The latest report from your
Fund's management team
SEMIANNUAL REPORT
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[GRAPHIC OMITTED]
Cash
Reserve,
Inc.
JUNE 30, 1999
[LOGO] JOHN HANCOCK FUNDS
A Global Investment Management Firm
<PAGE>
-----------------------------------
DIRECTORS
Edward J. Boudreau, Jr.
Stephen L. Brown
James F. Carlin
William H. Cunningham*
Ronald R. Dion*
Harold R. Hiser, Jr.
Anne C. Hodsdon
Charles L. Ladner
Leo E. Linbeck, Jr.
Steven R. Pruchansky*
Richard S. Scipione
Lt. Gen. Norman H. Smith, USMC (Ret.)
John P. Toolan
*Members of the Audit Committee
OFFICERS
Edward J. Boudreau, Jr.
Chairman and Chief Executive Officer
Anne C. Hodsdon
President, Chief Operating Officer
and Chief Investment Officer
Osbert M. Hood
Senior Vice President and
Chief Financial Officer
Susan S. Newton
Vice President and Secretary
James J. Stokowski
Vice President and Treasurer
Thomas H. Connors
Vice President and Compliance Officer
CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, Massachusetts 02205-9116
TRANSFER AGENT
John Hancock Signature Services, Inc.
1 John Hancock Way, Suite 1000
Boston, Massachusetts 02217-1000
INVESTMENT ADVISER
John Hancock Advisers, Inc.
101 Huntington Avenue
Boston, Massachusetts 02199-7603
PRINCIPAL DISTRIBUTOR
John Hancock Funds, Inc.
101 Huntington Avenue
Boston, Massachusetts 02199-7603
LEGAL COUNSEL
Hale and Dorr llp
60 State Street
Boston, Massachusetts 02109-1803
-----------------------------------------------
================================CHAIRMAN'S MESAGE===============================
DEAR FELLOW SHAREHOLDERS:
The Year 2000 is fast approaching and people around the world are getting ready
to celebrate this historic transition to a new millennium. At John Hancock
Funds, we share the excitement, but we aren't popping the champagne corks just
yet. Rather, we are staying on the course that we set more than two years ago to
ensure that the transition to a new millennium is a smooth one for our
shareholders.
As many already know, the Year 2000 has created more than the prospect of New
Year's festivities of epic proportions. It has also presented the world with a
challenge: making sure that older computers, and any equipment powered by
computer chips, can properly read and process the date "00" as 2000, not 1900.
Much has been written about how the world will weather the change. Some view it
as a non-event, while others see the potential for disruptions. How much
disruption, and for how long, depends on whom you talk to.
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[A 1" x 1" photo of Edward J. Boudreau, Jr., Chairman and Chief Executive
Officer, flush right next to second paragraph.]
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As a company, we recognize that the Year 2000 ("Y2K") phenomenon is an important
issue to be dealt with and we have made it a top priority. Two years ago, John
Hancock Funds put a full-time team of experts on the case and established a
company-wide program to evaluate all computer applications and to modify or
replace those that needed changing.
These modifications and replacements for all mission-critical systems are done
and successfully compliance tested. The rest of 1999 will be spent completing
the few remaining non mission-critical systems, testing with our business
partners and continuing to participate in industry testing. We have also
established additional contingency plans beyond our regular ones to prepare for
any challenges that the Year 2000 might present. In the end, John Hancock will
spend approximately $90-$95 million to ensure we make a successful transition to
the Year 2000.
Throughout 1999, each of our quarterly "Fundamentals" newsletters is featuring
articles with more detailed information on Y2K matters of importance to our
shareholders. I encourage you to read them, or contact one of our Customer
Service Representatives at 1-800-225-5291 for another copy. For your own peace
of mind, we also recommend that you save your 1999 statements, especially those
you receive between October and December, so that you are able to check them
against the first one you receive in 2000. It's a measure of prudence, not
panic. Good record keeping is part of good planning.
No one knows how the dawning of the new millennium will unfold. Although we
cannot make any ironclad assurances, we are confident that the steps we have
taken will provide shareholders with as smooth a transition as possible. Once
that occurs, we will happily raise our glasses to toast the New Year, future
prosperity and our hopes to serve you well into the 2000's.
Sincerely,
/s/Edward J. Boudreau, Jr.
- --------------------------
EDWARD J. BOUDREAU, JR., CHAIRMAN AND CHIEF EXECUTIVE OFFICER
2
<PAGE>
================================================================================
By Dawn Baillie for the Portfolio Management Team
John Hancock
Cash Reserve, Inc.
Federal Reserve raises short-term interest rates
------------------------------------------------
for the first time in two years
-------------------------------
Money-market yields reversed course and began to rise over the last six months.
There were several factors responsible for the turnaround. Overseas markets
began to stabilize and Asian economies, although not altogether out of the
woods, began to show signs of life.
With the potential for a dreaded global recession evaporating, the U.S.
economy never derailed from its robust growth track, and the Fed indicated that
its three rate cuts between September and November last year may have been too
much. That sent bond prices tumbling and interest rates - which move in the
opposite direction to prices - climbing. With the economy showing no signs of
slowing, inflation fears grew and it appeared all but certain that the Fed would
raise interest rates to cool down the economy and prevent an inflation spike,
which is exactly what happened on June 30. The Fed's one quarter percentage
point rate hike was a much-anticipated move that brought the federal funds rate
- - that which banks charge each other for overnight loans - back up to 5.00%,
essentially reversing one of the Fed's last rate cuts. Money-market yields also
moved up in response, since the federal funds rate is a key pricing benchmark
for money-market securities.
On June 30, 1999, John Hancock Cash Reserve, Inc. had a 7-day effective
yield of 4.42%. By comparison, the average taxable
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[A 3 1/2" x 2 1/2" photo at bottom right side of page of John Hancock Cash
Reserve, Inc. Caption below reads "Fund management team members (l-r): "Barry
Evans, Dawn Baillie and Bill Larkin, Jr."]
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"Money-market yields reversed course and began to rise over the last six
months."
3
<PAGE>
================================================================================
John Hancock Funds - Cash Reserve, Inc.
"...we are taking a more cautious approach, keeping our average maturity in line
with our peer group..."
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[Bar chart at top of left hand column with heading "7-Day Effective Yield".
Under the heading is a note that reads "As of June 30, 1999." The chart is
scaled in increments of 1% with 0% at the bottom and 5% at the top. The first
bar represents the 4.42% total return for John Hancock Cash Reserve, Inc. The
second bar represents the 3.75% total return for Average taxable money-market
fund. A note below the chart reads "The average taxable money-market fund is
tracked by Lipper, Inc. Past performance is no guarantee of future results."]
- --------------------------------------------------------------------------------
money-market fund had a 7-day effective yield of 3.75%, according to Lipper,
Inc.
Becoming defensive
In the first three months of 1999, we kept the Fund's maturity slightly longer
than average, in the mid 50-day range. This was based on our belief that the
Fed, which had returned to a neutral bias after its three "easing" moves last
year, was not prepared to raise interest rates, since the potential for an
economic slowdown remained real.
In April, however, as signs of economic strength grew and the market
became increasingly jittery in anticipation of a rate hike, we began to scale
back our days to around five days shorter than the average by the time the Fed
raised rates on June 30. This defensive step put the Fund in a more flexible
position to take quick advantage of higher-yielding opportunities following the
rate hike.
Cautious approach ahead
Even though the Fed has suggested with its return to a neutral rate stance that
there is no clear case for a further rate increase to keep inflation at bay, we
are not ruling out the possibility. The Fed's vigilance in preventing inflation
through pre-emptive moves will keep it focused on the monthly economic data. For
now, the economy continues to chug along. Until we start to see a slowdown in
manufacturing and consumer demand - as evidenced by such measures as consumer
confidence and housing statistics - we believe the Fed will remain solidly in
the picture.
In this environment, we are taking a more cautious approach, keeping
our average maturity in line with our peer group until we are more confident
that the Fed is done raising rates. That way, we can stay more flexible and make
the most of rising yields. As always, we'll stay focused on providing the Fund
with a competitive level of current income, while preserving stability of
principal.
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The Fund is neither insured nor guaranteed by the U.S. government. Although the
Fund seeks to maintain a net asset value of $1.00 per share, it is possible to
lose money by investing in the Fund.
This commentary reflects the views of the portfolio management team through the
end of the Fund's period discussed in this report. Of course, the team's views
are subject to change as market and other conditions warrant.
4
<PAGE>
=============================FINANCIAL STATEMENTS===============================
John Hancock Funds - Cash Reserve, Inc.
The Statement of Assets and Liabilities is the Fund's balance sheet and shows
the value of what the Fund owns, is due and owes on June 30, 1999. You'll also
find the net asset value per share as of that date.
Statement of Assets and Liabilities
June 30, 1999 (Unaudited)
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Assets:
Investments, in money market instruments,
at value - Note C:
Corporate interest-bearing obligations
(cost - $6,565,562) ....................................... $6,565,562
U.S. government obligations (cost - $16,649,295) ........... 16,649,295
Joint repurchase agreement (cost - $2,938,000) ............. 2,938,000
-------------
26,152,857
Cash ........................................................ 721
Interest receivable ......................................... 517,894
Other assets ................................................ 14,736
-------------
Total Assets ........................... 26,686,208
--------------------------------------------------------
Liabilities:
Dividend payable ............................................ 1,896
Payable to John Hancock Advisers, Inc.
and affiliates - Note B .................................... 27,751
Accounts payable and accrued expenses ....................... 22,210
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Total Liabilities ...................... 51,857
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Net Assets:
Capital paid-in ............................................. 26,634,351
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Net Assets ............................. $26,634,351
========================================================
Net Asset Value, Offering Price and
Redemption Price Per Share:
(Based on 26,634,351 shares of beneficial interest
outstanding - 4,000,000,000 shares authorized with
$0.01 per share par value) .................................. $1.00
=============================================================================
The Statement of Operations summarizes the Fund's investment income earned and
expenses incurred in operating the Fund.
Statement of Operations
Six months ended June 30, 1999 (Unaudited)
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Investment Income:
Interest .................................................... $690,663
-------------
Expenses:
Investment management fee - Note B ......................... 48,048
Transfer agent fee - Note B ................................ 25,502
Custodian fee .............................................. 18,026
Auditing fee ............................................... 10,521
Printing ................................................... 2,935
Accounting and legal services fee - Note B ................. 1,978
Directors' fees ............................................ 1,023
Legal fees ................................................. 672
Miscellaneous .............................................. 527
Registration and filing fees ............................... 78
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Total Expenses ......................... 109,310
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Net Investment Income .................. 581,353
--------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations .............. $581,353
========================================================
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
=============================FINANCIAL STATEMENTS===============================
John Hancock Funds - Cash Reserve, Inc.
Statement of Changes in Net Assets
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<TABLE>
<CAPTION>
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1999
1998 (UNAUDITED)
------------------- --------------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
From Operations:
Net investment income ............................................................. $1,587,704 $581,353
-------------- -------------
Distributions to Shareholders:
Dividends from net investment income ($0.0481 and $0.0210 per share, respectively) (1,587,704) (581,353)
-------------- -------------
From Fund Share Transactions - Net:* ............................................... (8,113,134) (3,074,117)
-------------- -------------
Net Assets:
Beginning of period ............................................................... 37,821,602 29,708,468
-------------- -------------
End of period ..................................................................... $29,708,468 $26,634,351
============== =============
* Analysis of Fund Share Transactions at $1 Per Share:
Shares issued to shareholders in reinvestment of distributions ................... $1,521,795 $551,922
Less shares repurchased .......................................................... (9,634,929) (3,626,039)
-------------- --------------
Net decrease ..................................................................... ($8,113,134) ($3,074,117)
============== ==============
</TABLE>
The Statement of Changes in Net Assets shows how the value of the Fund's net
assets has changed since the end of the previous period. The difference reflects
earnings less expenses, distributions paid to shareholders, and any increase or
decrease in money shareholders invested in the Fund. The footnote illustrates
the Fund shares sold, reinvested and repurchased during the last two periods.
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE>
=============================FINANCIAL STATEMENTS===============================
John Hancock Funds - Cash Reserve, Inc.
Financial Highlights
Selected data for each share of beneficial interest outstanding throughout each
period indicated, investment returns, key ratios and supplemental data are
listed as follows:
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<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED
---------------------------------------------------- JUNE 30, 1999
1994(1) 1995 1996 1997 1998 (UNAUDITED)
---------- -------- -------- -------- --------- ----------------
<S> <C> <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 $1.00
-------- -------- -------- -------- -------- --------
Net Investment Income ...................................... 0.04 0.05 0.05 0.05 0.05 0.02
-------- -------- -------- -------- -------- --------
Less Distributions:
Dividends from Net Investment Income ....................... (0.04) (0.05) (0.05) (0.05) (0.05) (0.02)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ======== ========
Total Investment Return at Net Asset Value(2) .............. 3.74% 5.38% 5.00% 5.20% 4.91% 2.12%(3)
Ratios and Supplemental Data
Net Assets, End of Period (000s omitted) ...................$142,301 $119,763 $67,003 $37,822 $29,708 $26,634
Ratio of Expenses to Average Net Assets .................... 0.62% 0.73% 0.65% 0.61% 0.75% 0.80%(4)
Ratio of Net Investment Income to Average Net Assets ....... 3.72% 5.30% 4.85% 5.07% 4.81% 4.23%(4)
(1) On December 22, 1994, John Hancock Advisers, Inc. became the investment adviser of the Fund.
(2) Total investment return assumes dividend reinvestment.
(3) Not annualized.
(4) Annualized.
</TABLE>
The Financial Highlights summarizes the impact of net investment income and
dividends on a single share for each period indicated. Additionally, important
relationships between some items presented in the financial statements are
expressed in ratio form.
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
=============================FINANCIAL STATEMENTS===============================
John Hancock Funds - Cash Reserve, Inc.
Schedule of Investments
June 30, 1999 (Unaudited)
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The Schedule of Investments is a complete list of all securities owned by Cash
Reserve, Inc. on June 30, 1999. It's divided into three types of short-term
investments. Most categories of short-term investments are further broken down
by industry group.
<TABLE>
<CAPTION>
PAR VALUE
INTEREST QUALITY (000s MARKET
ISSUER, DESCRIPTION RATE RATING* OMITTED) VALUE
- ------------------- -------- --------- ------------ -----------
<S> <C> <C> <C> <C>
CORPORATE INTEREST-BEARING OBLIGATIONS
Automotive (3.75%)
Chrysler Financial Corp.,
07-28-99..................................... 6.160% Tier 1 $1,000 $1,000,278
----------
Chemicals (4.91%)
DuPont (E.I.) de Nemours & Co.,
11-15-99 ................................... 6.880 Tier 1 1,300 1,308,868
----------
Electronics (2.82%)
Pitney Bowes Credit Corp.,
07-15-99 ................................... 6.540 Tier 1 750 750,242
----------
Finance (3.77%)
Heller Financial, Inc.,
08-01-99 ................................... 9.125 Tier 1 1,000 1,003,364
----------
Utilities (9.40%)
Duke Power Co.,
08-12-99 ................................... 6.250 Tier 1 1,000 1,001,439
NYNEX Capital Funding,
07-19-99 ................................... 7.610 Tier 1 1,500 1,501,371
----------
2,502,810
----------
TOTAL CORPORATE INTEREST-BEARING OBLIGATIONS
(Cost $6,565,562) (24.65%) 6,565,562
------- ----------
U.S. GOVERNMENT OBLIGATIONS
Governmental - U.S. Agencies (62.51%)
Federal Farm Credit Bank,
08-03-99 ................................... 5.500 Tier 1 3,000 3,001,329
Federal Farm Credit Bank,
11-01-99 ................................... 4.770 Tier 1 580 579,654
Federal Home Loan Bank,
08-04-99 ................................... 5.560 Tier 1 1,530 1,530,790
Federal Home Loan Bank,
10-27-99 ................................... 5.000 Tier 1 2,000 1,998,130
Federal Home Loan Bank,
11-22-99 ................................... 6.405 Tier 1 1,500 1,507,975
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
=============================FINANCIAL STATEMENTS===============================
John Hancock Funds - Cash Reserve, Inc.
PAR VALUE
INTEREST QUALITY (000s MARKET
ISSUER, DESCRIPTION RATE RATING* OMITTED) VALUE
- ------------------- -------- --------- ------------ -----------
<S> <C> <C> <C> <C>
Governmental - U.S. Agencies (continued)
Federal Home Loan Bank,
12-24-99 ................................... 5.830% Tier 1 $1,270 $1,275,070
Federal National Mortgage Association,
07-09-99 ................................... 5.480 Tier 1 5,755 5,755,683
Student Loan Marketing Association,
08-11-99 ................................... 5.583 Tier 1 1,000 1,000,664
----------
16,649,295
----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $16,649,295) (62.51%) 16,649,295
-------- ----------
JOINT REPURCHASE AGREEMENT (11.03%)
Investment in a joint repurchase agreement
transaction with SBC Warburg, Inc. -
Dated 06-30-99, due 07-01-99
(Secured by U.S. Treasury Bonds,
8.875% due 08-15-17 and 11.250%
due 02-15-15) - Note A ..................... 4.800 2,938 2,938,000
------------
TOTAL JOINT REPURCHASE AGREEMENT
(Cost $2,938,000) (11.03%) 2,938,000
-------- ------------
TOTAL INVESTMENTS (98.19%) 26,152,857
-------- ------------
OTHER ASSETS AND LIABILITIES, NET (1.81%) 481,494
-------- ------------
TOTAL NET ASSETS (100.00%) $26,634,351
======== ============
* Quality ratings indicate the categories of eligible securities, as defined by
Rule 2a-7 of the Investment Company Act of 1940, owned by the Fund.
The percentage shown for each investment category is the total value of that
category expressed as a percentage of the net assets of the Fund.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<PAGE>
==========================NOTES TO FINANCIAL STATEMENTS=========================
John Hancock Funds - Cash Reserve, Inc.
(UNAUDITED)
NOTE A -
ACCOUNTING POLICIES
John Hancock Cash Reserve, Inc. (the "Fund") is a diversified, open-end
management investment company, registered under the Investment Company Act of
1940. The investment objective of the Fund is to provide maximum current income,
consistent with capital preservation and liquidity. On September 10, 1996, the
Directors voted to close the Fund to new purchases, except shares purchased with
reinvested Fund dividends effective October 1, 1996.
Significant accounting policies of the Fund are as follows:
VALUATION OF INVESTMENTS The Board of Directors has determined appropriate
methods for valuing portfolio securities. Accordingly, portfolio securities are
valued at amortized cost, in accordance with Rule 2a-7 of the Investment Company
Act of 1940, which approximates market value. The amortized cost method involves
valuing a security at its cost on the date of purchase and thereafter assuming a
constant amortization to maturity of the difference between the principal amount
due at maturity and the cost of the security to the Fund. Interest income on
certain portfolio securities such as negotiable bank certificates of deposit and
interest-bearing notes is accrued daily and included in interest receivable.
JOINT REPURCHASE AGREEMENT Pursuant to an exemptive order issued by the
Securities and Exchange Commission, the Fund, along with other registered
investment companies having a management contract with John Hancock Advisers,
Inc. (the "Adviser"), a wholly owned subsidiary of The Berkeley Financial Group,
Inc., may participate in a joint repurchase agreement. Aggregate cash balances
are invested in one or more repurchase agreements, whose underlying securities
are obligations of the U.S. government and/or its agencies. The Fund's custodian
bank receives delivery of the underlying securities for the joint account on the
Fund's behalf. The Adviser is responsible for ensuring that the agreement is
fully collateralized at all times.
INVESTMENT TRANSACTIONS Investment transactions are recorded as of the date of
purchase, sale or maturity. Net realized gains and losses on sales of
investments are determined on the identified cost basis.
FEDERAL INCOME TAXES The Fund qualifies as a "regulated investment company" by
complying with the applicable provisions of the Internal Revenue Code and will
not be subject to federal income tax on taxable income which is distributed to
shareholders. Therefore, no federal income tax provision is required.
DIVIDENDS The Fund's net investment income is declared daily as dividends to
shareholders of record as of the close of business on the preceding day and
distributed monthly.
USE OF ESTIMATES The preparation of these financial statements in accordance
with generally accepted accounting principles incorporates estimates made by
management in determining the reported amounts of assets, liabilities, revenues
and expenses of the Fund. Actual results could differ from these estimates.
NOTE B -
MANAGEMENT FEE AND TRANSACTIONS WITH
AFFILIATES AND OTHERS
Under the present investment management contract, the Fund pays a monthly
management fee to the Adviser for a continuous investment program equivalent, on
an annual basis, to 0.35% of the Fund's average daily net assets.
The Fund has a transfer agent agreement with John Hancock Signature
Services, Inc. ("Signature Services"), an indirect subsidiary of John Hancock
Mutual Life Insurance Company. The Fund pays transfer agent fees based on the
number of shareholder accounts and certain out-of-pocket expenses.
The Fund has an agreement with the Adviser to perform necessary tax,
accounting and legal services for the Fund. The compensation for the period was
at an annual rate of less than 0.02% of the average net assets of the Fund.
Mr. Edward J. Boudreau, Jr., Mr. Stephen L. Brown, Ms. Anne C. Hodsdon
and Mr. Richard S. Scipione are directors and/or officers of the Adviser and/or
its affiliates, as well as Directors of the Fund. The compensation of
unaffiliated Directors is borne by the Fund. The unaffiliated Directors may
elect to defer for tax purposes their receipt of this compensation under the
John Hancock Group of Funds Deferred
10
<PAGE>
==========================NOTES TO FINANCIAL STATEMENTS=========================
John Hancock Funds - Cash Reserve, Inc.
Compensation Plan. The Fund makes investments into other John Hancock funds, as
applicable, to cover its liability for the deferred compensation. Investments to
cover the Fund's deferred compensation liability are recorded on the Fund's
books as an other asset. The deferred compensation liability and the related
other asset are always equal and are marked to market on a periodic basis to
reflect any income earned by the investment as well as any unrealized gains or
losses. The investment had no impact on the operations of the Fund.
NOTE C -
INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities, other than obligations of the
U.S. government and its agencies, during the period ended June 30, 1999,
aggregated $1,294,241,746 and $1,304,111,000, respectively. Purchases and
proceeds from maturities of obligations of the U.S. government and its agencies
aggregated $29,495,147 and $22,835,000, respectively, during the period ended
June 30, 1999.
The cost of investments owned at June 30, 1999 for federal income tax
purposes was $26,152,857.
11
<PAGE>
================================================================================
[LOGO] JOHN HANCOCK FUNDS ----------------
A Global Investment Management Firm Bulk Rate
U.S. Postage
101 HUNTINGTON AVENUE, BOSTON, MA 02199-7603 PAID
1-800-225-5291 1-800-554-6713 (TDD) Randolph, MA
INTERNET: www.jhfunds.com Permit No. 75
----------------
- --------------------------------------------------------------------------------
This report is for the information of shareholders of the John Hancock
Cash Reserve Fund. It may be used as sales literature when preceded or
accompanied by the current prospectus, which details charges, investment
objectives and operating policies.
[LOGO] Printed on Recycled Paper 420SA 6/99
8/99
