-----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, M+OxydxYR/yONLtjwH4B5hcTXmARgJadk7BMg6nFHHrn/O78+sZbKXZB1UqsrPnS MD5+lVC5djX1idSWgEQyaQ== 0000950109-99-003597.txt : 19991018 0000950109-99-003597.hdr.sgml : 19991018 ACCESSION NUMBER: 0000950109-99-003597 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990731 FILED AS OF DATE: 19991006 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: 99724006 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 [GRAPHIC OF CASH APPEARS HERE] MENTOR ------------------- CASH RESOURCE TRUST ANNUAL REPORT JULY 31, 1999 Cash Resource Trust Annual Report Shareholder Letter for period ended July 31, 1999 Dear Shareholder, On behalf of Mentor Investment Advisors and our associates, we would like to take this opportunity to thank you for your investment in Cash Resource Trust (CRT). This report reaffirms our commitment to our shareholders and details the financial performance of CRT for the period ended July 31, 1999. Founded in 1970, Mentor Investment Group is an investment advisory firm with more than $13 billion under management. We pride ourselves on a strong heritage of providing quality service and a variety of investment choices that help meet our shareholders' objectives. Continued Strength in the Domestic Economy Early in the fiscal period, stock markets around the world declined dramatically during the summer and into the early fall of 1998. The Federal Reserve lowered interest rates three separate times in order to help stabilize global markets and these actions successfully restored investor confidence. As a result, the U.S. stock market rallied strongly in the final quarter of 1998 and into the first half of 1999. During the first quarter of 1999, a handful of large capitalization growth stocks, technology stocks in particular, continued to dominate market performance. During the second quarter, participation broadened to include both value stocks and small company stocks: two areas that had disappointed investors for several years. The recent growth in these areas may be a sign that the record bull market is repositioning itself to continue. Inflation fears persist, however, and the Federal Reserve increased interest rates in June and again in late August in an effort to contain stock and bond prices. Investors will watch carefully to see whether there will be a third rate increase in October. Despite the anxiety over interest rates, many experts agree that the economy is still fundamentally strong, and we remain cautiously optimistic about the prospects for continued growth in the markets. Sincerely, Mentor Investment Advisors, LLC 1 Cash Resource Trust Financial Highlights (For a share outstanding throughout each period)
California Tax-Exempt Money Market Fund ----------------------------- Year Year Period Ended Ended Ended 7/31/99 7/31/98 7/31/97(a) - ---------------------------------------------------------------------------- Per Share Operating Performance Net asset value, beginning of period $1.000 $1.000 $1.000 Income from investment operations Net investment income 0.022 0.027 0.017 Distributions Net investment income (0.022) (0.027) (0.017) - ---------------------------------------------------------------------------- Net assets value, end of period $1.000 $1.000 $1.000 - ---------------------------------------------------------------------------- Total return 2.22% 2.74% 1.76% - ---------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------- Net assets, end of period (thousands) $105,897 $95,698 $89,432 Ratio of expenses to average net assets 0.78% 0.75% 0.75%* Ratio of net investment income to average net assets 2.24% 2.70% 2.70%* - ----------------------------------------------------------------------------
* Annualized. (a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997. # Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 2 Cash Resource Trust Financial Highlights (continued) (For a share outstanding throughout each period)
Money Market Fund - ------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/99 7/31/98 7/31/97 7/31/96 7/31/95 - ------------------------------------------------------------------------------------------- $1.000 $1.000 $1.000 $1.000 $1.000 0.044 0.048 0.047# 0.050 0.050# (0.044) (0.048) (0.047) (0.050) (0.050)# - ------------------------------------------------------------------------------------------- $1.000 $1.000 $1.000 $1.000 $1.000 - ------------------------------------------------------------------------------------------- 4.49% 4.95% 4.77% 4.91% 4.97% - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- $4,848,971 $3,817,705 $2,941,605 $646,500 $422,657 0.85% 0.84% 0.86% 0.82% 0.82% 4.35% 4.84% 4.67% 4.77% 4.96% - -------------------------------------------------------------------------------------------
3 Cash Resource Trust Financial Highlights (continued) (For a share outstanding throughout each period)
New York Tax-Exempt Money Market Fund ---------------------------- Year Year Period Ended Ended Ended 7/31/99 7/31/98 7/31/97(a) - --------------------------------------------------------------------------- Per Share Operating Performance Net asset value, beginning of period $1.000 $1.000 $1.000 Income from investment operations Net investment income 0.024 0.027 0.018 Distributions Net investment income (0.024) (0.027) (0.018) - --------------------------------------------------------------------------- Net assets value, end of period $1.000 $1.000 $1.000 - --------------------------------------------------------------------------- Total return 2.44% 2.76% 1.77% - --------------------------------------------------------------------------- Ratios/Supplemental Data - --------------------------------------------------------------------------- Net assets, end of period (thousands) $20,642 $15,290 $12,071 Ratio of expenses to average net assets 0.80% 0.80% 0.80%* Ratio of net investment income to average net assets 2.32% 2.72% 2.77%* - ---------------------------------------------------------------------------
* Annualized. (a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997. # Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 4 Cash Resource Trust Financial Highlights (continued) (For a share outstanding throughout each period)
Tax-Exempt Money Market Fund - --------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/99 7/31/98 7/31/97 7/31/96 7/31/95 - --------------------------------------------------------------------------------------------- $1.000 $1.000 $1.000 $1.000 $1.000 0.026 0.029 0.029 0.030 0.030# (0.026) (0.029) (0.029) (0.030) (0.030) - --------------------------------------------------------------------------------------------- $1.000 $1.000 $1.000 $1.000 $1.000 - --------------------------------------------------------------------------------------------- 2.63% 2.96% 2.91% 2.90% 3.05% - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- $832,080 $815,057 $743,614 $290,891 $266,895 0.73% 0.71% 0.71% 0.76% 0.72% 2.53% 2.91% 2.88% 2.85% 3.01% - ---------------------------------------------------------------------------------------------
5 Cash Resource Trust Financial Highlights (continued) (For a share outstanding throughout each period)
U.S. Government Money Market Fund ----------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/99 7/31/98 7/31/97 7/31/96 7/31/95 - -------------------------------------------------------------------------------------- Per Share Operating Performance Net asset value, beginning of period $1.000 $1.000 $1.000 $1.000 $1.000 Income from investment operations Net investment income 0.043 0.048 0.046# 0.050 0.050# Distributions Net investment income (0.043) (0.048)# (0.046) (0.050) (0.050) - -------------------------------------------------------------------------------------- Net assets value, end of period $1.000 $1.000 $1.000 $1.000 $1.000 - -------------------------------------------------------------------------------------- Total return 4.28% 4.92% 4.72% 4.74% 4.82% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (thousands) $3,576,798 $3,162,377 $2,918,711 $1,402,397 $1,216,690 Ratio of expenses to average net assets 0.82% 0.81% 0.81% 0.93% 0.88% Ratio of net investment income to average net assets 4.27% 4.80% 4.63% 4.63% 4.75% - --------------------------------------------------------------------------------------
# Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 6 Cash Resource Trust California Tax-Exempt Money Market Fund Schedule of Investments July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations - 99.3% California - 99.3% Assoc. of Bay Area Govt., Fin. Auth. Nonprofit Corp., Marin Academy Proj., (LOC: Allied Irish Bank), 2.60%, VRDN $2,000,000 $ 2,000,000 California Dept. of Veteran Affairs Muni. Securities, Trust Certificates, (Ins. by AMBAC), 3.25%, 10/4/99 5,000,000 5,000,000 California EDA RB, Coast Grain Co. Proj., (LOC: Bank of America, N.A.), 2.75%, VRDN 3,750,000 3,750,000 California GO, (LOC: Societe Generale Bank, S.A. & Ins. by FGIC), 3.10%, VRDN 1,900,000 1,900,000 California HFA RB, (LOC: Merrill Lynch & Co.), 3.50%, 2/10/00 5,605,000 5,605,000 California Hlth. Facs. Fin. Auth. RB: Catholic Healthcare West Proj. Ser. 96D, (LOC: Rabobank Nederland & Ins. by MBIA), 2.65%, VRDN 2,500,000 2,500,000 Scripps Hlth. Proj. Ser. A, (LOC: Bank of America, N.A. & Ins. by MBIA), 2.55%, VRDN 1,500,000 1,500,000 California Statewide CDA: MHRB, (LOC: Merrill Lynch & Co.), 3.16%, VRDN 4,800,000 4,800,000 Nichols Pistachio Proj. RB, (LOC: Bank of America, N.A.), 2.75%, VRDN 1,000,000 1,000,000 Sutter Hlth. Obl. Group, (LOC: Indl. Bank of Japan, Ltd. & Ins. by AMBAC), 3.75%, VRDN 4,400,000 4,400,000 TRAN, Ser. A, (Ins. by FSA), 4.00%, 6/30/00 5,000,000 5,035,367 California Transit Fin. Auth. RB, (LOC: Credit Suisse First Boston & Ins. by FSA), 2.70%, VRDN 4,500,000 4,500,000 Central Valley, CA Sch. Fin. Auth., TRAN, 3.50%, 1/27/00 2,250,000 2,250,483 Corona, CA MHRB, Country Hills Proj., (LOC: Bank of America, N.A.), 2.65%, VRDN 3,000,000 3,000,000 East Bay, CA Muni. Util. Wtr. Sys., 7.50%, 6/1/00 1,750,000 1,841,472 Irvine, CA Pub. Facs. RB, Capital Impt. Proj., (LOC: Bay Hypotheken-und), 2.60%, VRDN 3,160,000 3,160,000 Los Angeles Cnty., CA Metro. Trans. Auth. Sales Tax RB, Ser. A, (LOC: Bay Hypotheken-und & NatwestBank, Plc), 2.95%, 8/9/99 1,000,000 1,000,000
7 Cash Resource Trust California Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) California (continued) Los Angeles, CA Dept. of Wtr. & Pwr., (LOC: Toronto Dominion Bank), 2.90%, 8/10/99 $1,100,000 $ 1,100,000 Newport Beach, CA Hoag Mem. Hosp. Proj. RB, (LOC: Bank of America, N.A.), 3.35%, VRDN 1,200,000 1,200,000 Oakland, CA Unified Sch. Dist., TRAN, 3.25%, 11/9/99 1,000,000 1,001,198 Orange Cnty., CA Apt. Dev. RB, (LOC: Banque Paribas), 2.90%, VRDN 3,800,000 3,800,000 Oxnard, CA IDA, 2.90%, VRDN 1,645,000 1,645,000 Pasadena, CA COP, Rose Bowl Impt. Proj., (LOC: Canadian Imperial Bank), 2.55%, VRDN 2,200,000 2,200,000 Pitney Bowes Credit Corp. Leasetops, Certificate Ser. 1999 1, (Ins. by AMBAC), 3.80%, 7/12/00 (a) 4,500,000 4,500,000 Sacramento Cnty., CA: MHRB, (COLL: FNMA), 2.65%, VRDN 4,400,000 4,400,000 TRAN, 3.50%, 1/21/00 2,000,000 2,005,527 Sacramento, CA Muni. Util., Ser. I, (LOC: Bayerische Landesbanken), 2.75%, 8/5/99 1,000,000 1,000,000 San Bernardino Cnty., CA, TRAN, 4.50%, 9/30/99 1,450,000 1,453,250 San Diego Cnty., CA, TRAN, 4.50%, 9/30/99 1,200,000 1,203,331 San Diego, CA Unified Port Auth., (LOC: Credit Suisse First Boston): 3.05%, 9/15/99 1,500,000 1,500,000 3.25%, 2/23/00 2,000,000 2,000,000 San Diego, CA Unified Sch. Dist., TRAN, Ser. A, 4.50%, 10/1/99 1,000,000 1,002,706 San Francisco, CA Bay Area Transit, Ser. A, (LOC: United Bank of Switzerland AG), 2.80%, 8/6/99 2,500,000 2,500,000 San Francisco, CA City & Cnty. Commission Intl. Arpt. RB, (LOC: Chase Manhattan Bank & Ins. by FGIC), 3.25%, VRDN 5,000,000 5,000,000 San Francisco, CA City & Cnty. Edl. Facs. RB, 6.00%, 6/15/00 2,895,000 2,958,911 San Jacinto, CA Unified Sch. Dist., (LOC: Natwest Bank, Plc & Ins. by FSA), 2.70%, VRDN 1,160,000 1,160,000
8 Cash Resource Trust California Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) California (continued) San Joaquin Cnty., CA Trans. Auth., (LOC: Westdeutsche Landesbanken), 2.75%, 8/11/99 $3,000,000 $ 3,000,000 Sonoma Cnty., CA, TRAN, 3.50%, 2/1/00 200,000 200,397 Southern California Metro. Wtr. Dist., (LOC: Morgan Gty. Trust), 2.90%, VRDN 1,995,000 1,995,000 Turlock, CA Irrigation Dist.: COP, (LOC: Societe Generale), 2.65%, VRDN 2,100,000 2,100,000 RB, (Ins. by MBIA), 4.25%, 1/1/00 500,000 502,453 Watereuse Fin. Auth. CA RB, (LOC: Credit Suisse First Boston & Ins. by FSA), 2.70%, VRDN 2,000,000 2,000,000 West Sacramento, CA Redev. Agy., (Ins. by MBIA), 4.00%, 9/1/99 500,000 500,289 - ------------------------------------------------------------------------------ Total Investments (cost $105,170,384) - 99.3% 105,170,384 Other Assets and Liabilities - net - 0.7% 726,905 - ------------------------------------------------------------------------------ Net Assets - 100.0% $105,897,289 - ------------------------------------------------------------------------------
See Notes to Schedules of Investments. 9 Cash Resource Trust Money Market Fund Schedule of Investments July 31, 1999
Principal Amount Value - --------------------------------------------------------------------------- Commercial Paper - 74.7% Asset-Backed - 37.1% Alpine Securitization Corp.: 5.12%, 8/10/99 $ 49,048,000 $ 48,985,219 5.12%, 8/19/99 50,000,000 49,872,000 Atlantic Asset Securitization: 5.11%, 8/4/99 77,825,000 77,791,859 5.13%, 8/18/99 34,647,000 34,563,068 5.14%, 8/20/99 43,196,000 43,078,819 Bavaria Universal Funding: 5.12%, 8/12/99 75,000,000 74,882,666 5.13%, 8/26/99 120,000,000 119,572,500 5.14%, 8/18/99 100,000,000 99,757,278 Concord Minutemen: 5.12%, 8/3/99 80,000,000 79,977,244 5.14%, 8/12/99 50,000,000 49,921,472 5.15%, 8/13/99 80,000,000 79,862,667 Falcon Asset Securitization, 5.10%, 8/12/99 100,000,000 99,844,167 Glencore Asset Funding Corp., 5.14%, 8/11/99 93,507,000 93,373,493 Gotham Funding Corp., (LOC: Bank of Tokyo- Mitsubishi Ltd.): 5.16%, 8/16/99 30,000,000 29,935,500 5.18%, 8/17/99 41,818,000 41,721,726 5.20%, 8/12/99 41,649,000 41,582,824 Greenwich Funding Corp.: 5.10%, 9/14/99 85,000,000 84,470,167 5.15%, 8/5/99 50,000,000 49,971,389 Harley Davidson Dealer Funding, 5.14%, 8/24/99 29,350,000 29,253,618 Lexington Parker Capital Corp.: 5.12%, 8/9/99 100,000,000 99,886,222 5.13%, 8/9/99 100,000,000 99,886,000 Lyon Short-Term Funding Corp: 5.12%, 8/2/99 37,148,000 37,142,717 5.12%, 8/12/99 38,051,000 37,991,471 5.13%, 8/2/99 51,257,000 51,249,696
10 Cash Resource Trust Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Commercial Paper (continued) Asset-Backed (continued) Moat Funding LLC: 5.15%, 8/19/99 $ 50,000,000 $ 49,871,250 5.22%, 10/8/99 50,000,000 49,507,000 5.25%, 8/27/99 60,000,000 60,000,000 Park Avenue Recreation Corp., 5.12%, 8/6/99 35,000,000 34,975,111 Special Purpose Accounts Receivables, 5.10%, 8/9/99 48,600,000 48,544,920 - ------------------------------------------------------------------------------- Total Asset-Backed 1,797,472,063 - ------------------------------------------------------------------------------- Banks - 4.0% Commerzbank AG: 5.08%, 2/11/00 20,000,000 19,991,171 5.17%, 4/19/00 100,000,000 99,979,263 Morgan J.P. & Co., Inc., 4.87%, 12/10/99 21,000,000 20,627,851 Svenska Handelsbanken, Inc., 4.81%, 8/11/99 55,000,000 54,926,514 - ------------------------------------------------------------------------------- Total Banks 195,524,799 - ------------------------------------------------------------------------------- Brokers - 3.1% Credit Suisse First Boston Corp., 4.82%, 8/9/99 100,000,000 99,892,889 Merrill Lynch & Co., 4.80%, 8/2/99 50,000,000 49,993,333 - ------------------------------------------------------------------------------- Total Brokers 149,886,222 - ------------------------------------------------------------------------------- Finance & Insurance - 30.5% Abbey Natl. North America, 5.00%, 9/8/99 75,000,000 74,604,167 Aetna Svcs., Inc., 5.13%, 8/12/99 85,000,000 84,866,763 Barton Capital Corp: 5.12%, 8/12/99 83,507,000 83,376,358 5.13%, 8/18/99 48,116,000 47,999,439 Budget Funding Corp., 5.12%, 8/25/99 61,105,000 60,896,428 Ciesco LP, 5.03%, 8/11/99 84,700,000 84,581,655 Delaware Funding Corp., 5.05%, 8/16/99 109,000,000 108,770,646 Enterprise Funding Corp., (LOC: NationsBanc, N.A.) 5.17%, 9/16/99 50,000,000 49,669,694 General Electric Capital Corp., 4.82%, 8/5/99 100,000,000 99,946,445 Montana Blanc Capital Corp., 5.12%, 8/19/99 67,451,000 67,278,325
11 Cash Resource Trust Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ---------------------------------------------------------------------------- Commercial Paper (continued) Finance & Insurance (continued) Monte Rosa Capital Corp: 5.11%, 8/11/99 $ 60,500,000 $ 60,414,123 5.12%, 8/16/99 60,000,000 59,872,000 5.12%, 8/20/99 41,181,000 41,069,720 5.13%, 8/24/99 74,152,000 73,908,967 Moriarty Ltd., 5.18%, 10/14/99 70,000,000 69,254,656 Societe Generale, 5.22%, 10/6/99 89,500,000 89,499,877 Trident Capital Fin., Inc.: 5.12%, 9/10/99 90,000,000 89,488,000 5.13%, 9/8/99 100,000,000 99,458,500 Union Bank of Switzerland Fin., Inc., 4.87%, 9/17/99 75,000,000 74,523,146 Westways Funding, 5.13%, 8/18/99 59,792,000 59,647,154 - ---------------------------------------------------------------------------- Total Finance & Insurance 1,479,126,063 - ---------------------------------------------------------------------------- Total Commercial Paper (cost $3,622,009,147) 3,622,009,147 - ---------------------------------------------------------------------------- Corporate Bonds & Notes - 18.8% Advertising & Related Services - 1.1% Caterpillar Finl. Svcs., 5.77%, 7/21/00 50,000,000 50,000,000 Walker & Associates, 5.18%, 8/4/99 4,200,000 4,200,000 - ---------------------------------------------------------------------------- Total Advertising & Related Services 54,200,000 - ---------------------------------------------------------------------------- Asset-Backed - 1.0% 1800 Harrison Foundation, 4.95%, 8/30/99 (a) 27,000,000 27,000,000 Morganite Inds., Inc., 5.18%, VRDN 20,000,000 20,000,000 - ---------------------------------------------------------------------------- Total Asset-Backed 47,000,000 - ---------------------------------------------------------------------------- Banks - 5.8% Abbey Natl. Treasury Svcs. Plc, 4.85%, 8/17/99 76,000,000 75,997,268 Bank One, N.A. MTN, 5.875%, 8/2/99 22,000,000 22,000,174 Fleet Finl. Group, Inc., 7.625%, 12/1/99 30,280,000 30,484,378 Harris Trust & Savings Bank Chicago, IL, 5.00%, 1/27/00 100,000,000 100,000,000 NationsBanc, N.A., 4.92%, 3/16/00 50,000,000 49,990,793 - ---------------------------------------------------------------------------- Total Banks 278,472,613 - ----------------------------------------------------------------------------
12 Cash Resource Trust Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------ Corporate Bonds & Notes (continued) Brokers - 6.0% Bear Stearns Cos., Inc. MTN, 5.74%, 7/16/00 $ 25,000,000 $ 25,000,000 Goldman Sachs Group LP: 5.41%, 2/25/00 50,000,000 50,000,000 MTN, 5.00%, 8/15/99 100,000,000 100,000,000 Lehman Brothers Holdings, Inc.: 6.12%, 4/28/00 3,500,000 3,497,227 6.50%, 7/18/00 45,460,000 45,595,500 Paine Webber Group, Inc.: 7.00%, 3/1/00 19,500,000 19,628,170 MTN, 5.93%, 7/21/00 45,000,000 45,000,000 8.00%, 5/9/00 4,000,000 4,063,540 - ------------------------------------------------------------------------------ Total Brokers 292,784,437 - ------------------------------------------------------------------------------ Finance & Insurance - 4.8% Carolina Medi Plan, Inc., 5.18%, VRDN 50,000,000 50,000,000 CC USA, Inc., 5.50%, VRDN 50,000,000 50,000,000 Evans St. Properties, LLC, 5.18%, 8/4/99 3,500,000 3,500,000 Finova Capital Corp. MTN, 5.875%, 7/20/00 25,000,000 24,993,230 General Motors Acceptance Corp. MTN: 6.375%, 4/4/00 10,000,000 10,044,830 6.625%, 6/8/00 24,000,000 24,174,347 National Rural Util. Cooperative MTN: 4.92%, 9/21/99 45,000,000 45,000,000 5.32%, 10/28/99 25,000,000 25,000,000 - ------------------------------------------------------------------------------ Total Finance & Insurance 232,712,407 - ------------------------------------------------------------------------------ Retailing & Wholesale - 0.1% Barton Healthcare, LLC, 5.25%, VRDN 4,155,000 4,155,000 - ------------------------------------------------------------------------------ Total Corporate Bonds & Notes (cost $909,324,457) 909,324,457 - ------------------------------------------------------------------------------
13 Cash Resource Trust Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipals - 1.7% Massachusetts Nursing Homes, 5.25% VRDN $ 6,155,000 $ 6,155,000 Virginia Hsg. Dev. Auth. RB, 5.18%, VRDN 75,390,000 75,390,000 - ------------------------------------------------------------------------------- Total Municipals (cost $81,545,000) 81,545,000 - ------------------------------------------------------------------------------- Repurchase Agreement - 0.7% (cost $35,987,956) Goldman Sachs & Company, dated 7/30/99, 5.12%, due 8/2/99, collateralized by $43,280,900 various U.S. Government Agency Securities, 6.00%-8.00%, 6/1/07-6/1/29; value including accrued interest $36,707,715 35,987,956 35,987,956 - ------------------------------------------------------------------------------- U.S. Agency Obligations - 4.2% FHLB: 4.95%, 2/4/00 20,000,000 19,986,656 4.98%, 3/29/00 60,000,000 59,942,713 5.10%, 3/3/00 20,000,000 19,990,954 FHLMC, 4.98%, 8/20/99 105,000,000 104,946,899 - ------------------------------------------------------------------------------- Total U.S. Agency Obligations (cost $204,867,222) 204,867,222 - ------------------------------------------------------------------------------- Total Investments (cost $4,853,733,782) - 100.1% 4,853,733,782 Other Assets and Liabilities net - (0.1)% (4,762,974) - ------------------------------------------------------------------------------- Net Assets - 100.0% $4,848,970,808 - -------------------------------------------------------------------------------
See Notes to Schedules of Investments. 14 Cash Resource Trust New York Tax-Exempt Money Market Fund Schedule of Investments July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations - 99.2% New York - 99.2% Amherst, NY IDA RB, (LOC: Marine Midland Bank), 3.25%, VRDN $ 940,000 $ 940,000 Battery Park City, NY Auth. Hsg. RB, Marina Towers Tender Corp.: (LOC: Sumitomo Bank), Ser. A, 4.80%, VRDN 595,000 595,000 Ser. B, 4.80%, VRDN 765,000 765,000 Long Island, NY Pwr. Auth. RB, Ser. 3, (LOC: Bayerische Landesbanken), 3.20%, 8/25/99 400,000 400,000 Manhasset, NY Union Free Sch. Dist., 4.50%, 11/15/99 500,000 502,086 Metro. Trans. Auth., NY Munitops Certificates Trust, Columbus McKinnon Corp. Proj., Ser.1999- 2, (SPA: ABN Amro Bank), 3.30%, 5/10/00 (a) 800,000 800,000 Nassau Cnty., NY General Impt. Bond, Ser. X, (Ins. by AMBAC), 5.00%, 11/1/99 700,000 703,713 Nassau Cnty., NY RAN, (LOC: Bank of NY), 4.25%, 3/15/00 1,000,000 1,003,936 New York Metro. Trans. Auth. Spl. Obl. BAN, (LOC: ABN Amro Bank), 3.10%, 9/9/99 1,000,000 1,000,000 New York State Dormitory Auth.: Mem. Sloan B Conv. RB, Ser. 89B, (LOC: Chase Manhattan Bank, N.A.), 3.40%, VRDN 200,000 200,000 RB, Ser. 1997-1A, (SPA: Commerzbank AG & Ins. by FGIC), 3.21%, VRDN 1,000,000 1,000,000 Spl. Obl. State Univ. Edl. Facs. Ser. A RB, (SPA: Commerzbank AG & Ins. by FGIC), 6.60%, 11/1/99 350,000 353,048 New York State Energy Research & Dev. Auth. PCRB: Adjusted Refunding New York State Electric & Gas Co., (LOC: Morgan Gty. Trust), 3.30%, VRDN 1,190,000 1,190,000 Niagara Mohawk Power Corp., Ser. A, (LOC: Toronto Dominion Bank), 3.45%, VRDN 1,300,000 1,300,000 New York State GO BAN, Ser. W, (LOC: Westdeutsche Landesbanken), 3.05%, 8/18/99 500,000 500,000
15 Cash Resource Trust New York Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) New York State Mtge. Agcy. RB, Ser. PA-87, (LIQ: Merrill Lynch & Co., Inc.), 3.24%, VRDN $ 667,000 $ 667,000 New York State Thruway Auth.: Svc. Contract RB, Ser. CMC7, (LIQ: Chase Manhattan Bank & Ins. by AMBAC), 3.15%, VRDN 800,000 800,000 Svc. Contract ROC RB, Ser. 1999-8, (LOC: Toronto Dominion & Ins. by MBIA), 3.16%, VRDN 800,000 800,000 RB, (LOC: Societe Generale), 3.40%, VRDN 1,400,000 1,400,000 Svc. Contract RB Local Highway & Bridge, Ser. A- 1, 4.50%, 4/1/00 1,000,000 1,006,467 Svc. Contract RB P-Float-PA 354, (LIQ: Merrill Lynch & Co., Inc.), 3.19%, VRDN 450,000 450,000 New York, NY City Transportation Fin. Auth. RB, Floater Certificates, Ser. 1998-27, (LIQ: Bank of America, N.A.), 3.18%, VRDN 1,400,000 1,400,000 Niagara Falls, NY Bridge Commission Toll RB, (Ins. by FGIC), 5.60%, 10/1/99 200,000 200,817 PFOTER, PPT-5, (LOC: Credit Suisse First Boston), 3.60%, 5/4/00 1,000,000 1,000,000 Power Auth. of NY, Ser. 2, (LOC: Morgan Gty. Trust), 3.20%, 9/1/99 500,000 500,000 Westchester Cnty., NY IDA Civic Facs. RB, (LOC: Bank of NY), 3.05%, VRDN 1,000,000 1,000,000 - ------------------------------------------------------------------------------ Total Investments (cost $20,477,067) - 99.2% 20,477,067 Other Assets and Liabilities net - 0.8% 164,764 - ------------------------------------------------------------------------------ Net Assets - 100.0% $ 20,641,831 - ------------------------------------------------------------------------------
See Notes to Schedules of Investments. 16 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations - 101.4% Alabama - 0.6% Montgomery, AL Spl. Care Facs., VHA Alabama Program, (LOC: Mellon Bank, N.A. & Ins. by AMBAC), 3.20%, VRDN $ 5,400,000 $ 5,400,000 - ------------------------------------------------------------------------------- Arizona - 0.1% Tucson, AZ IDA MHRB, Freedom Park Apts. Proj., (LOC: Sumitomo Bank, Ltd.), 4.70%, VRDN 1,000,000 1,000,000 - ------------------------------------------------------------------------------- Colorado - 0.5% Arapahoe Cnty. CO. IDA RB, Ser. A, (LOC: Key Bank, N.A.), 3.35%, VRDN 2,000,000 2,000,000 Colorado Hsg. & Fin. Auth. IDA RB, Worldwest LLC Proj., (LOC: Mercantile Bank), 3.50%, VRDN 2,500,000 2,500,000 - ------------------------------------------------------------------------------- 4,500,000 - ------------------------------------------------------------------------------- Connecticut - 3.6% Connecticut State GO, Puttable Tax Exempt Receipts, (LOC: Morgan Gty. Trust & Ins. by FGIC), 3.16%, VRDN 30,000,000 30,000,000 - ------------------------------------------------------------------------------- District of Columbia - 1.9% Washington, DC GO Ser. A-3, (LOC: Societe Generale), 3.50%, VRDN 6,300,000 6,300,000 Washington, DC Metro. Arpt. Auth. RB, (LOC: Bank of America, N.A.), 3.50%, VRDN 10,000,000 10,000,000 - ------------------------------------------------------------------------------- 16,300,000 - ------------------------------------------------------------------------------- Florida - 6.9% Alachua Cnty., FL Hlth. Facs. Auth., Shands Hosp. at Univ. of Florida, 5.50%, 12/1/99 205,000 206,339 Dade Cnty., FL Wtr. & Swr. Sys. RB, (LOC: Commerzbank AG & Ins. by FGIC), 3.00%, VRDN 15,000,000 15,000,000 Hillsborough Cnty., FL Sch. Board, (Ins. by AMBAC), 5.00%, 10/1/99 4,000,000 4,014,035
17 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Florida (continued) Jacksonville, FL Elec. Auth. RB, St. John River Proj., 4.00%, 10/1/99 $ 1,000,000 $ 1,000,894 Orange Cnty., FL Hlth. Facs. Auth.: Pooled Hosp. Loan Program, (LOC: Suntrust Bank & Ins. by MBIA), 3.35%, 9/15/99 6,300,000 6,300,000 Presbyterian Retirement Proj., (LOC: Bank of America, N.A.), 3.25%, VRDN 28,490,000 28,490,000 Pinellas Cnty., FL Edl. Facs., Pooled Independent Higher Ed. Loan Program, (LOC: Credit Suisse First Boston & Ins. by MBIA), 3.35%, 10/7/99 3,300,000 3,300,000 - ------------------------------------------------------------------------------- 58,311,268 - ------------------------------------------------------------------------------- Georgia - 0.3% Georgia State GO Ser. B, 5.50%, 3/1/00 2,250,000 2,280,677 - ------------------------------------------------------------------------------- Hawaii - 2.3% Hawaii State GO Ser. BU, 5.70%, 11/1/99 5,000,000 5,032,994 Hawaii State Hsg. Fin. & Dev. Corp., MSTR, (LOC: Chase Manhattan Bank, N.A.), 3.35%, VRDN 14,710,000 14,710,000 - ------------------------------------------------------------------------------- 19,742,994 - ------------------------------------------------------------------------------- Idaho - 0.7% Nez Pierce Cnty., IDA PCRB, Potlatch 84 Proj., (LOC: Credit Suisse First Boston), 3.30%, VRDN 6,300,000 6,300,000 - ------------------------------------------------------------------------------- Illinois - 9.8% Arcola, IL IDA RB, Herff Jones Inc., Proj., (LOC: Lasalle National Bank), 3.42%, VRDN 3,500,000 3,500,000 Chicago, IL Park Dist., TAN, 4.30%, 9/17/99 2,500,000 2,502,323 Chicago, IL GO Tender Notes, (LOC: Morgan Gty. Trust), 2.85%, 10/28/99 7,700,000 7,700,000 Chicago, IL O'Hare Int'l. Arpt. RB: 3.10%, VRDN 7,400,000 7,400,000 3.25%, VRDN 1,946,000 1,946,000
18 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Illinois (continued) Chicago, IL Var-Equip. Notes, (LOC: Harris Trust & Savings Bank), 3.05%, VRDN $15,000,000 $15,000,000 Gurnee, IL IDA RB, Kendall Manufacturing Co. Proj., (LOC: Harris Trust & Savings Bank), 3.25%, VRDN 5,200,000 5,200,000 Illinois State Toll Hwy. Auth., 1998 Ser. B, (LOC: Landesbank Hessen & Ins. by FSA), 3.15%, VRDN 8,000,000 8,000,000 Illinois Dev. Fin. Auth. IDA RB, Flinn Scientific, Inc. Proj., (LOC: Harris Trust & Savings Bank), 3.25%, VRDN 4,030,000 4,030,000 Illinois Metro. Pier & Expo Auth., (LOC: Merrill Lynch & Co, Inc. & Ins. by MBIA), 3.41%, VRDN 8,220,000 8,220,000 Illinois State GO, 3.50%, 3/1/00 5,000,000 5,011,304 Illinois Student Assistance Community RB, Ser. A, (LOC: Bank of America, N.A.), 3.25%, VRDN 14,700,000 14,700,000 - ------------------------------------------------------------------------------- 83,209,627 - ------------------------------------------------------------------------------- Indiana - 2.4% Fort Wayne, IN Hosp. Auth. RB, Parkview Mem. Hosp. Proj., (LOC: Bank of America, N.A.), 3.15%, VRDN 5,150,000 5,150,000 Indiana Hlth. Facs. Hosp. RB, Deaconess Hosp. Inc. Proj., (LOC: First National Bank of Chicago), 3.05%, VRDN 9,700,000 9,700,000 Indianapolis, IN MHRB, Canal Square Proj., (LOC: National City Bank), 3.25%, VRDN 5,700,000 5,700,000 - ------------------------------------------------------------------------------- 20,550,000 - ------------------------------------------------------------------------------- Iowa - 1.1% Iowa Fin. Auth. RB, Burlington Med. Ctr. Proj., (LOC: Firstar Bank & Ins. by FSA), 3.20%, VRDN 4,000,000 4,000,000 Iowa Student Loan Liquidity Corp., Ser. B, (LOC: Norwest Bank, N.A. & Ins. by AMBAC), 3.10%, VRDN 5,000,000 5,000,000 - ------------------------------------------------------------------------------- 9,000,000 - ------------------------------------------------------------------------------- Kansas - 0.4% Wyandotte Cnty., KS GO, (Ins. by AMBAC), 3.80%, 9/1/99 3,705,000 3,706,927 - -------------------------------------------------------------------------------
19 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Kentucky - 2.1% Boone Cnty., KY Indl. Bldg. RB (LOC: Bank of America, N.A.): Lyon Magnus East Proj., 3.50%, VRDN $ 1,500,000 $ 1,500,000 Lyon Magnus Proj., 3.50%, VRDN 1,620,000 1,620,000 Kentucky Higher Ed. Student Loan, (LOC: Landesbank Hessen & Ins. by MBIA), 3.20%, VRDN 2,500,000 2,500,000 Ohio Cnty, KY PCRB, Big Rivers Elec. Corp. Proj., Ser. 1985, (LOC: Credit Suisse First Boston & Ins. by AMBAC), 3.25%, VRDN 12,300,000 12,300,000 - ------------------------------------------------------------------------------- 17,920,000 - ------------------------------------------------------------------------------- Louisiana - 3.2% Louisiana Pub. Facs. Auth. Hosp., Willis-Knighton Med. Ctr. Proj., (Ins. by AMBAC), 3.25%, VRDN 13,000,000 13,000,000 New Orleans, LA GO, (Ins. by FGIC), 4.00%, 12/1/99 2,155,000 2,161,477 Saint James Parish, LA PCRB, Occidental Petroleum Corp. Proj., (LOC: Wachovia Bank N.A.), 3.05%, VRDN 11,500,000 11,500,000 - ------------------------------------------------------------------------------- 26,661,477 - ------------------------------------------------------------------------------- Maine - 0.0% Lewiston, ME Pub. Impt. Ser. A, (Ins. by MBIA), 4.20%, 5/15/00 345,000 346,850 - ------------------------------------------------------------------------------- Maryland - 3.6% Baltimore Cnty., MD PCRB, Baltimore Gas & Elec. Proj. (LOC: Toronto Dominion Bank & Chase Manhattan Bank), 2.90%, VRDN 6,500,000 6,500,000 Howard Cnty., MD MHRB, Sherwood Crossing Proj., (COLL: GNMA), 3.30%, 6/1/00 6,000,000 6,000,000 Maryland State GO, 5.30%, 10/15/99 2,000,000 2,009,273 Maryland State Hlth. Higher Ed. Facs., Catholic Hlth. Proj., (LOC: Toronto Dominion Bank), 3.15%, VRDN 9,600,000 9,600,000
20 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Maryland (continued) Montgomery Cnty., MD Pub. Impt. GO Ser. A, 4.00%, 5/1/00 $ 6,000,000 $ 6,042,099 - ------------------------------------------------------------------------------- 30,151,372 - ------------------------------------------------------------------------------- Massachusetts - 3.0% Massachusetts Bay Trans. Auth., Ser. A, 3.50%, 2/25/00 7,700,000 7,725,124 Massachusetts State BAN, 890 Commonwealth Ave. Realty Proj., (LOC: State Street Bank & Trust Co.), 3.40%, VRDN 2,600,000 2,600,000 Sudbury, MA BAN, 4.00%, 8/11/99 15,000,000 15,001,545 - ------------------------------------------------------------------------------- 25,326,669 - ------------------------------------------------------------------------------- Michigan - 3.5% Detroit, MI Sewage Disposal RB, (LOC: Morgan Gty. Trust & Ins. by MBIA), 3.15%, VRDN 16,000,000 16,000,000 Michigan State Strategic Fund, Van Andel Research Institute Proj., (LOC: Michigan National Bank), 3.15%, VRDN 13,500,000 13,500,000 - ------------------------------------------------------------------------------- 29,500,000 - ------------------------------------------------------------------------------- Minnesota - 2.4% Bloomington, MN Port Auth. Tax, 4.00%, 2/1/00 1,800,000 1,804,032 Minnesota State GO: 5.00%, 8/1/99 3,000,000 3,000,000 6.00%, 8/1/99 4,815,000 4,815,000 St. Paul, MN Port Auth. Tax Incremental RB, Westgate Office & Indl. Ctr. Proj., (LOC: U.S. Bank, N.A.), 3.15%, VRDN 10,300,000 10,300,000 - ------------------------------------------------------------------------------- 19,919,032 - ------------------------------------------------------------------------------- Missouri - 0.9% Missouri State Hsg. Dev. Commission, (LOC: Banco Santander, S.A. & COLL: GNMA), 3.24%, VRDN 7,245,000 7,245,000 - ------------------------------------------------------------------------------- Nebraska - 0.6% Nebraska Investment Fin. MHRB, Apple Creek Assoc. Proj., (LOC: Northern Trust Co.), 4.00%, VRDN 2,890,000 2,890,000
21 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ----------------------------------------------------------------------------- Municipal Obligations (continued) Nebraska (continued) Omaha, NE GO, 4.20%, 12/15/99 $ 1,795,000 $ 1,802,515 - ----------------------------------------------------------------------------- 4,692,515 - ----------------------------------------------------------------------------- New Hampshire - 1.5% New Hampshire Higher Edl. & Hlth. VHA New England Program: (LOC: Mellon Bank, N.A. & Ins. by AMBAC), 1985 Ser. B, 3.20%, VRDN 4,400,000 4,400,000 1985 Ser. D, 3.20%, VRDN 1,600,000 1,600,000 1985 Ser. G, 3.20%, VRDN 6,725,000 6,725,000 - ----------------------------------------------------------------------------- 12,725,000 - ----------------------------------------------------------------------------- New York - 4.4% Long Island, NY Pwr. Auth., Ser. 1 1998, (LOC: Bayerische Landesbanken), 3.15%, 8/4/99 5,000,000 5,000,000 New York City, NY Wtr. Fin. Auth. Ser. 5, (LOC: Westdeutsche Landesbanken): 3.15%, 9/15/99 3,000,000 3,000,000 3.25%, VRDN 2,000,000 2,000,000 New York State Dormitory Auth. RB, (LOC: Merrill Lynch & Co., Inc. & Ins. by AMBAC), 3.19%, VRDN 13,405,000 13,405,000 New York State Thruway Auth.: MSTR, (LOC: Chase Manhattan Bank, N.A. & Ins. by AMBAC), 3.15%, VRDN 6,400,000 6,400,000 RB, (LOC: Societe Generale), 3.40%, VRDN 4,100,000 4,100,000 Tax Exempt Variable Rate Demand Certificate, (LIQ: Citibank & Ins. by FGIC), 3.10%, VRDN (a) 3,000,000 3,000,000 - ----------------------------------------------------------------------------- 36,905,000 - ----------------------------------------------------------------------------- North Carolina - 10.2% Charlotte, NC GO, 5.00%, 2/1/00 5,895,000 5,953,779 Durham, NC Wtr. & Swr. Util. Sys., Ser. 1994, (LOC: Wacovia Bank, N.A.), 3.25%, VRDN 4,800,000 4,800,000
22 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) North Carolina (continued) Lincoln Cnty., NC Indl. Facs., Barre Natl. Proj., (LOC: Bank of America, N.A.), 3.30%, VRDN $ 4,500,000 $ 4,500,000 Mecklenburg Cnty., NC GO, 3.75%, 4/1/00 3,000,000 3,012,054 North Carolina Eastern Muni. Pwr. Agcy., (LOC: Canadian Imperial Bank), 3.00%, 8/25/99 5,000,000 5,000,000 North Carolina Med. Care Commission, Baptist Hosp. Proj., (LOC: Wachovia Bank, N.A.), 3.10%, VRDN 32,200,000 32,200,000 North Carolina Muni. Pwr. Ser. A, Catawba Proj., (LOC: Bank of America, N.A.), 3.30%, 8/17/99 10,700,000 10,700,000 North Carolina State GO Ser. A, 6.10%, 3/1/00 1,470,000 1,494,935 North Carolina State Pub. Sch. Bldg., 4.50%, 4/1/00 10,000,000 10,095,099 Raleigh Durham, NC Arpt. Auth., American Airlines Proj. Ser. A, (LOC: Bank of America, N.A.), 3.40%, VRDN 8,700,000 8,700,000 - ------------------------------------------------------------------------------- 86,455,867 - ------------------------------------------------------------------------------- Ohio - 2.5% Cuyahoga Cnty., OH Hosp. RB, Cleveland Clinic Proj., (LOC: Chase Manhattan Bank, N.A.), 3.15%, VRDN 11,600,000 11,600,000 Ohio Hsg. Fin. Agcy. Mtge. RB, (LOC: Chase Manhattan Bank, N.A.), 3.40%, VRDN 8,000,000 8,000,000 Ohio State GO Infrastructure Impt., 4.25%, 8/1/99 1,500,000 1,500,000 - ------------------------------------------------------------------------------- 21,100,000 - ------------------------------------------------------------------------------- Oklahoma - 0.6% Oklahoma State Wtr. Resources Board Student Loan Program RB, (LOC: Union Bank of Switzerland AG), 2.95%, 9/1/99 5,000,000 5,000,000 - ------------------------------------------------------------------------------- Pennsylvania - 0.7% Montgomery Cnty., PA Ed. & Hlth., St. Joseph's Univ. Proj., 8.30%, 6/1/00 5,500,000 5,821,089 - -------------------------------------------------------------------------------
23 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) South Carolina - 4.7% Piedmont, SC Muni. Pwr. Agcy.: Ser. B, (LOC: Credit Suisse First Boston & Ins. by MBIA), 3.20%, VRDN $10,400,000 $10,400,000 Ser. C, (LOC: Morgan Gty. Trust & Ins. by MBIA), 3.20%, VRDN 4,000,000 4,000,000 South Carolina Jobs EDA: Presbyterian Home of SC Proj., (LOC: Wachovia Bank, N.A.), 3.15%, VRDN 9,250,000 9,250,000 Tumey Reg'l. Med. Ctr., (LOC: Wachovia Bank, N.A. & Ins. by MBIA), 3.10%, VRDN 7,700,000 7,700,000 York Cnty., SC PCRB: Duke Pwr. Co. Proj., (Gtd. by Duke Power Co.), 3.40%, 2/24/00 3,700,000 3,700,000 North Carolina Elec. Proj., 3.00%, 9/15/99 5,000,000 5,000,000 - ------------------------------------------------------------------------------- 40,050,000 - ------------------------------------------------------------------------------- South Dakota - 2.0% South Dakota Hsg. Dev. Auth., PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.55%, 5/11/00 17,205,000 17,205,000 - ------------------------------------------------------------------------------- Tennessee - 2.1% Nashville, TN Metro. Gov't., D. Lipscomb Univ. Proj., (LOC: Bank of America, N.A.), 3.70%, VRDN 4,953,000 4,953,000 Tennessee State Sch. Bond Auth., Ser. A, (LOC: Union Bank of Switzerland AG): 3.10%, 8/12/99 7,200,000 7,200,000 3.15%, 8/17/99 5,500,000 5,500,000 - ------------------------------------------------------------------------------- 17,653,000 - ------------------------------------------------------------------------------- Texas - 9.9% Austin, TX GO Ser. B, 6.00%, 9/1/99 1,000,000 1,002,540 Austin, TX Util. Sys. RB, Ser. A, (LOC: Morgan Gty. Trust), 3.10%, 8/10/99 2,200,000 2,200,000
24 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Texas (continued) Brazos River, TX Harbor Navigation Dist., Hoffman-La Roche Proj., (LOC: Wachovia Bank, N.A.), 3.28%, VRDN $ 2,750,000 $ 2,750,000 Calhoun Cnty., TX Navigation IDA, Forma Plastics Corp. Proj., (LOC: Bank of America, N.A.), 3.15%, VRDN 28,500,000 28,500,000 Dallas, TX GO, Floating Rate Trust Receipts, (LOC: Morgan Stanley), 3.21%, VRDN 12,000,000 12,000,000 Houston, TX GO, (LOC: Morgan Gty. Trust), 3.15%, 8/17/99 7,000,000 7,000,000 Hunt, TX Mem. Hosp. Dist. RB, (LOC: Chase Bank of Texas & Ins. by FSA), 3.20%, VRDN 10,700,000 10,700,000 Lower Neches Valley, TX IDA RB, Chevron USA, Inc. Proj, (Gtd. by Chevron USA, Inc.), 2.75%, 8/16/99 4,700,000 4,700,000 Red River, TX PCRB, Southwestern Pub. Svcs. Proj., (LOC: American Intl. Group & Ins. by AMBAC), 3.05%, VRDN 5,000,000 5,000,000 Texas State TRAN, 4.50%, 8/31/99 10,000,000 10,012,409 - ------------------------------------------------------------------------------- 83,864,949 - ------------------------------------------------------------------------------- Virginia - 6.4% Arlington Cnty., VA RB, Ballston Pub. Parking Proj., (LOC: Citibank, N.A.), 3.10%, VRDN 3,150,000 3,150,000 Botetourt Cnty., VA IDA, Emkay Holdings LLC Proj., (LOC: State Street Bank & Trust Co.), 3.25%, VRDN 2,290,000 2,290,000 Fairfax Cnty., VA EDA, Kindercare Ctr. Proj. Ser. E, (LOC: Chase Manhattan Bank, N.A.), 3.30%, VRDN 4,875,000 4,875,000 Henrico Cnty., VA Pub. Impt. GO, 4.50%, 1/15/00 3,000,000 3,019,725 Lynchburg, VA IDA, VHA Mid-Atlantic (LOC: Mellon Bank, N.A. & Ins. by AMBAC), 3.20%, VRDN 5,300,000 5,300,000 Newport News, VA Redev. MHRB, Newport-Oxford Proj., (LOC: Bank of America, N.A.), 3.20%, VRDN 9,700,000 9,700,000 Richmond, VA Redev. & Hsg. Auth. MHRB, Richmond LP Proj., 4.00%, 8/26/99 15,650,000 15,650,000 Roanoke, VA GO Ser. B, 5.80%, 8/1/99 1,000,000 1,000,000
25 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Virginia (continued) Virginia Capital Reg. Arpt. Commission, Richmond Intl. Arpt. Proj., (Ins. by AMBAC), 3.25%, VRDN $ 3,800,000 $ 3,800,000 York Cnty., VA IDA, Virginia Elec. Pwr. Co. Proj., (LOC: Suntrust Bank), 3.30%, 8/18/99 5,000,000 5,000,000 - ------------------------------------------------------------------------------- 53,784,725 - ------------------------------------------------------------------------------- Washington - 0.7% Seattle, WA PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.60%, 7/20/00 4,370,000 4,370,000 Washington State GO Ser. R-92-A, 6.00%, 9/1/99 1,250,000 1,252,459 - ------------------------------------------------------------------------------- 5,622,459 - ------------------------------------------------------------------------------- West Virginia - 2.2% West Virginia State Hosp. Fin. Auth., VHA Mid-Atlantic States Ser. G, (LOC: Mellon Bank, N.A. & Ins. by AMBAC), 3.20%, VRDN 5,400,000 5,400,000 West Virginia State Hsg. Dev. Fund Interim Fin. Notes: 3.25%, 8/16/99 3,050,000 3,050,000 3.30%, 8/16/99 8,990,000 8,990,000 3.50%, 6/18/00 1,000,000 1,000,000 - ------------------------------------------------------------------------------- 18,440,000 - ------------------------------------------------------------------------------- Wisconsin - 0.6% Prentice Village, WI IDA RB, Blount Inc. Proj., (LOC: Bank of America, N.A.), 3.35%, VRDN 1,000,000 1,000,000 Wisconsin State GO Ser. A, 4.00%, 5/1/00 4,340,000 4,366,961 - ------------------------------------------------------------------------------- 5,366,961 - ------------------------------------------------------------------------------- Wyoming - 0.5% Sweetwater Cnty., WY PCRB, Pacificorp Proj., (LOC: Credit Suisse First Boston), 3.05%, VRDN 4,000,000 4,000,000 - -------------------------------------------------------------------------------
26 Cash Resource Trust Tax-Exempt Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ----------------------------------------------------------------------------- Municipal Obligations (continued) Other - 2.5% Clipper Tax Exempt Trust, Ser. 1998-1, (LOC: State Street Bank & Trust, Co. & Ins. by MBIA), 3.46%, VRDN (a) $ 3,244,000 $ 3,244,000 PFOTER: 3.52%, VRDN 6,000,000 6,000,000 3.55%, VRDN 5,675,000 5,675,000 3.60%, VRDN 6,000,000 6,000,000 - ----------------------------------------------------------------------------- 20,919,000 - ----------------------------------------------------------------------------- Total Investments (cost $856,977,458) - 101.4% 856,977,458 Other Assets and Liabilities net - (1.4)% (11,745,994) - ----------------------------------------------------------------------------- Net Assets - 100.0% $845,231,464 - -----------------------------------------------------------------------------
See Notes to Schedules of Investments. 27 Cash Resource Trust U.S. Government Money Market Fund Schedule of Investments July 31, 1999
Principal Amount Value - ----------------------------------------------------------------------- U.S. Government Agency Obligations - 85.2% Federal Home Loan Mortgage Corp. - 22.6% 4.78%, 8/17/99 $100,000,000 $ 99,996,984 4.98%, 8/20/99 100,000,000 99,949,428 5.62%, 7/7/00 100,000,000 100,000,000 (Disc. Notes): 4.70%, 10/5/99 100,000,000 99,151,389 4.72%, 10/1/99 56,570,000 56,117,566 4.736%, 8/13/99 50,000,000 49,921,067 4.92%, 8/6/99 27,440,000 27,421,249 4.99%, 9/15/99 83,472,000 82,955,517 5.00%, 8/16/99 60,000,000 59,875,000 5.01%, 8/11/99 100,000,000 99,860,833 5.04%, 8/13/99 33,000,000 32,944,560 - ----------------------------------------------------------------------- Total Federal Home Loan Mortgage Corp. 808,193,593 - ----------------------------------------------------------------------- Federal National Mortgage Assn. - 21.6% (Disc. Notes): 4.74%, 8/6/99 181,305,000 181,185,641 4.80%, 8/24/99 142,115,000 141,679,181 4.92%, 8/19/99 60,000,000 59,853,000 5.01%, 8/24/99 200,000,000 199,364,944 5.03%, 9/23/99 23,000,000 22,829,678 5.05%, 10/5/99 77,000,000 76,297,910 5.26%, 6/19/00 60,000,000 57,168,367 MTN, 5.12%, 8/9/00 35,000,000 34,975,500 - ----------------------------------------------------------------------- Total Federal National Mortgage Assn. 773,354,221 - ----------------------------------------------------------------------- Federal Home Loan Bank - 28.1% 4.895%, 2/4/00 115,000,000 114,997,054 4.95%, 2/24/00 50,000,000 49,965,860 4.98%, 3/29/00 50,000,000 49,952,261 5.10%, 3/3/00 50,000,000 49,977,384 5.105%, 5/5/00 25,000,000 24,993,544 5.12%, 8/2/99 100,000,000 99,995,178 5.12%, 8/2/99 116,000,000 115,976,196 5.125%, 5/19/00 50,000,000 49,953,951 5.20%, 6/1/00 25,000,000 24,986,042 5.263%, 8/4/99 75,000,000 75,000,000
28 Cash Resource Trust U.S. Government Money Market Fund Schedule of Investments (continued) July 31, 1999
Principal Amount Value - ------------------------------------------------------------------------------- U.S. Government Agency Obligations (continued) Federal Home Loan Bank - continued (Disc Notes): 4.91%, 8/18/99 $ 75,000,000 $ 74,826,104 4.95%, 8/18/99 64,500,000 64,349,840 4.97%, 8/11/99 187,698,000 187,439,915 5.04%, 8/27/99 20,695,000 20,619,670 - ------------------------------------------------------------------------------- Total Federal Home Loan Bank 1,003,032,999 - ------------------------------------------------------------------------------- Federal Farm Credit Assn. - 6.7% 4.875%, 9/1/99 140,000,000 140,000,000 5.06%, 10/1/99 100,000,000 100,000,000 - ------------------------------------------------------------------------------- Total Federal Farm Credit Assn. 240,000,000 - ------------------------------------------------------------------------------- Student Loan Marketing Assn. - 6.2% (MTN): 5.163%, 8/3/99 50,000,000 49,990,137 5.239%, 6/8/00 55,000,000 54,994,524 5.25%, 6/30/00 17,500,000 17,487,543 5.289%, 6/29/00 100,000,000 100,000,000 - ------------------------------------------------------------------------------- Total Student Loan Marketing Assn. 222,472,204 - ------------------------------------------------------------------------------- Total U.S. Government Agency Obligations (cost $3,047,053,017) 3,047,053,017 - ------------------------------------------------------------------------------- Repurchase Agreements - 15.8% (cost $564,175,174) Goldman Sachs & Company, dated 7/30/99, 5.12%, due 8/2/99, collateralized by $933,172,295 various U.S. Government Agency Securities, 5.00%-10.50%, 8/25/99-8/1/29; value including accrued interest $575,958,678. 564,175,174 564,175,174 - ------------------------------------------------------------------------------- Total Investments - (cost $3,611,228,191) - 101.0% 3,611,228,191 Other Assets and Liabilities net - (1.0)% (34,429,776) - ------------------------------------------------------------------------------- Net Assets - 100.0% $3,576,798,415 - -------------------------------------------------------------------------------
See Notes to Schedules of Investments. 29 Cash Resource Trust Notes to Schedules of Investments July 31, 1999 - -------------------------------------------------------------------------------- (a) Securities that may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Summary of Abbreviations: AMBAC - American Municipal Bond Assurance Corp. BAN - Bond Anticipation Note CDA - Community Development Authority CMO - Collateralized Mortgage Obligation COLL - Collateral COP - Certificates of Participation EDA - Economic Development Authority FGIC - Financial Guaranty Insurance Co. FHLB - Federal Home Loan Bank FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GNMA - Government National Mortgage Association GO - General Obligation HFA - Housing Finance Authority IDA - Industrial Development Authority LIQ - Liquidity Provider LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance Corp. MHRB - Multifamily Housing Revenue Bond MSTR - Municipal Securities Trust Receipt MTN - Medium Term Note PCRB - Pollution Control Revenue Bond PFOTER - Puttable Floating Option Tax Exempt Receipt RAN - Revenue Anticipation Note RB - Revenue Bond ROC - Reset Option Certificates SPA - Security Purchase Agreement TAN - Tax Anticipation Note TRAN - Tax Revenue Anticipation Note VHA - Veterans Housing Authority VRDN - Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly, depending upon the terms of the security. Interest rates presented for these securities are those in effect at July 31, 1999. See Combined Notes to Financial Statements. 30 Cash Resource Trust Statements of Assets and Liabilities July 31, 1999
California New York U.S. Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund - ----------------------------------------------------------------------------------------------- Assets Investments at amortized cost $105,170,384 $4,853,733,782 $20,477,067 $856,977,458 $3,611,228,191 Cash 303,882 0 0 467,201 0 Receivable for Fund shares sold 24,145 1,937,012 98,784 646,718 590,787 Interest receivable 599,745 14,272,466 137,842 6,133,500 12,360,664 Deferred organization expenses 3,634 0 909 0 0 Prepaid expenses and other assets 3,851 115,790 2,599 18,707 2,899 - ----------------------------------------------------------------------------------------------- Total assets 106,105,641 4,870,059,050 20,717,201 864,243,584 3,624,182,541 - ----------------------------------------------------------------------------------------------- Liabilities Distributions payable 136,935 9,154,339 21,040 1,020,949 6,652,728 Payable for securities purchased 0 7,305,925 0 16,058,930 34,975,500 Payable for Fund shares redeemed 26,953 3,108,414 0 1,735,717 3,818,690 Due to custodian bank 0 0 49,820 0 0 Accrued expenses and other liabilities 44,464 1,519,564 4,510 196,524 1,937,208 - ----------------------------------------------------------------------------------------------- Total liabilities 208,352 21,088,242 75,370 19,012,120 47,384,126 - ----------------------------------------------------------------------------------------------- Net assets $105,897,289 $4,848,970,808 $20,641,831 $845,231,464 $3,576,798,415 - ----------------------------------------------------------------------------------------------- Net assets represented by Paid-in capital $105,897,789 $4,849,012,043 $20,641,831 $845,235,612 $3,576,798,415 Overdistributed net investment income (500) 0 0 (1,250) 0 Accumulated net realized gains or losses on securities 0 (41,235) 0 (2,898) 0 - ----------------------------------------------------------------------------------------------- Total net assets $105,897,289 $4,848,970,808 $20,641,831 $845,231,464 $3,576,798,415 - ----------------------------------------------------------------------------------------------- Shares outstanding - Class A 105,897,789 4,849,012,043 20,641,831 845,234,248 3,576,798,415 Net asset value per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - -----------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 31 Cash Resource Trust Statements of Operations Year ended July 31, 1999
New York California Tax- Tax- U.S. Tax-Exempt Money Market Exempt Exempt Government Fund Fund Fund Fund Fund - ----------------------------------------------------------------------------------- Investment income Interest $3,000,318 $235,543,241 $623,098 $28,519,617 $185,608,363 - ----------------------------------------------------------------------------------- Expenses Advisory fee 220,706 7,685,919 43,879 1,845,143 6,394,132 Distribution Plan expenses 331,059 17,109,950 75,791 2,883,532 13,845,888 Administrative services fees 20,074 934,878 4,004 182,356 760,027 Transfer agent fee 81,756 7,404,001 4,798 535,890 5,146,017 Trustees' fees and expenses 1,811 99,595 400 21,898 67,015 Printing and postage expenses 9,069 406,292 3,424 87,557 311,376 Custodian fee 24,852 1,198,786 10,822 217,781 956,289 Registration and filing fees 27,113 2,777,321 7,000 411,982 1,499,990 Professional fees 6,517 280,024 3,026 47,164 220,163 Organization expenses 1,559 10,762 385 780 45,972 Other 47,301 773,596 6,031 140,915 616,752 - ----------------------------------------------------------------------------------- Total expenses 771,817 38,681,124 159,560 6,374,998 29,863,621 - ----------------------------------------------------------------------------------- Net investment income 2,228,501 196,862,117 463,538 22,144,619 155,744,742 Net realized gains or losses on securities 0 (10,742) 0 0 0 - ----------------------------------------------------------------------------------- Net increase in net assets resulting from operations $2,228,501 $196,851,375 $463,538 $22,144,619 $155,744,742 - -----------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 32 Cash Resource Trust Statements of Changes in Net Assets Year ended July 31, 1999
California Money New York Tax- Tax-Exempt Market Tax-Exempt Exempt U.S. Government Fund Fund Fund Fund Fund - ---------------------------------------------------------------------------------------------------------- Operations Net investment income $ 2,228,501 $ 196,862,117 $ 463,538 $ 22,144,619 $ 155,744,742 Net realized gains or losses on securities 0 (10,742) 0 0 0 - ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 2,228,501 196,851,375 463,538 22,144,619 155,744,742 - ---------------------------------------------------------------------------------------------------------- Distributions to shareholders from net investment income (2,228,501) (196,862,117) (463,538) (22,144,619) (155,744,742) - ---------------------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold 396,996,499 18,089,898,378 82,706,823 3,090,851,626 12,533,705,976 Payment for shares redeemed (388,991,731) (17,254,369,398) (77,816,205) (3,082,828,293) (12,274,994,726) Net asset value of shares issued in reinvestment of distributions 2,194,969 195,748,017 461,633 22,151,139 155,710,250 - ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from capital share transactions 10,199,737 1,031,276,997 5,352,251 30,174,472 414,421,500 - ---------------------------------------------------------------------------------------------------------- Total increase in net assets 10,199,737 1,031,266,255 5,352,251 30,174,472 414,421,500 Net assets Beginning of period 95,697,552 3,817,704,553 15,289,580 815,056,992 3,162,376,915 - ---------------------------------------------------------------------------------------------------------- End of period $ 105,897,289 $ 4,848,970,808 $ 20,641,831 $ 845,231,464 $ 3,576,798,415 - ---------------------------------------------------------------------------------------------------------- Overdistributed net investment income $ (500) $ 0 $ 0 $ (1,250) $ 0 - ----------------------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 33 Cash Resource Trust Statements of Changes in Net Assets Year ended July 31, 1998
California Money New York Tax- Tax-Exempt Market Tax-Exempt Exempt U.S. Government Fund Fund Fund Fund Fund - ----------------------------------------------------------------------------------------------------- Operations Net investment income $ 2,610,906 $ 158,381,651 $ 344,466 $ 22,931,390 $ 149,126,210 - ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 2,610,906 158,381,651 344,466 22,931,390 149,126,210 - ----------------------------------------------------------------------------------------------------- Distributions to shareholders from Net investment income (2,611,406) (158,381,651) (344,466) (22,932,640) (149,119,135) Net realized gains on securities 0 0 0 0 (7,075) - ----------------------------------------------------------------------------------------------------- Total distributions to shareholders (2,611,406) (158,381,651) (344,466) (22,932,640) (149,126,210) - ----------------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold 412,867,930 16,482,465,645 68,861,988 3,375,194,353 13,879,934,833 Payment for shares redeemed (409,218,255) (15,762,812,125) (65,983,637) (3,326,629,723) (13,784,887,604) Net asset value of shares issued in reinvestment of distributions 2,616,211 156,445,608 339,745 22,879,207 148,626,074 - ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from capital share transactions 6,265,886 876,099,128 3,218,096 71,443,837 243,673,303 - ----------------------------------------------------------------------------------------------------- Total increase in net assets 6,265,386 876,099,128 3,218,096 71,442,587 243,673,303 Net assets Beginning of period 89,432,166 2,941,605,425 12,071,484 743,614,405 2,918,703,612 - ----------------------------------------------------------------------------------------------------- End of period $ 95,697,552 $ 3,817,704,553 $15,289,580 $ 815,056,992 $ 3,162,376,915 - ----------------------------------------------------------------------------------------------------- Overdistributed net investment income $ (500) $ 0 $ 0 $ (1,250) $ 0 - -----------------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 34 Cash Resource Trust Combined Notes to Financial Statements July 31, 1999 1. Organization Cash Resource Trust ("the Trust") was organized on June 14, 1993 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), 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"), Cash Resource California Tax-Exempt Money Market Fund ("California Tax-Exempt Fund"), Cash Resource Money Market Fund ("Money Market Fund"), Cash Resource New York Tax-Exempt Money Market Fund ("New York Tax-Exempt Fund"), Cash Resource Tax-Exempt Money Market Fund ("Tax- Exempt Fund") and Cash Resource U.S. Government Money Market Fund ("U.S. Government 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. 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. Actual results could differ from these estimates. a. Valuation of Securities As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued utilizing the amortized cost method. The amortized cost of an instrument is determined by valuing it at cost originally and thereafter assuming a constant accretion of any discount or amortization of any premium from its face value at a constant rate until maturity. b. Repurchase Agreements Each Fund may invest in repurchase agreements. Securities pledged as collateral for repurchase agreements are held in a segregated account by the custodian on the Fund's 35 Cash Resource Trust Combined Notes to Financial Statements (continued) behalf. Each Fund monitors the adequacy of the collateral daily and will require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. Each Fund will only enter into repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees. c. Security Transactions and Investment Income Security transactions are accounted for no later than one business day after the trade date. Realized gains and losses are computed on the identified cost basis. Interest income is recorded on the accrual basis and includes amortization of premiums and accretion of discounts on investments. d. Distributions Each Fund declares a daily dividend, equal to its net investment income for that day and payable at month end. Distributions from net realized capital gains, if any, are paid annually. Income and capital gains distributions to shareholders are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets. e. Federal Taxes The Funds have qualified and intend to continue to qualify as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"). Thus, the Funds will not incur any federal income tax liability since they are expected to distribute all of their net investment company taxable income, net tax-exempt income and net capital gains, if any, to their shareholders. The Funds also intend to avoid any excise tax liability by making the required distributions under the Code. Accordingly, no provision for federal taxes is required. To the extent that realized capital gains can be offset by capital loss carryforwards, it is each Fund's policy not to distribute such gains. 36 Cash Resource Trust Combined Notes to Financial Statements (continued) At July 31, 1999, the Funds had capital loss carryforwards for federal income tax purposes as follows:
Capital Expiration Loss ---------------------- Carryforward 2004 2006 2007 - ------------------------------------------------------ Money Market Fund $41,235 0 $30,493 $10,742 Tax-Exempt Fund 2,898 $2,898 0 0
f. Organization 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. In the event any of the initial shares of the Funds are redeemed by any holder during the five-year amortization period, redemption proceeds will be reduced by any unamortized organization expenses in the same proportion as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of the redemption. 3. Investment Advisory Agreements and Other Affiliated Transactions 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 ("EVEREN") owns 45% of the outstanding interest in Mentor. 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. Evergreen Investment Services, Inc. ("EIS"), a subsidiary of First Union Corporation ("First Union"), serves as the administrator to the Funds. As administrator, EIS provides the Funds with facilities, equipment and personnel. EIS is entitled to an annual fee based on the average daily net assets of the funds administered by EIS for which First Union or its investment advisory subsidiaries are also the investment advisors. The administration fee is 37 Cash Resource Trust Combined Notes to Financial Statements (continued) calculated at an annual rate of 0.02% of the average daily net assets of each Fund. Prior to June 14, 1999, administrative personnel and services were provided by Mentor, at an annual rate of 0.02% of the average daily net assets of each Fund. For the year ended July 31, 1999, the Funds paid or accrued to EIS and Mentor, the following for administrative fees:
EIS Mentor - --------------------------------------------- California Tax-Exempt Fund $ 2,688 $ 17,386 Money Market Fund 125,581 809,297 New York Tax-Exempt Fund 472 3,532 Tax-Exempt Fund 22,198 160,158 U.S. Government Fund 95,398 664,629 - ---------------------------------------------
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 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 of the 1940 Act, whereby the Funds pay a distribution fee, which is accrued daily and paid monthly at the annual rate of 0.33% of each Fund's average daily net assets for California Tax-Exempt Fund and Tax-Exempt Fund and 0.38% of each Fund's average daily net assets for Money Market Fund, New York Tax- Exempt Fund and U.S. Government Fund. The Plan of Distribution provides for payments by the New York Tax-Exempt Fund at a rate of up to 0.50%, however, 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 of Distribution 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 38 Cash Resource Trust Combined Notes to Financial Statements (continued) 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 Fund and 0.33% in the case of Tax-Exempt Fund and California Tax-Exempt Fund). 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, a wholly owned subsidiary of First Union, and EVEREN (from IFTC's own assets) for related services provided by Wheat and EVEREN directly to their clients. For the year ended July 31, 1999, Wheat and EVEREN earned the following fees:
EVEREN Wheat - ------------------------------------------------- California Tax-Exempt Fund $ 56,102 $ 2,272 Money Market Fund 4,131,217 2,206,874 New York Tax-Exempt Fund 0 4,463 Tax-Exempt Fund 193,731 245,833 U.S. Government Fund 1,297,821 3,659,470 - -------------------------------------------------
4. Capital Share Transactions The Funds have an unlimited number of shares of beneficial interest authorized with no par value. Shares of beneficial interest of the Funds are currently designated as Class A. Transactions in shares (valued at $1.00 per share) of the Funds were as follows: California Tax-Exempt Fund
Year Ended Year Ended July 31, 1999 July 31, 1998 - ---------------------------------------------------------------------------- Shares sold 396,996,499 412,867,930 Shares redeemed (388,991,731) (409,218,255) Shares issued in reinvestment of distributions 2,194,969 2,616,211 - ---------------------------------------------------------------------------- Total increase 10,199,737 6,265,886 - ----------------------------------------------------------------------------
39 Cash Resource Trust Combined Notes to Financial Statements (continued) Money Market Fund
Year Ended Year Ended July 31, 1999 July 31, 1998 - ------------------------------------------------------------------- Shares sold 18,089,898,378 16,482,465,645 Shares redeemed (17,254,369,398) (15,762,812,125) Shares issued in reinvestment of distributions 195,748,017 156,445,608 - ------------------------------------------------------------------- Total increase 1,031,276,997 876,099,128 - ------------------------------------------------------------------- New York Tax-Exempt Fund Year Ended Year Ended July 31, 1999 July 31, 1998 - ------------------------------------------------------------------- Shares sold 82,706,823 68,861,988 Shares redeemed (77,816,205) (65,983,637) Shares issued in reinvestment of distributions 461,633 339,745 - ------------------------------------------------------------------- Total increase 5,352,251 3,218,096 - ------------------------------------------------------------------- Tax-Exempt Fund Year Ended Year Ended July 31, 1999 July 31, 1998 - ------------------------------------------------------------------- Shares sold 3,090,851,626 3,375,194,353 Shares redeemed (3,082,828,293) (3,326,629,723) Shares issued in reinvestment of distributions 22,151,139 22,879,207 - ------------------------------------------------------------------- Total increase 30,174,472 71,443,837 - ------------------------------------------------------------------- U.S. Government Fund Year Ended Year Ended July 31, 1999 July 31, 1998 - ------------------------------------------------------------------- Shares sold 12,533,705,976 13,879,934,833 Shares redeemed (12,274,994,726) (13,784,887,604) Shares issued in reinvestment of distributions 155,710,250 148,626,074 - ------------------------------------------------------------------- Total increase 414,421,500 243,673,303 - -------------------------------------------------------------------
40 Cash Resource Trust Combined Notes to Financial Statements (continued) 5. Concentration of 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. 41 Cash Resource Trust Independent Auditors' Report - -------------------------------------------------------------------------------- The Board of Trustees Cash Resource Trust We have audited the accompanying statements of assets and liabilities, including the schedules of investments as of July 31, 1999, of the Cash Resource Trust ("CRT") California Tax-Exempt Money Market Fund, CRT Money Market Fund, CRT New York Tax-Exempt Money Market Fund, CRT Tax-Exempt Money Market Fund and CRT U.S. Government Money Market Fund, (portfolios of Cash Resource Trust), the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and financial highlights for each of the years or periods described on pages 2 to 6. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 1999 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of CRT California Tax-Exempt Money Market Fund, CRT Money Market Fund, CRT New York Tax-Exempt Money Market Fund, CRT Tax-Exempt Money Market Fund and CRT U.S. Government Money Market Fund as of July 31, 1999, the results of their operations, changes in their net assets and financial highlights for each of the years or periods described above in conformity with generally accepted accounting principles. /s/ KPMG LLP Boston, Massachusetts September 13, 1999 42 Cash Resource Trust Additional Information (Unaudited) - -------------------------------------------------------------------------------- JOINT VENTURE On March 25, 1999, First Union and EVEREN announced an agreement to form an asset management joint venture that would combine the Evergreen mutual fund complex with the Mentor Investment Group. Under the agreement, First Union will contribute its ownership interests in Evergreen and Mentor and receive 95 percent ownership interest in the new venture. EVEREN will contribute its ownership interest in Mentor and receive a 5 percent ownership interest in the new venture. On April 26, 1999, First Union announced an agreement to acquire EVEREN and as part of this acquisition the Mentor Investment Group will be combined with the Evergreen mutual fund complex. The acquisition is subject to regulatory and other approvals and is expected to be complete in October 1999. Assuming the acquisition takes place as planned, the joint venture announced in March will not occur. YEAR 2000 Like other investment companies, the Funds could be adversely affected if the computer systems used by the Fund's investment advisors and the Funds' other service providers are not 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. The Funds' investment advisors are taking steps to address this potential year 2000 problem with respect to the computer systems that they use and to obtain satisfactory assurances that comparable steps are being taken by the Funds' other major service providers. At this time, however, there can be no assurance that these steps will be sufficient to avoid any adverse impact on the Funds from this problem. FEDERAL INCOME TAX STATUS OF DIVIDENDS 100% of the dividends distributed by the Tax-Exempt Money Market Fund, California Tax-Exempt Money Market Fund and New York Tax-Exempt Money Market Fund for the year ended July 31, 1999 are exempt from federal income tax, other than alternative minimum tax. 43 [LOGO OF MENTOR INVESTMENT GROUP APPEARS HERE] CASH RESOURCE TRUST 901 EAST BYRD STREET RICHMOND, VA 23219 (800)382-0016 - -------------------------------------------------------------------------------- BULK RATE U.S. POSTAGE PAID Permit No. 225 Farmingdale, NY - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----