LIQUID
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CASH
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TRUST
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SEMI-ANNUAL REPORT
TO SHAREHOLDERS
SEPTEMBER 30, 1995
[LOGO] FEDERATED SECURITIES CORP.
--------------------------- ---------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS ---------------------------------
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779 ---------------------------------
[RECYCLED LOGO]
Cusip 536319106
8110112 (11/95) ---------------------------------
PRESIDENT'S MESSAGE
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Dear Investor:
I am pleased to present the Semi-Annual Report to Shareholders for Liquid Cash
Trust for the six-month period ended September 30, 1995. The report begins with
our Investment Review, which provides a brief overview of the economy and its
impact on the overnight markets. Following the Investment Review are the
Financial Statements, which include the Portfolio of Investments.
The Trust remains a convenient way to pursue a high rate of return in a quality
overnight investment vehicle. It is a permissible overnight investment for most
depository institutions. At the close of the reporting period, 93.6% of the
Trust's net assets were invested in repurchase agreements fully collateralized
by U.S. government and/or agency obligations due to the yield advantage of these
securities.
Dividends paid to shareholders during the six-month reporting period totaled
$12.7 million, or $0.03 per share. At the end of the period, net assets reached
$448.4 million.
Thank you for your confidence in the Liquid Cash Trust. As always, we welcome
your questions or comments.
Sincerely,
johnson.eps',d3.75,w16.]
Glen R. Johnson
President
November 15, 1995
INVESTMENT REVIEW
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Liquid Cash Trust (the "Trust") is a short-term money market fund which pursues
stability of principal and current income, and is utilized by depository
institutions as an overnight liquid investment alternative for overall asset
management programs. The Trust is rated Aaa by Moody's Investors Service, Inc.*
and its investments are restricted to Federal Funds ("Fed Funds") sold and
repurchase agreements ("repo"). The Trust's Aaa rating limits its Fed Funds and
repo counterparties to only the highest credit rated dealer firms and banks, and
requires proper diversification daily.
The Trust is managed to have a very short average maturity of 1 to 7 days, and
invests primarily
in repo and Fed Funds on an overnight basis. The Trust may also invest in term
repo maturing in up to three months. Although the spread between repo backed by
government agency-sponsored
mortgage-related securities and Fed Funds remains quite narrow, this repo
continued to be the preferred investment relative to Fed Funds in most cases
over the reporting period due to its collateralized nature.
The semi-annual reporting period saw a change in the course of monetary policy
by the Federal Reserve Board (the "Fed"), as the Fed eased the Fed Funds target
rate 25 basis points to 5.75% on July 6, 1995, after remaining steady at a 6%
target rate since the Fed last tightened in early February 1995. The Fed cited
receding inflationary pressures as the reason for the ease, although weak
economic reports in the second quarter of 1995 were also thought to have had an
influence. Fears of a recession subsided as the third quarter progressed amid
promising signs suggesting the economy had stabilized and the inventory
correction was largely over. With a monetary policy still considered by
historical measures to be moderately restrictive but having seemingly engineered
a "soft landing" for the economy at this juncture, the Fed should feel no
urgency to lower the Fed Funds target rate further in the immediate future based
on the fundamentals of the economy. Rather, they will likely focus on upcoming
economic and inflation releases for additional clues as to the sustainability of
growth and the force of inflationary pressures. The Fed will also be
particularly interested in the outcome of the ongoing budget negotiations in
Congress in order to assess the potential impact on economic growth.
The Trust's yield continued to track the Fed Funds target rate over the
reporting period. The Trust's management will continue to seek to provide a high
rate of return in an overnight investment vehicle for depository institutions,
consistent with high credit quality and investment convenience.
* This rating is obtained after Moody's evaluates a number of factors, including
credit quality, market price exposure, and management. They monitor the
portfolio weekly for developments that could cause changes in ratings. The
rating itself does not remove market risks.
LIQUID CASH TRUST
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
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(A) REPURCHASE AGREEMENTS--93.6%
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$ 15,000,000 Aubrey G. Langston & Co., Inc., 6.52%, dated 9/29/1995, due
10/2/1995 $ 15,000,000
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84,600,000 Barclays de Zoete Wedd Securities, Inc., 6.40%, dated 9/29/1995, due 10/2/1995 84,600,000
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15,000,000 BOT Securities, Inc., 6.45%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 BT Securities, Inc., 6.45%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Daiwa Securities America, Inc., 6.45%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Deutsche Bank Government Securities, Inc., 6.48%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Dresdner Securities, 6.45%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 First Chicago Capital Markets, 6.40%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Fuji Securities, Inc., 6.50%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Goldman, Sachs & Co., 6.48%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Greenwich Capital Markets, Inc., 6.55%, dated 9/29/1995, due
10/2/1995 15,000,000
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65,000,000 HSBC Securities, Inc., 6.50%, dated 9/29/1995, due 10/2/1995 65,000,000
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15,000,000 Lehman Government Securities, 6.55%, dated 9/29/1995, due
10/2/1995 15,000,000
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15,000,000 Morgan Stanley & Co., Inc., 6.50%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 NationsBank of North Carolina, 6.45%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Nomura Securities International, Inc., 6.45%, dated 9/29/1995, due
10/2/1995 15,000,000
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15,000,000 PaineWebber, Inc., 6.50%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Smith Barney, Inc., 6.50%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Swiss Bank Corp., 6.47%, dated 9/29/1995, due 10/2/1995 15,000,000
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</TABLE>
LIQUID CASH TRUST
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
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(A) REPURCHASE AGREEMENTS--CONTINUED
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$ 15,000,000 UBS Securities, Inc., 6.55%, dated 9/29/1995, due 10/2/1995 $ 15,000,000
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TOTAL REPURCHASE AGREEMENTS 419,600,000
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FEDERAL FUNDS--6.7%
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15,000,000 Banc One Cleveland, 6.625%, dated 9/29/1995, due 10/2/1995 15,000,000
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15,000,000 Banc One Dayton, 6.625%, dated 9/29/1995, due 10/2/1995 15,000,000
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TOTAL FEDERAL FUNDS 30,000,000
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TOTAL INVESTMENTS (AT AMORTIZED COST)(B) $ 449,600,000
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</TABLE>
(a) 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.
(b) Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($448,406,478) at September 30, 1995.
(See Notes which are an integral part of the Financial Statements)
LIQUID CASH TRUST
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995
(UNAUDITED)
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<TABLE>
<S> <C> <C>
ASSETS:
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Investments in repurchase agreements $ 419,600,000
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Investments in securities 30,000,000
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Total investments in securities, at amortized cost and value $ 449,600,000
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Cash 902,160
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Income receivable 161,844
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Total assets 450,664,004
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LIABILITIES:
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Income distribution payable 2,194,109
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Accrued expenses 63,417
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Total liabilities 2,257,526
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NET ASSETS FOR 448,406,478 shares outstanding $ 448,406,478
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NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
($448,406,478 / 448,406,478 shares outstanding) $1.00
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</TABLE>
(See Notes which are an integral part of the Financial Statements)
LIQUID CASH TRUST
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
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<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
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Interest $ 13,054,141
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EXPENSES:
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Investment advisory fee $ 860,462
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Administrative personnel and services fee 162,842
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Custodian fees 70,009
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Transfer and dividend disbursing agent fees and expenses 18,039
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Directors'/Trustees' fees 4,671
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Auditing fees 7,017
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Legal fees 4,125
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Portfolio accounting fees 49,769
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Share registration costs 12,672
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Printing and postage 4,638
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Insurance premiums 4,791
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Taxes 672
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Miscellaneous 5,037
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Total expenses 1,204,744
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Waivers and reimbursements--
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Waiver of investment advisory fee $ (846,904)
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Reimbursement of other operating expenses (21,883)
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Total waivers and reimbursements (868,787)
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Net expenses 335,957
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Net investment income $ 12,718,184
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</TABLE>
(See Notes which are an integral part of the Financial Statements)
LIQUID CASH TRUST
STATEMENT OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
SIX MONTHS ENDED
(UNAUDITED) YEAR ENDED
SEPTEMBER 30, 1995 MARCH 31, 1995
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<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
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OPERATIONS--
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Net investment income $ 12,718,184 $ 17,409,105
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DISTRIBUTIONS TO SHAREHOLDERS--
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Distributions from net investment income (12,718,184) (17,409,105)
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SHARE TRANSACTIONS--
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Proceeds from sale of shares 2,246,202,087 4,381,006,659
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Net asset value of shares issued to shareholders in payment of
distributions declared 6,922,805 11,516,719
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Cost of shares redeemed (2,118,396,946) (4,543,785,385)
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Change in net assets resulting from share transactions 134,727,946 (151,262,007)
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Change in net assets 134,727,946 (151,262,007)
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NET ASSETS:
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Beginning of period 313,678,532 464,940,539
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End of period $ 448,406,478 $ 313,678,532
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</TABLE>
(See Notes which are an integral part of the Financial Statements)
LIQUID CASH TRUST
FINANCIAL HIGHLIGHTS
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(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
(UNAUDITED)
SEPTEMBER 30, YEAR ENDED MARCH 31, 1995
1995 1995 1994 1993 1992 1991 1990 1989 1988
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------
INCOME FROM
INVESTMENT OPERATIONS
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Net investment
income 0.03 0.05 0.03 0.03 0.05 0.08 0.09 0.08 0.07
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LESS DISTRIBUTIONS
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Distributions from
net investment
income (0.03) (0.05) (0.03) (0.03) (0.05) (0.08) (0.09) (0.08) (0.07)
- --------------------- ------ --------- --------- --------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END
OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------- ------ --------- --------- --------- --------- --------- --------- --------- ---------
TOTAL RETURN (A) 2.96% 4.88% 3.09% 3.35% 5.26% 7.93% 9.26% 8.57% 6.98%
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RATIOS TO AVERAGE NET
ASSETS
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Expenses 0.16%(b) 0.16% 0.16% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
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Net investment
income 5.90%(b) 4.64% 3.05% 3.33% 5.16% 7.62% 8.85% 8.17% 6.74%
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Expense waiver/
reimbursement (c) 0.40%(b) 0.39% 0.39% 0.35% 0.34% 0.34% 0.36% 0.31% 0.33%
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SUPPLEMENTAL DATA
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Net assets,
end of period
(000 omitted) $448,406 $313,679 $464,941 $611,124 $786,346 $856,624 $722,712 $551,184 $777,424
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<CAPTION>
<S> <C>
1987
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00
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INCOME FROM
INVESTMENT OPERATIONS
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Net investment
income 0.06
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LESS DISTRIBUTIONS
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Distributions from
net investment
income (0.06)
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NET ASSET VALUE, END
OF PERIOD $ 1.00
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TOTAL RETURN (A) 6.58%
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RATIOS TO AVERAGE NET
ASSETS
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Expenses 0.14%
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Net investment
income 6.36%
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Expense waiver/
reimbursement (c) 0.31%
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SUPPLEMENTAL DATA
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Net assets,
end of period
(000 omitted) $1,084,623
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</TABLE>
(a) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(b) Computed on an annualized basis.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
LIQUID CASH TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
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(1) ORGANIZATION
Liquid Cash Trust (the "Trust") is registered under the Investment Company Act
of 1940, as amended (the "Act"), as a non-diversified, open-end management
investment company.
(2) 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's use of the amortized cost method to
value its portfolio securities is 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
LIQUID CASH TRUST
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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.
OTHER--Investment transactions are accounted for on the trade date.
(3) 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
September 30, 1995, capital paid-in aggregated $448,406,478. Transactions in
Trust shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1995 MARCH 31, 1995
<S> <C> <C>
Shares sold 2,246,202,087 4,381,006,659
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Shares issued to shareholders in payment of distributions declared 6,922,805 11,516,719
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Shares redeemed (2,118,396,946) (4,543,785,385)
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Net change resulting from share transactions 134,727,946 (151,262,007)
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</TABLE>
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Federated Research Corp., the Trust's investment
adviser (the "Adviser"), receives for its services an annual investment advisory
fee equal to .40 of 1% of the Trust's average daily net assets.
The Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Trust. The Adviser can modify or
terminate this voluntary waiver and/or reimbursement at any time at its sole
discretion.
ADMINISTRATIVE FEE--Federated Administrative Services, under the Administrative
Services Agreement, provides the Trust with administrative personnel and
services. This fee is based on the level of average aggregate daily net assets
of all funds advised by subsidiaries of Federated Investors 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 of shares.
SHAREHOLDER SERVICES FEE--Under the terms of a Shareholder Services Agreement
with Federated Shareholder Services ("FSS"), the Trust will pay FSS up to .25 of
1% of average daily net assets of the Trust for the period. This fee is to
obtain certain services for shareholders and to maintain shareholder accounts.
For the period ended September 30, 1995, the Trust did not incur a shareholder
services fee.
LIQUID CASH TRUST
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TRANSFER AGENT FEES--Federated Services Company ("FServ") serves as transfer and
dividend disbursing agent for the Trust. This fee 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.
TRUSTEES OFFICERS
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<TABLE>
<S> <C>
John F. Donahue John F. Donahue
Thomas G. Bigley Chairman
John T. Conroy, Jr. Glen R. Johnson
William J. Copeland President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Executive Vice President
Edward L. Flaherty, Jr. Edward C. Gonzales
Peter E. Madden Executive Vice President
Gregor F. Meyer John W. McGonigle
Wesley W. Posvar Executive Vice President and Secretary
John E. Murray, Jr. Richard B. Fisher
Marjorie P. Smuts Vice President
David M. Taylor
Treasurer
Robert C. Rosselot
Assistant Secretary
</TABLE>
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
government agency. Investment in mutual funds involves investment risk,
including 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
