WAYNE
HUMMER
MONEY
FUND
TRUST
Semi-Annual
Financial Statements
September 30, 1996
(Unaudited)
WAYNE
HUMMER
MONEY
FUND
TRUST
Dear Fellow Shareholder:
We are pleased to present the semi-annual financial statements of Wayne Hummer
Money Fund Trust (the "Trust") for the period ended September 30, 1996. Net
assets under management at the end of this period totaled $205,427,007. Since
its inception, the Trust has continued to meet its objectives of liquidity and
stability, which are the most important considerations of short-term
investing.
The seven day average yield on the Trust's portfolio for the period ended
September 30, 1996, was 4.75%; if dividends were reinvested the effective
yield was 4.85%. For the six-month period ended September 30, 1996, the Trust
provided a total return of 2.38%, 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 only 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. The Trust also pays close attention to the maturity structure,
credit quality, diversification of issuers and industries, and market price
exposure of the Trust's portfolio.
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 short-term
rates. The Trust also offers the Systematic Investment Plan, a payroll
deduction program, check writing services and provides, through Wayne Hummer
Investments LLC, 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,
/s/ David P. Poitras
David P. Poitras
President
Wayne Hummer Money Fund Trust
October 21, 1996
An investment in the Trust is not a deposit or obligation of or 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.
photo: David P. Poitras
<PAGE>
FUND OVERVIEW
ESTABLISHED IN 1982, THE PRIMARY OBJECTIVE OF THE WAYNE HUMMER MONEY FUND
TRUST (THE "TRUST") IS TO MAXIMIZE CURRENT INCOME WHILE PRESERVING CAPITAL AND
MAINTAINING LIQUIDITY. THE FUND IS A GOOD VEHICLE FOR SHORT-TERM CASH
MANAGEMENT AND FOR INVESTORS WHO NEED STABILITY OF PRINCIPAL. THE FUND SEEKS
TO MAINTAIN A STABLE $1.00 NET ASSET VALUE PER SHARE AT ALL TIMES, ALTHOUGH
THERE IS NO GUARANTEE THAT WE WILL BE ABLE TO DO SO.
Dave Poitras, portfolio manager of the Wayne Hummer Money Fund Trust, invests
in short-term investments, which include commercial paper, banker's
acceptances, certificates of deposit, and U.S. government and government
agency securities. The Fund holds only those securities that present minimal
credit risk and have only the highest rating of Standard & Poor's Corporation
or Moody's Investor Service, Inc.--short-term corporate debt instruments rated
AA or higher by Standard's & Poor's or Aa or higher by Moody's.
The Trust's prospectus contains more detailed information about permissible
investments.
SERVICES AVAILABLE TO SHAREHOLDERS
IRA or Retirement Plans
Shares of the Wayne Hummer Money Fund Trust are a suitable addition to your
IRA or pension plan. Federal income tax on money you invest this way is
deferred until you begin withdrawals, normally after retirement. Just contact
your Wayne Hummer Investment Executive for complete information.
Dividend Reinvestment
The Trust also will reinvest dividends automatically in additional shares for
you. When investing over long time periods, the reinvestment of earnings can
cause notable increases in returns because you earn interest on interest.
Compounded over many years, this can add up to a significant sum.
Systematic Investment Plan
What better way to start early and save regularly than with a Systematic
Investment Plan. You may have subsequent purchases invested automatically
monthly. Your bank can send money from your bank account to your Wayne Hummer
Money Fund Trust account. Request an application with full details from your
Wayne Hummer Investment Executive.
Payroll Direct Deposit Plan
You may authorize your employer to deduct a specified amount from your payroll
check to purchase additional shares of the Wayne Hummer Money Fund Trust.
Complete details are available from the Trust or your Wayne Hummer Investment
Executive.
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30,
1996 MARCH 31,
(UNAUDITED) 1996
----------- ----------
ASSETS
<S> <C> <C>
- ------------------------------
Investments, at amortized cost $205,560,059 $225,528,781
Other assets:
Cash................. 301,866 170,339
Interest receivable. 875,747 891,816
Prepaid expenses..... 27,507 16,601
Insurance deposit.... 18,775 18,775
--------- ---------
Total assets....... 206,783,954 226,626,312
LIABILITIES AND NET ASSETS
- ---------------------------
Investment purchase payable 1,001,861 0
Dividends payable....... 208,125 192,385
Due to Wayne Hummer
Management Company... 84,421 96,261
Accounts payable........ 62,540 64,586
--------- ---------
Total liabilities.. 1,356,947 353,232
--------- ---------
Net assets applicable to Shares
outstanding, equivalent to
$1.00 per Share............ $205,427,007 $226,273,080
========= =========
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
SIX MONTHS
ENDED
SEPTEMBER 30, YEAR ENDED
1996 MARCH 31,
(UNAUDITED) 1996
----------- ----------
<S> <C> <C>
Interest income......... $5,700,282 $11,377,867
Expenses:
Management fee........ 526,657 976,895
Transfer agent fees... 71,500 138,000
Shareholder service agent fees 62,200 120,930
Professional fees..... 25,600 62,500
Registration costs.... 24,554 63,354
Custodian fees........ 23,500 53,800
Portfolio accounting.. 12,141 17,844
Trustee fees.......... 10,419 23,500
Printing costs........ 10,093 41,687
Insurance costs....... 6,520 20,031
Other................. 3,257 20,601
-------- --------
Total expenses...... 776,441 1,539,142
-------- --------
Net increase in net assets
resulting from operations....$4,923,841 $9,838,725
======== ========
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
SEPTEMBER 30, YEAR ENDED
1996 MARCH 31,
(UNAUDITED) 1996
<S> <C> <C>
Operations:
Net investment income......................................... $ 4,923,841 $ 9,838,725
Dividends to Shareholders from net
investment income........................... (4,923,841) (9,838,725)
Capital Share transactions (dollar amounts
and number of Shares are the same):
Proceeds from Shares sold..................................... 241,625,027 521,966,037
Shares issued upon reinvestment of dividends ................. 4,738,044 9,405,599
---------- ----------
246,363,071 531,371,636
Less payments for Shares redeemed............................. (267,209,144) (460,346,433)
---------- ----------
Increase (decrease) due to Capital Share transactions......... (20,846,073) 71,025,203
Net assets at beginning of the period........................... 226,273,080 155,247,877
---------- ----------
Net assets at end of the period................................. $205,427,007 $226,273,080
========== ==========
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
(For a Share outstanding throughout each period)
SIX MONTHS ENDED
SEPTEMBER 30, 1996 YEAR ENDED MARCH 31,
(UNAUDITED) 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
----------- ---- ---- ---- ----
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income.................. 0.02 0.05 0.04 0.02 0.03
Less dividends from investment income.. (0.02) (0.05) (0.04) (0.02) (0.03)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD........... $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL RETURN............................. 2.38% 5.18% 4.24%(b) 2.47% 2.83%
RATIOS AND SUPPLEMENTARY DATA
Net assets, end of period ($000's)..... 205,427 226,273 155,248 153,529 158,170
Ratio of total expenses to average net assets 0.74(a) .79% .80% .80% .79%
Ratio of net investment income to average
net assets 4.69%(a) 5.04% 4.16% 2.44% 2.80%
<FN>
(a) Determined on an annualized basis.
(b) 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
September 30, 1996
PRINCIPAL RATE MATURITY DATE
AMOUNT COMMERCIAL PAPER (66.8%) % (1996) VALUE
<S> <C> <C> <C> <C>
--------- ---------------- --------- --------- ----------
$1,485,000 Associates Corp. of North America.................. 5.354 10/01 $ 1,485,000
2,475,000 Norwest Financial Inc.............................. 5.436 10/02 2,474,632
1,875,000 First Chicago Financial Corp....................... 5.437 10/03 1,874,442
500,000 Norwest Financial Inc.............................. 5.377 10/04 499,779
1,985,000 Ford Motor Credit Co............................... 5.519 10/04 1,984,100
6,900,000 Raytheon Co........................................ 5.420 10/07 6,893,859
5,000,000 Pitney Bowes Credit Corp........................... 5.522 10/08 4,994,711
5,750,000 Penney (J.C.) Funding Corp......................... 5.462 10/09 5,743,126
1,000,000 Ford Motor Credit Co............................... 5.392 10/10 998,673
2,400,000 Bellsouth Telecommunications Inc................... 5.382 10/11 2,396,467
2,550,000 Equitable Resources Inc............................ 5.443 10/11 2,546,203
2,586,000 Merrill Lynch & Co. Inc............................ 5.365 10/15 2,580,690
5,000,000 Banc One Corp...................................... 5.519 10/16 4,988,688
5,000,000 Sun Trust Banks Inc................................ 5.539 10/16 4,988,646
2,000,000 Ameritech Corp..................................... 5.368 10/18 1,995,013
2,000,000 PHH Corp........................................... 5.418 10/18 1,994,966
824,000 Associates Corp. of North America.................. 5.378 10/18 821,942
1,807,000 PHH Corp........................................... 5.439 10/18 1,802,435
400,000 Ford Motor Credit Co............................... 5.371 10/23 398,709
2,000,000 Illinois Tool Works Inc............................ 5.413 10/24 1,993,202
1,815,000 Madison Gas & Electric Co.......................... 5.404 10/25 1,808,575
5,000,000 Equitable Resources Inc............................ 5.396 10/28 4,980,125
1,300,000 Equitable Resources Inc............................ 5.416 10/28 1,294,813
581,000 Associates Corp. of North America.................. 5.499 10/29 578,560
6,500,000 Ameritech Corp..................................... 5.555 11/04 6,466,543
3,373,000 Consolidated Rail Corp............................. 5.473 11/04 3,355,893
4,700,000 Consolidated Rail Corp............................. 5.463 11/04 4,676,208
4,000,000 National Rural Utilities Cooperative Finance Corp.. 5.505 11/05 3,979,000
4,948,000 Pitney Bowes Credit Corp........................... 5.384 11/08 4,920,423
5,000,000 Illinois Tool Works Inc............................ 5.449 11/12 4,968,850
2,300,000 Safeco Credit Co. Inc.............................. 5.431 11/15 2,284,705
1,000,000 Morgan (J.P.) & Co. Inc............................ 5.639 11/18 992,640
3,500,000 National Rural Utilities Cooperative Finance Corp.. 5.474 11/18 3,474,987
5,333,000 DuPont (E.I.) de Nemours & Co...................... 5.388 11/19 5,294,710
725,000 First Chicago Financial Corp....................... 5.414 11/20 719,663
3,000,000 Merrill Lynch & Co. Inc............................ 5.497 11/20 2,977,583
669,000 General Electric Capital Corp...................... 5.509 11/22 663,791
2,000,000 Ameritech Corp..................................... 5.408 11/25 1,983,836
5,000,000 Safeco Credit Co. Inc.............................. 5.539 12/04 4,951,911
4,000,000 Banc One Corp...................................... 5.510 12/06 3,960,547
3,000,000 Bellsouth Telecommunications Inc................... 5.474 12/13 2,967,515
2,785,000 Norwest Financial Inc.............................. 5.499 12/31 2,747,337
948,000 Norwest Financial Inc.............................. 5.567 01/06/97 934,181
2,100,000 Merrill Lynch & Co. Inc............................ 5.584 01/13/97 2,067,119
2,000,000 WMX Technologies Inc............................... 5.570 01/22/97 1,966,100
6,488,000 General Electric Capital Corp...................... 5.572 01/24/97 6,376,082
1,500,000 WMX Technologies Inc............................... 5.792 02/04/97 1,470,600
1,000,000 WMX Technologies Inc............................... 5.808 05/13/97 965,591
---------
137,283,171
---------
<PAGE>
<CAPTION>
PRINCIPAL RATE MATURITY DATE
AMOUNT US GOVERNMENT & AGENCIES (14.9%) % (1996) VALUE
<S> <C> <C> <C> <C>
-------- ------------------------ --------- --------- --------
2,000,000 Federal National Mortgage Association (a).......... 5.620 10/01 1,999,462
500,000 Student Loan Marketing Association (a)............. 5.675 10/01 500,057
2,000,000 Student Loan Marketing Association (a)............. 5.720 10/01 2,000,990
3,000,000 Federal Home Loan Mortgage Corp.................... 5.579 10/07 2,999,365
373,000 United States Treasury Bill........................ 5.239 10/17 372,144
1,000,000 Student Loan Marketing Association (a)............. 5.800 10/22 1,000,000
2,000,000 Federal Home Loan Bank............................. 5.430 10/25 2,002,100
3,000,000 Private Export Funding Corp........................ 5.440 10/31 3,003,993
500,000 Federal Home Loan Bank............................. 5.690 11/26 499,167
3,000,000 Federal Home Loan Mortgage Corp.................... 5.130 12/09 2,997,151
1,600,000 Federal Farm Credit Bank........................... 5.520 12/09 1,600,746
500,000 Federal Farm Credit Bank........................... 5.701 12/10 498,982
2,000,000 Tennessee Valley Authority......................... 5.370 12/15 1,996,949
2,000,000 Federal Home Loan Bank............................. 5.427 12/20 1,996,312
4,200,000 Federal National Mortgage Association.............. 5.446 12/26 4,198,166
1,000,000 Federal Home Loan Bank............................. 5.677 02/25/97 1,004,526
1,000,000 Federal Home Loan Bank............................. 6.000 09/12/97 1,000,000
1,000,000 Federal National Mortgage Association.............. 6.020 09/19/97 999,688
----------
30,669,798
----------
CORPORATE & BANK NOTES (8.7%)
---------------------
3,000,000 Society National Bank, Cleveland, OH (a)........... 5.260 10/01 2,998,429
1,200,000 DuPont (E.I.) de Nemours & Co...................... 5.600 10/15 1,201,260
1,000,000 Beneficial Corp.................................... 5.800 10/21 1,000,608
1,000,000 Associates Corp. of North America.................. 5.800 11/30 998,097
1,000,000 Bank One, Indianapolis NA, Indianapolis, Ind....... 5.250 12/30 1,006,033
1,200,000 PHH Corp........................................... 5.905 01/01/97 1,206,090
1,000,000 General Electric Capital Corp...................... 5.177 02/14/97 999,107
5,000,000 Fifth Third Bank, Cincinnati, OH................... 5.530 02/24/97 5,000,000
1,600,000 Safeco Credit Co. Inc.............................. 6.000 05/01/97 1,624,284
1,000,000 Society National Bank, Cleveland, OH............... 5.920 05/21/97 1,000,000
1,000,000 Harris Trust & Savings Bank, Chicago, IL........... 6.100 06/17/97 999,594
----------
18,033,502
----------
BANKERS ACCEPTANCES (4.6%)
--------------------
2,800,000 Northern Trust, Chicago, IL........................ 5.496 10/25 2,789,920
1,750,000 Morgan Guaranty Trust Co. of New York, NY.......... 5.418 10/30 1,742,500
5,000,000 SunTrust Bank Atlanta, Atlanta, GA................. 5.412 11/05 4,974,188
----------
9,506,608
----------
CERTIFICATES OF DEPOSIT (4.9%)
--------------------
5,000,000 First Alabama Bank, Montgomery, AL................. 5.340 10/07 4,999,999
5,000,000 First Alabama Bank, Montgomery, AL................. 5.520 10/17 4,999,998
66,983 State Street Bank & Trust & Co., Boston, MA........ 4.500 02/28/97 66,983
----------
10,066,980
----------
TOTAL INVESTMENTS (99.9%).......................... 205,560,059
CASH AND OTHER ASSETS, LESS LIABILITIES (0.1%)..... (133,052)
----------
NET ASSETS (100.0%)................................ $205,427,007
==========
<FN>
NOTES TO PORTFOLIO OF INVESTMENTS:
(a) Short term floating rate security. Rate shown represents the effective
interest rate at September 30, 1996. The date shown is 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.
</FN>
</TABLE>
<PAGE>
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 September 30,
1996, 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 Portfolio's $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
Investments LLC.
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 Investments LLC, formerly
Wayne Hummer & Co. ("Distributor and Shareholder Service Agent"). (Wayne
Hummer & Co., an Illinois limited partner was reorganized as a Delaware
limited liability company effective April 1, 1996.) The shareholders of the
Investment Adviser are the Voting Members 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 period ended September 30, 1996, and the year ended March
31, 1996, the Trust incurred management fees of $526,657 and $976,895,
respectively.
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 Voting Members of the Distributor and Shareholder
Service Agent. During the period ended September 30, 1996, and the year
ended March 31, 1996, the Trust made no direct payments to its officers
and incurred trustee fees for its unaffiliated trustees of $10,419 and
$23,500, respectively.
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.
Wayne Hummer Investments LLC
300 South Wacker
Chicago, Illinois
60606-6607
1.800.621.4477 (toll-free)
(312) 431.1700 (local)
200 E. Washington Street
Appleton, Wisconsin
54911-5468
1.800.678.0833 (toll-free)
(414) 734.1474 (local)
<PAGE>
WAYNE HUMMER
MONEY FUND TRUST
300 South Wacker Drive
Chicago, IL 60606-6607
WAYNE
HUMMER
MONEY
FUND
TRUST
Semi-Annual
Financial
Statements
September 30, 1996
(Unaudited)
