<PAGE> 1
Cash Account Trust 1
- - --------------------------------------------------------------------------------
DEAR SHAREHOLDERS:
- - --------------------------------------------------------------------------------
We are pleased to provide you with the Cash Account Trust annual report for the
twelve months ended April 30, 1995.
Your Fund's management greatly appreciates your decision to invest in Cash
Account Trust. During the past year, each of the fund's Portfolios -- Money
Market, Government Securities and Tax-Exempt -- registered solid performance and
achieved its objective of providing maximum current income from high quality
money market securities while maintaining stability of principal.
ECONOMIC REVIEW AND OUTLOOK
The momentum of the 1994 economic expansion produced some of the most positive
economic reports we've seen in years. Income, consumer spending, construction
spending and hiring all were at high levels as we closed the pages on 1994 and
progressed into the first months of 1995.
It was almost a year ago that the Federal Reserve Board initiated its series of
rate hikes intended to cool down the economy. The Fed raised rates five
additional times in 1994, yet the economy continued to expand at relatively high
rates.
While other markets reacted negatively to the rising rate environment, it had a
positive effect on short-term money markets. Cash Account Trust took advantage
of rising short-term interest rates since it invests in short-term money market
investments.
Looking ahead, we anticipate rates will remain near current levels even as the
economy begins to show signs of slowing. While investments in other markets may
remain volatile, money market funds such as Cash Account Trust should offer the
opportunity for attractive yields and should continue to be an excellent place
to invest your money.
Your Fund's management thanks you for the vote of confidence you have shown
through your investment and continues its dedication to performance. We look
forward to serving your investment needs for years to come.
Sincerely,
[SIG.]
John W. Stuebe
Vice President and Portfolio Manager
June 1, 1995
John Stuebe is Vice President of Kemper Financial Services, Inc. and Vice
President and Portfolio Manager of Cash Account Trust. Mr. Stuebe holds a BS
degree in Finance from the University of Illinois and a MS degree in Economics
from DePaul University.
PORTFOLIO RESULTS
For the twelve months ended April 30, 1995, the Fund's three portfolios had the
following net annualized yields:
The Money Market Portfolio had a net annualized yield of 4.30%.
The Government Securities Portfolio had a net annualized yield of 4.29%.
The Tax-Exempt Portfolio had a net annualized yield of 2.76% and a
tax-equivalent yield of 4.39%.*
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that a Portfolio will be able to
maintain a stable net asset value of $1.00 per share.
STATISTICAL NOTE
Each Portfolio's net annualized yield for the twelve months ended April 30, 1995
is the annualized sum of the daily dividend rates for the period. Yields are
historical and will fluctuate.
*The tax-equivalent yield for the Tax-Exempt Portfolio is based on a marginal
federal income tax rate of 37.1%. Income from the Tax-Exempt Portfolio may be
subject to state and local taxes and, for some investors, a portion of income
may be subject to the alternative minimum tax.
<PAGE> 2
Cash Account Trust 2
- - --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1995
(Value in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CORPORATE OBLIGATIONS Value
<S> <C>
BANKING--4.7%
--------------------------------------------------------
Nordbanken North America, Inc.
6.18%, 6/02/95 $ 9,946
--------------------------------------------------------
Postipankki U.S. Inc.
6.17%, 6/12/95 7,943
--------------------------------------------------------
17,889
CAPITAL AND MORTGAGE LENDING--3.4%
--------------------------------------------------------
Countrywide Funding Corporation
6.11%, 5/02/95 4,999
--------------------------------------------------------
SRD Finance, Inc.
6.06%, 5/25/95 7,968
--------------------------------------------------------
12,967
CAPTIVE BUSINESS FINANCE--15.8%
--------------------------------------------------------
(a)American Honda Finance Corporation
6.25%, 5/09/95 7,997
--------------------------------------------------------
AT&T Capital Corporation
6.08%, 5/16/95 4,988
--------------------------------------------------------
(a)Capital One Funding Corporation
6.08%, 5/05/95 9,785
--------------------------------------------------------
Caterpillar Financial Services Corporation
6.01%, 5/03/95 1,999
--------------------------------------------------------
Chrysler Financial Corporation
6.12%, 6/01/95 4,974
--------------------------------------------------------
CSW Credit, Inc.
6.07%, 5/02/95 4,999
--------------------------------------------------------
Deere (John) Capital Corporation
6.11%, 5/09/95 4,993
--------------------------------------------------------
Enterprise Capital Funding Corporation
6.14%, 5/05/95 4,997
--------------------------------------------------------
Ford Motor Credit Company
6.09%, 5/30/95 4,976
--------------------------------------------------------
Hanson Finance (UK) PLC
6.11%, 5/03/95 4,998
--------------------------------------------------------
MCA Funding Corporation
6.09%, 6/12/95 4,965
--------------------------------------------------------
59,671
CONSUMER FINANCING--3.3%
--------------------------------------------------------
(a)Beneficial Corporation
6.06%, 5/12/95 2,500
--------------------------------------------------------
Household Finance Corporation
6.08%, 5/04/95 4,997
--------------------------------------------------------
Whirlpool Financial Corporation
6.12%, 7/26/95 4,928
--------------------------------------------------------
12,425
CONSUMER PRODUCTS AND SERVICES--8.7%
--------------------------------------------------------
American Home Products Corporation
6.10%, 5/16/95 4,987
--------------------------------------------------------
<CAPTION>
Value
<S> <C>
Coca-Cola Enterprises Inc.
6.10%, 6/13/95 $ 7,942
--------------------------------------------------------
Dayton Hudson Corporation
6.09%, 6/23/95 7,929
--------------------------------------------------------
(a)PepsiCo, Inc.
5.99%, 5/17/95 1,999
--------------------------------------------------------
Wal-Mart Stores Inc.
6.07%, 6/16/95 4,962
--------------------------------------------------------
Whirlpool Corporation
6.07%, 5/12/95 4,991
--------------------------------------------------------
32,810
CORPORATE FINANCING--14.2%
--------------------------------------------------------
Beta Finance Corporation
6.05%, 5/01/95 4,000
(a) 6.01%, 5/02/95 8,000
--------------------------------------------------------
BI Funding, Inc.
6.06%, 6/26/95 4,953
--------------------------------------------------------
Broadway Capital Corporation
6.25%, 6/29/95 4,950
--------------------------------------------------------
CXC Incorporated
6.12%, 6/05/95 4,971
--------------------------------------------------------
IBM Credit Corporation
6.05%, 6/12/95 7,944
--------------------------------------------------------
Ranger Funding Corporation
6.05%, 6/16/95 3,969
--------------------------------------------------------
(a)Sanwa Business Credit Corporation
6.13%, 5/08/95 5,000
--------------------------------------------------------
U.S. West Capital Funding, Inc.
6.08%, 5/17/95 4,987
--------------------------------------------------------
Windmill Funding Corporation
6.12%, 5/30/95 4,976
--------------------------------------------------------
53,750
ENERGY AND UTILITIES--2.6%
--------------------------------------------------------
AES Barbers Point Inc.
6.10%, 6/16/95 4,961
-------------------------------------------------------
New Hampshire Industrial Development Authority
6.05%, 5/02/95 5,000
--------------------------------------------------------
9,961
FINANCIAL SERVICES--10.7%
--------------------------------------------------------
(a)Bear Stearns Companies Inc.
6.23%, 5/08/95 - 5/22/95 8,000
--------------------------------------------------------
(a)CS First Boston, Inc.
6.21%, 5/10/95 8,500
--------------------------------------------------------
Dean Witter, Discover & Co.
6.19%, 6/21/95 4,957
--------------------------------------------------------
(a)Goldman, Sachs & Co.
6.14%, 5/25/95 7,000
--------------------------------------------------------
</TABLE>
<PAGE> 3
Cash Account Trust 3
- - --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1995
(Value in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
(a)(b)Lehman Brothers Holdings Inc.
6.24%, 5/17/95 $ 7,000
--------------------------------------------------------
(a)Salomon Inc
6.48%, 5/01/95 5,000
--------------------------------------------------------
40,457
FOREIGN GOVERNMENT OBLIGATIONS--2.1%
--------------------------------------------------------
(a)Kingdom of Sweden
6.06%, 7/11/95 7,994
--------------------------------------------------------
INDUSTRIAL PRODUCTS--1.3%
--------------------------------------------------------
Monsanto Company
6.09%, 5/18/85 4,986
--------------------------------------------------------
INFORMATION SERVICES AND MEDIA--6.1%
--------------------------------------------------------
CBS Inc.
6.09%, 6/06/95 7,952
--------------------------------------------------------
Cox Enterprises, Inc.
6.11%, 5/25/95 4,980
--------------------------------------------------------
Electronic Data Systems Corporation
6.14%, 5/26/95 4,979
--------------------------------------------------------
Nynex Corporation
6.30%, 5/04/95 4,997
--------------------------------------------------------
22,908
MUNICIPAL AND STATE OBLIGATIONS--2.0%
--------------------------------------------------------
(a)(b)(c)Orange County, California
6.13%, 7/10/95 (maturity)
$5,000,000 (cost and par) 4,150
Letter of credit from The Bank of New York 850
--------------------------------------------------------
(a)Texas, General Obligation
6.07%, 5/05/95 2,500
--------------------------------------------------------
7,500
RECEIVABLES FINANCING--12.9%
--------------------------------------------------------
Corporate Receivables Corporation
6.08%, 5/10/95 4,992
--------------------------------------------------------
Dynamic Funding Corporation
6.12% - 6.18%, 6/30/95 - 7/31/95 9,873
--------------------------------------------------------
First Brands Commercial, Inc.
6.09%, 6/15/95 4,962
--------------------------------------------------------
Jet Funding Corporation
6.15%, 7/31/95 4,924
--------------------------------------------------------
JV Receivables Corporation
6.06%, 6/14/95 3,474
--------------------------------------------------------
SFC (USA) Inc.
6.15%, 5/31/95 4,975
--------------------------------------------------------
WCP Funding Corporation
6.09%, 6/15/95 7,940
--------------------------------------------------------
<CAPTION>
Value
<S> <C>
Xerox Credit Corporation
6.08%, 7/07/95 $ 7,911
--------------------------------------------------------
49,051
--------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS--87.8%
(average maturity: 30 days) 332,369
--------------------------------------------------------
BANK OBLIGATIONS
ISSUED BY U.S. BANKS--1.3%
--------------------------------------------------------
(a)Shawmut Bank Connecticut, N.A.
5.94%, 5/02/95 5,000
--------------------------------------------------------
ISSUED BY FOREIGN BANKS--1.3%
--------------------------------------------------------
Banque National De Paris
6.06%, 5/08/95 5,000
--------------------------------------------------------
TOTAL BANK OBLIGATIONS--2.6%
(average maturity: 4 days) 10,000
--------------------------------------------------------
REPURCHASE AGREEMENTS
(Dated 2/95 and 3/95, collateralized by Federal
Home Loan Mortgage Corporation and Federal
National Mortgage Association Securities)
--------------------------------------------------------
CS First Boston Inc.
(held at Chemical Bank)
6.05%, 5/24/95 10,000
--------------------------------------------------------
Goldman, Sachs & Co.
(held at The Bank of New York)
6.02%, 5/01/95 10,000
--------------------------------------------------------
Lehman Government Securities, Inc.
(held at Chemical Bank)
6.10%, 5/08/95 15,000
--------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--9.3%
(average maturity: 10 days) 35,000
--------------------------------------------------------
TOTAL INVESTMENTS--99.7%
(average maturity: 27 days) 377,369
--------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.3% 1,182
--------------------------------------------------------
NET ASSETS--100% $378,551
--------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 4
Cash Account Trust 4
- - --------------------------------------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO
Investments at April 30, 1995
(Value in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHORT-TERM NOTES Value
<S> <C>
(Issued or guaranteed by U.S. Government
agencies or instrumentalities)
---------------------------------------------------------
(a)Export-Import Bank of the United States
(Kuwait Investment Authority)
6.34%, 5/15/95 $ 3,600
---------------------------------------------------------
Federal Farm Credit Banks
6.33%, 6/01/95 4,999
---------------------------------------------------------
Federal Home Loan Bank
5.93% - 6.10%, 5/01/95 - 6/07/95 5,969
(a) 6.26%, 5/02/95 2,201
---------------------------------------------------------
Federal Home Loan Bank
(Downey Savings & Loan)
6.09%, 7/10/95 4,645
---------------------------------------------------------
Federal Home Loan Mortgage Corporation
5.88% - 6.10%, 5/11/95 - 6/09/95 15,949
(a) 6.14%, 5/15/95 2,498
---------------------------------------------------------
(a)Federal National Mortgage Association
6.60%, 5/01/95 1,001
---------------------------------------------------------
(a)Student Loan Marketing Association
6.04%, 5/02/95 8,339
---------------------------------------------------------
TOTAL SHORT-TERM NOTES--35.6%
(average maturity: 22 days) 49,201
---------------------------------------------------------
REPURCHASE AGREEMENTS
(Dated 3/95 and 4/95, collateralized by Federal
Home Loan Mortgage Corporation, Federal
National Mortgage Association and U.S. Treasury
securities)
---------------------------------------------------------
Bear, Stearns Companies Inc.
6.00%, 5/02/95 12,000
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
Chase Manhattan Corporation
(held at Chemical Bank)
6.05% - 6.10%, 5/03/95 - 5/11/95 $ 21,000
---------------------------------------------------------
CS First Boston Inc.
(held at Chemical Bank)
5.95%, 5/01/95 4,000
---------------------------------------------------------
Donaldson, Lufkin & Jenrette Securities Corp.
(held at Chemical Bank)
6.13% - 6.20%, 6/05/95 - 7/06/95 15,000
---------------------------------------------------------
Goldman, Sachs & Co.
(held at The Bank of New York)
6.10% - 6.18%, 5/04/95 - 6/30/95 17,000
---------------------------------------------------------
Lehman Government Securities, Inc.
(held at Chemical Bank)
6.10%, 7/24/95 7,000
---------------------------------------------------------
Nomura Securities International, Inc.
(held at The Bank of New York)
6.10%, 5/01/95 7,000
---------------------------------------------------------
Salomon Inc.
(held at The Bank of New York)
5.95%, 5/02/95 4,600
---------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--63.5%
(average maturity: 25 days) 87,600
---------------------------------------------------------
TOTAL INVESTMENTS--99.1%
(average maturity: 23 days) 136,801
---------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.9% 1,219
---------------------------------------------------------
NET ASSETS--100% $138,020
---------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 5
Cash Account Trust 5
- - --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1995
(Value in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(A)VARIABLE RATE
DEMAND SECURITIES Value
<S> <C>
ARIZONA
---------------------------------------------------------
Apache County
Industrial Development Authority
4.90% $ 2,300
CALIFORNIA
---------------------------------------------------------
Los Angeles
Harbor Improvement Corporation
4.70% 2,000
Regional Airports Improvement Corporation
5.45% 600
DISTRICT OF COLUMBIA
---------------------------------------------------------
General Obligation
5.30% 500
GEORGIA
---------------------------------------------------------
Floyd County
Development Authority
5.00% 1,875
ILLINOIS
---------------------------------------------------------
Chicago
O'Hare International Airport
5.08% 2,980
---------------------------------------------------------
Development Finance Authority
4.35% 2,000
---------------------------------------------------------
Educational Facilities Authority
4.60% 2,000
INDIANA
---------------------------------------------------------
Fort Wayne
Hospital Authority
4.65% 2,135
---------------------------------------------------------
Rockport
Pollution Control Revenue
5.20% 1,400
IOWA
---------------------------------------------------------
Higher Education Loan Authority
4.70% 1,000
---------------------------------------------------------
Louisa County
Pollution Control Revenue
4.95% 500
MARYLAND
---------------------------------------------------------
Health and Higher Educational Facilities
Authority
4.35% 2,000
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
MICHIGAN
---------------------------------------------------------
Dearborn
Economic Development Corporation
4.88% $ 1,400
---------------------------------------------------------
Strategic Fund
4.75% 305
NEW HAMPSHIRE
---------------------------------------------------------
Business Finance Authority
4.85% 1,500
NEW YORK
---------------------------------------------------------
New York City
Revenue Anticipation Notes
4.02% 1,000
PENNSYLVANIA
---------------------------------------------------------
Delaware Valley
Regional Finance Authority
4.70% 1,700
---------------------------------------------------------
Philadelphia
Redevelopment Authority
4.80% 1,600
TENNESSEE
---------------------------------------------------------
Smyrna Housing Association, Inc.
Multifamily Housing Revenue
4.80% 2,000
TEXAS
---------------------------------------------------------
Angelina and Neches River Authority
Industrial Development Corporation
5.00% 800
---------------------------------------------------------
Calhoun County
Industrial Development Authority
4.85% 1,000
VIRGINIA
---------------------------------------------------------
Louisa County
Industrial Development Authority
4.70% 2,000
WASHINGTON
---------------------------------------------------------
Health Care Facilities Authority
5.00% 2,000
WISCONSIN
---------------------------------------------------------
Eau Claire
Solid Waste Disposal Revenue
4.85% 1,800
---------------------------------------------------------
</TABLE>
<PAGE> 6
Cash Account Trust 6
- - --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1995
(Value in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
TOTAL VARIABLE RATE TAX-EXEMPT
DEMAND SECURITIES--56.7%
(average maturity: 3 days) $38,395
- - ---------------------------------------------------------
OTHER SECURITIES
CALIFORNIA
- - ---------------------------------------------------------
Housing Finance Agency
4.30%, 5/01/95 65
- - ---------------------------------------------------------
Revenue Anticipation Notes
4.19%, 6/28/95 200
COLORADO
- - ---------------------------------------------------------
Arapahoe County
Capital Improvement Revenue
4.45%, 8/31/95 1,500
- - ---------------------------------------------------------
Denver City and County
Airport System Revenue
4.35%, 5/09/95 2,000
- - ---------------------------------------------------------
Platte River Power Authority
4.25%, 5/22/95 1,500
GEORGIA
- - ---------------------------------------------------------
Municipal Electric Authority
4.10% - 4.15%, 5/22/95 - 5/23/95 2,600
- - ---------------------------------------------------------
Municipal Gas Authority
4.10%, 5/30/95 1,975
ILLINOIS
- - ---------------------------------------------------------
Chicago
General Obligation
4.30%, 9/21/95 2,500
INDIANA
- - ---------------------------------------------------------
Mount Vernon
Pollution Control and
Solid Waste Disposal Revenue
4.20%, 5/15/95 1,000
- - ---------------------------------------------------------
Sullivan
Pollution Control Revenue
4.15% - 4.20%, 5/15/95 - 8/14/95 1,990
KENTUCKY
- - ---------------------------------------------------------
Danville
Multi-City Lease Revenue
4.00%, 5/09/95 895
- - ---------------------------------------------------------
<CAPTION>
Value
<S> <C>
Pendleton County
Multi-County Lease Revenue
4.25%, 8/17/95 $ 1,000
MISSOURI
- - ---------------------------------------------------------
Health Facilities Revenue
4.00%, 5/12/95 1,500
NEW HAMPSHIRE
- - ---------------------------------------------------------
Business Finance Authority
4.05%, 5/11/95 2,000
NEW YORK
- - ---------------------------------------------------------
Nassau County
Tax Anticipation Notes
5.10%, 9/28/95 1,001
- - ---------------------------------------------------------
New York City
Revenue Anticipation Notes
4.15%, 6/30/95 1,502
TEXAS
- - ---------------------------------------------------------
Lower Colorado River Authority
4.45%, 5/10/95 1,000
- - ---------------------------------------------------------
Public Finance Authority
4.20%, 9/07/95 1,000
VIRGINIA
- - ---------------------------------------------------------
Chesterfield
Industrial Development Authority
4.05% - 4.25%, 5/22/95 - 7/24/95 2,350
- - ---------------------------------------------------------
TOTAL OTHER
SECURITIES--40.7%
(average maturity: 56 days) 27,578
- - ---------------------------------------------------------
TOTAL INVESTMENTS--97.4%
(average maturity: 25 days) 65,973
- - ---------------------------------------------------------
CASH AND OTHER ASSETS
LESS LIABILITIES--2.6% 1,775
- - ---------------------------------------------------------
NET ASSETS--100% $67,748
- - ---------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 7
Cash Account Trust 7
- - --------------------------------------------------------------------------------
NOTES TO PORTFOLIOS OF INVESTMENTS
- - --------------------------------------------------------------------------------
Interest rates represent annualized yield to date of maturity, except for
variable rate securities described in Note (a). For each security, cost (for
financial reporting and federal income tax purposes) and carrying value are the
same. Likewise, carrying value approximates principal amount.
(a) Variable rate securities. The rates shown are the current rates at April 30,
1995. The dates shown represent the demand date or the next interest rate change
date. Securities in the Tax-Exempt Portfolio shown without a date are payable
within five business days and are backed by credit support agreements from banks
or insurance institutions.
(b) Illiquid securities. At April 30, 1995, the aggregate value of illiquid
securities was $12,000,000 in the Money Market Portfolio, which represented 3.2%
of net assets.
(c) See Note (3) of the Notes to Financial Statements.
<PAGE> 8
Cash Account Trust 8
- - --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
- - --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS
CASH ACCOUNT TRUST
We have audited the accompanying statement of assets and liabilities, including
the portfolios of investments, of the Money Market, Government Securities and
Tax-Exempt Portfolios, comprising Cash Account Trust, as of April 30, 1995, and
the related statements of operations for the year then ended and changes in net
assets for each of the two years in the period then ended, and the financial
highlights for each of the fiscal periods since 1991. 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 investments owned as of
April 30, 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Portfolios comprising Cash Account Trust at April 30, 1995, the results
of their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended and the financial highlights for
each of the fiscal periods since 1991, in conformity with generally accepted
accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
May 26, 1995
<PAGE> 9
Cash Account Trust 9
- - --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
- - ------------------------------------------------------------------------------------------------------------------------
Investments, at amortized cost:
Short-term securities $ 342,369 49,201 65,973
- - ------------------------------------------------------------------------------------------------------------------------
Repurchase agreements 35,000 87,600 --
- - ------------------------------------------------------------------------------------------------------------------------
Cash 1,223 900 1,639
- - ------------------------------------------------------------------------------------------------------------------------
Receivable for:
Interest 1,007 706 354
- - ------------------------------------------------------------------------------------------------------------------------
Fund shares sold 36 -- --
- - ------------------------------------------------------------------------------------------------------------------------
Total assets 379,635 138,407 67,966
- - ------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
- - ------------------------------------------------------------------------------------------------------------------------
Payable for:
Dividends 486 181 61
- - ------------------------------------------------------------------------------------------------------------------------
Fund shares redeemed 175 106 109
- - ------------------------------------------------------------------------------------------------------------------------
Management fee 189 -- --
- - ------------------------------------------------------------------------------------------------------------------------
Distribution fee 47 67 27
- - ------------------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 111 27 15
- - ------------------------------------------------------------------------------------------------------------------------
Other 76 6 6
- - ------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,084 387 218
- - ------------------------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $ 378,551 138,020 67,748
- - ------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS
- - ------------------------------------------------------------------------------------------------------------------------
Excess of amounts received from issuance of shares over amounts paid
on redemptions of shares on account of capital $ 379,377 138,020 67,748
- - ------------------------------------------------------------------------------------------------------------------------
Unrealized depreciation of investments (826) -- --
- - ------------------------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $ 378,551 138,020 67,748
- - ------------------------------------------------------------------------------------------------------------------------
THE PRICING OF SHARES
- - ------------------------------------------------------------------------------------------------------------------------
Shares outstanding, no par value (unlimited shares authorized) 378,551 138,020 67,748
- - ------------------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 1.00 1.00
- - ------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 10
Cash Account Trust 10
- - --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Year ended April 30, 1995
(in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------------------
<S> <C> <C> <C>
INTEREST INCOME $ 15,616 4,748 1,830
- - ------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 621 188 107
- - ------------------------------------------------------------------------------------------------------------------------------
Distribution fee 1,694 513 243
- - ------------------------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 522 120 67
- - ------------------------------------------------------------------------------------------------------------------------------
Registration costs 65 57 24
- - ------------------------------------------------------------------------------------------------------------------------------
Professional fees 29 8 5
- - ------------------------------------------------------------------------------------------------------------------------------
Reports to shareholders 34 8 5
- - ------------------------------------------------------------------------------------------------------------------------------
Trustees' fees and other 10 2 2
- - ------------------------------------------------------------------------------------------------------------------------------
2,975 896 453
- - ------------------------------------------------------------------------------------------------------------------------------
Less expenses absorbed by the investment manager (173) (129) (82)
- - ------------------------------------------------------------------------------------------------------------------------------
Total expenses absorbed by the Portfolio 2,802 767 371
- - ------------------------------------------------------------------------------------------------------------------------------
Net investment income 12,814 3,981 1,459
- - ------------------------------------------------------------------------------------------------------------------------------
Net change in balance of unrealized depreciation of investments (826) -- --
- - ------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 11,988 3,981 1,459
- - ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Years ended April 30, 1995 and 1994
(in thousands)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET GOVERNMENT TAX-EXEMPT
------------------------------------------------------------------------------
PORTFOLIO SECURITIES PORTFOLIO PORTFOLIO
1995 1994 1995 1994 1995 1994
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 12,814 1,432 3,981 697 1,459 240
- - ------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (826) -- -- -- -- --
- - ------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 11,988 1,432 3,981 697 1,459 240
- - ------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment
income (12,814) (1,432) (3,981) (697) (1,459) (240)
- - ------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (DOLLAR AMOUNTS AND
NUMBER OF SHARES ARE THE SAME):
Shares sold 998,198 236,419 406,191 72,911 214,193 41,417
- - ------------------------------------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 12,434 1,333 3,814 684 1,404 234
- - ------------------------------------------------------------------------------------------------------------------------------
1,010,632 237,752 410,005 73,595 215,597 41,651
Less shares redeemed 788,234 115,866 302,814 71,729 164,840 34,674
- - ------------------------------------------------------------------------------------------------------------------------------
Net increase from capital share transactions 222,398 121,886 107,191 1,866 50,757 6,977
- - ------------------------------------------------------------------------------------------------------------------------------
Capital contribution from investment manager 826 -- -- -- -- --
- - ------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 222,398 121,886 107,191 1,866 50,757 6,977
- - ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 156,153 34,267 30,829 28,963 16,991 10,014
- - ------------------------------------------------------------------------------------------------------------------------------
End of year $ 378,551 156,153 138,020 30,829 67,748 16,991
- - ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 11
Cash Account Trust 11
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NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND
The Fund currently offers three series of shares (Portfolios)--the Money Market
Portfolio, the Government Securities Portfolio and the Tax-Exempt Portfolio. The
Money Market Portfolio invests primarily in short-term high quality obligations
of major banks and corporations. The Government Securities Portfolio invests
exclusively in obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities and repurchase agreements thereon. The Tax-Exempt
Portfolio invests in short-term high quality municipal securities.
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION
Investments are stated at amortized cost, which approximates market value. In
the event that a deviation of 1/2 of 1% or more exists between a Portfolio's
$1.00 per share net asset value, calculated at amortized cost, and the net asset
value calculated by reference to market-based values, or if there is any other
deviation that the Board of Trustees believes would result in a material
dilution to shareholders or purchasers, the Board of Trustees will promptly
consider what action should be initiated.
INVESTMENT TRANSACTIONS AND INTEREST INCOME
Investment transactions are accounted for on the trade date (date the order to
buy or sell is executed). Interest income is recorded on the accrual basis and
includes amortization of premium and discount on investments.
REPURCHASE AGREEMENTS
Repurchase agreements are fully collateralized by U.S. Treasury and Government
agency securities. All collateral is held through the Fund's custodian bank and
is monitored daily by the Fund so that its market value exceeds the carrying
value of the repurchase agreement.
EXPENSES
Expenses arising in connection with a Portfolio are allocated to that Portfolio.
Other Fund expenses are allocated among the Portfolios in proportion to their
relative net assets.
FUND SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS
Fund shares are sold and redeemed on a continuous basis at net asset value. On
each day that the New York Stock Exchange is open for trading, each Portfolio
determines its net asset value per share (NAV) by dividing the total value of
the Portfolio's investments and other assets, less liabilities, by the number of
Portfolio shares outstanding. The NAV is determined at 11:00 a.m., 1:00 p.m. and
3:00 p.m. Chicago time for the Money Market and Government Securities Portfolios
and at 11:00 a.m. and 3:00 p.m. Chicago time for the Tax-Exempt Portfolio. Each
Portfolio declares a daily dividend, equal to its net investment income for that
day, payable monthly. Net investment income consists of all interest income plus
(minus) all realized gains (losses) on portfolio securities, minus all expenses
of the Portfolio.
FEDERAL INCOME TAXES
Each Portfolio has complied with the special provisions of the Internal Revenue
Code available to investment companies and therefore no federal income tax
provision is required.
3. TRANSACTIONS WITH AFFILIATES
MANAGEMENT AGREEMENT
The Fund has a management agreement with Kemper Financial Services, Inc. (KFS)
and pays a management fee at an annual rate of .22% of the first $500 million of
average daily net assets declining gradually to .15% of average daily net assets
in excess of $3 billion. During the year ended April 30, 1995, the Fund incurred
management fees of $916,000.
Kemper Asset Holdings, Inc. (KAHI), a subsidiary of Kemper Corporation, the
parent company of Kemper Financial Services, Inc., arranged for the issuance of
a $5,177,000 irrevocable letter of credit from The Bank of New York for the
benefit of the Fund. The letter of credit supports the payment of principal and
interest on the Orange County, California obligation
<PAGE> 12
Cash Account Trust 12
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
held in the Money Market Portfolio. The Fund and KAHI are parties to an
agreement related to the letter of credit which provides, among other things,
that, in connection with a payment of principal or interest under the letter of
credit, the Fund will transfer to KAHI any proceeds received under the Orange
County obligation.
DISTRIBUTION AGREEMENT
The Fund also has an administration, shareholder services and distribution
agreement with Kemper Distributors, Inc. (KDI). Before February 1, 1995, KFS was
the distributor. For its services as primary distributor, the Fund pays KDI an
annual fee of .60% of average daily net assets for the Money Market and
Government Securities Portfolios and .50% of average daily net assets for the
Tax-Exempt Portfolio. For the year ended April 30, 1995, the Fund incurred
distribution fees of $2,450,000. KDI has related service agreements with various
firms to provide cash management and other services for Fund shareholders. Under
these agreements, KDI pays such firms based on the average daily net assets of
those accounts that they maintain and service at an annual rate of .60% for the
Money Market and Government Securities Portfolios, and .50% for the Tax-Exempt
Portfolio. During the year ended April 30, 1995, KDI (and KFS as predecessor to
KDI) paid fees of $2,434,000 to various firms pursuant to the related service
agreements.
CUSTODIAN AND TRANSFER AGENT AGREEMENTS
The Fund has a custodian and a transfer agent agreement with Investors Fiduciary
Trust Company (IFTC), which was 50% owned by KFS until January 31, 1995, when
KFS completed the sale of IFTC to a third party. For the year ended April 30,
1995, the Fund incurred custodian and transfer agent fees of $675,000 (excluding
related expenses). Pursuant to a services agreement with IFTC, Kemper Service
Company (KSvC), an affiliate of KFS, is the shareholder service agent of the
Fund. For the year ended April 30, 1995, IFTC remitted shareholder service fees
of $640,000 to KSvC.
OFFICERS AND TRUSTEES
Certain officers or trustees of the Fund are also officers or directors of KFS.
During the year ended April 30, 1995, the Fund made no payments to its officers
and incurred trustees' fees of $11,000 to independent trustees.
EXPENSE ABSORPTION
KFS has agreed to temporarily absorb certain operating expenses for each
Portfolio to the extent that they exceed the following percentages of average
daily net assets: Money Market Portfolio (1.00%), Government Securities
Portfolio (.90%) and Tax-Exempt Portfolio (.80%). From time to time, KFS may
voluntarily absorb additional operating expenses of each Portfolio. Under these
arrangements, KFS absorbed expenses of $384,000 during the year ended April 30,
1995.
<PAGE> 13
Cash Account Trust 13
- - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 3, 1990
Year ended April 30, to
MONEY MARKET PORTFOLIO 1995 1994 1993 1992 April 30, 1991
<S> <C> <C> <C> <C> <C>
- - -----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .04 .02 .02 .04 .03
- - -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
- - -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 4.38 2.42 2.65 4.44 2.63
- - -----------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses after expense absorption .99 .93 .84 .93 1.00
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income 4.54 2.48 2.59 4.03 6.24
- - -----------------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (%):
Expenses 1.05 1.20 1.36 1.57 1.58
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income 4.48 2.21 2.07 3.39 5.66
- - -----------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $378,551 156,153 34,267 27,905 6,105
- - -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
December 3, 1990
Year ended April 30, to
GOVERNMENT SECURITIES PORTFOLIO 1995 1994 1993 1992 April 30, 1991
<S> <C> <C> <C> <C> <C>
- - -----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .04 .02 .02 .04 .03
- - -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
- - -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 4.37 2.49 2.65 4.54 2.47
- - -----------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses after expense absorption .90 .84 .79 .79 .87
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income 4.66 2.47 2.63 4.41 5.95
- - -----------------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (%):
Expenses 1.05 1.22 1.18 1.20 1.44
- - -----------------------------------------------------------------------------------------------------------------------------
Net investment income 4.51 2.09 2.24 4.00 5.38
- - -----------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $138,020 30,829 28,963 34,119 30,080
- - -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
Cash Account Trust 14
- - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 3, 1990
Year ended April 30, to
TAX-EXEMPT PORTFOLIO 1995 1994 1993 1992 April 30, 1991
<S> <C> <C> <C> <C> <C>
- - ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
- - ------------------------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .03 .02 .02 .03 .02
- - ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
- - ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 2.80 1.84 2.13 3.46 1.76
- - ------------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses after expense absorption .76 .74 .71 .67 .75
- - ------------------------------------------------------------------------------------------------------------------------------
Net investment income 3.00 1.82 2.09 3.34 4.30
- - ------------------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (%):
Expenses .93 1.20 1.39 1.38 .97
- - ------------------------------------------------------------------------------------------------------------------------------
Net investment income 2.83 1.36 1.41 2.63 4.08
- - ------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $67,748 16,991 10,014 7,097 3,904
</TABLE>
- - --------------------------------------------------------------------------------
NOTES:
a. The Money Market Portfolio's total return for the year ended April 30, 1995
includes the effect of a capital contribution from the investment manager.
Without the capital contribution, the total return would have been 4.16%.
b. KFS has agreed to temporarily absorb certain operating expenses. The Other
Ratios to Average Net Assets are computed without this expense absorption.
Ratios have been determined on an annualized basis. Total return is not
annualized.
- - --------------------------------------------------------------------------------
FEDERAL TAX STATUS OF 1995 DIVIDENDS
All of the dividends from the Money Market and Government Securities Portfolios
are taxable as ordinary income. All of the dividends from the Tax-Exempt
Portfolio constitute tax-exempt interest which is not taxable for federal income
tax purposes; however, a portion of the dividends may be includable in the
alternative minimum tax calculation.
These dividends, whether received in cash or reinvested in shares, must be
included in your federal income tax return and must be reported by the Fund to
the Internal Revenue Service in accordance with U.S. Treasury Department
Regulations.
<PAGE> 15
CASH ACCOUNT
TRUST
ANNUAL
REPORT
APRIL 30, 1995
This report is not to be distributed unless preceded or
accompanied by a prospectus.
INVESTMENT MANAGER
Kemper Financial Services, Inc.
PRINCIPAL UNDERWRITER
Kemper Distributors, Inc.
120 South LaSalle Street, Chicago, IL 60603
240020 6/95 (LOGO)
Printed on recycled paper.
