Report of Independent Accountants
To the Shareholders and Board of Trustees of
Cash Accumulation Trust
In planning and performing our audit 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, 2000, we considered its internal control, including control
activities 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their
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, 2000. This report is intended solely
for the information and use of the Board of Trustees, management and
the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
November 22, 2000
To the Shareholders and Board of Trustees of
Cash Accumulation Trust
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