-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E6AW1B7eb+faTIBGr2JSOXmCaQ1CH5HpCinuDoHCGynzEmCCaPfEnRPGBsxKuDqx ND2ZPwLwKXfW3zPswbJtEQ== 0000916641-97-000386.txt : 19970417 0000916641-97-000386.hdr.sgml : 19970417 ACCESSION NUMBER: 0000916641-97-000386 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970131 FILED AS OF DATE: 19970416 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH RESOURCE TRUST /MA/ CENTRAL INDEX KEY: 0000908920 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-07862 FILM NUMBER: 97582374 BUSINESS ADDRESS: STREET 1: RIVERFRONT PLAZA, WEST TOWER STREET 2: 901 E. BYRD STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8047823294 MAIL ADDRESS: STREET 1: RIVERFRONT PLAZA, WEST TOWER STREET 2: 901 E BYRD STREET CITY: RICHMOND STATE: VA ZIP: 23219 FORMER COMPANY: FORMER CONFORMED NAME: IMG MONEY MARKET SERIES TRUST DATE OF NAME CHANGE: 19930709 N-30D 1 MENTOR CASH RESOURCE TRUST N30D CASH RESOURCE TRUST SEMI-ANNUAL REPORT JANUARY 31, 1997 - -------------------------------------------------------------------------------- MESSAGE FROM THE CHAIRMAN AND PRESIDENT It is our privilege to send you the Cash Resource Trust Semi-Annual Report for the period ended January 31, 1997.* The Cash Resource Trust is part of a diversified family of funds offered by Mentor Investment Group, LLC,** an investment advisory firm with more than $10 billion under management. Mentor provides investment management in seven different styles to a broad spectrum of investors. As you know, the CRT money market funds are invested to seek as high a rate of current income -- or, in the case of the Cash Resource Tax-Exempt Money Market Fund, as high a rate of current income exempt from federal income tax -- as the investment advisor believes to be consistent with preservation of capital and maintenance of liquidity. Since our last report to you, for the year ended July 31, 1996, two portfolios have been added to the Cash Resource Trust: The California Tax-Exempt Money Market Fund, and the New York Tax-Exempt Money Market Fund. The Funds are managed according to a conservative policy that places strong emphasis on credit research. We carefully review each investment and do not sacrifice quality to attain a higher yield. While the managers seek to invest the Funds in accordance with this process, there is no guarantee that it will result in investment success. An investment in the Funds is neither insured nor guaranteed by the U.S. Government, and there can be no assurance that they will maintain a stable net asset value of $1.00 per share. In the pages that follow you will find financial statements for the five CRT Funds, in addition to commentary from members of the management team regarding their investment strategy and outlook. Thank you for your continuing investment in the Funds. Sincerely, /s/ Daniel J. Ludeman /s/ Paul F. Costello - ------------------------- ---------------------- Daniel J. Ludeman Paul F. Costello CHAIRMAN PRESIDENT *FOR MORE INFORMATION AND A PROSPECTUS FOR THE CASH RESOURCE TRUST, PLEASE CALL US, (800)382-0016, OR CONTACT YOUR FINANCIAL CONSULTANT. THE PROSPECTUS CONTAINS COMPLETE INFORMATION ABOUT FEES, SALES CHARGES, AND EXPENSES. PLEASE READ THEM CAREFULLY BEFORE INVESTING OR SENDING MONEY. **MENTOR INVESTMENT ADVISORS, LLC/DBA MENTOR INVESTMENT GROUP, LLC 1 CASH RESOURCE TRUST SEMI-ANNUAL REPORT MANAGERS' OVERVIEW JANUARY 31, 1997 - -------------------------------------------------------------------------------- The five portfolios of the Cash Resource Trust (CRT), managed by Mentor Investment Group, are invested in accordance with conservative standards which place primary emphasis on liquidity and safety of principal. * The CRT Money Market Fund is a diversified portfolio of fixed income securities, including commercial paper, bank obligations, and other short-term investments. * The CRT U.S. Government Money Market Fund is invested entirely in securities backed by the U.S. Government or its agencies, and related repurchase agreements. * The CRT Tax-Exempt Money Market Fund is structured to generate income exempt from federal income tax. * The CRT California Tax-Exempt Money Market Fund is structured to generate income exempt from both federal and California State income tax. * The CRT New York Tax-Exempt Money Market Fund is structured to generate income exempt from both federal and New York State income tax. The six-month period ended January 31, 1997 was an unusual one for the short- term fixed-income markets. It was a period in which Federal Reserve policy remained unchanged, yet it was a period in which the markets nonetheless saw considerable volatility, buffeted by speculation over future Fed policy. During the second half of the period, economic statistics settled into a remarkable pattern of fair to moderate growth, coupled with low inflation. In short, the economy seemed to be moving ahead at just the right speed, requiring the application of neither the accelerator nor the brake. For that reason, as it had all year, the Federal Reserve opted for no change throughout the period. As the period progressed, the yield curve tended to flatten as expectations of a Fed increase faded. The spread between 90-day and one-year treasury bills, for example, as wide as 0.65% earlier in the year, narrowed to about 0.35%. Our activity centered on the middle portion of the curve, where analyses indicated that buying opportunities existed. Late in the period, however, normal year-end pressures developed and tended to steepen the short end of the curve, and our activity shifted to this area. 2 CASH RESOURCE TRUST SEMI-ANNUAL REPORT MANAGERS' OVERVIEW (CONTINUED) JANUARY 31, 1997 - -------------------------------------------------------------------------------- It is simply unlikely that we can continue to walk this most perfect of all tightropes for very long. Either growth will accelerate and lead to inflationary pressures, or we will slip into recession. Evidence seems to favor the former, but whatever lies ahead, our pledge to you is to continue our emphasis on safety and liquidity through high credit standards and conservative investment policies. We thank you for your confidence. /s/ R. Preston Nuttall - ----------------------------- R. Preston Nuttall DIRECTOR OF CASH MANAGEMENT /s/ Hubert R. White - ----------------------------- Hubert R. White PORTFOLIO MANAGER /s/ Kathryn T. Allen - ----------------------------- Kathryn T. Allen PORTFOLIO MANAGER THE MENTOR MISSION STATEMENT Our mission is to provide professional investment management services through a firm that is second to none in the quality of its investment process, the skill and training of its professionals, and the commitment, shared by all its associates, to deliver the highest level of service and ethical behavior to clients. 3 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITY 0.63% Capital Equipment Receiving Trust, 5.60%, 10/15/97 $ 16,581 $ 16,581 - ------------------------------------------------------------------------------------------------------------------ BANKERS ACCEPTANCE 0.57% Nationsbank Corporation, 5.35%, 2/03/97 15,000 15,000 - ------------------------------------------------------------------------------------------------------------------ BANK NOTES 3.41% Bank of America, 5.48%, 4/16/97 30,000 30,000 First Tennessee Bank, 5.40%, 4/17/97 15,000 15,000 First Tennessee Bank, 5.40%, 4/17/97 25,000 25,000 Mellon Bank, 5.50%, 4/07/97 20,000 20,000 - ------------------------------------------------------------------------------------------------------------------ TOTAL BANK NOTES 90,000 - ------------------------------------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSIT 10.58% Bank of Montreal, 5.32%, 2/24/97 50,000 50,000 Bank of Montreal, 5.40%, 4/25/97 50,000 50,000 Deutsche Bank Financial, Inc., 5.41%, 4/21/97 49,000 49,000 Regions Bank, 5.37%, 3/10/97 30,000 30,000 Regions Bank, 5.43%, 5/06/97 20,000 20,000 Societe Generale, Inc., 5.92%, 9/17/97 80,000 80,147 - ------------------------------------------------------------------------------------------------------------------ TOTAL CERTIFICATES OF DEPOSIT 279,147 - ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER 48.15% ASSET-BACKED SECURITIES 5.81% Greenwich Funding Corporation, 5.33%, 2/07/97 (a) 52,811 52,780 Greenwich Funding Corporation, 5.30%, 2/19/97 (a) 27,000 26,936 Monte Rosa Capital Corporation, 5.31%, 2/14/97 32,400 32,347 Monte Rosa Capital Corporation, 5.32%, 2/21/97 41,387 41,277 - ------------------------------------------------------------------------------------------------------------------ Total Asset Backed Securities 153,340 - ------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS 12.77% ABN-Amro North America Finance, Inc., 5.28%, 5/15/97 70,000 68,963 Nationsbank Corporation, 5.28%, 3/03/97 50,406 50,199
4 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER (CONTINUED) COMMERCIAL BANKS (CONTINUED) Societe Generale Inc., 5.37%, 2/07/97 $ 20,000 $ 19,988 Svenska Handelsbanken, 5.35%, 4/16/97 50,000 49,465 Svenska Handelsbanken, 5.37%, 7/30/97 50,000 48,680 UBS Union Bank Switzerland, 5.33%, 2/13/97 100,000 99,852 - ------------------------------------------------------------------------------------------------------------------ Total Commercial Banks 337,147 - ------------------------------------------------------------------------------------------------------------------ ELECTRIC SERVICES 0.46% Rincon Securities, Inc., 5.31%, 2/20/97 4,000 3,990 Rincon Securities, Inc., 5.33%, 3/17/97 8,100 8,050 - ------------------------------------------------------------------------------------------------------------------ Total Electric Services 12,040 - ------------------------------------------------------------------------------------------------------------------ FINANCIAL SERVICES 0.68% Fletcher Challenge Finance USA, Inc., 5.42%, 3/19/97 12,500 12,417 Fletcher Challenge Finance UK, 5.42%. 3/19/97 5,500 5,464 - ------------------------------------------------------------------------------------------------------------------ Total Financial Services 17,881 - ------------------------------------------------------------------------------------------------------------------ HEALTH CARE 2.22% Holy Cross Health Systems Corporation, 5.39%, 2/04/97 58,500 58,491 - ------------------------------------------------------------------------------------------------------------------ MOTOR VEHICLES AND CAR BODIES 3.77% Ford Motor Credit Company, 5.34%, 2/05/97 50,000 49,985 Ford Motor Credit Company, 5.31%, 4/07/97 50,000 49,535 - ------------------------------------------------------------------------------------------------------------------ Total Vehicles and Car Bodies 99,520 - ------------------------------------------------------------------------------------------------------------------ RENTAL & LEASING 3.69% General Electric Capital, 5.27%, 5/19/97 50,000 49,231 General Electric Capital, 5.38%, 9/25/97 50,000 48,252 - ------------------------------------------------------------------------------------------------------------------ Total Rental & Leasing 97,483 - ------------------------------------------------------------------------------------------------------------------ SECURITY BROKERS & DEALERS 18.75% Bear Stearns Companies, Inc., 5.36%, 4/02/97 100,000 99,136
5 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER (CONTINUED) SECURITY BROKERS & DEALERS (CONTINUED) CS First Boston, 5.33%, 4/09/97 $ 50,000 $ 49,520 Dean Witter Discover, 5.31%, 3/24/97 25,000 24,819 Dean Witter Discover, 5.32%, 2/14/97 25,000 24,959 Goldman Sachs Group, 5.30%, 5/16/97 50,000 49,249 Goldman Sachs Group, 5.30%, 6/13/97 25,000 24,522 Goldman Sachs Group, 5.32%, 4/25/97 25,000 24,701 Merrill Lynch & Company, Inc., 5.35%, 4/03/97 50,000 49,562 Merrill Lynch & Company, Inc., 5.38%, 6/23/97 50,000 48,954 Morgan Stanley Group, 5.32%, 2/07/97 50,000 49,971 Morgan Stanley Group, 5.34%, 4/25/97 50,000 49,399 - ------------------------------------------------------------------------------------------------------------------ Total Security Brokers & Dealers 494,792 - ------------------------------------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER 1,270,694 - ------------------------------------------------------------------------------------------------------------------ CORPORATE OBLIGATIONS 0.48% Evans Street Properties, 5.45%, 1/01/08 3,700 3,700 Walker & Associates, 5.45%, 7/01/11 9,000 9,000 - ------------------------------------------------------------------------------------------------------------------ TOTAL CORPORATE OBLIGATIONS 12,700 - ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT SECURITIES AND AGENCIES 7.20% Federal Home Loan Bank, 5.35%-5.39%, 2/14/97-12/10/97 (b) 105,000 104,967 Student Loan Marketing Association, 5.37%-5.42%, 6/12/97-2/22/99 (b) 85,000 84,998 - ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT SECURITIES AND AGENCIES 189,965 - ------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS 29.04% Dean Witter Dated 1/31/97, 5.58%, due 2/03/97 (e) 100,000 100,000
6 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS (CONTINUED) First Boston Dated 1/31/97, 5.58%, due 2/03/97, collateralized by $312,550 Federal Home Loan Mortgage Corporation, 7.00%, 11/01/26, (Market Value $306,006) $ 300,000 $ 300,000 Goldman, Sachs & Company Dated 1/31/97, 5.49%, due 2/03/97, collateralized by $256,446 Federal Home Loan Mortgage Corporation, 7.00%, 12/01/25-11/01/26, (Market Value $251,477) 246,447 246,447 Merrill Lynch & Company, Inc. Dated 1/31/97, 5.60%, due 2/03/97, collateralized by $40,662,072 Federal National Mortgage Association, 8.00%, 12/01/25, (Market Value $41,463); $84,300 Federal Home Loan Mortgage Corporation, 7.00%, 1/01/27, (Market Value $82,640) 120,000 120,000 - ------------------------------------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS 766,447 - ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $2,640,534) (D) 100.06% 2,640,534 - ------------------------------------------------------------------------------------------------------------------ OTHER ASSETS LESS LIABILITIES (0.06%) (1,596) - ------------------------------------------------------------------------------------------------------------------ NET ASSETS 100.00% $2,638,938 - ------------------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 7 CASH RESOURCE TRUST U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1997 (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - --------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES AND AGENCIES 54.61% Federal Home Loan Bank 5.23%-5.29%, 3/26/97-9/05/97 $ 258,135 $ 254,988 5.35%-5.39%, 2/14/97-12/10/97 (b) 115,000 114,967 Federal Home Loan Mortgage Corporation 5.21%-5.25%, 2/18/97-4/30/97 281,577 279,348 Federal National Mortgage Association 5.21%-5.30%, 2/03/97-10/15/97 454,995 449,924 5.07%, 1/15/98 (b) 100,000 99,954 Student Loan Marketing Association 5.35%-5.42%, 5/08/97-2/08/99 (b) 270,000 269,999 - --------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES AND AGENCIES 1,469,180 - --------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS 45.48% Dean Witter Dated 1/31/97, 5.58%, due 2/03/97 (f) 100,000 100,000 First Boston Dated 1/31/97, 5.58%, due 2/03/97, collateralized by $125,020 Federal Home Loan Mortgage Corporation, 7.00%, 11/01/26, (Market Value $122,402) 120,000 120,000 Goldman, Sachs & Company Dated 1/31/97, 5.49%, due 2/03/97, collateralized by $399,164 Federal Home Loan Mortgage Corporation, 7.00%, 6/02/26-11/01/26, (Market Value $391,430) 383,602 383,602 Lehman Brothers, Inc. Dated 1/31/97, 5.50%, due 2/03/97, collateralized by $57,386 Federal Home Loan Mortgage Corporation, 7.00%-9.50% 4/01/25-1/01/27, (Market Value $58,537); $63,633 Federal National Mortgage Association, 7.00%-9.50%, 3/01/25-4/01/25, (Market Value $65,001) 120,000 120,000
8 CASH RESOURCE TRUST U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - --------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (CONTINUED) Merril Lynch & Company, Inc. Dated 1/31/97, 5.60%, due 2/03/97, collateralized by $305,354 Federal National Mortgage Association, 5.50%-9.50%, 1/01/09-12/01/25 (Market Value $299,335); $115,944 Federal Home Loan Mortgage Corporation, 7.00%, 12/01/08-1/01/27, (Market Value $113,846) $ 400,000 $ 400,000 United Bank of Switzerland Dated 1/31/97, 5.57%, due 2/03/97 (g) 100,000 100,000 - --------------------------------------------------------------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS 1,223,602 - --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $2,692,782) (D) 100.09% 2,692,782 - --------------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES (0.09%) (2,602) - --------------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $2,690,180 - ---------------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 9 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) 53.04% ALABAMA 2.18% Montgomery Baptist Medical Center, Series B 3.55%, 12/01/30 $ 4,500 $ 4,500 University of Alabama Board of Trustees, 3.60%, 10/01/13 11,400 11,400 - ------------------------------------------------------------------------------------------------------- 15,900 - ------------------------------------------------------------------------------------------------------- ARIZONA 4.40% Apache County IDA Tucson Electric Power Company Project, 3.55%, 6/15/20 10,000 10,000 Arizona Health Facility Authority Pooled Loan Program, 3.55%, 10/01/15 5,000 5,000 Coconino City Tuscon Gas & Electric Service PCRB, Series A, 3.65%, 5/01/31 8,800 8,800 County of Pima Arizona IDA Tucson Retirement Center, 3.55%, 1/01/09 8,300 8,300 - ------------------------------------------------------------------------------------------------------- 32,100 - ------------------------------------------------------------------------------------------------------- CALIFORNIA 1.33% Anaheim C.O.P., Series 1993, 3.40%, 8/01/19 2,200 2,200 Chula Vista IDRB San Diego Gas & Electric, 3.80%, 12/01/21 3,500 3,500 Pasadena California C.O.P. Rose Bowl Improvements, 3.50%, 12/01/16 4,000 4,000 - ------------------------------------------------------------------------------------------------------- 9,700 - ------------------------------------------------------------------------------------------------------- COLORADO 0.93% Colorado Student Obligation Bond Authority Series A, 3.55%, 3/01/24 1,200 1,200 Denver City MFHB Seasons Apartments Project, 3.60%, 10/01/06 5,600 5,600 - ------------------------------------------------------------------------------------------------------- 6,800 - ------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA 1.10% District of Columbia Health Facility Army Distaff Foundation, 3.55%, 2/01/21 8,047 8,047 - -------------------------------------------------------------------------------------------------------
10 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) (CONTINUED) GEORGIA 0.69% Burke County PCRB Ogelthorpe Corporation, Series A, 3.50%, 1/01/19 $ 5,000 $ 5,000 - ------------------------------------------------------------------------------------------------------- IOWA 0.69% Student Loan Revenue Bond Series B, 3.55%, 12/01/13 5,000 5,000 - ------------------------------------------------------------------------------------------------------- ILLINOIS 5.15% Chicago O'Hare International Airport (American Airlines), Series 1983C, 3.60%, 1/01/18 7,700 7,700 City of Chicago-O'Hare International Airport Revenue Bond, Series B, 3.66%, 1/01/18 2,000 2,000 Illinois DFA (Grayhill, Inc. Project) IDRB, 3.75%, 2/01/05 3,150 3,150 Illinois DFA PCRB, 3.50%, 12/01/05 1,700 1,700 Illinois DFA (Flinn Scientific Project), 3.75%, 10/01/15 4,760 4,760 Illinois HFA (West Suburban Hospital), 3.50%, 7/01/05 3,200 3,200 Illinois Student Assistance Loan Revenue Bond, Series A, 3.60%, 3/01/06 15,000 15,000 - ------------------------------------------------------------------------------------------------------- 37,510 - ------------------------------------------------------------------------------------------------------- INDIANA 2.59% Fort Wayne Hospital Authority (Parkview Memorial Hospital), Series B, 3.55%, 1/01/16 8,750 8,750 Indiana Health Facility Financial Authority (Deaconess Hospital), 3.55%, 1/01/22 10,100 10,100 - ------------------------------------------------------------------------------------------------------- 18,850 - ------------------------------------------------------------------------------------------------------- KENTUCKY 0.34% Kentucky Higher Education Student Loan, 3.65%, 6/01/26 2,500 2,500 - -------------------------------------------------------------------------------------------------------
11 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) (CONTINUED) LOUISIANNA 5.50% Louisiana PFA Hospital Revenue (Willis-Knighton Medical Project), 3.45%, 9/01/23 $13,400 $ 13,400 Louisiana State Offshore Loop Inc., Series A, 3.55%, 9/01/08 85,300 5,300 New Orleans Aviation Revenue Refund, Series A 3.40%, 8/05/15 9,900 9,900 St. James Parish PCRB (Occidental Petroleum), 3.50%, 10/01/18 11,500 11,500 - ------------------------------------------------------------------------------------------------------- 40,100 - ------------------------------------------------------------------------------------------------------- MASSACHUSETTS 0.63% Massachusetts State Independent Financial Agency, (Whitehead Institutional Biomedical), 3.45%, 7/01/26 4,600 4,600 - ------------------------------------------------------------------------------------------------------- MARYLAND 1.77% Anne Arundel County (Oakland Hills Project), 3.55%, 5/15/15 2,052 2,052 Howard County Revenue Bond, (Harmony Hall, Inc. Project), 3.55%, 10/01/10 2,868 2,868 Maryland State Health & Higher Education, Series B, Pooled Loan Program, 3.45%, 4/01/35 8,000 8,000 - ------------------------------------------------------------------------------------------------------- 12,920 - ------------------------------------------------------------------------------------------------------- MONTANA 0.96% Forsyth PCRB (Pacific Corporation Project), 3.65%, 1/01/18 7,000 7,000 - ------------------------------------------------------------------------------------------------------- NORTH CAROLINA 1.99% Durham County Water & Sewer, 3.45%, 12/01/15 4,800 4,800 Lincoln County Industrial Facility PCRB Series 1994, 3.70%, 8/01/09 5,500 5,500 North Carolina Education Facilities, (Bowman Grey School Medical), 3.50%, 9/01/20 4,200 4,200 - ------------------------------------------------------------------------------------------------------- 14,500 - -------------------------------------------------------------------------------------------------------
12 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) (CONTINUED) NEW HAMPSHIRE 1.67% New Hampshire Health and Higher Education, (VHA) Series B, 3.55%, 12/01/25 $12,125 $ 12,125 - ------------------------------------------------------------------------------------------------------- NEW MEXICO 0.28% Albuquerque Gross Receipts Lodgers Tax, Series A, 3.55%, 7/01/22 2,050 2,050 - ------------------------------------------------------------------------------------------------------- NEW YORK 1.99% New York GO Bond, Series D, 3.45%, 2/01/22 12,400 12,400 New York City Housing Development, (East 17th Street Properties) Series 1993A, 3.70%, 1/01/23 300 300 New York IDRB (Brooklyn Navy Yard), 3.75%, 7/01/29 800 800 New York City, Series 1995A, 3.75%, 6/15/25 300 300 New York City Cultural Resource Revenue, (Solomon R. Guggenheim), Series B, 3.50%, 12/01/15 400 400 New York State LGAC, Series G, 3.35%, 4/01/25 300 300 - ------------------------------------------------------------------------------------------------------- 14,500 - ------------------------------------------------------------------------------------------------------- OHIO 0.82% Ohio State Air Quality Authority, Series A, 3.55%, 4/01/28 6,000 6,000 - ------------------------------------------------------------------------------------------------------- PENNSYLVANIA 1.36% Sayre Pennsylvania Health Care Facility, (VHA Capital Finance Project), 3.50%, 12/01/20 9,900 9,900 - ------------------------------------------------------------------------------------------------------- SOUTH CAROLINA 1.27% South Carolina Jobs (Presbyterian Home of SC), 3.60%, 12/01/21 9,250 9,250 - ------------------------------------------------------------------------------------------------------- TENNESSEE 0.63% Nashville and Davidson County Health and Education Facility, 3.55%, 5/01/20 4,615 4,615 - -------------------------------------------------------------------------------------------------------
13 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) (CONTINUED) TEXAS 7.46% Brazos River Texas Harbor, 3.70%, 4/01/31 $ 8,600 $ 8,600 Brazos Texas Higher Education, Series B-1, 3.55%, 6/01/23 2,000 2,000 Calhoun County Texas IDRB (Formosa Plastics Corporation Project), 3.60%, 11/01/15 28,500 28,500 Red River Authority Texas PCRB (Southwestern Public Service), 3.50%, 7/01/16 5,000 5,000 Texas Health Facility Authority, Series 1985B, 3.50%, 8/01/25 10,300 10,300 - ------------------------------------------------------------------------------------------------------- 54,400 - ------------------------------------------------------------------------------------------------------- VIRGINIA 6.02% Arlington County (Ballston Public Parking), 3.55%, 8/01/17 3,650 3,650 Botetourt County IDRB (Emkay Holdings Project), 3.60%, 10/01/05 2,700 2,700 Capital Regional Airport Series 1995C, 3.50%, 7/01/23 4,000 4,000 Hampton Roads Regional Jail, Series 1996B, 3.50%, 7/01/16 6,500 6,500 Hanover County IDRB (Carter Machinery), 3.55%, 11/01/98 500 500 Henrico County IDA (Hermitage Project), 3.70%, 5/01/24 2,500 2,500 Louisa County IDA Virginia Muncipal Bond Fund, 3.55%, 1/01/20 7,500 7,500 Lynchburg IDA (VHA Mid-Atlantic) Series G, 3.55%, 12/01/25 500 500 Newport News MFHB, (Oxford Project), 3.55%, 11/01/06 8,700 8,700 Richmond IDB (Commonwealth Park), 3.60%, 11/01/07 1,364 1,364 Roanoke IDRB (Quibell Corporate Project), 3.55%, 9/01/15 292 292 Spotsylvania City IDA Residential Care Facilities, 3.55%, 10/01/20 4,684 4,684
14 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) (CONTINUED) VIRGINIA (CONTINUED) Tazewell County IDRB (Coal Fillers, Inc.) 3.75%, 1/01/03 $ 1,000 $ 1,000 - ------------------------------------------------------------------------------------------------------- 43,890 - ------------------------------------------------------------------------------------------------------- WEST VIRGINIA 0.74% West Virginia State Hospital, (VHA Midatlantic) Series G, 3.55%, 12/01/25 5,400 5,400 - ------------------------------------------------------------------------------------------------------- WYOMING 0.55% Sweetwater County PCRB (Pacific Corporation Project), Series A, 3.50%, 7/01/15 4,000 4,000 - ------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 386,657 - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 49.89% ALABAMA 0.38% IDB of Fairfield, (USX Corporation Project), Series 1995, 3.65%, 3/03/97 2,775 2,775 - ------------------------------------------------------------------------------------------------------- ARIZONA 5.56% Meza Municipal Development Corporation, 3.45%, 4/10/97 3,500 3,500 Salt River Project, 3.40%, 2/10/97 29,400 29,400 Spec Fund of the Industrial Committee of AZ, Refunding C.O.P.'s, 3.40%, 2/20/97 7,600 7,600 - ------------------------------------------------------------------------------------------------------- 40,500 - ------------------------------------------------------------------------------------------------------- COLORADO 0.41% State of Colorado General Fund TRANS, Series A, 4.50%, 6/27/97 3,000 3,007 - ------------------------------------------------------------------------------------------------------- FLORIDA 0.80% Putnam County Development Authority (Seminole Electric) Series 1984, 3.45%, 6/15/97 5,800 5,800 - ------------------------------------------------------------------------------------------------------- GEORGIA 0.15% Burke County PCRB, Series A, 3.60%, 2/11/97 1,100 1,100 - -------------------------------------------------------------------------------------------------------
15 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) ILLINOIS 2.92% Chicago Illinois GO Tender Note, 3.10%-3.55%, 2/04/97-10/31/97 $21,300 $ 21,300 - ------------------------------------------------------------------------------------------------------- INDIANA 1.10% Jasper City PCRB, Series D, 3.40%, 5/21/97 8,000 8,000 - ------------------------------------------------------------------------------------------------------- KENTUCKY 1.40% Clark City PCRB (Kentucky Power) Series J-2, 3.65%, 4/15/97 6,920 6,920 Pulaski County Solid Waste Project, Series B, 3.70%, 2/15/97 3,300 3,300 - ------------------------------------------------------------------------------------------------------- 10,220 - ------------------------------------------------------------------------------------------------------- LOUISIANA 0.89% Plaquemines Port Harbor Terminal, Series C, 3.70%, 2/06/97 6,500 6,500 - ------------------------------------------------------------------------------------------------------- MARYLAND 0.69% Montgomery County, BANS Series 1995 3.45%, 4/01/97 5,000 5,000 - ------------------------------------------------------------------------------------------------------- MICHIGAN 0.89% Michigan Municipal Bond Authority, Series 1996D, 4.50%, 9/19/97 3,000 3,010 Michigan State PCRB (Dow Chemical) 3.55%, 2/13/97 3,500 3,500 - ------------------------------------------------------------------------------------------------------- 6,510 - ------------------------------------------------------------------------------------------------------- MINNESOTA 0.76% Rochester Health Care (Mayo Foundation) Series C, 3.40%, 2/14/97 3,550 3,550 University of Minnesota Revenue Bond, Series 1985H, 3.35%, 3/10/97 2,000 2,000 - ------------------------------------------------------------------------------------------------------- 5,550 - -------------------------------------------------------------------------------------------------------
16 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) MISSOURI 1.27% Missouri Water Utility, Series 1986, 3.50%, 2/14/97 $ 9,250 $ 9,250 - ------------------------------------------------------------------------------------------------------- MISSISSIPPI 0.97% Claiborne County PCRB, 3.50%-3.55%, 2/03/97-4/07/97 7,100 7,100 - ------------------------------------------------------------------------------------------------------- NORTH CAROLINA 1.37% North Carolina Power Agency Series B, 3.50%, 3/11/97 10,000 10,000 - ------------------------------------------------------------------------------------------------------- NEW JERSEY 0.80% Parsippany-Troy Hills Township BANS, 4.25%, 10/31/97 5,770 5,792 - ------------------------------------------------------------------------------------------------------- NEW YORK 5.11% Nassau County BANS, Series A, 4.25%, 8/15/97 5,400 5,419 New York State BANS, Series S, 3.35%, 2/06/97 10,700 10,700 New York City GO TECP, 3.45%, 2/20/97 1,700 1,700 New York City TRANS, Series A, 4.50%, 2/12/97 3,000 3,000 New York City RANS, Series A, 4.50%, 4/15/97 10,000 10,018 New York Dorm Authority, (Sloan-Kettering Cancer Center), 3.40%, 2/20/97 5,700 5,700 New York State Environment Project, Series 1992A 3.40%, 2/26/97 700 700 - ------------------------------------------------------------------------------------------------------- 37,237 - ------------------------------------------------------------------------------------------------------- TEXAS 12.61% Brazos Harbor IDB Series 1986, 3.55%, 5/22/97 3,700 3,700 Harris City Health Care Sisters of Charity, 3.45%-3.50%, 2/10/97-2/18/97 14,600 14,600 Houston TRANS, 4.50%, 6/30/97 5,000 5,014 Houston TECP Series B, 3.35%, 2/20/97 5,000 5,000 Houston Water & Sewer TECP, 3.55%, 2/20/97 5,000 5,000 Plano Health Facilities (Childrens & Presbyterian Hospital) 3.45%, 2/10/97 7,000 7,000 San Antonio Electric & Gas TECP Series A, 3.50%-3.55%, 3/12/97 22,300 22,300
17 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
SHARES OR PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) TEXAS (CONTINUED) State of Texas TRANS, 4.75%, 8/29/97 $27,115 $ 27,278 Texas A & M University, Series B, 3.45%, 2/12/97 2,000 2,000 - ------------------------------------------------------------------------------------------------------- 91,892 - ------------------------------------------------------------------------------------------------------- VIRGINIA 6.96% Chesterfield County IDA, Series 1987B (VEPCO), 3.45%-3.60%, 2/10/97-2/28/97 10,400 10,400 Fairfax County, Series B, 6.85%, 4/01/97 700 709 Fairfax County (Inova Health Systems), Series 1993B, 3.45%, 2/07/97 3,300 3,300 Falls Church IDRB, 3.65%, 5/01/97 500 500 Newport News GO, Series E, 7.25%, 1/01/98 1,000 1,032 Virginia HDA Commonwealth Mortgage, Series H, 3.40%, 7/22/97 15,000 14,992 Virginia GO BANS, Series 1995, 3.40%, 4/08/97 12,820 12,820 York County IDA (VEPCO), 3.60%, 2/10/97-4/04/97 7,000 7,000 - ------------------------------------------------------------------------------------------------------- 50,753 - ------------------------------------------------------------------------------------------------------- WISCONSIN 0.69% City of Milwaukee, Short-Term School Order Notes, Series 1996B, 4.25%, 8/21/97 5,000 5,012 - ------------------------------------------------------------------------------------------------------- WEST VIRGINIA 3.32% West Virginia HDA Interim Financing Notes, Series 1996F, 3.45%, 2/28/97 24,200 24,200 - ------------------------------------------------------------------------------------------------------- OTHER 0.86% AIM-TFIC Institutional, 3.40%, 2/03/97 5,000 5,000 PNC Municash, 3.48%, 2/03/97 1,273 1,273 - ------------------------------------------------------------------------------------------------------- 6,273 - ------------------------------------------------------------------------------------------------------- TOTAL OTHER TAX-EXEMPT SECURITIES 363,771 - ------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $750,428) (D) 102.94% 750,428 - ------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES (2.94%) (21,422) - ------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $729,006 - -------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 18 CASH RESOURCE TRUST CALIFORNIA TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - -------------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) 57.32% ABAG Finance Authority 1993 C.O.P., 3.40%, 1/01/23 $ 3,300 $ 3,300 Anaheim C.O.P. 1993 Refunding Project, 3.4%, 8/01/19 3,800 3,800 CA HFA Revenue Bond (Adventist Health) Series A, 3.40%, 8/01/21 3,500 3,500 CA PCRB (Contra Costa Waste) Series A, 3.55%, 12/01/10 2,000 2,000 CA PCRB (Sanger Project) Series A, 3.50%, 9/01/20 3,000 3,000 CA PCRB (Shell Martiniz Refining) Series A, 3.60%, 10/01/31 3,000 3,000 CA PCRB (Western Waste), 3.43%, 12/01/00 2,200 2,200 CA Statewide Community Development, 3.60%, 4/01/11 2,200 2,200 Chula Vista IDRB (San Diego Gas & Electric) 3.80%, 12/01/21 1,500 1,500 Corona MFHB (Country Hills Project), Series B, 3.45%, 2/01/20 3,000 3,000 Fremont MFHB (Creekside Village Apartments), Series D, 3.42%, 9/01/07 3,000 3,000 Irvine Public Facilities Capital Improvement, 3.45%, 11/01/10 3,400 3,400 Los Angeles County Pension Obligation, Series C, 3.40%, 6/30/07 3,000 3,000 Redlands C.O.P. (Sewer Facilities), 3.50%, 9/01/17 1,110 1,110 Riverside City TRANS, Series B, 3.45%, 6/30/97 3,100 3,100 San Francisco City & County MFHB (Rincon Center Project), Series B, 3.45%, 12/01/06 1,010 1,010 Simi Valley Public Finance Authority Lease Revenue, 3.50%, 9/01/15 3,000 3,000 Southern California Public Power Authority Power Project Revenue Bonds 1996, Series C, 3.40%, 7/01/17 2,000 2,000 - -------------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT SECURITIES 47,120 - --------------------------------------------------------------------------------------------------------------
19 CASH RESOURCE TRUST CALIFORNIA TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
SHARES OR PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - -------------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 40.68% CA PCRB (Dow Chemical), Series 1985, 3.30%, 2/24/97 $ 2,500 $ 2,500 CA PCRB Pacific Gas & Electric, 3.25%-3.30%, 2/20/97-5/19/97 5,000 5,000 CA PCRB (Southern California), Series 1985 A, 3.30 %, 2/25/97 3,000 3,000 City of San Diego IDRB, 3.30%, 2/27/97 2,000 2,000 Commonwealth-Puerto Rico TRANS, Series A, 4.00%, 7/30/97 3,200 3,209 Los Angeles City Metropolitan, 3.40%, 3/20/97 4,000 4,000 Los Angeles USD TRANS, 4.50%, 9/30/97 4,000 4,027 Puerto Rico GDB TECP, 3.35%, 2/03/97 4,700 4,700 Sacremento Muni Utilities, 3.25%-3.30%, 2/26/97-5/21/97 5,000 5,000 - -------------------------------------------------------------------------------------------------------------- TOTAL OTHER TAX-EXEMPT SECURITIES 33,436 - -------------------------------------------------------------------------------------------------------------- OTHER 1.66% California Money Fund, 3.39%, 2/03/97 1,366 1,366 - -------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $81,922) (D) 99.66% 81,922 - -------------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 0.34% 280 - -------------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $ 82,202 - --------------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIO OF INVESTMENT. 20 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - -------------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (B) 64.79% NY State GO Bonds 1994, Series A A-5, 3.65%, 8/01/15-8/01/16 $ 300 $ 300 NY City Housing Development (Columbus Apartments) MFHB Series A, 3.35%, 3/15/25 300 300 NY City Housing Development (Tribeca Towers) MFHB Series A, 3.45%, 12/15/24 300 300 NY IDRB (Brooklyn Navy Yard), 3.75%, 7/01/29 300 300 NY City Cultural Resource Revenue (American Museum of Natural History) Series B, 3.35%, 4/01/21 300 300 NY City Cultural Resource Revenue (Solomon R. Guggenheim) Series B, 3.50%, 12/01/15 300 300 NY State Dormitory Authority (Metropolitan Museum of Art) Series A, 3.40%, 7/01/15 300 300 NY State Energy Electric Facility (LILCO) Series B, 3.45%, 11/01/23 400 400 NY State Energy Resource Development PCRB, (NY State Electric & Gas) Series C, 3.55%, 6/01/29 320 320 NY State Housing (Liberty View) Series 1985A, 3.40%, 11/01/05 100 100 NY State HFA (Normandie Court I Project), 3.45%, 5/15/15 300 300 NY State (LGAC) Series C, 3.40%, 4/01/25 400 400 NY State Medical Care (Pooled Equipment Loan Program II) Series A, 3.35%, 11/01/03 300 300 Niagra Falls Bridge Commission Toll Revenue Series A, 3.35%, 10/01/19 300 300 Port Authority of NY and NJ (Versatile Structure Obligation) Series 1996, 3.65%, 8/01/24 300 300 Suffolk County Water Authority BANS, 3.45%, 2/08/01 300 300 Triborough Bridge and Tunnel Authority, Special Obligation, 3.40%, 1/01/24 300 300 - -------------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 5,120 - --------------------------------------------------------------------------------------------------------------
21 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
SHARES OR PERCENT OF PRINCIPAL VALUE NET ASSETS AMOUNT (NOTE 2) - -------------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 29.77% City of Mount Vernon, New York School District 5.40%, 2/01/97 $ 250 $ 250 Commonwealth of Puerto Rico TRANS, Series A, 4.00%, 7/30/97 301 301 Nassau County BANS, Series A, 4.25%, 8/15/97 301 301 NY Dormitory Authority (Sloan Kettering Cancer Center) Series 1989C, 3.40%, 2/20/97 300 300 NY State BANS, 3.35%, 2/06/97 300 300 NY State Environmental Solid Waste Disposal (GE Project) Series 1992A, 2/26/97 300 300 NY State GO, 3.45%, 2/20/97 300 300 Puerto Rico GDB TECP, 3.35%, 2/03/97 300 300 - -------------------------------------------------------------------------------------------------------------- TOTAL OTHER TAX-EXEMPT SECURITIES 2,352 - -------------------------------------------------------------------------------------------------------------- OTHER 3.96% PNC Municash, 3.33%, 2/03/97 313 313 - -------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $7,785) (D) 98.52% 7,785 - -------------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 1.48% 117 - -------------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $ 7,902 - --------------------------------------------------------------------------------------------------------------
INVESTMENT ABBREVIATIONS BANS - Bond Anticipation Notes IDB - Industrial Development Bond CA - California IDRB - Industrial Development Revenue C.O.P. - Certificate Of Participation Bond DFA - Development Finance Authority MFHB - Multi-Family Housing Bond GO - General Obligation NY - New York HAD - Housing Development Authority NJ - New Jersey HFA - Housing Finance Authority PCRB - Pollution Control Revenue Bond IDA - Industrial Development Authority RANS - Revenue Anticipation Notes TECP - Tax-Exempt Commercial Paper TRANS - Tax and Revenue Anticipation Notes 22 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS) NOTES TO PORTFOLIOS OF INVESTMENTS (a) These are securities that may be resold to qualified institutional buyers under Rule 144A or securities offered pursuant to section 4(2) of the Securites Act of 1933, as amended. These securities have been determined to be liquid under guidelines that have been established by the Board of Trustees. (b) Floating Rate Securities -- The rates shown are the effective rates at January 31, 1997. (c) Interest rates represent annualized yield to date of maturity, except for variable rate securities described in (b). (d) For each security, cost (for financial reporting and federal income tax purposes) and carrying value are the same. (e) Fully collateralized by various U.S. Treasuries and U.S. Agencies Securities with total par value of $134,915, maturity dates of 2/01/97-10/01/32, rates of 5.57%-12.00%, and total market value of $103,172. (f) Fully collateralized by various U.S. Treasuries and U.S. Agencies Securities with total par value of $117,723, maturity dates of 3/06/97-1/01/27, rates of 5.81%-10.00%, and total market value of $102,602. (g) Fully collateralized by various U.S. Agencies Securities with total par value of $103,512, maturity dates of 11/15/04-2/1/27, rates of 5.50%-8.50% and total market value of $101,943. SEE NOTES TO FINANCIAL STATEMENTS. 23 CASH RESOURCE TRUST STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
California New York U.S. Tax- Tax- Tax- Government Exempt Exempt Exempt Money Money Money Money Money Market Market Market Market Market Fund Fund Fund Fund Fund - -------------------------------------------------------------------------------------------------------- ASSETS Investments, at amortized cost (Note 2) Investment securities $1,874,087 $1,469,180 $750,428 $ 81,922 $7,785 Repurchase agreements 766,447 1,223,602 - - - - -------------------------------------------------------------------------------------------------------- Total investments 2,640,534 2,692,782 750,428 81,922 7,785 Receivables Interest receivable 5,474 4,388 4,350 386 33 Deferred expenses (Note 2) 51 236 51 6 - Other 71 - - 19 97 - -------------------------------------------------------------------------------------------------------- Total assets 2,646,130 2,697,406 754,829 82,333 7,915 - -------------------------------------------------------------------------------------------------------- LIABILITIES Payables Dividends 5,989 6,124 1,021 107 10 Investments purchased - - 24,701 - - Accrued distribution fee (Note 3) 228 242 54 6 - Accrued transfer agent fee 465 549 - 7 - Accrued expenses and other liabilities 510 311 47 11 3 - -------------------------------------------------------------------------------------------------------- Total liabilities 7,192 7,226 25,823 131 13 - -------------------------------------------------------------------------------------------------------- NET ASSETS $2,638,938 $2,690,180 $729,006 $ 82,202 $7,902 - -------------------------------------------------------------------------------------------------------- Shares outstanding 2,638,968 2,690,173 729,008 82,202 7,902 Net asset value per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - --------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 24 CASH RESOURCE TRUST STATEMENTS OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS)
California New York U.S. Tax- Tax- Tax- Government Exempt Exempt Exempt Money Money Money Money Money Market Market Market Market Market Fund Fund Fund Fund* Fund* - --------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $45,497 $ 55,398 $9,145 $465 $ 38 - --------------------------------------------------------------------------------------------------- EXPENSES Distribution fee (Note 3) 3,141 3,889 852 46 4 Management fee (Note 3) 1,583 1,946 557 30 2 Transfer agent fee (Note 3) 1,730 1,723 226 14 2 Custodian and accounting fees (Note 3) 324 415 99 5 1 Shareholder reports 171 184 17 1 - Registration fees 135 124 56 5 2 Professional fees 56 65 15 1 - Organizational expenses 6 27 5 - - Directors' fees 6 7 2 - - Other 16 19 4 1 - - --------------------------------------------------------------------------------------------------- Total expenses 7,168 8,399 1,833 103 11 - --------------------------------------------------------------------------------------------------- Deduct Waiver of management fee (Note 3) - - - - 2 - --------------------------------------------------------------------------------------------------- Net expenses 7,168 8,399 1,833 103 9 - --------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 38,329 46,999 7,312 362 29 - --------------------------------------------------------------------------------------------------- REALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments sold (30) 60 - - - - --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $38,299 $ 47,059 $7,312 $362 $ 29 - ---------------------------------------------------------------------------------------------------
*For the period from December 9, 1996 (commencement of operations) to January 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. 25 CASH RESOURCE TRUST STATEMENTS OF CHANGES IN NET ASSETS (IN THOUSANDS)
Money Market Fund --------------------------- Six Months Ended Year 1/31/97 Ended (Unaudited) 7/31/96 - -------------------------------------------------------------------------------------------------------------- INCREASE IN NET ASSETS OPERATIONS Net investment income $ 38,329 $ 25,677 Net realized gain (loss) on investments sold (30) - - -------------------------------------------------------------------------------------------------------------- Increase in net assets from operations 38,299 25,677 DISTRIBUTIONS TO SHAREHOLDERS Net investment income (38,329) (25,677) Net realized gain on investments - - - -------------------------------------------------------------------------------------------------------------- Net decrease from distributions (38,329) (25,677) - -------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (AT $1.00 PER SHARE) Net proceeds from sale of shares 5,551,087 3,001,684 Reinvestment of dividends 33,684 25,161 Cost of shares redeemed (3,592,303) (2,803,002) - -------------------------------------------------------------------------------------------------------------- Change in net assets from capital share transactions 1,992,468 223,843 - -------------------------------------------------------------------------------------------------------------- Net increase in net assets 1,992,438 223,843 NET ASSETS Beginning of period 646,500 422,657 - -------------------------------------------------------------------------------------------------------------- End of period $2,638,938 $ 646,500 - --------------------------------------------------------------------------------------------------------------
*For the period from December 9, 1996 (commencement of operations) to January 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. 26
California New York U.S. Government Tax-Exempt Tax-Exempt Tax-Exempt Money Market Money Market Money Money Fund Fund Market Fund Market Fund --------------------------- -------------------------- ------------- ------------- Six Months Six Months Period Period Ended Year Ended Year Ended Ended 1/31/97 Ended 1/31/97 Ended 1/31/97* 1/31/97* (Unaudited) 7/31/96 (Unaudited) 7/31/96 (Unaudited) (Unaudited) - ------------------------------------------------------------------------------------------------------- $ 46,999 $ 61,080 $ 7,312 $ 8,184 $ 362 $ 29 60 - - - - - - ------------------------------------------------------------------------------------------------------- 47,059 61,080 7,312 8,184 362 29 (46,999) (61,080) (7,312) (8,184) (362) (29) (60) - - - - - - ------------------------------------------------------------------------------------------------------- (47,059) (61,080) (7,312) (8,184) (362) (29) - ------------------------------------------------------------------------------------------------------- 5,378,432 5,769,658 1,500,783 1,194,000 149,654 14,154 43,700 60,634 6,646 8,146 254 19 (4,134,349) (5,644,585) (1,069,314) (1,178,150) (67,706) (6,271) - ------------------------------------------------------------------------------------------------------- 1,287,783 185,707 438,115 23,996 82,202 7,902 - ------------------------------------------------------------------------------------------------------- 1,287,783 185,707 438,115 23,996 82,202 7,902 1,402,397 1,216,690 290,891 266,895 - - - ------------------------------------------------------------------------------------------------------- $2,690,180 $ 1,402,397 $ 729,006 $ 290,891 $ 82,202 $ 7,902 - -------------------------------------------------------------------------------------------------------
27 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS
Money Market Fund ------------------------------------------------------- Six Months Ended Year Year Period 1/31/97 Ended Ended Ended (Unaudited) 7/31/96 7/31/95 7/31/94* - ---------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 INCOME FROM INVESTMENT OPERATIONS Net investment income 0.024** 0.050 0.050** 0.020 DISTRIBUTIONS Net investment income (0.024) (0.050) (0.050)** (0.020) - ---------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------------------- Total Return 2.35% 4.91% 4.97% 1.83% - ---------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 2,638,938 $646,500 $422,657 $ 192,260 Ratio of expenses to average net assets 0.88%(a) 0.82% 0.82% 0.89%(a) Ratio of expenses to average net assets excluding waivers 0.88%(a) 0.82% 0.82% 0.93%(a) Ratio of net investment income to average net assets 4.69%(a) 4.77% 4.96% 2.96%(a) - ----------------------------------------------------------------------------------------------------------
(a) Annualized. * For the period from December 20, 1993 (commencement of operations) to July 31, 1994. ** Includes net realized capital gains (losses) which were under $0.001 per share. SEE NOTES TO FINANCIAL STATEMENTS. 28
U.S. Government Money Market Fund - ------------------------------------------------------------- Six Months Ended Year Year Period 1/31/97 Ended Ended Ended (Unaudited) 7/31/96 7/31/95 7/31/94* - ------------------------------------------------------------- $ 1.000 $ 1.000 $ 1.000 $ 1.000 0.023** 0.050 0.050** 0.020 (0.023)** (0.050) (0.050) (0.020) - ------------------------------------------------------------- $ 1.000 $ 1.000 $ 1.000 $ 1.000 - ------------------------------------------------------------- 2.32% 4.74% 4.82% 1.82% - ------------------------------------------------------------- - ------------------------------------------------------------- $ 2,690,180 $1,402,397 $1,216,690 $ 907,819 0.83%(a) 0.93% 0.88% 0.80%(a) 0.83%(a) 0.93% 0.88% 0.83%(a) 4.64%(a) 4.63% 4.75% 2.91%(a) - -------------------------------------------------------------
29 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS (CONTINUED)
Tax-Exempt Money Market Fund ------------------------------------------------------- Six Months Ended Year Year Period 1/31/97 Ended Ended Ended (Unaudited) 7/31/96 7/31/95 7/31/94* - ---------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 INCOME FROM INVESTMENT OPERATIONS Net investment income 0.014 0.030 0.030** 0.010 DISTRIBUTIONS Net investment income (0.014) (0.030) (0.030) (0.010) - --------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------------------- Total Return 1.43% 2.90% 3.05% 1.16% - ---------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 729,006 $290,891 $266,895 $ 195,702 Ratio of expenses to average net assets 0.72%(a) 0.76% 0.72% 0.65%(a) Ratio of expenses to average net assets excluding waivers 0.72%(a) 0.78% 0.74% 0.74%(a) Ratio of net investment income to average net assets 2.86%(a) 2.85% 3.01% 1.87%(a) - ----------------------------------------------------------------------------------------------------------
(a) Annualized. * For the period from December 20, 1993 (commencement of operations) to July 31, 1994. ** Includes net realized capital gains (losses) which were under $0.001 per share. *** For the period from December 9, 1996 (commencement of operations) to January 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. 30
California Tax-Exempt New York Tax-Exempt Money Market Fund Money Market Fund - --------------------- ------------------- Period Ended Period Ended 1/31/97*** 1/31/97*** (Unaudited) (Unaudited) - ---------------------------------------------------------- $ 1.000 $ 1.000 0.004 0.004 (0.004) (0.004) - ---------------------------------------------------------- $ 1.000 $ 1.000 - ---------------------------------------------------------- 0.41% 0.41% - ---------------------------------------------------------- $82,202 $ 7,902 0.75%(a) 0.80%(a) 0.75%(a) 1.04%(a) 2.70%(a) 2.71%(a)
31 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997 (UNAUDITED) NOTE 1: ORGANIZATION Cash Resource Trust ("Trust") was organized on June 14, 1993 and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of five separate diversified funds (hereinafter each individually referred to as a "Fund" or collectively as the "Funds") at January 31, 1997 as follows: Cash Resource Money Market Fund ("Money Market Fund") Cash Resource U.S. Government Money Market Fund ("U.S. Government Fund") Cash Resource Tax-Exempt Money Market Fund ("Tax-Exempt Fund") Cash Resource California Tax-Exempt Money Market Fund ("California Tax- Exempt Fund") Cash Resource New York Tax-Exempt Money Market Fund ("New York Tax-Exempt Fund") The investment objective of each Fund is to seek current income consistent with preservation of capital and maintenance of liquidity. The assets of each Fund of the Trust are segregated and a shareholder's interest is limited to the Fund in which shares are held. NOTE 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 which require management to make estimates and assumptions that affect amounts reported herein. Although actual results could differ from these estimates, any such differences are expected to be immaterial to the net assets of the Funds. A. Valuation of Securities Investments are stated at amortized cost, which approximates market value. In the event that a deviation of 1/2 of 1% or more exists between a Fund's $1.00 per share net asset value, calculated at amortized cost, and the net asset value calculated by reference to market-based values, or if there is any other deviation that the Board of Trustees believes would result in a material dilution to shareholders or purchasers, the Board of Trustees will promptly consider what action should be initiated. 32 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) B. Repurchase Agreements It is the policy of the Trust 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 Trust to monitor, on a daily basis, the market value of each repurchase agreement's underlying securities to ensure the existence of a proper level of collateral. The Trust will only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers which are deemed by the Trust's adviser to be creditworthy pursuant to guidelines established by the Board of Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Trust could receive less than the repurchase price on the sale of collateral securities. C. Security Transactions and Interest Income Security transactions for the Funds are accounted for on a trade date basis. Interest income is recorded on the accrual basis and includes amortization of premium and discount on investments. D. Expenses Expenses arising in connection with a Fund are allocated to that Fund. Other Trust expenses are allocated among the Funds in proportion to their relative net assets. E. Fund Share Valuation and Dividends to Shareholders Fund shares are sold and redeemed on a continual basis at net asset value. The net asset value per share (NAV) of each Fund is determined daily as of 4:00 p.m. on each day that the New York Stock Exchange is open for trading. Each Fund determines its NAV by dividing the total value of the Fund's investments and other assets, less liabilities, by the number of Fund shares outstanding. Each Fund declares a daily dividend, equal to its net investment income for that day and payable at month end. Distributions from net realized capital gains, if any, are paid annually. 33 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) F. Federal Income Taxes No provision for federal income taxes has been made since it is each Fund's policy to comply with the provisions applicable to regulated investment companies under the Internal Revenue Code and to distribute to its shareholders within the allowable time limit substantially all taxable income and realized capital gains. At July 31, 1996, U.S. Government Fund for federal tax purposes, had a capital loss carryforward of approximately $54,000. Pursuant to the Code, such capital loss carryforwards expire as follows: $1,000 in 2002 and $53,000 in 2003. G. Deferred Expenses Costs incurred by the Trust in connection with its initial share registration and organization costs were deferred by the Funds and are being amortized on a straight-line basis over a five year period. NOTE 3: INVESTMENT MANAGEMENT AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES INVESTMENT MANAGEMENT AGREEMENT On November 1, 1996, Mentor Investment Advisors, LLC (formerly Commonwealth Investment Counsel, Inc.) became the Fund's investment adviser at which time the obligations of Commonwealth Investment Counsel, Inc., were transferred to Mentor Investment Advisors, LLC (Mentor Advisors). Mentor Advisors is a wholly owned subsidiary of Mentor Investment Group, LLC (formerly, Mentor Investment Group, Inc.). Mentor Investment Group, LLC (Mentor) is a subsidiary of Wheat First Butcher Singer, Inc. (Wheat). Also, effective November 1, 1996, EVEREN Capital Corporation, acquired a 20% ownership interest in Mentor Investment Group, LLC from Wheat First Butcher Singer, Inc. As part of the acquisition agreement, EVEREN may acquire additional ownership based principally on the amount of Mentor Investment Group, LLC's revenues derived from clients of EVEREN Securities, Inc. and assets attributable to its affiliates. Each Fund pays management fees to Mentor Advisors monthly at the following annual rates, expressed as a percentage of average daily net assets: 0.22% of the first $500 million of each Fund's average net assets; 0.20% of the next $500 million; 0.175% of the next $1 billion; 0.16% of the next $1 billion; and 0.15% of any amounts over $3 billion. Prior to November 1, 1996, Commonwealth Advisors, Inc. (Investment 34 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) Adviser) served as the Funds' investment adviser. Commonwealth Investment Counsel, Inc. (Commonwealth), an affiliate of the Investment Adviser served as sub-adviser to each of the Funds, pursuant to a sub-advisory agreement among the Investment Adviser, Commonwealth and the Trust. Mentor Advisors may from time to time voluntarily waive some or all of its investment advisory fee and may terminate any such voluntary waiver at any time at its sole discretion. For the period ended January 31, 1997, Mentor Advisors earned the following advisory fees:
Adviser Adviser Fee Fee Voluntarily Earned Waived - ------------------------------------------------------- Money Market Fund $1,583,037 $ - U.S. Government Fund 1,946,036 - Tax-Exempt Fund 557,300 - California Tax-Exempt Fund 30,489 - New York Tax-Exempt Fund 2,392 2,392 - -------------------------------------------------------
In addition, the Funds provide direct reimbursement to Mentor for certain accounting and operation related costs not covered under the Investment Management Agreement. For the period ended January 31, 1997, the Money Market Fund, U.S. Government Fund and Tax-Exempt Fund paid $26,864, $61,426 and $12,888 respectively to Mentor for these direct reimbursements. DISTRIBUTION AGREEMENT Under a Distribution Agreement, Mentor Distributors, LLC (Mentor Distributors) (formerly, Mentor Distributors, Inc.) a wholly-owned subsidiary of Mentor, was appointed Distributor for each Fund. To compensate Mentor Distributors for the services it provides and for the expenses it incurs under the Distribution Agreement, the Funds have adopted a Plan of Distribution pursuant to Rule 12b-1 under the Investment Company Act of 1940, under which they pay a distribution fee, which is accrued daily and paid monthly at the annual rate of 0.38% of the Fund's average daily net assets for the Money Market Fund, U.S. Government Fund and New York Tax-Exempt Fund and 0.33% of the Fund's average daily net assets for the Tax-Exempt Fund and California Tax-Exempt Fund. 35 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) In order to compensate selected financial institutions, such as investment dealers and banks through which shares of each Fund are sold ("Financial Institutions") for services provided in connection with sales of shares of each Fund and/or for administrative services and the maintenance of shareholder accounts, Mentor Distributors may make periodic payments to qualifying Financial Institutions based on the average net asset value of shares of a Fund which are attributable to shareholders for whom the Financial institutions are designated as the Financial Institution of record. Mentor Distributors may make such payments at the annual rate of up to 0.40% of the average net asset value of such shares (0.33% in the case of Tax-Exempt Fund and California Tax-Exempt Fund). TRANSFER AGENT AGREEMENT Under a Transfer Agency Agreement, Investors Fiduciary Trust Company ("IFTC") serves as Transfer Agent and Dividend Disbursing Agent for each Fund. IFTC in turn compensates Wheat (from IFTC's own assets) for related services provided by Wheat directly to its clients. For the period ended January 31, 1997, Wheat earned fees of $1,729,968, $1,722,616, $225,724, $14,403 and $2,000 respectively from the Money Market Fund, U.S. Government Fund, Tax-Exempt Fund, California Tax-Exempt Fund and New York Tax-Exempt Fund. NOTE 4: CONCENTRATION OF CREDIT RISK California Tax-Exempt Fund and New York Tax-Exempt Fund invest in obligations issued by the States of California and New York and by their political subdivisions and duly constituted authorities. The issuers' abilities to meet their obligations may be affected by economic and political developments in the States of California and New York. Certain debt obligations held by each of the Funds in the Trust are entitled to the benefits of insurance, standby letters of credit or other guarantees of banks or other financial institutions. 36 CASH RESOURCE TRUST SHAREHOLDER INFORMATION TRUSTEES Daniel J. Ludeman, TRUSTEE & CHAIRMAN Chairman and Chief Executive Officer Mentor Investment Group, LLC Arnold H. Dreyfuss, TRUSTEE former Chairman and Chief Executive Officer Hamilton Beach/Proctor-Silex, Inc. Thomas F. Keller, TRUSTEE former Dean, Fuqua School of Business Duke University Louis W. Moelchert, Jr., TRUSTEE Vice President for Business & Finance University of Richmond Stanley F. Pauley, Jr., TRUSTEE Chairman and Chief Executive Officer Carpenter Company Troy A. Peery, Jr., TRUSTEE President Heilig-Meyers Company Peter J. Quinn, Jr., TRUSTEE Managing Director Mentor Investment Group, LLC OFFICERS Paul F. Costello, PRESIDENT Managing Director Mentor Investment Group, LLC Terry L. Perkins, TREASURER Senior Vice President Mentor Investment Group, LLC John M. Ivan, SECRETARY Managing Director/Assistant General Counsel Wheat First Butcher Singer, Inc. Michael A. Wade, ASSISTANT TREASURER Vice President Mentor Investment Group, LLC This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus, which contains facts concerning the objective, policies, management fees, and expenses of the Trust and further information. (This Page Intentionally Left Blank) CASH RESOURCE TRUST BULK RATE 901 East Byrd Street U.S. POSTAGE Richmond, VA 23219 PAID (800) 382-0016 RICHMOND, VIRGINIA PERMIT NO. 1225 CASH RESOURCE TRUST --------------------------------------------------------------------- SEMI-ANNUAL REPORT --------------------------------------------------------------------- January 31, 1997 [MENTOR INVESTMENT GROUP LOGO] CASH RESOURCE TRUST BULK RATE 901 East Byrd Street U.S. POSTAGE Richmond, VA 23219 PAID (800) 382-0016 RICHMOND, VIRGINIA PERMIT NO. 1225 [MENTOR INVESTMENT GROUP LOGO] CASH RESOURCE TRUST --------------------------------------------------------------------- SEMI-ANNUAL REPORT --------------------------------------------------------------------- January 31, 1997 [EVEREN SECURITIES LOGO] -----END PRIVACY-ENHANCED MESSAGE-----