<PAGE> 1
Cash Account Trust
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
We appreciate your decision to invest in Cash Account Trust. To provide you with
an update of holdings and financial highlights, on the following pages you'll
find the Cash Account Trust semiannual report for the six-month period ended
October 31, 1999. The following pages include the report for the portfolios
listed below:
- - Money Market Portfolio
- - Government Securities Portfolio
- - Tax-Exempt Portfolio
During the past six months, the portfolios' registered solid performance and
achieved their objectives of providing maximum current income while maintaining
stability of principal.
ECONOMIC REVIEW AND OUTLOOK
Over the past six months the U.S. economy continued to grow, as inflation and
low unemployment figures boosted consumer confidence. The Federal Reserve Board
of Governors (the Fed) continued to take measures to tighten monetary
conditions. This was due to continuing concerns the economy was growing at too
rapid of a pace and inflation would start emerging because of tight labor
markets. Meanwhile, a number of foreign economies continued to rebound,
especially Japan and Europe. These factors translated into increased worldwide
growth and capital demand, and helped build the expectation that the Gross
Domestic Product should remain strong with at least 4% growth. As a result, the
Fed seems content on managing interest rates for the remainder of this year and
seems interested in maintaining orderly, functioning financial markets. We
anticipate a relatively good pace of economic growth continuing into the new
year.
Considering this information, we plan to take a relatively defensive approach to
Cash Account Trust portfolios' average maturity, although we will look for
attractive opportunities to extend maturities, and enhance performance.
Rest assured that the Funds' management is dedicated to achieving the Funds'
objective. Given the conditions stated above and our strategy, Cash Account
Trust offers a high degree of stability, and should continue to be an excellent
place for you to invest your money.
Thank you again for your investment. We look forward to serving your investment
needs for years to come.
FRANK J. RACHWALSKI
Frank J. Rachwalski
Fund Vice President and Lead Portfolio Manager
December 15, 1999
Frank Rachwalski is a Managing Director of Scudder Kemper Investments, Inc. and
is Vice President and Lead Portfolio Manager of Cash Account Trust. Mr.
Rachwalski holds B.B.A. and M.B.A. degrees from Loyola University.
NOTES
Like all money market funds, an investment in these funds is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the funds seek to preserve your investment at $1.00 per share,
it is possible to lose money.
The views expressed in this report reflect those of the portfolio manager only
through the end of the period stated above. The manager's views are subject to
change at any time, based on market and other conditions.
<PAGE> 2
Cash Account Trust 2
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MONEY MARKET PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CORPORATE OBLIGATIONS Value
<S> <C>
BANKING--10.8%
- ----------------------------------------------------------
Bank of Nova Scotia
5.83%, 2/03/00 $ 35,000
- ----------------------------------------------------------
(a)Bank One Corp.
5.44% - 6.11%, 11/4/99 - 1/5/00 34,988
- ----------------------------------------------------------
Banque Nationale de Paris
5.32% - 5.42%, 12/20/99 - 12/22/99 30,971
- ----------------------------------------------------------
COFCO Capital Corp.
5.39%, 11/18/99 34,911
- ----------------------------------------------------------
Lloyds TSB Bank
5.42%, 12/30/99 34,693
- ----------------------------------------------------------
Merita N.A., Inc.
5.57%, 1/19/00 24,703
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National Bank of Canada
6.06%, 1/26/00 34,503
- ----------------------------------------------------------
Nordebanken N.A., Inc.
5.97%, 2/1/00 14,776
- ----------------------------------------------------------
(a)Northern Rock PLC
5.50% - 5.56%, 12/14/99 - 1/21/00 59,744
- ----------------------------------------------------------
Royal Bank of Scotland
6.04%, 2/17/00 34,379
- ----------------------------------------------------------
Spintab AB
5.28% - 6.00%, 11/15/99 - 3/9/00 34,551
- ----------------------------------------------------------
SwedBank Inc.
6.07%, 2/14/00 39,306
- ----------------------------------------------------------
UBS Finance Inc.
5.04% - 5.07%, 12/13/99 - 12/22/99 34,787
- ----------------------------------------------------------
(a)Wells Fargo & Co.
5.38%, 12/29/99 31,990
- ----------------------------------------------------------
479,302
BUSINESS LOANS--19.5%
- ----------------------------------------------------------
Asset Securitization Cooperative Corp.
6.1%, 1/24/00 34,510
- ----------------------------------------------------------
Corporate Asset Funding
6.11%, 1/24/00 34,508
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Corporate Receivables Corp.
6.12%, 01/18/00 34,543
- ----------------------------------------------------------
Delaware Funding Corp.
5.40%, 11/10/99 34,953
- ----------------------------------------------------------
Eureka Securitization, Inc.
5.41%, 11/23/99 34,885
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Falcon Asset Securitization Corp.
6.21%, 1/19/00 $ 34,531
- ----------------------------------------------------------
International Securitization Corp.
5.46% - 6.04%, 11/2/99 - 2/24/00 34,472
- ----------------------------------------------------------
Intrepid Funding Corp.
5.99% - 6.06%, 2/29/00 - 3/1/00 34,313
- ----------------------------------------------------------
Kitty Hawk Funding Corp.
5.38%, 11/22/99 34,891
- ----------------------------------------------------------
Lexington Parker Capital Co.
6.00%, 2/11/00 34,420
- ----------------------------------------------------------
Mont Blanc Capital Corp.
6.10%, 2/14/00 - 2/15/00 34,387
- ----------------------------------------------------------
Monte Rosa Capital Corp.
6.00%, 2/4/00 34,458
- ----------------------------------------------------------
New Center Asset Trust Two
5.36%, 11/19/99 34,907
- ----------------------------------------------------------
Old Line Funding Corp.
5.39%, 11/23/99 33,576
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Park Avenue Receivables
5.98% - 6.16%, 1/11/00 - 2/16/00 31,071
- ----------------------------------------------------------
Preferred Receivables Funding Corp.
6.00%, 1/31/00 34,481
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Quincy Capital Corp.
5.40%, 11/10/99 34,953
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Receivables Capital Corp.
5.32%, 11/5/99 34,869
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Sheffield Receivables Corp.
5.40% - 5.42%, 11/22/99 - 11/29/99 44,848
- ----------------------------------------------------------
(a)SMM Trust 1999 - A
6.30%, 1/15/00 70,000
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Sweetwater Capital Corp.
6.15%, 4/27/00 26,385
- ----------------------------------------------------------
Thunder Bay Funding, Inc.
5.41%, 11/19/99 34,906
- ----------------------------------------------------------
WCP Funding, Inc.
5.44%, 12/1/99 34,842
- ----------------------------------------------------------
Wood Street Funding Corp.
5.43% - 5.46%, 11/18/99 - 12/17/99 30,770
- ----------------------------------------------------------
860,479
</TABLE>
<PAGE> 3
Cash Account Trust 3
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MONEY MARKET PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
CAPITAL, AUTO, AND EQUIPMENT LENDING--6.4%
- ----------------------------------------------------------
Ace Overseas Corp.
6.00%, 3/10/00 $ 34,263
- ----------------------------------------------------------
(a)American Honda Finance Corp.
5.46%, 12/20/99 29,991
- ----------------------------------------------------------
Atlantis One Funding
5.79%, 1/24/00 19,737
- ----------------------------------------------------------
(a)Caterpillar Financial Services Corp.
5.27% - 5.42%, 11/11/99 - 12/10/99 25,002
- ----------------------------------------------------------
Centric Capital Corp.
6.09%, 1/19/00 34,541
- ----------------------------------------------------------
DaimlerChrysler
6.01%, 3/27/00 30,261
- ----------------------------------------------------------
FCAR Owner Trust One
6.11%, 1/10/00 19,766
- ----------------------------------------------------------
(a)Ford Motor Credit Co.
5.43% - 5.50%, 11/18/99 - 12/30/99 34,972
- ----------------------------------------------------------
Fountain Square Commercial Funding Corp.
6.15%, 1/18/00 24,486
- ----------------------------------------------------------
(a)IBM Credit Corp.
5.07%, 3/22/00 9,998
- ----------------------------------------------------------
(a)John Deere Capital Corp.
5.40%, 11/1/99 19,996
- ----------------------------------------------------------
283,013
CAPTIVE BUSINESS LENDING--8.8%
- ----------------------------------------------------------
Allstate Corp.
5.95%, 2/18/00 34,383
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British Gas Capital, Inc.
5.58%, 1/26/00 34,549
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California Pollution Control Financing
Authority
5.39%, 11/15/99 35,000
- ----------------------------------------------------------
Capital One Funding Corp.
(a)(b) 5.50%, 11/4/99 7,945
(a) 5.50%, 11/4/99 - 11/7/99 77,411
- ----------------------------------------------------------
CSW Credit Inc.
5.87%, 2/22/00 34,372
- ----------------------------------------------------------
Duke Capital Corp.
5.59% - 6.01%, 1/19/00 - 2/4/00 34,494
- ----------------------------------------------------------
Fortis Finance N.V.
6.25%, 1/27/00 34,480
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Girsa Funding Corp.
6.13%, 4/24/00 $ 36,415
- ----------------------------------------------------------
Pemex Capital Inc.
5.42%, 11/10/99 34,953
- ----------------------------------------------------------
Sony Capital Corporation
5.37%, 12/13/99 24,845
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388,847
CONSUMER LENDING--0.9%
- ----------------------------------------------------------
(a)Avco Financial Services, Inc.
5.51%, 11/17/99 10,000
- ----------------------------------------------------------
(b)GMAC Mortgage Corporation of Pennsylvania
5.48%, 11/1/99 30,000
- ----------------------------------------------------------
40,000
CONSUMER PRODUCTS AND SERVICES--3.6%
- ----------------------------------------------------------
(a)Anheuser-Busch Inc.
5.28%, 11/16/99 39,978
- ----------------------------------------------------------
China Merchandise Inc.
5.46%, 11/15/99 24,947
- ----------------------------------------------------------
Coca-Cola Enterprises, Inc.
5.96%, 2/11/00 34,424
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Fortune Brands Inc.
5.58%, 2/15/00 9,841
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SK Global America
5.44%, 12/10/99 34,796
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Wal-Mart Stores Inc.
5.34%, 11/29/99 17,627
- ----------------------------------------------------------
161,613
DIVERSIFIED FINANCE--11.8%
- ----------------------------------------------------------
Alpine Securitization Corp.
6.00%, 2/24/00 34,346
- ----------------------------------------------------------
American General Finance
6.07%, 1/27/00 29,568
- ----------------------------------------------------------
Amsterdam Funding Corp.
5.42%, 12/20/99 34,744
- ----------------------------------------------------------
Barton Capital Corp.
6.16%, 1/14/00 31,398
- ----------------------------------------------------------
Clipper Receivables Corp.
5.42%, 11/19/99 34,906
- ----------------------------------------------------------
</TABLE>
<PAGE> 4
Cash Account Trust 4
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MONEY MARKET PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
CXC, Inc.
6.13%, 2/8/00 $ 34,421
- ----------------------------------------------------------
Enterprise Capital Funding Corp.
5.41% - 5.44%, 11/15/99 - 11/17/99 34,414
- ----------------------------------------------------------
Four Winds Funding Corp.
5.43%, 11/17/99 34,916
- ----------------------------------------------------------
Galaxy Funding
5.45%, 11/12/99 34,942
- ----------------------------------------------------------
(a)General Electric Capital Corp.
6.02% - 6.13%, 1/12/00 - 2/17/00 34,823
- ----------------------------------------------------------
Giro Funding US Corp.
5.40%, 11/22/99 34,890
- ----------------------------------------------------------
Knight Ridder Inc.
6.21%, 2/7/00 19,668
- ----------------------------------------------------------
Moriarty LLC
5.97%, 2/14/00 34,406
- ----------------------------------------------------------
(a)Norwest Financial Inc.
5.44%, 11/7/99 24,987
- ----------------------------------------------------------
Variable Funding Capital Corp.
5.41%, 11/10/99 34,953
- ----------------------------------------------------------
Windmill Funding Corp.
6.14%, 1/27/00 34,490
- ----------------------------------------------------------
521,872
FINANCIAL SERVICES--5.7%
- ----------------------------------------------------------
(a)Bear Stearns Cos., Inc.
5.35%, 11/8/99 10,000
- ----------------------------------------------------------
Beta Finance
5.63% - 5.98%, 1/18/00 - 1/28/00 34,543
- ----------------------------------------------------------
Forrestal Funding Master
5.95%, 1/21/00 34,543
- ----------------------------------------------------------
(a)Goldman Sachs Group, L.P.
5.42%, 11/2/99 30,000
- ----------------------------------------------------------
(a)National Rural Utility
5.48% - 5.40%, 11/2/99 - 12/25/99 34,997
- ----------------------------------------------------------
Omnicom Finance Inc.
5.39%, 11/16/99 19,955
- ----------------------------------------------------------
(a)Sigma Finance
5.01% - 5.35%, 11/15/99 - 12/15/99 87,834
- ----------------------------------------------------------
251,872
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
HEALTH CARE--0.8%
- ----------------------------------------------------------
Baxter International, Inc.
5.92% - 6.02%, 1/28/00 - 2/8/00 $ 34,477
- ----------------------------------------------------------
METALS AND MINING--1.5%
- ----------------------------------------------------------
Banco de Galicia Y Bueno
5.44% - 5.48%, 11/22/99 - 12/13/99 34,811
- ----------------------------------------------------------
HYLSA SA
6.00%, 2/17/00 29,474
- ----------------------------------------------------------
64,285
MUNICIPAL AND STATE OBLIGATIONS--1.3%
- ----------------------------------------------------------
Oakland - Alameda County Coliseum, California
5.42%, 11/15/99 37,350
- ----------------------------------------------------------
(a)Texas, General Obligation
5.35% - 5.38%, 11/3/99 - 11/13/99 19,755
- ----------------------------------------------------------
57,105
UTILITIES--4.4%
- ----------------------------------------------------------
AES Hawaii Inc.
5.42%, 11/10/99 34,953
- ----------------------------------------------------------
(a)Baltimore G & E
5.51%, 11/14/99 10,000
- ----------------------------------------------------------
Bell Atlantic Network
5.34%, 12/10/99 24,857
- ----------------------------------------------------------
Brazos River Authority, Texas
6.09%, 2/8/00 19,435
- ----------------------------------------------------------
Georgia Power Co.
5.90%, 2/4/00 19,696
- ----------------------------------------------------------
GTE Corp.
6.11%, 2/18/00 34,366
- ----------------------------------------------------------
Northern States Power Co.
5.38%, 12/06/99 34,819
- ----------------------------------------------------------
(a)Southern Cal Edison
5.51%, 11/25/99 15,000
- ----------------------------------------------------------
193,126
TOTAL CORPORATE OBLIGATIONS--75.5%
(average maturity: 60 days) 3,335,991
- ----------------------------------------------------------
</TABLE>
<PAGE> 5
Cash Account Trust 5
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
BANK OBLIGATIONS
CERTIFICATES OF DEPOSIT AND BANK NOTES--U.S. BANKS--11.9%
- ----------------------------------------------------------
Allfirst Bank
5.59%, 9/5/00 $ 9,498
- ----------------------------------------------------------
(a)American Express Centurian Bank
5.38% - 5.40%, 11/15/99 - 11/22/99 30,000
- ----------------------------------------------------------
(a)Amsouth Bank
5.27% - 5.60%, 11/11/99 - 12/11/99 34,999
- ----------------------------------------------------------
(a)Comerica Bank
5.4%, 11/1/99 24,996
- ----------------------------------------------------------
(a)CS First Boston, Inc.
5.47%, 11/1/99 60,000
- ----------------------------------------------------------
(a)Dresdner US Finance, Inc.
5.38%, 11/26/99 59,983
- ----------------------------------------------------------
(a)First Bank Corp.
5.46%, 11/21/99 15,005
- ----------------------------------------------------------
(a)First National Bank of Boston
5.92%, 3/6/00 15,000
- ----------------------------------------------------------
(a)First National Bank of Maryland
5.36%, 11/7/99 25,474
- ----------------------------------------------------------
(a)First Union National Bank
5.50%, 11/16/99 27,000
- ----------------------------------------------------------
(a)Fleet National Bank
5.54%, 11/15/99 30,021
- ----------------------------------------------------------
(a)Harris Trust and Savings Bank
5.41%, 11/1/99 44,992
- ----------------------------------------------------------
(a)Huntington National Bank
5.42%, 11/5/99 25,000
- ----------------------------------------------------------
(a)J.P. Morgan & Co., Inc.
5.39%, 11/3/99 27,000
- ----------------------------------------------------------
(a)Mellon Bank
5.48%, 11/30/99 14,996
- ----------------------------------------------------------
(a)National City Cleveland
5.39%, 11/14/99 24,990
- ----------------------------------------------------------
(a)PNC Bank, N.A.
5.39% - 5.45%, 11/3/99 - 11/28/99 35,001
- ----------------------------------------------------------
(a)U.S. Bank, N.A.
5.36%, 11/21/99 19,991
- ----------------------------------------------------------
523,946
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
CERTIFICATES OF DEPOSIT--FOREIGN BANKS--11.8%
- ----------------------------------------------------------
(a)Abbey National, N.A.
5.42%, 12/15/99 $ 9,935
- ----------------------------------------------------------
(a)Bank of Montreal
5.40%, 11/1/99 34,992
- ----------------------------------------------------------
(a)Barclays Bank PLC
5.39%, 11/1/99 24,992
- ----------------------------------------------------------
(a)Bayerische Hypo-Und Vereinsbank AG
5.33%, 11/19/99 89,980
- ----------------------------------------------------------
(a)Bayerische Landesbank
5.30%, 11/10/99 69,978
- ----------------------------------------------------------
(a)Commerzbank A.G.
5.16% - 5.34%, 11/1/99 - 11/12/99 54,987
- ----------------------------------------------------------
(a)Den Danske Bank
5.33%, 11/17/99 24,995
- ----------------------------------------------------------
(a)Deutsche Bank Financial Inc.
5.13% - 5.39%, 11/1/99 - 1/26/00 64,980
- ----------------------------------------------------------
(a)Royal Bank of Canada
5.39%, 11/1/99 19,995
- ----------------------------------------------------------
(a)SE Banken
5.42%, 11/26/99 29,990
- ----------------------------------------------------------
(a)Skandinav Enskilda Bank
5.39%, 11/22/99 29,993
- ----------------------------------------------------------
(a)Svenska Handelsbanken
5.43%, 12/23/99 34,729
- ----------------------------------------------------------
Toronto-Dominion Bank
5.41%, 12/29/99 30,000
- ----------------------------------------------------------
519,546
TOTAL BANK OBLIGATIONS--23.7%
(average maturity: 19 days) 1,043,492
- ----------------------------------------------------------
</TABLE>
<PAGE> 6
Cash Account Trust 6
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
U.S. GOVERNMENT AGENCY NOTES
Federal Home Loan Bank
5.30%, 11/1/99 $ 5,999
- ----------------------------------------------------------
Student Loan Marketing Association
5.54%, 11/2/99 29,999
- ----------------------------------------------------------
35,998
TOTAL U.S. GOVERNMENT
AGENCY NOTES--0.8%
(average maturity: 2 days) 35,998
- ----------------------------------------------------------
TOTAL INVESTMENTS--100%
(average maturity: 50 days) $4,415,481
- ----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 7
Cash Account Trust 7
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GOVERNMENT SECURITIES PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHORT-TERM NOTES Value
<S> <C>
(Issued or guaranteed by U.S. Government
agencies or instrumentalities)
- ----------------------------------------------------------
(a)Federal Farm Credit Banks
5.35%, 11/1/99 $ 5,000
- ----------------------------------------------------------
Federal Home Loan Bank
(a) 5.30% - 5.35%, 11/1/99 67,988
5.05% - 5.58%, 3/1/00 - 5/17/00 53,649
- ----------------------------------------------------------
(a)Federal Home Loan Mortgage Corp.
5.21%, 11/18/99 20,991
- ----------------------------------------------------------
Federal National Mortgage Association
5.04%, 2/23/00 4,999
- ----------------------------------------------------------
(a)Overseas Private Investment Corp.
Omolon
5.60% - 5.65%, 11/2/99 - 1/2/00 19,944
- ----------------------------------------------------------
(a)Student Loan Marketing Association
5.30% - 5.79%, 11/1/99 - 11/2/99 104,102
- ----------------------------------------------------------
TOTAL SHORT-TERM NOTES--69.9%
(average maturity: 38 days) 276,673
- ----------------------------------------------------------
(c)REPURCHASE AGREEMENTS
- ----------------------------------------------------------
Bear, Stearns Cos., Inc.
(held at The Bank of New York)
5.28%, 11/17/99 50,000
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Chase Securities, Inc.
(held at The Chase Manhattan Bank)
5.30%, 11/29/99 $ 50,000
- ----------------------------------------------------------
Donaldson, Lufkin and Jenrette Governments
(held at The Bank of New York)
5.24%, 11/05/99 19,000
- ----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--30.1%
(average maturity: 20 days) 119,000
- ----------------------------------------------------------
TOTAL INVESTMENTS--100%
(average maturity: 33 days) $395,673
- ----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 8
Cash Account Trust 8
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(a)VARIABLE RATE DEMAND SECURITIES Value
<S> <C>
ALASKA
- ---------------------------------------------------------
Valdez
Marine Terminal Revenue
3.50% $ 2,200
CALIFORNIA
- ---------------------------------------------------------
Los Angeles
Harbor Improvement Corp.
3.70% 6,400
COLORADO
- ---------------------------------------------------------
Health Facilities Authority
3.55% 3,970
- ---------------------------------------------------------
Educational Facilities Authority
3.55% 4,285
- ---------------------------------------------------------
Smith Creek Metropolitan District
3.50% 4,650
DISTRICT OF COLUMBIA
- ---------------------------------------------------------
General Obligation
3.60% - 3.75% 4,500
- ---------------------------------------------------------
Washington Home Health Care
Revenue Bonds
3.60% 5,000
FLORIDA
- ---------------------------------------------------------
Jacksonville
Industrial Development Revenue
3.45% 1,900
- ---------------------------------------------------------
Orange County
Health Facilities Authority
3.65% 3,700
GEORGIA
- ---------------------------------------------------------
De Kalb County
Development Authority
3.50% 3,000
- ---------------------------------------------------------
Gainesville
Redevelopment Authority
3.50% 9,000
- ---------------------------------------------------------
Laurens County
Development Revenue
3.60% 4,000
- ---------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
ILLINOIS
- ---------------------------------------------------------
Carol Stream
Industrial Project Revenue
3.60% $ 2,000
- ---------------------------------------------------------
Des Plaines
Industrial Development Revenue
3.70% 3,835
- ---------------------------------------------------------
Development Finance Authority
Adventist Health System
3.55% 8,360
- ---------------------------------------------------------
Elgin
Judson College Project
3.55% 3,190
- ---------------------------------------------------------
Rockford
Industrial Project Revenue
3.70% 2,150
- ---------------------------------------------------------
Student Assistance Commission
3.55% 1,000
INDIANA
- ---------------------------------------------------------
Health Facility Financing Authority
Hospital Revenue
3.50% 2,725
- ---------------------------------------------------------
Ossian
Economic Development Revenue
3.60% 1,000
KENTUCKY
- ---------------------------------------------------------
Lexington--Fayette Urban County
Industrial Building Revenue
3.55% 5,000
- ---------------------------------------------------------
Mason County
Pollution Control Revenue
3.60% 7,055
- ---------------------------------------------------------
Mayfield
Multi-City Lease Revenue
3.65% 2,630
MARYLAND
- ---------------------------------------------------------
Baltimore County
Oak Crest Village Inc.
3.45% 3,000
</TABLE>
<PAGE> 9
Cash Account Trust 9
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
MISSOURI
- ---------------------------------------------------------
Environmental Improvement and
Energy Resource Authority
3.45% $ 3,000
- ---------------------------------------------------------
Kansas City
Hospital Revenue
3.60% 3,875
NEBRASKA
- ---------------------------------------------------------
York
Industrial Development Revenue
3.70% 5,600
NEW MEXICO
- ---------------------------------------------------------
Farmington
Pollution Control Revenue
3.55% 4,500
NEW YORK
- ---------------------------------------------------------
Energy Research and Development Authority
Pollution Control Revenue
3.75% 3,000
NORTH CAROLINA
- ---------------------------------------------------------
Medical Care Commission
Hospital Revenue
3.55% 5,000
- ---------------------------------------------------------
Winston-Salem
Multi-Family Housing
3.45% 2,985
OHIO
- ---------------------------------------------------------
Hancock County
Multi-Family Housing
3.65% 6,150
- ---------------------------------------------------------
Medina County
Health Care Facilities Revenue
3.55% 4,500
OREGON
- ---------------------------------------------------------
Clackamas County
Hospital Revenue
3.65% 3,000
- ---------------------------------------------------------
Economic Development Revenue
3.60% 3,650
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
PENNSYLVANIA
- ---------------------------------------------------------
Lancaster County
Hospital Revenue
3.57% $ 3,700
- ---------------------------------------------------------
Lehigh County
Industrial Development Authority
3.90% 4,700
TENNESSEE
- ---------------------------------------------------------
Clarksville
Public Building Authority
3.60% 2,825
- ---------------------------------------------------------
Maury County
Industrial Development Board
3.60% 4,500
TEXAS
- ---------------------------------------------------------
Brazos River Authority
Pollution Control Revenue
3.80% 6,000
- ---------------------------------------------------------
Small Business
Industrial Development Corp
3.60% 3,000
- ---------------------------------------------------------
Tarrant County
Industrial Development Revenue
3.60% 5,000
VIRGINIA
- ---------------------------------------------------------
Albermarle County
Industrial Development Authority
3.45% 4,450
- ---------------------------------------------------------
Loudoun County
Industrial Development Authority
3.60% 2,760
WASHINGTON
- ---------------------------------------------------------
Port of Vancouver
Revenue Bonds
3.50% 2,000
</TABLE>
<PAGE> 10
Cash Account Trust 10
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
WISCONSIN
- ---------------------------------------------------------
Eau Claire
Solid Waste Disposal Revenue
3.70% $ 5,800
- ---------------------------------------------------------
TOTAL VARIABLE RATE
DEMAND SECURITIES--49.2%
(average maturity: 6 days) 184,545
- ---------------------------------------------------------
OTHER SECURITIES
ALABAMA
- ---------------------------------------------------------
Mobile
Special Care Facilities Authority
3.80%, 01/26/00 3,000
- ---------------------------------------------------------
Birmingham
Special Care Facilities Authority
3.80%, 02/16/00 2,000
COLORADO
- ---------------------------------------------------------
Platte River Power Authority
3.60%-3.85%, 01/20/00 - 02/17/00 8,400
FLORIDA
- ---------------------------------------------------------
Jacksonville
Electric Authority
3.50% - 3.65%, 11/05/99 - 11/10/99 5,570
- ---------------------------------------------------------
Orlando
Capital Improvement Revenue
3.70%, 12/13/99 1,200
- ---------------------------------------------------------
Pinellas County
Educational Facilities Authority
3.70%, 02/14/00 - 02/15/00 5,200
- ---------------------------------------------------------
Sunshine State
Governmental Financing Commission
3.65% - 3.75%, 11/05/99 - 01/13/00 10,000
GEORGIA
- ---------------------------------------------------------
Municipal Electric Authority
3.70%, 01/12/00 5,000
- ---------------------------------------------------------
Monroe County
Pollution Control Revenue
3.70%, 02/18/00 6,000
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
ILLINOIS
- ---------------------------------------------------------
Health Facilities Financing Authority
3.70%, 12/06/99 $ 4,000
- ---------------------------------------------------------
Education Facilities Authority
3.70% - 3.75%, 01/27/00 - 02/15/99 13,009
INDIANA
- ---------------------------------------------------------
Jasper County
Pollution Control Revenue
3.75% - 3.85%, 11/04/99 - 11/08/99 14,000
- ---------------------------------------------------------
Health Facilities Financing Authority
3.80%, 02/09/00 8,000
KENTUCKY
- ---------------------------------------------------------
Danville
Multi-City Lease Revenue
3.55% - 3.65%, 11/05/99 - 11/12/99 10,000
- ---------------------------------------------------------
Pendleton County
Multi-County Lease Revenue
3.50%, 11/09/99 2,000
LOUISIANA
- ---------------------------------------------------------
Public Facilities Authority
3.50% - 3.70%, 11/08/99 - 01/26/00 4,000
- ---------------------------------------------------------
West Baton Rouge
Pollution Control Revenue
3.75%, 01/26/00 2,000
MARYLAND
- ---------------------------------------------------------
Anne Arundel County
Port Facilities Revenue
3.60% - 3.65%, 11/12/99 6,500
MICHIGAN
- ---------------------------------------------------------
Strategic Fund
Pollution Control Revenue
3.75%, 01/26/00 4,000
NEVADA
- ---------------------------------------------------------
Las Vegas Valley
Water System Revenue
3.50% - 3.75%, 11/05/00 - 01/24/00 10,000
</TABLE>
<PAGE> 11
Cash Account Trust 11
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1999 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
NEW HAMPSHIRE
- ---------------------------------------------------------
Business Financial Authority
Pollution Control Revenue
3.60% - 3.80%, 02/16/00 - 02/17/00 $ 9,500
NEW YORK
- ---------------------------------------------------------
Nassau County
General Obligation Tax Anticipation Notes
3.50%, 12/22/99 2,001
PENNSYLVANIA
- ---------------------------------------------------------
Philadelphia
Tax and Revenue Anticipation Notes
4.25%, 06/30/00 3,014
TEXAS
- ---------------------------------------------------------
Municipal Power Agency
3.45%, 11/08/99 - 11/10/99 14,500
- ---------------------------------------------------------
University of Texas
3.55%, 11/08/99 4,000
- ---------------------------------------------------------
Austin
Utility System
3.45% - 3.50%, 11/09/99 - 11/10/99 6,000
- ---------------------------------------------------------
Calhoun County
Industrial Development Authority
3.70%, 02/17/00 2,000
- ---------------------------------------------------------
Houston
Water and Sewer System
3.85%, 02/24/00 5,000
- ---------------------------------------------------------
Texas Transportation Authority
Tax and Revenue Anticipation Notes
4.50%, 08/31/00 12,479
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
VIRGINIA
- ---------------------------------------------------------
York County
Industrial Development Authority
3.65%, 11/10/99 $ 5,800
WYOMING
- ---------------------------------------------------------
Converse County
3.75%, 01/14/00 2,650
- ---------------------------------------------------------
TOTAL OTHER SECURITIES--50.8%
(average maturity: 73 days) 190,823
- ---------------------------------------------------------
TOTAL INVESTMENTS--100%
(average maturity: 40 days) $375,368
- ---------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 12
Cash Account Trust 12
- --------------------------------------------------------------------------------
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 October
31, 1999. 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 October 31, 1999, the aggregate value of illiquid
securities was $37,945 in the Money Market Portfolio, which represented 0.9% of
net assets.
(c) Repurchase agreements are fully collateralized by U.S. Treasury or
Government agency securities.
See accompanying Notes to Financial Statements.
<PAGE> 13
Cash Account Trust 13
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
as of October 31, 1999 (unaudited)
(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 $4,415,481 395,673 375,368
- ------------------------------------------------------------------------------------------------------------
Cash -- 3,075 3,243
- ------------------------------------------------------------------------------------------------------------
Receivables for:
Investments sold -- -- 610
- ------------------------------------------------------------------------------------------------------------
Interest 9,249 2,211 1,356
- ------------------------------------------------------------------------------------------------------------
Fund shares sold 5,185 5,000 5,563
- ------------------------------------------------------------------------------------------------------------
Other Assets 13 10 4
- ------------------------------------------------------------------------------------------------------------
Total assets 4,429,928 405,969 386,144
- ------------------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Due to custodian bank 15,332 -- --
- ------------------------------------------------------------------------------------------------------------
Payable for:
Investment purchased -- -- 13,000
- ------------------------------------------------------------------------------------------------------------
Dividends 7,482 471 260
- ------------------------------------------------------------------------------------------------------------
Fund shares redeemed -- 8,283 6,643
- ------------------------------------------------------------------------------------------------------------
Accrued management fee 2,206 66 52
- ------------------------------------------------------------------------------------------------------------
Other accrued expenses 4,232 40 147
- ------------------------------------------------------------------------------------------------------------
Total liabilities 29,252 8,860 20,102
- ------------------------------------------------------------------------------------------------------------
Net assets, at value $4,400,676 397,109 366,042
- ------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------
INSTITUTIONAL SHARES:
Net assets applicable to shares outstanding $ 183,805 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 183,805 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
PREMIER SHARES:
Net assets applicable to shares outstanding $ 104 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 104 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
RETAIL SHARES:
Net assets applicable to shares outstanding $ 5,022 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 5,022 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
SERVICE SHARES:
Net assets applicable to shares outstanding $4,211,745 $397,109 $366,042
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 4,211,745 397,109 366,042
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 14
Cash Account Trust 14
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
Six Months Ended October 31, 1999 (unaudited)
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------------------------
<S> <C> <C> <C>
INTEREST INCOME $104,891 18,678 6,818
- ---------------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 3,789 671 371
- ---------------------------------------------------------------------------------------------------------
Custodian fees and transfer agent fees and related
expenses 5,259 741 474
- ---------------------------------------------------------------------------------------------------------
Registration fees 509 89 --
- ---------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 8 14 3
- ---------------------------------------------------------------------------------------------------------
Reports to shareholders 50 16 8
- ---------------------------------------------------------------------------------------------------------
Auditing 15 5 3
- ---------------------------------------------------------------------------------------------------------
Legal 5 2 1
- ---------------------------------------------------------------------------------------------------------
Distribution fees 11,659 2,188 986
- ---------------------------------------------------------------------------------------------------------
Administrative service fees 28 -- --
- ---------------------------------------------------------------------------------------------------------
Other 12 9 53
- ---------------------------------------------------------------------------------------------------------
Expenses, before expense reductions 21,334 3,735 1,899
- ---------------------------------------------------------------------------------------------------------
Expense reductions (1,763) (63) --
- ---------------------------------------------------------------------------------------------------------
Expenses, net 19,571 3,672 1,899
- ---------------------------------------------------------------------------------------------------------
Net investment income $ 85,320 15,006 4,919
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 15
Cash Account Trust 15
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED YEAR ENDED
OCTOBER 31, 1999 APRIL 30,
(UNAUDITED) 1999
----------------------------------
<S> <C> <C>
OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY
Net investment income $ 85,320 98,581
- ------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (85,320) (98,581)
- ------------------------------------------------------------------------------------------------
Capital share transactions (dollar amounts and
number of shares are the same):
INSTITUTIONAL SHARES (A):
Shares sold 214,970 101
- ------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 1,392 1
- ------------------------------------------------------------------------------------------------
216,362 102
Shares redeemed (32,659) --
- ------------------------------------------------------------------------------------------------
Net increase from capital share transactions 183,703 102
- ------------------------------------------------------------------------------------------------
PREMIER SHARES (A):
Shares sold 1 100
- ------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 2 1
- ------------------------------------------------------------------------------------------------
3 101
Shares redeemed -- --
- ------------------------------------------------------------------------------------------------
Net increase from capital share transactions 3 101
- ------------------------------------------------------------------------------------------------
RETAIL SHARES (A):
Shares sold 6,272 270
- ------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 43 3
- ------------------------------------------------------------------------------------------------
6,315 273
Shares redeemed (1,565) (1)
- ------------------------------------------------------------------------------------------------
Net increase from capital share transactions 4,750 272
- ------------------------------------------------------------------------------------------------
SERVICE SHARES:
Shares sold 14,832,817 21,381,309
- ------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 78,542 96,946
- ------------------------------------------------------------------------------------------------
14,911,359 21,478,255
Shares redeemed (14,042,999) (20,129,927)
- ------------------------------------------------------------------------------------------------
Net increase from capital share transactions 868,360 1,348,328
- ------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 1,056,816 1,348,803
- ------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 3,343,860 1,995,057
- ------------------------------------------------------------------------------------------------
End of year $ 4,400,676 3,343,860
- ------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
(a) For the six months ended October 31, 1999 and the period from January 22,
1999 (commencement of operations) to April 30, 1999, respectively.
<PAGE> 16
Cash Account Trust 16
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT
SECURITIES PORTFOLIO PORTFOLIO
------------------------------------- -------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
OCTOBER 31, 1999 YEAR ENDED OCTOBER 31, 1999 YEAR ENDED
(UNAUDITED) APRIL 30, 1999 (UNAUDITED) APRIL 30, 1999
------------------------------------- -------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS, DIVIDENDS AND CAPITAL SHARE
ACTIVITY
Net investment income $ 15,006 30,629 4,919 8,964
- -------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net
investment income (15,006) (30,629) (4,919) (8,964)
- -------------------------------------------------------------------------------------------------------------------------------
Capital share transactions (dollar amounts and
number of shares are the same):
Shares sold 1,161,498 2,169,876 1,142,471 2,019,293
- -------------------------------------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 14,988 30,297 4,826 8,821
- -------------------------------------------------------------------------------------------------------------------------------
1,176,486 2,200,173 1,147,297 2,028,114
Shares redeemed (1,572,547) (2,211,568) (1,161,884) (2,015,626)
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from capital share
transactions and total increase (decrease)
in net assets (396,061) (11,395) (14,587) 12,488
- -------------------------------------------------------------------------------------------------------------------------------
Net assets at beginning of year 793,170 804,565 380,629 368,141
- -------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $ 397,109 793,170 366,042 380,629
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 17
Cash Account Trust 17
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND
Cash Account Trust (the fund) is an open-end management investment company
organized as a business trust under the laws of Massachusetts currently offering
three portfolios: Money Market Portfolio, Government Securities Portfolio and
the Tax-Exempt Portfolio. Effective January 22, 1999, the Money Market Portfolio
was divided into four share classes including Institutional, Premier, Retail,
and Service Shares. On November 16, 1999, the Board terminated the Premier
class, changed the name of Retail Shares to Premium Reserve Money Market Shares
for the Money Market Portfolio and, for all three Portfolios, created a new
class called Premier Money Market Shares. Shares of the Money Market Portfolio
outstanding prior to January 22, 1999, were redesignated as Service Shares.
Differences in class expenses will result in the payment of different per share
income dividends by class. All shares of the Money Market Portfolio have equal
rights with respect to voting, dividends and assets, subject to class specific
preferences.
The fund's financial statements are prepared in accordance with generally
accepted accounting principles which require the use of management estimates.
The policies described below are followed consistently by the fund in the
preparation of its financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATION
Each portfolio values all portfolio securities utilizing the amortized cost
method permitted in accordance with Rule 2a-7 under the 1940 Act and pursuant to
which the portfolio must adhere to certain conditions. Under this method, which
does not take into account unrealized gains or losses on securities, an
instrument is initially valued at its cost and thereafter assumes a constant
accretion/amortization to maturity of any discount/premium. All other securities
are valued at their fair value as determined in good faith by the Valuation
Committee of the Board of Trustees.
REPURCHASE AGREEMENTS
Each portfolio may enter into repurchase agreements with certain banks and
broker/dealers whereby the fund, through its custodian or sub-custodian bank,
receives delivery of the underlying securities, the amount of which at the time
of purchase and each subsequent business day is required to be maintained at
such a level that the market value is equal to at least the principal amount of
the repurchase price plus accrued interest.
FEDERAL INCOME TAXES
Each portfolio's policy is to comply with the requirements of the Internal
Revenue Code, as amended, which are applicable to regulated investment companies
and to distribute all of its taxable and tax-exempt income to its shareholders.
Accordingly, the fund paid no federal income taxes and no federal income tax
provision was required.
DISTRIBUTION OF INCOME AND GAINS
All of the net investment income of each portfolio is declared as a daily
dividend and is distributed to shareholders monthly. Net investment income
includes all realized gains (losses) on portfolio securities.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for on the trade date. Interest income is
recorded on the accrual basis. Realized gains and losses from investment
transactions are recorded on an identified cost basis. All premiums and original
issue discounts are amortized/accreted for both tax and financial reporting
purposes.
EXPENSES
Expenses arising in connection with a specific portfolio are allocated to that
portfolio. Other Trust expenses are allocated between the portfolios in
proportion to their relative net assets.
<PAGE> 18
Cash Account Trust 18
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. TRANSACTIONS WITH AFFILIATES
MANAGEMENT AGREEMENT
The fund has a management agreement with Scudder Kemper Investments, Inc.
(Scudder Kemper) and pays a monthly investment management fee of 1/12 of the
annual rate of .22% of the first $500 million of average daily net assets
declining to .15% of average daily net assets in excess of $3 billion. During
the six months ended October 31, 1999, the portfolios incurred management fees
as follows:
<TABLE>
<CAPTION>
MANAGEMENT FEES
---------------
<S> <C>
Money Market Portfolio.......... $3,789,000
Government Securities Portfolio
(after expense waiver)........ 608,000
Tax-Exempt Portfolio............ 371,000
</TABLE>
DISTRIBUTION AGREEMENT
The fund has a distribution agreement with Kemper Distributors, Inc. (KDI). For
its services as primary distributor, the fund pays KDI an annual fee of .60% of
average daily net assets for the Money Market (applicable to Service Shares
only) and Government Securities Portfolios and .50% of average daily net assets
for the Tax-Exempt Portfolio pursuant to separate Rule 12b-1 plans for these
portfolios. For the six months ended October 31, 1999, the portfolios incurred
distribution fees as follows:
<TABLE>
<CAPTION>
DISTRIBUTION FEES
-----------------
<S> <C>
Money Market Portfolio (after
expense waiver)................. $9,911,000
Government Securities
Portfolio..................... 2,188,000
Tax-Exempt Portfolio............ 986,000
</TABLE>
ADMINISTRATIVE SERVICES AGREEMENT
The fund has an administrative and shareholder services agreement with KDI. For
providing information and administrative services to shareholders, the Retail
and Premier Shares of the Money Market Portfolio each pay KDI a fee at an annual
rate of up to .25% of average daily net assets. Institutional Shares of the
Money Market Portfolio pay KDI a fee at an annual rate of up to .15% of average
daily net assets. For the six months ended October 31, 1999, the Money Market
Portfolio did not impose $15,000 and the amount imposed aggregated $13,000 in
administrative services fees, of which $1,000 is unpaid at October 31, 1999.
SHAREHOLDER SERVICES AGREEMENT
Pursuant to a services agreement with the fund's transfer agent, Kemper Service
Company (KSvC) is the shareholder service agent of the fund. Under the
agreement, for the six months ended October 31, 1999, KSvC received shareholder
services fees as follows:
<TABLE>
<CAPTION>
SHAREHOLDER SERVICES FEES
-------------------------
<S> <C>
Money Market Portfolio..... $4,562,000
Government Securities
Portfolio................ 724,000
Tax-Exempt Portfolio....... 404,000
</TABLE>
OFFICERS AND TRUSTEES
Certain officers or trustees of the fund are also officers or directors of
Scudder Kemper. During the six months ended October 31, 1999, the portfolios
made no payments to their officers and incurred trustees' fees to independent
trustees as follows:
<TABLE>
<CAPTION>
TRUSTEES' FEES
--------------
<S> <C>
Money Market Portfolio............. $ 8,000
Government Securities Portfolio.... 14,000
Tax-Exempt Portfolio............... 3,000
</TABLE>
EXPENSE ABSORPTION
Scudder Kemper has agreed temporarily to limit the portfolios' operating
expenses to the following percentages of average daily net assets: Money Market
Portfolio Service Shares (1.00%), Government Securities Portfolio (1.00%) and
Tax-Exempt Portfolio (.95%). In addition, Scudder Kemper has agreed temporarily
to waive and absorb certain operating expenses of the Money Market Portfolio
Institutional Shares. For the six months ended
<PAGE> 19
Cash Account Trust 19
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
October 31, 1999, Scudder Kemper absorbed expenses as follows:
<TABLE>
<CAPTION>
EXPENSES
ABSORBED BY
SCUDDER
KEMPER
-----------
<S> <C>
Money Market Portfolio............ $1,763,000
Government Securities Portfolio... 63,000
Tax-Exempt Portfolio.............. --
</TABLE>
4. LINE OF CREDIT
The fund and several Kemper funds (the "Participants") share in a $750 million
revolving credit facility for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual commitment fee
which is allocated pro rata among each of the Participants. Interest is
calculated based on the market rates at the time of the borrowing. The fund may
borrow up to a maximum of 33 percent of its net assets under the agreement.
<PAGE> 20
Cash Account Trust 20
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
October 31, January 22, to
1999(b) April 30,
MONEY MARKET PORTFOLIO--INSTITUTIONAL SHARES (unaudited) 1999
- --------------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00
- --------------------------------------------------------------------------------------------
Net investment income .03 .01
- --------------------------------------------------------------------------------------------
Less dividends declared .03 .01
- --------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00
- --------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 2.53% 1.29
- --------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses, before expense reductions .29% .28
- --------------------------------------------------------------------------------------------
Expenses, net .26% .25
- --------------------------------------------------------------------------------------------
Net investment income 5.01% 4.75
- --------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
October 31, January 22, to
1999(b) April 30,
MONEY MARKET PORTFOLIO--PREMIER SHARES (unaudited) 1999
- -------------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00
- -------------------------------------------------------------------------------------------
Net investment income .02 .01
- -------------------------------------------------------------------------------------------
Less dividends declared .02 .01
- -------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00
- -------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 2.38% 1.21
- -------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses 0.57% .57
- -------------------------------------------------------------------------------------------
Net investment income 4.70% 4.48
- -------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
October 31, January 22, to
1999(b) April 30,
MONEY MARKET PORTFOLIO--RETAIL SHARES (unaudited) 1999
- -------------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00
- -------------------------------------------------------------------------------------------
Net investment income .02 .01
- -------------------------------------------------------------------------------------------
Less dividends declared .02 .01
- -------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00
- -------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 2.31% 1.18
- -------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses .67% .67
- -------------------------------------------------------------------------------------------
Net investment income 4.60% 4.38
- -------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
Cash Account Trust 21
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
October 31, Year Ended April 30,
1999(b) ------------------------------------------------
MONEY MARKET PORTFOLIO--SERVICE SHARES (unaudited) 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 1.00
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income .02 .04 .05 .05 .05 .04
- ------------------------------------------------------------------------------------------------------------------------------
Less dividends declared .02 .04 .05 .05 .05 .04
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 2.16% 4.46 4.85 4.60 4.96 4.38
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS: (ANNUALIZED)
Expenses, before expense reductions 1.09% 1.10 1.10 1.03 1.05 1.05
- ------------------------------------------------------------------------------------------------------------------------------
Expenses, net 1.00% 1.00 1.00 1.00 1.00 .99
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income 4.27% 4.34 4.71 4.51 4.83 4.54
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
October 31, Year Ended April 30,
1999(a) ---------------------------------------------------------------
SUPPLEMENTAL DATA FOR ALL CLASSES (unaudited) 1999(a) 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net assets at end of year (in thousands) $4,400,676 3,343,860 1,995,057 378,551 584,947 455,025
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES:
(a) Includes net assets of the Institutional, Premier, Retail, and Service Share
classes.
(b) Per share data was determined based on monthly average shares outstanding
during the period.
The Money Market Portfolio's Service Shares total returns for the years ended
April 30, 1996 and 1995 include the effect of a capital contribution from the
investment manager. Without the capital contribution, the total returns would
have been 4.80% and 4.16%, respectively.
<PAGE> 22
Cash Account Trust 22
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
October 31, Year Ended April 30,
1999(a) ----------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO (unaudited) 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $1.00 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------------------------------------------------
Net investment income .02 .04 .05 .05 .05 .04
- --------------------------------------------------------------------------------------------------------------------------
Less dividends declared .02 .04 .05 .05 .05 .04
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $1.00 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 2.09% 4.34 4.78 4.69 5.01 4.37
- --------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS: (ANNUALIZED)
Expenses, before expense reductions 1.02% 1.01 1.02 .99 1.06 1.05
- --------------------------------------------------------------------------------------------------------------------------
Expenses, net 1.00% 1.00 .98 .92 .90 .90
- --------------------------------------------------------------------------------------------------------------------------
Net investment income 4.08% 4.24 4.68 4.59 4.88 4.66
- --------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $397,109 793,170 804,565 544,501 189,919 138,020
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Per share data was determined based on monthly average shares during the
period.
<PAGE> 23
Cash Account Trust 23
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
October 31, Year Ended April 30,
1999(a) --------------------------------------------------
TAX-EXEMPT PORTFOLIO (unaudited) 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 1.00
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income .01 .02 .03 .03 .03 .03
- -----------------------------------------------------------------------------------------------------------------------------
Less dividends declared .01 .02 .03 .03 .03 .03
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $1.00 1.00 1.00 1.00 1.00 1.00
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 1.23% 2.50 2.92 2.82 3.16 2.80
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS: (ANNUALIZED)
Expenses, before expense reductions .94% .91 .97 .96 .98 .93
- -----------------------------------------------------------------------------------------------------------------------------
Expenses, net .94% .91 .91 .81 .78 .76
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income 2.43% 2.45 2.87 2.78 3.10 3.00
- -----------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $366,042 380,629 368,141 220,791 66,981 67,748
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Per share data was based on average shares outstanding during the period.
NOTE FOR ALL PORTFOLIOS:
Scudder Kemper has agreed to temporarily waive certain operating expenses. The
Ratios to Average Net Assets are computed without this expense waiver. Data for
the period ended October 31, 1999 is unaudited.
TAX INFORMATION
All of the dividends from the Money Market and Government Securities Portfolios
are taxable as ordinary income. 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 Portfolio to the Internal Revenue Service in accordance
with U.S. Treasury Department Regulations.
Of the dividends paid for the Tax-Exempt Portfolio for the taxable year ended
April 30, 1999, 100% are designated as exempt interest dividends for federal
income tax purposes. However, a portion of the dividends may be includable in
the alternative minimum tax calculation.
Please consult a tax adviser if you have questions about federal or state income
tax laws, or on how to prepare your tax returns.
<PAGE> 24
CASH ACCOUNT
TRUST
SEMIANNUAL
REPORT
OCTOBER 31, 1999
- MONEY MARKET PORTFOLIO
- GOVERNMENT SECURITIES
PORTFOLIO
- TAX-EXEMPT PORTFOLIO
Principal Underwriter:
Kemper Distributors, Inc.
222 South Riverside Plaza, Chicago, IL 60606
www.kemper.com
This report is not to be distributed unless preceded or
accompanied by a prospectus.
511720
CAT-3 1097700 (12/31/99) (LOGO)
Printed on recycled paper.
