<PAGE> 1
--------------------------------------------------------------------------------
DEAR SHAREHOLDERS:
--------------------------------------------------------------------------------
We are pleased to provide you with the Cash Equivalent Fund semi-annual report
for the six months ended January 31, 1995.
Your Fund's management greatly appreciates your decision to invest in Cash
Equivalent Fund. During the past six months, each of the Fund's Portfolios--
Money Market, Government Securities and Tax-Exempt, registered solid performance
and achieved its objective of providing maximum current income from high quality
money market securities while maintaining stability of principal.
ECONOMIC REVIEW AND OUTLOOK
The momentum of the 1994 economic expansion produced some of the most positive
economic reports we've seen in years. Income, consumer spending, construction
spending and hiring all were at high levels as we closed the pages on 1994 and
progressed through the first month of 1995.
It was almost a year ago that the Federal Reserve Board initiated its series of
rate hikes intended to cool down the economy. The Fed raised rates five
additional times in 1994, yet the economy continued to expand at relatively high
rates. We expect the Fed to continue to raise rates as appropriate until growth
slows to approximately 2.5%. Alan Greenspan, Chairman of the Federal Reserve,
has made it quite clear that this is the level of growth the Fed associates with
moderate inflation.
While other markets have been reacting negatively to the rising rate
environment, it has been positive for the short-term money markets. Cash
Equivalent Fund can take advantage of rising short-term interest rates since it
invests in short-term investments.
Looking ahead, we anticipate rates will remain in an up trend even with the
economy beginning to show signs of slowing. While investments in other markets
may remain volatile, money market funds such as Cash Equivalent Fund should
offer the opportunity for higher yields and should continue to be an excellent
place to invest your money.
Your Fund's management thanks you for your vote of confidence through your
investment and continues its dedication to performance. We look forward to
serving your investment needs in the years to come.
Sincerely,
[paste up sig.]
John W. Stuebe
Vice President and Portfolio Manager
March 2, 1995
John Stuebe is Vice President of Kemper Financial Services, Inc. and Vice
President and Portfolio Manager of Cash Equivalent Fund. Mr. Stuebe holds a BS
degree in Finance from the University of Illinois and a MS degree in Economics
from DePaul University.
PORTFOLIO RESULTS
For the six months ended January 31, 1995, the Fund's three Portfolios had the
following net annualized yields:
The Money Market Portfolio had a net annualized yield of 4.40%.
The Government Securities Portfolio had a net annualized yield of 4.38%.
The Tax-Exempt Portfolio had a net annualized yield of 2.89% and a
tax-equivalent yield of 4.52%.*
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that a Portfolio will be able to
maintain a stable net asset value of $1.00 per share.
STATISTICAL NOTE
*Each Portfolio's net annualized yield for the six months ended January 31, 1995
is the annualized sum of the daily dividend rates for the period. Yields are
historical and will fluctuate. The tax-equivalent yield for the Tax-Exempt
Portfolio is based on a 36% marginal federal income tax rate. Income from the
Tax-Exempt Portfolio may be subject to state and local taxes and, for some
investors, a portion of income may be subject to the alternative minimum tax.
<PAGE> 2
Cash Equivalent Fund 2
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CORPORATE OBLIGATIONS Value
<S> <C>
BANKING--4.3%
--------------------------------------------------------
(a)Chemical Banking Corporation
6.44%-6.68%, 3/02/95-4/14/95 $ 30,008
--------------------------------------------------------
(a)Keycorp
6.00%, 2/22/95 9,997
--------------------------------------------------------
Nordbanken North America, Inc.
5.77%, 2/06/95 49,960
--------------------------------------------------------
Skandinaviska Enskilda Banken Funding Inc.
6.15%, 3/01/95 49,764
--------------------------------------------------------
(a)Wells Fargo & Company
6.93%, 2/10/95 10,001
--------------------------------------------------------
149,730
CAPITAL AND MORTGAGE LENDING--2.4%
--------------------------------------------------------
Countrywide Funding Corporation
6.01%, 2/10/95 24,962
--------------------------------------------------------
(b)GMAC Mortgage Corporation of Pennsylvania
6.33%, 2/28/95 59,717
--------------------------------------------------------
84,679
CAPTIVE BUSINESS FINANCE--10.0%
--------------------------------------------------------
American Honda Finance Corporation
5.72%-6.15%, 2/06/95-2/07/95 49,955
--------------------------------------------------------
CSW Credit, Inc.
5.76%-6.18%, 2/02/95-2/16/95 29,959
--------------------------------------------------------
Chrysler Financial Corporation
5.68%, 2/01/95 50,000
--------------------------------------------------------
Enterprise Capital Funding Corporation
6.32%, 3/06/95 49,715
--------------------------------------------------------
Freedom Asset Funding Corporation
6.09%, 3/09/95 49,698
--------------------------------------------------------
Greyhound Financial Corporation
(a) 6.06%, 2/15/95 40,000
6.50%, 4/04/95 19,780
--------------------------------------------------------
Hanson Finance (UK) PLC
5.73%-6.14%, 2/02/95-3/02/95 34,877
--------------------------------------------------------
Xerox Credit Corporation
5.65%, 2/09/95 24,969
--------------------------------------------------------
348,953
CONSUMER FINANCING--2.8%
--------------------------------------------------------
American General Finance Corporation
6.03%-6.14%, 2/03/95-3/02/95 49,870
--------------------------------------------------------
Sears Roebuck Acceptance Corp.
5.99%, 2/07/95 49,950
--------------------------------------------------------
99,820
<CAPTION>
Value
<S> <C>
CONSUMER PRODUCTS AND SERVICES--6.3%
--------------------------------------------------------
American Home Foods
6.11%, 3/07/95 $ 24,858
--------------------------------------------------------
American Home Products Corporation
6.11%, 3/08/95 49,709
--------------------------------------------------------
Coca-Cola Enterprises Inc.
6.35%, 3/09/95 24,844
--------------------------------------------------------
Dayton Hudson Corporation
5.82%, 2/16/95 24,940
--------------------------------------------------------
PepsiCo, Inc.
4.12%, 2/03/95 29,999
(a) 5.61%, 2/15/95 39,975
--------------------------------------------------------
Sherwood Medical Co.
6.11%, 3/07/95 24,858
--------------------------------------------------------
219,183
CORPORATE FINANCING--7.9%
--------------------------------------------------------
First Brands Commercial, Inc.
5.90%, 2/16/95 24,939
--------------------------------------------------------
GTE Finance Corporation
6.14%, 3/10/95 19,974
--------------------------------------------------------
ITT Financial Corporation
5.78%, 2/08/95 24,972
--------------------------------------------------------
(a)Sanwa Business Credit Corporation
5.88%-5.90%, 2/06/95-2/08/95 106,977
--------------------------------------------------------
U.S. West Financial Services Inc.
6.35%, 3/09/95 24,844
--------------------------------------------------------
Windmill Funding Corporation
6.16%, 2/13/95-2/14/95 74,843
--------------------------------------------------------
276,549
ENERGY AND UTILITIES--2.9%
--------------------------------------------------------
Brazos River Authority, Texas
6.35%, 4/20/95 50,000
--------------------------------------------------------
NNW Utility Funding I, Inc.
5.85%, 2/01/95 50,000
--------------------------------------------------------
100,000
FINANCIAL SERVICES--14.4%
--------------------------------------------------------
(a)Bear Stearns Companies Inc.
5.98%-5.99%, 2/08/95-2/21/95 85,000
--------------------------------------------------------
(a)CS First Boston, Inc.
5.89%, 2/08/95 85,000
--------------------------------------------------------
Dean Witter, Discover & Co.
5.72%, 2/10/95 24,964
--------------------------------------------------------
</TABLE>
<PAGE> 3
Cash Equivalent Fund 3
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
(a)Goldman, Sachs & Co.
6.02%-6.19%, 2/07/95-2/27/95 $ 100,000
--------------------------------------------------------
(a)(b)Lehman Brothers Holdings Inc.
5.89%, 2/15/95 65,000
--------------------------------------------------------
(a)Morgan Stanley Group Inc.
6.23%-6.25%, 2/07/95-2/15/95 50,007
--------------------------------------------------------
(a)Salomon Inc.
6.33%-6.86%, 2/01/95-2/08/95 95,000
--------------------------------------------------------
504,971
INFORMATION SERVICES--2.0%
--------------------------------------------------------
Electronic Data Systems Corporation
6.00%, 2/24/95 24,905
--------------------------------------------------------
GTE Corporation
6.03%, 2/17/95 19,947
--------------------------------------------------------
Nynex Corporation
6.20%, 5/02/95 24,613
--------------------------------------------------------
69,465
MANUFACTURING AND INDUSTRIAL PRODUCTS--.7%
--------------------------------------------------------
Cooper Industries, Inc.
5.90%, 2/01/95 25,000
--------------------------------------------------------
(b)(c)MUNICIPAL OBLIGATION--2.3%
--------------------------------------------------------
(a)Orange County, California
5.98%, 7/10/95 (maturity),
$80,000,000 (cost and par) 67,200
Letter of credit from The Bank of New York 12,800
--------------------------------------------------------
80,000
RECEIVABLES FINANCING--4.8%
--------------------------------------------------------
ESC Securitization, Inc.
6.04%, 2/02/95 24,996
--------------------------------------------------------
Falcon Asset Securitization Corporation
6.16%, 2/14/95 24,945
--------------------------------------------------------
Jet Funding Corporation
6.04%, 2/28/95 24,888
--------------------------------------------------------
Preferred Receivables Funding Corporation
6.04%-6.16%, 2/03/95-2/15/95 19,973
--------------------------------------------------------
Strategic Asset Funding Corporation
5.74%, 2/06/95 24,980
--------------------------------------------------------
Working Capital Management Co. L.P.
5.95%-6.00%, 2/22/95-2/24/95 49,818
--------------------------------------------------------
169,600
--------------------------------------------------------
<CAPTION>
Value
<S> <C>
TOTAL CORPORATE OBLIGATIONS--60.8%
(average maturity: 23 days) $2,127,950
--------------------------------------------------------
BANK OBLIGATIONS
ISSUED BY U.S. BANKS--8.9%
--------------------------------------------------------
(a)Bank of Boston Corporation
5.08%, 2/03/95 40,000
--------------------------------------------------------
First Chicago Corporation
3.78%, 2/01/95 30,000
(a) 6.06%, 2/07/95 24,983
--------------------------------------------------------
Morgan Guaranty Trust Company of New York
6.30%, 3/07/95 25,000
--------------------------------------------------------
(a)Old Kent Bank & Trust Co.
6.00%, 3/01/95 25,000
--------------------------------------------------------
PNC Bank Corporation
6.10%, 4/20/95 24,977
--------------------------------------------------------
Republic National Bank of New York
4.80%, 3/08/95 34,983
--------------------------------------------------------
(a)Shawmut Bank Connecticut, N.A.
6.38%, 2/07/95 90,000
--------------------------------------------------------
Wachovia Corporation
6.81%, 8/07/95 14,810
--------------------------------------------------------
309,753
CANADIAN TIME DEPOSIT--1.4%
--------------------------------------------------------
(b)Bank of Nova Scotia
5.75%, 2/09/95 50,000
--------------------------------------------------------
TOTAL BANK OBLIGATIONS--10.3%
(average maturity: 24 days) 359,753
--------------------------------------------------------
REPURCHASE AGREEMENTS
First Boston Corporation
--------------------------------------------------------
Dated 1/18/95-1/26/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.70%-5.85%, 2/08/95-2/17/95 300,000
--------------------------------------------------------
Goldman, Sachs & Co.
--------------------------------------------------------
Dated 1/19/95-1/24/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.70%-5.80%, 2/06/95-2/15/95 450,000
--------------------------------------------------------
</TABLE>
<PAGE> 4
Cash Equivalent Fund 4
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
Lehman Government Securities, Inc.
--------------------------------------------------------
Dated 1/13/95-1/27/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.52%-5.88%, 2/02/95-2/21/95 $ 275,000
--------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--29.3%
(average maturity: 11 days) 1,025,000
--------------------------------------------------------
<CAPTION>
Value
<S> <C>
TOTAL INVESTMENTS--100.4%
(average maturity: 19 days) $3,512,703
--------------------------------------------------------
LIABILITIES, LESS CASH
AND OTHER ASSETS--(.4%) (12,430)
--------------------------------------------------------
NET ASSETS--100% $3,500,273
--------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 5
Cash Equivalent Fund 5
--------------------------------------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
SHORT-TERM NOTES
(Issued or guaranteed by U.S. Government
agencies or instrumentalities)
---------------------------------------------------------
(a)Export-Import Bank of the United States
(Abergavenny Limited)
6.25%, 2/15/95 $ 28,442
(Compass Rose Leasing II Limited)
6.25%, 4/17/95 33,409
(KA Leasing, LTD.)
6.25%, 2/15/95 17,287
(Kuwait Investment Authority)
6.65%, 2/15/95 50,725
---------------------------------------------------------
Federal Farm Credit Banks
5.50%-6.38%, 2/09/95-6/01/95 32,880
---------------------------------------------------------
Federal Home Loan Bank
5.12%, 2/16/95 9,979
---------------------------------------------------------
Federal Home Loan Bank
(Downey Savings & Loan)
5.81%-6.40%, 3/10/95-3/13/95 44,711
(Fidelity Federal Bank)
6.34%-6.35%, 3/21/95-3/27/95 34,781
(Western Financial Savings Bank)
5.77%, 2/15/95 14,967
---------------------------------------------------------
Federal Home Loan Mortgage Corporation
(a)
5.64%, 2/15/95 31,969
5.13%-6.19%, 3/02/95-3/06/95 22,476
---------------------------------------------------------
Federal National Mortgage Association
(a)
5.96%, 2/01/95 87,488
5.94%-6.79%, 2/01/95-6/05/95 134,897
---------------------------------------------------------
Overseas Private Investment Corporation
(a)(International Paper Company)
6.20%, 4/17/95 14,500
---------------------------------------------------------
Student Loan Marketing Association
(a)
5.48%-6.31%, 2/07/95-6/30/95 31,390
5.76%, 4/07/95 21,778
---------------------------------------------------------
(a)Student Loan Marketing Association
(Nebraska Higher Education Loan Program, Inc.)
6.21%, 2/07/95 15,003
---------------------------------------------------------
TOTAL SHORT-TERM NOTES--38.1%
(average maturity: 26 days) 626,682
---------------------------------------------------------
REPURCHASE AGREEMENTS
Bear Stearns Companies Inc.
---------------------------------------------------------
Dated 1/31/95, collateralized by Federal
Home Loan Mortgage Corporation and Federal
National Mortgage Association Securities
6.00%, 2/07/95 163,000
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
First Boston Corporation
---------------------------------------------------------
Dated 1/18/95, collateralized by Federal
Home Loan Mortgage Corporation and Federal
National Mortgage Association Securities
5.80%, 2/17/95 $ 80,000
---------------------------------------------------------
Goldman, Sachs & Co.
---------------------------------------------------------
Dated 1/23/95-1/31/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.80%-5.95%, 2/07/95-2/27/95 223,000
---------------------------------------------------------
(b)Merrill Lynch Government Securities Inc.
---------------------------------------------------------
Dated 11/30/94-1/30/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
6.00%, 3/01/95 48,000
---------------------------------------------------------
Morgan Stanley and Co. Incorporated
---------------------------------------------------------
Dated 1/24/95-1/25/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.45%-5.65%, 2/01/95-2/07/95 173,000
---------------------------------------------------------
Nikko Securities International Inc.
---------------------------------------------------------
Dated 1/26/95, collateralized by Government
National Mortgage Association Securities
5.50%, 2/02/95 75,000
---------------------------------------------------------
Prudential Securities Incorporated
---------------------------------------------------------
Dated 1/18/95, collateralized by Federal
Home Loan Mortgage Corporation and Federal
National Mortgage Association Securities
5.65%, 2/03/95 59,000
---------------------------------------------------------
Salomon Brothers
---------------------------------------------------------
Dated 1/26/95-1/30/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.50%-5.90%, 2/02/95-2/06/95 184,000
---------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--61.2%
(average maturity: 8 days) 1,005,000
---------------------------------------------------------
TOTAL INVESTMENTS--99.3%
(average maturity: 15 days) 1,631,682
---------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.7% 10,847
---------------------------------------------------------
NET ASSETS--100% $1,642,529
---------------------------------------------------------
</TABLE>
<PAGE> 6
Cash Equivalent Fund 6
--------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(A)VARIABLE RATE DEMAND SECURITIES Value
<S> <C>
ALABAMA
---------------------------------------------------------
Birmingham
Special Care Facilities Financing Authority
3.85% $ 3,960
ALASKA
---------------------------------------------------------
Industrial Development and Export Authority
3.75% 3,200
ARIZONA
---------------------------------------------------------
Apache County
Industrial Development Authority
3.65% 9,000
---------------------------------------------------------
Health Facilities Authority
3.75% 13,600
ARKANSAS
---------------------------------------------------------
Pine Bluff
Industrial Development Revenue
3.70% 7,000
---------------------------------------------------------
Little River City
Solid Waste Development Revenue
3.85% 7,800
CALIFORNIA
---------------------------------------------------------
Anaheim
Police Facilities Refinancing
3.60% 1,900
---------------------------------------------------------
Irvine
Public Facilities and Infrastructure Authority
5.40% 1,100
---------------------------------------------------------
Kern City
Public Facilities Project
3.40% 1,300
---------------------------------------------------------
Los Angeles
Harbor Improvement Corporation
3.60% 10,000
Multi-Family Housing Revenue
3.25% 1,000
Regional Airports Improvement Corporation
4.55% 18,100
---------------------------------------------------------
Palm Springs
Community Redevelopment Agency
3.55% 1,400
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
DELAWARE
---------------------------------------------------------
New Castle County
General Motors Corporation
3.90% $ 3,775
DISTRICT OF COLUMBIA
---------------------------------------------------------
General Obligation
4.55% 2,500
FLORIDA
---------------------------------------------------------
Housing Finance Agency
3.75% 6,800
---------------------------------------------------------
Naples
Hospital Revenue
3.75% 4,200
GEORGIA
---------------------------------------------------------
Fulton County
Development Authority
3.90% 7,515
---------------------------------------------------------
Wayne County
Solid Waste Management Authority
4.05% 4,400
ILLINOIS
---------------------------------------------------------
Alsip
Industrial Development Revenue
3.65% 3,750
---------------------------------------------------------
Chicago
O'Hare International Airport
General Airport Revenue
3.73% 34,600
Special Facility Revenue
4.55% 13,400
---------------------------------------------------------
Development Finance Authority
3.66% 16,900
---------------------------------------------------------
Health Facilities Authority
3.60% 10,000
---------------------------------------------------------
Rockford
Industrial Project Revenue
4.00% 4,000
INDIANA
---------------------------------------------------------
Fort Wayne
Hospital Authority
3.75% 9,815
Pollution Control Revenue
4.00% 6,300
---------------------------------------------------------
</TABLE>
<PAGE> 7
Cash Equivalent Fund 7
--------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
Health Facility Financing Authority
3.85% $ 9,700
---------------------------------------------------------
Ossian
Economic Development
3.80% 5,000
---------------------------------------------------------
Rockport
Pollution Control Revenue
4.20% 19,530
---------------------------------------------------------
South Bend
Redevelopment Authority
3.65% 7,950
IOWA
---------------------------------------------------------
Council Bluffs
Revenue Bonds
3.50% 7,750
---------------------------------------------------------
Higher Education Loan Authority
3.50% 5,500
---------------------------------------------------------
Louisa County
Pollution Control Revenue
3.90% 9,000
KANSAS
---------------------------------------------------------
Kansas City
Pollution Control Revenue
3.80% 20,660
KENTUCKY
---------------------------------------------------------
Boone County
Pollution Control Revenue
3.75% 8,000
LOUISIANA
---------------------------------------------------------
Iberville
Pollution Control Revenue
3.85% 2,300
MARYLAND
---------------------------------------------------------
Baltimore
Port Facilities Revenue
3.90% 10,000
---------------------------------------------------------
Baltimore County
Multi-Family Housing Revenue
3.80% 13,194
---------------------------------------------------------
Health and Higher Educational Facilities
Authority
2.95% 2,300
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
MICHIGAN
---------------------------------------------------------
Dearborn
Economic Development Corporation
3.70% $ 5,000
---------------------------------------------------------
Strategic Fund
3.90% 6,245
MINNESOTA
---------------------------------------------------------
Maple Grove
Multi-Family Housing Revenue
3.55% 2,900
---------------------------------------------------------
New Ulm
Hospital Revenue
2.95% 5,200
---------------------------------------------------------
Owatonna
Hospital Revenue
2.95% 6,800
NEVADA
---------------------------------------------------------
Clark County
Industrial Development Revenue
3.93% 34,400
---------------------------------------------------------
Department of
Business and Industry
3.90% 5,000
NEW HAMPSHIRE
---------------------------------------------------------
Business Finance Authority
3.85% 5,000
NEW YORK
---------------------------------------------------------
New York City
Revenue Anticipation Notes
4.12% 11,500
General Obligation
3.60% 6,500
NORTH CAROLINA
---------------------------------------------------------
Bladen County
Industrial Facilities and
Pollution Control Financing Authority
3.55% 6,200
OHIO
---------------------------------------------------------
Cincinnati & Hamilton
Port Authority
4.00% 500
---------------------------------------------------------
</TABLE>
<PAGE> 8
Cash Equivalent Fund 8
--------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
OKLAHOMA
---------------------------------------------------------
Industrial Authority
4.20% $ 3,000
PENNSYLVANIA
---------------------------------------------------------
Delaware County
Redevelopment Authority
3.80% 13,000
---------------------------------------------------------
Delaware Valley
Regional Finance Authority
3.70% 23,300
---------------------------------------------------------
Philadelphia
Redevelopment Authority
3.70% 6,300
SOUTH CAROLINA
---------------------------------------------------------
Richland County
Hospital Revenue
3.90% 5,600
TENNESSEE
---------------------------------------------------------
Clarksville
Public Building Authority
3.70% 8,000
---------------------------------------------------------
Nashville and Davidson County
Multi-Family Housing Revenue
3.75% 5,000
---------------------------------------------------------
Smyrna Housing Association
Multi-Family Housing Revenue
3.75% 3,000
TEXAS
---------------------------------------------------------
Calhoun County
Industrial Development Authority
3.60% 21,500
---------------------------------------------------------
Harris County
Health Facilities Development Corporation
3.45% 5,900
---------------------------------------------------------
North Central Health Facilities
Development Authority
3.50% 5,000
UTAH
---------------------------------------------------------
Ogden City
Industrial Development Revenue
3.60% 3,845
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
VIRGINIA
---------------------------------------------------------
Louisa County
Industrial Development Authority
3.70% $ 10,000
WISCONSIN
---------------------------------------------------------
Eau Claire
Solid Waste Disposal Revenue
3.85% 9,000
---------------------------------------------------------
TOTAL VARIABLE RATE
DEMAND SECURITIES--52.0%
(average maturity: 6 days) 545,889
---------------------------------------------------------
OTHER SECURITIES
ALASKA
---------------------------------------------------------
Valdez
Marine Terminal Revenue
4.45%, 3/15/95 8,700
CALIFORNIA
---------------------------------------------------------
Housing Finance Agency
4.30%, 5/01/95 8,885
---------------------------------------------------------
Revenue Anticipation Notes
4.19%, 6/28/95 15,048
COLORADO
---------------------------------------------------------
Arapahoe County
Capital Improvement Revenue
3.90%, 2/28/95 29,600
---------------------------------------------------------
Denver City and County
Airport System Revenue
3.90%-5.00%, 2/15/95-3/16/95 47,865
DISTRICT OF COLUMBIA
---------------------------------------------------------
Student Loan Revenue
4.05%, 7/01/95 4,000
FLORIDA
---------------------------------------------------------
First Municipal Loan Council
3.75%-3.95%, 2/10/95-3/10/95 32,200
---------------------------------------------------------
Pinellas County
Educational Facilities Authority
4.50%, 4/27/95 7,500
---------------------------------------------------------
</TABLE>
<PAGE> 9
Cash Equivalent Fund 9
--------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
GEORGIA
---------------------------------------------------------
Athens - Clarke City
Industrial Development Authority
4.65%, 2/21/95 $ 2,700
---------------------------------------------------------
Burke County
Pollution Control Revenue
3.60%-4.10%, 2/14/95-4/12/95 7,450
---------------------------------------------------------
Municipal Electric Authority
3.95%-4.50%, 2/14/95-3/15/95 26,800
---------------------------------------------------------
Municipal Gas Authority
4.15%-4.30%, 4/26/95-4/27/95 17,175
ILLINOIS
---------------------------------------------------------
Chicago
General Obligation
4.00%, 3/28/95 3,000
---------------------------------------------------------
Decatur
Water Revenue
3.65%, 2/13/95 5,000
---------------------------------------------------------
Health Facility Authority
3.85%, 2/09/95 9,000
IOWA
---------------------------------------------------------
Municipalities Workers' Compensation
Association
3.95%, 7/01/95 4,000
KENTUCKY
---------------------------------------------------------
Danville
Multi-City Lease Revenue
4.05%, 3/10/95 10,820
---------------------------------------------------------
Pendleton County
Multi-County Lease Revenue
3.65%-3.95%, 2/08/95-3/10/95 10,040
MASSACHUSETTS
---------------------------------------------------------
Bay Transportation Authority
3.15%-4.35%, 2/14/95-3/01/95 22,905
MICHIGAN
---------------------------------------------------------
Strategic Fund
4.15%, 4/12/95 5,200
MINNESOTA
---------------------------------------------------------
Coleraine
Industrial Development Revenue
4.00%, 3/10/95 1,695
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
Hoyt Lakes
Pollution Control Revenue
4.00%, 3/10/95 $ 2,000
---------------------------------------------------------
University of Minnesota
4.30%, 3/13/95 5,025
MISSOURI
---------------------------------------------------------
Health Facilities Revenue
4.30%-4.40%, 3/14/95-4/26/95 14,700
NEBRASKA
---------------------------------------------------------
Public Power District
4.20%-4.25%, 3/16/95-4/23/95 15,000
NEW HAMPSHIRE
---------------------------------------------------------
Business Finance Authority
4.35%, 3/13/95 10,000
NEW YORK
---------------------------------------------------------
Mortgage Agency
4.05%, 4/01/95 9,810
---------------------------------------------------------
Nassau County
Tax Anticipation Notes
5.10%, 9/28/95 11,021
---------------------------------------------------------
New York City
General Obligation
4.90%, 8/01/95 8,004
NORTH CAROLINA
---------------------------------------------------------
Eastern Municipal Power Agency
3.70%-4.25%, 2/14/95-4/12/95 31,599
---------------------------------------------------------
Wake County
Pollution Control Financing Authority
3.70%, 2/10/95 4,700
NORTH DAKOTA
---------------------------------------------------------
Mercer County
Solid Waste Disposal Revenue
4.25%, 6/10/95 2,500
OKLAHOMA
---------------------------------------------------------
Health Facilities Revenue
4.30%, 4/18/95 4,300
PENNSYLVANIA
---------------------------------------------------------
Philadelphia
General Obligation
4.00%-4.35%, 2/13/95-2/21/95 18,290
Tax and Revenue Anticipation Notes
3.90%, 6/15/95 10,531
---------------------------------------------------------
</TABLE>
<PAGE> 10
Cash Equivalent Fund 10
--------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
TEXAS
---------------------------------------------------------
Brazos River Pollution Control Revenue
4.15%, 4/12/95 $ 4,350
---------------------------------------------------------
Lone Star
Airport Improvement Authority
4.30%, 4/19/95 6,000
---------------------------------------------------------
Lower Colorado River Authority
4.10%, 4/24/95 10,760
---------------------------------------------------------
San Antonio
Electric and Gas Systems
4.00%-4.30%, 3/21/95-4/27/95 40,900
VIRGINIA
---------------------------------------------------------
Chesterfield County
Industrial Development Authority
4.00%-4.35%, 2/15/95-4/13/95 22,300
---------------------------------------------------------
York County
Industrial Development Authority
4.00%-4.20%, 3/14/95-4/13/95 9,100
---------------------------------------------------------
<CAPTION>
Value
<S> <C>
WYOMING
---------------------------------------------------------
Converse County
Pollution Control Revenue
3.85%, 3/10/95 $ 2,800
---------------------------------------------------------
TOTAL OTHER
SECURITIES--49.8%
(average maturity: 58 days) 523,273
---------------------------------------------------------
TOTAL INVESTMENTS--101.8%
(average maturity: 31 days) 1,069,162
---------------------------------------------------------
LIABILITIES, LESS
OTHER ASSETS--(1.8%) (18,875)
---------------------------------------------------------
NET ASSETS--100% $1,050,287
---------------------------------------------------------
</TABLE>
<PAGE> 11
Cash Equivalent Fund 11
--------------------------------------------------------------------------------
NOTES TO PORTFOLIOS OF INVESTMENTS
Interest rates represent annualized yield to date of maturity, except for
variable rate securities described in Note (a). For each security, cost (for
financial reporting and federal income tax purposes) and carrying value are the
same. Likewise, carrying value approximates principal amount.
(a) Variable rate securities. The rates shown are the current rates at January
31, 1995. The dates shown represent the demand date or next interest rate change
date. Securities in the Tax-Exempt Portfolio shown without a date are payable
within five business days and are backed by credit support agreements from banks
or insurance institutions.
(b) Illiquid securities. At January 31, 1995, the aggregate value of illiquid
securities was $254,717,000 in the Money Market Portfolio and $48,000,000 in the
Government Securities Portfolio, which represented 7.3% and 2.9%, respectively,
of net assets.
(c) See Note (3) of the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
<PAGE> 12
Cash Equivalent Fund 12
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
January 31, 1995
(in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
-----------------------------------------------------------------------------
Investments, at amortized cost:
Short-term securities $2,487,703 626,682 1,069,162
-----------------------------------------------------------------------------
Repurchase agreements 1,025,000 1,005,000 --
-----------------------------------------------------------------------------
Cash 11,337 11,241 --
-----------------------------------------------------------------------------
Receivable for:
Interest 11,601 4,475 5,708
-----------------------------------------------------------------------------
Securities sold -- -- 1,395
-----------------------------------------------------------------------------
Total assets 3,535,641 1,647,398 1,076,265
-----------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
-----------------------------------------------------------------------------
Cash overdraft -- -- 13,896
-----------------------------------------------------------------------------
Payable for:
Dividends 7,240 3,388 1,280
-----------------------------------------------------------------------------
Securities purchased 24,613 -- 10,000
-----------------------------------------------------------------------------
Management fee 489 226 184
-----------------------------------------------------------------------------
Distribution fee 1,101 510 292
-----------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 1,092 422 136
-----------------------------------------------------------------------------
Other 833 323 190
-----------------------------------------------------------------------------
Total liabilities 35,368 4,869 25,978
-----------------------------------------------------------------------------
Net assets applicable to shares outstanding $3,500,273 1,642,529 1,050,287
-----------------------------------------------------------------------------
ANALYSIS OF NET ASSETS
-----------------------------------------------------------------------------
Excess of amounts received from issuance of shares over amounts paid on
redemptions of shares on account of capital $3,513,485 1,642,529 1,050,287
-----------------------------------------------------------------------------
Unrealized depreciation of investments (13,212) -- --
-----------------------------------------------------------------------------
Net assets applicable to shares outstanding $3,500,273 1,642,529 1,050,287
-----------------------------------------------------------------------------
THE PRICING OF SHARES
-----------------------------------------------------------------------------
Shares outstanding, no par value (unlimited shares authorized) 3,500,273 1,642,529 1,050,287
-----------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 1.00 1.00
-----------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 13
Cash Equivalent Fund 13
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Six months ended January 31, 1995
(in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
---------------------------------------
INTEREST INCOME $ 92,040 40,522 19,892
--------------------------------------------------------------------------------
EXPENSES:
Management fee 2,923 1,306 1,144
--------------------------------------------------------------------------------
Distribution fee 6,574 2,938 1,827
--------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 5,410 1,884 707
--------------------------------------------------------------------------------
Reports to shareholders 146 95 55
--------------------------------------------------------------------------------
Registration costs 36 33 32
--------------------------------------------------------------------------------
Professional fees 40 22 14
--------------------------------------------------------------------------------
Trustees' fees and other 124 33 42
--------------------------------------------------------------------------------
Total expenses 15,253 6,311 3,821
--------------------------------------------------------------------------------
Net investment income 76,787 34,211 16,071
--------------------------------------------------------------------------------
Net change in balance of unrealized depreciation of investments (13,212) -- --
--------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 63,575 34,211 16,071
--------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Six months ended January 31, 1995 and the year ended July 31, 1994
(in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET GOVERNMENT SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------------------------------------------------
1995 1994 1995 1994 1995 1994
---------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 76,787 98,121 34,211 57,612 16,071 26,672
---------------------------------------------
Net change in unrealized depreciation (13,212) -- -- -- -- --
---------------------------------------------
Net increase in net assets resulting from
operations 63,575 98,121 34,211 57,612 16,071 26,672
---------------------------------------------
Dividends to shareholders from net
investment income (76,787) (98,121) (34,211) (57,612) (16,071) (26,672)
---------------------------------------------
CAPITAL SHARE TRANSACTIONS (DOLLAR AMOUNTS
AND NUMBER OF SHARES ARE THE SAME):
Shares sold 5,500,637 11,689,169 2,641,781 7,760,200 1,777,002 4,197,655
---------------------------------------------
Shares issued in reinvestment of dividends 74,423 95,015 32,989 54,760 15,661 26,108
---------------------------------------------
5,575,060 11,784,184 2,674,770 7,814,960 1,792,663 4,223,763
Less shares redeemed 5,462,032 12,013,575 2,570,252 9,102,306 1,879,277 4,504,169
---------------------------------------------
Net increase (decrease) from capital
share transactions and total
increase (decrease) in net assets 113,028 (229,391) 104,518 (1,287,346) (86,614) (280,406)
---------------------------------------------
Capital contribution from investment manager 13,212 -- -- -- -- --
---------------------------------------------
Total increase (decrease) in net assets 113,028 (229,391) 104,518 (1,287,346) (86,614) (280,406)
---------------------------------------------
NET ASSETS:
Beginning of period 3,387,245 3,616,636 1,538,011 2,825,357 1,136,901 1,417,307
---------------------------------------------
End of period $3,500,273 3,387,245 1,642,529 1,538,011 1,050,287 1,136,901
---------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 14
Cash Equivalent Fund 14
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND
The Fund currently offers three series of shares (Portfolios)--the Money Market
Portfolio, the Government Securities Portfolio and the Tax-
Exempt Portfolio. The Money Market Portfolio
invests primarily in short-term high quality obligations of major banks and
corporations. The Government Securities Portfolio invests exclusively in
obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities and repurchase agreements thereon. The Tax-Exempt Portfolio
invests in short-term high quality municipal securities.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment valuation
Investments are stated at amortized cost, which approximates market value. In
the event that a deviation of 1/2 of 1% or more exists between a Portfolio's
$1.00 per share net asset value, calculated at amortized cost, and the net asset
value calculated by reference to market-based values, or if there is any other
deviation that the Board of Trustees believes would result in a material
dilution to shareholders or purchasers, the Board of Trustees will promptly
consider what action should be initiated.
Investment transactions and interest income
Investment transactions are accounted for on the trade date (date the order to
buy or sell is executed). Interest income is recorded on the accrual basis and
includes amortization of premium and discount on investments.
Repurchase agreements
Repurchase agreements are fully collateralized by U.S. Treasury and Government
agency securities. All collateral is held through the Fund's custodian bank and
is monitored daily by the Fund so that its market value exceeds the carrying
value of the repurchase agreement.
Expenses
Expenses arising in connection with a Portfolio are allocated to that Portfolio.
Other Fund expenses are allocated among the Portfolios in proportion to their
relative net assets.
Fund share valuation and dividends to shareholders
Fund shares are sold and redeemed on a continuous basis at net asset value. On
each day that the New York Stock Exchange is open for trading, each Portfolio
determines its net asset value per share (NAV) by dividing the total value of
the Portfolio's investments and other assets, less liabilities, by the number of
Portfolio shares outstanding. The NAV is determined at 11:00 a.m., 1:00 p.m. and
3:00 p.m. Chicago time for the Money Market and Government Securities Portfolios
and at 11:00 a.m. and 3:00 p.m. Chicago time for the Tax-Exempt Portfolio. Each
Portfolio declares a daily dividend, equal to its net investment income for that
day, payable monthly. Net investment income consists of all interest income plus
(minus) all realized gains (losses) on portfolio securities, minus all expenses
of the Portfolio.
Federal income taxes
Each Portfolio has complied with the special provisions of the Internal Revenue
Code available to investment companies during the six months ended January 31,
1995.
3. TRANSACTIONS WITH AFFILIATES
Management agreement
The Fund has a management agreement with Kemper Financial Services, Inc. (KFS).
For management services and facilities furnished, the Money Market and
Government Securities Portfolios pay a fee on a graduated annual basis ranging
from .22% of the first $500 million of combined average daily net assets of
those Portfolios to .15% of combined average daily net assets in excess of $3
billion. For management services and facilities
<PAGE> 15
Cash Equivalent Fund 15
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
furnished, the Tax-Exempt Portfolio pays a fee on a graduated annual basis
ranging from .22% of the first $500 million of average daily net assets of such
Portfolio to .15% of average daily net assets in excess of $3 billion. During
the six months ended January 31, 1995, the Fund incurred management fees of
$5,373,000.
Kemper Asset Holdings, Inc. (KAHI), a subsidiary of Kemper Corporation, the
parent company of Kemper Financial Services, Inc., arranged for the issuance of
a $82,828,000 irrevocable letter of credit from The Bank of New York for the
benefit of the Fund. The letter of credit supports the payment of principal and
interest on the Orange County, California obligation held in the Money Market
Portfolio. The Fund and KAHI are parties to an agreement related to the letter
of credit which provides, among other things, that, in connection with a payment
of principal or interest under the letter of credit, the Fund will transfer to
KAHI any proceeds received under the Orange County obligation.
Distribution agreement
The Fund also has an administration, shareholder services and distribution
agreement with Kemper Distributors, Inc. (KDI). Before February 1, 1995, KFS was
the distributor. For its services as primary distributor, the Fund pays KDI an
annual fee of .38% of average daily net assets for the Money Market and
Government Securities Portfolios and .33% of average daily net assets for the
Tax-Exempt Portfolio. For the six months ended January 31, 1995, the Fund
incurred distribution fees of $11,339,000. KDI has related service agreements
with various firms to provide cash management and other services for Fund
shareholders. Under these agreements, KDI pays such firms based on the average
daily net assets of those accounts that they maintain and service at an annual
rate ranging from .15% to .40% for the Money Market and Government Securities
Portfolios, and from .15% to .33% for the Tax-Exempt Portfolio. During the six
months ended January 31, 1995, KFS (as predecessor to KDI) paid fees of
$11,443,000 to various firms (including $4,932,000 paid to affiliated dealers)
pursuant to the related service agreements.
Custodian and transfer agent agreements
The Fund has a custodian and a transfer agent agreement with Investors Fiduciary
Trust Company (IFTC), which was 50% owned by KFS until January 31, 1995 when KFS
completed the sale of IFTC to a third party. For the six months ended January
31, 1995, the Fund incurred custodian and transfer agent fees of $5,615,000
(excluding related expenses). Pursuant to a services agreement with IFTC, Kemper
Service Company (KSvC), an affiliate of KFS, is the Shareholder Service Agent of
the Fund. For the six months ended January 31, 1995, IFTC remitted shareholder
service fees of $5,364,000 to KSvC.
Kemper Clearing Corp. (KCC), an affiliate of KFS, pursuant to an agreement with
KSvC, performs bookkeeping, data processing and shareholder services for KCC
clients who are Fund shareholders. For the six months ended January 31, 1995,
KCC earned $1,642,000 from KSvC for account maintenance fees.
Officers and trustees
Certain officers or trustees of the Fund are also officers or directors of KFS.
During the six months ended January 31, 1995, the Fund made no payments to its
officers and incurred trustees' fees of $39,000 to independent trustees.
<PAGE> 16
Cash Equivalent Fund 16
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
MONEY MARKET PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
---------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
Net investment income and dividends declared .02 .03 .03 .04 .07
---------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
TOTAL RETURN (%): 2.24 2.82 2.60 4.09 6.76
---------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .87 .88 .85 .82 .84
---------------------------------------------
Net investment income 4.40 2.78 2.57 4.01 6.57
---------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $3,500,273 3,387,245 3,616,636 3,916,708 3,719,927
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
GOVERNMENT SECURITIES PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
---------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
Net investment income and dividends declared .02 .03 .03 .04 .06
---------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
TOTAL RETURN (%): 2.23 2.82 2.60 4.12 6.62
---------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .81 .81 .78 .75 .72
---------------------------------------------
Net investment income 4.39 2.72 2.57 4.06 6.38
---------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $1,642,529 1,538,011 2,825,357 3,000,890 3,239,272
---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
TAX-EXEMPT PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
---------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
Net investment income and dividends declared .01 .02 .02 .03 .05
---------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
---------------------------------------------
TOTAL RETURN (%): 1.47 2.05 2.12 3.29 4.75
---------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .68 .68 .64 .64 .64
---------------------------------------------
Net investment income 2.88 2.02 2.09 3.21 4.65
---------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $1,050,287 1,136,901 1,417,307 1,289,560 1,129,368
</TABLE>
--------------------------------------------------------------------------------
NOTE:
Ratios have been determined on an annualized basis. Total return is not
annualized. The Money Market Portfolio's total return for the six months ended
January 31, 1995 includes the effect of a capital contribution from the
investment manager. Without the capital contribution, the total return would
have been 1.85%.
<PAGE> 17
CASH EQUIVALENT
FUND
SEMI-ANNUAL
REPORT
January 31, 1995
This report is not to be distributed unless preceded or
accompanied by a prospectus.
CASH EQUIVALENT FUND
120 South LaSalle Street, Chicago, IL 60603
237060 3/95 (LOGO)printed on recycled paper
