-----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, UxonSMZ1h3rZORcWftQEpdu0LFsf9EZdQLFCrBGEHtESNsg2cKLfvYEviTMMnG+c KBtgxKgNmjqK/R3mGHyUiA== 0000916641-97-000610.txt : 19970625 0000916641-97-000610.hdr.sgml : 19970625 ACCESSION NUMBER: 0000916641-97-000610 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19970624 EFFECTIVENESS DATE: 19970624 SROS: NYSE 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65818 FILM NUMBER: 97628636 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07862 FILM NUMBER: 97628637 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 485BPOS 1 MENTOR/CASH RESOURCE TRUST N1A As filed with the Securities and Exchange Commission on June 24, 1997 Registration No. 33-65818 File No. 811-7862 - --------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / X/ - ------------------------------------------------------- --- / / Pre-Effective Amendment No. / X/ Post-Effective Amendment No. 5 REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY / X/ ACT OF 1940 / X/ Amendment No. 7 (Check appropriate box or boxes) CASH RESOURCE TRUST (Exact name of registrant as specified in charter) 901 East Byrd Street Richmond, Virginia 23219 (Address of principal executive offices) Registrant's Telephone Number, including Area Code (804) 782-3647 --------------- PAUL F. COSTELLO, President Cash Resource Trust 901 East Byrd Street Richmond, Virginia 23219 (Name and address of agent for service) ----------------- Copy to: TIMOTHY W. DIGGINS, Esquire ROPES & GRAY One International Place Boston, Massachusetts 02110 -------------- It is proposed that this filing will become effective (check appropriate box): immediately upon filing pursuant to paragraph (b) X on June 30, 1997 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a) on (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) on (date) pursuant to paragraph (a)(2) of Rule 485 -1- If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Cash Resource Trust registered an indefinite amount of securities under the Securities Act of 1933 pursuant to Rule 24f-2 of the Investment Company Act of 1940. A Rule 24f-2 notice in respect of the Trust's fiscal year ending July 31, 1996 was filed on September 24, 1996. THIS POST-EFFECTIVE AMENDMENT RELATES SOLELY TO THE CASH RESOURCE CALIFORNIA TAX-EXEMPT MONEY MARKET FUND AND CASH RESOURCE NEW YORK TAX-EXEMPT MONEY MARKET FUND OF CASH RESOURCE TRUST. NO INFORMATION RELATING TO ANY OTHER SERIES OF CASH RESOURCE TRUST IS AMENDED OR SUPERSEDED HEREBY. -2- The Cross Reference Sheet in respect of Part A and Part B for (i) the Cash Resource California Tax-Exempt Money Market Fund and the Cash Resource New York Tax-Exempt Money Market Funds and (ii) the -4- Prospectuses in respect of the above-named Funds, which are contained in Post-Effective Amendment No. 3 to Cash Resource Trust's Registration Statement on Form N-1A (File No. 33- 65818) filed on August 12, 1996, are incorporated herein by reference. June 30, 1997 Cash Resource California Tax-Exempt Money Market Fund Supplement to Prospectus dated November 1, 1996 The following unaudited financial highlights of Cash Resource California Tax-Exempt Money Market Fund have been derived from the Fund's unaudited financial statements and cover the period December 9, 1996 (the Fund's commencement of operations) through January 31, 1997. FINANCIAL HIGHLIGHTS Period Ended 1/31/97* (Unaudited) - -------------------------------------------------- --------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 INCOME FROM INVESTMENT OPERATIONS Net investment income 0.004 DISTRIBUTIONS Net investment income (0.004) - -------------------------------------------------- --------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 - -------------------------------------------------- --------------------------- Total Return 0.41% - -------------------------------------------------- --------------------------- Ratios/Supplemental Data - -------------------------------------------------- --------------------------- Net assets, end of period (in thousands) $ 82,202 Ratio of expenses to average net assets 0.75%(a) Ratio of expenses to average net assets excluding waivers 0.75%(a) Ratio of net investment income to average net assets 2.70%(a) - -------------------------------------------------- --------------------------- (a) Annualized. * For the period from December 9, 1996 (commencement of operations) to January 31, 1997. June 30, 1997 Cash Resource New York Tax-Exempt Money Market Fund Supplement to Prospectus dated November 1, 1996 The following unaudited financial highlights of Cash Resource New York Tax-Exempt Money Market Fund have been derived from the Fund's unaudited financial statements and cover the period December 9, 1996 (the Fund's commencement of operations) through January 31, 1997. FINANCIAL HIGHLIGHTS Period Ended 1/31/97* (Unaudited) - --------------------------------------------------- ------------------------ PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 INCOME FROM INVESTMENT OPERATIONS Net investment income 0.004 DISTRIBUTIONS Net investment income (0.004) - --------------------------------------------------- ------------------------ NET ASSET VALUE, END OF PERIOD $ 1.000 - --------------------------------------------------- ------------------------ Total Return 0.41% - --------------------------------------------------- ------------------------ Ratios/Supplemental Data - --------------------------------------------------- ------------------------ Net assets, end of period (in thousands) $ 7,902 Ratio of expenses to average net assets 0.80%(a) Ratio of expenses to average net assets excluding waivers 1.04%(a) Ratio of net investment income to average net assets 2.71%(a) - --------------------------------------------------- ------------------------ (a) Annualized. * For the period from December 9, 1996 (commencement of operations) to January 31, 1997. -5- The Statement of Additional Information in respect of the Funds, which is contained in Post-Effective Amendment No. 3 to Cash Resource Trust's Registration Statement on Form N-1A (File No. 33-65818) filed on August 12, 1996, is incorporated herein by reference. June 30, 1997 Cash Resource Trust Cash Resource California Tax-Exempt Money Market Fund Cash Resource New York Tax-Exempt Money Market Fund Supplement to Statement of Additional Information dated November 1, 1996 The following unaudited financial statements and notes apply to Cash Resource California Tax-Exempt Money Market Fund and Cash Resource New York Tax-Exempt Money Market Fund and cover the period December 9, 1996 (the Funds' commencement of operations) through January 31, 1997. 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 - --------------------------------------------------------------------------------------------------------------
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. 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 - --------------------------------------------------------------------------------------------------------------
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 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. CASH RESOURCE TRUST STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS) California New York Tax- Tax- Exempt Exempt Money Money Market Market Fund Fund - ----------------------------------------------------------------- ASSETS Investments, at amortized cost (Note 2) Investment securities $ 81,922 $7,785 Repurchase agreements - - - ----------------------------------------------------------------- Total investments 81,922 7,785 Receivables Interest receivable 386 33 Deferred expenses (Note 2) 6 - Other 19 97 - ----------------------------------------------------------------- Total assets 82,333 7,915 - ----------------------------------------------------------------- LIABILITIES Payables Dividends 107 10 Investments purchased - - Accrued distribution fee (Note 3) 6 - Accrued transfer agent fee 7 - Accrued expenses and other liabilities 11 3 - ----------------------------------------------------------------- Total liabilities 131 13 - ----------------------------------------------------------------- NET ASSETS $ 82,202 $7,902 - ----------------------------------------------------------------- Shares outstanding 82,202 7,902 Net asset value per share $ 1.00 $ 1.00 - ----------------------------------------------------------------- SEE NOTES TO FINANCIAL STATEMENTS. CASH RESOURCE TRUST STATEMENTS OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED) (IN THOUSANDS) California New York Tax- Tax- Exempt Exempt Money Money Market Market Fund* Fund* - ------------------------------------------------------------------ INVESTMENT INCOME Interest $465 $ 38 - ------------------------------------------------------------------ EXPENSES Distribution fee (Note 3) 46 4 Management fee (Note 3) 30 2 Transfer agent fee (Note 3) 14 2 Custodian and accounting fees (Note 3) 5 1 Shareholder reports 1 - Registration fees 5 2 Professional fees 1 - Organizational expenses - - Directors' fees - - Other 1 - - ------------------------------------------------------------------ Total expenses 103 11 - ------------------------------------------------------------------ Deduct Waiver of management fee (Note 3) - 2 - ------------------------------------------------------------------ Net expenses 103 9 - ------------------------------------------------------------------ NET INVESTMENT INCOME 362 29 - ------------------------------------------------------------------ REALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments sold - - - ------------------------------------------------------------------ Net increase in net assets resulting from operations $362 $ 29 - ------------------------------------------------------------------ *For the period from December 9, 1996 (commencement of operations) to January 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. CASH RESOURCE TRUST STATEMENTS OF CHANGES IN NET ASSETS (IN THOUSANDS)
California New York Tax-Exempt Tax-Exempt Money Money Market Fund Market Fund ------------- ------------- Period Period Ended Ended 1/31/97* 1/31/97* (Unaudited) (Unaudited) - ------------------------------------------------------------------------------- ------------------------------- INCREASE IN NET ASSETS OPERATIONS Net investment income $ 362 $ 29 Net realized gain (loss) on investments sold - - - ------------------------------------------------------------------------------- ------------------------------- Increase in net assets from operations 362 29 DISTRIBUTIONS TO SHAREHOLDERS Net investment income (362) (29) Net realized gain on investments - - - ------------------------------------------------------------------------------- ------------------------------- Net decrease from distributions (362) (29) - ------------------------------------------------------------------------------- ------------------------------- CAPITAL SHARE TRANSACTIONS (AT $1.00 PER SHARE) Net proceeds from sale of shares 149,654 14,154 Reinvestment of dividends 254 19 Cost of shares redeemed (67,706) (6,271) - ------------------------------------------------------------------------------- ------------------------------- Change in net assets from capital share transactions 82,202 7,902 - ------------------------------------------------------------------------------- ------------------------------- Net increase in net assets 82,202 7,902 NET ASSETS Beginning of period - - - ------------------------------------------------------------------------------- ------------------------------- End of period $ 82,202 $ 7,902 - ------------------------------------------------------------------------------- -------------------------------
*For the period from December 9, 1996 (commencement of operations) to January 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS
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) - ---------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 INCOME FROM INVESTMENT OPERATIONS Net investment income 0.004 0.004 DISTRIBUTIONS Net investment income (0.004) (0.004) - ---------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------------------- Total Return 0.41% 0.41% - ---------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $82,202 $ 7,902 Ratio of expenses to average net assets 0.75%(a) 0.80%(a) Ratio of expenses to average net assets excluding waivers 0.75%(a) 1.04%(a) Ratio of net investment income to average net assets 2.70%(a) 2.71%(a) - ----------------------------------------------------------------------------------------------------------
(a) Annualized. ** 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. 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 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. 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 twice daily as of 12:00 noon and 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. 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 (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 attributable to clients of EVEREN Securities, Inc. and 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 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. 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. PART C OTHER INFORMATION Item 24. Financial Statements and Exhibits
(a) Financial Statements Included in Parts A and B: (1) Statements of Assets and Liabilities - January 31, 1997 (unaudited).(7) Statements of Operations - period ended January 31, 1997 (unaudited).(7) Statements of Changes in net assets -- period ended January 31, 1997 (unaudited). (5) Financial Highlights (unaudited).(7) Notes to Financial Statements (unaudited). Included in Part C: None. (b) Exhibits (1) (A) Agreement and Declaration of Trust(1) (B) Amendments to Agreement and Declaration of Trust(2)(3) (2) Bylaws(1) (3) Inapplicable (4) (A) Forms of certificate representing shares of beneficial interest(1) (B) Portions of Agreement and Declaration of Trust Relating to Shareholders' Rights(1) (C) Portions of Bylaws Relating to Shareholders' Rights(1) (5) (A) Management Contract dated December 17, 1993(4) (B) Subadviser Contract dated December 17, 1993(4) (6) Distribution Agreement dated December 17, 1993(4) (7) Inapplicable (8) Custody Agreement dated December 20, 1993(4) (9) (A) Agency Agreement dated December 20, 1993(4) (B) Draft Processing Agency Agreement dated December 20, 1993(4) (10) Opinion and Consent of Ropes & Gray(2) (11) Not applicable (12) Inapplicable (13) Initial Capital Agreement dated December 17, 1993(4) (14) Inapplicable (15) (A) Distribution Plan and Agreement on behalf of Cash Resource Money Market Fund dated December 17, 1993(4) (B) Distribution Plan and Agreement on behalf of Cash Resource U.S. Government Money Market Fund dated December 17, 1993(4) -1- (C) Distribution Plan and Agreement on behalf of Cash Resource Tax-Exempt Money Market Fund dated December 17, 1993(4) (D) Form of Distribution Plan and Agreement on behalf of Cash Resource New York Tax-Exempt Money Market Fund (6) (E) Form of Distribution Plan and Agreement on behalf of Cash Resource California Tax-Exempt Money Market Fund (6) (16) Schedule of Computation of Performance(5) (17) Financial Data Schedules(7) (A) Cash Resource California Tax-Exempt Money Market Fund (B) Cash Resource New York Tax-Exempt Money Market Fund
(1) Incorporated by reference from the Registrant's Registration Statement on Form N-1A under the Securities Act of 1993, as amended, filed on July 7, 1993. (2) Incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A under the Securities Act of 1993, as amended, filed on October 15, 1993 (File No. 33-65818). (3) Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, filed on November 5, 1993 (File No. 33- 65818). (4) Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, filed on October 3, 1994 (File No. 33- 65818). (5) Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, filed on September 29, 1995 (File No. 33- 65818). (6) Incorporated by reference to Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, filed on August 12, 1996 (File No. 33-65818). (7) Filed herewith. Item 25. Persons Controlled by or Under Common Control with Registrant None. Item 26. Number of Record Holders of Securities The following table shows the approximate number of holders of record shares of beneficial interest of the Funds as of June 19, 1997. Number of Record Series Holders Cash Resource Money Market Fund 324,362 Cash Resource U.S. Government Money Market Fund 296,097 Cash Resource Tax-Exempt Money Market Fund 27,809 Cash Resource California Tax-Exempt Money Market Fund 133 Cash Resource New York Tax-Exempt Money Market Fund 3,569 -2- Item 27. Indemnification The information required by this item is incorporated herein by reference from the Registrant's Registration Statement on Form N-1A under the Securities Act of 1933, as amended (File No. 33-65818). Item 28. Business and Other Connections of Investment Adviser The business and other connections of each director, officer, or partner of Mentor Advisors in which such director, officer, or partner is or has been, at any time during the past two fiscal years, engaged for his own account or in the capacity of director, officer, employee, partner, or trustee are set forth in the following table. Business, Profession Vocation or Employment Position with during the past Name Investment Advisor two fiscal years John G. Davenport Managing Director None R. Preston Nuttall Managing Director Formerly, Senior Vice President, Capitoline Investment Services, 919 East Main Street Richmond, VA 23219 Paul F. Costello Managing Director Managing Director, Wheat First Butcher Singer, Inc. and Mentor Investment Group, LLC; President, Mentor Funds, Mentor Income Fund, Inc. and Cash Resource Trust; Executive Vice President and Chief Administrative Officer, America's Utility Fund, Inc.; Director, Mentor Perpetual Advisors, LLC and Mentor Trust Company. Theodore W. Price Managing Director Formerly, President, Charter Asset Management, Inc. P. Michael Jones Managing Director Formerly, Managing Director, Commonwealth Investment Counsel, Inc. Thomas L. Souders Treasurer Managing Director and Chief Financial Officer, Wheat, First Securities, Inc.; formerly, Manager of Internal Audit, Heilig-Meyers; formerly, Manager, Peat Marwick & Mitchell & Company Robert P. Wilson Assistant Treasurer Assistant Treasurer, Mentor Distributors, Inc. John M. Ivan Secretary Managing Director, Senior Vice President and Assistant General Counsel, Wheat, First Securities, Inc.; Managing Director and Assistant Secretary, Wheat First Butcher Singer, Inc.; Clerk, Cash Resource Trust; Secretary, Mentor Funds Howard T. Macrae, Jr. Assistant Secretary Assistant Secretary, Mentor Investment Advisors, LLC and Mentor Distributors, LLC * The address of Mentor Investment Group, LLC, Wheat, First Securities, Inc., Wheat First Butcher Singer, Inc., Mentor Funds, Mentor Income Fund, Inc., Mentor Investment Advisors, LLC, and Mentor Perpetual Advisors, LLC is 901 East Byrd Street, Richmond, VA 23219. The address of Ryland Capital Management, Inc. and RAC Income Fund, Inc. is 11000 Broken Land Parkway, Columbia, MD 21044. Item 29. Principal Underwriters (a) Mentor Distributors, LLC acts as the principal underwriter for the Trust.
(b) Name and Principal Positions and Offices with Positions and Offices with Business Address Underwriters Registrant Peter J. Quinn, Jr. President and Director Trustee 901 East Byrd Street Richmond, VA 23219 Paul F. Costello Senior Vice President President 901 East Byrd Street Richmond, VA 23219 Thomas L. Souders Treasurer Trustee 901 East Byrd Street Richmond, VA 23219 John M. Harris Secretary None 901 East Byrd Street Richmond, VA 23219 John M. Ivan Assistant Secretary Clerk 901 East Byrd Street Richmond, VA 23219
(c) Inapplicable Item 30. Location of Accounts and Records Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are Registrant's Clerk, John M. Ivan; Registrant's investment adviser, Mentor Advisors; and Registrant's transfer agent and custodian, Investors Fiduciary Trust Company. The address of the Clerk and Mentor Advisors is 901 East Byrd Street, Richmond, Virginia 23219. The address of the transfer agent and custodian is 127 West 10th Street, Kansas City, Missouri 64105-1716. Item 31. Management Services None. Item 32. Undertakings (a) The Registrant undertakes, if requested to do so by the holders of at least 10% of the Registrant's outstanding shares of beneficial interest, to call a meeting of shareholders for the purpose of voting upon the question of removal of a -5- Trustee or Trustees and to assist in communications with other shareholders as required by Section 16(c) of the Investment Company Act of 1940. (b) The Registrant undertakes to furnish to each person to whom a prospectus of the Registrant is delivered a copy of the Registrant's latest annual report to shareholders, upon request and without charge. NOTICE A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers, or shareholders individually but are binding only upon the assets and property of the Registrant. -6- SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to be signed on behalf of the undersigned, thereunto duly authorized, in the City of Richmond, and the Commonwealth of Virginia on this 23rd day of June, 1997. CASH RESOURCE TRUST By: /s/ Paul F. Costello Name: Paul F. Costello Title: President Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on the 23rd day of June, 1997.
Signature Title * Chairman; Trustee Daniel J. Ludeman * Trustee Arnold H. Dreyfuss * Trustee Thomas F. Keller * Trustee Louis W. Moelchert, Jr. * Trustee Stanley F. Pauley * Trustee Troy A. Peery, Jr. * Trustee Peter J. Quinn, Jr. /s/ Paul F. Costello President; Principal Executive Paul F. Costello Officer /s/ Terry L. Perkins Treasurer; Principal Financial Terry L. Perkins Officer; Principal Accounting Officer *By: /s/ Paul F. Costello Paul F. Costello Attorney-in-Fact POWER OF ATTORNEY We, the undersigned Officers and Trustees of Cash Resource Trust (the "Trust"), hereby severally constitute and appoint Daniel J. Ludeman, Paul F. Costello and Terry L. Perkins, and each of them singly, our true and lawful attorneys, with full power to them and each of them, to sign for us, and in our names and in the capacities indicated below, the Registration Statement on Form N-1A of the Trust and any and all amendments (including post-effective amendments) to said Registration Statement and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto our said attorneys, and each of them acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in the premises, as fully to all intents and purposes as he might or could do in person, and hereby ratify and confirm all that said attorneys or any of them may lawfully do or cause to be done by virtue thereof. WITNESS our hands and common seal on the date set forth below. SIGNATURE TITLE DATE - --------- ----- ---- /s/ Arnold H. Dreyfuss Trustee March 27, 1997 - ---------------------- Arnold H. Dreyfuss /s/ Thomas F. Keller Trustee March 27, 1997 - ------------------------ Thomas F. Keller /s/ Daniel J. Ludeman Chairman; Trustee March 27, 1997 - ----------------------- Daniel J. Ludeman /s/ Louis W. Moelchert, Jr. Trustee March 27, 1997 - --------------------------- Louis W. Moelchert, Jr. /s/ Stanley F. Pauley Trustee March 27, 1997 - --------------------- Stanley F. Pauley /s/ Troy A. Peery, Jr. Trustee March 27, 1997 - ----------------------- Troy A. Peery, Jr. /s/ Peter J. Quinn, Jr. Trustee March 27, 1997 - ------------------------ Peter J. Quinn, Jr. /s/ Paul F. Costello President March 27, 1997 - ------------------------ (Principal Executive Paul F. Costello Officer) /s/ Terry L. Perkins Treasurer March 27, 1997 - ------------------------ (Principal Financial Terry L. Perkins and Accounting Officer) EXHIBIT INDEX Exhibit No. Exhibit Page No. 17(A) Financial Data Schedule-Cash Resource California Tax-Exempt Money Market Fund 17(B) Financial Data Schedule-Cash Resource New York Tax-Exempt Money Market Fund
EX-27 2 EXHIBIT 17(A)
6 01 CALIFORNIA TAX-EXEMPT MONEY MARKET FUND 6-MOS JAN-31-1997 JAN-31-1997 81,922 81,922 386 19 6 82,333 0 0 131 131 0 82,202 82,202 0 0 0 0 0 0 82,202 0 465 0 103 362 0 0 362 0 362 0 0 149,654 67,706 254 82,202 0 0 0 0 30 0 103 90,547 1.00 0.00 0.00 0.00 0.00 0.00 1.00 0.41 0 0.00
EX-27 3 EXHIBIT 17(B)
6 02 NEW YORK TAX-EXEMPT MONEY MARKET FUND 6-MOS JAN-31-1997 JAN-31-1997 7,785 7,785 33 97 0 7,915 0 0 13 13 0 7,902 7,902 0 0 0 0 0 0 7,902 0 38 0 9 29 0 0 29 0 29 0 0 14,154 6,271 19 7,902 0 0 0 0 2 0 11 7,198 1.00 0.00 0.00 0.00 0.00 0.00 1.00 0.41 0 0.00
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