<PAGE> PAGE 1
000 B000000 09/30/98
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008 D04AA01 4077
008 A00AA02 THE PRUDENTIAL INVESTMENT CORPORATION
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008 D02AA02 NJ
008 D03AA02 07102
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<PAGE> PAGE 2
011 A00AA01 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC
011 B00AA01 8-36540
011 C01AA01 NEWARK
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011 C04AA01 4077
012 A00AA01 PRUDENTIAL MUTUAL FUND SERVICES LLC
012 B00AA01 84-5681
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012 C02AA01 NJ
012 C03AA01 08906
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 PRUDENTIAL SECURITIES INCORPORATED
014 B00AA01 8-27154
014 A00AA02 PRUCO SECURITIES CORPORATION
014 B00AA02 8-16402
014 A00AA03 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES,LLC
014 B00AA03 8-36540
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
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015 C03AA01 02171
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
054 I000100 N
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<PAGE> PAGE 8
070 E010100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
083 A000100 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE GRACE C. TORRES
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000748719
<NAME> CASH ACCUMULATION TRUST
<SERIES>
<NUMBER> 001
<NAME> LIQUID ASSETS FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> SEP-30-1998
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<INVESTMENTS-AT-VALUE> 466,225,555
<RECEIVABLES> 12,480,259
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> (441,944,488)
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 16,036,653
<REALIZED-GAINS-CURRENT> 7,050
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,043,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,043,703)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,011,683,905
<NUMBER-OF-SHARES-REDEEMED> (2,585,117,032)
<SHARES-REINVESTED> 15,377,615
<NET-CHANGE-IN-ASSETS> 441,944,488
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 611,150
<AVERAGE-NET-ASSETS> 374,141,000
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
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<PER-SHARE-DIVIDEND> (0.04)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000748719
<NAME> CASH ACCUMULATION TRUST
<SERIES>
<NUMBER> 001
<NAME> NATIONAL MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> SEP-30-1998
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<INVESTMENTS-AT-VALUE> 541,711,430
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> (507,287,800)
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,153,367
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 27,769,453
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<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (27,769,453)
<NUMBER-OF-SHARES-SOLD> 5,056,612,846
<NUMBER-OF-SHARES-REDEEMED> (5,275,771,195)
<SHARES-REINVESTED> 24,443,399
<NET-CHANGE-IN-ASSETS> (194,714,950)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,098,187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,383,914
<AVERAGE-NET-ASSETS> 507,288,000
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To the Shareholders and Board of Trustees of
Cash Accumulation Trust
(2)
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Cash Accumulation Trust
In planning and performing our audits of the financial
statements of Cash Accumulation Trust (the "Trust",
consisting of National Money Market Fund and Liquid
Assets Fund) for the year ended September 30, 1998, we
considered its internal control, including controls for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements
for external purposes that are fairly presented in
conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a condition
in which the design or operation of one or more of the
internal control components does not reduce to a
relatively low level the risk that misstatements caused
by error or fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control and its operation, including
controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of
September 30, 1998.
This report is intended solely for the information and
use of management and the Board of Trustees of the
Trust and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
November 20, 1998
