<PAGE>
DEAR SHAREHOLDER:
We are pleased to send you the annual report for Daily Cash Accumulation Fund,
Inc. During the 12 months ended December 31, 1995, the Fund's compounded
annualized yield was 5.54%. The corresponding yield without compounding was
5.39%. The seven-day annualized yields with and without compounding on December
31, 1995 were 5.23% and 5.10% respectively.(1)
Money market funds have always been a highly liquid place for cash 'on the
sidelines' -- earning a steady income while protecting principal.(2) In 1995,
money market funds turned out to be a good investment choice for the
income-oriented investor.
While the 30-year U.S. Treasury yield fell from nearly 8% to 6% during the year,
and rates on intermediate-term bonds fell by nearly as much, money market yields
stayed about the same throughout the year. This made the yield on money market
funds very attractive relative to intermediate-term bonds.
Normally, long-terms bonds pay anywhere from three to five percentage points
more than a money market fund. One reason for this situation is the relationship
between money market funds and the inflation rate. Typically, money market
yields are roughly one percentage point above inflation. Assuming that the
annual inflation rate is 2.5%, money market yields would normally be about 3.5%,
while longer-term rates might be as high as 5.5%. However, the current
difference between money market yields and inflation is three times its normal
level. Part of the reason for this anomaly is the successful way in which the
Federal Reserve Board has fought inflation.
By the spring of 1995, the economy stabilized and began to decelerate. And
economists began to speculate that the Fed would lower short-term rates to keep
the economy from going into a recession. Meanwhile, longer-term interest rates
had already begun to decline in anticipation of the Fed action. And although the
Fed reduced short-term interest rates slightly in July, it didn't lower rates
nearly as much as the decline in long-term rate, which are market driven.
With the economy continuing to slow, we believe that additional cuts by the Fed
are likely. And since longer-term rates will probably come down further, we
expect that the relationship between short-term yields and longer-term yields
will remain similar for the time being.
As a result, money market funds continue to offer relatively high yields in
relation to longer-term investments -- and in relation to inflation. Thank you
for your confidence in Daily Cash Accumulation Fund. We look forward to helping
you continue to reach your investment goals in the future.
Sincerely,
BRIDGET A. MACASKILL
Bridget A. Macaskill
President
Daily Cash Accumulation Fund, Inc.
January 22, 1996
(1) Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
(2) The Fund is neither insured nor guaranteed by the U.S. government, and there
is no assurance that the Fund will maintain a stable $1 share price in the
future.
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1995
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
BANKERS' ACCEPTANCES -- 0.5% Amount See Note 1
--------- ----------
<S> <C> <C>
CoreStates Bank N.A. Corp.:
5.63%, 2/15/96......................................................... $5,000,000 $ 4,964,813
5.67%-5.68%, 1/26/96................................................... 12,265,528 12,217,182
-------------
Total Bankers' Acceptances (Cost $17,181,995)............................ 17,181,995
-------------
CERTIFICATES OF DEPOSIT -- 3.4%
DOMESTIC CERTIFICATES OF DEPOSIT -- 1.4%
BANKS -- 1.4%
LaSalle National Bank:
5.45%, 6/19/96......................................................... 5,000,000 5,000,000
5.69%, 1/29/96......................................................... 15,000,000 15,000,000
5.74%, 2/15/96......................................................... 10,000,000 10,000,000
5.76%, 1/5/96.......................................................... 10,000,000 10,000,000
5.80%, 1/25/96......................................................... 10,000,000 10,000,000
-------------
50,000,000
-------------
YANKEE CERTIFICATES OF DEPOSIT -- 2.0%
BANKS -- 2.0%
Rabobank Nederland, 5.50%, 6/13/96....................................... 5,000,000 5,000,000
-------------
Sanwa Bank Ltd., 5.75%, 1/11/96.......................................... 5,000,000 4,999,870
-------------
Societe Generale:
5.50%, 6/14/96......................................................... 25,000,000 25,000,000
5.75%, 4/23/96......................................................... 10,000,000 10,000,000
5.86%, 1/22/96......................................................... 10,000,000 10,000,000
-------------
Swiss Bank Corp., 5.50%, 6/10/96......................................... 15,000,000 15,000,000
-------------
69,999,870
-------------
Total Certificates of Deposit (Cost $119,999,870)........................ 119,999,870
-------------
DIRECT BANK OBLIGATIONS -- 13.8%
Abbey National North America Corp.:
5.23%, 6/27/96......................................................... 60,000,000 58,412,833
5.63%, 1/12/96......................................................... 10,000,000 9,982,797
-------------
ABN Amro Bank Canada, 5.36%, 6/10/96..................................... 10,000,000 9,760,289
-------------
ABN Amro North America Finance, Inc.:
5.45%, 1/12/96......................................................... 22,000,000 21,963,364
5.47%, 1/5/96.......................................................... 15,000,000 14,990,883
5.55%, 4/29/96......................................................... 13,000,000 12,761,504
-------------
Barclays Bank Canada, 5.65%, 1/10/96..................................... 10,000,000 9,985,875
-------------
</TABLE>
2
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
DIRECT BANK OBLIGATIONS (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
Chase Manhattan Bank, 5.45%, 5/17/96..................................... $17,000,000 $ 16,651,944
-------------
Colorado National Bank of Denver, 5.918%, 4/17/96(1)..................... 10,000,000 9,999,408
-------------
Dresdner U.S. Finance, Inc., 5.23%, 6/25/96.............................. 10,000,000 9,738,933
-------------
FCC National Bank:
5.11%, 2/20/96(1)...................................................... 10,000,000 9,995,015
5.26%, 1/11/96(1)...................................................... 10,000,000 10,000,000
5.32%, 3/12/96(1)...................................................... 10,000,000 10,000,216
5.77%, 2/16/96......................................................... 10,000,000 9,998,995
-------------
First Bank, N.A. Minneapolis, 5.90%, 1/17/96(1).......................... 10,000,000 10,000,000
-------------
First National Bank of Boston:
5.53%, 5/28/96......................................................... 10,000,000 10,000,000
5.53%, 9/16/96......................................................... 5,000,000 5,000,000
5.60%, 3/11/96......................................................... 6,000,000 5,934,667
5.63%, 11/13/96(1)..................................................... 10,000,000 9,996,468
5.65%, 8/28/96......................................................... 10,000,000 10,000,000
5.68%, 1/30/96......................................................... 8,000,000 7,963,396
5.75%, 5/31/96(1)...................................................... 10,000,000 10,000,000
5.77%, 1/16/96......................................................... 10,000,000 10,000,000
5.77%, 6/7/96(1)....................................................... 10,000,000 10,000,000
5.78%, 1/4/96.......................................................... 10,000,000 10,000,000
5.80%, 4/9/96(1)....................................................... 10,000,000 10,000,610
5.85%, 4/18/96(1)...................................................... 10,000,000 10,000,000
5.88%, 10/30/96........................................................ 10,000,000 10,000,000
-------------
Huntington National Bank:
5.59%, 8/29/96(1)...................................................... 10,000,000 9,996,013
5.87%, 11/13/96(1)..................................................... 10,000,000 10,000,000
6.15%, 3/4/96(1)....................................................... 20,000,000 20,009,255
-------------
National Westminster Bank of Canada:
5.18%, 7/8/96.......................................................... 7,000,000 6,801,550
5.65%, 1/26/96......................................................... 5,000,000 4,980,382
5.70%, 2/2/96.......................................................... 10,000,000 9,949,333
-------------
NationsBank of Texas:
5.50%, 6/28/96......................................................... 10,000,000 10,000,000
5.76%, 4/9/96.......................................................... 10,000,000 10,001,106
-------------
3
</TABLE>
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
DIRECT BANK OBLIGATIONS (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
Shawmut Bank of Connecticut, N.A.,
5.68%, 6/24/96(1)...................................................... $20,000,000 $ 19,999,140
5.75%, 6/17/96(1)...................................................... 15,000,000 15,000,000
5.75%, 6/24/96(1)...................................................... 10,000,000 10,000,000
5.895%, 5/10/96(1)..................................................... 10,000,000 10,000,000
7.03%, 2/23/96......................................................... 5,000,000 5,007,386
-------------
Total Direct Bank Obligations (Cost $484,881,362)........................ 484,881,362
-------------
LETTERS OF CREDIT -- 2.5%
Bank One, Cleveland, guaranteeing commercial paper of: Capital One
Funding Corp., Series 1995F, 5.83%, 1/4/96(1).......................... 11,000,000 11,000,000
-------------
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Bradesco S.A.-Grand Cayman Branch, 5.60%, 6/6/96................... 8,000,000 7,810,205
Banco Real S.A.-Grand Cayman Branch, 5.47%, 4/25/96...................... 15,000,000 14,735,979
Petroleo Brasileiro S.A.-Petrobras, 5.44%, 5/29/96....................... 10,000,000 9,771,533
-------------
Credit Suisse, guaranteeing commercial paper of:
COSCO (Cayman) Co. Ltd., 5.44%, 6/10/96................................ 10,000,000 9,758,500
COSCO (Cayman) Co. Ltd., 5.49%, 4/5/96................................. 5,000,000 4,926,375
COSCO (Cayman) Co. Ltd., 5.59%, 2/21/96................................ 10,000,000 9,919,675
COSCO (Cayman) Co. Ltd., 5.67%, 2/29/96................................ 5,550,000 5,498,427
Queensland Alumina Limited, 5.71%, 1/18/96............................. 10,000,000 9,973,036
Queensland Alumina Limited, 5.67%, 2/16/96............................. 5,000,000 4,963,775
-------------
Total Letters of Credit (Cost $88,357,505)............................... 88,357,505
-------------
SHORT-TERM NOTES -- 78.5%
BANKS -- 2.4%
Bank America Corp., 5.26%, 6/26/96....................................... 5,000,000 4,870,692
-------------
Barnett Banks, Inc., 6.10%, 1/5/96....................................... 20,000,000 19,986,444
-------------
Chemical Banking Corp.:
5.22%, 6/28/96......................................................... 20,000,000 19,467,972
5.62%-5.70%, 1/22/96................................................... 10,000,000 9,967,217
5.70%, 2/29/96......................................................... 10,000,000 9,906,583
CoreStates Capital Corp.:
5.64%, 1/22/96......................................................... 10,000,000 9,967,100
5.84%, 8/13/96(1)...................................................... 10,000,000 10,000,000
-------------
84,166,008
-------------
</TABLE>
4
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
BEVERAGES -- 2.3%
Coca-Cola Enterprises, Inc.:
5.65%, 3/8/96.......................................................... $20,000,000 $ 19,789,415
5.67%, 2/21/96......................................................... 20,000,000 19,839,350
5.67%-5.68%, 2/20/96................................................... 20,000,000 19,842,222
5.68%, 2/26/96......................................................... 10,000,000 9,911,644
5.71%, 1/29/96......................................................... 10,000,000 9,955,589
-------------
79,338,220
-------------
BROKER/DEALERS -- 10.4%
CS First Boston, Inc.:
5.65%, 1/19/96......................................................... 25,000,000 24,929,375
5.68%, 2/15/96......................................................... 10,000,000 9,929,000
5.70%, 1/26/96......................................................... 10,000,000 9,960,417
-------------
Dean Witter, Discover & Co.:
5.69%, 1/18/96......................................................... 10,000,000 9,973,131
6%, 1/4/96............................................................. 50,000,000 49,975,000
-------------
Lehman Brothers Holdings, Inc., 6.25%, 1/2/96............................ 30,000,000 29,994,792
-------------
Merrill Lynch & Co., Inc.:
5.60%, 3/8/96.......................................................... 15,000,000 14,843,667
5.63%, 2/7/96.......................................................... 10,000,000 9,942,136
5.63%, 2/8/96.......................................................... 10,000,000 9,940,572
5.68%-5.70%, 2/29/96................................................... 10,000,000 9,906,911
5.70%, 9/19/96(1)...................................................... 15,000,000 14,997,852
5.70%-5.72%, 1/31/96................................................... 35,000,000 34,833,500
5.75%, 10/24/96(1)..................................................... 10,000,000 10,000,000
5.973%, 11/1/96(1)..................................................... 10,000,000 10,000,000
-------------
Morgan Stanley Group, Inc.:
5.32%, 6/24/96......................................................... 10,000,000 9,741,389
5.53%, 9/30/96(1)...................................................... 83,700,000 83,700,000
5.75%, 1/29/96......................................................... 24,000,000 23,892,667
-------------
366,560,409
-------------
COMMERCIAL FINANCE -- 11.2%
CIT Group Holdings, Inc.:
5.70%, 3/1/96.......................................................... 10,000,000 9,905,000
5.95%, 1/12/96(1)...................................................... 10,000,000 9,999,910
5.95%, 2/5/96(1)....................................................... 20,000,000 20,006,465
6.027%, 1/10/96(1)..................................................... 38,500,000 38,500,000
-------------
5
</TABLE>
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
Commercial Finance (Continued)
FINOVA Capital Corp.
5.49%, 8/9/96.......................................................... $10,000,000 $ 9,662,668
5.51%, 3/15/96......................................................... 10,000,000 9,881,806
5.58%, 3/6/96.......................................................... 10,000,000 9,895,097
5.60%, 2/12/96......................................................... 10,000,000 9,931,167
5.64%, 3/11/96......................................................... 10,000,000 9,888,778
5.72%-5.97%, 1/31/96................................................... 25,000,000 24,876,917
5.78%, 1/24/96......................................................... 20,000,000 19,926,144
5.80%, 2/27/96......................................................... 15,000,000 14,862,250
5.85%, 1/18/96......................................................... 6,000,000 5,983,425
5.85%-5.90%, 1/30/96................................................... 15,000,000 14,928,708
5.87%, 4/26/96(1)...................................................... 10,000,000 10,000,000
5.90%, 1/29/96......................................................... 5,000,000 4,977,056
5.90%, 2/5/96.......................................................... 5,000,000 4,971,319
5.97%, 1/19/96......................................................... 5,000,000 4,985,075
5.97%, 1/4/96.......................................................... 4,700,000 4,697,662
-------------
Fleet Mortgage Group, Inc., 5.58%, 4/4/96................................ 5,000,000 4,927,150
-------------
Heller Financial, Inc.:
5.52%, 3/12/96......................................................... 25,000,000 24,727,833
5.70%, 4/15/96......................................................... 5,000,000 4,916,875
5.75%, 10/7/96(1)...................................................... 8,000,000 8,000,000
5.75%, 4/5/96.......................................................... 10,000,000 9,848,264
5.78%, 1/31/96......................................................... 10,000,000 9,951,833
5.78%, 2/12/96......................................................... 17,000,000 16,885,363
5.78%, 2/28/96......................................................... 10,000,000 9,906,878
5.78%, 3/1/96.......................................................... 10,000,000 9,903,667
5.78%, 3/15/96......................................................... 5,000,000 4,940,594
5.78%, 3/4/96.......................................................... 8,000,000 7,919,080
5.80%, 4/29/96......................................................... 5,000,000 4,904,139
5.957%, 8/28/96(1)..................................................... 20,000,000 20,000,000
6.07%, 10/1/96(1)...................................................... 10,000,000 10,000,000
6.108%, 6/10/96(1)..................................................... 10,000,000 10,007,063
-------------
394,718,186
-------------
</TABLE>
6
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
Conglomerates -- 3.3%
Mitsubishi International Corp.:
5.58%, 3/15/96......................................................... $6,550,000 $ 6,474,872
5.64%, 1/22/96......................................................... 6,475,000 6,453,697
5.67%, 3/29/96......................................................... 24,800,000 24,455,969
5.72%, 1/16/96......................................................... 10,000,000 9,976,167
5.75%, 1/9/96.......................................................... 2,000,000 1,997,444
5.75%, 2/1/96.......................................................... 2,000,000 1,990,097
5.76%, 1/23/96......................................................... 23,000,000 22,919,040
5.76%, 1/24/96......................................................... 10,000,000 9,963,168
5.76%, 1/25/96......................................................... 5,000,000 4,980,783
5.78%, 1/31/96......................................................... 5,000,000 4,975,917
-------------
Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd.:
5.70%, 2/14/96......................................................... 18,000,000 17,874,600
5.73%, 1/18/96......................................................... 5,000,000 4,986,471
-------------
117,048,225
-------------
CONSUMER FINANCE -- 3.9%
American Express Credit Corp.:
5.22%, 7/8/96.......................................................... 12,000,000 11,662,950
5.40%, 6/10/96......................................................... 5,000,000 4,879,250
-------------
Beneficial Corp., 5.26%, 2/1/96(1)....................................... 5,000,000 5,000,000
-------------
Island Finance Puerto Rico, Inc.:
5.45%, 8/2/96.......................................................... 5,000,000 4,838,014
5.65%, 3/4/96.......................................................... 15,000,000 14,851,688
5.67%, 2/22/96......................................................... 5,000,000 4,958,111
5.67%-5.70%, 2/9/96.................................................... 29,600,000 29,417,545
5.72%, 2/1/96.......................................................... 8,100,000 8,060,103
5.75%, 1/26/96......................................................... 15,100,000 15,039,705
-------------
Sears Roebuck Acceptance Corp.:
5.69%, 2/21/96......................................................... 10,000,000 9,919,392
5.70%, 1/19/96......................................................... 20,000,000 19,943,000
5.73%, 1/8/96.......................................................... 10,000,000 9,988,858
-------------
138,558,616
-------------
</TABLE>
7
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
DIVERSIFIED FINANCIAL -- 9.1%
Ford Motor Credit Co.:
5.46%, 5/10/96......................................................... $10,000,000 $ 9,805,000
5.67%, 2/21/96......................................................... 25,000,000 24,799,188
5.68%, 1/12/96......................................................... 10,000,000 9,982,644
-------------
General Electric Capital Corp.:
5.20%, 8/1/96(1)....................................................... 10,000,000 9,991,374
5.43%, 6/10/96......................................................... 30,000,000 29,280,867
5.43%, 6/7/96.......................................................... 20,000,000 19,529,511
5.46%, 5/7/96.......................................................... 25,000,000 24,516,694
5.48%, 4/3/96.......................................................... 10,000,000 9,855,592
5.50%, 4/23/96......................................................... 15,000,000 14,741,042
5.67%, 2/13/96......................................................... 25,000,000 24,830,688
6%, 1/2/96............................................................. 35,000,000 34,994,167
-------------
General Motors Acceptance Corp.:
5.47%, 8/19/96(1)...................................................... 15,000,000 14,999,596
5.49%, 4/2/96.......................................................... 10,000,000 9,857,656
5.50%, 2/16/96......................................................... 20,000,000 19,859,444
5.50%, 5/13/96(1)...................................................... 10,000,000 10,000,000
5.50%, 6/7/96(1)....................................................... 7,600,000 7,602,350
5.75%, 2/16/96......................................................... 20,000,000 19,853,056
5.75%, 2/9/96.......................................................... 5,000,000 4,968,854
6.05%, 1/2/96.......................................................... 15,000,000 14,997,479
8.75%, 8/1/96.......................................................... 5,550,000 5,642,283
-------------
320,107,485
-------------
ELECTRIC UTILITIES -- 1.3%
Central & Southwest Corp.:
5.66%, 2/22/96......................................................... 10,000,000 9,917,233
5.66%, 2/27/96......................................................... 5,000,000 4,954,083
5.66%, 2/28/96......................................................... 20,000,000 19,815,528
5.75%, 2/13/96......................................................... 9,400,000 9,335,440
-------------
44,022,284
-------------
ELECTRICAL EQUIPMENT -- 0.4%
Xerox Corp.:
5.62%, 3/11/96......................................................... 5,000,000 4,945,361
5.72%, 1/11/96......................................................... 10,000,000 9,984,111
-------------
14,929,472
-------------
</TABLE>
8
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
ELECTRONICS -- 1.3%
Avnet, Inc., 5.70%, 2/5/96............................................... $10,000,000 $ 9,944,583
------------
Mitsubishi Electric Finance America, Inc.:
5.32%, 6/19/96......................................................... 5,000,000 4,874,389
5.61%, 2/26/96......................................................... 10,000,000 9,910,867
5.78%, 1/25/96......................................................... 10,000,000 9,961,467
5.81%, 1/19/96......................................................... 10,000,000 9,970,950
-------------
44,662,256
-------------
ENVIRONMENTAL -- 1.8%
WMX Technologies, Inc.:
5.21%, 7/11/96......................................................... 10,000,000 9,715,733
5.22%, 7/9/96.......................................................... 15,000,000 14,578,042
5.32%, 9/10/96......................................................... 10,000,000 9,626,122
5.35%, 7/18/96......................................................... 10,000,000 9,704,264
5.36%, 7/16/96......................................................... 5,000,000 4,854,439
5.44%, 6/4/96.......................................................... 5,000,000 4,884,826
5.45%, 3/8/96.......................................................... 10,000,000 9,898,569
-------------
63,261,995
-------------
HEALTHCARE/SUPPLIES & SERVICES -- 3.2%
A.H. Robins Co., Inc., guaranteed by American Home Products:
5.67%, 3/7/96.......................................................... 6,275,000 6,209,771
5.68%, 3/4/96.......................................................... 15,000,000 14,850,900
5.71%, 1/30/96......................................................... 20,000,000 19,908,006
5.71%, 2/7/96.......................................................... 5,000,000 4,970,657
-------------
American Home Food Products, Inc., guaranteed by American Food Products:
5.72%, 1/30/96......................................................... 27,500,000 27,373,286
5.72%, 1/30/96......................................................... 10,000,000 9,953,922
-------------
American Home Products, 5.71%, 2/6/96.................................... 10,000,000 9,942,900
-------------
Sandoz Corp., 5.70%, 2/13/96............................................. 10,000,000 9,931,917
-------------
Sherwood Medical Co., guaranteed by American Home Products, 5.70%,
2/26/96................................................................ 9,500,000 9,415,767
-------------
112,557,126
-------------
INSURANCE -- 5.8%
Allstate Life Insurance Co., 5.973%, 2/1/96(1)(3)(4)..................... 10,000,000 10,000,000
-------------
General American Life Insurance Co., 6%, 1/6/96(1)(3).................... 30,000,000 30,000,000
-------------
Pacific Mutual Life Insurance Co., 5.995%, 2/17/96(1)(2)(3)(4)........... 50,000,000 50,000,000
-------------
</TABLE>
9
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
INSURANCE (CONTINUED)
Protective Life Insurance Co., 6.123%, 2/17/96(1)(2)(3)(4)............... $20,000,000 $ 20,000,000
-------------
TransAmerica Life Insurance & Annuity Co.:
5.973%, 10/15/96(1)(3)................................................. 25,000,000 25,000,000
5.973%, 9/27/96(1)(3).................................................. 25,000,000 25,000,000
5.973%, 9/30/96(1)(3).................................................. 20,000,000 20,000,000
5.995%, 8/7/96(1)(3)................................................... 25,000,000 25,000,000
-------------
205,000,000
-------------
LEASING & FACTORING -- 1.4%
International Lease Finance Corp., 5.70%, 1/19/96........................ 20,000,000 19,943,000
-------------
Sanwa Business Credit Corp.:
5.28%, 4/11/96(1)(3)................................................... 10,000,000 10,000,000
5.73%, 2/9/96(1)(3).................................................... 10,000,000 9,999,622
-------------
The Hertz Corp., 5.32%, 5/31/96.......................................... 10,000,000 9,776,856
-------------
49,719,478
-------------
MANUFACTURING -- 3.2%
Hanson Finance (UK) PLC, guaranteed by Hanson PLC:
5.65%, 1/18/96......................................................... 10,000,000 9,973,319
5.67%-5.70%, 2/9/96.................................................... 9,000,000 8,944,425
5.68%-5.70%, 1/26/96................................................... 30,000,000 29,881,389
5.70%, 1/12/96......................................................... 10,000,000 9,982,583
5.70%, 2/5/96.......................................................... 15,000,000 14,916,875
5.71%, 1/19/96......................................................... 20,000,000 19,942,900
5.71%, 1/24/96......................................................... 10,000,000 9,963,519
5.71%-5.77%, 1/16/96................................................... 10,000,000 9,975,958
-------------
113,580,968
-------------
METALS/MINING -- 0.3%
English China Clays PLC:
5.66%, 2/14/96......................................................... 7,267,000 7,216,729
5.66%, 2/21/96......................................................... 5,000,000 4,959,873
-------------
12,176,602
-------------
NONDURABLE HOUSEHOLD GOODS -- 0.6%
Colgate-Palmolive Co.:
5.20%, 9/23/96......................................................... 10,000,000 9,615,778
5.37%, 6/24/96......................................................... 10,000,000 9,738,715
-------------
19,354,493
-------------
</TABLE>
10
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
SAVINGS & LOANS -- 4.8%
Great Western Bank FSB:
5.72%, 2/9/96.......................................................... $10,000,000 $ 9,938,033
5.72%-5.74%, 1/22/96................................................... 35,000,000 34,882,983
5.72%-5.75%, 1/29/96................................................... 16,000,000 15,928,584
5.73%-5.74%, 1/16/96................................................... 35,000,000 34,916,333
5.74%, 1/25/96......................................................... 10,000,000 9,961,733
5.74%, 1/26/96......................................................... 25,000,000 24,900,347
-------------
Household Bank FSB:
5.77%, 1/24/96......................................................... 15,000,000 15,000,000
5.89%, 9/27/96(1)...................................................... 25,000,000 24,993,679
-------------
170,521,692
-------------
SPECIAL PURPOSE FINANCIAL -- 7.6%
Cooperative Association of Tractor Dealers, Inc.
5.44%, 5/10/96......................................................... 5,190,000 5,085,796
5.44%, 6/12/96......................................................... 4,600,000 4,487,530
5.67%, 3/8/96.......................................................... 4,000,000 3,957,790
5.69%, 2/23/96......................................................... 4,000,000 3,966,492
5.70%, 4/5/96.......................................................... 5,100,000 5,023,288
5.73%, 1/22/96......................................................... 6,300,000 6,278,942
5.75%, 1/26/96......................................................... 5,000,000 4,980,035
5.75%-5.77%, 1/12/96................................................... 5,000,000 4,991,215
-------------
CXC, Inc.:
5.60%, 2/26/96......................................................... 25,000,000 24,779,189
5.70%, 1/26/96......................................................... 10,000,000 9,960,417
-------------
Falcon Asset Securitization Corp.:
5.55%, 4/1/96.......................................................... 5,000,000 4,929,854
5.72%, 2/6/96.......................................................... 15,125,000 15,038,485
-------------
First Deposit Master Trust 1993-3, 5.71%, 2/9/96......................... 15,000,000 14,907,213
-------------
Madison Funding Corp.:
5.58%, 3/6/96.......................................................... 5,150,000 5,095,603
5.70%, 1/22/96......................................................... 25,000,000 24,911,333
5.70%, 1/25/96......................................................... 7,000,000 6,972,327
5.77%-5.95%, 1/10/96................................................... 35,775,000 35,721,785
6%, 1/8/96............................................................. 10,000,000 9,988,333
-------------
New Center Asset Trust, 5.67%, 2/14/96................................... 10,000,000 9,930,700
-------------
</TABLE>
11
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
SMM Trust:
1995-B, 6.027%, 8/2/96(1)(3)(4)........................................ $10,000,000 $ 10,000,000
1995-I, 5.77%, 5/29/96(1)(3)(4)........................................ 5,000,000 4,999,408
1995-N, 5.92%, 11/15/96(1)(3)(4)....................................... 15,000,000 15,000,000
-------------
STEERS 1994:
Series A-02, 5.925%, 11/18/96(1)(3)(4)................................. 10,000,000 10,000,000
Series A-11, 5.82%, 5/20/96(1)(3)(4)................................... 10,000,000 10,000,000
-------------
WCP Funding, 5.71%, 1/19/96.............................................. 15,000,000 14,957,175
-------------
265,962,910
-------------
SPECIALTY RETAILING -- 0.1%
St. Michael Finance, Ltd., guaranteed by Marks & Spencer PLC, 5.62%,
1/12/96................................................................ 4,134,000 4,126,901
-------------
TELECOMMUNICATIONS-TECHNOLOGY -- 4.1%
Electronic Data Systems Corp., 5.71%, 1/22/96............................ 15,000,000 14,950,038
-------------
NYNEX Corp.:
5.47%, 6/3/96.......................................................... 7,500,000 7,324,504
5.66%, 3/1/96.......................................................... 5,000,000 4,952,833
5.69%-5.70%, 2/16/96................................................... 10,000,000 9,927,167
5.70%-5.73%, 2/12/96................................................... 17,000,000 16,886,705
5.71%, 2/14/96......................................................... 14,500,000 14,398,806
5.72%, 2/20/96......................................................... 14,000,000 13,888,778
5.74%, 1/22/96......................................................... 20,000,000 19,933,150
5.74%, 1/24/96......................................................... 10,000,000 9,963,328
5.74%, 1/31/96......................................................... 20,000,000 19,904,333
5.76%, 2/9/96.......................................................... 13,000,000 12,919,021
-------------
145,048,663
-------------
Total Short-Term Notes (Cost $2,765,421,989)............................. 2,765,421,989
-------------
U.S. GOVERNMENT OBLIGATIONS -- 0.0%
Small Business Administration, 10.375%, 1/2/96 (Cost $358,527)(1)........ 331,226 358,527
-------------
FOREIGN GOVERNMENT OBLIGATIONS -- 1.9%
Bayerische Landesbank Girozentrale supported by Federal Republic of
Germany, 5.95%, 7/22/96................................................ 10,000,000 9,997,343
-------------
New South Wales Treasury Corp., guaranteed by the State of New South
Wales, Commonwealth of Australia:
5.45%, 1/11/96......................................................... 12,000,000 11,981,833
5.45%, 1/8/96.......................................................... 10,000,000 9,989,403
-------------
</TABLE>
12
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Face Value
FOREIGN GOVERNMENT OBLIGATIONS (CONTINUED) Amount See Note 1
--------- ----------
<S> <C> <C>
Swedish Export Credit Corp., supported by Kingdom of Sweden:
5.49%, 4/9/96.......................................................... $10,000,000 $ 9,848,750
5.60%-5.68%, 1/16/96................................................... 15,000,000 14,964,500
-------------
Westdeutsche Landesbank Girozentrale supported by Federal Republic of
Germany, guaranteeing commercial paper of Unibanco-Unaio de Brancos
Brasileiros S.A.-Grand Cayman:
5.58%, 4/4/96.......................................................... 5,000,000 4,927,150
5.66%, 4/15/96......................................................... 6,000,000 5,818,880
-------------
Total Foreign Government Obligations (Cost $67,527,859).................. 67,527,859
-------------
Total Investments, at Value.............................................. 100.6% 3,543,729,107
----- --------------
Liabilities in Excess of Other Assets.................................... (0.6) (20,004,006)
------ ---------------
Net Assets............................................................... 100.0% $3,523,725,101
------ ---------------
------ ---------------
</TABLE>
Short-term notes, bankers' acceptances, direct bank obligations and letters of
credit are generally traded on a discount basis; the interest rate is the
discount rate received by the Fund at the time of purchase. Other securities
normally bear interest at the rates shown.
- ---------
1. Floating or variable rate obligation maturing in more than one year. The
interest rate, which is based on specific, or an index of, market interest
rates, is subject to change periodically and is the effective rate on
December 31, 1995. This instrument may also have a demand feature which
allows the recovery of principal at any time, or at specified intervals not
exceeding one year, on up to 30 days' notice. Maturity date shown
represents effective maturity based on variable rate and, if applicable,
demand feature.
2. Put obligation redeemable at full face value on the date reported.
3. Security issued in an exempt transaction without registration under the
Securities Act of 1933 (the Act). The securities are carried at amortized
cost, and amount to $274,999,030, or 7.8% of the Fund's net assets.
Pursuant to guidelines adopted by the Board of Directors, these securities
are determined to be liquid.
4. In addition to being restricted, the security is considered illiquid by
virtue of the absence of a readily available market or because of legal or
contractual restrictions on resale. Illiquid securities amount to
$129,999,408, or 3.7% of the Fund's net assets, at December 31, 1995. The
Fund may not invest more than 10% of its net assets (determined at the time
of purchase) in illiquid securities.
See accompanying Notes to Financial Statements.
13
<PAGE>
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at value -- see accompanying statement......................... $3,543,729,107
Cash......................................................................... 8,588,133
Receivables:
Interest and principal paydowns............................................ 7,998,662
Shares of capital stock sold............................................... 408,611
Other........................................................................ 158,224
-------------
Total assets............................................................. 3,560,882,737
-------------
LIABILITIES:
Payables and other liabilities:
Shares of capital stock redeemed........................................... 35,638,297
Transfer and shareholder servicing agent fees -- Note 3................... 895,549
Shareholder reports........................................................ 353,412
Service plan fees -- Note 3............................................... 194,999
Dividends.................................................................. 25,790
Directors' fees............................................................ 7,157
Other...................................................................... 42,432
-------------
Total liabilities........................................................ 37,157,636
-------------
NET ASSETS................................................................... $3,523,725,101
-------------
-------------
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock......................................... $ 352,358,838
Additional paid-in capital................................................... 3,171,229,546
Accumulated net realized gain on investment transactions..................... 136,717
-------------
NET ASSETS -- Applicable to 3,523,588,384 shares of capital stock
outstanding................................................................ $3,523,725,101
-------------
-------------
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE............... $1.00
</TABLE>
See accompanying Notes to Financial Statements.
14
<PAGE>
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest....................................................................... $203,988,495
------------
EXPENSES:
Management fees -- Note 3..................................................... 12,746,352
Service plan fees -- Note 3................................................... 6,678,853
Transfer and shareholder servicing agent fees -- Note 3....................... 3,928,337
Shareholder reports............................................................ 263,477
Registration and filing fees................................................... 154,476
Legal and auditing fees........................................................ 32,651
Insurance expenses............................................................. 31,675
Directors' fees and expenses................................................... 29,250
Custodian fees and expenses.................................................... 221,556
Other.......................................................................... 8,550
-----------
Total expenses............................................................. 24,095,177
-----------
NET INVESTMENT INCOME.......................................................... 179,893,318
NET REALIZED GAIN ON INVESTMENTS............................................... 664,800
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $180,558,118
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
15
<PAGE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------
1995 1994
------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income....................................... $ 179,893,318 $ 123,072,616
Net realized gain (loss).................................... 664,800 (27,746)
------------- -------------
Net increase in net assets resulting from operations...... 180,558,118 123,044,870
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS................. (180,522,108) (123,088,801)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets resulting from capital
stock transactions -- Note 2............................. 565,456,928 (630,590,211)
------------- -------------
NET ASSETS:
Total increase (decrease)................................... 565,492,938 (630,634,142)
Beginning of period......................................... 2,958,232,163 3,588,866,305
-------------- -------------
End of period............................................... $3,523,725,101 $2,958,232,163
-------------- -------------
-------------- -------------
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE>
<PAGE>
FINANCIAL HIGHLIGHTS
Daily Cash Accumulation Fund, Inc.
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------ ------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Income from investment operations --
net investment income and net
realized gain........................ .05 .04(1) .03 .03 .06 .08 .08 .07 .06 .06
Dividends and distributions to
shareholders......................... (.05) (.04) (.03) (.03) (.06) (.08) (.08) (.07) (.06) (.06)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
TOTAL RETURN, AT NET ASSET VALUE(2).... 5.47% 3.77% 2.69% 3.54% 5.87% 7.93% 8.94% 7.18% 6.51% 6.00%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
millions)............................ $3,524 $2,958 $3,589 $4,061 $5,208 $5,025 $4,920 $3,128 $2,555 $2,635
Average net assets (in millions)....... $3,379 $3,378 $3,940 $4,760 $5,434 $4,849 $4,112 $2,809 2,541 $2,530
Ratios to average net assets:
Net investment income................ 5.32% 3.64% 2.67% 3.50% 5.64% 7.61% 8.58% 7.01% 6.10% 6.11%
Expenses............................. 0.71% 0.73%(1) 0.74% 0.70% 0.67% 0.68% 0.71% 0.77% 0.78% 0.78%
</TABLE>
1. Net investment income would have been $.04 per share absent the voluntary
expense limitation, resulting in an expense ratio of .74%.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Total returns are
not annualized for periods of less than one full year.
See accompanying Notes to Financial Statements.
17
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Daily Cash Accumulation Fund, Inc.
1. SIGNIFICANT ACCOUNTING POLICIES
Daily Cash Accumulation Fund, Inc. (the Fund) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Fund's investment objective is to seek the maximum
current income that is consistent with low capital risk and the maintenance of
liquidity. The Fund's investment advisor is Centennial Asset Management
Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The
following is a summary of significant accounting policies consistently followed
by the Fund.
Investment Valuation -- Portfolio securities are valued on the basis of
amortized cost, which approximates market value.
Federal Taxes -- The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders. Therefore, no federal
income or excise tax provision is required.
Distributions to Shareholders -- The Fund intends to declare dividends from net
investment income each day the New York Stock Exchange is open for business and
pay such dividends monthly. To effect its policy of maintaining a net asset
value of $1.00 per share, the Fund may withhold dividends or make distributions
of net realized gains.
Other -- Investment transactions are accounted for on the date the investments
are purchased or sold (trade date). Realized gains and losses on investments are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. CAPITAL STOCK
The Fund has authorized 15,000,000,000 shares of $.10 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, 1995 December 31, 1994
--------------------------------- ---------------------------------
Shares Amount Shares Amount
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold.......................... 7,320,626,109 $ 7,320,626,109 7,074,792,010 $ 7,074,792,010
Dividends and
distributions
reinvested.................. 177,673,219 177,673,219 120,864,868 120,864,868
Redeemed...................... (6,932,842,400) (6,932,842,400) (7,826,247,089) (7,826,247,089)
-------------- --------------- -------------- ---------------
Net increase
(decrease)............. 565,456,928 $ 565,456,928 (630,590,211) $ (630,590,211)
-------------- --------------- -------------- ---------------
-------------- --------------- -------------- ---------------
</TABLE>
18
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
Daily Cash Accumulation Fund, Inc.
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .45% on the first
$500 million of average annual net assets with a reduction of .025% on each $500
million thereafter, to .25% on net assets in excess of $4 billion. The Manager
has agreed to reimburse the Fund if aggregate expenses (with specified
exceptions) exceed the most stringent state regulatory limit on Fund expenses.
Independently of the investment advisory agreement with the Fund, effective
December 1, 1994, the Manager has voluntarily agreed to assume the Fund's
expenses to the level needed to enable the Fund's seven-day yield (computed in
accordance with procedures specified pursuant to regulations adopted under the
Investment Company Act of 1940) to at least equal the seven-day yield of
Centennial Money Market Trust.
Shareholder Services, Inc. (SSI), a subsidiary of OFI, is the transfer and
shareholder servicing agent for the Fund, and for other registered investment
companies. SSI's total costs of providing such services are allocated ratably to
these companies.
Under an approved plan of distribution, the Fund may expend up to .20% of its
net assets annually to reimburse certain securities dealers and other financial
institutions and organizations for costs incurred in distributing Fund shares.
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
Daily Cash Accumulation Fund, Inc.
In early 1996, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1995. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended December 31,
1995 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
19
<PAGE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
Daily Cash Accumulation Fund, Inc.
The Board of Directors and Shareholders of Daily Cash Accumulation Fund,
Inc.:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Daily Cash Accumulation Fund, Inc., as of
December 31, 1995, the related statement of operations for the year then ended,
the statements of changes in net assets for the years ended December 31, 1995
and 1994, and the financial highlights for the period January 1, 1986 to
December 31, 1995. 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 generally accepted auditing
standards. 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. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at December
31, 1995 by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Daily Cash
Accumulation Fund, Inc., at December 31, 1995, the results of its operations,
the changes in its net assets, and the financial highlights for the respective
stated periods, in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
January 22, 1996
20
<PAGE>
<PAGE>
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<PAGE>
<PAGE>
[THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY]
<PAGE>
<PAGE>
[THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY]
<PAGE>
<PAGE>
DAILY CASH ACCUMULATION FUND, INC.
Officers and Directors
James C. Swain, Chairman and
Chief Executive Officer
Robert G. Avis, Director
William A. Baker, Director
Charles Conrad, Jr., Director
Jon S. Fossel, Director
Raymond J. Kalinowski, Director
C. Howard Kast, Director
Robert M. Kirchner, Director
Bridget A. Macaskill, Director and
President
Ned M. Steel, Director
Andrew J. Donohue, Vice President
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Vice President,
Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management
Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Daily
Cash Accumulation Fund, Inc. This report must be
preceded or accompanied by a Prospectus of Daily Cash
Accumulation Fund, Inc. For material information
concerning the Fund, see the Prospectus.
For shareholder servicing, call:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
[Logo] RA0140.001.0196
Printed on recycled paper.
1995 ANNUAL REPORT
DAILY CASH
ACCUMULATION
FUND, INC.
DECEMBER 31, 1995
