-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, NiFE0IZeY8mpA9sC5eXFh5K3gY434isvSWfjrLLExPve7yFpmPYcmCwvaBXc0U9f PIxscP1j3euZLnWxCfhJvA== 0000873929-94-000003.txt : 19940629 0000873929-94-000003.hdr.sgml : 19940629 ACCESSION NUMBER: 0000873929-94-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940430 FILED AS OF DATE: 19940623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIMCO MONUMENT FUNDS CENTRAL INDEX KEY: 0000873929 STANDARD INDUSTRIAL CLASSIFICATION: STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06309 FILM NUMBER: 94535481 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122881900 N-30D 1 FORM DOCUMENT PRESIDENT'S MESSAGE - -------------------------------------------------------------------------------- Dear Shareholder: I am pleased to present the Annual Report to Shareholders for the RIMCO Monument Funds (the "Trust"). This report covers activity in the Trust for the year ended April 30, 1994. Over the period, net assets in the RIMCO Monument Prime Money Market Fund ("Prime Fund") rose from $277 million at the beginning of the year to $335 million at the end of the year. The Prime Fund paid dividends of $0.03 per share. Assets in the RIMCO Monument U.S. Treasury Money Market Fund ("Treasury Fund") also increased from $87 million at the beginning of the year to $107 million at the end of the year. The Treasury Fund paid dividends of $0.03 per share. The RIMCO Monument Bond Fund's ("Bond Fund") portfolio of government and corporate bonds paid dividends of $0.53 per share and capital gains of $0.56 per share. Reflecting the fact that, when interest rates rise, bond prices fall, the Bond Fund's net asset value decreased over the period as interest rates rose during the first quarter of 1994. At the beginning of the year, the net asset value was $10.40 per share compared to $9.46 at the period's end. Net assets reached $48 million] by the end of the year. For investors with long-term financial goals, the RIMCO Monument Stock Fund ("Stock Fund") turned in a strong performance. The Stock Fund achieved a total return of 15.28%* based on net asset value which does not reflect the sales load. Net assets reached $59 million at the end of the year. The following pages present investment reviews for the portfolios of the Trust, a complete listing of holdings, and all financial activity. Thank you for selecting the RIMCO Monument Funds to pursue your financial goals. We will continue to keep you up to date on your investment as we provide your account with the highest level of personal service. Sincerely, Edward C. Gonzales President June 15, 1994 * Past performance is not predictive of future performance. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. INVESTMENT REVIEW - -------------------------------------------------------------------------------- RIMCO MONUMENT PRIME MONEY MARKET FUND & RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND This last fiscal year marked a significant change in the direction of short-term rates from the prior year. Though yields of short Treasuries and corporates had already bottomed before last May and moved up further in the first quarter, it was not until the Federal Reserve Board ("Fed") began tightening in February that the major upward move in short-term rates occurred. Since February, the yield on three month Treasury Bills ("T-Bills") has risen 90 basis points while the yield on six-month and one year T-Bills has risen 122 and 166 basis points, respectively. The one year T-Bill closed the fiscal year at a yield of 6.12%, a change of 191 basis points from the prior year. Fortunately, we had anticipated this rise in short-term rates and positioned the Prime and Treasury Funds defensively. The Prime Fund in particular benefited substantially from significant positions in agency and corporate floating rate notes. These notes pay a rate which "floats" up or down with a known indice, such as the three month T-Bill. As rates rose this last year, the floating rate notes in the Prime Fund rose with them, allowing the Prime Fund to out-perform most other money market funds. Looking forward, we still consider a further rise in short-term rates a distinct possibility. Consequently, we will remain somewhat defensive in our money market fund posture. RIMCO MONUMENT BOND FUND The Bond Fund maintained a defensive posture this past year in light of our expectation that interest rates would rise. While some uncertainty remains as to whether interest rates have risen enough to prevent the economy from overheating, we do feel that the bulk of the interest rate rise is behind us. At this time we are maintaining a slightly defensive-to-neutral posture. RIMCO MONUMENT STOCK FUND The RIMCO Monument Stock Fund had an excellent year. For the year ended April 30, 1994, the Stock Fund generated a total return of 15.28% based on net asset value and a total return of 11.23% assuming the 3.5% sales load*. This was better than the 5.6% total return for the Standard and Poors 500 Index ("S&P 500").** Throughout the year we maintained diversification across all economic sectors with a particular focus on Capital Goods and Financials. Our strategy of buying stocks with strong earnings momentum and low price to earnings ratios was a winning combination. The year was successful because we were able to capitalize on changing trends by balancing between growth and value across all economic sectors. Large capitalized companies were highlighted in our work during the year and provided the best returns. In analyzing the data we discovered the major theme evolving among these large companies * Past performance is not predictive of future performance. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. ** This index is unmanaged. - -------------------------------------------------------------------------------- was restructuring of business units and refocusing on core operations. Examples of this are Caterpillar, Inc., up 58% for the year; Union Carbide Corp. Holdings Co., up 24%; Citicorp, up 30%; and Kemper Corp., up 52%. While the Healthcare sector was one of the worst performing sectors in the market and the most difficult area in which to make money, we focused on the hospital management company Columbia/HCA Healthcare Corp., up 82%. A new management team which was in the process of restructuring its business units and refocusing on its core operations proved to be the catalyst for Columbia Hospital's offer to purchase the company. Looking forward, despite higher short-and long-term interest rates thus far in 1994, we are optimistic about rising corporate profits over the year. The cost cutting and asset redeployment which has helped industrial America compete in a global marketplace should provide the catalyst for growth as productivity improves. In addition, as close to 45% of S&P 500 earnings are derived from foreign sources, a pick up in global economies should provide the second catalyst for growth. Adhering to our discipline benefited shareholders last year. Looking ahead, we believe your Stock Fund should continue to benefit from our focus on careful stock selection which balances good value and positive earnings growth. PERFORMANCE COMPARISON - -------------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT IN RIMCO MONUMENT BOND FUND AND LEHMAN BROTHERS GOVERNMENT/CORPORATE TOTAL INDEX\. See Appendix A Past performance is not predictive of future performance. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. *Reflects operations of The RIMCO Monument Bond Fund from the start of business, 5-11-92 through 4-30-94. **Represents a hypothetical investment of $10,000 in RIMCO Monument Bond Fund, after deducting the maximum sales charge of 3.50% ($10,000 investment minus $350 sales charge = $9,650). The Bond Fund's performance assumes the reinvestment of all dividends and distributions. The Lehman Brothers Government/Corporate Total Index IS adjusted to reflect reinvestment of dividends on securities in the index. \The Lehman Brothers Government/Corporate Total Index IS not adjusted to reflect sales loads, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Bond Fund's performance. PERFORMANCE COMPARISON - -------------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT IN RIMCO MONUMENT STOCK FUND AND STANDARD & POOR'S 500 INDEX\. See Appendix B Past performance is not predictive of future performance. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. *Reflects operations of the RIMCO Monument Stock Fund from the start of business 5-11-92 through 4-30-94. **Represents a hypothetical investment of $10,000 in the RIMCO Monument Stock Fund, after deducting the maximum sales charge of 3.50% ($10,000 investment minus $350 sales charge = $9,650). The Stock Fund's performance assumes the reinvestment of all dividends and distributions. The Standard & Poor's 500 Index IS adjusted to reflect reinvestment of dividends on securities in the index. \The Standard & Poor's 500 Index IS not adjusted to reflect sales loads, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Stock Fund's performance. RIMCO MONUMENT PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS APRIL 30, 1994 - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- -------------------------------------------------------------------------------- --------------- SHORT-TERM U.S. GOVERNMENT AND AGENCY OBLIGATIONS--32.8% - ------------------------------------------------------------------------------------------------ *FEDERAL HOME LOAN BANKS--1.6% -------------------------------------------------------------------------------- $ 5,500,000 2.79%-3.74%, 5/14/94-8/26/94 $ 5,497,561 -------------------------------------------------------------------------------- --------------- *FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.2% -------------------------------------------------------------------------------- 4,000,000 3.50%-4.02%, 6/30/94-7/16/94 4,001,845 -------------------------------------------------------------------------------- --------------- *STUDENT LOAN MARKETING ASSOCIATION--24.9% -------------------------------------------------------------------------------- 83,055,000 4.0652%-4.54%, 5/3/94-8/16/94 83,316,031 -------------------------------------------------------------------------------- --------------- TENNESSE VALLEY AUTHORITY--2.2% -------------------------------------------------------------------------------- 7,000,000 8.75%, 10/1/94 7,433,147 -------------------------------------------------------------------------------- --------------- U.S. TREASURY BILLS--2.9% -------------------------------------------------------------------------------- 9,808,000 7/21/94-12/15/94 9,737,185 -------------------------------------------------------------------------------- --------------- TOTAL SHORT-TERM U.S. GOVERNMENT AND AGENCY OBLIGATIONS 109,985,769 -------------------------------------------------------------------------------- --------------- SHORT-TERM MUNICIPAL SECURITIES--9.8% - ------------------------------------------------------------------------------------------------ 5,000,000 Colorado Student Obligation Bond, 3.90%, 7/1/94 5,000,000 -------------------------------------------------------------------------------- 2,500,000 Durham, NC, Participation Certificates, 3.95%, 5/4/94 2,500,000 -------------------------------------------------------------------------------- 10,300,000 New Orleans, LA, Aviation Brd., 4.05%, 5/6/94 10,300,000 -------------------------------------------------------------------------------- 8,000,000 Newport Mesa, CA, School District, 4.50%, 6/15/94 8,007,478 -------------------------------------------------------------------------------- 4,000,000 San Bernardino County, CA, 3.938%, 7/29/94 4,000,000 -------------------------------------------------------------------------------- 3,000,000 Summit County, OH, 4.30%, 12/30/94 3,008,710 -------------------------------------------------------------------------------- --------------- TOTAL SHORT-TERM MUNICIPAL SECURITIES 32,816,188 -------------------------------------------------------------------------------- --------------- CORPORATE BONDS--47.9% - ------------------------------------------------------------------------------------------------ BANKING--13.7% -------------------------------------------------------------------------------- 16,990,000 BankAmerica Corp., 3.5375%-6.875%, 8/15/94-2/15/95 17,185,314 -------------------------------------------------------------------------------- 9,000,000 Bank of Delaware, 3.30%, 6/10/94 8,997,650 -------------------------------------------------------------------------------- 5,000,000 Citicorp, 7.40%, 2/7/95 5,113,357 -------------------------------------------------------------------------------- 5,000,000 First National Bank of Boston, 4.03%, 7/7/94 5,001,975 --------------------------------------------------------------------------------
RIMCO MONUMENT PRIME MONEY MARKET FUND - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- -------------------------------------------------------------------------------- --------------- CORPORATE BONDS--CONTINUED - ------------------------------------------------------------------------------------------------ BANKING--CONTINUED -------------------------------------------------------------------------------- $ 9,500,000 Fleet Mortgage Group, Inc., 3.2375%, 9/30/94 $ 9,497,947 -------------------------------------------------------------------------------- --------------- Total 45,796,243 -------------------------------------------------------------------------------- --------------- FINANCE--10.2% -------------------------------------------------------------------------------- 10,000,000 American Express Centurion Bank, 4.11%, 5/3/94 10,000,000 -------------------------------------------------------------------------------- 1,500,000 American Express Credit Corp., 8.75%, 2/1/95 1,546,214 -------------------------------------------------------------------------------- 5,000,000 American General Finance Corp., 9.25%, 7/1/94 5,047,034 -------------------------------------------------------------------------------- 6,285,000 Associates Corp. of North America, 6.625%-12.75%, 8/15/94-3/15/95 6,428,748 -------------------------------------------------------------------------------- 3,250,000 Heller Financial Corp., 4.325%-8.375%, 6/15/94-10/3/94 3,260,892 -------------------------------------------------------------------------------- 1,200,000 ITT Corp., 9.375%-9.64%, 5/25/94-10/15/94 1,208,159 -------------------------------------------------------------------------------- 6,363,000 Philip Morris Cos., Inc., 0.01%-9.40%, 5/13/94-4/18/95 6,522,838 -------------------------------------------------------------------------------- --------------- Total 34,013,885 -------------------------------------------------------------------------------- --------------- FINANCE--AUTOMOTIVE--8.7% -------------------------------------------------------------------------------- 14,150,000 Ford Motor Co., 3.92%-10.00%, 5/2/94-1/16/95 14,221,078 -------------------------------------------------------------------------------- 13,500,000 General Motors Corp., 4.70%-9.40%, 5/18/94-9/21/94 13,554,594 -------------------------------------------------------------------------------- 1,500,000 GMAC European, 6.10%, 1/25/94 1,519,813 -------------------------------------------------------------------------------- --------------- Total 29,295,485 -------------------------------------------------------------------------------- --------------- FINANCE--COMMERCIAL--1.0% -------------------------------------------------------------------------------- 1,000,000 CIT Group Holdings, Inc., 8.875%, 8/15/94 1,014,136 -------------------------------------------------------------------------------- 2,250,000 General Electric Capital Corp., 8.65%-9.05%, 7/3/94-8/15/94 2,277,207 -------------------------------------------------------------------------------- --------------- Total 3,291,343 -------------------------------------------------------------------------------- --------------- FINANCE--EQUIPMENT--3.7% -------------------------------------------------------------------------------- 12,150,000 International Lease Finance Corp., 7.20%-8.20%, 5/2/94-10/1/94 12,282,342 -------------------------------------------------------------------------------- --------------- FINANCE--RECEIVABLES--2.3% -------------------------------------------------------------------------------- 3,000,000 IBM Credit Corp., 3.70%, 7/29/94 2,998,285 -------------------------------------------------------------------------------- 4,500,000 John Deere Capital Corp., 5.00%-11.625%, 1/15/95-3/20/95 4,625,839 -------------------------------------------------------------------------------- --------------- Total 7,624,124 -------------------------------------------------------------------------------- ---------------
RIMCO MONUMENT PRIME MONEY MARKET FUND - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- -------------------------------------------------------------------------------- --------------- CORPORATE BONDS--CONTINUED - ------------------------------------------------------------------------------------------------ FOOD & BEVERAGE--2.3% -------------------------------------------------------------------------------- $ 7,750,000 Pepsico, Inc., 3.975%-7.625%, 5/3/94-8/1/94 $ 7,776,909 -------------------------------------------------------------------------------- --------------- FOREIGN--0.6% -------------------------------------------------------------------------------- 2,000,000 Elec De France, 1.00%, 9/11/94 1,971,840 -------------------------------------------------------------------------------- --------------- TELECOMMUNICATIONS--3.9% -------------------------------------------------------------------------------- 6,000,000 AT&T Corp., 5.19%-5.38%, 6/3/94-7/1/94 6,011,255 -------------------------------------------------------------------------------- 1,500,000 Northern Telecom Ltd., 9.25%, 6/2/94 1,507,381 -------------------------------------------------------------------------------- 5,550,000 Xerox Corp., 8.75%-9.50%, 6/15/94-2/14/95 5,697,529 -------------------------------------------------------------------------------- --------------- Total 13,216,165 -------------------------------------------------------------------------------- --------------- MISCELLANEOUS--1.5% -------------------------------------------------------------------------------- 5,000,000 Placentia Yorba, 3.72%, 8/26/94 5,000,000 -------------------------------------------------------------------------------- --------------- TOTAL CORPORATE BONDS 160,268,336 -------------------------------------------------------------------------------- --------------- **REPURCHASE AGREEMENT--8.9% - ------------------------------------------------------------------------------------------------ 29,737,700 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 (Note 2B) 29,737,000 -------------------------------------------------------------------------------- --------------- TOTAL INVESTMENTS (AT AMORTIZED COST) $ 332,807,293\ -------------------------------------------------------------------------------- ---------------
* Current rate and next demand date shown. ** The repurchase agreement is fully collateralized by U.S. government obligations based on market prices at the date of the portfolio. \ The cost for federal tax purposes amounts to $332,195,321. Note: The categories of investments are shown as a percentage of net assets ($334,765,039) at April 30, 1994. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT PRIME MONEY MARKET FUND STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 - -------------------------------------------------------------------------------- ASSETS: - ------------------------------------------------------------------------------------------------- Investments in securities, at amortized cost and value (tax cost, $332,195,321) (Notes 2A and 2B) $ 332,807,293 - ------------------------------------------------------------------------------------------------- Cash 1,751 - ------------------------------------------------------------------------------------------------- Interest receivable 3,362,762 - ------------------------------------------------------------------------------------------------- Receivable for Fund shares sold 3,000 - ------------------------------------------------------------------------------------------------- Deferred expenses (Note 2F) 18,094 - ------------------------------------------------------------------------------------------------- --------------- Total assets 336,192,900 - ------------------------------------------------------------------------------------------------- LIABILITIES: - ------------------------------------------------------------------------------------------------- Dividends payable $ 896,802 - ------------------------------------------------------------------------------------ Payable for Fund shares redeemed 234,110 - ------------------------------------------------------------------------------------ Payable for investments purchased 204,961 - ------------------------------------------------------------------------------------ Accrued expenses 91,988 - ------------------------------------------------------------------------------------ ----------- Total liabilities 1,427,861 - ------------------------------------------------------------------------------------------------- --------------- NET ASSETS for 335,166,132 shares of beneficial interest outstanding $ 334,765,039 - ------------------------------------------------------------------------------------------------- --------------- NET ASSETS CONSIST OF: - ------------------------------------------------------------------------------------------------- Paid-in capital $ 335,166,132 - ------------------------------------------------------------------------------------------------- Accumulated net realized gain (loss) on investments (401,093) - ------------------------------------------------------------------------------------------------- --------------- Total $ 334,765,039 - ------------------------------------------------------------------------------------------------- --------------- NET ASSET VALUE, Offering Price, and Redemption Price Per Share: ($334,765,039 / 335,166,132 shares of beneficial interest outstanding) $1.00 - ------------------------------------------------------------------------------------------------- --------------- (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND STATEMENT OF OPERATIONS YEAR ENDED APRIL 30, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: - -------------------------------------------------------------------------------------------------- Interest income (Note 2C) $ 12,069,677 - -------------------------------------------------------------------------------------------------- EXPENSES: - -------------------------------------------------------------------------------------------------- Investment advisory fee (Note 4) $ 1,749,364 - ----------------------------------------------------------------------------------- Trustees' fees 5,315 - ----------------------------------------------------------------------------------- Administrative personnel and services fees (Note 4) 462,675 - ----------------------------------------------------------------------------------- Transfer and dividend disbursing agent fees and expenses (Note 4) 31,342 - ----------------------------------------------------------------------------------- Fund share registration costs 48,436 - ----------------------------------------------------------------------------------- Auditing fees 18,232 - ----------------------------------------------------------------------------------- Legal fees 7,793 - ----------------------------------------------------------------------------------- Printing and postage 10,244 - ----------------------------------------------------------------------------------- Portfolio accounting fees (Note 4) 74,729 - ----------------------------------------------------------------------------------- Insurance premiums 9,290 - ----------------------------------------------------------------------------------- Miscellaneous 43,213 - ----------------------------------------------------------------------------------- ------------- Total expenses 2,460,633 - ----------------------------------------------------------------------------------- Deduct-- - ----------------------------------------------------------------------------------- Waiver of investment advisory fee (Note 4) 973,920 - ----------------------------------------------------------------------------------- ------------- Net expenses 1,486,713 - -------------------------------------------------------------------------------------------------- -------------- Net investment income 10,582,964 - -------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: - -------------------------------------------------------------------------------------------------- Net realized gain (loss) on investment transactions (identified cost basis) 88,514 - -------------------------------------------------------------------------------------------------- -------------- Change in net assets from operations $ 10,671,478 - -------------------------------------------------------------------------------------------------- --------------
(See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT PRIME MONEY MARKET FUND STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED APRIL 30, ------------------------------------ 1994 1993 ------------------ ---------------- INCREASE (DECREASE) IN NET ASSETS: - --------------------------------------------------------------------------- OPERATIONS-- - --------------------------------------------------------------------------- Net investment income $ 10,582,964 $ 9,418,486 - --------------------------------------------------------------------------- Net realized gain (loss) on investment transactions ($890,037 net loss and $7,270 net loss, respectively, as computed for federal tax purposes) (Note 2D) 88,514 (489,607) - --------------------------------------------------------------------------- ------------------ ---------------- Change in net assets from operations 10,671,478 8,928,879 - --------------------------------------------------------------------------- ------------------ ---------------- DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)-- - --------------------------------------------------------------------------- Dividends to shareholders from net investment income (10,582,964) (9,418,486) - --------------------------------------------------------------------------- ------------------ ---------------- FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)-- - --------------------------------------------------------------------------- Net proceeds from sale of shares 1,060,003,920 994,268,793 - --------------------------------------------------------------------------- Net asset value of shares issued to shareholders electing to receive payment of dividends in Fund shares 814,399 217,953 - --------------------------------------------------------------------------- Cost of shares redeemed (1,003,408,484) (828,059,563) - --------------------------------------------------------------------------- ------------------ ---------------- Change in net assets from Fund share transactions 57,409,835 166,427,183 - --------------------------------------------------------------------------- ------------------ ---------------- Change in net assets 57,498,349 165,937,576 - --------------------------------------------------------------------------- NET ASSETS: - --------------------------------------------------------------------------- Beginning of period 277,266,690 111,329,114 - --------------------------------------------------------------------------- ------------------ ---------------- End of period $ 334,765,039 $ 277,266,690 - --------------------------------------------------------------------------- ------------------ ----------------
(See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT PRIME MONEY MARKET FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
YEAR ENDED APRIL 30, 1994 1993 1992* NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 - -------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS - -------------------------------------------------------------------------- Net investment income 0.03 0.04 0.03 - -------------------------------------------------------------------------- --------- --------- --------- LESS DISTRIBUTIONS - -------------------------------------------------------------------------- Dividends to shareholders from net investment income (0.03) (0.04) (0.03) - -------------------------------------------------------------------------- --------- --------- --------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 - -------------------------------------------------------------------------- --------- --------- --------- TOTAL RETURN** 3.08% 3.55% 2.90% - -------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS - -------------------------------------------------------------------------- Expenses 0.43% 0.41% 0.27%(a) - -------------------------------------------------------------------------- Net investment income 3.02% 3.46% 4.56%(a) - -------------------------------------------------------------------------- Expense waiver/reimbursement (b) 0.28% 0.31% 0.47%(a) - -------------------------------------------------------------------------- SUPPLEMENTAL DATA - -------------------------------------------------------------------------- Net assets, end of period (000 omitted) $334,765 $277,267 $111,329 - --------------------------------------------------------------------------
* For the period from September 17, 1991 (date of initial public investment) to April 30, 1992. ** Based on net asset value which does not reflect the sales load or contingent deferred sales charge, if applicable. (a) Computed on an annualized basis. (b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above (Note 4). (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND PORTFOLIO OF INVESTMENTS APRIL 30, 1994 - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- -------------------------------------------------------------------------------- --------------- UNITED STATES TREASURY OBLIGATIONS--57.4% - ------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS -------------------------------------------------------------------------------- $ 61,960,000 5/26/94-2/9/95 $ 61,423,186 -------------------------------------------------------------------------------- --------------- *REPURCHASE AGREEMENTS--42.8% - ------------------------------------------------------------------------------------------------ 12,000,000 Carroll McEntee & McGinley, Inc., 3.50%, dated 4/29/94, due 5/2/94 12,000,000 -------------------------------------------------------------------------------- 11,000,000 Citicorp Securities Markets, Inc., 3.53%, dated 4/29/94, due 5/2/94 11,000,000 -------------------------------------------------------------------------------- 22,735,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 22,735,000 -------------------------------------------------------------------------------- --------------- TOTAL REPURCHASE AGREEMENTS (NOTE 2B) 45,735,000 -------------------------------------------------------------------------------- --------------- TOTAL INVESTMENTS, AT AMORTIZED COST $ 107,158,186\ -------------------------------------------------------------------------------- ---------------
\ Also represents cost for federal tax purposes. * The repurchase agreements are fully collateralized by U.S. government obligations based on market prices at the date of the portfolio. Note: The categories of investments are shown as a percentage of net assets ($106,948,024) at April 30, 1994. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 - -------------------------------------------------------------------------------- ASSETS: - -------------------------------------------------------------------------------- Investments in repurchase agreements (Note 2B) $ 45,735,000 - -------------------------------------------------------------------------------- Investments in securities (Note 2A) 61,423,186 - -------------------------------------------------------------------------------- -------------- Total investments, at amortized cost and value $ 107,158,186 - ------------------------------------------------------------------------------------------------ Cash 656 - ------------------------------------------------------------------------------------------------ Interest receivable 8,936 - ------------------------------------------------------------------------------------------------ Deferred expenses (Note 2F) 9,360 - ------------------------------------------------------------------------------------------------ --------------- Total assets 107,177,138 - ------------------------------------------------------------------------------------------------ LIABILITIES: - ------------------------------------------------------------------------------------------------ Dividends payable 224,723 - -------------------------------------------------------------------------------- Accrued expenses 4,391 - -------------------------------------------------------------------------------- -------------- Total liabilities 229,114 - ------------------------------------------------------------------------------------------------ --------------- NET ASSETS for 106,948,024 shares of beneficial interest outstanding $ 106,948,024 - ------------------------------------------------------------------------------------------------ --------------- NET ASSET VALUE, Offering Price, and Redemption Price Per Share: ($106,948,024 / 106,948,024 shares of beneficial interest outstanding) $1.00 - ------------------------------------------------------------------------------------------------ --------------- (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND STATEMENT OF OPERATIONS YEAR ENDED APRIL 30, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: - --------------------------------------------------------------------------------------------------- Interest income (Note 2C) $ 3,823,210 - --------------------------------------------------------------------------------------------------- EXPENSES: - --------------------------------------------------------------------------------------------------- Investment advisory fee (Note 4) $ 603,612 - -------------------------------------------------------------------------------------- Trustees' fees 3,480 - -------------------------------------------------------------------------------------- Administrative personnel and services fee (Note 4) 160,619 - -------------------------------------------------------------------------------------- Transfer and dividend disbursing agent fees and expenses (Note 4) 19,048 - -------------------------------------------------------------------------------------- Fund share registration costs 14,922 - -------------------------------------------------------------------------------------- Auditing fees 14,743 - -------------------------------------------------------------------------------------- Legal fees 5,362 - -------------------------------------------------------------------------------------- Printing and postage 4,438 - -------------------------------------------------------------------------------------- Portfolio accounting fees (Note 4) 26,410 - -------------------------------------------------------------------------------------- Insurance premiums 6,668 - -------------------------------------------------------------------------------------- Miscellaneous 6,810 - -------------------------------------------------------------------------------------- ----------- Total expenses 866,112 - -------------------------------------------------------------------------------------- Deduct--Waiver of investment advisory fee (Note 4) 187,081 - -------------------------------------------------------------------------------------- ----------- Net expenses 679,031 - --------------------------------------------------------------------------------------------------- ------------- Net investment income $ 3,144,179 - --------------------------------------------------------------------------------------------------- ------------- (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED APRIL 30, 1994 1993 INCREASE (DECREASE) IN NET ASSETS: - ----------------------------------------------------------------------------- OPERATIONS-- - ----------------------------------------------------------------------------- Net investment income $ 3,144,179 $ 2,045,718 - ----------------------------------------------------------------------------- ---------------- ---------------- DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)-- - ----------------------------------------------------------------------------- Dividends to shareholders from net investment income (3,144,179) (2,045,718) - ----------------------------------------------------------------------------- ---------------- ---------------- FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)-- - ----------------------------------------------------------------------------- Net proceeds from sale of shares 449,045,523 184,959,305 - ----------------------------------------------------------------------------- Net asset value of shares issued to shareholders electing to receive payment of dividends in Fund shares 118,945 40,286 - ----------------------------------------------------------------------------- Cost of shares redeemed (429,091,872) (149,163,176) - ----------------------------------------------------------------------------- ---------------- ---------------- Change in net assets from Fund share transactions 20,072,596 35,836,415 - ----------------------------------------------------------------------------- ---------------- ---------------- Change in net assets 20,072,596 35,836,415 - ----------------------------------------------------------------------------- NET ASSETS: - ----------------------------------------------------------------------------- Beginning of period 86,875,428 51,039,013 - ----------------------------------------------------------------------------- ---------------- ---------------- End of period $ 106,948,024 $ 86,875,428 - ----------------------------------------------------------------------------- ---------------- ---------------- (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
YEAR ENDED APRIL 30, 1994 1993 1992* NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 - -------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS - -------------------------------------------------------------------------- Net investment income 0.03 0.03 0.02 - -------------------------------------------------------------------------- --------- --------- --------- LESS DISTRIBUTIONS - -------------------------------------------------------------------------- Dividends to shareholders from net investment income (0.03) (0.03) (0.02) - -------------------------------------------------------------------------- --------- --------- --------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 - -------------------------------------------------------------------------- --------- --------- --------- TOTAL RETURN** 2.64% 2.92% 2.37% - -------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS - -------------------------------------------------------------------------- Expenses 0.56% 0.52% 0.41%(a) - -------------------------------------------------------------------------- Net investment income 2.61% 2.86% 4.08%(a) - -------------------------------------------------------------------------- Expense waiver/reimbursement (b) 0.16% 0.29% 0.42%(a) - -------------------------------------------------------------------------- SUPPLEMENTAL DATA - -------------------------------------------------------------------------- Net assets, end of period (000 omitted) $106,948 $86,875 $51,039 - --------------------------------------------------------------------------
* For the period from October 8, 1991 (date of initial public investment) to April 30, 1992. ** Based on net asset value which does not reflect the sales load or contingent deferred sales charge, if applicable. (a) Computed on an annualized basis. (b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above (Note 4). (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT BOND FUND PORTFOLIO OF INVESTMENTS APRIL 30, 1994 - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- --------------------------------------------------------------------------------- -------------- CORPORATE BONDS--18.5% - ------------------------------------------------------------------------------------------------- BANKING--4.6% --------------------------------------------------------------------------------- $ 1,445,000 BankAmerica Corp., 9.70%-10.45%, 8/1/2000-5/1/2001 $ 1,638,864 --------------------------------------------------------------------------------- 540,000 Citicorp, 3.98%, 12/7/95 540,000 --------------------------------------------------------------------------------- -------------- Total 2,178,864 --------------------------------------------------------------------------------- -------------- FINANCE--12.1% --------------------------------------------------------------------------------- 860,000 American General Finance Corp., 7.15%, 5/15/97 877,922 --------------------------------------------------------------------------------- 915,000 Ford Capital BV, 9.375%, 1/1/98 980,752 --------------------------------------------------------------------------------- 910,000 Ford Motor Credit Corp., 3.50%, 2/1/99 905,450 --------------------------------------------------------------------------------- 480,000 Heller Financial Corp., 3.95%, 12/1/96 479,592 --------------------------------------------------------------------------------- 1,005,000 IBM Credit Corp., 3.63%, 7/30/98 1,007,271 --------------------------------------------------------------------------------- 525,000 ITT Financial Corp., 10.125%, 4/5/99 587,585 --------------------------------------------------------------------------------- 465,000 SCE Capital, 7.375%, 12/15/2003 455,821 --------------------------------------------------------------------------------- 500,000 United States Leasing Int., 6.625%, 5/15/2003 466,510 --------------------------------------------------------------------------------- -------------- Total 5,760,903 --------------------------------------------------------------------------------- -------------- OFFICE EQUIPMENT--1.8% --------------------------------------------------------------------------------- ]925,000 IBM, 6.375%, 6/15/2000 876,595 --------------------------------------------------------------------------------- -------------- TOTAL CORPORATE BONDS (IDENTIFIED COST $9,085,024) 8,816,362 --------------------------------------------------------------------------------- -------------- GOVERNMENT BONDS--69.0% - ------------------------------------------------------------------------------------------------- UNITED STATES TREASURY SECURITIES--46.0% --------------------------------------------------------------------------------- 11,170,000 United States Treasury Bonds, 7.125%-7.50%, 5/15/2016-2/15/2023 11,053,772 --------------------------------------------------------------------------------- 10,875,000 United States Treasury Notes, 4.75%-6.875%, 1/31/97-2/28/99 10,839,983 --------------------------------------------------------------------------------- -------------- Total 21,893,755 --------------------------------------------------------------------------------- -------------- UNITED STATES GOVERNMENT AGENCIES--23.0% --------------------------------------------------------------------------------- 2,695,000 Federal Home Loan Bank, 3.06%-3.79%, 12/7/97-11/24/98 2,586,526 --------------------------------------------------------------------------------- 4,585,000 Federal Home Loan Mortgage Corp., 6.00%-6.50%, 3/29/2000- 1/15/2009 4,143,217 ---------------------------------------------------------------------------------
RIMCO MONUMENT BOND FUND - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------- --------------------------------------------------------------------------------- -------------- GOVERNMENT BONDS--CONTINUED - ------------------------------------------------------------------------------------------------- UNITED STATES GOVERNMENT AGENCIES--CONTINUED --------------------------------------------------------------------------------- $ 4,010,000 Federal National Mortgage Association, 6.50%, 12/25/2007- 12/25/2008 $ 3,661,429 --------------------------------------------------------------------------------- 525,000 Student Loan Marketing Association, 4.29%, 11/20/97 528,108 --------------------------------------------------------------------------------- -------------- Total 10,919,280 --------------------------------------------------------------------------------- -------------- TOTAL GOVERNMENT BONDS (IDENTIFIED COST $34,371,286) 32,813,035 --------------------------------------------------------------------------------- -------------- *REPURCHASE AGREEMENT--11.4% - ------------------------------------------------------------------------------------------------- $ 5,424,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 (AT AMORTIZED COST) (NOTE 2B) 5,424,000 --------------------------------------------------------------------------------- -------------- TOTAL INVESTMENTS (IDENTIFIED COST $48,880,310) $ 47,053,397\ --------------------------------------------------------------------------------- --------------
* The repurchase agreement is fully collateralized by U.S. government obligations based on market prices at the date of the portfolio. \ The cost for federal tax purposes amounts to $48,884,161. The net unrealized depreciation of investments on a federal tax basis amounts to $1,830,764, which is comprised of $809 appreciation and $1,831,573 depreciation at April 30, 1994. Note: The categories of investments are shown as a percentage of net assets ($47,552,398) at April 30, 1994. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT BOND FUND STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 - -------------------------------------------------------------------------------- ASSETS: - ------------------------------------------------------------------------------------------------- Investment in repurchase agreement (Note 2B) $ 5,424,000 - --------------------------------------------------------------------------------- Investments in securities (Note 2A) 41,629,397 - --------------------------------------------------------------------------------- -------------- Total investments, at value (identified cost, $48,880,310 and tax cost, $48,884,161) $ 47,053,397 - ------------------------------------------------------------------------------------------------- Cash 295 - ------------------------------------------------------------------------------------------------- Interest receivable 840,794 - ------------------------------------------------------------------------------------------------- Receivable for Fund shares sold 154,629 - ------------------------------------------------------------------------------------------------- Deferred expenses (Note 2F) 9,209 - ------------------------------------------------------------------------------------------------- -------------- Total assets 48,058,324 - ------------------------------------------------------------------------------------------------- LIABILITIES: - ------------------------------------------------------------------------------------------------- Payable for Fund shares redeemed 287,603 - --------------------------------------------------------------------------------- Dividends payable 188,520 - --------------------------------------------------------------------------------- Payable to Administrator (Note 4) 1,060 - --------------------------------------------------------------------------------- Accrued expenses 28,743 - --------------------------------------------------------------------------------- -------------- Total liabilities 505,926 - ------------------------------------------------------------------------------------------------- -------------- NET ASSETS for 5,024,711 shares of beneficial interest outstanding $ 47,552,398 - ------------------------------------------------------------------------------------------------- -------------- NET ASSETS CONSIST OF: - ------------------------------------------------------------------------------------------------- Paid-in capital $ 50,703,230 - ------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments (1,826,913) - ------------------------------------------------------------------------------------------------- Accumulated net realized gain (loss) on investments (1,323,919) - ------------------------------------------------------------------------------------------------- -------------- Total net assets $ 47,552,398 - ------------------------------------------------------------------------------------------------- -------------- NET ASSET VALUE and Redemption Price Per Share: ($47,552,398 / 5,024,711 shares of beneficial interest outstanding) $9.46 - ------------------------------------------------------------------------------------------------- -------------- Computation of Offering Price: (100/96.5 of $9.46)* $9.80 - ------------------------------------------------------------------------------------------------- --------------
* See "What Shares Cost" in the prospectus. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT BOND FUND STATEMENT OF OPERATIONS YEAR ENDED APRIL 30, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: - -------------------------------------------------------------------------------------------------- Interest income (Note 2C) $ 2,810,831 - -------------------------------------------------------------------------------------------------- EXPENSES: - -------------------------------------------------------------------------------------------------- Investment advisory fee (Note 4) $ 361,465 - ------------------------------------------------------------------------------------- Trustees' fees 2,744 - ------------------------------------------------------------------------------------- Administrative personnel and services fees (Note 4) 64,134 - ------------------------------------------------------------------------------------- Transfer and dividend disbursing agent fees and expenses (Note 4) 27,330 - ------------------------------------------------------------------------------------- Fund share registration costs 13,673 - ------------------------------------------------------------------------------------- Auditing fees 10,575 - ------------------------------------------------------------------------------------- Legal fees 6,784 - ------------------------------------------------------------------------------------- Printing and postage 8,449 - ------------------------------------------------------------------------------------- Portfolio accounting fees (Note 4) 51,306 - ------------------------------------------------------------------------------------- Insurance premiums 5,965 - ------------------------------------------------------------------------------------- Miscellaneous 6,641 - ------------------------------------------------------------------------------------- ----------- Total expenses 559,066 - ------------------------------------------------------------------------------------- Deduct-- - ------------------------------------------------------------------------------------- Waiver of investment advisory fee (Note 4) 230,341 - ------------------------------------------------------------------------------------- ----------- Net expenses 328,725 - -------------------------------------------------------------------------------------------------- ------------- Net investment income 2,482,106 - -------------------------------------------------------------------------------------------------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: - -------------------------------------------------------------------------------------------------- Net realized gain (loss) on investments transactions (identified cost basis) 342,034 - -------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) of investments (2,235,039) - -------------------------------------------------------------------------------------------------- ------------- Net realized and unrealized gain (loss) on investments (1,893,005) - -------------------------------------------------------------------------------------------------- ------------- Change in net assets resulting from operations $ 589,101 - -------------------------------------------------------------------------------------------------- -------------
(See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT BOND FUND STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED APRIL 30, 1994 1993* INCREASE (DECREASE) IN NET ASSETS: - --------------------------------------------------------------------------------- OPERATIONS-- - --------------------------------------------------------------------------------- Net investment income $ 2,482,106 $ 2,173,663 - --------------------------------------------------------------------------------- Net realized gain (loss) on investments ($1,666,331 and $2,004,175 net gain, respectively, as computed for federal tax purposes) (Note 2D) 342,034 2,004,175 - --------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) of investments (2,235,039) 408,126 - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets resulting from operations 589,101 4,585,964 - --------------------------------------------------------------------------------- --------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)-- - --------------------------------------------------------------------------------- Dividends to shareholders from net investment income (2,481,723) (2,173,663) - --------------------------------------------------------------------------------- Distributions to shareholders from net realized gains on investments (2,701,669) (968,459) - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets from distributions to shareholders (5,183,392) (3,142,122) - --------------------------------------------------------------------------------- --------------- -------------- FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)-- - --------------------------------------------------------------------------------- Net proceeds from sale of shares 20,515,810 50,926,532 - --------------------------------------------------------------------------------- Net asset value of shares issued to shareholders electing to receive payment of dividends in Fund shares 353,981 45,676 - --------------------------------------------------------------------------------- Cost of shares redeemed (13,391,583) (7,747,769) - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets from Fund share transactions 7,478,208 43,224,439 - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets 2,883,917 44,668,281 - --------------------------------------------------------------------------------- NET ASSETS: - --------------------------------------------------------------------------------- Beginning of period 44,668,481 200 - --------------------------------------------------------------------------------- --------------- -------------- End of period $ 47,552,398 $ 44,668,481 - --------------------------------------------------------------------------------- --------------- --------------
* For the period from May 11, 1992 (date of initial public investment) to April 30, 1993. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT BOND FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
YEAR ENDED APRIL 30, 1994 1993* NET ASSET VALUE, BEGINNING OF PERIOD $ 10.40 $ 10.00 - ---------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS - ---------------------------------------------------------------------------------------- Net investment income 0.53 0.60 - ---------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments (0.38) 0.66 - ---------------------------------------------------------------------------------------- --------- --------- Total from investment operations 0.15 1.26 - ---------------------------------------------------------------------------------------- LESS DISTRIBUTIONS - ---------------------------------------------------------------------------------------- Dividends to shareholders from net investment income (0.53) (0.60) - ---------------------------------------------------------------------------------------- Distributions to shareholders from net realized gain on investment transactions (0.56) (0.26) - ---------------------------------------------------------------------------------------- --------- --------- Total distributions (1.09) (0.86) - ---------------------------------------------------------------------------------------- --------- --------- NET ASSET VALUE, END OF PERIOD $ 9.46 $ 10.40 - ---------------------------------------------------------------------------------------- --------- --------- TOTAL RETURN** 1.10% 12.93% - ---------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS - ---------------------------------------------------------------------------------------- Expenses 0.68% 0.50%(a) - ---------------------------------------------------------------------------------------- Net investment income 5.15% 5.95%(a) - ---------------------------------------------------------------------------------------- Expense waiver/reimbursement (b) 0.48% 0.65%(a) - ---------------------------------------------------------------------------------------- SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------- Net assets, end of period (000 omitted) $47,552 $44,668 - ---------------------------------------------------------------------------------------- Portfolio turnover rate 344% 371% - ----------------------------------------------------------------------------------------
* For the period from May 11, 1992 (date of initial public investment) to April 30, 1993. ** Based on net asset value which does not reflect the sales load or contingent deferred sales charge, if applicable. (a) Computed on an annualized basis. (b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above (Note 4). (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT STOCK FUND PORTFOLIO OF INVESTMENTS APRIL 30, 1994 - --------------------------------------------------------------------------------
SHARES VALUE - ------------- ----------------------------------------------------------------------------------- -------------- COMMON STOCKS--91.2% - -------------------------------------------------------------------------------------------------- BASIC MATERIALS--7.3% ----------------------------------------------------------------------------------- 17,755 Imperial Chemical Industries PLC $ 883,311 ----------------------------------------------------------------------------------- 8,650 Nucor Corp. 530,894 ----------------------------------------------------------------------------------- 12,440 Scott Paper Co. 533,365 ----------------------------------------------------------------------------------- 13,405 Sigma-Aldrich Corporation 603,225 ----------------------------------------------------------------------------------- 34,255 Union Carbide Corp. Holdings Co. 903,476 ----------------------------------------------------------------------------------- 19,785 Weyerhauser Co. 843,336 ----------------------------------------------------------------------------------- -------------- Total 4,297,607 ----------------------------------------------------------------------------------- -------------- CAPITAL GOODS--13.0% ----------------------------------------------------------------------------------- 17,260 Burlington Northern, Inc. 977,348 ----------------------------------------------------------------------------------- 6,255 Caterpillar, Inc. 687,268 ----------------------------------------------------------------------------------- 14,400 Deere & Co. 1,105,200 ----------------------------------------------------------------------------------- 11,305 General Electric Co. 1,075,388 ----------------------------------------------------------------------------------- 11,060 ITT Corp. 992,635 ----------------------------------------------------------------------------------- 18,330 Martin Marietta Corp. 815,685 ----------------------------------------------------------------------------------- 18,070 Textron, Inc. 953,192 ----------------------------------------------------------------------------------- 16,185 United Technologies Corp. 1,031,794 ----------------------------------------------------------------------------------- -------------- Total 7,638,510 ----------------------------------------------------------------------------------- -------------- CONSUMER CYCLICAL--10.9% ----------------------------------------------------------------------------------- 12,250 *AMR Corp. 742,656 ----------------------------------------------------------------------------------- 15,980 Chrysler Corp. 765,043 ----------------------------------------------------------------------------------- 13,590 General Motors Corp. 771,233 ----------------------------------------------------------------------------------- 23,780 Goodyear Tire & Rubber Co. 927,420 ----------------------------------------------------------------------------------- 21,625 Penney, (J. C.) Inc. 1,173,156 ----------------------------------------------------------------------------------- 10,115 Premark International, Inc. 799,085 ----------------------------------------------------------------------------------- 25,035 Sears Roebuck & Co. 1,176,645 ----------------------------------------------------------------------------------- -------------- Total 6,355,238 ----------------------------------------------------------------------------------- --------------
RIMCO MONUMENT STOCK FUND - --------------------------------------------------------------------------------
SHARES VALUE - ------------- ----------------------------------------------------------------------------------- -------------- COMMON STOCKS--CONTINUED - -------------------------------------------------------------------------------------------------- CONSUMER SERVICES--4.4% ----------------------------------------------------------------------------------- 1,285 Capital Cities/ABC, Inc. $ 913,635 ----------------------------------------------------------------------------------- 9,030 McDonald's Corp. 541,800 ----------------------------------------------------------------------------------- 63,760 Wendy's International, Inc. 1,147,680 ----------------------------------------------------------------------------------- -------------- Total 2,603,115 ----------------------------------------------------------------------------------- -------------- CONSUMER STAPLES--10.0% ----------------------------------------------------------------------------------- 28,030 Archer Daniels Midland Co. 644,690 ----------------------------------------------------------------------------------- 24,720 Coca Cola Co. 1,028,970 ----------------------------------------------------------------------------------- 16,025 Philip Morris Cos., Inc. 873,362 ----------------------------------------------------------------------------------- 26,380 Procter & Gamble Co. 1,500,362 ----------------------------------------------------------------------------------- 12,955 Quaker Oats Co. 833,978 ----------------------------------------------------------------------------------- 38,995 *Safeway, Inc. 970,001 ----------------------------------------------------------------------------------- -------------- Total 5,851,363 ----------------------------------------------------------------------------------- -------------- ENERGY--9.5% ----------------------------------------------------------------------------------- 12,045 British Petroleum Co. PLC 843,150 ----------------------------------------------------------------------------------- 12,155 Chevron Corp. 1,081,795 ----------------------------------------------------------------------------------- 8,560 MAPCO, Inc. 552,120 ----------------------------------------------------------------------------------- 18,970 Mobil Corp. 1,484,402 ----------------------------------------------------------------------------------- 6,650 Royal Dutch Petroleum Co. 724,850 ----------------------------------------------------------------------------------- 28,005 Sonat Inc. 850,652 ----------------------------------------------------------------------------------- -------------- Total 5,536,969 ----------------------------------------------------------------------------------- -------------- FINANCIALS--12.3% ----------------------------------------------------------------------------------- 40,655 American Express 1,204,404 ----------------------------------------------------------------------------------- 5,465 American International Group, Inc. 465,891 ----------------------------------------------------------------------------------- 22,760 Citicorp 842,120 ----------------------------------------------------------------------------------- 24,650 Fleet Financial Group, Inc. 930,538 ----------------------------------------------------------------------------------- 20,515 Franklin Resources, Inc. 777,006 ----------------------------------------------------------------------------------- 23,415 Kemper Corp. 1,381,485 -----------------------------------------------------------------------------------
RIMCO MONUMENT STOCK FUND - --------------------------------------------------------------------------------
SHARES VALUE - ------------- ----------------------------------------------------------------------------------- -------------- COMMON STOCKS--CONTINUED - -------------------------------------------------------------------------------------------------- FINANCIALS--CONTINUED ----------------------------------------------------------------------------------- 25,425 Signet Banking Corp. $ 1,039,247 ----------------------------------------------------------------------------------- 3,945 Wells Fargo & Co. 572,025 ----------------------------------------------------------------------------------- -------------- Total 7,212,716 ----------------------------------------------------------------------------------- -------------- HEALTH CARE--7.5% ----------------------------------------------------------------------------------- 17,140 *Amgen, Inc. 694,170 ----------------------------------------------------------------------------------- 22,887 Columbia/HCA Healthcare Corp. 969,837 ----------------------------------------------------------------------------------- 48,190 Humana, Inc. 891,515 ----------------------------------------------------------------------------------- 27,855 Mallinckrodt Group, Inc. 908,769 ----------------------------------------------------------------------------------- 15,510 Pfizer, Inc. 915,090 ----------------------------------------------------------------------------------- -------------- Total 4,379,381 ----------------------------------------------------------------------------------- -------------- TECHNOLOGY--6.9% ----------------------------------------------------------------------------------- 29,265 *Cisco Systems, Inc. 887,095 ----------------------------------------------------------------------------------- 7,875 Intel Corp. 480,375 ----------------------------------------------------------------------------------- 16,380 Motorola, Inc. 730,957 ----------------------------------------------------------------------------------- 20,380 *Oracle Systems Corp. 608,852 ----------------------------------------------------------------------------------- 21,995 *Silicon Graphics, Inc. 552,624 ----------------------------------------------------------------------------------- 8,000 Xerox Corp. 791,000 ----------------------------------------------------------------------------------- -------------- Total 4,050,903 ----------------------------------------------------------------------------------- -------------- UTILITIES-GAS & ELECTRIC--3.0% ----------------------------------------------------------------------------------- 38,400 CMS Energy Corp. 854,400 ----------------------------------------------------------------------------------- 30,740 Western Resources, Inc. 906,830 ----------------------------------------------------------------------------------- -------------- Total 1,761,230 ----------------------------------------------------------------------------------- -------------- UTILITIES-TELEPHONE--6.4% ----------------------------------------------------------------------------------- 19,470 BellSouth Corp. 1,185,236 ----------------------------------------------------------------------------------- 30,490 GTE Corp. 964,246 ----------------------------------------------------------------------------------- 17,645 Southwestern Bell Corp. 732,268 ----------------------------------------------------------------------------------- 14,575 Telefonos de Mexico, S.A. de C.V. 858,103 ----------------------------------------------------------------------------------- -------------- Total 3,739,853 ----------------------------------------------------------------------------------- -------------- TOTAL COMMON STOCKS (IDENTIFIED COST, $48,570,741) 53,426,885 ----------------------------------------------------------------------------------- --------------
RIMCO MONUMENT STOCK FUND - --------------------------------------------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE - ------------- ----------------------------------------------------------------------------------- -------------- PREFERRED STOCKS--3.7% - -------------------------------------------------------------------------------------------------- CONSUMER CYCLICAL--3.7% ----------------------------------------------------------------------------------- 14,115 Ford Motor Co., Conv. Pfd. $ 1,362,098 ----------------------------------------------------------------------------------- 15,215 Sears Roebuck & Co., Conv. Pfd. 827,316 ----------------------------------------------------------------------------------- -------------- TOTAL PREFERRED STOCKS (IDENTIFIED COST, $2,093,801) 2,189,414 ----------------------------------------------------------------------------------- -------------- REPURCHASE AGREEMENT--5.9%** - -------------------------------------------------------------------------------------------------- $ 3,470,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 (at amortized cost) (Note 2B) 3,470,000 ----------------------------------------------------------------------------------- -------------- TOTAL INVESTMENT (IDENTIFIED COST, $54,134,542) $ 59,086,299\ ----------------------------------------------------------------------------------- --------------
* Non-income producing. ** The repurchase agreement is fully collateralized by U.S. government obligations based on market prices at the date of the portfolio. \ The cost for federal tax purposes amounts to $54,166,921. The net unrealized appreciation of investments on a federal tax basis amounts to $4,919,378, which is comprised of $5,824,274 appreciation and $904,896 depreciation at April 30, 1994. Note: The categories of investments are shown as a percentage of net assets ($58,597,266) at April 30, 1994. (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT STOCK FUND STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 - -------------------------------------------------------------------------------- ASSETS: - -------------------------------------------------------------------------------------------------- Investments in securities, at value (Notes 2A and 2B) (identified cost, $54,134,542 and tax cost, $54,166,921) $ 59,086,299 - -------------------------------------------------------------------------------------------------- Cash 776 - -------------------------------------------------------------------------------------------------- Receivable for investments sold 464,196 - -------------------------------------------------------------------------------------------------- Dividends and interest receivable 104,767 - -------------------------------------------------------------------------------------------------- Receivable for Fund shares sold 75,169 - -------------------------------------------------------------------------------------------------- Deferred expenses (Note 2F) 7,086 - -------------------------------------------------------------------------------------------------- -------------- Total assets 59,738,293 - -------------------------------------------------------------------------------------------------- LIABILITIES: - -------------------------------------------------------------------------------------------------- Payable for investments purchased $ 788,189 - ----------------------------------------------------------------------------------- Payable for Fund shares redeemed 304,815 - ----------------------------------------------------------------------------------- Payable to Administrator (Note 4) 1,294 - ----------------------------------------------------------------------------------- Dividends payable 93 - ----------------------------------------------------------------------------------- Accrued expenses 46,636 - ----------------------------------------------------------------------------------- ------------- Total liabilities 1,141,027 - -------------------------------------------------------------------------------------------------- -------------- NET ASSETS for 4,930,263 shares of beneficial interest outstanding $ 58,597,266 - -------------------------------------------------------------------------------------------------- -------------- NET ASSETS CONSIST OF: - -------------------------------------------------------------------------------------------------- Paid-in capital $ 51,264,579 - -------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments 4,951,757 - -------------------------------------------------------------------------------------------------- Accumulated undistributed net realized gain (loss) on investments 2,347,942 - -------------------------------------------------------------------------------------------------- Undistributed net investment income 32,988 - -------------------------------------------------------------------------------------------------- -------------- Total Net Assets $ 58,597,266 - -------------------------------------------------------------------------------------------------- -------------- NET ASSET VALUE and Redemption Price Per Share: ($58,597,266 / 4,930,263 shares of beneficial interest outstanding) $11.89 - -------------------------------------------------------------------------------------------------- -------------- Computation of Offering Price: (100/96.5 of $11.89)* $12.32 - -------------------------------------------------------------------------------------------------- -------------- *See "What Shares Cost" in the prospectus. (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND STATEMENT OF OPERATIONS YEAR ENDED APRIL 30, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: - --------------------------------------------------------------------------------------------------- Dividend income $ 1,053,910 - --------------------------------------------------------------------------------------------------- Interest income 98,428 - --------------------------------------------------------------------------------------------------- ------------- Total income (Note 2C) 1,152,338 - --------------------------------------------------------------------------------------------------- EXPENSES: - --------------------------------------------------------------------------------------------------- Investment advisory fee (Note 4) $ 366,126 - -------------------------------------------------------------------------------------- Trustees' fees 2,927 - -------------------------------------------------------------------------------------- Administrative personnel and services fees (Note 4) 64,944 - -------------------------------------------------------------------------------------- Transfer and dividend disbursing agent fees and expenses (Note 4) 32,080 - -------------------------------------------------------------------------------------- Fund share registration costs 23,693 - -------------------------------------------------------------------------------------- Auditing fees 10,459 - -------------------------------------------------------------------------------------- Legal fees 9,788 - -------------------------------------------------------------------------------------- Printing and postage 12,420 - -------------------------------------------------------------------------------------- Portfolio accounting fees (Note 4) 49,352 - -------------------------------------------------------------------------------------- Insurance premiums 5,866 - -------------------------------------------------------------------------------------- Miscellaneous 6,537 - -------------------------------------------------------------------------------------- ----------- Total expenses 584,192 - -------------------------------------------------------------------------------------- Deduct--Waiver of investment advisory fee (Note 4) 96,024 - -------------------------------------------------------------------------------------- ----------- Net expenses 488,168 - --------------------------------------------------------------------------------------------------- ------------- Net investment income 664,170 - --------------------------------------------------------------------------------------------------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: - --------------------------------------------------------------------------------------------------- Net realized gain (loss) on investment transactions (identified cost basis) 3,441,004 - --------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) of investments 2,282,550 - --------------------------------------------------------------------------------------------------- ------------- Net realized and unrealized gain (loss) on investments 5,723,554 - --------------------------------------------------------------------------------------------------- ------------- Change in net assets resulting from operations $ 6,387,724 - --------------------------------------------------------------------------------------------------- ------------- (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED APRIL 30, 1994 1993* INCREASE (DECREASE) IN NET ASSETS: - --------------------------------------------------------------------------------- OPERATIONS-- - --------------------------------------------------------------------------------- Net investment income $ 664,170 $ 682,434 - --------------------------------------------------------------------------------- Net realized gain (loss) on investments ($3,043,001 net gain and $637,739 net loss, respectively, as computed for federal tax purposes) (Note 2D) 3,441,004 (1,068,121) - --------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) of investments 2,282,550 2,669,207 - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets resulting from operations 6,387,724 2,283,520 - --------------------------------------------------------------------------------- --------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)-- - --------------------------------------------------------------------------------- Dividends to shareholders from net investment income (646,560) (667,056) - --------------------------------------------------------------------------------- Distributions to shareholders from net realized gains on investments (24,941) -- - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets from distributions to shareholders (671,501) (667,056) - --------------------------------------------------------------------------------- --------------- -------------- FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)-- - --------------------------------------------------------------------------------- Net proceeds from sales of shares 29,948,959 41,496,248 - --------------------------------------------------------------------------------- Net asset value of shares issued to shareholders electing to receive payment of dividends in Fund shares 53,313 187,783 - --------------------------------------------------------------------------------- Cost of shares redeemed (14,659,947) (5,761,977) - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets from Fund share transactions 15,342,325 35,922,054 - --------------------------------------------------------------------------------- --------------- -------------- Change in net assets 21,058,548 37,538,518 - --------------------------------------------------------------------------------- NET ASSETS: - --------------------------------------------------------------------------------- Beginning of period 37,538,718 200 - --------------------------------------------------------------------------------- --------------- -------------- End of period (including undistributed net investment income of $32,988 and $15,378, respectively) $ 58,597,266 $ 37,538,718 - --------------------------------------------------------------------------------- --------------- -------------- *For the period from May 11, 1992 (date of initial public investment) to April 30, 1993. (See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
YEAR ENDED APRIL 30, 1994 1993* NET ASSET VALUE, BEGINNING OF PERIOD $ 10.46 $ 10.00 - ----------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS - ----------------------------------------------------------------------------------- Net investment income 0.16 0.21 - ----------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments 1.44 0.46 - ----------------------------------------------------------------------------------- --------- --------- Total from investment operations 1.60 0.67 - ----------------------------------------------------------------------------------- LESS DISTRIBUTIONS - ----------------------------------------------------------------------------------- Dividends to shareholders from net investment income (0.16) (0.21) - ----------------------------------------------------------------------------------- Distributions to shareholders from net realized gain on investment transactions (0.01) -- - ----------------------------------------------------------------------------------- --------- --------- Total distributions (0.17) (0.21) - ----------------------------------------------------------------------------------- --------- --------- NET ASSET VALUE, END OF PERIOD $ 11.89 $ 10.46 - ----------------------------------------------------------------------------------- --------- --------- TOTAL RETURN** 15.28% 6.35% - ----------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS - ----------------------------------------------------------------------------------- Expenses 1.00% 0.69%(a) - ----------------------------------------------------------------------------------- Net investment income 1.36% 2.18%(a) - ----------------------------------------------------------------------------------- Expense waiver/reimbursement (b) 0.20% 0.47%(a) - ----------------------------------------------------------------------------------- SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------- Net assets, end of period (000 omitted) $58,597 $37,539 - ----------------------------------------------------------------------------------- Portfolio turnover rate 89% 92% - -----------------------------------------------------------------------------------
* For the period from May 11, 1992 (date of initial public investment) to April 30, 1993. ** Based on net asset value which does not reflect the sales load or contingent deferred sales charge, if applicable. (a) Computed on an annualized basis. (b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above (Note 4). (See Notes which are an integral part of the Financial Statements) RIMCO MONUMENT FUNDS COMBINED NOTES TO FINANCIAL STATEMENTS APRIL 30, 1994 - -------------------------------------------------------------------------------- (1) ORGANIZATION RIMCO Monument Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end, management investment company. The Trust consists of four diversified portfolios (individually referred to as the "Fund," or collectively as the "Funds"). The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The financial statement included herein are those of RIMCO Monument Prime Money Market Fund ("Prime Fund"), RIMCO Monument U.S. Treasury Money Market Fund ("Treasury Fund"), RIMCO Monument Bond Fund ("Bond Fund"), and RIMCO Monument Stock Fund ("Stock Fund"). (2) SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with generally accepted accounting principles. A. INVESTMENT VALUATIONS--The Prime and Treasury Funds' use of the amortized cost method to value their portfolio securities is in accordance with Rule 2a-7 under the Investment Company Act of 1940. For the Bond and Stock Funds, listed corporate bonds (and other fixed income securities/asset backed securities) are valued at the last sale price reported on national securities exchanges. Unlisted bonds/securities and short-term obligations are valued at the prices provided by an independent pricing service. U.S. government obligations are generally valued at the mean between the over-the-counter bid and asked prices as furnished by an independent pricing service. Short-term securities with remaining maturities of sixty days or less, may be valued at amortized cost, which approximates value. For the Stock Fund, listed equity securities are valued at the last sale price reported on national securities exchanges. B. REPURCHASE AGREEMENTS--It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian bank's vault, all securities held as collateral in support of repurchase agreement investments. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's underlying collateral to ensure the value at least equals the principal amount of the repurchase agreement, including accrued interest. These Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy RIMCO MONUMENT FUNDS - -------------------------------------------------------------------------------- pursuant to guidelines established by the Board of Trustees ("Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of these repurchase agreements. Accordingly, these Funds could receive less than the repurchase price on the sale of collateral securities. C. INCOME--Interest income and expenses for the Bond Fund, Prime Fund and U.S. Treasury Fund are accrued daily. Bond premium and discount are amortized as required by the Internal Revenue Code, as amended ("Code"). Distributions to shareholders are recorded on the ex-dividend date. Dividend income and distributions to shareholders for the Stock Fund are recorded on the ex-dividend date. Interest income and expenses are accrued daily. Bond premium and discount if applicable, are amortized as required by the Code. D. FEDERAL TAXES--It is the Funds' policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year all of their taxable income. Accordingly, no provision for federal income tax is necessary. At April 30, 1994, the Prime Fund for federal tax purposes had a capital loss carryforward of $897,307 which will reduce the Prime Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Prime Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2001. Additionally, net capital losses of $60,687 attributable to security transactions incurred after October 31, 1993, are treated as arising on May 1, 1994, the first day of the Prime Fund's next taxable year. Net capital losses of $1,168,528 attributable to the Bond Fund security transactions incurred after October 31, 1993 are treated as arising on May 1, 1994, the first day of the Bond Fund's next taxable year. E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in when-issued or delayed delivery transactions. The Funds will record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. F. DEFERRED EXPENSES--The costs incurred by each Fund with respect to registration of its shares in its first fiscal year, excluding the initial expense of registering the shares, have been deferred and are being amortized using the straight-line method over a period of five years from each Fund's commencement date. G. OTHER--Investment transactions are accounted for on the trade date. RIMCO MONUMENT FUNDS - -------------------------------------------------------------------------------- (3) SHARES OF BENEFICIAL INTEREST The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At April 30, 1994, capital paid-in for Prime Fund, Treasury Fund, Bond Fund and Stock Fund aggregated $335,166,132, $106,948,024, $50,703,230 and $51,264,579, respectively. Transactions in Fund shares were as follows:
PRIME FUND TREASURY FUND BOND FUND STOCK FUND - ---------------------------------------------------- -------------- -------------- -------------- -------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED APRIL 30, 1994 APRIL 30, 1994 APRIL 30, 1994 APRIL 30, 1994 - ---------------------------------------------------- -------------- -------------- -------------- -------------- Shares sold 1,060,003,920 449,045,523 2,018,699 2,582,216 - ---------------------------------------------------- Shares issued to shareholders electing to receive payment of dividends in Fund Shares 814,399 118,945 34,950 4,560 - ---------------------------------------------------- Shares redeemed (1,003,408,484) (429,091,872) (1,323,332) (1,244,449) - ---------------------------------------------------- -------------- -------------- -------------- -------------- Net change resulting from Fund share transactions 57,409,835 20,072,596 730,317 1,342,327 - ---------------------------------------------------- -------------- -------------- -------------- -------------- PRIME FUND TREASURY FUND BOND FUND STOCK FUND - ---------------------------------------------------- -------------- -------------- -------------- -------------- YEAR ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED APRIL 30, 1993 APRIL 30, 1993 APRIL 30, 1993* APRIL 30, 1993* - ---------------------------------------------------- -------------- -------------- -------------- -------------- Shares sold 994,268,793 184,959,305 5,041,968 4,145,258 - ---------------------------------------------------- Shares issued to shareholders electing to receive payment of dividends in Fund Shares 217,953 40,286 4,467 19,614 - ---------------------------------------------------- Shares redeemed (828,059,563) (149,163,176) (752,061) (576,956) - ---------------------------------------------------- -------------- -------------- -------------- -------------- Net change resulting from Fund share transactions 166,427,183 35,836,415 4,294,374 3,587,916 - ---------------------------------------------------- -------------- -------------- -------------- --------------
* The period from the date of initial public investment, May 11, 1992, to April 30, 1993. (4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES Riggs Investment Management Corp., the Funds' investment adviser ("Adviser"), receives for its services an annual investment advisory fee equal to .50 of 1% of Prime Fund's and Treasury Fund's average daily net assets and .75 of 1% of Bond Fund's and Stock Fund's average daily net assets, respectively. Adviser may voluntarily choose to waive a portion of its fee. Adviser can modify or terminate this voluntary waiver at any time at its sole discretion. Federated Administrative Services ("FAS") provides the Trust with certain administrative personnel and services. The fee is based on the level of average aggregate net assets of the Trust for the period. FAS may voluntarily choose to waive a portion of its fee. RIMCO MONUMENT FUNDS - -------------------------------------------------------------------------------- Federated Services Company ("FServ") serves as transfer agent and dividend disbursing agent for the Trust. The fee is based on the size, type and number of accounts and transactions made by shareholders. FServ also maintains the Trust's accounting records. The fee is based on the level of each Fund's average net assets for the period plus out-of-pocket expenses. Organization expenses of Prime Fund, Treasury Fund, Bond Fund, and Stock Fund of $64,936, $50,507, $29,704, and $30,877, respectively, were borne initially by FAS. The Funds have agreed to reimburse FAS during the five-year period following the date the Trust's registration statement became effective. For the year ended April 30, 1994, Prime Fund, Treasury Fund, Bond Fund, and Stock Fund paid $14,316, $6,148, $5,610 and $5,836, respectively, pursuant to this agreement. Certain of the Officers and Trustees of the Trust are Officers and Directors of FAS and FServ. (5) INVESTMENT TRANSACTIONS Purchases and sales of investments (excluding short-term obligations) for the year ended April 30, 1994, were as follows:
PURCHASES SALES BOND FUND $ 154,137,864 $ 151,686,848 - ------------------------------------------------------------------------------- --------------- --------------- STOCK FUND $ 55,738,229 $ 40,890,938 - ------------------------------------------------------------------------------- --------------- ---------------
RIMCO MONUMENT FUNDS REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS - -------------------------------------------------------------------------------- To the Board of Trustees and Shareholders of RIMCO MONUMENT FUNDS: We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of RIMCO MONUMENT FUNDS (comprising, respectively, RIMCO Prime Money Market Fund, RIMCO U.S. Treasury Money Market Fund, RIMCO Bond Fund and RIMCO Stock Fund portfolios) as of April 30, 1994, and the related statements of operations for the year then ended, the statements of changes in net assets and financial highlights for the periods presented 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 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 securities owned as of April 30, 1994, by correspondence with the custodian and brokers. 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 constituting RIMCO MONUMENT FUNDS, as identified above, at April 30, 1994, the results of their operations for the year then ended, and the changes in their net assets and financial highlights for the periods presented therein, in conformity with generally accepted accounting principles. ERNST & YOUNG Pittsburgh, Pennsylvania June 8, 1994 TRUSTEES OFFICERS - -------------------------------------------------------------------------------- John F. Donahue John F. Donahue John T. Conroy, Jr. Chairman William J. Copeland Edward C. Gonzales James E. Dowd President and Treasurer Lawrence D. Ellis, M.D. Craig P. Churman Edward L. Flaherty, Jr. Vice President and Assistant Treasurer Edward C. Gonzales J. Christopher Donahue Peter E Madden Vice President Gregor F. Meyer Richard B. Fisher Wesley W. Posvar Vice President Marjorie P. Smuts John W. McGonigle Vice President and Secretary John A. Staley, IV Vice President David M. Taylor Assistant Treasurer Jay S. Neuman Assistant Secretary Mutual funds are not obligations of or insured by any bank nor are they insured by the federal government or any of its agencies. Investment in these shares involves risk, including the possible loss of principal. This report is authorized for distribution to prospective investors only when preceded or accompanied by the Trust's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information. RIMCO MONUMENT FUNDS COMBINED ANNUAL REPORT TO SHAREHOLDERS APRIL 30, 1994 RIMCO Prime Money Market Fund RIMCO U.S. Treasury Money Market Fund RIMCO Bond Fund RIMCO Stock Fund RIGGS INVESTMENT MANAGEMENT CORP. (RIMCO) - ----------------------------------------- Investment Adviser FEDERATED SECURITIES CORP. - ----------------------------------------- Distributor 2052603 (6/94) RIMCO APPENDIX A A . The graphic presentation here displayed consists of a boxed legend in the bottom center indicating the components of the corresponding line graph. RIMCO Monument Bond Fund (the "Fund") is represented by a solid line The Lehman Brothers Government/Corporate Total Index is represented by a broken line. The line graph is a visual representation of a comparison of change in value of a hypothetical $10,000 purchase in the Fund and Lehman Brothers Government/Corporate Total Index. The "y" axis reflects the cost of the investment. The "x" axis reflects computation periods from May 11, 1992 through April 30, 1994. The right margin reflects the ending value of the hypothetical investment in the Fund as compared to Lehman Brothers Government/ Corporate Total Index; the ending values are $11,018 and $11,581, respectively. There is also a legend in the lower right quadrant of the graphic presentation which indicates the Average Annual Total Return for the 1 year and since inception periods ended April 30, 1994. The Average Annual Total Returns are (2.47)%, and 5.05%, respectively. RIMCO APPENDIX B A . The graphic presentation here displayed consists of a boxed legend in the bottom center indicating the components of the corresponding line graph. RIMCO Monument Stock Fund (the "Fund") is represented by a solid line The Standard & Poor's 500 Index is represented by a broken line. The line graph is a visual representation of a comparison of change in value of a hypothetical $10,000 purchase in the Fund and Standard & Poor's 500 Index. The "y" axis reflects the cost of the investment. The "x" axis reflects computation periods from May 11, 1992 through April 30, 1994. The right margin reflects the ending value of the hypothetical investment in the Fund as compared to Standard & Poor's 500 Index; the ending values are $11,831 and $10,624, respectively. There is also a legend in the upper left quadrant of the graphic presentation which indicates the Average Annual Total Return for the 1 year and since inception periods ended April 30, 1994. The Average Annual Total Returns are 11.23%, and 8.93%, respectively. -----END PRIVACY-ENHANCED MESSAGE-----