Cash Accumulation Trust Watch

from 485APOS 1 page <page> Cash Accumulation Trust By-Law Amendment Dated October 22, 1997 Voted: That the Trust's By-Laws Be and Hereby Are Amended to Delete Section 10.5, Which Is Set Forth Below (And to Renumber Current Sections 10.6 and 10.7 as New Sections 10.5 and 10.6, Respectively): "10.5 Requirements and Restrictions Regarding the Management Contract. Every Advisory or Management Contract Entered Into by the Trust Shall Provide That in the Event That the Total Expenses of Any Series of Shares of the Trust for Any Fiscal Year Should Exceed the Limits Imposed on Investment Company Expenses Imposed by Any Statute or Regulatory Authority of Any Jurisdiction in Which Shares of the Trust Are Offered for Sale, the Compensation Due the Manager for Such Fiscal Year Shall Be Reduced by the Amount of Such Excess by a Reduction or Refund Thereof." -16

from 485APOS 1 page <page> Cash Accumulation Trust By-Law Amendment Dated May 24, 1991 Voted: That the By-Laws of the Trust Be, and They Hereby Are, Amended by Adding to Section 11.1 Thereof, Immediately Prior to the Penultimate Sentence of Such Section 11.1, the Following: "The Placing of a Shareholder's Name on a Proxy Pursuant to Telephonic or Electronically Transmitted Instructions Obtained Pursuant to Procedures Reasonably Designed to Verify That Such Instructions Have Been Authorized by Such Shareholder Shall Constitute Execution of Such Proxy by or on Behalf of Such Shareholder." -15

from 485APOS 1 page <page> Cash Accumulation Trust By-Law Amendment Dated July 25, 1990 Voted: That Section 11.5 of the By-Laws of the Trust Be and Is Hereby Amended by Deleting the Words "Not More Than 60 Days" and Replacing Them With the Words "Not More Than 90 Days." -14

from 485APOS ~10 pages Plan of reorganization, merger, acquisition or similar