<PAGE> 1
Cash Account Trust
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
We appreciate your decision to invest in Cash Account Trust. The
following pages include the annual report covering the twelve-months
ended April 30, 1999 for the portfolios listed below:
- - Money Market Portfolio
- - Government Securities Portfolio
- - Tax-Exempt Portfolio
During the past year, the portfolios' registered solid performance and achieved
their objectives of providing maximum current income while maintaining the
stability of principal.
ECONOMIC REVIEW AND OUTLOOK
The U.S. economy continued to grow, as low inflation and low unemployment
figures boosted consumer confidence. Meanwhile, the international uncertainty
that caused the Federal Reserve Board to ease interest rates three times in late
1998 appears to have subsided, as Europe, Asia and Brazil showed signs of
rebounding. These factors helped build the expectation that the Gross Domestic
Product should remain strong with growth continuing above 3% in the second
quarter of 1999. Even with this good news, the Fed has maintained a "wait and
see" strategy with regard to tightening interest rates, although there have been
recent indications that this approach may change.
Considering this information, we plan to take a relatively neutral approach to
the portfolio's average maturity. We also may look for attractive opportunities
to extend maturities and enhance performance because we do not anticipate
significant upward pressures on interest rates. Each of the fund's portfolios
should continue to offer attractive yield potential with a high degree of
stability, and continue to be an excellent place for you to invest.
Thank you again for your investment. We look forward to serving your investment
needs for years to come.
FRANK J. RACHWALSKI
Frank J. Rachwalski
Vice President and Lead Portfolio Manager
June 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
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Corporate Obligations Value
<S> <C>
BANKING--5.7%
- ----------------------------------------------------------
Bank of Nova Scotia
4.91%, 5/3/99 $ 50,000
- ----------------------------------------------------------
Banque Nationale de Paris
4.91%, 6/22/99 9,929
- ----------------------------------------------------------
Dresdner US Finance, Inc.
4.87% - 4.88%, 6/11/99 - 6/18/99 38,762
- ----------------------------------------------------------
Merita N.A., Inc.
4.87% - 4.89%, 7/13/99 - 7/19/99 34,648
- ----------------------------------------------------------
Nordebanken N.A., Inc.
4.90%, 5/17/99 24,946
- ----------------------------------------------------------
(a)Wells Fargo & Co.
4.88%, 6/29/99 31,979
- ----------------------------------------------------------
190,264
BUSINESS LOANS--22.3%
- ----------------------------------------------------------
Asset Portfolio Funding Corp.
4.89%, 5/12/99 24,963
- ----------------------------------------------------------
Asset Securitization Cooperative Corp.
4.90%, 5/14/99 - 6/1/99 39,893
- ----------------------------------------------------------
Clipper Receivables Corp.
4.87%, 6/16/99 39,238
- ----------------------------------------------------------
Corporate Asset Funding
4.86%, 7/8/99 30,322
- ----------------------------------------------------------
Corporate Receivables Corp.
4.86% - 4.90%, 5/17/99 - 6/22/99 59,737
- ----------------------------------------------------------
Delaware Funding Corp.
4.81%, 5/21/99 34,907
- ----------------------------------------------------------
Fairway Finance Corp.
4.97%, 5/17/99 19,956
- ----------------------------------------------------------
Falcon Asset Securitization Corp.
4.86% - 4.91%, 5/14/99 - 6/14/99 44,817
- ----------------------------------------------------------
International Securitization Corp.
4.85%, 6/24/99 19,856
- ----------------------------------------------------------
Intrepid Funding Corp.
4.85% - 4.93%, 5/20/99 - 9/20/99 34,745
- ----------------------------------------------------------
Lexington Parker Capital Co.
4.86%, 6/14/99 39,765
- ----------------------------------------------------------
Mont Blanc Capital Corp.
4.85%, 6/7/99 24,876
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Monte Rosa Capital Corp.
4.90% - 4.91%, 5/7/99 - 5/27/99 $ 49,865
- ----------------------------------------------------------
Old Line Funding Corp.
4.88%, 5/17/99 23,948
- ----------------------------------------------------------
Preferred Receivables Funding Corp.
4.84% - 4.87%, 5/17/99 - 6/9/99 41,386
- ----------------------------------------------------------
Quincy Capital Corp.
4.90%, 5/7/99 24,980
- ----------------------------------------------------------
Sheffield Receivables Corp.
4.86%, 5/26/99 24,916
- ----------------------------------------------------------
Special Purpose Accounts Receivable Cooperative Corp.
4.91%, 5/13/99 34,943
- ----------------------------------------------------------
Thunder Bay Funding, Inc.
4.88%, 7/1/99 19,836
- ----------------------------------------------------------
Variable Funding Capital Corp.
4.86% - 4.88%, 5/6/99 - 5/12/99 34,968
- ----------------------------------------------------------
WCP Funding, Inc.
4.88% - 4.90%, 5/19/99 - 7/12/99 53,957
- ----------------------------------------------------------
Wood Street Funding Corp.
4.89%, 7/23/99 24,419
- ----------------------------------------------------------
746,293
CAPITAL AND EQUIPMENT LENDING--3.6%
- ----------------------------------------------------------
Ace Overseas Corp.
4.89%, 5/12/99 19,970
- ----------------------------------------------------------
(a)American Honda Finance Corp.
4.89%, 5/26/99 10,000
- ----------------------------------------------------------
(a)Caterpillar Financial Services Corp.
5.00%, 5/11/99 - 6/10/99 25,003
- ----------------------------------------------------------
Fountain Square Commercial Funding Corp.
4.95%, 5/3/99 35,985
- ----------------------------------------------------------
IBM Credit Corp.
5.13%, 3/22/00 9,996
- ----------------------------------------------------------
(a)John Deere Capital Corp.
4.90%, 5/3/99 19,991
- ----------------------------------------------------------
120,945
CAPTIVE BUSINESS LENDING--5.6%
- ----------------------------------------------------------
British Gas Capital, Inc.
4.84%, 5/19/99 19,952
- ----------------------------------------------------------
</TABLE>
<PAGE> 3
Cash Account Trust 3
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
California Pollution Control Financing
Authority
4.85%, 5/12/99 $ 20,000
- ----------------------------------------------------------
(a)(b)Capital One Funding Corp.
4.89%, 5/6/99 8,135
- ----------------------------------------------------------
Duke Capital Corp.
4.85%, 6/9/99 29,843
- ----------------------------------------------------------
Pemex Capital, Inc.
4.91%, 6/21/99 - 7/7/99 29,772
- ----------------------------------------------------------
Petrobras Finance Corp.
4.91%, 6/30/99 29,758
- ----------------------------------------------------------
Prudential Funding Corp.
4.90%, 5/18/99 49,886
- ----------------------------------------------------------
187,346
CONSUMER LENDING--4.2%
- ----------------------------------------------------------
(a)Avco Financial Services, Inc.
5.04%, 5/17/99 10,000
- ----------------------------------------------------------
(a)Countrywide Home Loans
4.97% - 5.22%, 7/25/99 - 7/26/99 22,000
- ----------------------------------------------------------
(b)GMAC Mortgage Corporation of Pennsylvania
5.01%, 5/4/99 29,988
- ----------------------------------------------------------
Household International, Inc.
4.87%, 6/2/99 14,936
- ----------------------------------------------------------
J.C. Penney Funding Corp.
5.01%, 6/14/99 24,849
- ----------------------------------------------------------
Transamerica Finance Corp.
4.91%, 5/24/99 24,923
(a) 5.25%, 7/22/99 15,000
- ----------------------------------------------------------
141,696
CONSUMER PRODUCTS AND SERVICES--2.6%
- ----------------------------------------------------------
Coca-Cola Enterprises, Inc.
4.87% - 4.91%, 5/14/99 - 6/18/99 32,858
- ----------------------------------------------------------
Eastman Kodak Co.
4.89%, 5/20/99 24,936
- ----------------------------------------------------------
Fortune Brands, Inc.
4.84%, 5/3/99 27,793
- ----------------------------------------------------------
85,587
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
DIVERSIFIED FINANCE--12.2%
- ----------------------------------------------------------
Alpine Securitization Corp.
4.86%, 6/10/99 $ 29,839
- ----------------------------------------------------------
Amsterdam Funding Corp.
4.91%, 5/21/99 9,973
- ----------------------------------------------------------
Barton Capital Corp.
4.84% - 4.89%, 6/4/99 - 6/7/99 54,448
- ----------------------------------------------------------
CIT Group Holdings, Inc.
(a) 4.84%, 5/3/99 14,998
4.85%, 6/4/99 24,887
- ----------------------------------------------------------
CXC, Inc.
4.87% - 4.88%, 5/18/99 24,942
- ----------------------------------------------------------
Enterprise Capital Funding Corp.
4.87%, 6/15/99 14,910
- ----------------------------------------------------------
Eureka Securitization, Inc.
4.88%, 5/28/99 19,927
- ----------------------------------------------------------
General Electric Capital Corp.
4.87%, 5/10/99 14,982
(a) 4.95% - 4.98%, 6/8/99 - 7/12/99 40,000
- ----------------------------------------------------------
Heller Financial, Inc.
5.02%, 5/27/99 9,964
- ----------------------------------------------------------
Twin Tower, Inc.
4.87% - 4.92%, 5/11/99 - 7/21/99 59,653
- ----------------------------------------------------------
Windmill Funding Corp.
4.85% - 4.90%, 5/13/99 - 6/15/99 64,688
- ----------------------------------------------------------
Xerox Credit Corp.
4.85%, 5/11/99 24,967
- ----------------------------------------------------------
408,178
FINANCIAL SERVICES--6.9%
- ----------------------------------------------------------
(a)Bear Stearns Cos., Inc.
4.90% - 5.32%, 5/8/99 - 5/19/99 20,000
- ----------------------------------------------------------
(a)CS First Boston, Inc.
4.86%, 5/3/99 22,000
- ----------------------------------------------------------
(a)Goldman Sachs Group, L.P.
4.95%, 6/8/99 25,000
- ----------------------------------------------------------
Lehman Brothers Holdings, Inc.
5.06%, 6/21/99 29,788
- ----------------------------------------------------------
(a)Merrill Lynch & Co., Inc.
4.91%, 5/21/99 20,000
- ----------------------------------------------------------
</TABLE>
<PAGE> 4
Cash Account Trust 4
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
Salomon Smith Barney Holdings, Inc.
4.84%, 5/3/99 - 5/19/99 $ 54,921
- ----------------------------------------------------------
Sigma Finance
4.88%, 5/28/99 - 6/15/99 60,000
- ----------------------------------------------------------
231,709
HEALTH CARE--1.8%
- ----------------------------------------------------------
American Home Products Corp.
4.89%, 5/4/99 24,990
- ----------------------------------------------------------
Baxter International, Inc.
4.84% - 4.88%, 5/18/99 - 6/22/99 34,327
- ----------------------------------------------------------
59,317
MANUFACTURING/INDUSTRIAL--1.1%
- ----------------------------------------------------------
Michelin Tire Corp.
5.20%, 5/3/99 19,994
- ----------------------------------------------------------
(a)Xerox Capital Europe, PLC
4.89%, 5/22/99 14,998
- ----------------------------------------------------------
34,992
MUNICIPAL AND STATE OBLIGATIONS--1.2%
- ----------------------------------------------------------
Oakland - Alameda County Coliseum, California
4.90% - 4.91%, 5/3/99 - 5/7/99 37,350
- ----------------------------------------------------------
(a)Texas, General Obligation
4.86%, 5/7/99 2,255
- ----------------------------------------------------------
39,605
UTILITIES--2.5%
- ----------------------------------------------------------
AES Hawaii, Inc.
4.88%, 5/7/99 24,980
- ----------------------------------------------------------
Brazos River Authority, Texas
4.91% - 4.95%, 5/14/99 - 6/10/99 30,000
- ----------------------------------------------------------
GTE Corp.
4.87%, 6/11/99 29,835
- ----------------------------------------------------------
84,815
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
FOREIGN GOVERNMENT--.8%
- ----------------------------------------------------------
Export Development Corp.
4.84%, 5/7/99 $ 24,980
- ----------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS--70.5%
(average maturity: 32 days) 2,355,727
- ----------------------------------------------------------
BANK OBLIGATIONS
CERTIFICATES OF DEPOSIT AND BANK NOTES--U.S. BANKS--9.7%
- ----------------------------------------------------------
(a)American Express Centurian Bank
4.89%, 5/24/99 10,000
- ----------------------------------------------------------
(a)American Express Co.
4.92%, 5/17/99 - 5/18/99 20,000
- ----------------------------------------------------------
(a)Bankers Trust Co.
4.83%, 5/3/99 15,000
- ----------------------------------------------------------
(a)Comerica Bank
4.90%, 5/17/99 24,990
- ----------------------------------------------------------
(a)First Bank Corp.
4.99%, 5/17/99 15,011
- ----------------------------------------------------------
(a)First National Bank of Boston
4.86% - 5.00%, 5/3/99 - 7/7/99 30,000
- ----------------------------------------------------------
(a)First Union National Bank
5.02%, 5/17/99 27,000
- ----------------------------------------------------------
(a)Harris Trust and Savings Bank
4.91%, 5/3/99 44,984
- ----------------------------------------------------------
(a)Huntington National Bank
4.96%, 5/5/99 24,996
- ----------------------------------------------------------
(a)J.P. Morgan & Co., Inc.
4.83%, 5/7/99 16,998
- ----------------------------------------------------------
(a)Key Bank, N.A.
4.89%, 5/29/99 19,996
- ----------------------------------------------------------
NationsBank, N.A.
4.88%, 6/4/99 25,000
- ----------------------------------------------------------
(a)Northern Trust Corp.
4.83%, 5/10/99 16,996
- ----------------------------------------------------------
(a)PNC Bank, N.A.
5.02%, 5/4/99 20,000
- ----------------------------------------------------------
(a)U.S. Bank, N.A.
4.91%, 5/20/99 14,998
- ----------------------------------------------------------
325,969
</TABLE>
<PAGE> 5
Cash Account Trust 5
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
CERTIFICATES OF DEPOSIT--FOREIGN BANKS--11.6%
- ----------------------------------------------------------
(a)Abbey National, N.A.
4.85%, 7/20/99 $ 24,994
- ----------------------------------------------------------
(a)Bank of Montreal
4.89%, 6/30/99 34,983
- ----------------------------------------------------------
(a)Bayerische Hypo-Und Vereinsbank AG
4.85%, 5/19/99 89,957
- ----------------------------------------------------------
(a)Bayerische Landesbank
4.82%, 5/10/99 69,954
- ----------------------------------------------------------
(a)Commerzbank A.G.
4.91%, 7/6/99 34,987
- ----------------------------------------------------------
(a)Den Danske Bank
4.85%, 5/17/99 24,989
- ----------------------------------------------------------
(a)Deutsche Bank Financial Inc.
4.89%, 5/3/99 64,959
- ----------------------------------------------------------
(a)Royal Bank of Canada
4.80% - 4.89%, 5/3/99 - 7/1/99 29,988
- ----------------------------------------------------------
(a)Svenska Handelsbanken
4.94%, 5/17/99 12,000
- ----------------------------------------------------------
386,811
- ----------------------------------------------------------
TOTAL BANK OBLIGATIONS--21.3%
(average maturity: 22 days) 712,780
- ----------------------------------------------------------
(c)REPURCHASE AGREEMENTS
(Dated 3/99 - 4/99, collateralized by Federal
Home Loan Mortgage Corporation and Federal
National Mortgage Association securities)
- ----------------------------------------------------------
Donaldson, Lufkin & Jenrette, Inc.
(held at Chemical Bank)
4.94%, 5/3/99 40,000
- ----------------------------------------------------------
Goldman Sachs Group, L.P.
(held at The Bank of New York)
4.80%, 5/5/99 - 5/6/99 50,000
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Salomon Brothers, Inc.
(held at The Bank of New York)
4.82% - 4.88%, 5/10/99 - 5/14/99 $ 100,000
- ----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--5.7%
(average maturity: 8 days) 190,000
- ----------------------------------------------------------
U.S. GOVERNMENT AGENCY NOTES
(a)Federal Home Loan Bank
4.80%, 5/3/99 5,997
- ----------------------------------------------------------
Federal Home Loan Mortgage Corp.
4.84% - 4.85%, 5/14/99 - 5/18/99 29,940
- ----------------------------------------------------------
(a)Federal National Mortgage Association
4.58%, 5/4/99 4,999
- ----------------------------------------------------------
(a)Student Loan Marketing Association
4.86%, 5/4/99 29,996
- ----------------------------------------------------------
TOTAL U.S. GOVERNMENT
AGENCY NOTES--2.1%
(average maturity: 9 days) 70,932
- ----------------------------------------------------------
TOTAL INVESTMENTS--99.6%
(average maturity: 28 days) 3,329,439
- ----------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.4% 14,421
- ----------------------------------------------------------
NET ASSETS--100% $3,343,860
- ----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 6
Cash Account Trust 6
- --------------------------------------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO
Investments at April 30, 1999
(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
5.18%, 5/14/99 $ 1,300
- ----------------------------------------------------------
(a)Federal Farm Credit Banks
4.87%, 5/3/99 4,999
- ----------------------------------------------------------
Federal Home Loan Bank
(a) 4.80% - 5.05%, 5/3/99 -3/3/00 73,973
4.80% - 5.03%, 5/3/99 - 10/29/99 29,996
- ----------------------------------------------------------
Federal Home Loan Mortgage Corp.
4.77% - 4.85%, 5/3/99 - 6/21/99 70,406
- ----------------------------------------------------------
Federal National Mortgage Association
(a) 4.59% - 5.25%, 5/4/99 -7/27/99 34,490
4.79% - 4.96%, 5/26/99 - 7/8/99 41,680
- ----------------------------------------------------------
(a)Overseas Private Investment Corp.
Omolon
5.11%, 5/4/99 17,334
- ----------------------------------------------------------
(a)Student Loan Marketing Association
4.80% - 5.11%, 5/3/99 - 5/4/99 104,072
- ----------------------------------------------------------
TOTAL SHORT-TERM NOTES--47.7%
(average maturity: 34 days) 378,250
- ----------------------------------------------------------
(c)REPURCHASE AGREEMENTS
(Dated 4/99, collateralized by Federal Home Loan
Mortgage Corporation, Federal National Mortgage
Association and Government National Mortgage
Association securities)
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Bear, Stearns Cos., Inc.
(held at The Bank of New York)
4.81%, 5/5/99 $115,000
- ----------------------------------------------------------
CS First Boston, Inc.
(held at The Chase Manhattan Bank)
4.70%, 5/3/99 75,000
- ----------------------------------------------------------
Chase Securities, Inc.
(held at The Chase Manhattan Bank)
4.75% - 4.82%, 5/6/99 - 5/19/99 120,000
- ----------------------------------------------------------
Lehman Brothers Holdings, Inc.
(held at The Chase Manhattan Bank)
4.77%, 5/10/99 35,000
- ----------------------------------------------------------
Salomon Smith Barney Holdings, Inc.
(held at The Bank of New York)
4.73%, 5/3/99 65,000
- ----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--51.7%
(average maturity: 6 days) 410,000
- ----------------------------------------------------------
TOTAL INVESTMENTS--99.4%
(average maturity: 19 days) 788,250
- ----------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.6% 4,920
- ----------------------------------------------------------
NET ASSETS--100% $793,170
- ----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 7
Cash Account Trust 7
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(a)Variable Rate Demand Securities Value
<S> <C>
ARIZONA
- ---------------------------------------------------------
Apache County
Industrial Development Authority
4.00% $ 4,000
CALIFORNIA
- ---------------------------------------------------------
Los Angeles
Harbor Improvement Corp.
4.20% 6,400
COLORADO
- ---------------------------------------------------------
Postsecondary Educational Facilities Authority
4.05% 4,665
- ---------------------------------------------------------
Smith Creek
Metropolitan District
4.10% 3,400
DISTRICT OF COLUMBIA
- ---------------------------------------------------------
American Public Health Association
3.95% 6,585
- ---------------------------------------------------------
General Obligation
4.30% 4,000
FLORIDA
- ---------------------------------------------------------
Alachua County
Health Facilities Authority
3.95% 2,300
- ---------------------------------------------------------
Dade County
Water and Sewer System Revenue
3.85% 8,000
- ---------------------------------------------------------
Jacksonville
Industrial Development Revenue
4.00% 2,800
- ---------------------------------------------------------
Orange County
Health Facilities Authority
4.05% 4,000
GEORGIA
- ---------------------------------------------------------
De Kalb County
Development Authority Pollution Control Revenue
3.90% 3,330
- ---------------------------------------------------------
Fulton County
Morehouse College
3.95% 1,920
- ---------------------------------------------------------
Gainesville - Riverside
Redevelopment Authority
4.00% 3,000
- ---------------------------------------------------------
Laurens County
Development Revenue
4.10% 4,000
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
ILLINOIS
- ---------------------------------------------------------
Development Finance Authority
Adventist Health System
4.05% $ 8,500
Pollution Control Revenue
4.00% 9,200
- ---------------------------------------------------------
Student Assistance Commission
4.00% 1,000
- ---------------------------------------------------------
Des Plaines
Industrial Development Revenue
4.20% 3,835
- ---------------------------------------------------------
Elgin
Judson College Project
4.10% 3,460
- ---------------------------------------------------------
Rockford
Industrial Project Revenue
4.25% 2,300
INDIANA
- ---------------------------------------------------------
Health Facility Financing Authority
4.05% 2,850
- ---------------------------------------------------------
Ossian
Economic Development Revenue
4.15% 1,000
KANSAS
- ---------------------------------------------------------
Kansas City
Pollution Control Revenue
3.90% 3,240
KENTUCKY
- ---------------------------------------------------------
Mason County
Pollution Control Revenue
4.05% 7,255
- ---------------------------------------------------------
Mayfield
Multi-City Lease Revenue
4.10% 7,000
LOUISIANA
- ---------------------------------------------------------
Jefferson Parish Hospital Service District
4.00% 4,000
MARYLAND
- ---------------------------------------------------------
Baltimore County
Oak Crest Village Inc.
3.95% 3,000
MISSOURI
- ---------------------------------------------------------
Environmental and Energy Resource Authority
4.05% 3,000
</TABLE>
<PAGE> 8
Cash Account Trust 8
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
Kansas City
Industrial Development Authority
4.05% $ 3,875
NEBRASKA
- ---------------------------------------------------------
York
Industrial Development Revenue
4.15% 5,600
NEW MEXICO
- ---------------------------------------------------------
Farmington
Pollution Control Revenue
3.95% 4,500
NORTH CAROLINA
- ---------------------------------------------------------
Medical Care Commission
Hospital Revenue
4.00% 5,000
- ---------------------------------------------------------
Wake County
Pollution Control Financing Authority
3.95% 6,200
- ---------------------------------------------------------
Winston-Salem
Multi-Family Housing
3.95% 3,000
OHIO
- ---------------------------------------------------------
Butler County
Industrial Development Revenue
4.15% 1,510
- ---------------------------------------------------------
Hancock County
Multi-Family Housing
4.15% 6,150
- ---------------------------------------------------------
Medina County
Health Care Facilities Revenue
4.05% 4,500
OREGON
- ---------------------------------------------------------
Economic Development Revenue
4.10% 3,650
PENNSYLVANIA
- ---------------------------------------------------------
Higher Education Facilities Authority
4.30% 7,500
- ---------------------------------------------------------
Delaware Valley
Regional Finance Authority
3.90% 7,600
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Lehigh County
Industrial Development Authority
3.55% $ 4,800
- ---------------------------------------------------------
Schuylkill County
Industrial Development Authority
3.90% 4,800
TENNESSEE
- ---------------------------------------------------------
Clarksville
Public Building Authority
4.00% 2,975
- ---------------------------------------------------------
Maury County
Industrial Development Board
4.00% 4,500
TEXAS
- ---------------------------------------------------------
Brazos River Authority
Pollution Control Revenue
4.30% 9,400
- ---------------------------------------------------------
Tarrant County
Industrial Development Revenue
4.10% 5,000
VIRGINIA
- ---------------------------------------------------------
Albermarle County
Industrial Development Authority
3.95% 4,500
- ---------------------------------------------------------
Loudoun County
Industrial Development Authority
4.10% 2,880
WASHINGTON
- ---------------------------------------------------------
Port of Vancouver
3.90% 2,000
WISCONSIN
- ---------------------------------------------------------
Health and Educational Facilities Authority
4.00% 6,500
- ---------------------------------------------------------
Eau Claire
Solid Waste Disposal Revenue
4.20% 5,800
- ---------------------------------------------------------
TOTAL VARIABLE RATE
DEMAND SECURITIES--60.5%
(average maturity: 7 days) 230,280
- ---------------------------------------------------------
</TABLE>
<PAGE> 9
Cash Account Trust 9
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Other Securities Value
<S> <C>
ARIZONA
- ---------------------------------------------------------
Salt River Project
Agricultural Improvement and Power District
3.00% - 3.15%, 5/12/99 - 7/21/99 $ 6,400
COLORADO
- ---------------------------------------------------------
Platte River Power Authority
3.25%, 5/7/99 3,500
FLORIDA
- ---------------------------------------------------------
Municipal Power Agency
3.15%, 8/12/99 2,500
- ---------------------------------------------------------
Jacksonville
Electric Authority
3.15% - 3.25%, 6/14/99 - 7/21/99 8,600
- ---------------------------------------------------------
Orange County
Health Facilities Authority
3.20%, 7/22/99 3,500
- ---------------------------------------------------------
Orlando
Capital Improvement Revenue
2.85%, 5/11/99 2,600
- ---------------------------------------------------------
Pinellas County
Educational Facilities Authority
3.19%, 7/21/99 2,600
- ---------------------------------------------------------
Sunshine State
Governmental Financing Commission
3.10%, 7/19/99 3,500
GEORGIA
- ---------------------------------------------------------
Municipal Electric Authority
2.92%, 5/14/99 7,185
ILLINOIS
- ---------------------------------------------------------
Education Facilities Authority
2.85% - 3.15%, 5/11/99 - 7/20/99 9,709
- ---------------------------------------------------------
Health Facilities Authority
3.05%, 5/13/99 3,000
INDIANA
- ---------------------------------------------------------
Jasper County
Pollution Control Revenue
2.80% - 3.20%, 5/13/99 - 7/22/99 11,100
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
KENTUCKY
- ---------------------------------------------------------
Danville
Multi-City Lease Revenue
2.75%, 5/12/99 $ 4,600
- ---------------------------------------------------------
Pendleton County
Multi-County Lease Revenue
2.90% - 3.10%, 5/14/99 - 7/21/99 10,950
MARYLAND
- ---------------------------------------------------------
Anne Arundel County
Port Facilities Revenue
2.85%, 5/10/99 4,500
MICHIGAN
- ---------------------------------------------------------
Strategic Fund Limited Obligation Revenue
3.15%, 5/12/99 4,000
MISSISSIPPI
- ---------------------------------------------------------
Claiborne County
Pollution Control Revenue
2.85%, 5/10/99 4,200
NEVADA
- ---------------------------------------------------------
Las Vegas Valley
Water System Revenue
3.15%, 7/20/99 3,800
NEW YORK
- ---------------------------------------------------------
Nassau County
General Obligation
3.05% - 3.10%, 8/18/99 - 12/22/99 7,712
OHIO
- ---------------------------------------------------------
Water Development Authority
3.25%, 6/11/99 4,350
PENNSYLVANIA
- ---------------------------------------------------------
Allegheny County
Hospital Development Authority Revenue
3.20%, 7/22/99 2,400
SOUTH CAROLINA
- ---------------------------------------------------------
Public Service Authority
3.15%, 7/23/99 3,000
</TABLE>
<PAGE> 10
Cash Account Trust 10
- --------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at April 30, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
TEXAS
- ---------------------------------------------------------
Municipal Power Agency
3.15% - 3.25%, 7/19/99 - 7/22/99 $ 14,100
- ---------------------------------------------------------
Public Finance Authority
3.10%, 7/20/99 3,000
- ---------------------------------------------------------
Tax and Revenue
3.23%, 8/31/99 4,518
- ---------------------------------------------------------
Austin
Utility System
3.10%, 7/19/99 4,000
- ---------------------------------------------------------
Harris County
Health Facilities Development Corp.
3.20%, 7/19/99 3,800
- ---------------------------------------------------------
Houston
Water and Sewer System
3.20%, 7/27/99 3,000
UTAH
- ---------------------------------------------------------
Intermountain Power Agency
3.25%, 7/21/99 2,500
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
VIRGINIA
- ---------------------------------------------------------
Chesterfield County
Industrial Development Authority
3.00%, 5/14/99 $ 3,700
- ---------------------------------------------------------
TOTAL OTHER SECURITIES-40.0%
(average maturity: 59 days) 152,324
- ---------------------------------------------------------
TOTAL INVESTMENTS-100.5%
(average maturity: 28 days) 382,604
- ---------------------------------------------------------
LIABILITIES, LESS OTHER ASSETS-(.5)% (1,975)
- ---------------------------------------------------------
NET ASSETS-100% $380,629
- ---------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 11
Cash Account Trust 11
- --------------------------------------------------------------------------------
NOTES TO PORTFOLIOS OF INVESTMENTS
- --------------------------------------------------------------------------------
Interest rates represent annualized yield to date of maturity, except for
variable rate securities described in Note (a). For each security, cost (for
financial reporting and federal income tax purposes) and carrying value are the
same. Likewise, carrying value approximates principal amount.
(a) Variable rate securities. The rates shown are the current rates at April 30,
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 April 30, 1999, the aggregate value of illiquid
securities was $38,123,000 in the Money Market Portfolio, which represented 1.1%
of net assets.
(c) Repurchase agreements are fully collateralized by U.S. Government securities
or U.S. Government agency securities. All collateral is held at the fund's
custodian bank, State Street Bank, 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> 12
Cash Account Trust 12
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS
CASH ACCOUNT TRUST
We have audited the accompanying statement of assets and liabilities, including
the portfolios of investments, of Cash Account Trust (comprising, respectively,
the Money Market, Government Securities and Tax-Exempt Portfolios), as of April
30, 1999, and the related statements of operations for the year then ended and
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the fiscal periods since 1995. These
financial statements and financial highlights are the responsibility of the
Trusts' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
April 30, 1999, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios comprising Cash Account Trust at April 30, 1999,
the results of their operations for the year then ended, the changes in their
net assets for each of the two years in the period then ended, and the financial
highlights for each of the fiscal periods since 1995, in conformity with
generally accepted accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
June 15, 1999
<PAGE> 13
Cash Account Trust 13
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1999
(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 $3,139,439 378,250 382,604
- ------------------------------------------------------------------------------------------------------------
Repurchase agreements 190,000 410,000 --
- ------------------------------------------------------------------------------------------------------------
Cash 32,323 4,361 --
- ------------------------------------------------------------------------------------------------------------
Receivable for:
Interest 6,129 3,224 1,479
- ------------------------------------------------------------------------------------------------------------
Fund shares sold 55 38 14
- ------------------------------------------------------------------------------------------------------------
Total assets 3,367,946 795,873 384,097
- ------------------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Cash overdraft -- -- 2,278
- ------------------------------------------------------------------------------------------------------------
Payable for:
Dividends 3,173 758 245
- ------------------------------------------------------------------------------------------------------------
Fund shares redeemed 16,913 1,370 656
- ------------------------------------------------------------------------------------------------------------
Management fee 845 57 99
- ------------------------------------------------------------------------------------------------------------
Distribution services fee 1,575 85 99
- ------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 686 285 88
- ------------------------------------------------------------------------------------------------------------
Trustees' fees and other 894 148 3
- ------------------------------------------------------------------------------------------------------------
Total liabilities 24,086 2,703 3,468
- ------------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $3,343,860 793,170 380,629
- ------------------------------------------------------------------------------------------------------------
THE PRICING OF SHARES
- ------------------------------------------------------------------------------------------------------------
INSTITUTIONAL SHARES:
Net assets applicable to shares outstanding $ 102 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 102 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
PREMIER SHARES:
Net assets applicable to shares outstanding $ 101 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 101 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
RETAIL SHARES:
Net assets applicable to shares outstanding $ 272 -- --
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 272 -- --
- ------------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 -- --
- ------------------------------------------------------------------------------------------------------------
SERVICE SHARES:
Net assets applicable to shares outstanding $3,343,385 $793,170 $380,629
- ------------------------------------------------------------------------------------------------------------
Shares outstanding 3,343,385 793,170 380,629
- ------------------------------------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Year ended April 30, 1999
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------------------------
<S> <C> <C> <C>
INTEREST INCOME $121,366 37,848 12,284
- -----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 4,086 1,270 699
- -----------------------------------------------------------------------------------------------------------------------
Distribution services fee 13,640 4,329 1,831
- -----------------------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 6,230 1,353 707
- -----------------------------------------------------------------------------------------------------------------------
Registration costs 510 206 38
- -----------------------------------------------------------------------------------------------------------------------
Professional fees 41 20 7
- -----------------------------------------------------------------------------------------------------------------------
Reports to shareholders 480 40 31
- -----------------------------------------------------------------------------------------------------------------------
Trustees' fees and other 31 104 7
- -----------------------------------------------------------------------------------------------------------------------
Total expenses before expense waiver 25,018 7,322 3,320
- -----------------------------------------------------------------------------------------------------------------------
Less expenses waived by the investment manager (2,233) (103) --
- -----------------------------------------------------------------------------------------------------------------------
Total expenses absorbed by the portfolio 22,785 7,219 3,320
- -----------------------------------------------------------------------------------------------------------------------
Net investment income 98,581 30,629 8,964
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
Cash Account Trust 15
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Years ended April 30, 1999 and 1998
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET
----------PORTFOLIO----------
1999 1998
-----------------------------
<S> <C> <C>
OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY
Net investment income $ 98,581 61,857
- -------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (98,581) (61,857)
- -------------------------------------------------------------------------------------------
Capital share transactions (dollar amounts and
number of shares are the same):
INSTITUTIONAL SHARES (A):
Shares sold 101 --
- -------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 1 --
- -------------------------------------------------------------------------------------------
102
Shares redeemed -- --
- -------------------------------------------------------------------------------------------
Net increase from capital share transactions 102 --
- -------------------------------------------------------------------------------------------
PREMIER SHARES (A):
Shares sold 100 --
- -------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 1 --
- -------------------------------------------------------------------------------------------
101
Shares redeemed -- --
- -------------------------------------------------------------------------------------------
Net increase from capital share transactions 101 --
- -------------------------------------------------------------------------------------------
RETAIL SHARES (A):
Shares sold 270 --
- -------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 3 --
- -------------------------------------------------------------------------------------------
273
Shares redeemed (1) --
- -------------------------------------------------------------------------------------------
Net increase from capital share transactions 272 --
- -------------------------------------------------------------------------------------------
SERVICE SHARES:
Shares sold 21,381,309 8,930,862
- -------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 96,946 60,295
- -------------------------------------------------------------------------------------------
21,478,255 8,991,157
Shares redeemed (20,129,927) (7,581,047)
- -------------------------------------------------------------------------------------------
Net increase from capital share transactions 1,348,328 1,410,110
- -------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 1,348,803 1,410,110
- -------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 1,995,057 584,947
- -------------------------------------------------------------------------------------------
End of year $ 3,343,860 1,995,057
- -------------------------------------------------------------------------------------------
</TABLE>
(a) For the period from January 22, 1999 (commencement of operations) to April
30, 1999.
<PAGE> 16
Cash Account Trust 16
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Years ended April 30, 1999 and 1998
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT TAX-EXEMPT
----SECURITIES-PORTFOLIO---- ---------PORTFOLIO---------
1999 1998 1999 1998
---------------------------- ---------------------------
<S> <C> <C> <C> <C>
OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY
Net investment income $ 30,629 32,403 8,964 9,613
- ----------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (30,629) (32,403) (8,964) (9,613)
- ----------------------------------------------------------------------------------------------------------------------------
Capital share transactions (dollar amounts and
number of shares are the same):
Shares sold 2,169,876 2,218,979 2,019,293 1,715,561
- ----------------------------------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 30,297 31,996 8,821 9,465
- ----------------------------------------------------------------------------------------------------------------------------
2,200,173 2,250,975 2,028,114 1,725,026
Shares redeemed (2,211,568) (1,990,911) (2,015,626) (1,577,676)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from capital share transactions and
total increase (decrease) in net assets (11,395) 260,064 12,488 147,350
- ----------------------------------------------------------------------------------------------------------------------------
Beginning of year 804,565 544,501 368,141 220,791
- ----------------------------------------------------------------------------------------------------------------------------
End of year $ 793,170 804,565 380,629 368,141
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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. 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.
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. 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, the net asset
value per share (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. The NAV for the
Money Market Portfolio is determined separately for each class by dividing the
portfolio's net assets attributable to that class by the number of shares of
each class outstanding. The Government Securities Portfolio and the Tax-Exempt
Portfolio determine their NAV's by dividing the total value of the portfolio's
investments and other assets, less liabilities, by the number of portfolio
shares outstanding. Each portfolio (or class for the Money Market 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 (or class for the Money Market 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 taxable and tax-exempt 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%
<PAGE> 18
Cash Account Trust 18
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
of average daily net assets in excess of $3 billion. During the year ended April
30, 1999, the portfolios incurred management fees as follows:
<TABLE>
<CAPTION>
MANAGEMENT FEES
---------------
<S> <C>
Money Market Portfolio
(after expense waiver)... $3,120,000
Government Securities
Portfolio (after expense
waiver).................. 1,167,000
Tax-Exempt Portfolio....... 699,000
</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 year ended April 30, 1999, the portfolios incurred
distribution fees as follows:
<TABLE>
<CAPTION>
DISTRIBUTION FEES
----------------------
<S> <C>
Money Market Portfolio
(after expense waiver).... $12,373,000
Government Securities
Portfolio................. 4,329,000
Tax-Exempt Portfolio........ 1,831,000
</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 year ended April 30, 1999, the Money Market Portfolio
incurred no administrative services fees.
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 year ended April 30, 1999, KSvC received shareholder services
fees as follows:
<TABLE>
<CAPTION>
SHAREHOLDER SERVICES FEES
-------------------------
<S> <C>
Money Market Portfolio..... $4,860,000
Government Securities
Portfolio................ 1,242,000
Tax-Exempt Portfolio....... 698,000
</TABLE>
OFFICERS AND TRUSTEES
Certain officers or trustees of the fund are also officers or directors of
Scudder Kemper. During the year ended April 30, 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...... $25,000
Government Securities
Portfolio................. 12,000
Tax-Exempt Portfolio........ 7,000
</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 year ended April 30, 1999, Scudder Kemper absorbed
expenses as follows:
<TABLE>
<CAPTION>
EXPENSES
ABSORBED BY
SCUDDER
KEMPER
-----------
<S> <C>
Money Market Portfolio............ $2,233,000
Government Securities Portfolio... 103,000
Tax-Exempt Portfolio.............. --
</TABLE>
<PAGE> 19
Cash Account Trust 19
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
January 22, to
April 30,
MONEY MARKET PORTFOLIO--INSTITUTIONAL SHARES 1999
- ----------------------------------------------------------------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00
- ----------------------------------------------------------------------------
Net investment income .01
- ----------------------------------------------------------------------------
Less dividends declared .01
- ----------------------------------------------------------------------------
Net asset value, end of period $1.00
- ----------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 1.29%
- ----------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses .25%
- ----------------------------------------------------------------------------
Net investment income 4.75%
- ----------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses .28%
- ----------------------------------------------------------------------------
Net investment income 4.72%
- ----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
January 22, to
April 30,
MONEY MARKET PORTFOLIO--PREMIER SHARES 1999
- ----------------------------------------------------------------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00
- ----------------------------------------------------------------------------
Net investment income .01
- ----------------------------------------------------------------------------
Less dividends declared .01
- ----------------------------------------------------------------------------
Net asset value, end of period $1.00
- ----------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 1.21
- ----------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses .57
- ----------------------------------------------------------------------------
Net investment income 4.48
- ----------------------------------------------------------------------------
</TABLE>
<PAGE> 20
Cash Account Trust 20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
January 22, to
April 30,
MONEY MARKET PORTFOLIO--RETAIL SHARES 1999
- ----------------------------------------------------------------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00
- ----------------------------------------------------------------------------
Net investment income .01
- ----------------------------------------------------------------------------
Less dividends declared .01
- ----------------------------------------------------------------------------
Net asset value, end of period $1.00
- ----------------------------------------------------------------------------
TOTAL RETURN (NOT ANNUALIZED): 1.18
- ----------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (ANNUALIZED):
Expenses .67
- ----------------------------------------------------------------------------
Net investment income 4.38
- ----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Year ended April 30,
-----------------------------------------------------------------------
MONEY MARKET PORTFOLIO--SERVICE SHARES 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <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
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income .04 .05 .05 .05 .04
- ---------------------------------------------------------------------------------------------------------------------------------
Less dividends declared .04 .05 .05 .05 .04
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $1.00 1.00 1.00 1.00 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 4.46% 4.85 4.60 4.96 4.38
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00% 1.00 1.00 1.00 .99
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income 4.34% 4.71 4.51 4.83 4.54
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS:
Expenses 1.10% 1.10 1.03 1.05 1.05
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income 4.24% 4.61 4.48 4.78 4.48
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Year ended April 30,
----------------------------------------------------------------------------------
SUPPLEMENTAL DATA FOR ALL CLASSES 1999(a) 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net assets at end of year (in thousands) $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.
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.
<PAGE> 21
Cash Account Trust 21
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year ended April 30,
------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------
<S> <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
- -------------------------------------------------------------------------------------------------------------
Net investment income .04 .05 .05 .05 .04
- -------------------------------------------------------------------------------------------------------------
Less dividends declared .04 .05 .05 .05 .04
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $1.00 1.00 1.00 1.00 1.00
- -------------------------------------------------------------------------------------------------------------
TOTAL RETURN 4.34% 4.78 4.69 5.01 4.37
- -------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00% .98 .92 .90 .90
- -------------------------------------------------------------------------------------------------------------
Net investment income 4.24% 4.68 4.59 4.88 4.66
- -------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS:
Expenses 1.01% 1.02 .99 1.06 1.05
- -------------------------------------------------------------------------------------------------------------
Net investment income 4.23% 4.64 4.52 4.72 4.51
- -------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $793,170 804,565 544,501 189,919 138,020
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 22
Cash Account Trust 22
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year ended April 30,
--------------------------------------------------
TAX-EXEMPT PORTFOLIO 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <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
- ----------------------------------------------------------------------------------------------------------------
Net investment income .02 .03 .03 .03 .03
- ----------------------------------------------------------------------------------------------------------------
Less dividends declared .02 .03 .03 .03 .03
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of year $1.00 1.00 1.00 1.00 1.00
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN 2.50% 2.92 2.82 3.16 2.80
- ----------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
Expenses .91% .91 .81 .78 .76
- ----------------------------------------------------------------------------------------------------------------
Net investment income 2.45% 2.87 2.78 3.10 3.00
- ----------------------------------------------------------------------------------------------------------------
OTHER RATIOS TO AVERAGE NET ASSETS:
Expenses .91% .97 .96 .98 .93
- ----------------------------------------------------------------------------------------------------------------
Net investment income 2.45% 2.84 2.63 2.90 2.83
- ----------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $380,629 368,141 220,791 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.
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 from 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> 23
Cash Account Trust 23
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPECIAL SHAREHOLDERS' MEETING
On December 17, 1998, a special shareholders' meeting was held. Cash Account
Trust shareholders were asked to vote on two separate issues: approval of the
new Investment Management Agreement between the fund and Scudder Kemper
Investments, Inc. and approval to modify or eliminate certain policies and to
eliminate the shareholder approval requirements as to certain other matters. The
second proposal (Proposal #2) did not receive sufficient votes to approve the
proposed changes and the meeting was adjourned. When the meeting reconvened on
January 25, 1999, Proposal #2 did not pass. The following are the results.
1.) APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND
SCUDDER KEMPER INVESTMENTS, INC. THIS ITEM WAS APPROVED.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
Money Market Portfolio
1,639,197,099 14,891,846 24,678,225
Government Securities Portfolio
577,890,566 5,471,157 5,978,464
Tax-Exempt Portfolio
302,869,065 1,336,436 2,359,367
</TABLE>
2.) TO MODIFY OR ELIMINATE CERTAIN POLICIES AND TO ELIMINATE THE SHAREHOLDER
APPROVAL REQUIREMENT AS TO CERTAIN OTHER MATTERS. THERE WAS AN INSUFFICIENT
NUMBER OF VOTES FOR EACH ITEM. THESE ITEMS WERE NOT APPROVED.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
INVESTMENT OBJECTIVES
Money Market Portfolio
334,232,699 49,044,975 37,008,770
Government Securities Portfolio
170,761,026 18,049,147 13,766,669
Tax-Exempt Portfolio
74,308,567 8,086,980 5,394,910
INVESTMENT POLICIES
Money Market Portfolio
335,165,425 48,112,248 37,008,770
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
Government Securities Portfolio
170,772,520 18,037,653 13,766,669
Tax-Exempt Portfolio
74,378,847 8,016,701 5,394,910
DIVERSIFICATION
Money Market Portfolio
335,742,351 47,535,323 37,008,770
Government Securities Portfolio
170,955,641 17,854,532 13,766,669
Tax-Exempt Portfolio
74,724,808 7,670,739 5,394,910
BORROWING
Money Market Portfolio
334,487,196 48,790,478 37,008,770
Government Securities Portfolio
170,663,161 18,147,012 13,766,669
Tax-Exempt Portfolio
74,435,695 7,959,852 5,394,910
SENIOR SECURITIES
Money Market Portfolio
336,175,285 47,102,388 37,008,770
Government Securities Portfolio
170,986,919 17,823,253 13,766,669
Tax-Exempt Portfolio
74,813,393 7,582,155 5,394,910
CONCENTRATION
Money Market Portfolio
335,979,304 47,298,369 37,008,770
Government Securities Portfolio
170,925,140 17,885,033 13,766,669
Tax-Exempt Portfolio
74,783,553 7,611,995 5,394,910
UNDERWRITING OF SECURITIES
Money Market Portfolio
336,310,954 46,966,719 37,008,770
Government Securities Portfolio
170,761,114 18,049,059 13,766,669
Tax-Exempt Portfolio
74,761,290 7,634,258 5,394,910
</TABLE>
<PAGE> 24
Cash Account Trust 24
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
INVESTMENT IN REAL ESTATE
Money Market Portfolio
335,367,643 47,910,030 37,008,770
Government Securities Portfolio
170,149,564 18,660,609 13,766,669
Tax-Exempt Portfolio
74,371,170 8,024,377 5,394,910
PURCHASE OF COMMODITIES
Money Market Portfolio
334,690,582 48,587,093 37,008,770
Government Securities Portfolio
170,311,843 18,498,330 13,766,669
Tax-Exempt Portfolio
74,344,497 8,051,050 5,394,910
LENDING
Money Market Portfolio
335,197,685 48,079,989 37,008,770
Government Securities Portfolio
170,546,492 18,263,681 13,766,669
Tax-Exempt Portfolio
74,677,618 7,717,930 5,394,910
MARGIN PURCHASES AND SHORT SALES
Money Market Portfolio
332,283,052 50,994,622 37,008,770
Government Securities Portfolio
169,352,574 19,457,599 13,766,669
Tax-Exempt Portfolio
74,488,411 7,907,136 5,394,910
PURCHASES OF SECURITIES OF RELATED
ISSUERS
Money Market Portfolio
335,123,497 48,154,176 37,008,770
Government Securities Portfolio
170,507,979 18,302,194 13,766,669
Tax-Exempt Portfolio
74,783,494 7,612,054 5,394,910
PLEDGING OF ASSETS
Money Market Portfolio
333,557,071 49,720,603 37,008,770
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
Government Securities Portfolio
169,884,844 18,925,329 13,766,669
Tax-Exempt Portfolio
74,724,433 7,671,115 5,394,910
RESTRICTED AND ILLIQUID SECURITIES
Money Market Portfolio
332,570,816 50,706,857 37,008,770
Government Securities Portfolio
169,486,693 19,323,480 13,766,669
Tax-Exempt Portfolio
74,246,436 8,149,111 5,394,910
PURCHASES OF SECURITIES
Money Market Portfolio
335,135,444 48,142,230 37,008,770
Government Securities Portfolio
170,649,665 18,160,508 13,766,669
Tax-Exempt Portfolio
74,765,805 7,629,743 5,394,910
PURCHASES OF PUTS AND CALLS
Money Market Portfolio
333,431,910 49,845,764 37,008,770
Government Securities Portfolio
169,450,526 19,359,647 13,766,669
Tax-Exempt Portfolio
74,601,118 7,794,429 5,394,910
INVESTMENT FOR THE PURPOSE OF
EXERCISING CONTROL OR MANAGEMENT
Money Market Portfolio
334,371,008 48,906,666 37,008,770
Government Securities Portfolio
170,555,489 18,254,684 13,766,669
Tax-Exempt Portfolio
73,728,695 8,666,853 5,394,910
INVESTMENT IN MINERAL EXPLORATION
Money Market Portfolio
331,434,890 51,842,783 37,008,770
Government Securities Portfolio
169,157,324 19,652,849 13,766,669
</TABLE>
<PAGE> 25
Cash Account Trust 25
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
Tax-Exempt Portfolio
73,809,553 8,585,995 5,394,910
INVESTMENT IN ISSUERS WITH SHORT
HISTORIES
Money Market Portfolio
333,299,714 49,977,959 37,008,770
Government Securities Portfolio
169,375,889 19,434,284 13,766,669
Tax-Exempt Portfolio
74,277,109 8,118,439 5,394,910
INVESTMENT IN OTHER INVESTMENT
COMPANIES
Money Market Portfolio
334,566,216 48,711,458 37,008,770
Government Securities Portfolio
169,768,481 19,041,692 13,766,669
Tax-Exempt Portfolio
74,690,554 7,704,994 5,394,910
INVESTMENT IN NON-US GOVERNMENT
SECURITIES
Money Market Portfolio
334,387,390 48,890,283 37,008,770
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---------------------------------------
<S> <C> <C>
Government Securities Portfolio
169,639,928 19,170,245 13,766,669
Tax-Exempt Portfolio
74,422,336 7,973,212 5,394,910
INVESTMENT OTHER THAN IN ACCORDANCE
WITH OBJECTIVE AND POLICIES
Money Market Portfolio
331,631,829 51,645,845 37,008,770
Government Securities Portfolio
168,691,359 20,118,814 13,766,669
Tax-Exempt Portfolio
73,750,970 8,644,578 5,394,910
INVESTMENT IN MUNICIPAL SECURITIES
Money Market Portfolio
336,109,140 47,168,534 37,008,770
Government Securities Portfolio
170,967,615 17,842,558 13,766,669
Tax-Exempt Portfolio
74,800,067 7,595,481 5,394,910
</TABLE>
<PAGE> 26
CASH ACCOUNT
TRUST
ANNUAL
REPORT
APRIL 30, 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.
507629
CAT-2 1078910 (6/21/99) [LOGO]
Printed on recycled paper.
