<PAGE>
ANNUAL FINANCIAL STATEMENTS
(Audited)
MARCH 31, 1995
Wayne
Hummer
Money
Fund
Trust
Dear Fellow Shareholder:
We are pleased to present the annual financial statements of Wayne Hummer Money
Fund Trust (the "Trust") for the year ended March 31, 1995. Net assets under
management at the end of the fiscal year totaled $155,247,877. Since its
inception thirteen years ago, the Trust has continued to meet its objectives of
liquidity and stability, which are the most important considerations of short-
term investing.
During the past twelve months we have seen short-term interest rates increase
due to the Federal Reserve Bank's attempts to control inflation. As a result,
the Trust was able to take advantage of the higher yields to increase its
return. The seven day average yield on the Trust's portfolio at March 31, 1995,
was 5.33%; if dividends were reinvested the effective yield was 5.46%. For the
year ended March 31, 1995, the Trust provided a total return of 4.24%, assuming
reinvestment of dividends. Since these figures represent historical data, future
yields may be higher or lower.
The policies and procedures of the Trust adhere to the strict criteria used by
rating agencies to assign the highest rating to money market funds. The Trust
invests in high quality commercial instruments, does not purchase foreign
instruments, and limits itself to dealing with banks that have $1 billion or
more in assets.
As you are aware, the Trust offers its shareholders the ability to purchase and
redeem shares without penalties or cost, while providing a vehicle for earning a
yield on investments which reflects changes in current rates. The Trust also
offers the Systematic Investment Plan, check writing services and provides,
through Wayne Hummer & Co., a personal representative to whom shareholders may
speak to regarding their accounts and through whom investments may be made.
We appreciate your continued support of the Trust and ask that you call or write
us if you have any questions about the Trust or your account.
Sincerely,
[Signature]
David P. Poitras
President
Wayne Hummer Money Fund Trust
April 28, 1995
An investment in the Trust is not a deposit or obligation of nor guaranteed or
insured by the U.S. Government, any bank, the Federal Deposit Insurance
Corporation, or any other agency. There can be no assurance that the Trust will
be able to maintain a stable net asset value of $1.00 per share.
<PAGE>
WAYNE HUMMER MONEY FUND TRUST
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
MARCH 31, 1995
--------------
<S> <C>
ASSETS
Investments, at amortized cost................................. $154,828,799
Other assets:
Cash........................................................ 116,266
Interest receivable........................................ 456,645
Prepaid expenses............................................ 49,585
Insurance deposit........................................... 18,775
------------
Total assets............................................ 155,470,070
LIABILITIES AND NET ASSETS
Dividends payable.............................................. 111,977
Due to Wayne Hummer Management Company......................... 65,604
Accounts payable............................................... 44,612
------------
Total liabilities....................................... 222,193
------------
Net assets applicable to Shares
outstanding, equivalent to $1.00 per Share................... $155,247,877
============
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
YEAR ENDED
MARCH 31, 1995
--------------
<S> <C>
Interest income................................................ $7,308,352
Expenses:
Management fee............................................... 736,790
Transfer agent fees.......................................... 123,200
Shareholder service agent fees............................... 114,800
Custodian fees............................................... 59,600
Professional fees............................................ 59,213
Registration costs........................................... 21,153
Insurance costs.............................................. 17,743
Trustee fees................................................. 16,608
Portfolio accounting......................................... 6,028
Other........................................................ 24,057
----------
Total expenses........................................... 1,179,192
----------
Net investment income........................................ 6,129,160
Net realized loss on investments............................. (164,303)
----------
Net increase in net assets resulting from operations......... $5,964,857
==========
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1995 1994
------------- --------------
<S> <C> <C>
Operations:
Net investment income......................................................... $ 6,129,160 $ 3,852,673
Net realized loss on investments.............................................. (164,303) --0--
------------- -------------
Net increase in net assets resulting from operations............................ 5,964,857 3,852,673
Dividends to Shareholders from net investment income............................ (6,129,160) (3,852,673)
Capital contribution............................................................ 164,303 --0--
Capital Share transactions (dollar amounts and number of Shares are the same):
Proceeds from Shares sold..................................................... 380,661,450 399,954,375
Shares issued upon reinvestment of dividends.................................. 5,862,996 3,645,326
------------- -------------
386,524,446 403,599,701
Less payments for Shares redeemed............................................. (384,805,251) (408,240,525)
------------- -------------
Increase (decrease) due to Capital Share transactions......................... 1,719,195 (4,640,824)
Net assets at beginning of the year............................................. 153,528,682 158,169,506
------------- -------------
Net assets at end of the year................................................... $ 155,247,877 $ 153,528,682
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(For a Share outstanding throughout each year)
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income................................. 0.04 0.02 0.03 0.05 0.07
Less dividends from investment income................. (0.04) (0.02) (0.03) (0.05) (0.07)
-------- -------- -------- -------- --------
Net asset value, end of year............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return............................................ 4.24%(a) 2.47% 2.83% 4.74% 7.34%
RATIOS AND SUPPLEMENTARY DATA
Net assets, end of year ($000's)...................... 155,248 153,529 158,170 180,823 220,297
Ratio of total expenses to average net assets......... .80% .80% .79% .76% .80%
Ratio of net investment income to average net assets.. 4.16% 2.44% 2.80% 4.66% 7.06%
</TABLE>
(a) The total return includes the effect of the capital contribution of $0.0011
per Share. The return without the capital contribution would have been 4.12%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
<PAGE>
PORTFOLIO OF INVESTMENTS
March 31, 1995
<TABLE>
<CAPTION>
MATURITY
PRINCIPAL RATE DATE
AMOUNT COMMERCIAL PAPER (71.6%) % 1995 VALUE
- ---------- ---------------- ----- -------- ------------
<C> <S> <C> <C> <C>
$ 1,000,000 American Telephone & Telegraph Co................................. 6.036 04/03 $ 999,669
5,000,000 Equitable Resources Inc........................................... 6.066 04/03 4,998,339
4,500,000 Northern Trust Corp............................................... 6.067 04/04 4,497,758
1,611,000 Raytheon Co....................................................... 6.017 04/05 1,609,938
4,800,000 Bellsouth Telecommunications Inc.................................. 6.029 04/06 4,796,040
3,800,000 Coca-Cola Co...................................................... 6.019 04/07 3,796,244
2,000,000 Madison Gas & Electric Co......................................... 6.104 04/10 1,996,995
4,250,000 NationsBank Corp.................................................. 6.043 04/10 4,243,678
2,260,000 Norwest Financial Inc............................................. 6.054 04/11 2,256,258
6,600,000 Duke Power Co..................................................... 6.045 04/12 6,588,001
2,116,000 Teco Finance Inc.................................................. 6.055 04/12 2,112,147
1,872,000 Associates Corp. of North America................................. 6.056 04/13 1,868,281
2,000,000 Hartford Steam Boiler Inspection and Insurance Co................. 6.066 04/13 1,996,020
3,188,000 Pitney Bowes Inc.................................................. 6.056 04/13 3,181,667
1,500,000 Snap-On Tools Corp................................................ 6.086 04/13 1,497,005
4,000,000 Hewlett-Packard Co................................................ 6.051 04/18 3,988,761
2,054,000 Penney (J.C.) Funding Corp........................................ 6.051 04/18 2,048,229
2,875,000 Consolidated Rail Corp............................................ 6.062 04/19 2,866,433
3,500,000 Snap-On Tools Corp................................................ 6.083 04/20 3,488,954
2,000,000 Banc One Corp..................................................... 6.087 04/24 1,992,359
2,000,000 Hartford Steam Boiler Inspection and Insurance Co................. 6.140 04/25 1,991,960
3,500,000 Florida Power Corp................................................ 6.069 04/26 3,485,514
4,800,000 Penney (J.C.) Funding Corp........................................ 6.060 04/27 4,779,373
4,300,000 Pitney Bowes Inc.................................................. 6.060 04/27 4,281,522
1,400,000 Raytheon Co....................................................... 6.061 04/28 1,393,753
7,000,000 Wal-Mart Stores Inc............................................... 6.061 04/28 6,968,762
1,600,000 Norwest Financial Inc............................................. 6.065 05/02 1,591,802
2,000,000 Equitable Resources Inc........................................... 6.107 05/03 1,989,351
2,100,000 Florida Power Corp................................................ 6.098 05/04 2,088,488
5,000,000 Teco Finance Inc.................................................. 6.099 05/05 4,971,761
5,750,000 National Rural Utilities Cooperative Finance Corp................. 6.143 05/08 5,714,423
3,000,000 Hartford Steam Boiler Inspection and Insurance Co................. 6.189 05/18 2,976,250
3,200,000 Banc One Corp..................................................... 6.211 05/24 3,171,403
5,000,000 American Telephone & Telegraph Co................................. 6.190 06/22 4,931,439
------------
111,158,577
BANKERS ACCEPTANCES (2.4%)
-------------------
2,000,000 Republic National Bank of New York................................ 6.108 04/24 1,992,333
1,800,000 Northern Trust Co., Chicago, IL................................... 6.115 05/01 1,791,000
------------
3,783,333
CORPORATE AND BANK NOTES (13.5%)
------------------------
2,000,000 General Electric Capital Corp. (a)................................ 6.320 04/01 2,000,000
3,000,000 Society National Bank, Cleveland, OH (a).......................... 6.285 04/01 2,999,271
2,000,000 PNC Bank, N.A. (a)................................................ 5.920 04/04 1,999,947
2,000,000 Associates Corp. of North America................................. 6.850 05/11 1,993,989
7,000,000 Fifth Third Bank, Cincinnati, OH.................................. 6.100 05/17 6,999,954
3,000,000 Wachovia Bank of North Carolina, N.A., Winston-Salem, NC (a)...... 6.250 06/21 3,000,000
1,000,000 LaSalle National Bank............................................. 7.200 07/25 994,463
1,000,000 WMX Technologies, Inc............................................. 7.151 12/15 993,842
------------
20,981,466
US GOVERNMENT AGENCIES (8.9%)
----------------------
2,750,000 Federal Home Loan Bank (a)........................................ 6.250 04/01 2,749,052
1,000,000 Federal Home Loan Bank (a)........................................ 6.180 04/01 1,000,000
500,000 Student Loan Marketing Association (a)............................ 6.420 04/04 500,073
2,000,000 Federal Farm Credit Bank.......................................... 5.890 04/03 2,000,039
1,500,000 Federal National Mortgage Association (a)........................ 6.340 04/16 1,500,017
250,000 Federal Home Loan Mortgage Corp................................... 6.215 05/01 251,039
2,000,000 Federal Farm Credit Bank.......................................... 6.200 05/01 2,000,000
1,000,000 Federal Farm Credit Bank (a)...................................... 5.980 05/23 997,025
1,000,000 Federal Farm Credit Bank.......................................... 6.524 05/25 1,003,468
1,335,000 Federal Home Loan Bank............................................ 6.170 06/26 1,342,885
500,000 Federal Home Loan Bank............................................ 6.900 10/25 494,751
------------
13,838,349
CERTIFICATE OF DEPOSIT (3.3%)
5,000,000 First Alabama Bank, Montgomery.................................... 6.230 04/24 5,000,091
66,983 State Street Bank & Trust Co., Boston, MA......................... 3.250 02/28/96 66,983
------------
5,067,074
------------
TOTAL INVESTMENTS (99.7%)......................................... 154,828,799
CASH AND OTHER ASSETS, LESS LIABILITIES (0.3%).................... 419,078
------------
NET ASSETS (100.0%)............................................... $155,247,877
============
</TABLE>
NOTES TO PORTFOLIO OF INVESTMENTS:
(a) Short term floating rate security. Rate shown is the effective interest rate
at March 31, 1995. The date shown represents the next interest rate change
date.
(b) Interest rates represent annualized yield to date of maturity.
(c) For each security, cost (for financial reporting and federal income tax
purposes) and carrying value are the same.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
BOARD
OF TRUSTEES
Philip M. Burno
Chairman
Steven R. Becker
Charles V. Doherty
Joel D. Gingiss
Patrick B. Long
Eustace K. Shaw
This brochure must
be preceded or
accompanied by
a current
prospectus of
the Wayne Hummer
Money Fund Trust.
NOTES TO FINANCIAL STATEMENTS
ORGANIZATION:
Wayne Hummer Money Fund Trust (the "Trust") is organized as an unincorporated
business trust under the laws of Massachusetts. It commenced investment
operations on April 2, 1982. The Trust may issue an unlimited number of full
and fractional units of beneficial interest ("Shares") without par value in
one or more series ("Portfolios"). At March 31, 1995, Shares of only one
series were outstanding.
1. SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATION
Investments are stated at value. The Trust utilizes the amortized cost method
to determine value. In the event that a deviation of 1/2 of 1% or more exists
between a Portfolios' $1.00 per Share net asset value and the net asset value
as calculated by valuing the Portfolio securities based upon market
quotations, if available, or otherwise based upon a matrix system approved by
the Board of Trustees, or if there is any other deviation which the Trust
believes would result in a material dilution to Shareholders or purchasers,
the Board of Trustees of the Trust promptly will consider what action should
be taken.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on the trade date. Investment income
is recorded on the accrual basis and includes amortization of premium and
discount on investments.
2. TRUST SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS
Trust Shares are sold and redeemed on a continuous basis at net asset value.
Net asset value per Share is determined on each day the New York Stock
Exchange is open for trading as of the close of trading on the Exchange and
at 3:00 p.m. Chicago time on each other day during which there is a
sufficient degree of trading in securities of the Trust's Portfolio so as to
affect materially the net asset value of the Shares by dividing the value of
net assets (total assets less liabilities) by the total number of Shares
outstanding. Dividends are declared daily and distributed monthly in the form
of additional Shares at net asset value unless the Shareholder elects to have
dividends paid in cash, in which case they are credited monthly to the
Shareholder's brokerage account with Wayne Hummer & Co.
3. FEDERAL INCOME TAXES
It is the Trust's policy to comply with the special provisions of the
Internal Revenue Code available to investment companies and, in the manner
provided therein, to distribute all of its taxable income, as well as any net
realized gain on sales of investments. Such provisions were complied with and
therefore no federal income tax provision is required.
4. TRANSACTIONS WITH AFFILIATES
The Trust has an Investment Advisory and Management Agreement and a Portfolio
Accounting Services Agreement with Wayne Hummer Management Company
("Investment Adviser"), and a Distribution Agreement and a Shareholder
Service Agreement with Wayne Hummer & Co ("Distributor and Shareholder
Service Agent"). The shareholders of the Investment Adviser are the general
partners of the Distributor and Shareholder Service Agent. For advisory and
management services and facilities furnished, the Trust pays fees on a
declining annual basis ranging from .50 of 1% on the first $500 million of
average daily net assets to .275 of 1% of average daily net assets in excess
of $2.5 billion. The Investment Adviser is obligated to reimburse the Trust
to the extent that the Trust's ordinary operating expenses, including the fee
of the Investment Adviser, exceed 1% of average daily net assets on an annual
basis. During the year ended March 31, 1995, the Trust incurred management
fees of $736,790.
For portfolio accounting services, the Trust pays the Investment Adviser a
fee based on the level of average daily net assets plus out-of-pocket
expenses. The Trust reimburses the Shareholder Service Agent for the
approximate cost of processing Trust Share transactions and maintaining
Shareholder accounts.
Certain trustees of the Trust are also officers or directors of the
Investment Adviser or partners of the Distributor and Shareholder Service
Agent. During the year ended March 31, 1995, the Trust made no direct
payments to its officers and incurred trustee fees for its unaffiliated
trustees of $16,608.
During the year ended March 31, 1995, the Trust sold two securities at
amortized cost to Wayne Hummer & Co. in an affiliated party transaction
sanctioned by the Securities and Exchange Commission. The excess of the
amortized cost over the market value on the date of the transaction is shown
as a capital contribution to the Trust.
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Trustees
Wayne Hummer Money Fund Trust
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Wayne Hummer Money Fund Trust as of March 31,
1995, and the related statements of operations for the year then ended and
changes in net assets for each of the two years in the period then ended, and
financial highlights for each of the fiscal years since 1991. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
March 31, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Wayne
Hummer Money Fund Trust as of March 31, 1995, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the periods then ended, and financial highlights for each of the fiscal years
since 1991, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
April 28, 1995
WAYNE HUMMER LOGO
300 South Wacker 200 E. Washington Street
Chicago, Illinois Appleton, Wisconsin
60606 54911
1 800 621 4477 (toll-free) 1 800 678 0633 (toll-free)
(312) 431 1700 (local) (414) 734 1474 (local)
