<PAGE> 1
PROVIDENT
- -------------------------------------------------------------------------------
INSTITUTIONAL 400 Bellevue Parkway, Wilmington, DE 19809 Phone:
FUNDS 302-792-2555 Fax: 302-792-5876
G. Willing Pepper
Chairman TRUST FOR FEDERAL SECURITIES
June 1, 1995
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of Trust
for Federal Securities for the period ended April 30, 1995.
Money market funds continued to be challenged as 1995 began. A rise in
short-term interest rates, the financial crisis in Mexico and decline of the
U.S. dollar were factors placing pressure on the fixed income environment. The
portfolios of Trust for Federal Securities maintained their defensive investment
strategy in order to take advantage of rapidly changing market conditions.
Provident Institutional Funds remain committed to quality service and
competitive returns, with liquidity and stability of principal a primary focus.
Provident Institutional Funds offer a broad range of high quality Money
Market, Fixed Income and Equity Funds to meet the varied needs of our investors.
Please feel free to contact your Provident Distributors, Inc. account
representative or our Client Service Center at (800) 821-7432 to discuss your
investment options.
We appreciate your continued confidence in the Provident Institutional
Funds and we welcome the opportunity to better service your investment needs.
Sincerely,
/s/ G. WILLING PEPPER
---------------------
G. Willing Pepper
Chairman
<PAGE> 2
TRUST FOR FEDERAL SECURITIES
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
Last year, the fixed income markets were hard hit by rising interest rates
and derivative-related losses. The first quarter of 1995 began under similar
circumstances with another increase in short-term interest rates, the financial
crisis in Mexico, and the decline in the dollar. One area, however, that does
appear to be experiencing a change is the pace of business activity. In the
fourth quarter of last year, the economy grew by a revised 5.1%, pushing the
annual rate to 4.1%, the strongest showing in ten years. The preliminary
estimate for the first quarter was reported at 2.8%, reflecting lower consumer
spending, declining auto sales and a softer housing market. In recent
congressional testimony, Fed Chairman Greenspan indicated that the FOMC expects
the economy to expand at a 2-3% rate in 1995. Greenspan even used the word
"ease" in his February testimony, causing the markets to rally strongly on the
belief that the year-long rise in interest rates was about over.
The Fed also has reason to be pleased with the inflation numbers. The
fourth quarter of 1995's report on gross domestic product (GDP) revealed that
prices advanced only 1.3%, versus 1.9% in the previous quarter. For the year,
consumer prices were up 2.7%, exactly the same as in 1993. The FOMC is
estimating that consumer prices will average 3.0-3.5% in 1995. April's report on
GDP reported that inflation rose by only 2.2% during the first quarter.
The portfolios of Trust for Federal Securities maintained a defensive
posture during the last two quarters as short-term interest rates rose to 6.0%.
The funds' average weighted maturity targets were kept short in the 20-30 day
range, in order to provide the necessary liquidity during the seasonal demands
for money. This posture also reflected our expectations of higher rates into
early 1995. By keeping maturities short, we positioned the funds to respond
quickly to the changes in monetary policy that were effected last November and
again in February. The outlook for further rate increases has subsided and the
funds are adjusting to a more stable rate environment. As such, the holdings in
variable rate instruments will probably be decreased over the next few months.
At the same time, the slope of the yield curve will determine how much extending
we will do. As always, the Trust's portfolios will continue to emphasize safety
of principal, and liquidity. In April's IBC/Donoghue's Money Fund Report,
FedFund and FedCash were among the top ten Government-Only Institutions-Only
money market funds.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
May 31, 1995
2
<PAGE> 3
FEDFUND PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------------- -------- --------------
<S> <C> <C>
U.S. AGENCY & INSTRUMENTALITY
OBLIGATIONS--66.9%
Federal Farm Credit Bank Bonds
6.20%......... 05/01/95 $ 15,000 $ 15,000,000
--------------
Federal Farm Credit Bank
Discount Notes
5.64.......... 05/03/95 15,000 14,995,300
5.20.......... 06/26/95 14,000 13,886,756
--------------
28,882,056
--------------
Federal Home Loan Bank Bonds
5.19.......... 06/13/95 15,000 14,998,427
10.30.......... 07/25/95 10,000 10,074,083
9.50.......... 12/26/95 10,000 10,182,774
7.145......... 01/26/96 15,000 14,998,212
6.60.......... 04/25/96 10,000 10,000,000
6.66.......... 04/25/96 10,000 10,000,000
--------------
70,253,496
--------------
Federal Home Loan Bank
Discount Notes
6.15.......... 06/05/95 10,000 9,940,208
6.09.......... 08/17/95 10,000 9,817,300
5.97.......... 10/10/95 8,005 7,789,946
5.97.......... 04/12/96 5,000 4,712,279
--------------
32,259,733
--------------
Federal Home Loan Bank Variable
Rate Notes+
6.06.......... 05/01/95 20,000 19,992,639
5.99.......... 05/03/95 17,000 17,000,000
5.80.......... 05/07/95 30,000 29,996,837
6.03.......... 07/03/95 30,000 29,993,630
--------------
96,983,106
--------------
Federal Home Loan Mortgage
Corporation Discount Notes
5.90.......... 07/25/95 20,000 19,721,389
--------------
Federal National Mortgage
Association Bonds
6.32.......... 04/18/96 15,000 15,013,563
--------------
Federal National Mortgage
Association Discount Notes
5.80.......... 05/11/95 65,000 64,895,278
6.27.......... 05/11/95 22,000 21,961,683
5.92.......... 05/30/95 25,000 24,880,778
5.97.......... 06/16/95 20,000 19,847,433
<CAPTION>
PAR
MATURITY (000) VALUE
------------- -------- --------------
<S> <C> <C>
6.23%......... 06/20/95 $ 25,000 $ 24,783,681
6.20.......... 06/26/95 25,000 24,758,889
6.36.......... 07/26/95 20,000 19,696,133
5.92.......... 08/02/95 10,000 9,847,067
6.21.......... 08/14/95 25,000 24,547,187
6.15.......... 08/17/95 20,000 19,631,000
6.08.......... 09/14/95 10,000 9,770,311
5.96.......... 09/29/95 10,000 9,750,011
5.97.......... 10/03/95 10,000 9,742,958
5.98.......... 10/03/95 27,000 26,304,825
5.95.......... 10/10/95 10,000 9,732,250
5.97.......... 10/10/95 10,100 9,828,664
5.95.......... 10/13/95 20,000 19,454,583
--------------
349,432,731
--------------
Federal National Mortgage
Association Variable
Rate Notes+
5.975......... 05/01/95 25,000 24,992,261
6.28.......... 05/01/95 75,000 75,000,000
6.02.......... 05/02/95 40,000 40,000,000
--------------
139,992,261
--------------
Student Loan Marketing
Association Bonds
5.315......... 06/30/95 10,000 10,000,000
--------------
Student Loan Marketing
Association Variable
Rate Notes+
5.99.......... 05/02/95 4,000 4,001,764
6.01.......... 05/02/95 47,850 47,839,237
6.03.......... 05/02/95 22,000 21,999,556
6.04.......... 05/02/95 10,000 10,000,000
6.05.......... 05/02/95 10,000 10,006,707
6.14.......... 05/02/95 55,000 55,004,696
6.17.......... 05/02/95 11,600 11,605,061
6.19.......... 05/02/95 20,000 20,007,744
6.215......... 05/02/95 71,520 71,656,644
6.24.......... 05/02/95 18,700 18,761,482
--------------
270,882,891
--------------
Tennessee Valley Authority
Discount Notes
6.00.......... 06/05/95 10,000 9,941,667
--------------
Total............................... 1,058,362,893
--------------
</TABLE>
3
<PAGE> 4
FEDFUND PORTFOLIO
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------------- -------- --------------
<S> <C> <C>
REPURCHASE AGREEMENTS--33.1%
Donaldson, Lufkin & Jenrette
Securities Corp.
5.98%......... 05/01/95 $120,000 $ 120,000,000
(Agreement dated 04/28/95
to be repurchased at
$120,059,800,
collateralized
by $144,195,137 Federal
Home Loan Mortgage
Corporation Bonds 0.00%
to 16.25% due from
10/01/95 to 10/01/22;
$50,182,504 Federal
National Mortgage
Association Adjustable
Rate Notes 4.674% to
7.451% due from 06/01/14
to 06/01/29; $102,850,426
Federal National Mortgage
Association Bonds 7.00%
to 15.50% due from
06/01/97 to 04/01/25;
$128,950,267 Federal
National Mortgage
Association Strips due
from 08/01/10 to 02/01/24
and $71,956,596 Student
Loan Mortgage Association
Floating Rate Notes due
from 11/01/08 to
09/01/21. The market
value is $123,602,404.)
First (The) Boston Corp.
6.08.......... 05/08/95 35,000 35,000,000
(Agreement dated 03/09/95
to be repurchased at
$35,354,667,
collateralized by
$54,705,000 Federal Home
Loan Mortgage Corporation
Bonds 5.486% to 5.839%
due from 05/01/20 to
11/01/23. The market
value is $53,414,900.)
<CAPTION>
PAR
MATURITY (000) VALUE
------------- -------- --------------
<S> <C> <C>
6.05%......... 05/18/95 $ 40,000 $ 40,000,000
(Agreement dated 04/28/95
to be repurchased at
$40,134,444,
collateralized by
$273,040,000 Federal
National Mortgage
Association Strips due
10/09/19. The market
value is $41,638,600.)
6.08.......... 07/07/95 40,000 40,000,000
(Agreement dated 04/10/95
to be repurchased at
$40,594,489,
collateralized by
$41,920,000 Federal Home
Loan Mortgage Corporation
Bonds 4.976% due
12/01/34. The market
value is $42,339,200.)
Goldman Sachs & Co.
6.00.......... 05/15/95 32,213 32,213,000
(Agreement dated 03/03/95
to be repurchased at
$32,604,925,
collateralized by
$37,976,000 Federal Home
Loan Mortgage Corporation
Bonds 6.50% to 7.00% due
from 02/01/09 to
03/01/09. The market
value is $35,928,545.)
Lehman Government
Securities, Inc.
6.03.......... 05/01/95 100,000 100,000,000
(Agreement dated 04/28/95
to be repurchased at
$100,050,250,
collateralized
by $6,885,000 U.S.
Treasury Notes 7.375% due
11/15/97 and $94,345,398
Government National
Mortgage Association
Bonds 6.91% to 9.50% due
from 04/20/10 to
04/20/25. The market
value is $102,913,222.)
</TABLE>
4
<PAGE> 5
FEDFUND PORTFOLIO
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------------- -------- --------------
<S> <C> <C>
REPURCHASE
AGREEMENTS
(CONTINUED)
PaineWebber, Inc.
5.95%......... 05/01/95 $ 90,500 $ 90,500,000
(Agreement dated 04/28/95
to be repurchased at
$90,544,873,
collateralized by
$13,390,000 Federal Farm
Credit Bank System Notes
6.20% to 7.21% due from
05/01/95 to 02/01/96;
$3,665,000 Federal Home
Loan Bank Bonds 7.75% to
9.15% due from 07/24/95
to 09/18/01; $19,830,000
Federal National Mortgage
Association Bonds 4.875%
to 8.50% due from
09/30/98 to 03/10/05;
$540,000 Student Loan
Marketing Association
Notes 8.29% to 8.52% due
from 12/22/97 to
12/13/99; $14,000 Federal
Farm Credit Bank System
Sinking Fund Notes 8.25%
due 05/01/07; $46,000,000
Federal Home Loan Bank
Floating Rate Notes 5.80%
to 6.50% due from
06/05/95 to 06/29/98 and
$10,290,000 Student Loan
Marketing Association
Floating Rate Notes 5.99%
to 6.24% due from
11/01/96 to 08/20/98. The
market value is
$93,216,182.)
Swiss Bank Corp.
6.00.......... 05/01/95 65,000 65,000,000
(Agreement dated 04/28/95
to be repurchased at
$65,032,500,
collateralized by
$46,805,000 U.S. Treasury
Bonds 12.00% due
08/15/13. The market
value is $66,112,063.)
--------------
Total.................. 522,713,000
--------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,581,075,893*)....... 100.0% $1,581,075,893
OTHER ASSETS IN EXCESS OF
LIABILITIES.................. 0.0 600,460
------ --------------
NET ASSETS (equivalent to $1.00
per share based on
1,457,279,389 FedFund and
124,605,231 FedFund Dollar
shares of beneficial interest
outstanding)................. 100.0% $1,581,676,353
====== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($1,581,676,353 / 1,581,884,620)........ $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
+ Variable rate obligations--the rate shown is the rate as of April 30, 1995 and
the maturity date shown is the date the principal amount can be recovered upon
demand or put.
FEDFUND
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- -------------- ----------
<S> <C> <C>
1- 30 Days $1,102,383,000 69.5%
31- 60 Days 119,000,000 7.5
61- 90 Days 130,000,000 8.2
91-120 Days 65,000,000 4.1
Over 120 Days 170,105,000 10.7
Average Weighted Maturity--40 days
- --------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
T-FUND PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- --------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES--30.8%
U.S. Treasury Bills
4.89%......... 05/04/95 $ 15,000 $ 14,993,888
5.105......... 05/04/95 50,000 49,978,729
5.78.......... 05/18/95 25,000 24,931,764
4.87.......... 06/01/95 10,000 9,958,064
4.905......... 06/01/95 10,000 9,957,763
5.74.......... 06/01/95 40,000 39,802,289
6.32.......... 06/08/95 25,000 24,833,222
6.37.......... 06/15/95 35,000 34,721,313
6.35.......... 07/06/95 40,000 39,534,333
--------------
248,711,365
--------------
U.S. Treasury Notes
4.625......... 08/15/95 25,000 24,863,767
8.50.......... 08/15/95 40,000 40,260,859
5.125......... 03/31/96 50,000 49,441,194
--------------
114,565,820
--------------
Total............................... 363,277,185
--------------
REPURCHASE AGREEMENTS--69.6%
Aubrey G. Lanston & Co., Inc.
5.90.......... 05/01/95 50,000 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,583,
collateralized by
$50,435,000 U.S. Treasury
Notes 6.625% to 7.00% due
from 09/30/96 to
03/31/97. The market
value is $50,996,481.)
Donaldson, Lufkin & Jenrette
Securities Corp.
5.90.......... 05/09/95 120,000 120,000,000
(Agreement dated 04/25/95
to be repurchased at
$120,275,333,
collateralized
by $105,125,000 U.S.
Treasury Bonds 8.75% to
10.75% due from 05/15/03
to 08/15/20. The market
value is $122,436,688.)
Lehman Government
Securities, Inc.
5.95.......... 05/01/95 50,000 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,792,
collateralized by
$48,575,000 U.S. Treasury
Notes 7.375% due
11/15/97. The market
value is $51,002,370.)
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- --------------
<S> <C> <C>
Merrill Lynch & Co., Inc.
5.92%......... 05/01/95 $200,000 $ 200,000,000
(Agreement dated 04/28/95
to be repurchased at
$200,098,667,
collateralized
by $197,995,000 U.S.
Treasury Notes 3.875% to
9.50% due from 10/31/95
to 02/15/96. The market
value is $204,004,764.)
Morgan (J.P.) Securities, Inc.
5.90.......... 05/01/95 50,000 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,583,
collateralized by
$50,250,000 U.S. Treasury
Notes 6.00% due 06/30/96.
The market value is
$51,003,750.)
Morgan Stanley & Co.
5.96.......... 05/01/95 202,900 202,900,000
(Agreement dated 04/28/95
to be repurchased at
$203,000,774,
collateralized
by $201,448,000 U.S.
Treasury Notes and Bonds
6.875% to 15.75% due from
11/15/95 to 08/15/21. The
market value is
$207,057,652.)
Sanwa Bank-BGK Securities
5.90.......... 05/01/95 50,000 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,583,
collateralized by
$49,605,000 U.S. Treasury
Notes 6.50% to 8.50% due
from 04/15/97 to
05/15/97. The market
value is $50,947,304.)
Swiss Bank Corp.
5.90.......... 05/01/95 50,000 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,583,
collateralized by
$43,675,000 U.S. Treasury
Bonds 8.125% to 8.75% due
from 05/15/17 to
08/15/19. The market
value is $50,809,425.)
</TABLE>
6
<PAGE> 7
T-FUND PORTFOLIO
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- --------------
<S> <C> <C>
REPURCHASE AGREEMENTS (CONTINUED)
UBS Securities, Inc.
5.98%......... 05/01/95 $ 50,000 $ 50,000,000
(Agreement dated 04/28/95
to be repurchased at
$50,024,917,
collateralized by
$51,780,000 U.S. Treasury
Bills due 07/27/95. The
market value is
$51,003,300.)
--------------
Total............................. 822,900,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,186,177,185*)....... 100.4% 1,186,177,185
LIABILITIES IN EXCESS OF OTHER
ASSETS....................... (0.4) (4,406,258)
------ --------------
NET ASSETS(equivalent to $1.00
per share based on
1,098,354,863 T-Fund and
83,459,272 T-Fund Dollar
shares of beneficial interest
outstanding)................. 100.0% $1,181,770,927
====== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
($1,181,770,927 / 1,181,814,135)........ $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
T-FUND
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1- 30 Days $912,900,000 76.8%
31- 60 Days 120,000,000 10.1
61- 90 Days 40,000,000 3.4
91-120 Days 65,000,000 5.5
Over 120 Days 50,000,000 4.2
Average Weighted Maturity--30 days
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
FEDCASH PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- ------- ------------
<S> <C> <C>
U.S. AGENCY & INSTRUMENTALITY
OBLIGATIONS--77.6%
Federal Farm Credit Bank
Discount Notes
5.98%........... 10/10/95 $ 1,000 $ 973,090
------------
Federal Home Loan Bank
Discount Notes
5.61............ 05/08/95 5,000 4,994,546
6.23............ 05/08/95 19,145 19,121,808
5.89............ 07/27/95 6,000 5,914,595
6.00............ 12/22/95 5,000 4,804,167
5.97............ 04/12/96 5,000 4,712,279
------------
39,547,395
------------
Federal Home Loan Bank Variable
Rate Notes+
6.06............ 05/01/95 10,000 9,996,320
6.08............ 05/01/95 10,000 9,998,320
6.0925.......... 05/02/95 5,000 4,995,444
------------
24,990,084
------------
Federal Home Loan Mortgage
Corporation Discount Notes
5.90............ 07/24/95 8,000 7,889,867
------------
Federal National Mortgage
Association Discount Notes
5.80............ 05/11/95 10,000 9,983,889
6.27............ 05/17/95 22,000 21,938,693
5.92............ 05/30/95 10,000 9,952,311
5.36............ 06/30/95 8,000 7,928,533
6.26............ 07/24/95 25,000 24,634,833
6.21............ 08/14/95 10,000 9,818,875
5.96............ 09/29/95 5,000 4,875,006
5.97............ 10/03/95 5,000 4,871,479
5.92............ 10/18/95 10,000 9,720,444
------------
103,724,063
------------
Federal National Mortgage
Association Variable Rate
Notes+
6.02............ 05/02/95 18,000 18,000,000
------------
<CAPTION>
PAR
MATURITY (000) VALUE
------- ------- ------------
<S> <C> <C>
Student Loan Marketing
Association Variable Rate
Notes+
6.01%........... 05/02/95 $25,000 $ 25,008,223
6.02............ 05/02/95 10,000 10,005,961
6.03............ 05/02/95 10,000 10,000,000
6.05............ 05/02/95 10,000 10,000,000
6.06............ 05/02/95 7,545 7,549,299
6.19............ 05/02/95 28,450 28,502,286
6.215........... 05/02/95 8,000 8,020,539
6.24............ 05/02/95 5,000 5,008,628
------------
104,094,936
------------
Total................................. 299,219,435
------------
REPURCHASE AGREEMENTS--22.5%
Donaldson, Lufkin & Jenrette
Securities Corp.
5.98............ 05/01/95 30,000 30,000,000
(Agreement dated 04/28/95
to be repurchased at
$30,014,950, collateralized
by $161,406,048 Federal Home
Loan Mortgage Corporation
Bonds due from 06/15/07 to
09/15/23 and $39,916,098
Federal National Mortgage
Association Notes due from
04/25/01 to 08/25/23. The
market value is
$30,900,438.)
First (The) Boston Corp.
6.05............ 05/18/95 10,000 10,000,000
(Agreement dated 04/28/95
to be repurchased at
$10,033,611, collateralized
by $68,260,000 Federal
National Mortgage
Association Strips due
10/09/19. The market value
is $10,409,650.)
6.05............ 07/17/95 10,000 10,000,000
(Agreement dated 04/19/95
to be repurchased at
$10,149,569, collateralized
by $11,045,000 Federal Home
Loan Mortgage Corporation
Notes 5.839% due 12/01/22.
The market value is
$11,155,450.)
</TABLE>
8
<PAGE> 9
FEDCASH PORTFOLIO
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- ------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS (CONTINUED)
Goldman Sachs & Co.
6.00%........... 05/15/95 $10,000 $ 10,000,000
(Agreement dated 03/03/95
to be repurchased at
$10,121,667, collateralized
by $11,830,000 Federal Home
Loan Mortgage Corporation
Adjustable Rate Mortgage
Bonds 6.50% due 02/01/09.
The market value is
$11,038,928.)
PaineWebber, Inc.
5.95............ 05/01/95 26,900 26,900,000
(Agreement dated 04/28/95
to be repurchased at
$26,913,338, collateralized
by $1,065,000 Federal Farm
Credit Bank Discount Notes
due from 05/03/95 to
07/11/95; $850,000 Federal
Home Loan Bank Discount
Notes due 05/22/95;
$2,225,000 Federal National
Mortgage Association Notes
4.875% due 10/15/98;
$11,730,000 Federal Home
Loan Bank Floating Rate
Notes due 12/27/99 and
$12,070,000 Student Loan
Marketing Association
Floating Rate Notes 6.03%
due 11/10/98. The market
value is $27,709,970.)
------------
Total............................... 86,900,000
------------
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $386,119,435*)............ 100.1% $386,119,435
LIABILITIES IN EXCESS OF
OTHER ASSETS.................... (0.1) (333,290)
------ ------------
NET ASSETS (equivalent to $1.00
per share based on 370,072,696
FedCash and 15,776,159 FedCash
Dollar shares of beneficial
interest outstanding)........... 100.0% $385,786,145
====== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($385,786,145 / 385,848,855).............. $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
+ Variable rate obligations--the rate shown is the rate as
of April 30, 1995 and the maturity date shown is the date
the principal amount can be recovered upon demand or put.
FEDCASH
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1- 30 Days $290,040,000 74.7%
61- 90 Days 57,000,000 14.7
91-120 Days 10,000,000 2.6
Over 120 Days 31,000,000 8.0
Average Weighted Maturity--34 days
- -------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 10
T-CASH PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- ------------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--21.4%
U.S. Treasury Bills
5.78%.......... 05/18/95 $ 5,000 $ 4,986,353
4.905.......... 06/01/95 3,000 2,987,329
5.74........... 06/01/95 20,000 19,901,144
6.32........... 06/08/95 10,000 9,933,289
6.35........... 07/06/95 15,000 14,825,375
5.355.......... 08/24/95 10,000 9,828,938
------------
62,462,428
------------
U.S. Treasury Notes
4.625.......... 08/15/95 5,000 4,972,753
5.125.......... 03/31/96 10,000 9,888,239
------------
14,860,992
------------
Total................................. 77,323,420
------------
REPURCHASE AGREEMENTS--79.0%
Aubrey G. Lanston & Co., Inc.
5.90........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,375, collateralized
by $15,205,000 U.S.
Treasury Notes 6.625% due
03/31/97. The market value
is $15,284,066.)
B.T. Securities Corp.
5.95........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,438, collateralized
by $15,025,000 U.S.
Treasury Notes 3.875% due
04/30/95. The market value
is $15,002,463.)
Carroll McEntee & McGinley, Inc.
5.90........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,375, collateralized
by $15,025,000 U.S.
Treasury Notes 7.50% due
01/31/96. The market value
is $15,420,158.)
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- ------------
<S> <C> <C>
Donaldson, Lufkin & Jenrette
Securities Corp.
5.90%.......... 05/09/95 $ 35,000 $ 35,000,000
(Agreement dated 04/25/95 to
be repurchased at
$35,080,306, collateralized
by $28,110,000 U.S.
Treasury Bonds 10.75% due
05/15/03. The market value
is $35,798,085.)
Fuji Securities, Inc.
6.03........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,538, collateralized
by $13,950,000 U.S.
Treasury Notes 8.75% due
08/15/00. The market value
is $15,310,125.)
Lehman Government Securities, Inc.
5.95........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,438, collateralized
by $15,455,000 U.S.
Treasury Bills due
06/29/95. The market value
is $15,303,541.)
Merrill Lynch & Co., Inc.
5.92........... 05/01/95 60,000 60,000,000
(Agreement dated 04/28/95 to
be repurchased at
$60,029,600, collateralized
by $61,197,000 U.S.
Treasury Notes 4.625% to
8.875% due from 02/15/96 to
02/29/96. The market value
is $61,200,486.)
Morgan (J.P.) Securities, Inc.
5.90........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,375, collateralized
by $13,077,000 U.S.
Treasury Bonds 8.875% due
08/15/17. The market value
is $15,300,090.)
</TABLE>
10
<PAGE> 11
T-CASH PORTFOLIO
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS (CONTINUED)
Morgan Stanley & Co.
5.96%.......... 05/01/95 $ 54,800 $ 54,800,000
(Agreement dated 04/28/95 to
be repurchased at
$54,827,217, collateralized
by $54,100,000 U.S.
Treasury Notes 7.50% due
01/31/97. The market value
is $55,917,689.)
Sanwa Bank-BGK Securities
5.90........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,375, collateralized
by $15,913,000 U.S.
Treasury Notes 4.75% due
10/31/98. The market value
is $15,279,663.)
Swiss Bank Corp.
5.90........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,375, collateralized
by $11,930,000 U.S.
Treasury Bonds 10.75% due
08/15/05. The market value
is $15,246,540.)
UBS Securities, Inc.
5.98........... 05/01/95 15,000 15,000,000
(Agreement dated 04/28/95 to
be repurchased at
$15,007,475, collateralized
by $14,750,000 U.S.
Treasury Notes 7.50% due
12/31/96. The market value
is $15,303,125.)
------------
Total............................... 284,800,000
------------
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $362,123,420*)........... 100.4% $362,123,420
LIABILITIES IN EXCESS OF OTHER
ASSETS......................... (0.4) (1,433,767)
------ ------------
NET ASSETS (equivalent to $1.00
per share based on 294,400,058
T-Cash and 66,292,705 T-Cash
Dollar shares of beneficial
interest outstanding).......... 100.0% $360,689,653
====== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($360,689,653 / 360,692,763).............. $1.00
</TABLE>
- ---------------
* Cost for federal income tax purposes.
T-CASH
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1- 30 Days $289,800,000 79.9%
31- 60 Days 33,000,000 9.1
61- 90 Days 15,000,000 4.1
91-120 Days 15,000,000 4.1
Over 120 Days 10,000,000 2.8
Average Weighted Maturity--21 days
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
FEDERAL TRUST FUND PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- ------------
<S> <C> <C>
U.S. AGENCY AND INSTRUMENTALITY
OBLIGATIONS -- 99.9%
Federal Farm Credit Bank
Discount Notes
5.96%......... 05/08/95 $ 4,000 $ 3,995,364
5.91.......... 05/09/95 5,000 4,993,433
5.84.......... 05/11/95 9,700 9,684,264
5.85.......... 05/11/95 4,000 3,993,500
5.83.......... 05/22/95 14,000 13,952,388
5.83.......... 05/24/95 20,000 19,925,506
6.00.......... 05/30/95 1,075 1,069,804
5.87.......... 06/01/95 4,000 3,979,781
------------
61,594,040
------------
Federal Home Loan Bank
Discount Notes
5.86.......... 05/01/95 1,000 1,000,000
5.93.......... 05/01/95 15,000 15,000,000
5.87.......... 05/15/95 1,000 997,717
5.89.......... 05/19/95 1,685 1,680,038
5.84.......... 05/22/95 10,000 9,965,933
5.85.......... 05/22/95 12,905 12,860,962
5.87.......... 06/13/95 1,000 992,989
------------
42,497,639
------------
Federal Home Loan Bank Variable
Rate Notes+
6.08.......... 05/01/95 25,000 24,995,801
5.80.......... 05/02/95 10,000 9,998,946
------------
34,994,747
------------
Student Loan Marketing
Association Variable
Rate Notes+
6.01.......... 05/02/95 5,000 4,997,627
6.02.......... 05/02/95 16,360 16,375,839
6.04.......... 05/02/95 30,000 30,000,000
6.14.......... 05/02/95 6,640 6,641,490
6.215......... 05/02/95 5,000 5,008,562
6.24.......... 05/02/95 5,000 5,016,439
------------
68,039,957
------------
Tennessee Valley Authority
Discount Notes
5.92.......... 05/01/95 10,000 10,000,000
5.91.......... 05/08/95 5,000 4,994,254
5.93.......... 05/09/95 5,000 4,993,411
5.97.......... 05/12/95 5,000 4,990,879
5.89.......... 06/19/95 5,000 4,959,915
------------
29,938,459
------------
Total................................ 237,064,842
------------
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- ------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES -- 0.1%
U.S. Treasury Bills
5.85%......... 05/04/95 $ 255 $ 254,876
------------
Total................................ 254,876
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $237,319,718*).......... 100.0% 237,319,718
LIABILITIES IN EXCESS OF
OTHER ASSETS.................. 0.0 (42,709)
------ ------------
NET ASSETS (equivalent to $1.00
per share based on 212,222,215
Federal Trust and 25,233,309
Federal Trust Dollar shares of
beneficial interest
outstanding).................. 100.0% $237,277,009
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($237,277,009 / 237,455,524)............. $1.00
</TABLE>
- ---------------
* Cost for federal income tax purposes.
+ Variable Rate Obligations--the rate shown is the rate as
of April 30, 1995 and the maturity date is the date the
principal amount can be recovered upon demand or put.
FEDERAL TRUST FUND
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1- 30 Days $227,620,000 95.8%
31- 60 Days 10,000,000 4.2%
Average Weighted Maturity--10 days
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE> 13
TREASURY TRUST FUND PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- -------- --------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES--82.5%
U.S. Treasury Bills
5.68%........ 05/04/95 $ 4,709 $ 4,706,771
5.765........ 05/04/95 13,909 13,902,318
5.77......... 05/04/95 14,064 14,057,238
5.795........ 05/04/95 40,000 39,980,683
5.80......... 05/04/95 29,500 29,485,742
5.83......... 05/04/95 8,430 8,425,904
5.85......... 05/04/95 5,370 5,367,382
5.67......... 05/11/95 2,263 2,259,436
5.70......... 05/11/95 8,243 8,229,949
5.68......... 05/18/95 3,296 3,287,159
5.745........ 06/01/95 15,000 14,925,794
5.755........ 06/01/95 150,000 149,256,646
5.675........ 06/15/95 3,203 3,180,279
5.68......... 07/27/95 8,000 7,890,187
5.79......... 08/03/95 25,000 24,622,042
5.805........ 08/17/95 25,000 24,564,625
5.68......... 10/19/95 24,822 24,152,302
5.69......... 10/19/95 20,000 19,459,450
5.695........ 10/19/95 64,170 62,434,122
5.705........ 10/19/95 50,000 48,645,063
5.78......... 10/26/95 20,000 19,428,422
--------------
528,261,514
--------------
U.S. Treasury Bonds
10.375....... 05/15/95 108,180 108,358,060
12.625....... 05/15/95 31,500 31,579,980
--------------
139,938,040
--------------
U.S. Treasury Notes
5.875........ 05/15/95 134,800 134,796,968
8.50......... 05/15/95 79,301 79,374,313
11.25........ 05/15/95 143,195 143,484,908
4.125........ 05/31/95 16,600 16,575,122
4.125........ 06/30/95 25,000 24,927,220
4.625........ 08/15/95 50,000 49,782,072
--------------
448,940,603
--------------
<CAPTION>
VALUE
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,117,140,157*)....... 82.5% $1,117,140,157
NET RECEIVABLE FROM SECURITIES
TRANSACTION.................. 16.0 216,967,000
OTHER ASSETS IN EXCESS OF
LIABILITIES.................. 1.5 20,172,955
------ --------------
NET ASSETS (equivalent to $1.00
per share based on
1,158,738,419 Treasury Trust
and 195,682,886 Treasury
Trust Dollar shares of
beneficial interest
outstanding)................. 100.0% $1,354,280,112
====== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($1,354,280,112 / 1,354,421,305)........ $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
TREASURY TRUST FUND
Maturity Schedule of Portfolio
April 30, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1-30 Days..... $626,760,000 55.8%
31-60 Days.... 184,803,000 16.5
61-90 Days.... 33,000,000 2.9
Over 90 Days.. 278,992,000 24.8
Average Weighted Maturity--44 days
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE> 14
SHORT GOVERNMENT FUND PORTFOLIO
Trust for Federal Securities
Statement of Net Assets
April 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
------- ------ ----------
<S> <C> <C>
U.S. AGENCY & INSTRUMENTALITY
OBLIGATIONS--39.4%
Federal Home Loan Mortgage
Corporation Bonds
7.50%.............. 04/15/99 $ 500 $ 502,967
----------
Federal National Mortgage
Association Notes
6.31............... 06/17/99 500 500,150
----------
Total (Cost $998,085).......... 1,003,117
----------
U.S. TREASURY NOTES--68.3%
7.875.............. 07/31/96 500 508,585
7.50............... 01/31/97 500 507,740
8.50............... 05/15/97 500 517,920
7.00............... 04/15/99 200 201,562
----------
Total (Cost $1,735,740)........ 1,735,807
----------
<CAPTION>
VALUE
----------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,733,825*)................. 107.7% $2,738,924
NET PAYABLE FOR FUND
SHARES REDEEMED.................... (9.9) (251,946)
OTHER ASSETS IN EXCESS OF
OTHER LIABILITIES.................. 2.2 56,166
------ ----------
NET ASSETS (equivalent to $9.34 per
share based on 90,009 Short
Government and 182,389 Short
Government Dollar shares of
beneficial interest outstanding)... 100.0% $2,543,144
====== ==========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($2,543,144 / 272,398)............. $9.34
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes. Net unrealized
appreciation for all securities is as follows:
<TABLE>
<S> <C>
Excess of value over tax cost............... $ 6,887
Excess of tax cost over value............... (1,788)
----------
$ 5,099
==========
</TABLE>
SHORT GOVERNMENT FUND
Maturity Schedule of Portfolio
April 30, 1995
Average Weighted Maturity--2.73 years
- ----------------------------------------------------
See accompanying notes to financial statements.
14
<PAGE> 15
TRUST FOR FEDERAL SECURITIES
Statements of Operations
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
FEDERAL TREASURY
TRUST TRUST
FEDFUND T-FUND FEDCASH T-CASH FUND FUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ---------- ---------- -----------
Investment Income:
<S> <C> <C> <C> <C> <C> <C>
Interest income........................... $45,462,486 $35,243,791 $14,809,669 $8,854,623 $7,842,526 $36,788,306
----------- ----------- ----------- ---------- ---------- -----------
Expenses:
Investment advisory fee................... 990,856 780,341 325,587 196,373 172,698 840,784
Administration fee........................ 990,856 780,341 325,587 196,373 172,698 840,784
Trustees' fees and officer's salary....... 14,721 11,567 4,901 2,927 2,575 12,477
Transfer agent fee........................ 49,985 33,636 16,488 12,506 21,735 45,376
Custodian fee............................. 118,544 103,734 56,177 37,206 33,395 108,006
Shareholder computer access program....... 29,753 21,735 1,769 1,482 862 26,827
Legal and audit........................... 25,426 19,980 8,460 5,056 4,446 21,553
Organization expense...................... -- -- 2,559 2,583 4,939 --
Registration fees and expenses............ 13,687 12,506 10,488 8,068 11,951 14,876
Printing.................................. 1,712 1,314 1,552 3,363 2,724 4,434
Other..................................... 30,694 35,063 6,977 8,491 10,022 36,433
----------- ----------- ----------- ---------- ---------- -----------
2,266,234 1,800,217 760,545 474,428 438,045 1,951,550
Service Organization fees--Dollar
shares.................................. 115,830 96,816 44,050 88,373 15,570 227,209
----------- ----------- ----------- ---------- ---------- -----------
2,382,064 1,897,033 804,595 562,801 453,615 2,178,759
Less fees waived.......................... (863,676) (695,733) (304,992) (199,255) (193,600) (762,029)
----------- ----------- ----------- ---------- ---------- -----------
Total expenses.......................... 1,518,388 1,201,300 499,603 363,546 260,015 1,416,730
----------- ----------- ----------- ---------- ---------- -----------
Net investment income..................... 43,944,098 34,042,491 14,310,066 8,491,077 7,582,511 35,371,576
----------- ----------- ----------- ---------- ---------- -----------
Realized gain (loss) on investments:
Net realized gain (loss) from security
transactions............................ (44,471) 13,702 (5,127) -- (17,935) 127,526
----------- ----------- ----------- ---------- ---------- -----------
Net increase in net assets resulting from
operations.............................. $43,899,627 $34,056,193 $14,304,939 $8,491,077 $7,564,576 $35,499,102
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
15
<PAGE> 16
TRUST FOR FEDERAL SECURITIES
Statements of Operations
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
SHORT
GOVERNMENT
FUND
PORTFOLIO
----------
<S> <C>
Investment Income:
Interest income............................................................. $157,021
----------
Expenses:
Investment advisory fee..................................................... 4,723
Administration fee.......................................................... 4,723
Trustees' fees and officer's salary......................................... 58
Transfer agent fee.......................................................... 1,339
Custodian fee............................................................... 2,157
Legal and audit............................................................. 104
Registration fees and expenses.............................................. 11,619
Printing.................................................................... 1,421
Other....................................................................... 912
----------
27,056
Service Organization fees--Dollar shares.................................... 4,905
----------
31,961
Less fees waived and expenses reimbursed.................................... (17,610)
----------
Total expenses............................................................ 14,351
----------
Net investment income....................................................... 142,670
----------
Realized and unrealized gain (loss) on investments:
Net realized loss from security transactions................................ (17,153)
Change in unrealized appreciation of investments............................ 24,882
----------
Net gain on investments..................................................... 7,729
----------
Net increase in net assets resulting from operations........................ $150,399
==========
</TABLE>
See accompanying notes to financial statements.
16
<PAGE> 17
TRUST FOR FEDERAL SECURITIES
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
FEDFUND PORTFOLIO T-FUND PORTFOLIO
---------------------------------- ----------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED OCTOBER 31, 1994 ENDED OCTOBER 31, 1994
APRIL 30, 1995 ---------------- APRIL 30, 1995 ----------------
--------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.............................. $ 43,944,098 $ 50,934,062 $ 34,042,491 $ 42,260,560
Net gain (loss) on investments..................... (44,471) (69,818) 13,702 24,931
--------------- ---------------- --------------- ----------------
Net increase in net assets resulting from
operations....................................... 43,899,627 50,864,244 34,056,193 42,285,491
--------------- ---------------- --------------- ----------------
Distributions to shareholders:
From net investment income:
FedFund shares................................... (41,434,495) (46,624,473) -- --
FedFund Dollar shares............................ (2,509,603) (4,309,589) -- --
T-Fund shares.................................... -- -- (31,974,367) (41,643,869)
T-Fund Dollar shares............................. -- -- (2,068,124) (616,691)
--------------- ---------------- --------------- ----------------
Total distributions to shareholders............ (43,944,098) (50,934,062) (34,042,491) (42,260,560)
--------------- ---------------- --------------- ----------------
Capital share transactions (at $1 per share):
Sale of shares..................................... 9,479,834,369 20,324,163,439 5,898,081,248 10,514,363,640
Reinvestment of dividends.......................... 9,472,624 9,062,973 8,704,872 8,945,390
Repurchase of shares............................... (9,600,917,666) (20,100,673,406) (5,760,200,557) (10,863,024,585)
--------------- ---------------- --------------- ----------------
Increase (decrease) in net assets derived from
capital share transactions....................... (111,610,673) 232,553,006 146,585,563 (339,715,555)
--------------- ---------------- --------------- ----------------
Total increase (decrease) in net assets........ (111,655,144) 232,483,188 146,599,265 (339,690,624)
Net assets:
Beginning of period................................ 1,693,331,497 1,460,848,309 1,035,171,662 1,374,862,286
--------------- ---------------- --------------- ----------------
End of period...................................... $ 1,581,676,353 $ 1,693,331,497 $ 1,181,770,927 $ 1,035,171,662
=============== ================ =============== ================
</TABLE>
See accompanying notes to financial statements.
17
<PAGE> 18
TRUST FOR FEDERAL SECURITIES
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
FEDCASH T-CASH
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994 APRIL 30, 1995 OCTOBER 31, 1994
--------------- ---------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.............................. $ 14,310,066 $ 23,630,980 $ 8,491,077 $ 15,543,622
Net gain (loss) on investments..................... (5,127) (6,709) -- 10,453
--------------- ---------------- --------------- ----------------
Net increase in net assets resulting from
operations....................................... 14,304,939 23,624,271 8,491,077 15,554,075
--------------- ---------------- --------------- ----------------
Distributions to shareholders:
From net investment income:
FedCash shares................................... (13,362,238) (22,236,307) -- --
FedCash Dollar shares............................ (947,828) (1,394,673) -- --
T-Cash shares.................................... -- -- (6,630,695) (11,980,470)
T-Cash Dollar shares............................. -- -- (1,860,382) (3,563,152)
--------------- ---------------- --------------- ----------------
Total distributions to shareholders............ (14,310,066) (23,630,980) (8,491,077) (15,543,622)
--------------- ---------------- --------------- ----------------
Capital share transactions (at $1 per share):
Sale of shares..................................... 2,293,456,228 6,586,200,619 1,106,529,013 3,494,135,508
Reinvestment of dividends.......................... 2,835,188 8,312,109 678,607 3,229,181
Repurchase of shares............................... (2,562,446,311) (6,449,348,793) (1,053,721,131) (3,775,988,923)
--------------- ---------------- --------------- ----------------
Increase (decrease) in net assets derived from
capital share transactions....................... (266,154,895) 145,163,935 53,486,489 (278,624,234)
--------------- ---------------- --------------- ----------------
Total increase (decrease) in net assets........ (266,160,022) 145,157,226 53,486,489 (278,613,781)
Net assets:
Beginning of period................................ 651,946,167 506,788,941 307,203,164 585,816,945
--------------- ---------------- --------------- ----------------
End of period...................................... $ 385,786,145 $ 651,946,167 $ 360,689,653 $ 307,203,164
=============== ================ =============== ================
</TABLE>
See accompanying notes to financial statements.
18
<PAGE> 19
TRUST FOR FEDERAL SECURITIES
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
FEDERAL TRUST TREASURY TRUST
FUND PORTFOLIO FUND PORTFOLIO
---------------------------------- ----------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994 APRIL 30, 1995 OCTOBER 31, 1994
--------------- ---------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
Increase (decrease) in net assets:
<S> <C> <C> <C> <C>
Operations:
Net investment income.............................. $ 7,582,511 $ 11,296,421 $ 35,371,576 $ 48,284,615
Net gain (loss) on investments..................... (17,935) (71,784) 127,526 (184,663)
--------------- ---------------- --------------- ----------------
Net increase in net assets resulting from
operations....................................... 7,564,576 11,224,637 35,499,102 48,099,952
--------------- ---------------- --------------- ----------------
Distributions to shareholders:
From net investment income:
Federal Trust shares............................. (7,242,629) (11,168,689) -- --
Federal Trust Dollar shares...................... (339,882) (127,732) -- --
Treasury Trust shares............................ -- -- (30,701,032) (42,229,885)
Treasury Trust Dollar shares..................... -- -- (4,670,544) (6,054,730)
From net realized gains:
Treasury Trust shares............................ -- -- -- (6,557)
Treasury Trust Dollar shares..................... -- -- -- (1,220)
--------------- ---------------- --------------- ----------------
Total distributions to shareholders............ (7,582,511) (11,296,421) (35,371,576) (48,292,392)
--------------- ---------------- --------------- ----------------
Capital share transactions (at $1 per share):
Sale of shares..................................... 1,198,373,830 3,224,796,906 3,461,810,553 7,688,786,462
Reinvestment of dividends.......................... 2,215,571 2,840,411 9,750,121 11,595,449
Repurchase of shares............................... (1,289,341,892) (3,159,667,718) (3,315,976,970) (7,948,238,689)
--------------- ---------------- --------------- ----------------
Increase (decrease) in net assets derived from
capital share transactions....................... (88,752,491) 67,969,599 155,583,704 (247,856,778)
--------------- ---------------- --------------- ----------------
Total increase (decrease) in net assets........ (88,770,426) 67,897,815 155,711,230 (248,049,218)
Net assets:
Beginning of period................................ 326,047,435 258,149,620 1,198,568,882 1,446,618,100
--------------- ---------------- --------------- ----------------
End of period...................................... $ 237,277,009 $ 326,047,435 $ 1,354,280,112 $ 1,198,568,882
=============== ================ =============== ================
</TABLE>
See accompanying notes to financial statements.
19
<PAGE> 20
TRUST FOR FEDERAL SECURITIES
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
SHORT
GOVERNMENT
FUND PORTFOLIO
---------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
-------------- ----------------
(UNAUDITED)
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income..................................................................... $ 142,670 $ 331,648
Net gain (loss) on investments............................................................ 7,729 (359,482)
-------------- ----------------
Net increase (decrease) in net assets resulting from operations........................... 150,399 (27,834)
-------------- ----------------
Distributions to shareholders:
From net investment income:
Short Government shares................................................................. (25,394) (55,662)
Short Government Dollar shares.......................................................... (117,276) (275,986)
From net realized gains:
Short Government shares................................................................. -- (67,302)
Short Government Dollar shares.......................................................... -- (359,354)
-------------- ----------------
Total distributions to shareholders................................................... (142,670) (758,304)
-------------- ----------------
Capital share transactions:
Sale of shares............................................................................ 15,199,289 22,233,001
Reinvestment of dividends................................................................. 18,466 70,596
Repurchase of shares...................................................................... (17,599,938) (22,716,105)
-------------- ----------------
Decrease in net assets derived from capital share transactions............................ (2,382,183) (412,508)
-------------- ----------------
Total decrease in net assets.......................................................... (2,374,454) (1,198,646)
Net assets:
Beginning of period....................................................................... 4,917,598 6,116,244
-------------- ----------------
End of period............................................................................. $ 2,543,144 $ 4,917,598
============= ================
</TABLE>
See accompanying notes to financial statements.
20
<PAGE> 21
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FEDFUND SHARES
--------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ------------------------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- ---------- ---------- ---------- ---------- ----------
Income From Investment Operations:
Net Investment Income.................. .0280 .0377 .0308 .0397 .0637 .0800
Net Capital Gains...................... -- -- .0001 .0010 -- --
-------------- ---------- ---------- ---------- ---------- ----------
Total From Investment Operations..... .0280 .0377 .0309 .0407 .0637 .0800
-------------- ---------- ---------- ---------- ---------- ----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income.................. (.0280) (.0377) (.0308) (.0397) (.0637) (.0800)
Net Capital Gains...................... -- -- (.0001) (.0010) -- --
-------------- ---------- ---------- ---------- ---------- ----------
Total Distributions.................. (.0280) (.0377) (.0309) (.0407) (.0637) (.0800)
-------------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========== ========== ========== ========== ==========
Total Return............................ 5.75%(2) 3.84% 3.12% 4.15% 6.56% 8.29%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........ $1,457,102 $1,557,562 $1,290,971 $2,976,954 $1,918,966 $1,488,141
Ratio of Expenses to Average Daily Net
Assets................................. .18%(1,2) .18%(1) .20%(1) .27% .30% .30%(1)
Ratio of Net Investment Income to
Average Daily Net Assets............... 5.65%(2) 3.76% 3.08% 3.91% 6.36% 8.00%
<CAPTION>
FEDFUND DOLLAR SHARES
----------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ------------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- -------- -------- -------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- -------- -------- ------- -------
Income From Investment Operations:
Net Investment Income.................. .0268 .0352 .0283 .0372 .0612 .0775
Net Capital Gains...................... -- -- .0001 .0010 -- --
------- -------- -------- -------- ------- -------
Total From Investment Operations..... .0268 .0352 .0284 .0382 .0612 .0775
------- -------- -------- -------- ------- -------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income.................. (.0268) (.0352) (.0283) (.0372) (.0612) (.0775)
Net Capital Gains...................... -- -- (.0001) (.0010) -- --
------- -------- -------- -------- ------- -------
Total Distributions.................. (.0268) (.0352) (.0284) (.0382) (.0612) (.0775)
------- -------- -------- -------- ------- -------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========= ========= ========= ======= =======
Total Return............................ 5.50%(2) 3.59% 2.87% 3.90% 6.31% 8.04%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........ $124,574 $135,769 $169,877 $148,363 $62,842 $19,815
Ratio of Expenses to Average Daily Net
Assets................................. .43%(1,2) .43%(1) .45%(1) .52% .55% .55%(1)
Ratio of Net Investment Income to
Average Daily Net Assets............... 5.40%(2) 3.51% 2.83% 3.66% 6.11% 7.75%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .29% (annualized) for
the six months ended April 30, 1995 and .30%, .27% and .34%, respectively,
for the years ended October 31, 1994, 1993 and 1990 for FedFund shares and
.54% (annualized) for the six months ended April 30, 1995 and .55%, .52% and
.59%, respectively, for the years ended October 31, 1994, 1993 and 1990 for
FedFund Dollar shares.
(2) Annualized
See accompanying notes to financial statements.
21
<PAGE> 22
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-FUND SHARES
------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ------------------------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- ---------- ---------- ---------- ---------- ----------
Income From Investment Operations:
Net Investment Income.................. .0275 .0368 .0303 .0392 .0626 .0799
-------------- ---------- ---------- ---------- ---------- ----------
Total From Investment Operations..... .0275 .0368 .0303 .0392 .0626 .0799
-------------- ---------- ---------- ---------- ---------- ----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income.................. (.0275) (.0368) (.0303) (.0392) (.0626) (.0799)
-------------- ---------- ---------- ---------- ---------- ----------
Total Distributions.................. (.0275) (.0368) (.0303) (.0392) (.0626) (.0799)
-------------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========== ========== ========== ========== ==========
Total Return............................ 5.65%(2) 3.75% 3.07% 3.99% 6.44% 8.29%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........ $1,098,314 $1,012,977 $1,361,624 $1,327,743 $1,592,750 $1,497,476
Ratio of Expenses to Average Daily Net
Assets................................. .18%(1,2) .18%(1) .20%(1) .28% .30% .30%
Ratio of Net Investment Income to
Average Daily Net Assets............... 5.56%(2) 3.65% 3.03% 3.93% 6.26% 7.99%
<CAPTION>
T-FUND DOLLAR SHARES
---------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ---------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income...................... .0263 .0343 .0278 .0367 .0601 .0774
------ ------- ------- ------- ------- -------
Total From Investment Operations......... .0263 .0343 .0278 .0367 .0601 .0774
------ ------- ------- ------- ------- -------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income...................... (.0263) (.0343) (.0278) (.0367) (.0601) (.0774)
------ ------- ------- ------- ------- -------
Total Distributions...................... (.0263) (.0343) (.0278) (.0367) (.0601) (.0774)
------ ------- ------- ------- ------- -------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ======= ======= ======= ======= =======
Total Return................................ 5.40%(2) 3.50% 2.82% 3.74% 6.19% 8.04%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)............ $ 83,457 $22,195 $13,328 $ 4,915 $40,372 $27,116
Ratio of Expenses to Average Daily Net
Assets..................................... .43%(1,2) .43%(1) .45%(1) .53% .55% .55%(1)
Ratio of Net Investment Income to Average
Daily Net Assets........................... 5.31%(2) 3.40% 2.78% 3.68% 6.01% 7.74%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees, the ratios of
expenses to average daily net assets would have been .29% (annualized) for
the six months ended April 30, 1995 and .29%, .28% and .34%, respectively,
for the years ended October 31, 1994, 1993, and 1990 for T-Fund Shares and
.54% (annualized) for the six months ended April 30, 1995 and .54%, .53% and
.59%, respectively, for the years ended October 31, 1994, 1993, and 1990 for
T-Fund Dollar shares.
(2) Annualized
See accompanying notes to financial statements.
22
<PAGE> 23
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FEDCASH SHARES
-------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED 1991(3) TO
ENDED APRIL OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
30, 1995 1994 1993 1992 1991
----------- ----------- ----------- ----------- -----------
(UNAUDITED)
<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................................ .0281 .0382 .0316 .0433 .0266
Net Capital Gains.................................... -- -- -- .0012 --
----------- ----------- ----------- ----------- -----------
Total From Investment Operations................... .0281 .0382 .0316 .0445 .0266
----------- ----------- ----------- ----------- -----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income................................ (.0281) (.0382) (.0316) (.0433) (.0266)
Net Capital Gains.................................... -- -- -- (.0012) --
----------- ----------- ----------- ----------- -----------
Total Distributions................................ (.0281) (.0382) (.0316) (.0445) (.0266)
----------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== =========== ===========
Total Return.......................................... 5.76%(2) 3.89% 3.20% 4.54% 2.69%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)...................... $ 370,016 $ 629,209 $ 447,942 $ 717,978 $ 290,558
Ratio of Expenses to Average Daily
Net Assets(1)....................................... .18%(2) .12% .10% .07% .00%(2)
Ratio of Net Investment Income to Average Daily
Net Assets.......................................... 5.78%(2) 3.80% 3.16% 3.99% 5.80%(2)
<CAPTION>
FEDCASH DOLLAR SHARES
-----------------------------------------
DECEMBER
SIX MONTHS YEAR ENDED YEAR ENDED 13, 1991(4)
ENDED APRIL OCTOBER 31, OCTOBER 31, TO OCTOBER
30, 1995 1994 1993 31, 1992
----------- ----------- ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- -----------
Income From Investment Operations:
Net Investment Income........................................... .0268 .0357 .0291 .0349
Net Capital Gains............................................... -- -- -- .0012
----------- ----------- ----------- -----------
Total From Investment Operations.............................. .0268 .0357 .0291 .0361
----------- ----------- ----------- -----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income........................................... (.0268) (.0357) (.0291) (.0349)
Net Capital Gains............................................... -- -- -- (.0012)
----------- ----------- ----------- -----------
Total Distributions........................................... (.0268) (.0357) (.0291) (.0361)
----------- ----------- ----------- -----------
Net Asset Value, End of Period................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== ===========
Total Return..................................................... 5.51%(2) 3.64% 2.95% 3.67%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................................. $15,770 $22,737 $58,847 $53,813
Ratio of Expenses to Average Daily Net Assets(1)................. .43%(2) .37% .35% .32%(2)
Ratio of Net Investment Income to Average Daily Net Assets....... 5.53%(2) 3.55% 2.91% 3.66%(2)
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees and without expense
reimbursements, the ratio of expenses to average daily net assets for
FedCash shares would have been .30% (annualized) for the six months ended
April 30, 1995 and .29%, .28% and .29%, respectively, for the years ended
October 31, 1994 and 1993 and 1992, and .39% (annualized) for the period
ended October 31, 1991, and for FedCash Dollar shares would have been .55%
(annualized) for the six months ended April 30, 1995 and .54% and .53%,
respectively for the years ended October 31, 1994, 1993 and .54%
(annualized) for the period ended October 31, 1992.
(2) Annualized
(3) Commencement of operations.
(4) First issuance of shares.
See accompanying notes to financial statements.
23
<PAGE> 24
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-CASH SHARES
------------------------------------------------------------------------
JUNE 5,
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED 1991(3) TO
ENDED APRIL OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
30, 1995 1994 1993 1992 1991
----------- ----------- ----------- ----------- -----------
(UNAUDITED)
<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............................. .0276 .0371 .0311 .0406 .0235
----------- ----------- ----------- ----------- -----------
Total From Investment Operations................ .0276 .0371 .0311 .0406 .0235
----------- ----------- ----------- ----------- -----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income............................. (.0276) (.0371) (.0311) (.0406) (.0235)
----------- ----------- ----------- ----------- -----------
Total Distributions............................. (.0276) (.0371) (.0311) (.0406) (.0235)
----------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== =========== ===========
Total Return....................................... 5.66%(2) 3.77% 3.15% 4.13% 2.38%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................... $ 294,398 $ 217,910 $ 424,641 $ 477,599 $ 301,526
Ratio of Expenses to Average Daily
Net Assets(1).................................... .18%(2) .11% .10% .06% .00%(2)
Ratio of Net Investment Income to Average Daily
Net Assets....................................... 5.57%(2) 3.58% 3.11% 3.99% 5.70%(2)
<CAPTION>
T-CASH DOLLAR SHARES
---------------------------------------------------------
AUGUST 4,
SIX MONTHS YEAR ENDED YEAR ENDED 1992(4) TO
ENDED APRIL OCTOBER 31, OCTOBER 31, OCTOBER 31,
30, 1995 1994 1993 1992
----------- ----------- ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- -----------
Income From Investment Operations:
Net Investment Income........................................... .0263 .0346 .0286 .0080
----------- ----------- ----------- -----------
Total From Investment Operations.............................. .0263 .0346 .0286 .0080
----------- ----------- ----------- -----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income........................................... (.0263) (.0346) (.0286) (.0080)
----------- ----------- ----------- -----------
Total Distributions........................................... (.0263) (.0346) (.0286) (.0080)
----------- ----------- ----------- -----------
Net Asset Value, End of Period................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== ===========
Total Return..................................................... 5.41%(2) 3.52% 2.90% .76%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................................. $66,292 $89,293 $ 161,176 $24,261
Ratio of Expenses to Average Daily Net Assets(1)................. .43%(2) .36% .35% .35%(2)
Ratio of Net Investment Income to Average Daily Net Assets....... 5.32%(2) 3.33% 2.86% 3.03%(2)
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees and without expense
reimbursements, the ratio of expenses to average daily net assets for
T-Cash shares would have been .31% (annualized) for the six months ended
April 30, 1995 and .30%, .29% and .29%, respectively, for the years ended
October 31, 1994, 1993 and 1992, and .37% (annualized) for the period ended
October 31, 1991, and for T-Cash Dollar shares would have been .56%
(annualized) for the six months ended April 30, 1995 and .55% and .54%,
respectively, for the years ended October 31, 1994, 1993 and .58%
(annualized) for the period ended October 31, 1992.
(2) Annualized
(3) Commencement of operations.
(4) First issuance of shares.
See accompanying notes to financial statements.
24
<PAGE> 25
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FEDERAL TRUST SHARES
------------------------------------------------------------------------
DECEMBER 3,
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED 1990(3) TO
ENDED APRIL OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
30, 1995 1994 1993 1992 1991
----------- ----------- ----------- ----------- ------------
(UNAUDITED)
<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....................... .0278 .0380 .0302 .0389 .0564
Net Capital Gains........................... -- -- .0001 .0018 --
----------- ----------- ----------- ----------- ------------
Total From Investment Operations............ .0278 .0380 .0303 .0407 .0564
----------- ----------- ----------- ----------- ------------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income....................... (.0278) (.0380) (.0302) (.0389) (.0564)
Net Capital Gains........................... -- -- (.0001) (.0018) --
----------- ----------- ----------- ----------- ------------
Total Distributions....................... (.0278) (.0380) (.0303) (.0407) (.0564)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== =========== =============
Total Return................................. 5.71%(2) 3.87% 3.06% 4.15% 5.79%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)............. $ 212,046 $ 317,769 $ 257,125 $ 428,365 $184,063
Ratio of Expenses to Average Daily Net
Assets(1)................................... .18%(2) .18% .18% .20% .12%(2)
Ratio of Net Investment Income to Average
Daily Net Assets............................ 5.59%(2) 3.85% 3.02% 3.75% 5.93%(2)
<CAPTION>
FEDERAL TRUST DOLLAR SHARES
-------------------------------------------------------------------------
DECEMBER 31,
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED 1990(4) TO
ENDED APRIL OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
30, 1995 1994 1993 1992 1991
----------- ----------- ----------- ------------ ------------
(UNAUDITED)
<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....................... .0266 .0355 .0277 .0364 .0487
Net Capital Gains........................... -- -- .0001 .0018 --
----------- ----------- ----------- ------ ------
Total From Investment Operations............ .0266 .0355 .0278 .0382 .0487
----------- ----------- ----------- ------ ------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income....................... (.0266) (.0355) (.0277) (.0364) (.0487)
Net Capital Gains........................... -- -- (.0001) (.0018) --
----------- ----------- ----------- ------ ------
Total Distributions....................... (.0266) (.0355) (.0278) (.0382) (.0487)
----------- ----------- ----------- ------ ------
Net Asset Value, End of Period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== =========== ============= =============
Total Return................................. $ 5.46%(2) 3.62% 2.81% 3.90% 4.98%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)............. $25,231 $ 8,278 $ 1,025 $ 2,442 $ 1,681
Ratio of Expenses to Average Daily Net
Assets(1)................................... .43%(2) .43% .43% .45% .37%(2)
Ratio of Net Investment Income to Average
Daily Net Assets............................ 5.34%(2) 3.60% 2.77% 3.50% 5.86%(2)
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees and without expense
reimbursements, the ratios of expenses to average daily net assets would
have been .32% (annualized) for the six months ended April 30, 1995 and
.31%, .29% and .30%, respectively, for the years ended October 31, 1994,
1993 and 1992 and .39% (annualized) for the period ended October 31, 1991
for Federal Trust shares, and .57% (annualized) for the six months ended
April 30, 1995, and .56%, .54% and .55%, respectively, for the years ended
October 31, 1994, 1993 and 1992, and .64% (annualized) for the period ended
October 31, 1991 for Federal Trust Dollar shares.
(2) Annualized
(3) Commencement of operations.
(4) First issuance of shares.
See accompanying notes to financial statements.
25
<PAGE> 26
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TREASURY TRUST SHARES
------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ------------------------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- ---------- ---------- ---------- ---------- ----------
Income From Investment Operations:
Net Investment Income.................. .0267 .0359 .0292 .0380 .0612 .0777
-------------- ---------- ---------- ---------- ---------- ----------
Total From Investment Operations..... .0267 .0359 .0292 .0380 .0612 .0777
-------------- ---------- ---------- ---------- ---------- ----------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income.................. (.0267) (.0359) (.0292) (.0380) (.0612) (.0777)
-------------- ---------- ---------- ---------- ---------- ----------
Total Distributions.................. (.0267) (.0359) (.0292) (.0380) (.0612) (.0777)
-------------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========== ========== ========== ========== ==========
Total Return............................ 5.46%(2) 3.65% 2.96% 3.85% 6.30% 8.05%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........ $1,158,616 $1,016,635 $1,188,412 $1,552,207 $1,275,545 $ 692,404
Ratio of Expenses to Average Daily
Net Assets(1).......................... .18%(2) .18% .18% .20% .20% .20%
Ratio of Net Investment Income to
Average Daily Net Assets............... 5.39%(2) 3.57% 2.92% 3.78% 6.00% 7.74%
<CAPTION>
TREASURY TRUST DOLLAR SHARES
------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ------------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- -------- -------- -------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- -------- -------- ------- -------
Income From Investment Operations:
Net Investment Income.................. .0254 .0334 .0267 .0355 .0587 .0752
------- -------- -------- -------- ------- -------
Total From Investment Operations..... .0254 .0334 .0267 .0355 .0587 .0752
------- -------- -------- -------- ------- -------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income.................. (.0254) (.0334) (.0267) (.0355) (.0587) (.0752)
------- -------- -------- -------- ------- -------
Total Distributions.................. (.0254) (.0334) (.0267) (.0355) (.0587) (.0752)
------- -------- -------- -------- ------- -------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========= ========= ========= ======= =======
Total Return............................ 5.21%(2) 3.40% 2.71% 3.60% 6.05% 7.80%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........ $195,664 $181,934 $258,206 $218,320 $50,729 $61,270
Ratio of Expenses to Average Daily
Net Assets(1).......................... .43%(2) .43% .43% .45% .45% .45%
Ratio of Net Investment Income to
Average Daily Net Assets............... 5.14%(2) 3.32% 2.67% 3.53% 5.75% 7.49%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .30% (annualized) for
the six months ended April 30, 1995 and .29%, .28%, .27%, .32%, and .37%,
respectively, for the years ended October 31, 1994, 1993, 1992, 1991 and
1990, for Treasury Trust shares, and .55% (annualized) for the six months
ended April 30, 1995 and .54%, .53%, .52%, .57% and .62%, respectively, for
the years ended October 31, 1994, 1993, 1992, 1991, and 1990 for Treasury
Trust Dollar shares.
(2) Annualized
See accompanying notes to financial statements.
26
<PAGE> 27
TRUST FOR FEDERAL SECURITIES
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
SHORT GOVERNMENT SHARES
---------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ---------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period................... $ 9.28 $ 10.47 $ 10.39 $ 10.24 $ 9.99 $ 9.92
------ ------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income................................. .2847 .5032 .0575 .6669 .7597 .7618
Net Realized and Unrealized Gain (Loss) on
Investments......................................... .0600 (1.0813) .0800 .1500 .2500 .0700
------ ------- ------- ------- ------- -------
Total From Investment Operations.................... .3447 (.5781) .1375 .8169 1.0097 .8318
------ ------- ------- ------- ------- -------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income................................. (.2847) (.5032) (.0575) (.6669) (.7597) (.7618)
Net Capital Gains..................................... -- (.1087) -- -- -- --
------ ------- ------- ------- ------- -------
Total Distributions................................. (.2847) (.6119) (.0575) (.6669) (.7597) (.7618)
------ ------- ------- ------- ------- -------
Net Asset Value, End of Period......................... $ 9.34 $ 9.28 $ 10.47 $ 10.39 $ 10.24 $ 9.99
============== ======= ======= ======= ======= =======
Total Return........................................... 7.75%(2) .04% 6.46% 8.20% 10.49% 8.71%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)....................... $ 840 $ 829 $ 1,061 $10,874 $10,530 $10,114
Ratio of Expenses to Average Daily Net Assets(1)....... .40%(2) .40% .40% .40% .40% .40%
Ratio of Net Investment Income to Average Daily Net
Assets................................................ 6.27%(2) 5.19% 5.65% 6.44% 7.54% 7.68%
Portfolio turnover rate................................ 682%(2) 362% 66% 27% 31% 60%
<CAPTION>
SHORT GOVERNMENT DOLLAR SHARES
----------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED APRIL ----------------------------------------------------
30, 1995 1994 1993 1992 1991 1990
-------------- -------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period................... $ 9.28 $ 10.47 $ 10.39 $ 10.24 $ 9.99 $ 9.92
------ -------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income................................. .2732 .4791 .0549 .6410 .7387 .6521
Net Realized and Unrealized Gain (Loss) on
Investments......................................... .0600 (.6096) .0800 .1500 .2500 .0700
------ -------- ------- ------- ------- -------
Total From Investment Operations.................... .3332 (.1305) .1349 .7910 .9887 .7221
------ -------- ------- ------- ------- -------
Less Distributions:
Dividends to Shareholders from:
Net Investment Income................................. (.2732) (.4791) (.0549) (.6410) (.7387) (.6521)
Net Capital Gains..................................... -- (.5804) -- -- -- --
------ -------- ------- ------- ------- -------
Total Distributions................................. (.2732) (1.0595) (.0549) (.6410) (.7387) (.6521)
------ -------- ------- ------- ------- -------
Net Asset Value, End of Period......................... $ 9.34 $ 9.28 $ 10.47 $ 10.39 $ 10.24 $ 9.99
============== ========= ======= ======= ======= =======
Total Return........................................... 7.50%(2) (.21)% 6.21% 7.95% 10.24% 7.53%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)....................... $ 1,703 $ 4,089 $ 5,055 $ 2,780 $ 295 $ 1
Ratio of Expenses to Average Daily Net Assets(1)....... .65%(2) .65% .65% .65% .65% .65%
Ratio of Net Investment Income to Average Daily Net
Assets................................................ 6.02%(2) 4.94% 5.40% 5.98% 7.29% 7.43%
Portfolio turnover rate................................ 682%(2) 362% 66% 27% 31% 60%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees and without expense
reimbursements, the ratio of expenses to average daily net assets for Short
Government shares would have been 1.15% (annualized) for the six months
ended April 30, 1995 and .86%, .75%, .67%, .68%, and .67% respectively, for
the years ended October 31, 1994, 1993, 1992, 1991, and 1990. For Short
Government Dollar shares, the ratio of expenses to average daily net assets
would have been 1.40% (annualized) for the six months ended April 30, 1995
and 1.11%, 1.00%, .92%, .93%, and .92% respectively, for the years ended
October 31, 1994, 1993, 1992, 1991, and 1990.
(2) Annualized
See accompanying notes to financial statements.
27
<PAGE> 28
Notes to Financial Statements
(Unaudited)
A. Trust for Federal Securities (the Company) was established as a Pennsylvania
business trust under a Declaration of Trust originally dated as of May 14, 1975,
and is registered under the Investment Company Act of 1940, as amended, as a
diversified open-end management investment company. The Company consists of
seven separate portfolios, FedFund, T-Fund, FedCash, T-Cash, Federal Trust Fund,
Treasury Trust Fund and Short Government Fund.
Each portfolio has two classes of shares, one class being referred to as
Dollar shares. Dollar shares and the other class of shares of each portfolio are
identical in all respects, except that Dollar shares are sold to institutions
(Service Organizations) which provide support services to their customers who
beneficially own such shares, in consideration of the Company's payment of 0.25%
(on an annualized basis) of the average daily net asset value of the Dollar
shares held by the institutions for the benefit of their customers. The Service
Organization fee is applicable only to the earnings of the respective Dollar
shares.
B. Significant accounting policies are as follows:
Security Valuation--FedFund, T-Fund, FedCash, T-Cash, Federal Trust Fund and
Treasury Trust Fund:
Portfolio securities are valued under the amortized cost method which
approximates current market value. Under this method, securities are valued at
cost when purchased and thereafter a constant proportionate amortization of any
discount or premium is recorded until maturity of the security. Regular review
and monitoring of the valuation is performed in an attempt to avoid dilution or
other unfair results to shareholders. The Company seeks to maintain the net
asset value per share of each portfolio at $1.00.
Security Valuation--Short Government Fund:
Portfolio securities for which market quotations are readily available (other
than debt securities with remaining maturities of 60 days or less) are valued at
the mean between the most recent quoted bid and asked prices provided by
investment dealers. Other securities and assets for which market quotations are
not readily available are valued at their fair value in the best judgment of PNC
Institutional Management Corporation under procedures established by and under
the supervision of the Company's Board of Trustees. Debt securities with
remaining maturities of 60 days or less are valued on an amortized cost basis
(unless the Board determines that such basis does not represent fair value at
the time).
Repurchase Agreements--The Company may purchase, for any portfolio except
Federal Trust Fund and Treasury Trust Fund, money market instruments from
financial institutions, such as banks and non-bank dealers, subject to the
seller's agreement to repurchase them at an agreed upon date and price.
Collateral for repurchase agreements may have longer maturities than the maximum
permissible remaining maturity of portfolio investments, provided the repurchase
agreements themselves mature in one year or less. The seller will be required on
a daily basis to maintain the value of the securities subject to the agreement
at no less than the repurchase price. Repurchase agreements with maturities in
excess of seven days are subject to a seven day put feature.
Dividends to Shareholders--Dividends are declared daily and paid monthly.
Dividends payable are recorded on the dividend record date. Net income for
dividend purposes includes interest accrued and discount earned, less the
amortization of market premium and applicable expenses and, for the Money Market
Portfolios, includes net realized gains on portfolio securities. Short
Government Fund will distribute net realized capital gains, if any, at least
once a year.
Federal Taxes--No provision is made for federal taxes as it is the Company's
intention to
28
<PAGE> 29
Notes to Financial Statements (Continued)
have each portfolio continue to qualify as a regulated investment company and to
make the requisite distributions to its shareholders which will be sufficient to
relieve it from federal income and excise taxes.
Other--Investment transactions are accounted for on the trade date and the
cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes. Expenses not
directly attributable to a specific portfolio are allocated among the portfolios
based on their relative net assets.
Costs incurred by FedCash, T-Cash, and Federal Trust Fund in connection with
their organization, registration and the initial public offering of shares have
been deferred and are being amortized using the straight-line method over a
five-year period beginning on the date on which the portfolios commenced their
investment activities.
C. Under agreements among the Company, PNC Bank, National Association (PNC Bank)
and PNC Institutional Management Corporation (PIMC), an indirect wholly owned
subsidiary of PNC Bank, PIMC manages the Company's portfolios and maintains
their financial accounts. PNC Bank is the Company's sub-advisor and custodian
and PFPC Inc. (PFPC) is the Company's transfer agent.
Provident Distributors, Inc. (PDI) serves as the Company's Distributor. No
compensation is payable by the Company to PDI for its distribution services.
The Company has entered into an Administration Agreement with PFPC and PDI for
certain administrative services.
In return for their advisory and administrative services, the Company pays
PIMC and the administrators each a fee, computed daily and payable monthly,
based upon an annualized percentage of the average net assets of each portfolio
as follows:
FedFund, T-Fund, FedCash, T-Cash, Federal Trust Fund and Treasury Trust Fund
(on a combined basis)--.175% of the first $1 billion, .15% of the next $1
billion, .125% of the next $1 billion, .10% of the next $1 billion, .095% of the
next $1 billion, .09% of the next $1 billion, .085% of the next $1 billion and
.08% of net assets in excess of $7 billion.
Short Government Fund--.20% of average net assets.
If expenses borne by any portfolio in any fiscal year exceed the applicable
expense limitation imposed by state securities regulations, the administrators
and PIMC will each reimburse the portfolio for one-half of any excess expense up
to the amount of fees payable to it (except where such regulations require
reimbursement regardless of the fees payable to it).
The administrators and PIMC have also agreed to reduce their fees, on an equal
basis, to the extent necessary to ensure that the total operating expenses
(excluding Service Organization fees) of FedFund, T-Fund, FedCash, T-Cash,
Federal Trust Fund, and Treasury Trust Fund do not exceed .18% of their
respective average net assets, and with respect to Short Government .20%. For
the six months ended April 30, 1995, the administrators and PIMC voluntarily
agreed to reimburse, on an equal basis, for expenses in the amount of $8,164
with respect to Short Government Fund. For the six months ended April 30, 1995,
the administrators and PIMC waived, on an equal basis, a total of $863,676 of
the administration and advisory fees payable to them with respect to FedFund,
$695,733 with respect to T-Fund, $304,992 with respect to FedCash, $199,255 with
respect to T-Cash, $193,600 with respect to Federal Trust Fund, $762,029 with
respect to Treasury Trust
29
<PAGE> 30
Notes to Financial Statements (Continued)
Fund and $9,446 with respect to Short Government Fund.
D. The Company's Declaration of Trust permits the Trustees to authorize the
issuance of an unlimited number of full and fractional shares of beneficial
interest (shares) in the Company and to classify or reclassify any unissued
shares into one or more additional classes of shares.
Transactions in shares of the Company are summarized as follows:
<TABLE>
<CAPTION>
FEDFUND PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
--------------- ----------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
FedFund....................................................... 6,548,878,218 13,216,424,487
FedFund Dollar................................................ 2,930,956,151 7,107,738,952
Shares issued in reinvestment of dividends:
FedFund....................................................... 7,759,896 6,637,408
FedFund Dollar................................................ 1,712,728 2,425,565
Shares repurchased:
FedFund....................................................... (6,657,071,329) (12,956,407,780)
FedFund Dollar................................................ (2,943,846,337) (7,144,265,626)
--------------- ----------------
Net increase (decrease) in shares.......................... (111,610,673) 232,553,006
=============== ================
</TABLE>
<TABLE>
<CAPTION>
T-FUND PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
--------------- ----------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
T-Fund........................................................ 5,679,200,050 10,373,466,042
T-Fund Dollar................................................. 218,881,198 140,897,598
Shares issued in reinvestment of dividends:
T-Fund........................................................ 8,683,963 8,928,181
T-Fund Dollar................................................. 20,909 17,209
Shares repurchased:
T-Fund........................................................ (5,602,563,141) (10,731,065,139)
T-Fund Dollar................................................. (157,637,416) (131,959,446)
--------------- ----------------
Net increase (decrease) in shares.......................... 146,585,563 (339,715,555)
=============== ================
</TABLE>
30
<PAGE> 31
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
FEDCASH PORTFOLIO
----------------------------------
SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1995 1994
--------------- ---------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
FedCash........................................................ 2,184,911,779 6,271,269,784
FedCash Dollar................................................. 108,544,449 314,930,835
Shares issued in reinvestment of dividends:
FedCash........................................................ 2,835,188 8,312,109
FedCash Dollar................................................. -- --
Shares repurchased:
FedCash........................................................ (2,446,935,513) (6,098,307,231)
FedCash Dollar................................................. (115,510,798) (351,041,562)
--------------- ---------------
Net increase (decrease) in shares........................... (266,154,895) 145,163,935
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
T-CASH PORTFOLIO
--------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
1995 1994
------------- ---------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
T-Cash........................................................... 925,264,201 3,078,794,751
T-Cash Dollar.................................................... 181,264,812 415,340,757
Shares issued in reinvestment of dividends:
T-Cash........................................................... 405,793 2,866,836
T-Cash Dollar.................................................... 272,814 362,345
Shares repurchased:
T-Cash........................................................... (849,185,071) (3,288,400,674)
T-Cash Dollar.................................................... (204,536,060) (487,588,249)
------------- ---------------
Net increase (decrease) in shares............................. 53,486,489 (278,624,234)
============= ===============
</TABLE>
31
<PAGE> 32
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
FEDERAL TRUST FUND PORTFOLIO
------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
---------------- ----------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
Federal Trust.................................................. 1,127,043,750 3,188,210,343
Federal Trust Dollar........................................... 71,330,080 36,586,563
Shares issued in reinvestment of dividends:
Federal Trust.................................................. 2,194,711 2,838,942
Federal Trust Dollar........................................... 20,860 1,469
Shares repurchased:
Federal Trust.................................................. (1,234,944,291) (3,130,334,569)
Federal Trust Dollar........................................... (54,397,601) (29,333,149)
---------------- ----------------
Net increase (decrease) in shares........................... (88,752,491) 67,969,599
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
TREASURY TRUST FUND PORTFOLIO
------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
---------------- ----------------
(UNAUDITED)
<S> <C> <C>
Shares sold:
Treasury Trust................................................. 3,208,701,707 7,214,439,647
Treasury Trust Dollar.......................................... 253,108,846 474,346,815
Shares issued in reinvestment of dividends:
Treasury Trust................................................. 5,955,266 7,153,403
Treasury Trust Dollar.......................................... 3,794,855 4,442,046
Shares repurchased:
Treasury Trust................................................. (3,072,785,109) (7,393,205,005)
Treasury Trust Dollar.......................................... (243,191,861) (555,033,684)
---------------- ----------------
Net increase (decrease) in shares........................... 155,583,704 (247,856,778)
=============== ===============
</TABLE>
32
<PAGE> 33
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
SHORT GOVERNMENT
FUND PORTFOLIO
----------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
-------------------------- --------------------------
SHARES VALUE SHARES VALUE
---------- ------------ ---------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Sold:
Short Government........................... -- -- 97,814 $ 941,542
Short Government Dollar.................... 1,642,347 $ 15,199,289 2,220,216 21,291,459
Issued in reinvestment of dividends:
Short Government........................... 1,996 18,466 7,288 70,596
Short Government Dollar.................... -- -- -- --
Repurchased:
Short Government........................... (1,298) (12,033) (117,136) (1,118,204)
Short Government Dollar.................... (1,900,396) (17,587,905) (2,262,460) (21,597,901)
---------- ------------ ---------- ------------
Net decrease............................ (257,351) $ (2,382,183) (54,278) $ (412,508)
========== ============ ========== ============
</TABLE>
33
<PAGE> 34
Notes to Financial Statements (Concluded)
E. At April 30, 1995, net assets consisted of:
<TABLE>
<CAPTION>
FEDERAL TREASURY
TRUST TRUST SHORT
FEDFUND T-FUND FEDCASH T-CASH FUND FUND GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO FUND PORTFOLIO
-------------- -------------- ------------ ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Paid-in Capital... $1,581,884,620 $1,181,814,135 $385,848,855 $360,692,763 $237,455,524 $1,354,421,305 $2,687,945
Accumulated net
realized loss on
security
transactions.... (208,267) (43,208) (62,710) (3,110) (178,515) (141,193) (149,900)
Net unrealized
appreciation of
investments..... -- -- -- -- -- -- 5,099
-------------- -------------- ------------ ------------ ------------ -------------- ------------
$1,581,676,353 $1,181,770,927 $385,786,145 $360,689,653 $237,277,009 $1,354,280,112 $2,543,144
============== ============== ============ ============ ============ ============== ============
</TABLE>
F. At October 31, 1994, FedFund, T-Fund, FedCash, T-Cash, Federal Trust,
Treasury Trust and Short Government Fund had capital loss carryovers amounting
to $163,796, $56,910, $57,583, $3,110, $153,217, $268,719 and $130,408
respectively, which expire in 2002. The capital loss carryovers are available to
offset possible future capital gains of the related portfolios.
34
<PAGE> 35
- -------------------------------------------------------------------------------
Board of Trustees
G. Willing Pepper FEDFUND
Chairman T-FUND
David R. Wilmerding, Jr. FEDCASH
Vice-Chairman T-CASH
Philip E. Coldwell FEDERAL TRUST FUND
Robert R. Fortune TREASURY TRUST FUND
Rodney D. Johnson SHORT GOVERNMENT FUND
Anthony M. Santomero
Officers
G. Willing Pepper
President
Edward J. Roach
Vice President and
Treasurer
W. Bruce McConnel, III
Secretary
Investment Adviser
PNC Institutional Management
Corporation Investment Portfolios
400 Bellevue Parkway Offered by
Wilmington, DE 19809 Trust for Federal Securities
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
Provident Distributors, Inc.
259 Radnor-Chester Road
Suite 120
Radnor, PA 19087
Distributor
Provident Distributors, Inc. PROVIDENT
259 Radnor-Chester Road INSTITUTIONAL
Suite 120 FUNDS
Radnor, PA 19087
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, DE 19885-9628
This report is submitted for
the general information of the
shareholders of the Company.
It is not authorized for
distribution to prospective
investors unless accompanied
or preceded by effective
prospectuses for each
portfolio of the Company,
which contain information
concerning the investment
policies of the portfolios as
well as other pertinent
information.
Semi-Annual Report to Shareholders
PIF-T-003
April 30, 1995
- -----------------------------------------------------------------------------
