[Graphic]
FEDERATED
WORLD-CLASS INVESTMENT MANAGER
[Graphic]
RICHARD B. FISHER
President
Edward D. Jones & Co. Daily Passport Cash Trust
President's Message
Dear Fellow Shareholder:
Edward D. Jones & Co. Daily Passport Cash Trust was created in 1980, and I am
pleased to present its Annual Report. This report covers the 12-month reporting
period from March 1, 1998 through February 28, 1999. It begins with an interview
with portfolio manager Susan R. Hill, Vice President of Passport Research, Ltd.,
and continues with a complete list of the Trust's holdings and financial
statements.
As the keystone of the Full Service Account, the Trust has been working for
Edward Jones clients like you for 19 years-providing a competitive level of
daily income and stability of principal, while giving you daily access to your
money. 1
At the end of the reporting period, more than $7.6 billion in investor assets
were earning income every day from the Trust's portfolio of short-term U.S.
government securities. During the 12-month reporting period, the Trust paid
dividends to shareholders totaling $0.05 per share, for a total return of 4.63%.
On the last day of the reporting period, the 7-day net yield was 4.08% and the
7-day effective yield was 4.17%. 2
Thank you for keeping your ready cash working through Edward D. Jones &
Co. Daily Passport Cash Trust. As always, we welcome your questions and
comments.
Sincerely,
[Graphic]
Richard B. Fisher
President
April 15, 1999
1 An investment in the Trust is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Trust
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Trust.
2 Performance quoted represents past performance and is not indicative of future
results. Yield will vary. Yields quoted for money market funds most closely
reflect the Trust's current earnings.
[Graphic]
SUSAN R. HILL
Vice President
Passport Research, Ltd.
Investment Review
WHAT IS YOUR REVIEW OF THE TRUST'S FISCAL YEAR, WHICH SAW THE U.S. ECONOMIC
ENGINE CONTINUE TO CHUG ALONG AND A PERIOD OF INTENSE INVESTOR CONCERN OVER
FOREIGN ECONOMIC TROUBLES?
Early in the reporting period, economic fundamentals were the driving factor
behind movements in short-term interest rates. With economic growth still
strong- albeit slowing from its torrid 5.50% pace of growth in the first quarter
of 1998-and no evidence of inflation, market participants were content with the
idea that the Federal Reserve Board (the "Fed") would remain on the sidelines.
The anticipated drag on the U.S. economy resulting from the economic crises in
Asia became apparent-particularly in the manufacturing sector-over the second
quarter of 1998. This slowdown lent comfort to investors that economic growth
would not be so robust as to ignite inflationary pressures.
By the third quarter of 1998, however, market sentiment shifted dramatically.
Uncertainty in the world economies resulted in vulnerability in our domestic
equity market, and led to a substantial "flight-to-quality" to U.S. Treasury
securities across the yield curve. Economic trouble spread to include Russia and
Latin America, and what had been perceived to have been a fairly modest drag on
the U.S. economy as a result of the remote Asian crisis now became an
overpowering influence on the market and expectations regarding future U.S.
growth. Although economic fundamentals still remained fairly positive in this
environment, fear dominated market sentiment over this period.
Confronted with a significant liquidity crisis, expectations regarding the
direction of the next change in monetary policy did an abrupt about-face. The
Fed had adopted a tightening bias in March of 1998, a reflection of their
underlying concern about inflationary pressures. By August, the Fed had removed
its tightening bias as Fed officials perceived that the risks to the economy had
become more balanced. By late August, however, market expectations that the Fed
might eventually need to ease monetary policy to help the U.S. economy along as
a result of the world economic struggles had begun to grow. This expectation
intensified throughout September, and at the September 29, 1998, Federal Open
Market Committee (the "FOMC") meeting, the Fed voted to ease monetary policy by
a modest 25 basis points. The Fed followed that move with another 25 basis point
ease on October 15, 1998, which brought the Federal Funds Target Rate down to
5.00%. The Fed also voted to cut the discount rate by the same magnitude, from
5.00% to 4.75%, at that time. Finally, in mid-November, the Fed voted once again
at its November 17, 1998, FOMC meeting to reduce the Federal Funds Target Rate
and the discount rate by 25 basis points. These moves were a reflection of
concern over the potential economic impact that the crises in foreign economies
would have on U.S. domestic growth, as well as with the liquidity/credit crisis
evident in the fixed-income markets.
The reporting period ended where it began, however, as the market's attention
returned to domestic economic fundamentals in the first quarter of 1999 as the
economic crises overseas and in Latin America appeared to stabilize. The Fed
remained on hold, but the robust pace of growth from the fourth quarter of 1998
showed no significant signs of slowing in spite of the recent events overseas.
Lingering concerns over the health of the global economy were replaced by fears
that the Fed might be motivated to tighten in the face of a pace of growth that
was clearly above what had been traditionally considered the non-inflationary
potential of the economy.
WHERE DID YOU POSITION THE TRUST'S AVERAGE MATURITY DURING THE REPORTING
PERIOD?
The Trust was targeted in a 35-45 day average maturity target range early in the
reporting period, a neutral stance, as expectations were for stable monetary
policy. The Trust remained in that range in spite of the liquidity crisis and
resulting easing steps by the Fed, because the flight-to-quality influence on
the government markets kept this sector quite expensive. As conditions were
relieved in the fourth quarter of 1998, however, we extended the range out to
40-50 days as attractive values returned to the government money market sector.
The Trust maximized performance through ongoing relative value analysis over the
reporting period, moving within the established target ranges based on relative
value opportunities.
The Trust reduced its position in repurchase agreements in favor of short-term
U.S. government agency securities, which offered an attractive yield advantage.
The Trust also added to its position in government agency floating rate
securities. We focused purchases almost exclusively in government agency
securities relative to U.S. Treasuries, because of the greater flight-to-quality
influence in the Treasury market.
WHAT KIND OF SHORT-TERM RATE ENVIRONMENT DO YOU FORESEE FOR THE BALANCE OF 1999?
Although the current pace of economic growth remains robust, Fed officials have
acknowledged that productivity gains may be working to hold inflationary
pressures in check. As a result, we think that the Fed will be reluctant to
tighten monetary policy without concrete signs of rising prices, given the still
uncertain outlook for economies abroad. Treasury securities should continue to
remain well-bid, as forecasts for an over $100 billion surplus should lead to a
continued paydown in Treasury debt. As a result, we would expect to continue our
focus on the government agency market.
Portfolio of Investments
FEBRUARY 28, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
GOVERNMENT AGENCIES-57.6%
$ 31,000,000 1 Federal Farm Credit System Floating Rate Notes, 4.738%,
3/1/1999 $ 30,996,328
36,000,000 Federal Farm Credit System, 5.500%, 4/1/1999 35,995,808
590,000,000 1 Federal Home Loan Bank System Floating Rate Notes, 4.890% -
5.050%,
3/1/1999 - 3/3/1999 589,871,552
363,500,000 Federal Home Loan Bank System, 4.790% - 5.705%, 3/26/1999 -
3/8/2000 363,362,624
669,200,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 4.700% -
5.890%,
3/8/1999 - 8/10/1999 665,374,053
381,000,000 1 Federal Home Loan Mortgage Corp. Floating Rate Notes, 4.728%
- 5.202%, 3/18/1999 - 5/17/1999 380,889,283
94,500,000 Federal Home Loan Mortgage Corp., 5.544% - 5.605%, 3/12/1999
- 8/13/1999 94,482,875
1,555,885,000 2 Federal National Mortgage Association Discount Notes, 4.400%
- 5.770%, 3/15/1999 - 1/24/2000 1,536,309,891
218,000,000 1 Federal National Mortgage Association Floating Rate Notes,
5.021% - 5.146%, 3/1/1999 - 3/17/1999 217,971,640
199,500,000 Federal National Mortgage Association, 4.780% - 5.650%,
3/5/1999 - 2/10/2000 199,416,375
260,000,000 1 Student Loan Marketing Association Floating Rate Notes,
5.160% - 5.301%, 3/2/1999 - 3/3/1999 259,895,857
46,000,000 Student Loan Marketing Association, 4.930% - 5.580%,
3/11/1999 - 2/8/2000 45,999,836
TOTAL GOVERNMENT AGENCIES 4,420,566,122
REPURCHASE AGREEMENTS-41.8% 3
294,180,000 ABN AMRO Chicago Corp., Inc., 4.860%, dated 2/26/1999, due
3/1/1999 294,180,000
435,000,000 BT Securities Corp., 4.860%, dated 2/26/1999, due 3/1/1999 435,000,000
290,000,000 Bear, Stearns and Co., 4.860%, dated 2/26/1999, due 3/1/1999 290,000,000
90,000,000 Credit Suisse First Boston, Inc., 4.770%, dated 2/26/1999,
due 3/1/1999 90,000,000
181,000,000 4 Credit Suisse First Boston, Inc., 4.785%, dated 2/4/1999,
due 3/1/1999 181,000,000
12,700,000 Deutsche Bank Government Securities, 4.760%, dated
2/26/1999, due 3/1/1999 12,700,000
140,000,000 Donaldson, Lufkin and Jenrette Securities Corp., 4.750%,
dated 2/26/1999, due 3/1/1999 140,000,000
142,000,000 4 Greenwich Capital Markets, Inc., 4.830%, dated 2/23/1999,
due 3/15/1999 142,000,000
240,000,000 Morgan Stanley Group, Inc., 4.860%, dated 2/26/1999, due
3/1/1999 240,000,000
355,000,000 Nationsbanc Montgomery Securities, Inc., 4.860%, dated
2/26/1999, due 3/1/1999 355,000,000
315,000,000 Paribas Corp., 4.860%, dated 2/26/1999, due 3/1/1999 315,000,000
250,000,000 Prudential Securities, Inc., 4.850%, dated 2/26/1999, due
3/1/1999 250,000,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
REPURCHASE AGREEMENTS-CONTINUED 3
$ 90,000,000 Salomon Smith Barney, 4.760%, dated 2/26/1999, due 3/1/1999 $ 90,000,000
240,000,000 Salomon Smith Barney, 4.860%, dated 2/26/1999, due 3/1/1999 240,000,000
130,000,000 Toronto Dominion Securities (USA), Inc., 4.750%, dated
2/26/1999, due 3/1/1999 130,000,000
TOTAL REPURCHASE AGREEMENTS 3,204,880,000
TOTAL INVESTMENTS (AT AMORTIZED COST) 5 $ 7,625,446,122
</TABLE>
1 Floating rate note with current rate and next reset date shown.
2 Discount rate at time of purchase.
3 The repurchase agreements are fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio. The
investments in the repurchase agreements are through participation in joint
accounts with other Federated funds.
4 Although final maturity falls beyond seven days, a liquidity feature is
included in each transaction to permit termination of the repurchase agreement
within seven days.
5 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($7,671,749,503) at February 28, 1999.
See Notes which are an integral part of the Financial Statements
Statement of Assets and Liabilities
FEBRUARY 28, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS:
Investments in repurchase agreements $ 3,204,880,000
Investments in securities 4,420,566,122
Total investments in securities, at amortized cost and value $ 7,625,446,122
Cash 7,427,521
Income receivable 17,126,999
Receivable for shares sold 92,813,585
TOTAL ASSETS 7,742,814,227
LIABILITIES:
Payable for investments purchased 33,984,224
Payable for shares redeemed 26,497,776
Income distribution payable 5,205,285
Accrued expenses 5,377,439
TOTAL LIABILITIES 71,064,724
Net Assets for 7,671,749,503 shares outstanding $ 7,671,749,503
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PROCEEDS PER
SHARE:
$7,671,749,503 / 7,671,749,503 shares outstanding $1.00
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Operations
YEAR ENDED FEBRUARY 28, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 356,397,143
EXPENSES:
Investment advisory fee $ 27,782,250
Administrative personnel and services fee 5,001,329
Custodian fees 193,965
Transfer and dividend disbursing agent fees and expenses 6,398,072
Directors'/Trustees' fees 50,848
Auditing fees 18,192
Legal fees 27,331
Portfolio accounting fees 465,735
Shareholder services fee 16,582,656
Share registration costs 915,573
Printing and postage 382,952
Insurance premiums 32,056
Miscellaneous 33,347
TOTAL EXPENSES 57,884,306
Net investment income $ 298,512,837
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
YEAR ENDED FEBRUARY 28 1999 1998
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income $ 298,512,837 $ 243,084,072
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income (298,512,837) (243,084,072)
SHARE TRANSACTIONS:
Proceeds from sale of shares 27,783,437,416 20,818,466,418
Net asset value of shares issued to shareholders in payment
of distributions declared 293,550,669 239,671,111
Cost of shares redeemed (26,210,672,944) (20,012,723,131)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS 1,866,315,141 1,045,414,398
Change in net assets 1,866,315,141 1,045,414,398
NET ASSETS:
Beginning of period 5,805,434,362 4,760,019,964
End of period $ 7,671,749,503 $ 5,805,434,362
</TABLE>
See Notes which are an integral part of the Financial Statements
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors on
page 13.
<TABLE>
<CAPTION>
YEAR ENDED FEBRUARY 28 OR 29 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.05 0.04 0.05 0.04
LESS DISTRIBUTIONS:
Distributions from net investment income (0.05) (0.05) (0.04) (0.05) (0.04)
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN 1 4.63% 4.84% 4.59% 5.06% 3.78%
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.87% 0.89% 0.89% 0.96% 0.98%
Net investment income 4.50% 4.72% 4.49% 4.92% 3.74%
SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $7,671,750 $5,805,434 $4,760,020 $3,951,155 $2,464,260
</TABLE>
1 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
FEBRUARY 28, 1999
ORGANIZATION
Edward D. Jones & Co. Daily Passport Cash Trust (the "Trust") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
diversified, open-end management investment company. The investment objective of
the Trust is stability of principal and current income consistent with stability
of principal.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
INVESTMENT VALUATIONS
The Trust uses the amortized cost method to value its portfolio securities in
accordance with Rule 2a-7 under the Act.
REPURCHASE AGREEMENTS
It is the policy of the Trust to require the custodian bank to take possession,
to have legally segregated in the Federal Reserve Book Entry System, or to have
segregated within the custodian bank's vault, all securities held as collateral
under repurchase agreement transactions. Additionally, procedures have been
established by the Trust to monitor, on a daily basis, the market value of each
repurchase agreement's collateral to ensure that the value of collateral at
least equals the repurchase price to be paid under the repurchase agreement
transaction.
The Trust will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Trust's adviser to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Board of Trustees (the "Trustees").
Risks may arise from the potential inability of counterparties to honor the
terms of the repurchase agreement. Accordingly, the Trust could receive less
than the repurchase price on the sale of collateral securities.
INVESTMENT INCOME, EXPENSES, AND DISTRIBUTIONS
Interest income and expenses are accrued daily. Bond premium and discount, if
applicable, are amortized as required by the Internal Revenue Code, as amended
(the "Code"). Distributions to shareholders are recorded on the ex- dividend
date.
FEDERAL TAXES
It is the Trust's policy to comply with the provisions of the Code applicable to
regulated investment companies and to distribute to shareholders each year
substantially all of its income. Accordingly, no provisions for federal tax are
necessary.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS
The Trust may engage in when-issued or delayed delivery transactions. The Trust
records when-issued securities on the trade date and maintains security
positions such that sufficient liquid assets will be available to make payment
for the securities purchased. Securities purchased on a when- issued or delayed
delivery basis are marked to market daily and begin earning interest on the
settlement date.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts of assets, liabilities, expenses, and revenues reported in
the financial statements. Actual results could differ from those estimated.
OTHER
Investment transactions are accounted for on the trade date.
SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value). At
February 28, 1999, capital paid-in aggregated $7,671,749,503.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED FEBRUARY 28 1999 1998
<S> <C> <C>
SHARES SOLD 27,783,437,416 20,818,466,418
SHARES ISSUED TO SHAREHOLDERS IN PAYMENT OF DISTRIBUTIONS
DECLARED 293,550,669 239,671,111
Shares redeemed (26,210,672,944) (20,012,723,131)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS 1,866,315,141 1,045,414,398
</TABLE>
INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE
Passport Research Ltd., the Trust's investment adviser (the "Adviser"), receives
for its services an annual investment advisory fee based on average daily net
assets of the Trust as follows: 0.50% on the first $500 million, 0.475% on the
next $500 million, 0.45% on the next $500 million, and 0.425% on the next $500
million and 0.40% thereafter. The adviser will waive the amount that normal
operating expenses of the Trust (including the investment advisory fee, but
excluding brokerage commissions, interest, taxes and extraordinary expenses)
exceed 2.5% per year on the first $30 million of average daily net assets of the
Trust, 2% per year on the next $70 million of average daily net assets of the
Trust, and 1.5% per year on any additional assets.
ADVISER'S BACKGROUND
Passport Research, Ltd. is a Pennsylvania limited partnership organized in
1981. Federated Advisers is the general partner of the Adviser and has a
50.5% interest in the Adviser. Federated Advisers is owned by Federated
Investors, Inc. Edward D. Jones & Co. is the limited partner of the Adviser
and has a 49.5% interest in the Adviser.
ADMINISTRATIVE FEE
Federated Services Company ("FServ"), under the Administrative Services
Agreement, provides the Trust with certain administrative personnel and
services. The fee paid to FServ is based on the level of average aggregate daily
net assets of all funds advised by subsidiaries of Federated Investors, Inc. for
the period. The administrative fee received during the period of the
Administrative Services Agreement shall be at least $125,000 per portfolio and
$30,000 per each additional class.
SHAREHOLDER SERVICES FEE
Under the terms of a Shareholder Services Agreement with Federated Shareholder
Services Company ("FSSC"), the Trust will pay FSSC up to 0.25% of average daily
net assets of the Trust shares for the period. The fee paid to FSSC is used to
finance certain services for shareholders and to maintain shareholder accounts.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES
FServ, through its subsidiary, FSSC, served as transfer agent to the Trust
from March 1, 1998 to November 29, 1998. Effective November 30, 1998,
Edward D. Jones & Co., L.P. began performing transfer agent services for
the Trust. The fee paid to both FSSC and Edward D. Jones & Co. L.P. is
based on the size, type and number of accounts and transactions made by
shareholders.
PORTFOLIO ACCOUNTING FEES
FServ maintains the Trust's accounting records for which it receives a fee. The
fee is based on the level of the Trust's average daily net assets for the
period, plus out-of-pocket expenses.
GENERAL
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.
YEAR 2000 (UNAUDITED)
Similar to other financial organizations, the Trust could be adversely affected
if the computer systems used by the Trust's service providers do not properly
process and calculate date-related information and data from and after January
1, 2000. The Trust's Adviser and Administrator are taking measures that they
believe are reasonably designed to address the Year 2000 issue with respect to
computer systems that they use and to obtain reasonable assurances that
comparable steps are being taken by each of the Trust's other service providers.
At this time, however, there can be no assurance that these steps will be
sufficient to avoid any adverse impact to the Trust.
SUBSEQUENT EVENT
The general partner of the Adviser, formerly known as Federated Advisers,
changed its name to Federated Investment Management Company effective March 31,
1999.
Report of Ernst & Young LLP, Independent Auditors
TO THE TRUSTEES AND SHAREHOLDERS OF
EDWARD D. JONES & CO. DAILY PASSPORT CASH TRUST:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Edward D. Jones & Co. Daily Passport Cash Trust
as of February 28, 1999, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended. 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
February 28, 1999, by correspondence with the custodian and brokers or other
appropriate auditing procedures where replies from brokers were not received. 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 Edward
D. Jones & Co. Daily Passport Cash Trust at February 28, 1999, and the results
of its operations for the year then ended, changes in its net assets for each of
the two years in the period then ended, and financial highlights for each of the
five years in the period then ended, in conformity with generally accepted
accounting principles.
[Graphic]
Ernst & Young LLP
Boston, Massachusetts
April 19, 1999
Trustees
JOHN F. DONAHUE
THOMAS G. BIGLEY
JOHN T. CONROY, JR.
WILLIAM J. COPELAND
JAMES E. DOWD, ESQ.
LAWRENCE D. ELLIS, M.D.
EDWARD L. FLAHERTY, JR., ESQ.
PETER E. MADDEN
JOHN E. MURRAY, JR., J.D., S.J.D.
WESLEY W. POSVAR
MARJORIE P. SMUTS
Officers
JOHN F. DONAHUE
Chairman
RICHARD B. FISHER
President
J. CHRISTOPHER DONAHUE
Executive Vice President
EDWARD C. GONZALES
Executive Vice President
JOHN W. MCGONIGLE
Executive Vice President and Secretary
RICHARD J. THOMAS
Treasurer
MATTHEW S. HARDIN
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves investment risk,
including the possible loss of principal. Although money market funds seek to
maintain a stable net asset value of $1.00 per share, there is no assurance that
they will be able to do so.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the trust's prospectus which contains facts
concerning its objective and policies, management fees, expenses, and other
information.
[Graphic]
Edward Jones
Daily
Passport
Cash Trust
ANNUAL REPORT
FEBRUARY 28, 1999
Serving Individual Investors Since 1871
Edward Jones
201 Progress Parkway
Maryland Heights, Missouri 63043
1-800-331-2451
Distributor
[Graphic]
Edward Jones
Cusip 480023100
G00592-01 (4/99)
[Graphic]
