<PAGE> 1
Cash Account Trust
- --------------------------------------------------------------------------------
DEAR SHAREHOLDERS:
- --------------------------------------------------------------------------------
We are pleased to provide you with the Cash Account Trust semiannual report for
the six month period ended October 31, 1998.
Your fund's management greatly appreciates your decision to invest in Cash
Account Trust. During the past six months, each of the fund's three portfolios,
Money Market, Government Securities and Tax-Exempt, registered solid performance
and achieved its objective of providing maximum current income consistent with
stability of principal.
ECONOMIC REVIEW AND OUTLOOK
The log jam for Federal Funds set at 5.50% since March 1997 was broken on
September 29th when the Fed lowered its trading target by 25 basis points. An
additional 25 basis point easing was made on October 15, 1998. The predominant
reasons for these moves were the much-publicized, adverse economic developments,
which are reflected in our volatile stock market, the associated stresses placed
on the credit worthiness of many of our financial institutions and the
likelihood of a slowing pace of economic growth in the months ahead.
Our investment strategy still favors lengthening of the maturities in the
portfolios. The reason is our expectation that the Fed will err on the side of
ease until signs of financial stress abate and prospects for economic growth
brighten.
Money market funds such as Cash Account Trust 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,
FRANK J. RACHWALSKI
Frank Rachwalski
Vice President and Portfolio Manager
December 4, 1998
Frank Rachwalski is a Managing Director of Scudder Kemper Investments, Inc. and
Vice President and Lead Portfolio Manager of Cash Account Trust. Mr. Rachwalski
holds B.B.A. and M.B.A. degrees from Loyola University.
PORTFOLIO RESULTS
For the six month period ended October 31, 1998, the fund's three portfolios had
the following net annualized yields:
The Money Market Portfolio had a net annualized yield of 4.63%.
The Government Securities Portfolio had a net annualized yield of 4.50%.
The Tax-Exempt Portfolio had a net annualized yield of 2.73% and a
tax-equivalent yield of 4.34%
NOTES
Like all money funds, an investment in the fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although the fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the fund.
Each portfolio's net annualized yield for the six month period ended October 31,
1998, is the annualized sum of the daily dividend rates for the period. 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. Yields are historical and may not
represent future yields, which will fluctuate.
The views expressed in this report reflect those of the portfolio manager only
through the end of the period of the report as 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, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Corporate Obligations Value
<S> <C>
BANKING--3.1%
----------------------------------------------------------
Bayerische Landesbank
5.29%, 1/25/99 $ 34,575
----------------------------------------------------------
Private Export Funding Corp.
5.20%, 12/4/98 19,909
----------------------------------------------------------
(a)Societe Generale
5.25%, 1/19/99 9,999
----------------------------------------------------------
64,483
BUSINESS LOANS--22.3%
----------------------------------------------------------
Asset Portfolio Funding Corp.
5.28%, 1/26/98 24,692
----------------------------------------------------------
Asset Securitization Cooperative Corp.
5.51%, 11/13/98 24,958
----------------------------------------------------------
Broadway Capital Corp.
5.80%, 11/20/98 8,974
----------------------------------------------------------
Corporate Asset Funding
5.58%, 11/6/98 19,988
----------------------------------------------------------
Corporate Receivables Corp.
5.22% - 5.28%, 11/23/98 - 1/28/99 29,767
----------------------------------------------------------
Enterprise Capital Funding Corp.
5.38%, 1/12/99 24,738
----------------------------------------------------------
Fairway Finance Corp.
5.27%, 11/16/98 24,949
----------------------------------------------------------
Falcon Asset Securitization Corp.
5.21% - 5.55%, 11/9/98 - 1/11/99 29,834
----------------------------------------------------------
International Securitization Corp.
5.47%, 11/20/98 19,945
----------------------------------------------------------
Madison Funding Corp.
5.29% - 5.56%, 11/9/98 - 12/15/98 34,833
----------------------------------------------------------
Mont Blanc Capital Corp.
5.28%, 1/15/99 9,893
----------------------------------------------------------
Monte Rosa Capital Corp.
5.29%, 1/22/99 24,706
----------------------------------------------------------
Old Line Funding Corp.
5.27%, 11/3/98 19,997
----------------------------------------------------------
Preferred Receivables Funding Corp.
5.27%, 11/30/98 24,898
----------------------------------------------------------
Quincy Capital Corp.
5.28% - 5.58%, 11/6/98 - 1/22/99 24,874
----------------------------------------------------------
Receivables Capital Corp.
5.28% - 5.31%, 1/19/99 - 1/21/99 29,657
----------------------------------------------------------
Sheffield Receivables Corp.
5.28%, 1/29/99 24,682
----------------------------------------------------------
Special Purpose Accounts Receivables
Cooperative
5.23%, 1/28/99 24,671
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
WCP Funding, Inc.
5.24%, 1/21/99 $ 24,714
----------------------------------------------------------
Wood Street Funding Corp.
5.60% - 5.61%, 11/12/98 - 11/20/98 19,958
----------------------------------------------------------
470,728
CAPITAL AND EQUIPMENT LENDING--10.8%
----------------------------------------------------------
Ace Overseas Corp.
5.28%, 1/4/99 14,863
----------------------------------------------------------
(a)American Honda Finance Corp.
5.20%, 11/27/98 9,999
----------------------------------------------------------
Beta Finance, Inc.
5.59%, 11/10/98 24,969
----------------------------------------------------------
(a)Caterpillar Financial Services Corp.
5.62%, 11/16/98 15,000
----------------------------------------------------------
Centric Funding Corp.
5.27% - 5.29%, 12/2/98 - 1/4/99 39,754
----------------------------------------------------------
(a)IBM Credit Corp.
5.14%, 11/2/98 19,997
----------------------------------------------------------
(a)John Deere Capital Corp.
5.56%, 11/9/98 14,998
----------------------------------------------------------
Moat Funding, LLC
5.50% - 5.51%, 12/15/98 - 1/20/99 24,758
----------------------------------------------------------
National Rural Utilities CFC
5.30%, 1/28/99 14,812
----------------------------------------------------------
Sanwa Business Credit Corp.
5.99%, 1/12/99 24,709
----------------------------------------------------------
(a)Sigma Finance, Inc.
5.13%, 11/2/98 25,000
----------------------------------------------------------
228,859
CAPTIVE BUSINESS LENDING--4.0%
----------------------------------------------------------
British Gas Capital, Inc.
5.58%, 11/12/98 14,977
----------------------------------------------------------
(a)(b)Capital One Funding Corp.
5.12%, 11/6/98 8,114
----------------------------------------------------------
(a)FINOVA Capital Corp.
5.64%, 12/11/98 12,000
----------------------------------------------------------
Prudential Funding Corp.
5.23%, 1/15/99 24,735
----------------------------------------------------------
Sony Capital Corp.
5.51%, 11/23/98 24,920
----------------------------------------------------------
84,746
</TABLE>
<PAGE> 3
Cash Account Trust 3
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at October 31, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
CONSUMER LENDING--12.6%
----------------------------------------------------------
Avco Financial Services, Inc.
5.48%, 11/23/98 $ 29,905
----------------------------------------------------------
(a)Beneficial Corp.
5.38%, 11/12/98 10,000
----------------------------------------------------------
Chrysler Financial Corp.
5.58%, 11/24/98 24,916
----------------------------------------------------------
(a)Countrywide Home Loans, Inc.
5.20% - 5.46%, 1/26/99 - 1/27/99 22,000
----------------------------------------------------------
(a)Federal National Mortgage Association
4.30%, 11/3/98 4,990
----------------------------------------------------------
(a)Ford Motor Credit Co.
5.20%, 11/2/98 24,999
----------------------------------------------------------
(b)GMAC Mortgage Corporation of Pennsylvania
5.50%, 11/2/98 18,000
----------------------------------------------------------
(a)Household International, Inc.
5.12%, 11/30/98 19,995
----------------------------------------------------------
J.C. Penney Funding Corp.
5.56%, 11/5/98 9,995
----------------------------------------------------------
Sears Roebuck Acceptance Corp.
5.50%, 11/6/98 29,982
----------------------------------------------------------
(a)Student Loan Marketing Association
4.57%, 11/3/98 29,994
----------------------------------------------------------
Transamerica Finance Corp.
5.58%, 11/10/98 24,969
(a) 5.45%, 1/22/99 15,000
----------------------------------------------------------
264,745
CONSUMER PRODUCTS AND SERVICES--.5%
----------------------------------------------------------
Coca Cola Enterprises, Inc.
5.62%, 11/18/98 9,975
----------------------------------------------------------
DIVERSIFIED FINANCE--12.9%
----------------------------------------------------------
Alpine Securitization Corp.
5.26% - 5.37%, 1/13/99 - 1/21/99 34,621
----------------------------------------------------------
American General Finance Corp.
5.59%, 11/3/98 9,998
----------------------------------------------------------
Amsterdam Funding Corp.
5.42%, 1/26/99 19,747
----------------------------------------------------------
Barton Capital Corp.
5.27% - 5.59%, 11/5/98 - 1/20/99 29,877
----------------------------------------------------------
(a)CIT Group Holdings, Inc.
5.09%, 11/2/98 14,996
----------------------------------------------------------
CXC, Inc.
5.27%, 1/27/99 24,689
----------------------------------------------------------
Eureka Securitization, Inc.
5.29%, 1/27/99 24,688
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
General Electric Capital Corp.
5.45%, 11/5/98 $ 9,995
(a) 5.54%, 12/9/98 15,000
----------------------------------------------------------
Heller Financial, Inc.
5.75%, 11/17/98 9,976
----------------------------------------------------------
Thunder Bay Funding, Inc.
5.42%, 1/25/99 14,813
----------------------------------------------------------
Twin Tower, Inc.
5.59%, 11/12/98 24,963
----------------------------------------------------------
Variable Funding Corp.
5.27%, 1/20/99 24,716
----------------------------------------------------------
Windmill Funding Corp.
5.34%, 1/14/99 14,840
----------------------------------------------------------
272,919
FINANCIAL SERVICES--5.6%
----------------------------------------------------------
(a)Bear Stearns Cos., Inc.
5.36% - 5.38%, 11/6/98 - 11/18/98 20,000
----------------------------------------------------------
(a)CS First Boston, Inc.
5.11%, 11/2/98 21,999
----------------------------------------------------------
(a)Goldman, Sachs Group, L.P.
5.13%, 11/2/98 20,000
----------------------------------------------------------
(a)Lehman Brothers Holdings, Inc.
5.28%, 11/20/98 15,000
----------------------------------------------------------
(a)Merrill Lynch & Co., Inc.
5.20%, 11/23/98 20,000
----------------------------------------------------------
(a)Morgan Stanley Dean Witter & Co.
5.37% - 5.73%, 11/9/98 - 11/18/98 21,000
----------------------------------------------------------
117,999
HEALTH CARE--1.2%
----------------------------------------------------------
Baxter International, Inc.
5.33% - 5.39%, 11/4/98 - 1/22/99 24,776
----------------------------------------------------------
MANUFACTURING/INDUSTRIAL--.7%
----------------------------------------------------------
Xerox Capital Europe, PLC
5.58%, 11/20/98 14,995
----------------------------------------------------------
MUNICIPAL AND STATE OBLIGATIONS--1.6%
----------------------------------------------------------
Oakland-Alameda County
5.31% - 5.57%, 11/6/98 - 1/22/99 32,350
----------------------------------------------------------
(a)Texas, General Obligation
5.13%, 11/6/98 2,255
----------------------------------------------------------
34,605
</TABLE>
<PAGE> 4
Cash Account Trust 4
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at October 31, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
UTILITIES--3.8%
----------------------------------------------------------
Brazos River Authority, Texas
5.57%, 11/13/98 $ 15,000
----------------------------------------------------------
GTE Corp.
5.23%, 12/3/98 49,776
----------------------------------------------------------
Industrial Development Authority, New
Hampshire
5.57%, 11/12/98 14,500
----------------------------------------------------------
79,276
----------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS--79.1%
(average maturity: 87 days) 1,668,106
----------------------------------------------------------
BANK OBLIGATIONS
CERTIFICATES OF DEPOSIT AND BANK NOTES--
U.S. BANKS--12.5%
----------------------------------------------------------
(a)American Express Centurion Bank
5.34%, 11/5/98 10,000
----------------------------------------------------------
(a)Bankers Trust Co.
5.09%, 11/2/98 24,995
----------------------------------------------------------
(a)First National Bank of Boston
5.14% - 5.31%, 11/2/98 - 1/7/99 30,000
----------------------------------------------------------
(a)First USA Bank
5.74%, 12/28/98 10,005
----------------------------------------------------------
Fleet National Bank, N.A.
5.25%, 12/16/98 20,000
----------------------------------------------------------
(a)J.P. Morgan
5.27%, 11/9/98 16,993
----------------------------------------------------------
(a)Key Bank, N.A.
5.29%, 11/2/98 19,991
----------------------------------------------------------
MBNA America Bank, N.A.
5.50%, 12/21/98 25,000
----------------------------------------------------------
(a)Mellon Bank, N.A.
5.60%, 11/9/98 20,000
----------------------------------------------------------
Nationsbank, N.A.
5.58%, 11/2/98 15,000
----------------------------------------------------------
(a)Northern Trust Corp.
5.30%, 11/9/98 16,991
----------------------------------------------------------
(a)Old Kent Bank
5.24%, 1/13/99 14,999
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
(a)PNC Bank, N.A.
5.07%, 11/2/98 $ 14,997
----------------------------------------------------------
(a)U.S. Bank, N.A.
5.20%, 11/18/98 14,996
----------------------------------------------------------
(a)Wachovia Bank, N.A.
5.29%, 11/19/98 9,997
----------------------------------------------------------
263,964
CERTIFICATES OF DEPOSIT--FOREIGN BANKS--2.7%
----------------------------------------------------------
(a)Abbey National Bank, N.A.
5.07%, 1/20/99 24,982
----------------------------------------------------------
(a)National Bank of Canada
5.32%, 11/5/98 9,999
----------------------------------------------------------
(a)Royal Bank of Canada
5.05%, 11/2/98 9,995
----------------------------------------------------------
(a)Svenska Handelsbanken
5.63%, 11/18/98 11,998
----------------------------------------------------------
56,974
----------------------------------------------------------
TOTAL BANK OBLIGATIONS--15.2%
(average maturity: 25 days) 320,938
----------------------------------------------------------
(c)REPURCHASE AGREEMENT--5.9%
(Dated 10/98, collateralized by Federal Home
Loan Mortgage Corp. securities)
----------------------------------------------------------
Salomon Brothers, Inc.
(held at The Bank of New York)
5.30% - 5.32%, 12/7/98 - 1/11/99
(average maturity: 64 days) 125,000
----------------------------------------------------------
TOTAL INVESTMENTS--100.2%
(average maturity: 76 days) 2,114,044
----------------------------------------------------------
LIABILITIES, LESS OTHER ASSETS--(.2)% (4,721)
----------------------------------------------------------
NET ASSETS--100% $2,109,323
----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 5
Cash Account Trust 5
- --------------------------------------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO
Investments at October 31, 1998 (unaudited)
(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
5.21%, 11/13/98 $ 2,599
----------------------------------------------------------
Federal Home Loan Bank
(a) 4.52% - 5.64%, 11/2/98 - 11/3/98 32,197
5.00% - 5.03%, 10/27/99 - 10/29/99 40,000
----------------------------------------------------------
(a)Federal National Mortgage Association
4.31%, 11/3/98 29,446
----------------------------------------------------------
(a)Overseas Private Investment Corp.
Omolon
4.67%, 11/3/98 20,223
----------------------------------------------------------
(a)Student Loan Marketing Association
4.45%, 11/3/98 115,907
----------------------------------------------------------
TOTAL SHORT-TERM NOTES--34.8%
(average maturity: 65 days) 240,372
----------------------------------------------------------
(c)REPURCHASE AGREEMENTS
(Dated 8/98 through 10/98, collateralized by
Federal Home Loan Mortgage Corp., Federal
National Mortgage Association and Government
National Mortgage Association securities)
----------------------------------------------------------
Bear, Stearns Cos., Inc.
(held at The Bank of New York)
5.27% - 5.30%, 11/10/98 - 11/23/98 93,000
----------------------------------------------------------
CS First Boston, Inc.
(held at The Chase Manhattan Bank)
5.21% - 5.37%, 11/17/98 32,000
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Chase Securities, Inc.
(held at The Chase Manhattan Bank)
5.25% - 5.59%, 11/10/98 - 12/29/98 $ 95,000
----------------------------------------------------------
Goldman Sachs Group, L.P.
(held at The Bank of New York)
5.13% - 5.20%, 12/2/98 - 12/16/98 32,500
----------------------------------------------------------
Lehman Government Securities, Inc.
(held at The Chase Manhattan Bank)
4.90% - 5.58%, 11/2/98 - 11/30/98 32,000
----------------------------------------------------------
Merrill Lynch Government Securities, Inc.
(held at The Chase Manhattan Bank)
5.25%, 11/2/98 20,000
----------------------------------------------------------
Morgan Stanley Dean Witter & Co.
(held at The Bank of New York)
4.91% - 5.13%, 1/12/99 - 1/20/99 57,000
----------------------------------------------------------
Salomon Smith Barney Holdings, Inc.
(held at The Bank of New York)
5.23% - 5.50%, 11/9/98 - 12/9/98 85,000
----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--64.6%
(average maturity: 31 days) 446,500
----------------------------------------------------------
TOTAL INVESTMENTS--99.4%
(average maturity: 43 days) 686,872
----------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.6% 4,012
----------------------------------------------------------
NET ASSETS--100% $690,884
----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 6
Cash Account Trust 6
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(a)VARIABLE RATE DEMAND SECURITIES Value
<S> <C>
ARIZONA
---------------------------------------------------------
Apache County
Industrial Development Authority
3.15% $ 4,000
CALIFORNIA
---------------------------------------------------------
Economic Development Authority
4.25% 5,500
---------------------------------------------------------
Los Angeles
Harbor Improvement Corp.
3.35% 6,400
Regional Airports Improvement Corp.
3.65% 10,900
COLORADO
---------------------------------------------------------
Smith Creek
Metropolitan District
3.10% 3,400
DISTRICT OF COLUMBIA
---------------------------------------------------------
American Public Health Association
3.10% 6,585
---------------------------------------------------------
General Obligation
3.80% 2,000
FLORIDA
---------------------------------------------------------
Alachua County
Health Facilities Authority
3.15% 2,300
---------------------------------------------------------
Jacksonville
Industrial Development Revenue
3.15% 2,800
---------------------------------------------------------
Orange County
Health Facilities Authority
3.20% 4,000
GEORGIA
---------------------------------------------------------
Fulton County
Morehouse College
3.10% 1,920
---------------------------------------------------------
Gainesville - Riverside
Redevelopment Authority
3.15% 3,000
---------------------------------------------------------
Laurens County
Development Revenue
3.20% 4,000
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
ILLINOIS
---------------------------------------------------------
Development Finance Authority
Adventist Health System
3.15% $ 4,000
EAKAS Corp. Project
4.15% 2,000
Pollution Control Revenue
3.10% 9,200
---------------------------------------------------------
Student Assistance Commission
3.20% 1,000
---------------------------------------------------------
Chicago
O'Hare International Airport
3.70% 2,000
---------------------------------------------------------
Elgin
Judson College Project
3.30% 3,460
---------------------------------------------------------
Rockford
Industrial Project Revenue
3.40% 2,300
INDIANA
---------------------------------------------------------
Health Facility Financing Authority
3.05% 3,000
---------------------------------------------------------
Ossian
Economic Development Revenue
3.15% 1,000
KANSAS
---------------------------------------------------------
Kansas City
Pollution Control Revenue
3.20% 3,240
KENTUCKY
---------------------------------------------------------
Mayfield
Multi-City Lease Revenue
3.25% 5,000
LOUISIANA
---------------------------------------------------------
Offshore Term Authority
3.70% 7,250
MARYLAND
---------------------------------------------------------
Health and Higher Education Facilities
Authority
3.20% 3,000
MICHIGAN
---------------------------------------------------------
University of Michigan Hospital Revenue
3.75% 2,900
MISSOURI
---------------------------------------------------------
Kansas City
Industrial Development Authority
3.15% 3,875
</TABLE>
<PAGE> 7
Cash Account Trust 7
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
NEBRASKA
- ---------------------------------------------------------
York
Industrial Development Revenue
3.15% $ 5,600
NEW YORK
- ---------------------------------------------------------
Long Island
Power Authority
3.70% 5,000
- ---------------------------------------------------------
New York City
General Obligation
3.60% 14,200
Municipal Water Finance Authority
3.70% 10,200
NORTH CAROLINA
- ---------------------------------------------------------
Medical Care Commission
Hospital Revenue
3.13% 5,000
- ---------------------------------------------------------
Raleigh-Durham
Airport Authority
3.70% 3,200
- ---------------------------------------------------------
Wake County
Pollution Control Financing Authority Revenue
3.00% 3,000
- ---------------------------------------------------------
Winston-Salem
Multi-Family Housing
3.25% 3,000
OHIO
- ---------------------------------------------------------
Butler County
Industrial Development Revenue
3.25% 2,635
- ---------------------------------------------------------
Hancock County
Multi-Family Housing
3.25% 6,150
- ---------------------------------------------------------
Medina County
Health Care Facilities Revenue
3.15% 4,500
OREGON
- ---------------------------------------------------------
Economic Development Revenue
3.30% 4,275
PENNSYLVANIA
- ---------------------------------------------------------
Higher Education Facilities Authority
3.20% 7,500
- ---------------------------------------------------------
Columbia
Industrial Development Authority
4.30% 3,400
- ---------------------------------------------------------
Delaware County
Redevelopment Authority
3.80% 5,000
- ---------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Delaware Valley
Regional Finance Authority
3.10% $ 2,200
- ---------------------------------------------------------
Emmaus
General Authority Revenue
3.15% 2,000
- ---------------------------------------------------------
Lehigh County
Industrial Development Authority
3.50% 4,800
- ---------------------------------------------------------
Schuylkill County
Industrial Development Authority
3.10% 3,300
TENNESSEE
- ---------------------------------------------------------
Clarksville
Public Building Authority
3.15% 2,275
- ---------------------------------------------------------
Maury County
Industrial Development Board
3.30% 4,500
TEXAS
- ---------------------------------------------------------
Brazos River Authority
Pollution Control Revenue
3.85% 4,400
- ---------------------------------------------------------
Harris County
Health Facilities Development Corp.
3.20% 5,300
St. Luke's Episcopal Hospital Revenue
3.65% 9,000
- ---------------------------------------------------------
Tarrant County
Industrial Development Revenue
3.25% 5,000
VIRGINIA
- ---------------------------------------------------------
Loudoun County
Industrial Development Authority
3.25% 2,880
WASHINGTON
- ---------------------------------------------------------
Port of Vancouver
3.15% 2,000
WISCONSIN
- ---------------------------------------------------------
Eau Claire
Solid Waste Disposal Revenue
3.20% 5,800
- ---------------------------------------------------------
TOTAL VARIABLE RATE
DEMAND SECURITIES--69.1%
(average maturity: 5 days) 246,145
- ---------------------------------------------------------
</TABLE>
<PAGE> 8
Cash Account Trust 8
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at October 31, 1998 (unaudited)
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OTHER SECURITIES Value
<S> <C>
ARIZONA
- ---------------------------------------------------------
Salt River Project
Agricultural Improvement and Power District
3.50% - 3.65%, 11/10/98 - 11/13/98 $ 11,000
FLORIDA
- ---------------------------------------------------------
Sarasota County
Memorial Hospital Project
3.25%, 1/20/99 2,800
- ---------------------------------------------------------
Sunshine State
Governmental Financing Commission
3.25% - 3.55%, 11/10/98 - 1/20/99 5,500
GEORGIA
- ---------------------------------------------------------
Municipal Electric Authority
3.55%, 11/9/98 3,000
ILLINOIS
- ---------------------------------------------------------
Education Facilities Authority
3.250% - 3.65%, 11/6/98 - 12/10/98 6,009
- ---------------------------------------------------------
Health Facilities Authority
3.50%, 1/11/99 3,000
INDIANA
- ---------------------------------------------------------
Jasper County
Pollution Control Revenue
3.10% - 3.65%, 11/2/98 - 2/18/99 8,100
- ---------------------------------------------------------
Sullivan
Pollution Control Revenue
3.50% - 3.65%, 11/13/98 8,650
KENTUCKY
- ---------------------------------------------------------
Danville
Multi-City Lease Revenue
3.25%, 1/13/99 6,655
- ---------------------------------------------------------
Pendleton County
Multi-County Lease Revenue
3.25%, 1/12/99 5,335
MARYLAND
- ---------------------------------------------------------
Anne Arundel County
Port Facilities Revenue
3.60%, 11/9/98 4,500
MISSISSIPPI
- ---------------------------------------------------------
Claiborne County
Pollution Control Revenue
3.60%, 11/9/98 4,700
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
MISSOURI
- ---------------------------------------------------------
Environmental Improvement and Energy Resource
Authority
3.55%, 11/12/98 $ 3,000
- ---------------------------------------------------------
Independence
Water Utility Revenue
3.55%, 11/13/98 6,300
NEBRASKA
- ---------------------------------------------------------
Omaha Public Power
3.10% - 3.50%, 11/13/98 - 2/19/99 5,000
NEW YORK
- ---------------------------------------------------------
New York City
Municipal Water Finance Authority
3.30%, 1/21/99 2,000
OKLAHOMA
- ---------------------------------------------------------
Oklahoma County
Industrial Authority
4.30%, 12/1/98 4,840
SOUTH CAROLINA
- ---------------------------------------------------------
Public Service Authority
3.60%, 11/6/98 6,000
TEXAS
- ---------------------------------------------------------
Brazoria County
Brazos River Harbor Navigation District
3.25%, 1/14/99 4,000
- ---------------------------------------------------------
Municipal Power Agency
3.05% - 3.55%, 11/12/98 - 2/16/99 11,100
- ---------------------------------------------------------
TOTAL OTHER SECURITIES--31.3%
(average maturity: 39 days) 111,489
- ---------------------------------------------------------
TOTAL INVESTMENTS--100.4%
(average maturity: 16 days) 357,634
- ---------------------------------------------------------
LIABILITIES, LESS OTHER ASSETS--(.4)% (1,270)
- ---------------------------------------------------------
NET ASSETS--100% $356,364
- ---------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 9
Cash Account Trust 9
- --------------------------------------------------------------------------------
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, 1998. 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, 1998, the aggregate value of illiquid
securities was $26,114,000 in the Money Market Portfolio, which represented 1.2%
of net assets.
(c) Repurchase agreements are fully collateralized by U.S. Government or U.S.
Government agency securities. All collateral is held at the Fund's custodian
bank, Investors Fiduciary Trust Company, or at subcustodian banks, as indicated.
The collateral is monitored daily by the Fund so that its market value exceeds
the carrying value of the repurchase agreement.
See accompanying Notes to Financial Statements.
<PAGE> 10
Cash Account Trust 10
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1998 (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 $1,989,044 240,372 357,634
- -------------------------------------------------------------------------------------------------------------
Repurchase agreements 125,000 446,500 --
- -------------------------------------------------------------------------------------------------------------
Cash -- 1,957 --
- -------------------------------------------------------------------------------------------------------------
Interest receivable 5,083 3,931 1,294
- -------------------------------------------------------------------------------------------------------------
Total assets 2,119,127 692,760 358,928
- -------------------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Cash overdraft 4,644 -- 2,072
- -------------------------------------------------------------------------------------------------------------
Payable for:
Dividends 2,736 847 262
- -------------------------------------------------------------------------------------------------------------
Management fee -- 183 --
- -------------------------------------------------------------------------------------------------------------
Distribution services fee 860 342 42
- -------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 916 415 110
- -------------------------------------------------------------------------------------------------------------
Trustees' fees and other 648 89 78
- -------------------------------------------------------------------------------------------------------------
Total liabilities 9,804 1,876 2,564
- -------------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $2,109,323 690,884 356,364
- -------------------------------------------------------------------------------------------------------------
THE PRICING OF SHARES
- -------------------------------------------------------------------------------------------------------------
Shares outstanding 2,109,323 690,884 356,364
- -------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 1.00 1.00
- -------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 11
Cash Account Trust 11
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Six months ended October 31, 1998 (unaudited)
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------------------------
<S> <C> <C> <C>
INTEREST INCOME $51,443 19,179 6,247
- -----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 1,622 690 349
- -----------------------------------------------------------------------------------------------------------------------
Distribution services fee 5,346 1,998 839
- -----------------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 2,406 676 274
- -----------------------------------------------------------------------------------------------------------------------
Registration costs 444 170 71
- -----------------------------------------------------------------------------------------------------------------------
Professional fees 17 8 5
- -----------------------------------------------------------------------------------------------------------------------
Reports to shareholders 49 19 8
- -----------------------------------------------------------------------------------------------------------------------
Trustees' fees and other 18 30 4
- -----------------------------------------------------------------------------------------------------------------------
Total expenses before expense waiver 9,902 3,591 1,550
- -----------------------------------------------------------------------------------------------------------------------
Less expenses waived by the investment manager (753) (103) --
- -----------------------------------------------------------------------------------------------------------------------
Total expenses absorbed by the Portfolio 9,149 3,488 1,550
- -----------------------------------------------------------------------------------------------------------------------
Net investment income 42,294 15,691 4,697
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Six months ended October 31, 1998 and
year ended April 30, 1998
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO SECURITIES PORTFOLIO PORTFOLIO
------------------------ ------------------------ ------------------------
OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30,
1998 1998 1998 1998 1998 1998
------------------------ ------------------------ ------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS, DIVIDENDS AND CAPITAL SHARE
ACTIVITY
Net investment income $ 42,294 61,857 15,691 32,403 4,697 9,613
- -----------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment
income (42,294) (61,857) (15,691) (32,403) (4,697) (9,613)
- -----------------------------------------------------------------------------------------------------------------------------
Capital share transactions (dollar amounts and
number of shares are the same):
Shares sold 6,104,025 8,930,862 991,369 2,218,979 945,095 1,715,561
- -----------------------------------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 41,219 60,295 15,310 31,996 4,605 9,465
- -----------------------------------------------------------------------------------------------------------------------------
6,145,244 8,991,157 1,006,679 2,250,975 949,700 1,725,026
Shares redeemed (6,030,978) (7,581,047) (1,120,360) (1,990,911) (961,477) (1,577,676)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from capital share
transactions and total increase (decrease) in
net assets 114,266 1,410,110 (113,681) 260,064 (11,777) 147,350
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 1,995,057 584,947 804,565 544,501 368,141 220,791
- -----------------------------------------------------------------------------------------------------------------------------
End of period $ 2,109,323 1,995,057 690,884 804,565 356,364 368,141
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
Cash Account Trust 12
- --------------------------------------------------------------------------------
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 series of shares (Portfolios). 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.
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 Portfolio, at 11:00 a.m., 1:00 p.m.,
3:00 p.m. and 8:00 p.m. Chicago time for the Government Securities Portfolio 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'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 income to its shareholders. Accordingly,
each Portfolio paid no federal income taxes and no federal income tax provision
was required.
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, 1998, the Fund incurred management fees of
$1,805,000 after an expense waiver by Scudder Kemper.
<PAGE> 13
Cash Account Trust 13
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ZURICH/B.A.T MERGER
On September 7, 1998, Zurich Insurance Company (Zurich), majority owner of
Scudder Kemper, entered into an agreement with B.A.T Industries p.l.c. (B.A.T)
pursuant to which the financial services businesses of B.A.T were combined with
Zurich's businesses to form a new global insurance and financial services
company known as Zurich Financial Services. Upon consummation of the
transaction, the Fund's investment management agreement with Scudder Kemper was
deemed to have been assigned and, therefore, terminated. The Board of Trustees
of the Fund has approved a new investment management agreement with Scudder
Kemper, which is substantially identical to the former investment management
agreement, except for the dates of execution and termination. Shareholders
approved of the new investment management agreement through a proxy solicitation
that concluded in mid-December.
DISTRIBUTION AGREEMENT
The Fund also has an administration, shareholder services and 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 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, 1998, the Fund
incurred distribution fees of $8,183,000. 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 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 six months ended October 31, 1998, KDI paid
fees of $8,324,000 to various firms pursuant to the related service agreements.
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, KSvC received shareholder services fees of $2,809,000 for the six
months ended October 31, 1998.
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, 1998, the Fund made no
payments to its officers and incurred trustees' fees of $19,000 to independent
trustees.
EXPENSE ABSORPTION
Scudder Kemper has agreed to limit the Portfolios' operating expenses to the
following percentages of average daily net assets: Money Market Portfolio
(1.00%), Government Securities Portfolio (1.00%) and Tax-Exempt Portfolio
(.95%). For the six months ended October 31, 1998, Scudder Kemper absorbed
expenses of $856,000.
<PAGE> 14
Cash Account Trust 14
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended Year ended April 30,
October 31, ---------------------------------------
MONEY MARKET PORTFOLIO 1998 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------
<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 .02 .05 .05 .05 .04
- ------------------------------------------------------------------------------------------------------------------
Less dividends declared .02 .05 .05 .05 .04
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 2.36% 4.85 4.60 4.96 4.38
- ------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses after expense waiver 1.00% 1.00 1.00 1.00 .99
- ------------------------------------------------------------------------------------------------------------------
Net investment income 4.67% 4.71 4.51 4.83 4.54
- ------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses 1.09% 1.10 1.03 1.05 1.05
- ------------------------------------------------------------------------------------------------------------------
Net investment income 4.58% 4.61 4.48 4.78 4.48
- ------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $2,109,323 1,995,057 584,947 455,025 378,551
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTE:
The Money Market Portfolio's 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.
<TABLE>
<CAPTION>
Six months
ended Year ended April 30,
October 31, -------------------------------------
GOVERNMENT SECURITIES PORTFOLIO 1998 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<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 .02 .05 .05 .05 .04
- ----------------------------------------------------------------------------------------------------------------
Less dividends declared .02 .05 .05 .05 .04
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 2.29% 4.78 4.69 5.01 4.37
- ----------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses after expense waiver 1.00% .98 .92 .90 .90
- ----------------------------------------------------------------------------------------------------------------
Net investment income 4.54% 4.68 4.59 4.88 4.66
- ----------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses 1.04% 1.02 .99 1.06 1.05
- ----------------------------------------------------------------------------------------------------------------
Net investment income 4.50% 4.64 4.52 4.72 4.51
- ----------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $690,884 804,565 544,501 189,919 138,020
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
Cash Account Trust 15
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended Year ended April 30,
October 31, --------------------------------------
TAX-EXEMPT PORTFOLIO 1998 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------
<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 .01 .03 .03 .03 .03
- -------------------------------------------------------------------------------------------------------------------
Less dividends declared .01 .03 .03 .03 .03
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 1.00 1.00 1.00 1.00
- -------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED) 1.39% 2.92 2.82 3.16 2.80
- -------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS: (ANNUALIZED)
Expenses after expense waiver .91% .91 .81 .78 .76
- -------------------------------------------------------------------------------------------------------------------
Net investment income 2.75% 2.87 2.78 3.10 3.00
- -------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS: (ANNUALIZED)
Expenses .91% .94 .96 .98 .93
- -------------------------------------------------------------------------------------------------------------------
Net investment income 2.75% 2.84 2.63 2.90 2.83
- -------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $356,364 368,141 220,791 66,981 67,748
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTE FOR ALL PORTFOLIOS:
Scudder Kemper has agreed to temporarily waive certain operating expenses. The
Other Ratios to Average Net Assets are computed without this expense waiver.
Data for the period ended October 31, 1998 is unaudited.
<PAGE> 16
CASH ACCOUNT
TRUST
SEMIANNUAL
REPORT
OCTOBER 31, 1998
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.
CAT-3 1063590 11/98 [RECYCLED PAPER LOGO]
Printed on recycled paper.