Cash Account Trust N-CSR Certified annual shareholder report (management investment company)

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM N-CSR

Investment Company Act file number 811-5970

                               CASH ACCOUNT TRUST
                               ------------------
               (Exact Name of Registrant as Specified in Charter)

                  222 South Riverside Plaza, Chicago, IL 60606
                  --------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, including Area Code: 312-537-7000
                                                            ------------
                   Philip J. Collora, Assistant Secretary
                             Cash Account Trust
            222 South Riverside Plaza, Chicago, Illinois 60606-5808
            -------------------------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        4/30

Date of reporting period:       4/30/03



ITEM 1.  REPORT TO STOCKHOLDERS

Scudder Tax-Exempt Cash
Institutional Shares Fund #148

Scudder Tax-Exempt Cash
Managed Shares Fund #248

Tax-Exempt Portfolio

A N N U A L R E P O R T T O S H A R E H O L D E R S

April 30, 2003

The portfolio seeks to provide maximum current income that is exempt from Federal income taxes to the extent consistent with stability of capital.

Portfolio Management Review

In the following interview, Portfolio Managers Steven Boyd and Geoffrey Gibbs discuss Cash Account Trust - Tax-Exempt Portfolio shares' performance and the market environment during the 12-month period ended April 30, 2003.

Q: What was the money market environment in the period?

A: Stock market elation over the progress of the war had a significant effect on money markets. That's why it's been so hard to pin down where money market yields are day-to-day. For example, the one-year LIBOR (the London Inter-Bank Offered Rate, a standard measurement for short-term interest rates) was 1.35% on April 30; just 14 days earlier, it was 1.45%. We consider that to be a huge swing in less than two weeks.

Q: How was the portfolio positioned for the period?

A: We generally kept the Tax-Exempt series' weighted average maturity in a neutral-to-the-benchmark range. We actively adjusted the series' relative maturity position to prepare for seasonal events and supply/demand phenomena, such as tax time in April, high issuance in June, and the January and July reinvestment periods.

Within the Tax-Exempt series, we continued to focus on the highest-quality investments while seeking competitive yields across the municipal investment spectrum. In particular, we emphasized essential services revenue issues and what is known as enhanced paper, i.e., securities guaranteed by a third party such as a bank or insurance company. The fund was able to participate in large-issuance sales by Texas and California during the first half of the fiscal year, making purchases at attractive yield levels. Unfortunately, due to falling revenues, rising expenditures and government inaction, the State of California was downgraded in December 2002 by ratings agency Standard & Poor's. We subsequently sold virtually all of the series' State of California holdings by the end of the fiscal year.

Portfolio Performance
As of April 30, 2003

	7-Day Current Yield
Scudder Tax-Exempt Cash Institutional Shares	1.14%
(Equivalent Taxable Yield)	1.75%
Scudder Tax-Exempt Cash Managed Shares	0.78%
(Equivalent Taxable Yield)	1.20%

Past performance is no guarantee of future results. Yields fluctuate with changing market conditions and are not guaranteed.

Q: How did portfolio perform during the period?

A: For the period ended April 30, 2003, the Cash Account Trust's portfolios registered favorable performance and achieved their stated objectives of providing maximum current income (exempt from federal income taxes for the Tax-Exempt Portfolio) while maintaining stability of capital.

Q: What is your investment outlook?

A: Going forward, we will continue our insistence on the highest credit quality in the portfolio. We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive yields for our shareholders.

Notes

Current annualized yield is the 7-day annualized net investment income per share as of the indicated date. The equivalent taxable yield allows you to compare with the performance of taxable money market funds. For the Tax-Exempt Portfolio, the equivalent taxable yield is based upon the marginal income tax rate of 35.0%. Income may be subject to local taxes and for some investors, the alternative minimum tax.

Like all money market funds, an investment in the portfolios is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolios seek to preserve your investment at $1.00 per share, it is possible to lose money by investing in the portfolios.

The views expressed in this report reflect those of the portfolio managers only through the end of the period stated above. The managers' views are subject to change at any time, based on market and other conditions.

Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.

Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.

Portfolio of Investments as of April 30, 2003

Tax-Exempt Portfolio	Principal Amount ($)	Value ($)
Municipal Investments 100.0%
Alabama 0.8%
Birmingham, Special Care Facilities Authority, Ascension Health Project, 1.3%*, 11/15/2039	5,400,000	5,400,000
Arizona 0.7%
Salt River Project, Agricultural Improvement and Power District, 1.15%, 5/5/2003	5,000,000	5,000,000
California 2.9%
Alameda County, Certificate Participation, 1.41%*, 9/1/2021 (c)	2,830,000	2,830,000
California Department of Water Resources, 1.35%*, 5/1/2022 (b)	6,700,000	6,700,000
Los Angeles, Airport Revenue, Regional Airport and Improvement Corp., 1.31%*, 12/1/2025 (b)	600,000	600,000
Los Angeles, Airport Revenue, Regional Airport and Improvement Corp., AMT, 1.34%*, 12/1/2025 (b)	3,540,000	3,540,000
San Francisco City and County, International Airport Revenue, 1.42%*, 5/1/2021	7,590,000	7,590,000
Colorado 6.7%
Denver City and County, Special Facilities Airport Revenue, Worldport at DIA Project, Series A, AMT, 1.45%*, 12/1/2029 (b)	11,000,000	11,000,000
El Paso County, School District, 1.42%*, 12/1/2024 (b) (c)	3,075,000	3,075,000
General Funding Revenue Tax and Anticipation Notes, 2.5%, 6/27/2003	21,500,000	21,541,804
General Funding Revenue Tax and Anticipation Notes, Series A, 3.0%, 6/27/2003	3,000,000	3,007,695
Health Facilities Authority Revenue, Frasier Meadows Manor Project, 1.4%*, 6/1/2021 (b)	7,170,000	7,170,000
Mullen High School Project, Educational Facilities Authority, 1.5%*, 8/1/2017 (b)	2,490,000	2,490,000
District of Columbia 0.3%
Multimodal-Medlantic, Series C, 1.35%*, 8/15/2038 (b) (c)	1,700,000	1,700,000
Florida 7.7%
Broward County, Housing Finance Authority, Multifamily Housing Revenue, 1.4%*, 9/1/2026 (c)	5,395,000	5,395,000
Capital Travel Agency Revenue, Seminole Tribe Resort, Series B, 1.35%*, 10/1/2033 (b)	7,000,000	7,000,000
Highlands County, Health Facilities Authority Revenue, Adventist Health, Series A, 1.35%*, 11/15/2032 (b)	4,000,000	4,000,000
Hillsborough County, Industrial Development Authority, Seaboard Tampa, AMT, 1.45%*, 12/1/2016 (b)	1,100,000	1,100,000
Indian River County, Hospital Revenue, 1.45%*, 10/1/2015 (b)	4,400,000	4,400,000
Jacksonville, Capital Project Revenue, Series 2, 1.3%*, 10/1/2022 (b) (c)	1,300,000	1,300,000
Jacksonville, Electric Authority, 1.08%, 5/7/2003	11,280,000	11,280,000
Jacksonville, Electric Authority, Series B, 1.35%*, 10/1/2030 (b)	500,000	500,000
Jacksonville, Electric Authority, Series F, 1.35%*, 10/1/2030 (b)	2,360,000	2,360,000
Lee County, Industrial Development Authority, Health Care Facilities Revenue, Cypress Cove Health Park, Series B, 1.4%*, 10/1/2007 (b)	1,000,000	1,000,000
Orange County, Health Facilities Authority, Presbyterian Retirement Authority Project, 1.4%*, 11/1/2028 (b)	1,330,000	1,330,000
Orlando, Capital Improvements, 1.1%, 9/10/2003	12,500,000	12,500,000
Pasco County, School Board Certificates of Partnership, 1.35%*, 8/1/2026 (b) (c)	3,500,000	3,500,000
Georgia 3.0%
LaGrange, Development Authority Revenue, LaGrange College Project, 1.44%*, 6/1/2031 (b)	2,500,000	2,500,000
Laurens County, Development Authority Revenue, AMT, 1.4%*, 9/1/2017 (b)	2,500,000	2,500,000
Municipal Electric and Gas Authority, 1.1%, 5/7/2003	13,000,000	13,000,000
Willacoochie, Development Authority, Pollution Control Revenue, Langboard, Inc. Project, AMT, 1.4%*, 5/1/2021 (b)	4,000,000	4,000,000
Hawaii 0.5%
General Obligation, 1.46%*, 7/1/2018 (c)	3,905,000	3,905,000
Idaho 0.7%
Power County, Industrial Development Authority, 1.4%*, 4/1/2014 (b)	5,000,000	5,000,000
Illinois 9.1%
Carol Stream, Industrial Project Revenue, MAAC Machinery Co. Project, AMT, 1.5%*, 4/1/2024 (b)	1,480,000	1,480,000
Chicago, General Obligation, Series B, 1.38%*, 1/1/2037 (b) (c)	4,000,000	4,000,000
Chicago, Midway Airport Revenue, Prerefunded, Series A, 6.25%, 1/1/2024 (c)	7,430,000	7,828,630
Chicago, Sales Tax Revenue, 1.35%*, 1/1/2034 (b) (c)	9,200,000	9,200,000
Chicago, Sales Tax Revenue, 1.42%*, 1/1/2027 (b) (c)	4,425,000	4,425,000
Des Plaines, Industrial Development Revenue, MMP Properties LLC Project, AMT, 1.6%*, 10/1/2018 (b)	2,505,000	2,505,000
Development Finance Authority, Industrial Development Revenue, Campagna-Turano Bakery Project, AMT, 1.6%*, 8/1/2025 (b)	3,850,000	3,850,000
Development Finance Authority, Industrial Development Revenue, Var-Katlaw Tretam and Co. Project, AMT, 1.46%*, 8/1/2027 (b)	3,000,000	3,000,000
Development Finance Authority, Jewish Federation Project, 1.35%*, 9/1/2024 (b) (c)	5,725,000	5,725,000
Development Finance Authority, Museum Contemporary Art Project, 1.4%*, 2/1/2029 (b)	4,000,000	4,000,000
Elgin, Judson College Project, 1.5%*, 7/1/2011 (b)	1,380,000	1,380,000
Health Facilities Authority Revenue, Gottlieb Health Resources, Inc., 1.34%*, 11/15/2025 (b)	5,000,000	5,000,000
Regional Transportation Authority, Merlots, Series A24, 1.46%*, 7/1/2032 (c)	4,190,000	4,190,000
Rockford, Industrial Project Revenue, Fastener Engineers Project, AMT, 1.65%*, 2/1/2015 (b)	1,200,000	1,200,000
Student Assistance Commission, Student Loan Revenue, AMT, Series A, 1.4%*, 3/1/2006 (b)	4,300,000	4,300,000
Upper River Valley Development Authority, Industrial Development Revenue, Advanced Drainage System, AMT, 1.5%*, 7/1/2014 (b)	4,025,000	4,025,000
Indiana 2.7%
Bond Bank Revenue, Advanced Funding Program, Series A, 2.0%, 1/27/2004 (c)	6,500,000	6,542,918
Columbia City, Economic Development Revenue, Precision Plastics Project, AMT, 1.5%*, 11/30/2017 (b)	3,700,000	3,700,000
Development Finance Authority, Industrial Development Revenue, Enterprise Center V Project, AMT, 1.56%*, 6/1/2022 (b)	5,000,000	5,000,000
Health Facilities Financing Authority, Ascension Health, Series B, 1.3%*, 11/15/2039	1,790,000	1,790,000
Michigan City, Industrial School Building Corp., 5.45%, 3/15/2007	2,000,000	2,095,121
Iowa 1.0%
Primary Road Fund Revenue Anticipation Notes, 2.5%, 6/30/2003	7,500,000	7,512,713
Kentucky 3.9%
Boone County, Pollution Control Revenue, Cincinnati Gas & Electric Co., Series A, 1.15%*, 8/1/2013 (b)	5,500,000	5,500,000
Campbellsville-Taylor County, Industrial Development Authority, Cox Interior LLC Project, AMT, 1.65%*, 5/1/2015 (b)	1,755,000	1,755,000
Economic Development Finance Authority, Health Facilities Revenue, Easter Seal Society Project, 1.5%*, 11/1/2030 (b)	5,900,000	5,900,000
Lexington-Fayette Urban County, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 1.5%*, 7/1/2019 (b)	4,800,000	4,800,000
Pendleton County, Multi-City Lease Revenue, 1.15%, 5/14/2003 (b)	10,000,000	10,000,000
Louisiana 0.8%
Offshore Terminal Authority, Deepwater Port Revenue, Loop, Inc., Series A, 1.35%*, 9/1/2014 (b)	2,350,000	2,350,000
Public Facilities Authority Revenue, Blood Center Properties, Inc. Project, 1.5%*, 7/1/2021 (b)	3,700,000	3,700,000
Massachusetts 0.4%
Development Finance Agency, Industrial Development Revenue, North Shore YMCA Project, 1.45%*, 11/1/2022 (b)	3,100,000	3,100,000
Michigan 3.6%
ABN Amro Munitops Certificates, 1.52%*, 1/1/2011 (b) (c)	15,600,000	15,600,000
Michigan Housing Development Authority, Laurel Valley, 1.46%*, 12/1/2007 (b)	1,000,000	1,000,000
Municipal Securities Trust Certificates, 1.48%*, 4/20/2011	4,420,000	4,420,000
Strategic Fund, Limited Obligation Revenue, Lapeer Technologies LLC Project, AMT, 1.6%*, 2/1/2020 (b)	3,000,000	3,000,000
University of Michigan General Revenue, Series A, 1.3%*, 8/15/2030 (b)	150,000	150,000
University of Michigan Hospital Revenue, Series A, 1.4%*, 12/1/2019	700,000	700,000
University of Michigan Hospital Revenue, Series A-2, 1.4%*, 12/1/2024	1,195,000	1,195,000
Minnesota 2.5%
Elk River Independent School District, 1.46%*, 2/1/2015 (c)	3,065,000	3,065,000
Rochester Health Facilities, Series B, 1.15%, 6/9/2003	15,000,000	15,000,000
Missouri 0.5%
Development Financing Authority, Airport Revenue, St. Louis Air Project, AMT, 1.46%*, 3/1/2030 (b)	3,500,000	3,500,000
Montana 0.6%
Facilities Financial Authority Revenue, Mission Ridge Project, 1.4%*, 8/1/2027 (b)	4,620,000	4,620,000
Nebraska 0.3%
Investment Finance Authority, Single Family Housing Revenue, AMT, Series G, 1.4%*, 9/1/2022 (b) (c)	2,020,000	2,020,000
Nevada 1.2%
Las Vegas, Water District Merlots, Series B, 1.46%*, 6/1/2024 (b) (c)	8,800,000	8,800,000
New Hampshire 1.0%
Business Financing Authority, Waste Management of NH, Inc. Project, AMT, 1.4%*, 9/1/2012 (b)	7,500,000	7,500,000
New Jersey 1.1%
Tax and Revenue Anticipation Notes, 3.0%, 6/12/2003	7,900,000	7,914,555
New Mexico 2.7%
Tax and Revenue Anticipation Notes, 2.25%, 6/30/2003	19,500,000	19,538,093
New York 7.3%
Buffalo, Revenue Anticipation Notes, General Obligation, 2.5%, 6/27/2003 (c)	4,000,000	4,006,027
General Obligation, 1.38%*, 8/1/2006 (c)	2,800,000	2,800,000
General Obligation, 1.46%*, 8/1/2008	6,095,000	6,095,000
General Obligation, Series B, 1.5%, 8/7/2003 (b)	6,885,000	6,885,000
Metropolitan Transportation Authority Revenue, 1.39%*, 5/15/2010 (b) (c)	9,500,000	9,500,000
Metropolitan Transportation Authority Revenue, Series D-2, 1.35%*, 11/1/2032 (b) (c)	1,800,000	1,800,000
New York City, Municipal Water Finance Authority, Water and Sewer Systems Revenue, Series A, 1.4%*, 6/15/2025 (b) (c)	300,000	300,000
New York City, Transitional Finance Authority, Series 2, 2.0%, 2/19/2004	8,000,000	8,057,314
New York City, Transitional Finance Authority, Series 3, 1.3%*, 11/1/2022 (b)	300,000	300,000
New York City, Transitional Finance Authority, Series 3, 1.4%*, 11/1/2022 (b)	1,800,000	1,800,000
Thruway Authority Services, Contract Revenue, Series 734, 1.39%*, 4/1/2013 (c)	1,000,000	1,000,000
Triborough Bridge and Tunnel Authority Revenue, Series 810, 1.39%*, 1/1/2017	10,560,000	10,560,000
North Carolina 0.7%
Municipal Power Agency, Catawba Electric Revenue, 1.42%*, 1/1/2011 (b) (c)	4,995,000	4,995,000
Ohio 3.3%
Akron Bath Copley Hospital, District Revenue, Health Care Facilities, Summner Project, 1.4%*, 12/1/2032 (b)	2,500,000	2,500,000
Athens County, Port Authority Housing Revenue, Housing for Ohio, Inc. Project, 1.45%*, 6/1/2032 (b)	3,955,000	3,955,000
Cuyahoga, Community College District, Series B, 1.4%*, 12/1/2032 (b) (c)	3,875,000	3,875,000
Higher Education Facilities Authority, Series A, 1.5%*, 9/1/2020 (b)	4,550,000	4,550,000
Higher Education Facilities Authority, Series C, 1.5%*, 9/1/2025 (b)	2,605,000	2,605,000
Stark County, Port Authority Revenue, Community Action Agency Project, 1.5%*, 12/1/2022 (b)	3,600,000	3,600,000
Summit County Revenue, Western Reserve Academy Project, 1.4%*, 10/1/2027 (b)	3,000,000	3,000,000
Oklahoma 1.4%
Blaine County, Industrial Development Authority Revenue, Seaboard Farms, Inc. Project, AMT, 1.45%*, 11/1/2018 (b)	3,700,000	3,700,000
Industrial Authority Revenue, Integris Baptist, Series B, 1.35%*, 8/15/2029 (b) (c)	1,900,000	1,900,000
Payne County Economic Development Authority, Student Housing Revenue, 1.41%*, 6/1/2032 (b) (c)	4,500,000	4,500,000
Oregon 1.3%
Department Administrative Services, Certificate Participation, 1.16%*, 11/1/2012 (b) (c)	5,505,000	5,505,000
Economic Development Revenue, KRC Western, Inc. Project, AMT, 1.4%*, 1/1/2017 (b)	3,650,000	3,650,000
Pennsylvania 5.0%
Allegheny County, Hospital Development Authority Revenue, Presbyterian Health Center, Series A, 1.4%*, 3/1/2020 (b) (c)	10,130,000	10,130,000
Allegheny County, Hospital Development Authority Revenue, Presbyterian Health Center, Series D, 1.4%*, 3/1/2020 (b) (c)	2,300,000	2,300,000
Dauphin County, General Authority Revenue, 1.44%*, 11/1/2017 (b) (c)	10,665,000	10,665,000
Delaware River Port Authority Pennsylvania and New Jersey Revenue, Merlots, 1.41%*, 1/1/2026 (b)	1,100,000	1,100,000
General Obligation, 5.375%, 11/15/2003 (c)	1,000,000	1,021,880
Higher Education Assistance Agency, Student Loan Revenue, AMT, Series A, 1.4%*, 3/1/2027 (b) (c)	4,600,000	4,600,000
Lehigh County, General Purpose Authority Revenue, Series A, 1.28%*, 7/1/2028 (b)	700,000	700,000
Public School Building, Parkland School District, Series D, 1.42%*, 3/1/2019 (b) (c)	3,910,000	3,910,000
Reading, General Obligation, 5.4%, 11/15/2003 (c)	1,100,000	1,123,734
Rhode Island 1.1%
Providence, Tax Anticipation Notes, 2.5%, 6/30/2003	8,000,000	8,017,042
South Carolina 0.4%
Public Service Authority, 1.42%*, 1/1/2023 (c)	2,705,000	2,705,000
Tennessee 5.2%
Blount County Public Building Authority, Local Government Public Improvement, Series A, 1.35%*, 6/1/2028 (b) (c)	1,000,000	1,000,000
Blount County Public Building Authority, Local Government Public Improvement, Series A, 1.4%*, 6/1/2022 (b) (c)	4,250,000	4,250,000
Blount County Public Building Authority, Local Government Public Improvement, Series A, 1.4%*, 6/1/2031 (b) (c)	2,500,000	2,500,000
Clarksville, Public Building Authority Revenue, 1.35%*, 6/1/2024 (b) (c)	6,730,000	6,730,000
Clarksville, Public Building Authority Revenue, 1.4%*, 7/1/2031 (b)	515,000	515,000
Marion County, Industrial and Environmental Development Board, Valmont Industries, Inc. Project, AMT, 1.4%*, 6/1/2025 (b)	8,500,000	8,500,000
Memphis, General Obligation, 1.1%, 7/15/2003	4,000,000	4,000,000
Shelby Health Educational Facilities, 1.1%, 6/18/2003	10,000,000	10,000,000
Texas 11.5%
Bexar County, Health Facilities Development Revenue, Air Force Village Foundation, 1.35%*, 8/15/2030 (b)	3,500,000	3,500,000
Brazos River Authority, Pollution Control Revenue, TXU Energy Co. Project, AMT, Series A, 1.4%*, 5/1/2037 (b)	1,700,000	1,700,000
Galena Park, Independent School District, 1.42%*, 8/15/2023	12,250,000	12,250,000
Harris County, General Obligation, 1.05%, 5/1/2003	10,200,000	10,200,000
Harris County, Health Facilities Development Revenue, Methodist Hospital, 1.35%*, 12/1/2032	5,500,000	5,500,000
Houston Airport Revenue, 1.44%*, 7/1/2032	7,500,000	7,500,000
Mesquite, Independent School District, 1.35%*, 8/15/2025 (b) (c)	6,365,000	6,365,000
San Antonio, Electric and Gas Revenue, 1.43%*, 2/1/2015	7,000,000	7,000,000
San Antonio, Water Revenue, 1.08%, 6/9/2003	4,000,000	4,000,000
Texas Tax and Revenue Anticipation Notes, 2.75%*, 8/29/2003	25,125,000	25,231,326
Utah 0.7%
Housing Finance Agency, Single Family Mortgage Revenue, 1.4%*, 7/1/2031	1,170,000	1,170,000
Logan, Industrial Development Revenue, Tek Tool & Plastics, Inc. Project, AMT, 1.46%*, 11/1/2025 (b)	3,500,000	3,500,000
Salt Lake City, Pollution Control Revenue, Service Station Holdings Project, Series B, 1.35%*, 8/1/2007	700,000	700,000
Vermont 1.0%
Student Assistance Corp., Student Loan Revenue, 1.15%*, 1/1/2004 (b)	7,490,000	7,490,000
Washington 3.6%
Health Care Facilities Authority Revenue, Province Services, Series A, 1.35%*, 12/1/2030 (b) (c)	3,500,000	3,500,000
Port of Anacortes, 1.05%, 5/8/2003	12,000,000	12,000,000
Seattle Housing Authority Revenue, Newholly Project Phase III, 1.45%*, 12/1/2034 (b)	3,750,000	3,750,000
Tacoma City, General Obligation, 1.05%, 8/14/2003	5,000,000	5,000,000
Tacoma City, General Obligation, 1.08%, 6/9/2003	2,000,000	2,000,000
Wisconsin 2.2%
Merrill, Industrial Development Revenue, C & H Packaging Co., Inc. Project, AMT, 1.5%*, 11/1/2014 (b)	2,625,000	2,625,000
Park Falls, Industrial Development Revenue, Weather Shield Project, AMT, 1.6%*, 8/1/2020 (b)	2,325,000	2,325,000
Pewaukee, Industrial Development Revenue, Gunner Press & Finishing Project, AMT, 1.6%*, 9/1/2020 (b)	1,490,000	1,490,000
Whitewater, Industrial Development Revenue, MacLean Fogg Co. Project, 1.4%*, 12/1/2009 (b)	500,000	500,000
Wisconsin Transportation Authority, 1.15%, 5/13/2003	8,997,000	8,997,000
Wyoming 0.6%
Gillette, Industrial Development Revenue, MAC, Inc. Allwire Project, AMT, 1.5%*, 12/1/2011 (b)	4,095,000	4,095,000
Total Investment Portfolio - 100.0% (Cost $723,685,852) (a)		723,685,852

* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of April 30, 2003.
(a) The cost for federal income tax purposes was $723,692,196.
(b) Security incorporates a letter of credit or line of credit from a major bank.
(c) Bond is insured by one of these companies:

AMBAC	AMBAC Assurance Corp.
FGIC	Financial Guaranty Insurance Company
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Financial Security Assurance
MBIA	Municipal Bond Investors Assurance

AMT: Subject to alternative minimum tax.

The accompanying notes are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities as of April 30, 2003
Assets	Tax-Exempt Portfolio
Investments in securities, at amortized cost	$ 723,685,852
Cash	634,117
Receivable for investments sold	400,398
Interest receivable	2,694,301
Receivable for Fund shares sold	1,565,826
Other assets	3,011
Total assets	728,983,505
Liabilities
Payable for investments purchased	1,001,012
Dividends payable	364,440
Payable for Fund shares redeemed	1,765,725
Accrued management fee	104,524
Other accrued expenses and payables	421,487
Total liabilities	3,657,188
Net assets, at value	$ 725,326,317
Net Assets
Net assets consist of: Undistributed net investment income	64,245
Accumulated net realized gain (loss)	(6,344)
Paid-in capital	725,268,416
Net assets, at value	$ 725,326,317

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2003 (continued)
Net Asset Value	Tax-Exempt Portfolio
Scudder Tax-Exempt Cash Institutional Shares Net assets applicable to shares outstanding	$ 283,917,382
Shares outstanding of capital stock, $.01 par value, unlimited number of shares authorized	283,908,328
Net Asset Value, offering and redemption price per share (net assets/shares outstanding)	$ 1.00
Scudder Tax-Exempt Cash Managed Shares Net assets applicable to shares outstanding	$ 259,244,414
Shares outstanding of capital stock, $.01 par value, unlimited number of shares authorized	259,223,277
Net Asset Value, offering and redemption price per share (net assets/shares outstanding)	$ 1.00
Premier Money Market Shares Net assets applicable to shares outstanding	$ 181,743,258
Shares outstanding of capital stock, $.01 par value, unlimited number of shares authorized	181,728,762
Net Asset Value, offering and redemption price per share (net assets/shares outstanding)	$ 1.00
Service Shares Net assets applicable to shares outstanding	$ 421,263
Shares outstanding of capital stock, $.01 par value, unlimited number of shares authorized	420,912
Net Asset Value, offering and redemption price per share (net assets/shares outstanding)	$ 1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations for the year ended April 30, 2003
Investment Income	Tax-Exempt Portfolio
Income: Interest	$ 11,954,934
Expenses: Management fee	1,374,206
Services to shareholders	1,303,397
Custodian fees	50,979
Distribution service fees	2,098,632
Auditing	11,185
Legal	11,374
Trustees' fees and expenses	45,226
Reports to shareholders	230,546
Registration fees	75,182
Other	26,884
Total expenses, before expense reductions	5,227,611
Expense reductions	(705)
Total expenses, after expense reductions	5,226,906
Net investment income	6,728,028
Net realized gain (loss) on investment transactions	68,554
Net increase (decrease) in net assets resulting from operations	$ 6,796,582

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets
	Tax-Exempt Portfolio
	Years Ended April 30,
Increase (Decrease) in Net Assets	2003	2002
Operations: Net investment income	$ 6,728,028	$ 15,009,408
Net realized gain (loss)	68,554	(1,155)
Net increase in net assets resulting from operations	6,796,582	15,008,253
Distributions to shareholders from net investment income: Scudder Tax-Exempt Cash Institutional Shares	(2,826,364)	(4,470,761)
Scudder Tax-Exempt Cash Managed Shares	(2,481,970)	(3,461,151)
Premier Money Market Shares	(743,791)	(1,182,253)
Service Shares	(836,747)	(5,439,338)
Fund share transactions at net asset value of $1.00 per share: Proceeds from shares sold	2,537,447,772	4,003,056,163
Reinvestment of distributions	2,149,157	8,628,981
Cost of shares redeemed	(2,743,998,752)	(4,040,141,138)
Net increase (decrease) in net assets from Fund share transactions	(204,401,823)	(28,455,994)
Increase (decrease) in net assets	(204,494,113)	(28,001,244)
Net assets at beginning of period	929,820,430	957,821,674
Net assets at end of period (including net investment income of $64,245 at April 30, 2003 and $151,834 at April 30, 2002)	$ 725,326,317	$ 929,820,430

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Tax-Exempt Portfolio - Scudder Tax-Exempt Cash Institutional Shares

Years Ended April 30,	2003	2002	2001	2000a
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.012	.02	.04	.02
Less distributions from net investment income	(.012)	(.02)	(.04)	(.02)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	1.17	1.98	4.00	1.33**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	284	202	182	169
Ratio of expenses (%)	.23	.21	.21b	.23*
Ratio of net investment income (%)	1.18	1.95	3.89	3.59*

Tax-Exempt Portfolio - Scudder Tax-Exempt Cash Managed Shares

Years Ended April 30,	2003	2002	2001	2000a
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.009	.02	.04	.02
Less distributions from net investment income	(.009)	(.02)	(.04)	(.02)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	.91	1.71	3.73	1.24**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	259	195	175	131
Ratio of expenses (%)	.49	.45	.49	.48*
Ratio of net investment income (%)	.91	1.71	3.59	3.34*

^a For the period November 17, 1999 (commencement of operations) to April 30, 2000.
^b The ratio of operating expenses excluding costs incurred in connection with a fund complex reorganization was .21%.
^* Annualized
^** Not annualized

Notes to Financial Statements

1. Significant Accounting Policies

Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company organized as a Massachusetts business trust.

The Trust offers three portfolios: Money Market Portfolio, Government Securities Portfolio and Tax-Exempt Portfolio (the "Portfolios"). The financial statements of Money Market Portfolio and Government Securities Portfolio are presented in separate annual reports. Tax-Exempt Portfolio (the "Portfolio") offers four classes of shares: Scudder Tax-Exempt Cash Institutional Shares, Scudder Tax-Exempt Cash Managed Shares, Premier Money Market Shares and Service Shares. The financial highlights for the Premier Money Market Shares and the Service Shares are provided separately and are available upon request.

The Portfolio's investment income, realized and unrealized gains and losses, and certain Portfolio-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares of that portfolio, except that each class bears certain expenses unique to that class such as distribution service fees, shareholder service fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Trust have equal rights with respect to voting subject to class-specific arrangements.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Portfolio securities are valued utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

Repurchase Agreements. The Portfolio may enter into repurchase agreements with certain banks and broker/dealers whereby the Portfolio, through its custodian or sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest.

Federal Income Taxes. The Portfolio's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders. Accordingly, the Portfolio paid no federal income taxes and no federal income tax provision was required.

Distribution of Income. All of the net investment income of the Portfolio is declared as a daily dividend and is distributed to shareholders monthly.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Portfolio.

At April 30, 2003, the Portfolio's components of distributable earnings on a tax-basis are as follows:

Tax-Exempt Portfolio:
Undistributed tax-exempt income	$ 434,264
Undistributed net long-term capital gains	$ -
Capital loss carryforwards	$ -
Net unrealized appreciation (depreciation) on investments	$ -

In addition, during the years ended April 30, 2003 and April 30, 2002, the tax character of distributions paid to shareholders by the Portfolio is summarized as follows:

	2003	2002
Tax-Exempt Portfolio:
Distributions from tax-exempt income	$ 6,888,872	$ 14,553,503

Expenses. Expenses of the Trust arising in connection with a specific Portfolio are allocated to that Portfolio. Other Trust expenses which cannot be directly attributed to a Portfolio are apportioned pro rata on the basis of relative net assets among the Portfolios in the Trust.

Other. Investment transactions are accounted for on the trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

2. Related Parties

Management Agreement. Under the Management Agreement, Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), the Advisor directs the investments of the Trust in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. The management fee payable under the Management Agreement is equal to 1/12 of the annual rate of 0.22% of the first $500,000,000 of the Portfolios' average daily net assets, 0.20% of the next $500,000,000 of such net assets, 0.175% of the next $1,000,000,000 of such net assets, 0.16% of the next $1,000,000,000 of such net assets and 0.15% of such net assets in excess of $3,000,000,000, computed and accrued daily and payable monthly. Accordingly, for the year ended April 30, 2003, the Portfolio incurred a management fee equivalent to the following annual effective rate of the Portfolio's average daily net assets:

	Effective Rate (%)
Tax-Exempt Portfolio	.16

Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the transfer, dividend-paying and shareholder service agent of the Trust. For the year ended April 30, 2003, the amount charged to the Portfolio by SISC was as follows:

	Total Aggregated	Unpaid at April 30, 2003
Tax-Exempt Portfolio:
Scudder Tax-Exempt Cash Institutional Shares	$ 957	$ 287
Scudder Tax-Exempt Cash Managed Shares	279,191	81,422
Premier Money Market Shares	426,039	107,806
Service Shares	466,875	1,608

Effective January 15, 2003, pursuant to a sub-transfer agency agreement between SISC and DST Systems, Inc. ("DST"), SISC has delegated certain transfer agent and dividend paying agent functions to DST. The cost and expense of such delegations are borne by SISC, not by the Fund.

Distribution Service Agreement. The Trust has a distribution service agreement with Scudder Distributors, Inc. ("SDI"), a subsidiary of the Advisor. For its services as primary distributor, the Trust pays SDI an annual fee ("Distribution Fee") of 0.50% of average daily net assets for the Service Shares of the Tax-Exempt Portfolio and 0.25% of average daily net assets for the Premier Money Market Shares of the Tax-Exempt Portfolio.

For the year ended April 30, 2003, the Distribution Fee was as follows:

	Distribution Fee	Unpaid at April 30, 2003
Tax-Exempt Portfolio:
Premier Money Market Shares	$ 443,507	$ 40,102
Service Shares	777,593	148

In addition, SDI provides information and administrative services to the Premier Money Market Shares and the Scudder Tax-Exempt Cash Managed Shares of the Tax-Exempt Portfolio which pay SDI a fee ("Service Fee") as follows:

The Premier Money Market Shares of the Tax-Exempt Portfolio pay SDI an annual fee of 0.25% of average daily net assets. The Scudder Tax-Exempt Cash Managed Shares of the Tax-Exempt Cash Portfolio pay SDI an annual fee of up to 0.25% (currently 0.16%) of average daily net assets. A portion of these fees may be paid pursuant to a Rule 12b-1 Plan.

For the year ended April 30, 2003, the Service Fee was as follows:

	Service Fee	Unpaid at April 30, 2003
Tax-Exempt Portfolio:
Scudder Tax-Exempt Cash Managed Shares	$ 437,648	$ 44,325
Premier Money Market Shares	439,884	39,309

Trustees' Fees and Expenses. The Trust pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.

3. Expense Off-Set Arrangements

The Trust has entered into arrangements with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the Portfolio's expenses. During the year ended April 30, 2003, the Portfolio's custody and transfer agent fees were reduced as follows:

	Custodian Fee ($)	Transfer Agent Fees ($)
Tax-Exempt Portfolio	705	-

4. Line of Credit

The Trust and several other affiliated funds (the "Participants") share in a $1.25 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, pro rata based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement.

5. Redemption in Kind

The Portfolio satisfied a redemption request on October 7, 2002 with a single broker dealer redeeming $316,944,356.

6. Share Transactions

The following table summarizes share and dollar activity in the Portfolio:

Tax-Exempt Portfolio	Year Ended April 30, 2003		Year Ended April 30, 2002
	Shares	Dollars	Shares	Dollars
Shares sold
Scudder Tax-Exempt Cash Institutional Shares	730,393,708	$ 730,393,708	1,390,985,356	$ 1,390,988,691
Scudder Tax-Exempt Cash Managed Shares	545,198,755	545,198,755	343,454,577	343,408,667
Premier Money Market Shares	736,255,708	736,255,708	207,818,227	207,807,144
Service Shares	525,599,601	525,599,601	2,061,101,997	2,060,851,661
		$ 2,537,447,772		$ 4,003,056,163
Shares issued to shareholders in reinvestment of distributions
Scudder Tax-Exempt Cash Institutional Shares	440,726	$ 440,726	765,956	$ 765,956
Scudder Tax-Exempt Cash Managed Shares	24,289	24,289	200,609	200,609
Premier Money Market Shares	780,204	780,204	1,345,063	1,345,063
Service Shares	903,938	903,938	6,317,353	6,317,353
		$ 2,149,157		$ 8,628,981
Shares redeemed
Scudder Tax-Exempt Cash Institutional Shares	(649,179,374)	$ (649,179,374)	(1,371,210,204)	$ (1,371,223,631)
Scudder Tax-Exempt Cash Managed Shares	(480,624,853)	(480,624,853)	(323,779,380)	(323,779,380)
Premier Money Market Shares	(656,269,399)	(656,269,399)	(194,906,403)	(194,906,403)
Service Shares	(957,925,126)	(957,925,126)	(2,150,231,723)	(2,150,231,724)
		$ (2,743,998,752)		$ (4,040,141,138)
Net increase (decrease)
Scudder Tax-Exempt Cash Institutional Shares	81,655,060	$ 81,655,060	20,541,108	$ 20,531,016
Scudder Tax-Exempt Cash Managed Shares	64,598,191	64,598,191	19,875,806	19,829,896
Premier Money Market Shares	80,766,513	80,766,513	14,256,887	14,245,804
Service Shares	(431,421,587)	(431,421,587)	(82,812,373)	(83,062,710)
		$ (204,401,823)		$ (28,455,994)

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 portfolio of investments, of Tax-Exempt Portfolio (one of the portfolios constituting Cash Account Trust, the "Trust"), as of April 30, 2003, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. 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, 2003, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States.

/s/ Ernst & Young LLP



Boston, Massachusetts
June 20, 2003

Tax Information (Unaudited)

For the Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2003, 100% are designated as exempt interest dividends for federal income tax purposes.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you specific questions about your account, please call 1-800-621-1048.

Trustees and Officers

The following table presents certain information regarding the Trustees and Officers of the fund as of April 30, 2003. Each individual's age is set forth in parentheses after his or her name. Unless otherwise noted, (i) each individual has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each individual is c/o Deutsche Asset Management, 222 South Riverside Plaza, Chicago, Illinois, 60606. Each Trustee's term of office extends until the next shareholder's meeting called for the purpose of electing Trustees and until the election and qualification of a successor, or until such Trustee sooner dies, resigns or is removed as provided in the governing documents of the fund.

Non-Interested Trustees
Name, Age, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held	Number of Funds in Fund Complex Overseen
John W. Ballantine (57) Trustee, 1999-present	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Enron Corporation (energy trading firm) (effective May 30, 2002); First Oak Brook Bancshares, Inc.; Oak Brook Bank; Tokheim Corporation (designer, manufacturer and servicer of electronic and mechanical petroleum marketing systems).	82
Lewis A. Burnham (70) Trustee, 1977-present	Retired; formerly, Director of Management Consulting, McNulty & Company (1990-1998); prior thereto, Executive Vice President, Anchor Glass Container Corporation.	82
Donald L. Dunaway (66) Trustee, 1980-present	Retired; formerly, Executive Vice President, A.O. Smith Corporation (diversified manufacturer) (1963-1994).	82
James R. Edgar (56) Trustee, 1999-present	Distinguished Fellow, University of Illinois, Institute of Government and Public Affairs (1999-present); formerly, Governor, State of Illinois (1991-1999). Directorships: Kemper Insurance Companies; John B. Sanfilippo & Son, Inc. (processor/packager/marketer of nuts, snacks and candy products); Horizon Group Properties, Inc.; Youbet.com (online wagering platform); Alberto-Culver Company (manufactures, distributes and markets health and beauty-care products).	82
Paul K. Freeman (53) Trustee, 2002-present	President, Cook Street Holdings (consulting); Adjunct Professor, University of Denver; Consultant, World Bank/Inter-American Development Bank; formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998).	82
Robert B. Hoffman (66) Trustee, 1981-present	Retired; formerly, Chairman, Harnischfeger Industries, Inc. (machinery for the mining and paper industries) (1999-2000); prior thereto, Vice Chairman and Chief Financial Officer, Monsanto Company (agricultural, pharmaceutical and nutritional/food products) (1994-1999).	82
Shirley D. Peterson (61) Trustee, 1995-present	Retired; formerly, President, Hood College (1995-2000); prior thereto, Partner, Steptoe & Johnson (law firm); Commissioner, Internal Revenue Service; Assistant Attorney General (Tax), U.S. Department of Justice. Directorships: Bethlehem Steel Corp.; Federal Mogul Corp.; Trustee, Bryn Mawr College.	82
Fred B. Renwick (73) Trustee, 1988-present	Retired; Professor Emeritus of Finance, New York University, Stern School of Business (2001-present); formerly, Professor, New York University Stern School of Business (1965-2001). Directorships: The Wartburg Foundation; The Investment Fund for Foundations; Chairman, Finance Committee of Morehouse College Board of Trustees; formerly, Director of Board of Pensions, Evangelical Lutheran Church in America; member of the Investment Committee of Atlanta University Board of Trustees; Chair of the Investment Committee, American Bible Society Board of Trustees.	82
William P. Sommers (69) Trustee, 1979-present	Retired; formerly, President and Chief Executive Officer, SRI International (research and development) (1994-1998); prior thereto, Executive Vice President, lameter (medical information and educational service provider); Senior Vice President and Director, Booz, Allen & Hamilton Inc. (management consulting firm). Directorships: PSI Inc. (satellite engineering and components); Evergreen Solar, Inc. (develop/manufacture solar electric system engines); H2 Gen (manufacture hydrogen generators); Zassi Medical Evolutions, Inc. (specialists in intellectual property opportunities in medical device arena); Guckenheimer Enterprises (executive food services).	82
John G. Weithers (69) Trustee, 1993-present	Retired; formerly, Chairman of the Board and Chief Executive Officer, Chicago Stock Exchange. Directorships: Federal Life Insurance Company; Chairman of the Members of the Corporation and Trustee, DePaul University; formerly, International Federation of Stock Exchanges; Records Management Systems.	82

Interested Trustees and Officers2
Name, Age, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held	Number of Funds in Fund Complex Overseen
Richard T. Hale4 (57) Chairman and Trustee, 2002-present President, 2003-present	Managing Director, Deutsche Investment Management Americas Inc. (2003-present); Managing Director, Deutsche Bank Securities Inc. (formerly Deutsche Banc Alex. Brown Inc.) and Deutsche Asset Management (1999 to present); Director and President, Investment Company Capital Corp. (registered investment advisor) (1996 to present); Director, Deutsche Global Funds, Ltd. (2000 to present), CABEI Fund (2000 to present), North American Income Fund (2000 to present) (registered investment companies); Director, Scudder Global Opportunities Fund (since 2003); Director/Officer Deutsche/Scudder Mutual Funds (various dates); President, Montgomery Street Income Securities, Inc. (2002 to present) (registered investment companies); Vice President, Deutsche Asset Management, Inc. (2000 to present); formerly, Director, ISI Family of Funds (registered investment companies; 4 funds overseen) (1992-1999)	200
Steven H. Boyd3 (32) Vice President, 2002-present	Vice President, Deutsche Asset Management (1998 to present); prior thereto, analyst for Union Bank of Switzerland and municipal research analyst for ABN AMRO Securities	n/a
Philip J. Collora (57) Vice President and Assistant Secretary, 1986-present	Director, Deutsche Asset Management	n/a
Daniel O. Hirsch4 (49) Vice President and Assistant Secretary, 2002-present	Managing Director, Deutsche Asset Management (2002-present) and Director, Deutsche Global Funds Ltd. (2002-present); formerly, Director, Deutsche Asset Management (1999-2002); Principal, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998)	n/a
Kenneth Murphy5 (39) Vice President, 2002-present	Vice President, Deutsche Asset Management (2000-present); Vice President, Scudder Distributors, Inc. (December 2002-present); formerly, Director, John Hancock Signature Services (1992-2000)	n/a
Gary R. Pollack3 (49) Vice President, 2002-present	Director, Deutsche Asset Management	n/a
Darlene Rasel3 (51) Vice President, 2002-present	Managing Director, Deutsche Asset Management	n/a
Charles A. Rizzo5 (45) Treasurer, 2002-present	Director, Deutsche Asset Management (April 2000 to present); formerly, Vice President and Department Head, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Senior Manager, Coopers & Lybrand L.L.P. (now PricewaterhouseCoopers LLP) (1993-1998)	n/a
Brenda Lyons5 (40) Assistant Treasurer, 1998-present	Managing Director, Deutsche Asset Management	n/a
John Millette5 (40) Secretary, 2001-present	Director, Deutsche Asset Management	n/a
Caroline Pearson5 (41) Assistant Secretary, 1998-present	Managing Director, Deutsche Asset Management	n/a

¹ Length of time served represents the date that each Trustee was first elected to the common board of trustees which oversees a number of investment companies, including the fund, managed by the Advisor. For the Officers of the fund, length of time served represents the date that each Officer was first elected to serve as an officer of any fund overseen by the aforementioned common board of trustees.
² As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act, as amended. Interested persons receive no compensation from the fund.
³ Address: 280 Park Avenue, New York, New York.
⁴ Address: One South Street, Baltimore, Maryland
⁵ Address: Two International Place, Boston, Massachusetts

The fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: 1-800-621-1048.

Principal Underwriter
Scudder Distributors, Inc.
222 S. Riverside Plaza
Chicago, IL 60606

This report is not to be distributed unless preceded or
accompanied by a Cash Account Trust prospectus.

ITEM 2.         CODE OF ETHICS.

                        Not applicable.

ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

                        Not applicable.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                        Not applicable.

ITEM 5.         [RESERVED]

ITEM 6.         [RESERVED]

ITEM 7.         DISCLOSURE OF PROXY VOTING POLICIERS AND PROCEDURES FOR
                CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 8.         [RESERVED]

ITEM 9.         CONTROLS AND PROCEDURES.

(a) The Chief Executive and Financial Officers concluded that the
Registrant's Disclosure Controls and Procedures are effective based on the
evaluation of the Disclosure Controls and Procedures as of a date within 90 days
of the filing date of this report.


(b) During the six month period ended April 30, 2003, management identified
an issue related to a different registrant within the Scudder fund complex.
Management discussed the issue with the Registrant's Audit Committee and
auditors and instituted additional procedures to enhance its internal controls
over financial reporting.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:                         Money Market Portfolio, Government
                                    Securities Portfolio and Tax-Exempt
                                    Portfolio, each a series of
                                    Cash Account Trust


By:                                 /s/Richard T. Hale
                                    ------------------------------
                                    Richard T. Hale
                                    Chief Executive Officer

Date:                               6/30/03
                                    ------------------------------


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Registrant:                         Money Market Portfolio, Government
                                    Securities Portfolio and Tax-Exempt
                                    Portfolio, each a series of
                                    Cash Account Trust


By:                                 /s/Richard T. Hale
                                    ------------------------------
                                    Richard T. Hale
                                    Chief Executive Officer

Date:                               6/30/03
                                    ------------------------------



By:                                 /s/Charles A. Rizzo
                                    ------------------------------
                                    Charles A. Rizzo
                                    Chief Financial Officer

Date:                               6/30/03
                                    ------------------------------