (122,593,036) Net increase (decrease) in net assets from Fund share transactions 30,386,737 (27,718,329) Increase (decrease) in net assets 30,383,898 (27,710,142) Net assets at beginning of period 66,412,399 94,122,541 Net assets at end of period (including undistributed net investment income of $1,489 and $454, respectively) $ 96,796,297 $ 66,412,399 The accompanying notes are an integral part of the financial statements. 14 Deutsche Variable NAV Money Fund Institutional Shares

15 Financial Highlights Institutional Shares Years Ended August 31, 2017 c 2016 c 2015 c Period Ended 8/31/14 a,c Selected Per Share Data Net asset value, beginning of period $ $ $ $ Income (loss) from investment operations: Net investment income Net realized and unrealized gain (loss) (.0002).0001 (.0001).0000 *** Total from investment operations Less distributions from: Net investment income (.0090) (.0047) (.0019) (.0011) Net asset value, end of period $.9999 $ $ $ Total Return (%) b ** Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ thousands) Ratio of expenses before expense reductions (%) * Ratio of expenses after expense reductions (%) * Ratio of net investment income (%) * a For the period from December 2, 2013 (commencement of operations of Institutional Shares) to August 31, b Total return would have been lower had certain expenses not been reduced. c On November 4, 2016, the Fund implemented a 10 for 1 stock split. Net asset value and per share information through November 3, 2016 have been updated to reflect the effect of the split. Shareholders received 10 shares for every 1 share owned and net asset value per share decreased correspondingly. * Annualized ** Not annualized *** Amount is less than $ Deutsche Variable NAV Money Fund Institutional Shares 15

16 Notes to Financial Statements A. Organization and Significant Accounting Policies Deutsche Variable NAV Money Fund (the Fund ) is a diversified series of Investors Cash Trust (the Trust ), which is registered under the Investment Company Act of 1940, as amended (the 1940 Act ), as an open end management investment company organized as a Massachusetts business trust. The Fund offers two classes of shares: Capital Shares and Institutional Shares. Certain detailed financial information for Capital Shares is provided separately and is available upon request. Investment income, realized and unrealized gains and losses, and certain fund level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as services to shareholders, distribution and service fees and certain other class specific expenses. Differences in class level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class specific arrangements. The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP ) which require the use of management estimates. Actual results could differ from those estimates. 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. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. 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. Debt securities are valued at prices supplied by independent pricing services approved by the Fund's Board. Such services may use various 16 Deutsche Variable NAV Money Fund Institutional Shares

17 pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2. Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities. Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodial bank or another designated sub custodian 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 Deutsche Variable NAV Money Fund Institutional Shares 17

18 the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings. At August 31, 2017 the Fund did not hold repurchase agreements. 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 income to its shareholders. The Fund has reviewed the tax positions for the open tax years as of August 31, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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. Distributions of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund. At August 31, 2017, the Fund's components of distributable earnings (accumulated losses) on a tax basis are as follows: Undistributed ordinary income* $ 57,586 Net unrealized appreciation (depreciation) on investments $ 4,018 At August 31, 2017, the aggregate cost of investments for federal income tax purposes was $96,924,788. The net unrealized appreciation for all investments based on tax cost was $4,018. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $5,874 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $1,856. In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows: Years Ended August 31, Distributions from ordinary income* $ 462,514 $ 442,021 * For tax purposes, short term capital gain distributions are considered ordinary income distributions. 18 Deutsche Variable NAV Money Fund Institutional Shares

19 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 among the funds in the Trust based upon the relative net assets or other appropriate measures. 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. Fees and Transactions with Affiliates Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ( DIMA or the Advisor ), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of 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. Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates: First $1 billion of the Fund's average daily net assets.1500% Next $3 billion of such net assets.1325% Over $4 billion of such net assets.1200% For the period from September 1, 2016 through July 2, 2017, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows: Capital Shares.15% Institutional Shares.20% For the period from September 1, 2016 through February 21, 2017, the Advisor voluntarily agreed to waive its fees and/or reimburse certain Deutsche Variable NAV Money Fund Institutional Shares 19

20 operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows: Capital Shares.00% Institutional Shares.05% For the period from February 22, 2017 through July 2, 2017, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows: Capital Shares.10% Institutional Shares.15% Effective July 3, 2017 through July 2, 2018 for Capital Shares and July 2, 2019 for Institutional Shares, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows: Capital Shares.00% Institutional Shares.15% Effective July 3, 2018 through July 2, 2019, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Capital Shares at.02%. Accordingly, for the year ended August 31, 2017 the fee pursuant to the Investment Management Agreement aggregated $71,742, all of which was waived, resulting in an annual effective rate of 0.00% of the Fund's average daily net assets. In addition, for the year ended August 31, 2017 the Advisor reimbursed $247,564 of other expenses. Administration Fee. Pursuant to the 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 year ended August 31, 2017 the Administration Fee was $47,828, all of which was waived. 20 Deutsche Variable NAV Money Fund Institutional Shares

21 Service Provider Fees. Deutsche AM Service Company ( DSC ), an affiliate of the Advisor, is the transfer agent, dividend paying agent and shareholder service agent for the Fund. Pursuant to a sub transfer agency agreement between DSC and 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 year ended August 31, 2017 the amounts charged to the Fund by DSC were as follows: Services to Shareholders Total Aggregated Waived Unpaid at August 31, 2017 Capital Shares $ 767 $ 767 $ Institutional Shares $ 787 $ 779 $ 6 Shareholder Servicing Fee. Deutsche AM Distributors, Inc., ( DDI ), an affiliate of the Advisor, provides information and administrative services for a fee ( Service Fee ) at an annual rate of 0.05% of average daily net assets for the Institutional Shares. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of the shareholder accounts the firms service. For the year ended August 31, 2017 the Service Fee was as follows: Total Annual Service Fee Aggregated Waived Effective Rate Institutional Shares $ 6 $ 6.00% Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended August 31, 2017 the amount charged to the Fund by DIMA included in the Statement of Operations under Reports to shareholders aggregated $25,080, of which $10,430 is unpaid. Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice 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 year ended August 31, 2017 the Fund engaged in securities purchases of $15,590,000 and sales of $6,935,000 with an affiliated fund in compliance with Rule 17a 7 under the 1940 Act. Deutsche Variable NAV Money Fund Institutional Shares 21

22 C. 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 August 31, 2017 one affiliated shareholder account was the owner of record of 10% or more of the total outstanding shares of the Fund, owning approximately 16%. At August 31, 2017 there was one non affiliated shareholder accounts that held approximately 52% of the total outstanding shares of the Fund. D. Line of Credit The Fund and other affiliated funds (the Participants ) shared 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 the one 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 August 31, E. Share Transactions The following table summarizes share and dollar activity in the Fund: Year Ended August 31, 2017 Year Ended August 31, 2016 Shares** Dollars Shares* Dollars Shares sold Capital Shares 77,913,710 $ 77,915,635 94,548,640 $ 94,559,649 $ 77,915,635 $ 94,559,649 Shares issued to shareholders in reinvestment of distributions Capital Shares 322,579 $ 322, ,960 $ 315,007 Institutional Shares $ 322,733 $ 315,058 Shares redeemed Capital Shares (47,841,477) $ (47,851,631) (122,576,530) $(122,593,036) $ (47,851,631) $(122,593,036) 22 Deutsche Variable NAV Money Fund Institutional Shares

23 Year Ended August 31, 2017 Shares** Dollars Year Ended August 31, 2016 Shares* Dollars Net increase (decrease) Capital Shares 30,394,812 $ 30,386,637 (27,712,930) $ (27,718,380) Institutional Shares $ 30,386,737 $ (27,718,329) * Shares for the year ended August 31, 2016 have been adjusted to reflect the effects of a stock split effective November 4, 2016 (see Note G). ** Shares for the period ended August 31, 2017 reflect the effects of a stock split effective November 4, 2016 (see Note G). F. Money Market Fund Reform In July 2014, the SEC adopted money market fund reform intended to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. As a result, the Fund has taken certain steps that have impacted its structure and/or operations. Beginning on or about October 14, 2016, the Fund adopted policies and procedures reasonably designed to ensure that the Fund will be able to impose liquidity fees on redemptions and/or temporarily suspend (gate) redemptions. For information, please refer to the Fund's prospectus. G. Stock Split On November 4, 2016, the Fund implemented a 10:1 stock split. This action enabled the Fund to bring the Fund s NAV in line with the NAV s expected of the industry s floating NAV money funds following the SEC s money market reform. Every one of the Fund s outstanding shares were converted into ten shares. The stock split had no impact on the overall value of a shareholder s investment in the Fund. Each existing shareholder holds the same percentage of the Fund s outstanding shares immediately following the stock split as they did before the split. Net asset value, shares and per share information have been adjusted in the accompanying financial statements, financial highlights and notes to the financial statements to reflect the effect of the split. Deutsche Variable NAV Money Fund Institutional Shares 23

24 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Investors Cash Trust and the Shareholders of Deutsche Variable NAV Money Fund: We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Deutsche Variable NAV Money Fund (the Fund) (one of the funds constituting the Investors Cash Trust) as of August 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2017, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche Variable NAV Money Fund (one of the funds constituting the Investors Cash Trust) at August 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles. Boston, Massachusetts October 24, Deutsche Variable NAV Money Fund Institutional Shares

25 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 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 recent six month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (March 1, 2017 to August 31, 2017). 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. Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The Expenses Paid per $1,000 line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher. Deutsche Variable NAV Money Fund Institutional Shares 25

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