-----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, IXKWwchYT77eeeQorZSoS40v3CvnnBd0qjsGKO0rJ+76ZPzw+GjWWApJFRfpIVgq 2yL+yYn43Epn99dX2PrXSg== 0000916641-99-000238.txt : 19990329 0000916641-99-000238.hdr.sgml : 19990329 ACCESSION NUMBER: 0000916641-99-000238 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990131 FILED AS OF DATE: 19990326 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: SEC FILE NUMBER: 811-07862 FILM NUMBER: 99573585 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 N-30D CASH RESOURCE TRUST SEMI-ANNUAL REPORT JANUARY 31, 1999 - -------------------------------------------------------------------------------- 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, 1999.* The Cash Resource Trust ("CRT") is part of a diversified family of funds offered by Mentor Investment Group, LLC,** an investment advisory firm with more than $15.5 billion under management. Mentor provides investment management in six different styles to a broad spectrum of investors. As you know, the CRT money market funds ("the Funds") are invested to seek as high a rate of current income -- or, in the case of the CRT tax-exempt money market funds, as high a rate of current income exempt from federal income tax and/or state income tax -- as the investment advisor believes to be consistent with preservation of capital and maintenance of liquidity. 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 the Funds 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 PROSPECTUSES FOR THE CASH RESOURCE TRUST, PLEASE CALL US, (800)382-0016, OR CONTACT YOUR CONSULTANT. A PROSPECTUS CONTAINS COMPLETE INFORMATION ABOUT FEES, SALES CHARGES, AND EXPENSES. PLEASE READ IT CAREFULLY BEFORE INVESTING OR SENDING MONEY. **MENTOR INVESTMENT ADVISORS, LLC IS A WHOLLY OWNED SUBSIDIARY OF MENTOR INVESTMENT GROUP, LLC. 1 CASH RESOURCE TRUST SEMI-ANNUAL REPORT MANAGERS' OVERVIEW JANUARY 31, 1999 - -------------------------------------------------------------------------------- MARKET REVIEW Given the nature and extent of the negative influences coming to bear, the performance of the U.S. economy and financial markets over the past six months can only be considered remarkable. We have witnessed the collapse or near- collapse of several major world economies, including Japan and Russia. Indeed, Russia defaulted on its debt and only a rescue by the International Monetary Fund prevented defaults by other sovereign debt issuers. The world's financial system clearly was placed under severe strain. We have also witnessed an ongoing military confrontation between the U.S. and Iraq, and have suffered through a major governmental scandal in this country culminating in the impeachment of our President. Despite these hostile factors, and despite an expansion which was already setting longevity records, our economy remained on a remarkably even keel throughout the period. Activity continued to forge ahead at a pace adequate to keep employment and capacity utilization at very high levels, yet not so rapid as to give rise to inflation. Early in 1998, the Federal Reserve stood poised to raise rates as a preventive measure against an outbreak of inflation, but as the year progressed and the threat from weak overseas economies grew, the Fed's position shifted to one of ease. During the fall months the Fed lowered rates three times by 0.25%, or a total of 0.75%. As of this writing, the medicine seems to be having the desired effect, for current indicators show continued strength with little or no evidence of the "Asian flu." Like the other U.S. financial markets, the money markets turned in a strong performance for the six months, led by U.S. Treasuries. Early on, this strength was primarily a function of a flight to quality as investors sought the safety of short maturities, especially short U.S. Governments. During this time, spreads between Treasuries and other instruments widened significantly. Adding to the strength was a growing feeling that the Fed would eventually have to ease rates in response to the international crisis. Later, when the Fed did indeed assume a policy of ease, rates on all money market instruments dropped accordingly. Perhaps 2 CASH RESOURCE TRUST SEMI-ANNUAL REPORT MANAGERS' OVERVIEW (CONTINUED) JANUARY 31, 1999 - -------------------------------------------------------------------------------- reflecting a slowdown in the flight to quality, Treasuries did not drop as much, so that their spread over other instruments narrowed somewhat. We ended the period about 0.75% lower than where we began, with about half that occurring in the past three months. MANAGEMENT STRATEGY It is our normal policy to manage the money market funds to an average maturity range between 30 and 60 days. Early in the period, we recognized that it was unlikely that the Fed would raise rates given what was then occurring around the world. Indeed, we could see a scenario developing in which the Fed would have to reduce rates to preserve an acceptable rate of growth in this country. Accordingly, we adopted a strategy of managing the funds to an average maturity of 55-60 days, the outer end of our normal range. Commensurate with this was a decision to tighten our already high quality standards even further, particularly regarding overseas exposure and specifically exposure to troubled areas of the world. PERFORMANCE DISCUSSION AND EXPLANATION Our money market funds generally performed in the second quartile or high third quartile among their peer groups as measured in the IBC Donoghue Universe. Our better relative performers tended to be the government funds, where quality is more or less a neutral factor among all funds in the universe, and hence our high quality standards did not penalize us. The poorer performers were the tax-exempt funds, where the reverse was true. Here, our insistence on high quality eliminated many issues backed by letters of credit from foreign banks that were unacceptable to us. Performance was especially good early in the period, due to our prompt decision to extend maturities. Around the mid-point, this advantage tended to level out as other funds also extended maturities. Later, performance once again picked up as many foreign banks, especially Japanese banks, were downgraded below Tier I standards, forcing other funds to eliminate them from usage and thus placing us on a level playing field. 3 CASH RESOURCE TRUST SEMI-ANNUAL REPORT MANAGERS' OVERVIEW (CONTINUED) JANUARY 31, 1999 - -------------------------------------------------------------------------------- Our performance objective is and always has been to provide a competitive return while maintaining well above-average quality and safety standards. While we feel we accomplished this goal in 1998, we hope to achieve above average returns on all our funds during 1999. MARKET OUTLOOK We enter the new year at a crossroads. After cutting rates three times during 1998's fourth quarter, the Fed is likely to adopt a wait and see attitude for at least a while before taking additional steps. Based on recent indications, the economy appears to be shaking off what at first appeared to be some minor effects of the world slowdown, and as of now seems to be moving ahead at a reasonable pace. Also, world economies and markets in general seem to be entering 1999 on a more stable note. If these factors continue, then the Fed may well move to a position of neutrality that could continue until inflationary pressures appear. In other words, from an outlook for "stable to down" rates, we seem to have moved a step closer to an outlook for "stable to up" rates. Accordingly, we have shortened our target average maturity range from 55-60 days to 50-55 days, and may shorten further if these trends continue. The Cash Management Team March 1999 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. 4 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) ----------------------- ----------- ------------- BANK NOTES 9.82% Banc One Wisconsin, North America, 5.55%, 2/26/99 (e) $ 29,000 $ 28,997 Banc One Wisconsin, North America, 5.74%, 5/11/99 (e) 50,000 49,989 Bank of New York, 5.66%, 6/17/99 (e) 30,000 29,992 FCC National Bank, 5.74%, 5/07/99 (e) 50,000 49,993 First Tennessee Bank, North America, 5.65%, 7/09/99 (e) 50,000 49,990 Harris Trust, 5.00%, 1/27/00 100,000 100,000 Mellon Bank, 4.95%, 7/12/99 50,000 50,000 NationsBank, 4.94%, 7/06/99 100,000 100,000 - ---------------------------------------------------------------------------------------------- TOTAL BANK NOTES 458,961 - ---------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT 17.42% Bank of Montreal, 4.92%, 4/12/99 10,000 10,000 Bank of Montreal, 4.85%, 4/29/99 150,000 150,000 Bankers Trust Company, 5.69%, 7/27/99 (e) 50,000 49,986 Canandian Imperial Bank, 4.89%, 3/12/99 60,000 60,000 Canandian Imperial Bank, 5.70%, 4/13/99 (e) 50,000 49,995 Credit Suisse, 5.78%, 4/26/99 (e) 50,000 50,000 Deutsche Bank Finance, 4.92%, 4/12/99 60,000 60,000 Deutsche Bank Finance, 5.73%, 4/15/99 (e) 50,000 49,995 Deutsche Bank Finance, 5.73%, 4/16/99 (e) 40,000 39,996 First Tennessee Bank, North America, 4.90%, 3/12/99 50,000 50,000 Mellon Bank, 5.25%, 2/03/99 100,000 100,000 Rabobank Nederland, 5.71%, 4/16/99 (e) 49,000 48,998 Rabobank Nederland, 5.70%, 4/20/99 70,000 70,019 Societe Generale Inc., 5.75%, 4/15/99 (e) 25,000 24,998 - ---------------------------------------------------------------------------------------------- TOTAL CERTIFICATES OF DEPOSIT 813,987 - ----------------------------------------------------------------------------------------------
5 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - --------------------------------------------------------------------------------------------------- COMMERCIAL PAPER 42.58% AGRICULTURE PRODUCTION 2.14% Glencore Finance Limited, 5.40%, 2/12/99 (e) $ 50,000 $ 49,918 Glencore Finance Limited, 5.43%, 2/12/99 (e) 50,000 49,917 - ------------------------------------------------------------------------------------------------- Total Agriculture Production 99,835 - ------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES 22.30% Centric Capital Corporation, 5.45%, 2/01/99 (a) 50,000 50,000 Corporate Receivables Corporation, 5.27%, 2/05/99 (e) 80,000 79,952 Delaware Funding Corporation, 4.88%, 2/16/99 (a)(e) 100,000 99,797 General Electric Company, 4.82%, 2/26/99 (e) 50,000 49,833 International Securitization Corporation, 4.92%, 2/04/99 (e) 50,000 49,980 International Securitization Corporation, 4.89%, 2/16/99 (e) 100,000 99,796 Monte Rosa Capital Corporation, 4.85%, 3/01/99 (a)(e) 25,000 24,906 Monte Rosa Capital Corporation, 4.87%, 3/11/99 (a)(e) 70,000 69,640 Monte Rosa Capital Corporation, 4.89%, 3/12/99 (a)(e) 55,000 54,709 Special Purpose Accounts Receivable Cooperative Corporation, 5.50%, 2/12/99 (e) 50,000 49,916 Special Purpose Accounts Receivable Cooperative Corporation, 4.87%, 3/08/99 (e) 108,000 107,489 Trident Capital Finance, 4.85%, 3/05/99 (e) 100,000 99,569 Trident Capital Finance, 4.90%, 3/12/99 (e) 57,100 56,797 Windmill Funding Corporation, 4.90%, 2/12/99 (a)(e) 50,000 49,925
6 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------- COMMERCIAL PAPER (CONTINUED) ASSET-BACKED SECURITIES (CONTINUED) Windmill Funding Corporation, 4.88%, 2/16/99 (a)(e) $ 50,000 $ 49,898 Windmill Funding Corporation, 4.85%, 3/03/99 (a)(e) 50,000 49,798 - ------------------------------------------------------------------------------------------------- Total Asset-Backed Securities 1,042,005 - ------------------------------------------------------------------------------------------------- COMMERCIAL BANKS 4.09% Bayerishe Vereinsbank, 4.85%, 4/07/99 (e) 43,000 42,623 J.P. Morgan & Company, Inc., 4.85%, 4/08/99 (e) 50,000 49,555 J.P. Morgan & Company, Inc., 4.87%, 4/12/99 (e) 100,000 99,053 - ------------------------------------------------------------------------------------------------- Total Commercial Banks 191,231 - ------------------------------------------------------------------------------------------------- ELECTRIC SERVICES 0.19% Rincon Securities, Inc., 4.82%, 4/27/99 (e) 9,000 8,898 - ------------------------------------------------------------------------------------------------- MOTOR VEHICLES AND CAR BODIES 6.39% Ford Motor Credit Company, 5.11%, 3/01/99 (e) 50,000 49,801 Ford Motor Credit Company, 4.80%, 4/09/99 (e) 100,000 99,107 General Motors Acceptance Corporation, 5.24%, 2/08/99 (e) 50,000 49,949 General Motors Acceptance Corporation, 5.10%, 3/01/99 (e) 100,000 99,603 - ------------------------------------------------------------------------------------------------- Total Motor Vehicles and Car Bodies 298,460 - ------------------------------------------------------------------------------------------------- RENTAL AND LEASING 2.14% General Electric Capital Corporation, 5.20%, 2/04/99 (e) 100,000 99,957 - ------------------------------------------------------------------------------------------------- SECURITY BROKERS & DEALERS 5.33% Goldman Sachs Group, 5.10%, 3/09/99 (b)(e) 50,000 49,745
7 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------- COMMERCIAL PAPER (CONTINUED) SECURITY BROKERS & DEALERS (CONTINUED) Merrill Lynch, 5.03%, 2/12/99 (e) $100,000 $ 99,846 Morgan Stanley Dean Witter, 4.98%, 2/25/99 (e) 50,000 49,834 Salomon Smith Barney, 5.30%, 2/12/99 (e) 50,000 49,919 - ------------------------------------------------------------------------------------------------- Total Security Brokers & Dealers 249,344 - ------------------------------------------------------------------------------------------------- TOTAL COMMERICAL PAPER 1,989,730 - ------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCIES 7.57% Federal Home Loan Mortgage Corporation, 5.05%, 2/10/99 (e) 100,000 99,874 Federal Home Loan Mortgage Corporation, 4.99%, 3/05/99 (e) 100,000 99,564 Federal Home Loan Mortgage Corporation, 4.96%, 3/26/99 (e) 100,000 99,270 Federal National Mortgage Association, 5.07%, 2/19/99 (e) 50,000 49,873 Student Loan Market Association, 4.61%, 2/22/99 (b) 5,000 5,000 - ------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AGENCIES 353,581 - ------------------------------------------------------------------------------------------------- VARIABLE RATE DEMAND NOTES 10.21% Abbey National, North America, 4.84%, 6/15/99 (b)(e) 29,000 28,988 Abbey National, North America, 5.25%, 8/17/99 (b)(e) 76,000 75,966 Barton Health Care LLC, 5.00%, 2/15/25 (b) 4,320 4,320 Carolina Medi-Plan, Inc., 4.92%, 6/01/22 (b) 50,000 50,000 Evans Street Properties, 4.92%, 1/01/08 (b) 3,500 3,500 Goldman Sachs Group, 5.03%, 2/14/00 (b) 100,000 100,000 Harrison Foundation Series A, 5.00%, 1/01/29 (b) 27,000 27,000 Hilander Finance LLC, 5.00%, 12/01/25 (b) 750 750
8 CASH RESOURCE TRUST MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - --------------------------------------------------------------------------------------------------- VARIABLE RATE DEMAND NOTES (CONTINUED) Massachusetts Nursing Home Tax Adjustable Health Care, 5.00%, 11/15/13 (b) $ 6,155 $ 6,155 Morganite Industries Inc., 4.94%, 7/01/18 (b) 20,000 20,000 Mississippi Business Financial Corporation (Taxable Variable Rate Demand), 5.05%, 1/01/23 (b) 5,000 5,000 National Rural Utilities, 5.17%, 9/21/99 (b) 45,000 45,000 National Rural Utilities, 4.98%, 11/23/99 (b) 25,000 25,000 Virginia State Housing Development Authority, 4.90%, 1/01/47 (b) 75,390 75,390 Walker & Associates, 4.92%, 7/01/11 (b) 10,000 10,000 - ---------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE DEMAND NOTES 477,069 - ---------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS 11.95% Goldman, Sachs & Company Dated 1/29/99, 4.78%, due 2/01/99, collateralized by Federal National Mortgage Association with total original face value of $678,368, 5.50% - 8.00%, 8/01/02 - 1/01/29; market value $569,552 558,385 558,385 - ---------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $4,651,713) (c) 99.55% 4,651,713 - ---------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 0.45% 21,080 - ---------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $4,672,793 - ----------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 9 CASH RESOURCE TRUST U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCIES 89.21% Federal Home Loan Bank 4.75% - 5.65%, 2/02/99 - 7/15/99 (e) $ 248,925 $ 248,770 4.73% - 4.80%, 3/25/99 - 11/16/99 (b)(e) 281,000 280,916 Federal Home Loan Mortgage Corporation 4.67% - 5.60%, 2/10/99 - 4/26/99 (e) 1,545,000 1,537,352 5.18%, 8/17/99 (b)(e) 100,000 99,963 Federal National Mortgage Association 5.33% - 5.63%, 2/12/99 - 5/06/99 (e) 888,839 885,580 4.74% - 4.81%, 3/16/99 - 5/28/99 (b)(e) 196,500 196,470 Student Loan Marketing Association 4.62%, 2/08/99 (b) 20,000 20,000 - -------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AGENCIES 3,269,051 - -------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS 10.60% Goldman, Sachs & Company Dated 1/29/99, 4.78%, due 2/01/99 collateralized by Federal National Mortgage Association with total original face value of $29,268, 5.50%, 2/01/14; market value $29,009 28,440 28,440 J.P. Morgan & Company, Inc. Dated 1/29/99, 4.80%, due 2/01/99, collateralized by various U.S. Government Agency Securities with total original face value of $369,841, 6.00%, 1/01/29; market value $367,200 360,000 360,000 - -------------------------------------------------------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS 388,440 - -------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $3,657,491) (c) 99.81% 3,657,491 - -------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 0.19% 6,790 - -------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $ 3,664,281 - --------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 10 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) 47.17% ALABAMA 0.59% Montgomery Baptist Medical Center (VHA Alabama, Inc.) Series B, 2.85%, 12/01/30 $ 5,400 $ 5,400 - -------------------------------------------------------------------------------------------------------- GEORGIA 1.42% Burke County PCRB Development Authority (Oglethorpe Power Corporation), 2.65%, 1/01/16 3,060 3,060 Burke County PCRB (Oglethorpe Power Corporation) Series A, 2.65%, 1/01/19 5,000 5,000 Summerville Development Authority (Image Industries), 2.80%, 9/01/17 5,000 5,000 - -------------------------------------------------------------------------------------------------------- 13,060 - -------------------------------------------------------------------------------------------------------- IDAHO 0.69% Nez Perce County PCRB (Potlatch) Series 1984, 2.70%, 12/01/14 6,300 6,300 - -------------------------------------------------------------------------------------------------------- ILLINOIS 6.12% Chicago (O'Hare International Airport) Series 1988 B, 2.90%, 1/01/18 7,400 7,400 Chicago (O'Hare International Airport) Series 1994 B, 2.80%, 1/01/18 1,946 1,946 Illinois State Toll Highway Authority Revenue Series 1993 B, 2.65%, 1/01/10 10,240 10,240 Illinois State Toll Highway Authority Revenue Series 1998 B, 2.65%, 1/01/17 10,000 10,000 Illinois DFA IDRB (Grayhill, Inc. Project), 2.80%, 2/01/05 2,450 2,450 Illinois DFA Finance Authority (Flinn Scientific Project) 2.80%, 10/01/15 4,030 4,030
11 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) ILLINOIS (CONTINUED) Illinois Student Assistance Loan Revenue Series A, 2.80%, 3/01/06 $ 14,700 $ 14,700 Village of Gurnee Series 1998, 2.80%, 3/01/18 5,600 5,600 - -------------------------------------------------------------------------------------------------------- 56,366 - -------------------------------------------------------------------------------------------------------- INDIANA 2.00% Fort Wayne Hospital Authority (Parkview Memorial Hospital) Series B, 2.70%, 1/01/16 8,750 8,750 Indiana Health Facility Finance Authority (Deaconess Hospital), 2.70%, 1/01/22 9,700 9,700 - -------------------------------------------------------------------------------------------------------- 18,450 - -------------------------------------------------------------------------------------------------------- IOWA 0.54% Iowa Student Loan Revenue Series B, 2.75%, 12/01/13 5,000 5,000 - -------------------------------------------------------------------------------------------------------- KENTUCKY 0.79% Kentucky EDA (Baptist Health Systems) Series 1997, 2.85%, 8/15/31 4,800 4,800 Kentucky Higher Education Student Loan Series 1996 A, 2.75%, 6/01/26 2,500 2,500 - -------------------------------------------------------------------------------------------------------- 7,300 - -------------------------------------------------------------------------------------------------------- LOUISIANA 3.39% Desoto Parish PCRB (Central Louisiana Electric) Series B, 2.65%, 7/01/18 6,700 6,700 Louisiana PFA Hospital Revenue (Willis-Knighton Medical Project), 2.85%, 9/01/23 13,000 13,000
12 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ----------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) LOUISIANA (CONTINUED) St. James Parish PCRB (Occidental Petroleum), 2.65%, 10/01/18 $ 11,500 $ 11,500 - ----------------------------------------------------------------------------------------------------------- 31,200 - ----------------------------------------------------------------------------------------------------------- MARYLAND 3.54% Community Development & Administration (Avalon Lea Apartments Project), 2.65%, 6/15/26 4,335 4,335 Community Development & Administration (Avalon Ridge) Series 1997, 2.65%, 6/15/26 10,615 10,615 Maryland State Health & Higher Education, Pooled Loan Program Series B, 2.80%, 4/01/35 8,000 8,000 Maryland State Health & Higher Education (Catholic Health Initiatives) Series 1997 B, 2.70%, 12/01/15 9,600 9,600 - ----------------------------------------------------------------------------------------------------------- 32,550 - ----------------------------------------------------------------------------------------------------------- MICHIGAN 2.77% City of Detroit Sewage Disposal Revenue Refunding Series 1998 A, 2.75%, 7/01/23 12,000 12,000 Michigan State Strategic Fund (Van Andel Research Institute), 2.75%, 11/01/27 13,500 13,500 - ----------------------------------------------------------------------------------------------------------- 25,500 - ----------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE 1.38% New Hampshire Health and Higher Education (VHA New England) Series B, D, & G, 2.85%, 12/01/25 12,725 12,725 - -----------------------------------------------------------------------------------------------------------
13 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) NEW MEXICO 1.49% Albuquerque Gross Receipts Lodgers Tax Series A, 2.70%, 7/01/22 $ 2,050 $ 2,050 City of Albuquerque Series 1995, 2.65%, 7/01/14 11,700 11,700 - -------------------------------------------------------------------------------------------------------- 13,750 - -------------------------------------------------------------------------------------------------------- NORTH CAROLINA 4.97% Durham Water & Sewer Utility System Revenue, 2.80%, 12/01/15 4,800 4,800 North Carolina Education Facilities (Duke University Program) Series A, 2.65%, 12/01/17 3,000 3,000 North Carolina Education Facilities (Bowman Grey School Medical), 2.75%, 9/01/20 4,200 4,200 North Carolina Medical Care Community Hospital (Baptist Hospitals) Series B, 2.65%, 6/01/22 32,200 32,200 North Carolina Medical Care Community Hospital (Duke University Hospital) Series A, 2.65%, 6/01/23 1,500 1,500 - -------------------------------------------------------------------------------------------------------- 45,700 - -------------------------------------------------------------------------------------------------------- OHIO 1.91% Cuyahoga County Hospital (University of Cleveland Hospital) Series A, 2.70%, 1/01/24 11,600 11,600 Ohio State Air Quality Development Authority (IMG Funding Limited Partnership) Series A, 2.85%, 4/01/28 6,000 6,000 - -------------------------------------------------------------------------------------------------------- 17,600 - --------------------------------------------------------------------------------------------------------
14 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) SOUTH CAROLINA 3.41% Piedmont Municipal Power Agency Electric Revenue Series C, 2.65%, 1/01/22 $ 4,000 $ 4,000 Piedmont Municipal Power Agency Electric Revenue Series B, 2.65%, 1/01/19 10,400 10,400 South Carolina Jobs EDA (Presbyterian Home of South Carolina Foothills) Series 1996, 2.75%, 12/01/21 9,250 9,250 South Carolina Jobs EDA Hospital Revenue (Tuomay Regional Medical Center) Series B, 2.65%, 11/01/25 7,700 7,700 - -------------------------------------------------------------------------------------------------------- 31,350 - -------------------------------------------------------------------------------------------------------- TENNESSEE 0.72% Metropolitan Government of Nashville and Davidson County Health and Education Facility (D. Lipscomb University), 2.85%, 5/01/20 4,615 4,615 State of Tennessee BANS Series C, 2.65%, 7/02/01 2,000 2,000 - -------------------------------------------------------------------------------------------------------- 6,615 - -------------------------------------------------------------------------------------------------------- TEXAS 5.36% Brazos River Harbor Navigational District (Hoffman-La Roche, Inc., Project), 2.83%, 4/01/02 (f) 2,750 2,750 Calhoun County IDRB (Formosa Plastics Corporation Project), 2.80%, 11/01/15 28,500 28,500 Coastal Bend Health Facilities (Incarnate Health Systems), 2.85%, 8/15/28 1,000 1,000 Harris County Toll Road Series 1994 E, 2.65%, 8/01/15 12,100 12,100
15 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) TEXAS (CONTINUED) Red River Authority PCRB (Southwestern Public Service), 2.75%, 7/01/16 $ 5,000 $ 5,000 - -------------------------------------------------------------------------------------------------------- 49,350 - -------------------------------------------------------------------------------------------------------- VIRGINIA 3.97% Arlington County Revenue (Ballston Public Parking), 2.80%, 8/01/17 3,300 3,300 Botetourt County IDRB (Emkay Holdings LLC Project), 2.85%, 10/01/05 2,290 2,290 Capital Regional Airport Commission (Richmond International Airport Project) Series 1995 C, 2.80%, 7/01/23 4,000 4,000 Fairfax County EDA (Kinder Care Learning Centers) Series E, 2.90%, 10/01/99 4,875 4,875 Hampton Roads Regional Jail Authority (Regional Jail Facility) Series 1996 B, 2.80%, 7/01/16 5,300 5,300 Louisa County IDA Pooled Financing Virginia Municipal Bond Fund, 2.70%, 1/01/20 1,100 1,100 Lynchburg IDA (VHA Mid-Atlantic) Series 1985 D, F, G, 2.85%, 12/01/25 5,300 5,300 Newport News MFHB (Newport-Oxford Project), 3.00%, 11/01/06 9,700 9,700 Tazewell County IDRB (Coal Fillers, Inc.), 3.00%, 1/01/03 700 700 - -------------------------------------------------------------------------------------------------------- 36,565 - -------------------------------------------------------------------------------------------------------- WASHINGTON 0.60% Port of Seattle Washington Sub-Lien Revenue Bonds Series 1997, 2.70%, 9/01/22 5,500 5,500 - --------------------------------------------------------------------------------------------------------
16 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) WEST VIRGINIA 0.59% West Virginia State Hospital Finance Authority Revenue (VHA Mid-Atlantic) Series G, 2.85%, 12/01/25 $ 5,400 $ 5,400 - -------------------------------------------------------------------------------------------------------- WYOMING 0.92% Lincoln County Industrial Facilities PCRB Financial Authority Revenue (Barre National, Inc. Project), 2.80%, 8/01/09 4,500 4,500 Sweetwater County PCRB (Pacific Corporation Project) Series A, 2.65%, 7/01/15 4,000 4,000 - -------------------------------------------------------------------------------------------------------- 8,500 - -------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 434,181 - -------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 50.97% ALABAMA 0.54% Port City Medical Clinic Board (Infirmary Health Systems), 2.90%, 6/10/99 5,000 5,000 - -------------------------------------------------------------------------------------------------------- ARKANSAS 0.35% Arkansas State Development Finance Authority (Single Family Mortgage Revenue) Series D-B, 4.05%, 3/01/99 3,225 3,225 - -------------------------------------------------------------------------------------------------------- CALIFORNIA 0.33% Kern County Board of Education TRANS Series 1998-1999, 4.25%, 6/30/99 3,000 3,008 - --------------------------------------------------------------------------------------------------------
17 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) FLORIDA 1.59% Hillsborough County School Board, 5.00%, 10/01/99 $ 4,000 $ 4,056 Jacksonville Electric Authority Series 16, 4.00%, 10/01/99 1,000 1,004 Orange County Health Facility Revenue Series 1985, 3.05%, 3/16/99 6,300 6,300 Pinellas County Educational Facilities Authority Revenue Bonds, 3.00%, 3/18/99 3,300 3,300 - -------------------------------------------------------------------------------------------------------- 14,660 - -------------------------------------------------------------------------------------------------------- GEORGIA 0.54% Burke County PCRB (Oglethorpe Power Corporation) Series 1998 A, 2.95%, 2/24/99 5,000 5,000 - -------------------------------------------------------------------------------------------------------- HAWAII 0.55% Hawaii State GO Series BU, 5.70%, 11/01/99 5,000 5,098 - -------------------------------------------------------------------------------------------------------- IDAHO 1.13% State of Idaho TANS Series 1998, 4.50%, 6/30/99 10,400 10,438 - -------------------------------------------------------------------------------------------------------- ILLINOIS 5.39% Chicago Park District (Tax Anticipation Warrants) Series 1998, 4.30%, 9/17/99 2,500 2,511 City of Chicago GO Series 1997, 3.05%, 11/04/99 (f) 15,000 15,000 City of Chicago GO Tender Notes Series 1998, 3.55%, 2/04/99 (f) 18,000 18,000 Illinois HFA (Rush Presbyterian) Series 1989 A, 3.05%, 3/10/99 (f) 7,200 7,200 Illinois HFA (Rush Presbyterian) Series D, 3.05%, 2/12/99 2,100 2,100
18 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) ILLINOIS (CONTINUED) Illinois HFA (Alexian Brothers Medical Center) Series 1985 D, 2.90%, 3/10/99 $ 4,835 $ 4,835 - -------------------------------------------------------------------------------------------------------- 49,646 - -------------------------------------------------------------------------------------------------------- INDIANA 1.25% Jasper County PCRB Series 1988 D, 3.15%, 3/09/99 (f) 5,000 5,000 Jasper County PCRB (Northern Indiana Public Services) Series A, 2.95%, 3/24/99 (f) 5,000 5,000 Purdue University Revenue Series N, 3.75%, 7/01/99 1,500 1,505 - -------------------------------------------------------------------------------------------------------- 11,505 - -------------------------------------------------------------------------------------------------------- KANSAS 0.40% Wyandotte County Government Refunding, 3.80%, 9/01/99 3,705 3,718 - -------------------------------------------------------------------------------------------------------- KENTUCKY 1.09% Kentucky Asset Liability Commission Series 1998 A, 4.50%, 6/25/99 10,000 10,035 - -------------------------------------------------------------------------------------------------------- LOUISIANA 0.86% Parish of West Baton Rouge Industrial District No. 3 (Dow Chemical) Series 1987, 3.00%, 3/11/99 (f) 7,950 7,950 - -------------------------------------------------------------------------------------------------------- MAINE 0.19% State of Maine GO, 4.60%, 7/01/99 1,750 1,757 - -------------------------------------------------------------------------------------------------------- MARYLAND 1.90% Anne Arundel County GO BANS TECP Series A, 2.85%, 5/14/99 10,000 10,000
19 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) MARYLAND (CONTINUED) Baltimore County PCRB (G & E), 2.90%, 8/18/99 $ 3,000 $ 3,000 Baltimore County PCRB (BG & E) Series 1985, 2.90%, 8/11/99 3,500 3,500 Montgomery County Commercial Papaer BANS Series 1995, 3.20%, 3/12/99 1,000 1,000 - ------------------------------------------------------------------------------------------------------- 17,500 - ------------------------------------------------------------------------------------------------------- MASSACHUSSETTS 1.63% Sudbury BANS, 4.00%, 8/11/99 15,000 15,030 - ------------------------------------------------------------------------------------------------------- MINNESOTA 0.86% Minnesota State GO, 6.00%, 8/01/99 4,815 4,885 Minnesota State Refunding, 5.00%, 8/01/99 3,000 3,031 - ------------------------------------------------------------------------------------------------------- 7,916 - ------------------------------------------------------------------------------------------------------- MISSISSIPPI 0.36% Jackson County (Chevron) Series 1994, 3.55%, 2/01/99 (f) 3,300 3,300 - ------------------------------------------------------------------------------------------------------- NEBRASKA 0.20% Omaha Refunding, 4.20%, 12/15/99 1,795 1,813 - ------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE 0.54% New Hampshire TECP Series 1998, 3.10%, 2/09/99 5,000 5,000 - ------------------------------------------------------------------------------------------------------- NEW ORLEANS 0.24% New Orleans GO Refunding Series 1998, 4.00%, 12/01/99 2,155 2,171 - -------------------------------------------------------------------------------------------------------
20 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) NEW YORK 0.65% New York City Water Finance Authority Series 1995 B, 3.50%, 2/16/99 $ 5,000 $ 5,000 New York State Dorm Authority Series 1996, 2.95%, 6/10/99 1,000 1,000 - ------------------------------------------------------------------------------------------------------- 6,000 - ------------------------------------------------------------------------------------------------------- NORTH CAROLINA 4.40% Charlotte Water & Sewer Refunding, 6.75%, 6/01/99 1,000 1,018 Charlotte Water & Sewer Refunding, 5.00%, 2/01/00 5,895 6,011 North Carolina Municipal Power Agency Revenue, 2.85%, 4/07/99 9,500 9,500 North Carolina Municipal Power Agency Revenue, 2.95%, 2/09/99 (f) 10,000 10,000 Wake County Industrial Facilities (P & L) Series 1990 A, 3.00%, 2/12/99 9,000 9,000 Wake County Industrial Facilities Series 1990 A, 3.00%, 2/23/99 5,000 5,000 - ------------------------------------------------------------------------------------------------------- 40,529 - ------------------------------------------------------------------------------------------------------- OHIO 1.06% Ohio State Infrastructure Improvement Series A, 4.25%, 8/01/99 1,500 1,505 State of Ohio Higher Education Facilities Series 1998 B, 4.50%, 6/01/99 8,200 8,225 - ------------------------------------------------------------------------------------------------------- 9,730 - -------------------------------------------------------------------------------------------------------
21 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) ---------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) OKLAHOMA 1.63% Oklahoma City Industrial & Cultural Facility Series 1998 B, 3.55%, 2/10/99 (f) $ 15,000 $ 15,000 - ----------------------------------------------------------------------------------------------------- PENNSYLVANIA 1.09% City of Philadelphia Gas Works Revenue Notes Series C, 3.10%, 3/05/99 10,000 10,000 - ----------------------------------------------------------------------------------------------------- SOUTH CAROLINA 1.93% York County PCRB (Duke Power) Series 1990, 2.85%, 6/08/99 3,700 3,700 York County PCRB (North Carolina Electric Project), 3.30%, 3/15/99 (f) 14,045 14,045 - ----------------------------------------------------------------------------------------------------- 17,745 - ----------------------------------------------------------------------------------------------------- TENNESSEE 2.20% Tennessee State School Board Series 1997A, 2.85%, 3/09/99 7,200 7,200 Tennessee State School Board Series 1997A, 3.10%, 3/16/99 5,500 5,500 Shelby County Series 1998 A, 2.90%, 4/06/99 5,000 5,000 Shelby County Series 1998, 2.95%, 6/03/99 2,500 2,500 - ----------------------------------------------------------------------------------------------------- 20,200 - ----------------------------------------------------------------------------------------------------- TEXAS 6.67% Austin Texas TECP Series A, 3.15% - 3.55%, 2/04/99 - 2/17/99 24,600 24,600 Houston Texas TECP Series B, 3.00%, 4/01/99 7,000 7,000 Lower Neches Valley Authority (Chevron USA Project), 3.45%, 2/17/99 (f) 4,700 4,700
22 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) TEXAS (CONTINUED) San Antonio Electric & Gas Systems TECP Series A, 3.55%, 2/08/99 $ 10,000 $ 10,000 Texas Public Finance Authority Series B, 2.95%, 6/09/99 5,000 5,000 Texas TRANS Series A, 4.50%, 8/31/99 10,000 10,087 - ------------------------------------------------------------------------------------------------------- 61,387 - ------------------------------------------------------------------------------------------------------- UTAH 2.66% Davis County School District, 4.00%, 6/30/99 15,000 15,022 Intermountain Power Agency Commercial Paper Series B, 3.05%, 3/04/99 2,000 2,000 Intermountain Power Agency Series 1997 B, 2.95%, 6/10/99 1,000 1,000 Utah County Environmental Pollution Control (USX Corporation Refunding Project), 3.00%, 6/01/99 (f) 1,500 1,500 State of Utah GO Series 1998 B, 3.05%, 3/10/99 5,000 5,000 - ------------------------------------------------------------------------------------------------------- 24,522 - ------------------------------------------------------------------------------------------------------- VERMONT 0.49% Vermont EDA TECP Series B, 3.10%, 3/10/99 4,490 4,490 - ------------------------------------------------------------------------------------------------------- VIRGINIA 3.72% Henrico County Refunding (Public Improvement), 4.50%, 1/15/00 3,000 3,041 City of Norfolk GO Series 1998, 4.25%, 7/01/99 1,715 1,719 Roanoke Refunding Series B, 5.80%, 8/01/99 1,000 1,011 Fairfax County (Public Improvement) Series A, 5.00%, 6/01/99 1,000 1,004 Fairfax County Series A, 4.70%, 6/01/99 4,100 4,118
23 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ----------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) VIRGINIA (CONTINUED) Richmond Redevelopment & Housing Authority Series 1997, 4.00%, 2/25/99 (f) $ 15,650 $ 15,650 Peninsula Port Authority Series 1987 A, 3.05%, 3/16/99 1,200 1,200 Peninsula Port Authority (CSX Transportation Services), 2.95%, 2/09/99 1,500 1,500 York County IDA PCRB (VEPCO), 3.45%, 2/24/99 (f) 5,000 5,000 - ----------------------------------------------------------------------------------------------------- 34,243 - ----------------------------------------------------------------------------------------------------- WASHINGTON 0.14% Washington State Refunding Series 1992 A, 6.00%, 9/01/99 1,250 1,267 - ----------------------------------------------------------------------------------------------------- WEST VIRGINIA 3.81% West Virginia HDA Interim Financing Notes (Private Placement), 3.25%, 2/26/99 (d) 4,030 4,030 West Virginia HDA Interim Financing Notes (Private Placement), 3.30%, 2/26/99 (d) 15,355 15,355 West Virginia HDA Interim Financing Notes (Private Placement), 3.25%, 3/01/99 (d) 10,615 10,615 West Virginia HDA Interim Financing Notes (Private Placement), 3.30%, 2/26/99 (d) 4,065 4,065 West Virginia HDA GO Notes Series 1997 A, 3.75%, 6/18/99 (f) 1,000 1,000 - ----------------------------------------------------------------------------------------------------- 35,065 - ----------------------------------------------------------------------------------------------------- WISCONSIN 0.58% State of Wisconsin Clean Water Revenue Series 1998, 4.00%, 6/01/99 1,800 1,803
24 CASH RESOURCE TRUST TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------ OTHER TAX-EXEMPT SECURITIES (CONTINUED) WISCONSIN (CONTINUED) Wisconsin GO Commercial Paper Notes, 2.85%, 3/10/99 $ 1,475 $ 1,475 Wisconsin State Operating Notes, 4.50%, 6/15/99 2,000 2,007 - ------------------------------------------------------------------------------------------------------ 5,285 - ------------------------------------------------------------------------------------------------------ TOTAL OTHER TAX-EXEMPT SECURITIES 469,233 - ------------------------------------------------------------------------------------------------------ OTHER 1.71% AIM - TFIC Institutional, 2.72%, 2/01/99 1,000 1,000 PNC MuniCash, 2.83%, 2/01/99 14,718 14,718 - ------------------------------------------------------------------------------------------------------ 15,718 - ------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $919,132) (c) 99.85% 919,132 - ------------------------------------------------------------------------------------------------------ OTHER ASSETS LESS LIABILITIES 0.15% 1,387 - ------------------------------------------------------------------------------------------------------ NET ASSETS 100.00% $920,519 - ------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 25 CASH RESOURCE TRUST CALIFORNIA TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) 43.92% Anaheim C.O.P. 1993 Refunding Project, 2.20%, 8/01/19 $ 3,400 $ 3,400 CA HFA Revenue Bond (Adventist Health) Series A, 2.25%, 8/01/21 3,500 3,500 CA HFA Revenue Bond (Health Facilities) Series A, 2.35%, 10/01/22 1,500 1,500 CA PCRB (Contra Costa Waste Service) Series A, 2.35%, 12/01/10 1,750 1,750 CA PCRB (Sanger Project) Series A, 2.30%, 9/01/20 3,000 3,000 CA Transit Finance Authority, 2.55%, 10/01/27 4,500 4,500 Corona MFHB (Country Hills Project) Series B, 2.30%, 2/01/20 3,000 3,000 Fremont MFHB (Creekside Village Apartments) Series D, 2.25%, 9/01/07 4,700 4,700 Irvine Public Facilities Capital Improvement, 2.25%, 11/01/10 3,160 3,160 Los Angeles CA Regional Airport Improvement Corporate Lease Revenue Series B, 3.25%, 12/01/24 2,800 2,800 Los Angeles CA Regional Airport Improvement Corporate Lease Revenue Series D, 3.25%, 12/01/24 500 500 Los Angeles CA Regional Airport Improvement Corporate Lease Revenue Series F, 3.25%, 12/01/24 700 700 Los Angeles CA Regional Airport Improvement Corporate Lease Revenue Series 1984 A, 3.25%, 12/01/24 400 400 Los Angeles County Pension Obligation Series C, 2.20%, 6/30/07 3,900 3,900 Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue Series A, 2.35%, 7/01/28 1,800 1,800
26 CASH RESOURCE TRUST CALIFORNIA TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) Rancho CA Water Distribution Finance Authority Series 1998 A, 2.30%, 8/15/29 $ 2,000 $ 2,000 Redlands CA C.O.P. (Sewer Facilities), 2.30%, 9/01/17 1,050 1,050 San Francisco City & County MFHB (Rincon Center Project) Series B, 2.40%, 12/01/06 960 960 Southern California Public Power Authority Power Project Revenue Bonds Series 1996 C, 2.20%, 7/01/17 2,200 2,200 - ------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 44,820 - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 53.29% CA PCRB (Pacific Gas & Electric) Series 1996 E, 3.00%, 2/16/99 (f) 6,500 6,500 CA PCRB (Pacific Gas & Electric) Series 1996 D, 2.60%, 2/18/99 (f) 3,000 3,000 CA State Revenue Anticipation Notes, 4.00%, 6/30/99 2,000 2,008 City of San Diego IDRB (San Diego Gas & Electric) Series 1995 A, 3.00%, 3/9/99 (f) 2,000 2,000 Kern County Board of Education, 4.25%, 6/30/99 4,000 4,011 Oakland Unified School District TRANS Series 1998-1999, 3.25%, 11/09/99 1,000 1,003 Los Angeles County Metropolitan Transit Authority TECP, 3.00%, 2/11/99 2,000 2,000 Los Angeles County Metropolitan Transit Authority TECP Series A, 2.65%, 2/16/99 600 600 Los Angeles County Metropolitan Transit Authority TECP Series A, 2.70%, 5/11/99 1,800 1,800 Los Angeles TRANS Series A, 4.00%, 6/30/99 4,000 4,007 Los Angeles UFSD TRANS Series A, 4.50%, 7/01/99 2,000 2,008 Los Angeles City Department of Water & Power, 3.00%, 2/04/99 1,100 1,100 Los Angeles City Department of Water & Power, 2.75%, 2/10/99 3,000 3,000
27 CASH RESOURCE TRUST CALIFORNIA TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) Sacramento County Office of Education Series 1998-1999, 3.50%, 1/21/00 $ 2,000 $ 2,011 Sacramento Municipal Utilities District Series I, 2.80%, 4/06/99 3,000 3,000 San Bernardino County TRANS, 4.50%, 9/30/99 600 605 San Diego CA Unified School District TRANS Series A, 4.50%, 10/01/99 1,000 1,011 San Diego Unified Port Series B, 2.90%, 2/10/99 2,000 2,000 San Diego Unified Port Series B, 2.65%, 2/23/99 1,500 1,500 San Diego California Unified School District, 4.50%, 9/30/99 1,200 1,213 San Francisco Bay Area Transit Series A, 2.60%, 2/24/99 1,500 1,500 San Francisco Bay Area Transit Series A, 2.75%, 4/06/99 1,500 1,500 San Joaquin County Transit Authority, 2.75%, 8/11/99 3,000 3,000 Santa Clara Insurance Funding, 4.50%, 4/01/99 (f) 1,000 1,002 Sonoma County CA TRANS, 4.50%, 2/01/99 2,000 2,000 Turlock CA Irrigation District Revenue Refunding Project Series A, 4.25%, 1/01/00 500 505 West Sacramento Redevelopement Agency Series 1998, 4.00%, 9/01/99 500 502 - -------------------------------------------------------------------------------------------------------- TOTAL OTHER TAX-EXEMPT SECURITIES 54,386 - -------------------------------------------------------------------------------------------------------- OTHER 2.17% California Money Fund, 2.40%, 2/01/99 2,215 2,215 - -------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $101,421) (c) 99.38% 101,421 - -------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 0.62% 635 - -------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $102,056 - --------------------------------------------------------------------------------------------------------
SEE NOTES TO PORTFOLIOS OF INVESTMENTS. 28 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) 38.27% Babylon NY IDA Series 1989, 3.25%, 12/01/24 $1,000 $ 1,000 Long Island Power Authority NY Sub-Series 6, 3.20%, 5/01/33 500 500 NY City Health & Hospital (Health Systems) Series 1997 A Bonds 1997, 2.50%, 2/15/26 400 400 NY City Housing Development MFHB (Columbus Apartments) Series A, 2.45%, 3/15/25 300 300 NY City Housing Development (Tribeca Towers) Columbus Gardens 1993 A, 2.35%, 2/01/07 200 200 NY City Cultural Resource Revenue Series 1990, 2.70%, 12/01/10 200 200 NY City Municipal Assistance Corporation Series F, 2.35%, 7/01/08 1,000 1,000 NY City Municipal Assistance Corporation Series K-2, 2.35%, 7/01/08 500 500 NY City Municipal Assistance Corporation Series K-3, 2.35%, 7/01/08 600 600 NY State Dormitory Authority Metropolitan Museum Series A, 2.35%, 7/01/15 290 290 NY State Energy R & D Authority PCRB Series 1994 A, 2.35%, 10/01/14 500 500 NY State Energy R & D Electric Facility Series B, 2.75%, 11/01/23 235 235 NY State Housing Finance Authority Normandie C&I Project, 2.35%, 5/15/15 300 300 NY State (LGAC) Series C, 2.35%, 4/01/25 400 400 NY State Medical Care (Pooled Equipment Loan Program II) Series A, 2.45%, 11/01/03 600 600 NY State Medical Care (Pooled Equipment Loan Program I) 2.60%, 11/01/15 200 200 Niagara County NY IDA Solid Waste Disposal (American Refueling Company) Series 1996 D, 2.50%, 11/15/26 400 400
29 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - -------------------------------------------------------------------------------------------------------- VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES (b) (CONTINUED) Niagara Falls Toll Revenue Series A, 2.35%, 10/01/19 $ 300 $ 300 Onondaga City NY IDRB (Southern Container Corporation Project-B), 2.60%, 12/01/07 515 515 Suffolk County Water Authority BANS, 2.45%, 2/08/01 300 300 - -------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 8,740 - -------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES 53.05% Erie County NY, 5.50%, 6/01/99 500 504 Half Hollow Hills CSD, 3.90%, 6/25/99 400 401 Long Island Power Authority NY Sub-Series 3, 2.90%, 6/14/99 400 400 Manhasset NY UFSD, 4.50%, 11/15/99 500 506 Metropolitan Transportation Authority Special Obligation Series 1998 B, 2.85%, 5/11/99 500 500 Metropolitan Transportation Authority NY City Special Obligation Series B, 2.90%, 5/11/99 500 500 Monroe County NY GO Series 1997 A, 4.90%, 6/01/99 (e) 300 301 Nassau County BANS Series X, 5.00%, 11/01/99 700 711 Monroe County NY GO Series 1997, 2.95%, 3/01/99 500 500 Niagara Falls Toll Revenue Series A, 5.60%, 10/01/99 200 203 NY Dormitory Authority (Sloan Kettering Cancer Center) Series 1996, 2.95%, 6/10/99 300 300 NY Dormitory Authority (Columbia University), 4.25%, 7/01/99 250 251 NY Dormitory Authority (Sloan Kettering Cancer Center) Series 1996, 2.95%, 2/18/99 800 800 NY State Dormitory Authority Series 1989 B, 2.80%, 4/01/99 400 400
30 CASH RESOURCE TRUST NEW YORK TAX-EXEMPT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS)
Principal Value Percent of Net Assets Amount (Note 2) - ------------------------------------------------------------------------------------------------------- OTHER TAX-EXEMPT SECURITIES (CONTINUED) NY State Environmental Solid Waste Disposal (GE Project) Series 1992 A, 2.85%, 2/03/99 $ 500 $ 500 NY State Environmental Solid Waste Disposal (GE Project) Series 1992 A, 2.75%, 2/02/99 500 500 NY State Environmental Quality Series 1997 A, 2.75%, 4/06/99 500 500 NY State Thruway Authority Series A, 4.40%, 3/01/99 900 900 NY City GO TECP Series J, J-2, 3.00%, 3/08/99 300 300 NY State Power Authority TECP Series H-3, 3.10%, 2/09/99 400 400 NY State Power Authority TECP Series 2, 3.05%, 3/01/99 500 500 NY State BANS TECP Series U, 2.85%, 3/04/99 500 500 Sachem CSD (Holbrook) Series 1997-98 TANS, 3.80%, 6/25/99 300 300 South Huntington NY UFSD, 3.90%, 6/30/99 500 501 Westchester County Health Series I, 2.85%, 4/07/99 500 500 Suffolk County NY (Water Authority BANS), 4.80%, 6/01/99 200 201 Suffolk County NY (Water Authority) Series B, 5.10%, 6/01/99 235 236 - ------------------------------------------------------------------------------------------------------- TOTAL OTHER TAX-EXEMPT SECURITIES 12,115 - ------------------------------------------------------------------------------------------------------- OTHER 8.29% PNC NYCash, 2.52%, 2/01/99 1,892 1,892 - ------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $22,747) (c) 99.61% 22,747 - ------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES 0.39% 90 - ------------------------------------------------------------------------------------------------------- NET ASSETS 100.00% $22,837 - -------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 31 CASH RESOURCE TRUST NOTES TO PORTFOLIOS OF INVESTMENTS JANUARY 31, 1999 (UNAUDITED) (IN THOUSANDS) - -------------------------------------------------------------------------------- Interest rates disclosed represent annualized yield to date of maturity, except for floating rate securities described in (b). (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 Securities Act of 1933, as amended. (b) Floating Rate Securities - The rates shown are the effective rates at January 31, 1999. (c) For each security, cost (for financial reporting and federal income tax purposes) and carrying value are the same. (d) These securities are deemed illiquid because they can not be resold within seven business days from January 31, 1999. (e) These securities are traded at a discount. The rates shown represent the discount received at the time of purchase by the Fund. (f) These bonds have put features which provide the right to sell the bond at specific tender dates prior to final maturity. The put features shorten the effective maturity to the next tender date. INVESTMENT ABBREVIATIONS BANS - Bond Anticipation Note C.O.P. - Certificate Of Participation CA - California CSD - Consolidated School District DFA - Development Finance Authority EDA - Environmental Development Authority GDB - Government Development Bank GO - General Obligation HDA - Housing Development Authority HFA - Housing Finance Authority IDA - Industrial Development Authority IDB - Industrial Development Bond IDRB - Industrial Development Revenue Bond LGAC - Local Government Assistance Corporation MFHB - Multi-Family Housing Bond NY - New York PCRB - Pollution Control Revenue Bond PFA - Public Finance Authority PSA - Public School Authority R&D - Research and Development TANS - Tax Anticipation Notes TECP - Tax-Exempt Commercial Paper TRANS - Tax and Revenue Anticipation Notes UFSD - Unified Free School District VEPCO - Virginia Electric Power Company VHA - Veteran Housing Authority SEE NOTES TO FINANCIAL STATEMENTS. 32 CASH RESOURCE TRUST STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 1999 (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 $ 4,093,328 $ 3,269,051 $ 919,132 $ 101,421 $ 22,747 Repurchase agreements 558,385 388,440 - - - - ----------------------------------------------------------------------------------------------------------------------- Total investments 4,651,713 3,657,491 919,132 101,421 22,747 - ----------------------------------------------------------------------------------------------------------------------- Cash - - 8 - - Dividends and interest receivables 30,778 15,002 6,501 731 115 Organizational costs, net (Note 2) - - - 6 2 Other 89 - - - - - ----------------------------------------------------------------------------------------------------------------------- Total assets 4,682,580 3,672,493 925,641 102,158 22,864 - ----------------------------------------------------------------------------------------------------------------------- LIABILITIES Payables Investments purchased - - 4,122 - - Dividends 8,959 6,920 973 90 21 Accrued expenses and other liabilities 828 1,292 27 12 6 - ----------------------------------------------------------------------------------------------------------------------- Total liabilities 9,787 8,212 5,122 102 27 - ----------------------------------------------------------------------------------------------------------------------- NET ASSETS $ 4,672,793 $ 3,664,281 $ 920,519 $ 102,056 $ 22,837 - ----------------------------------------------------------------------------------------------------------------------- Net Asset Value per Share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Shares Outstanding 4,672,823 3,664,281 920,521 102,056 22,837 - -----------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 33 CASH RESOURCE TRUST STATEMENTS OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1999 (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 $ 116,044 $ 95,159 $ 14,812 $ 1,504 $ 324 - ------------------------------------------------------------------------------------------------------- EXPENSES Distribution fee (Note 3) 8,082 6,878 1,458 166 51 Transfer agent fee (Note 3) 3,796 2,655 286 41 7 Management fee (Note 3) 3,669 3,194 934 111 22 Registration expenses 1,131 828 208 28 5 Custodian and accounting fees (Note 3) 533 394 125 17 4 Administrative service fees (Note 3) 460 393 96 10 2 Shareholder reports and postage expenses 299 210 43 6 1 Legal fees 85 62 16 2 1 Audit fees 82 60 15 2 - Directors' fees and expenses 61 45 11 1 - Organizational expenses 11 46 1 1 - Miscellaneous 81 77 31 2 - - ------------------------------------------------------------------------------------------------------- Total expenses 18,290 14,842 3,224 387 93 - ------------------------------------------------------------------------------------------------------- Deduct Waiver of distribution fee - - - - 12 - ------------------------------------------------------------------------------------------------------- Net expenses 18,290 14,842 3,224 387 81 - ------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 97,754 80,317 11,588 1,117 243 - ------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 97,754 $ 80,317 $ 11,588 $ 1,117 $ 243 - -------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 34 CASH RESOURCE TRUST STATEMENTS OF CHANGES IN NET ASSETS (IN THOUSANDS)
U.S. Government Money Market Fund Money Market Fund ---------------------------------- ----------------------------------- Six Months Six Months Ended Year Ended Year 1/31/99 Ended 1/31/99 Ended (Unaudited) 7/31/98 (Uuaudited) 7/31/98 - ----------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS OPERATIONS Net investment income $ 97,754 $ 158,382 $ 80,317 $ 149,126 - --------------------------------------------------------------------------------------------------------------------------- Increase in net assets resulting from operations 97,754 158,382 80,317 149,126 - --------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS Net investment income (97,754) (158,382) (80,317) (149,126) Net realized gain on investments - - - (7) - --------------------------------------------------------------------------------------------------------------------------- Net decrease from distributions (97,754) (158,382) (80,317) (149,133) - --------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (AT $1.00 PER SHARE) Proceeds from sale of shares 9,707,272 16,482,466 9,109,467 13,879,934 Reinvested distributions 112,429 156,446 93,977 148,626 Shares redeemed (8,964,613) (15,762,812) (8,701,540) (13,784,887) - --------------------------------------------------------------------------------------------------------------------------- Net change in net assets resulting from capital share transactions 855,088 876,100 501,904 243,673 - --------------------------------------------------------------------------------------------------------------------------- Total increase in net assets 855,088 876,100 501,904 243,666 NET ASSETS Beginning of period 3,817,705 2,941,605 3,162,377 2,918,711 - --------------------------------------------------------------------------------------------------------------------------- End of period $ 4,672,793 $ 3,817,705 $ 3,664,281 $ 3,162,377 - ---------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 35 CASH RESOURCE TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) (IN THOUSANDS)
Tax Exempt California Tax-Exempt New York Tax-Exempt Money Market Fund Money Market Fund Money Market Fund ------------------------------- --------------------------- -------------------------- Six Months Six Months Six Months Ended Year Ended Year Ended Year 1/31/99 Ended 1/31/99 Ended 1/31/99 Ended (Unaudited) 7/31/98 (Unaudited) 7/31/98 (Unaudited) 7/31/98 - ------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS OPERATIONS Net investment income $ 11,588 $ 22,931 $ 1,117 $ 2,611 $ 243 $ 344 - ----------------------------------------------------------------------------------------------------------------------- Increase in net assets resulting from operations 11,588 22,931 1,117 2,611 243 344 - ----------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS Net investment income (11,588) (22,931) (1,117) (2,611) (243) (344) Net realized gain on investments - - - - - - - ----------------------------------------------------------------------------------------------------------------------- Net decrease from distributions (11,588) (22,931) (1,117) (2,611) (243) (344) - ----------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (AT $1.00 PER SHARE) Proceeds from sale of shares 1,992,486 3,375,194 204,668 412,868 45,863 68,863 Reinvested distributions 13,431 22,879 1,300 2,616 279 340 Shares redeemed (1,900,455) (3,326,630) (199,610) (409,218) (38,595) (65,984) - ----------------------------------------------------------------------------------------------------------------------- Net change in net assets resulting from capital share transactions 105,462 71,443 6,358 6,266 7,547 3,219 - ----------------------------------------------------------------------------------------------------------------------- Total increase in net assets 105,462 71,443 6,358 6,266 7,547 3,219 NET ASSETS Beginning of period 815,057 743,614 95,698 89,432 15,290 12,071 - ----------------------------------------------------------------------------------------------------------------------- End of period $ 920,519 $ 815,057 $ 102,056 $ 95,698 $ 22,837 $ 15,290 - -----------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS. 36 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS
Money Market Fund -------------------------------------- Six Months Ended Year 1/31/99 Ended (Unaudited) 7/31/98 - --------------------------------------------------------- -------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 - ----------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.023 0.048 DISTRIBUTIONS Net investment income (0.023) (0.048) - ----------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 - ------------------------------------------------------------------------ TOTAL RETURN 2.34%(b) 4.95% - ------------------------------------------------------------------------ RATIOS / SUPPLEMENTAL DATA - ------------------------------------------------------------------------ Net assets, end of period (in thousands) $4,672,793 $3,817,705 Ratio of expenses to average net assets 0.86%(a) 0.84% Ratio of expenses to average net assets excluding waivers 0.86%(a) 0.84% Ratio of net investment income to average net assets 4.59%(a) 4.84% - ------------------------------------------------------------------------ Money Market Fund ------------------------------------------------------------------ Year Year Year Period Ended Ended Ended Ended 7/31/97 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 0.047 ** 0.050 0.050 ** 0.020 DISTRIBUTIONS Net investment income (0.047) (0.050) (0.050)** (0.020) - ---------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------------- TOTAL RETURN 4.77% 4.91% 4.97% 1.83%(b) - ---------------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 2,941,605 $646,500 $ 422,657 $ 192,260 Ratio of expenses to average net assets 0.86% 0.82% 0.82% 0.89%(a) Ratio of expenses to average net assets excluding waivers 0.86% 0.82% 0.82% 0.93%(a) Ratio of net investment income to average net assets 4.67% 4.77% 4.96% 2.96%(a) - ----------------------------------------------------------------------------------------------------
(a) Annualized. (b) Total Return for periods less than one year are not annualized. * For the period from December 20, 1993 (commencement of operations) to July 31, 1994. ** Includes net realized capital gains (losses) which were less than $0.0005 per share. SEE NOTES TO FINANCIAL STATEMENTS. 37 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS (CONTINUED)
U.S. Government Money Market Fund ------------------------------------------ Six Months Ended Year 1/31/99 Ended (Unaudited) 7/31/98 - ---------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 - ---------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.022 0.048 DISTRIBUTIONS Net investment income (0.022) (0.048)** - ---------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 - ---------------------------------------------------------------------------- TOTAL RETURN 2.26% (b) 4.92% - ---------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - ---------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 3,664,281 $3,162,377 Ratio of expenses to average net assets 0.82%(a) 0.81% Ratio of expenses to average net assets excluding waivers 0.82%(a) 0.81% Ratio of net investment income to average net assets 4.43%(a) 4.80% - ---------------------------------------------------------------------------- U.S. Government Money Market Fund ------------------------------------------------------------------ Year Year Year Period Ended Ended Ended Ended 7/31/97 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 0.046 ** 0.050 0.050 ** 0.020 DISTRIBUTIONS Net investment income (0.046)** (0.050) (0.050) (0.020) - ---------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------------- TOTAL RETURN 4.72% 4.74% 4.82% 1.82%(b) - ---------------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 2,918,711 $1,402,397 $ 1,216,690 $ 907,819 Ratio of expenses to average net assets 0.81% 0.93% 0.88% 0.80%(a) Ratio of expenses to average net assets excluding waivers 0.81% 0.93% 0.88% 0.83%(a) Ratio of net investment income to average net assets 4.63% 4.63% 4.75% 2.91%(a) - ----------------------------------------------------------------------------------------------------
(a) Annualized. (b) Total Return for periods less than one year are not annualized. * For the period from December 20, 1993 (commencement of operations) to July 31, 1994. ** Includes net realized capital gains (losses) which were less than $0.0005 per share. SEE NOTES TO FINANCIAL STATEMENTS. 38 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS (CONTINUED)
Tax-Exempt Money Market Fund --------------------------------------------------- Six Months Ended Year Year 1/31/99 Ended Ended (Unaudited) 7/31/98 7/31/97 - ----------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.013 0.029 0.029 DISTRIBUTIONS Net investment income (0.013) (0.029) (0.029) - ---------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 - ---------------------------------------------------------------------------------------------- TOTAL RETURN 1.40% (b) 2.96% 2.91% - ---------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 920,519 $815,057 $ 743,614 Ratio of expenses to average net assets 0.73% (a) 0.71% 0.71% Ratio of expenses to average net assets excluding waivers 0.73% (a) 0.71% 0.71% Ratio of net investment income to average net assets 2.62% (a) 2.91% 2.88% - ---------------------------------------------------------------------------------------------- Tax-Exempt Money Market Fund -------------------------------------------------- Year Year Period Ended Ended Ended 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 - --------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.030 0.030 ** 0.010 DISTRIBUTIONS Net investment income (0.030) (0.030) (0.010) - --------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 - --------------------------------------------------------------------------------------------- TOTAL RETURN 2.90% 3.05% 1.16% (b) - --------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $290,891 $ 266,895 $ 195,702 Ratio of expenses to average net assets 0.76% 0.72% 0.65% (a) Ratio of expenses to average net assets excluding waivers 0.76% 0.74% 0.74% (a) Ratio of net investment income to average net assets 2.85% 3.01% 1.87% (a) - ---------------------------------------------------------------------------------------------
(a) Annualized. (b) Total Return for periods less than one year are not annualized. * For the period from December 20, 1993 (commencement of operations) to July 31, 1994. ** Includes net realized capital gains (losses) which were less than $0.0005 per share. SEE NOTES TO FINANCIAL STATEMENTS. 39 CASH RESOURCE TRUST FINANCIAL HIGHLIGHTS (CONTINUED)
California Tax-Exempt Money Market Fund -------------------------------------------------------- Six Months Ended Year Period 1/31/99 Ended Ended (Unaudited) 7/31/98 7/31/97*** - ------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 - ------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.011 0.027 0.017 DISTRIBUTIONS Net investment income (0.011) (0.027) (0.017) - ------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 - ------------------------------------------------------------------------------------------- TOTAL RETURN 1.13% (b) 2.74% 1.76% (b) - ------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - ---------------------------------- Net assets, end of period (in thousands) $ 102,056 $ 95,698 $ 89,432 Ratio of expenses to average net assets 0.77% (a) 0.75% 0.75% (a) Ratio of expenses to average net assets excluding waivers 0.77% (a) 0.75% 0.75% (a) Ratio of net investment income to average net assets 2.22% (a) 2.70% 2.70% (a) - ------------------------------------------------------------------------------------------- New York Tax-Exempt Money Market Fund --------------------------------------------------------- Six Months Ended Year Period 1/31/99 Ended Ended (Unaudited) 7/31/98 7/31/97*** - -------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 - -------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.012 0.027 0.018 DISTRIBUTIONS Net investment income (0.012) (0.027) (0.018) - -------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 - -------------------------------------------------------------------------------------------- TOTAL RETURN 1.28% (b) 2.76% 1.77% (b) - -------------------------------------------------------------------------------------------- RATIOS / SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 22,837 $ 15,290 $ 12,071 Ratio of expenses to average net assets 0.80% (a) 0.80% 0.80% (a) Ratio of expenses to average net assets excluding waivers 0.92% (a) 0.92% 1.04% (a) Ratio of net investment income to average net assets 2.39% (a) 2.72% 2.77% (a) - --------------------------------------------------------------------------------------------
(a) Annualized. (b) Total Return for periods less than one year are not annualized. *** For the period from December 9, 1996 (commencement of operations) to July 31, 1997. SEE NOTES TO FINANCIAL STATEMENTS. 40 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1999 (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, 1999 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 the Money Market Fund and the U.S. Government Fund is to seek current income consistent with preservation of capital and maintenance of liquidity. The investment objective of each of the other Funds is to seek current income exempt from federal income tax (and, in the case of the California Tax-Exempt Fund, California personal income tax, or, in the case of the New York Tax-Exempt Fund, New York State and City personal income taxes) 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. 41 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) (a) Valuation of Securities Investments are stated at amortized cost, which approximates market value as permitted by Rule 2a-7 of the Investment Company Act of 1940. 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, if any, should be initiated. (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 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. 42 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) (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. Dividends for the immediately preceding month will be paid on the fifteenth day of each calendar month. Distributions from net realized capital gains, if any, are paid annually. (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, 1998, Money Market Fund for federal tax purposes, had a capital loss carryforward of approximately $30,000. Pursuant to the Code, such capital loss carryforwards expire in 2006. (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 Mentor Investment Advisors, LLC ("Mentor Advisors") the Funds' investment advisor provides investment advisory services to each of the Funds. Mentor Advisors is a wholly owned subsidiary of Mentor Investment Group, LLC ("Mentor") which is in turn a partially owned subsidiary of Wheat First Union ("Wheat"). EVEREN Capital Corporation owns 20% of the outstanding interest in Mentor. 43 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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. 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, 1999, Mentor Advisors earned the following advisory fees:
Management Fee Earned - -------------------------------------------- Money Market Fund $ 3,669,070 U.S. Government Fund 3,193,730 Tax-Exempt Fund 933,916 California Tax-Exempt Fund 110,540 New York Tax-Exempt Fund 22,308 - --------------------------------------------
Effective April 1, 1998, Administrative personnel and services are provided by Mentor, under an Administration Agreement, at an annual rate of 0.02% of the average daily net assets of each Fund. For the six months ended January 31, 1999, Mentor earned the following fees:
Administrative Fee Earned ---------------------------------------------- Money Market Fund $ 459,700 U.S. Government Fund 393,168 Tax-Exempt Fund 95,947 California Tax-Exempt Fund 10,059 New York Tax-Exempt Fund 2,043 - -----------------------------------------------
The Funds provided direct reimbursement to Mentor for certain legal and compliance, investor relation and operations related costs not covered under the Investment Management Agreement. For the six months ended January 31, 1999, the Money Market Fund, U.S. Government Fund, Tax-Exempt Fund, California Tax-Exempt Fund and New York Tax-Exempt Fund paid $122,316, $100,341, $24,395, $2,803 and $596, respectively to Mentor for these direct reimbursements. DISTRIBUTION AGREEMENT Under a Distribution Agreement, Mentor Distributors, LLC ("Mentor Distributors") a wholly-owned subsidiary of BISYS Fund Services, Inc., was appointed Distributor for each Fund. To compensate Mentor 44 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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 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 Tax-Exempt Fund and California Tax-Exempt Fund (the Plan provides for payments by the New York Tax-Exempt Fund at a rate of up to 0.50%, the Trustees have currently limited payments by this Fund to 0.38% of the Fund's average daily net assets). 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 (from any amounts received by it under the Plan or from its other resources) 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 (0.38% in the case of New York Tax-Exempt and 0.33% in the case of Tax-Exempt and California Tax-Exempt Funds). TRANSFER AGENCY 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 and EVEREN (from IFTC's own assets) for related services provided by Wheat and EVEREN directly to their clients. For the six months ended January 31, 1999, Wheat and EVEREN earned the following fees: 45 CASH RESOURCE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED)
EVEREN Wheat - ---------------------------------------------------- Money Market Fund $ 1,567,726 $ 738,403 U.S. Government Fund 486,347 1,335,698 Tax-Exempt Fund 73,004 82,817 California Tax-Exempt Fund 20,758 964 New York Tax-Exempt Fund - 1,139 - ----------------------------------------------------
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. NOTE 5: YEAR 2000 (UNAUDITED) The Funds receive services from a number of providers which rely on the effective functioning of their respective systems and the systems of others to perform those services. It is generally recognized that certain systems in use today may not be able to perform their intended functions effectively after 1999 because of the inability of computer software to distinguish the year 2000 from the year 1900. Mentor Advisors is taking steps that it believes are reasonably designed to address this potential year 2000 problem and to obtain satisfactory assurances that comparable steps are being taken by the Funds' other major service providers. There can be no assurance, however, that these steps will be sufficient to avoid any adverse impact on the Funds from this problem. 46 CASH RESOURCE TRUST SHAREHOLDER INFORMATION TRUSTEES Daniel J. Ludeman, TRUSTEE & CHAIRMAN Arch T. Allen, III, TRUSTEE Jerry R. Barrentine, TRUSTEE Arnold H. Dreyfuss, TRUSTEE Weston E. Edwards, TRUSTEE Thomas F. Keller, TRUSTEE Louis W. Moelchert, Jr., TRUSTEE J. Garnett Nelson, TRUSTEE Troy A. Peery, Jr., TRUSTEE Peter J. Quinn, Jr., TRUSTEE OFFICERS Paul F. Costello, PRESIDENT Managing Director Mentor Investment Group, LLC Terry L. Perkins, TREASURER & SECRETARY Senior Vice President Mentor Investment Group, LLC 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. Bulk Rate U.S. Postage PAID Mentor CASH RESOURCE TRUST 901 East Byrd Street Richmond, VA 23219 (800) 869-6042 Cash Resource Trust ------------------------------------- SEMI-ANNUAL REPORT ------------------------------------- January 31, 1999 [MENTOR INVESTMENT GROUP LOGO] -----END PRIVACY-ENHANCED MESSAGE-----