WAYNE HUMMER MONEY FUND TRUST
PHOTO OF: DAVID P. POITRAS
Annual
Financial Statements
Audited
March 31, 1998
Dear Fellow Shareholder:
We are pleased to present the annual financial statements of the Wayne Hummer
Money Fund Trust (the "Fund") for the year ended March 31, 1998. Net assets
under management at the end of the year totaled $298,908,331, an increase of 25%
from one year ago. Since its inception, the Fund 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 Fund's portfolio for the period ended March
31, 1998, was 4.91%; if dividends were reinvested the effective yield was 5.01%.
Since these figures represent historical data, future yields may be higher or
lower.
Since the Fund's objective is preservation of capital and maintenance of
liquidity, we do not purchase investments that we perceive to be risky or
potentially volatile. The Fund invests in high-quality, short-term securities;
takes no currency risks; does not enter into speculative derivative
transactions; and uses only money market indexed floating or variable rate
securities. We also pay close attention to the maturity structure, credit
quality, diversification, and market price exposure of the Fund's portfolio.
As you know, the Fund provides a vehicle for earning a yield on investments
which reflects changes in current rates. Additionally, the Fund offers
convenient services such as automatic monthly purchases and check writing
privileges. You can make investing easy by having your social security checks
sent directly to the Fund, or you can have money deducted directly from your
checking account, savings or payroll check. Your Wayne Hummer Investment
Executive will be happy to assist you and answer any questions.
We appreciate your continued support of the Fund and ask that you call or write
us if you have any questions about the Fund or your account.
Sincerely,
David P. Poitras
President
Wayne Hummer Money Fund Trust
An investment in the Fund 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 Fund will
be able to maintain a stable net asset value of $1.00 per share.
<PAGE>
FUND OVERVIEW
ESTABLISHED IN 1982, THE PRIMARY OBJECTIVE OF THE WAYNE HUMMER MONEY FUND TRUST
(THE "FUND") IS TO MAXIMIZE CURRENT INCOME WHILE PRESERVING CAPITAL AND
MAINTAINING LIQUIDITY. THE FUND IS AN EXCELLENT 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.
The Fund's prospectus contains detailed information about permissible
investments.
SERVICES AVAILABLE TO SHAREHOLDERS
Social Security Direct Deposit Plan
Instead of receiving a monthly check or sending it to your bank, you may use the
Wayne Hummer Money Fund Trust to directly deposit your social security benefits.
You can easily access the money you need, while the rest continues to earn
dividends. Contact your Wayne Hummer investment Executive for complete details.
Payroll Direct Deposit Plan
You may authorize your employer to deduct a specified amount from your payroll
check to purchase additional shares of the Fund. Complete details are available
from the Fund or your Wayne Hummer Investment Executive.
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 each
month. Your bank can send money from your bank account to the Fund. Request an
application with full details from your Investment Executive or call the Fund
directly.
IRA or Retirement Plans
Shares of the Wayne Hummer Money Fund Trust are a suitable addition to your IRA
or pension plan. Contact your Wayne Hummer Investment Executive for complete
details on the expanded options available for retirement planning, including the
new Roth IRA.
Checkwriting Privileges
After completing a request for checkwriting privileges, you may write checks in
any amount from $500 to $250,000. Your full investment in the Trust will
continue to earn dividends until your check is presented to our bank for
collection. A checkwriting authorization card will be sent to you upon request.
Internet Address: www. whummer.com
Those who enjoy using the computer to access information will find the
prospectus and current rates for the Fund, along with information on the other
Wayne Hummer Funds, on our website. Other services available through Wayne
Hummer Investments LLC are also on-line.
<PAGE>
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
<CAPTION>
MARCH 31, 1998
<S> <C>
ASSETS
Investments, at amortized cost ....... $297,654,812
Cash.................................. 190,810
Interest receivable................... 1,559,498
Prepaid expenses...................... 25,739
Insurance deposit..................... 18,775
------------
Total assets............ 299,449,634
LIABILITIES AND NET ASSETS
Dividends payable..................... 354,875
Due to Wayne Hummer Management Company 124,642
Accounts payable...................... 61,786
------------
Total liabilities....... 541,303
------------
Net assets applicable to Shares
outstanding, equivalent to $1.00
per Share $298,908,331
============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<CAPTION>
YEAR ENDED
MARCH 31, 1998
<S> <C>
Interest income....................... $14,878,924
Expenses:
Management fee...................... 1,311,192
Transfer agent fees................. 153,300
Shareholder service agent fees...... 136,200
Custodian fees...................... 57,500
Registration costs.................. 54,934
Professional fees................... 51,300
Printing costs...................... 37,497
Portfolio accounting fees........... 24,602
Insurance costs..................... 23,434
Trustee fees........................ 19,400
Other............................... 14,364
-----------
Total expenses.......... 1,883,723
-----------
Net increase in net assets resulting
from operations..................... $12,995,201
===========
</TABLE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
YEAR ENDED MARCH 31,
1998 1997
---- ----
<S> <C> <C>
Operations:
Net investment income........................................................ $12,995,201 $10,309,242
Dividends to Shareholders from net investment income........................... (12,995,201) (10,309,242)
Capital Share transactions (dollar amounts and number of Shares are the same):
Proceeds from Shares sold.................................................... 718,943,118 552,545,079
Shares issued upon reinvestment of dividends ................................ 12,464,847 9,906,164
------------ -----------
731,407,965 562,451,243
Less payments for Shares redeemed............................................ (670,737,510) (550,486,447)
------------ -----------
Increase due to Capital Share transactions................................... 60,670,455 11,964,796
Net assets at beginning of the year............................................ 238,237,876 226,273,080
------------ -----------
Net assets at end of the year.................................................. $298,908,331 $238,237,876
============ ============
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
(For a Share outstanding throughout each year)
YEAR ENDED MARCH 31,
1998 1997 1996 1995 1994
<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 0.04 0.05 0.04 0.02
Less dividends from net investment income (0.04) (0.04) (0.05) (0.04) (0.02)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL RETURN............................. 5.07% 4.80% 5.18% 4.24% (a) 2.47%
RATIOS AND SUPPLEMENTARY DATA
Net assets , end of year ($000's)........ 298,908 238,238 226,273 155,248 153,529
Ratio of total expenses to average net assets 0.72% 0.74% 0.79% 0.80% 0.80%
Ratio of net investment income to average net assets 4.96% 4.70% 5.04% 4.16% 2.44%
(a) The total return includes the effect of the capital contribution of $0.0011
per Share from Wayne Hummer Investments LLC. The return without the capital
contribution would have been 4.12%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
March 31, 1998
PRINCIPAL RATE MATURITY DATE
AMOUNT COMMERCIAL PAPER (74.22%) % (B) (1998) VALUE
<S> <C> <C> <C> <C>
BANKING (5.46%)
$ 4,000,000 First Chicago Financial Corp....................... 5.643 04/06 $ 3,996,911
4,000,000 Morgan (J.P.) & Co., Inc. ......................... 5.528 04/15 3,991,538
2,000,000 First Chicago Financial Corp....................... 5.639 06/12 1,978,000
6,450,000 First Chicago Financial Corp....................... 5.552 07/14 6,349,566
----------
16,316,015
BROKERAGE (2.83%)
4,500,000 Merrill Lynch & Co., Inc........................... 5.580 04/16 4,489,706
4,000,000 Merrill Lynch & Co., Inc........................... 5.638 06/11 3,956,611
----------
8,446,317
BUSINESS FINANCE (12.97%)
1,648,000 Ford Motor Credit Co............................... 5.619 04/02 1,647,746
1,500,000 GE Credit Cap. Services of Puerto Rico, Inc........ 5.786 04/07 1,498,575
2,000,000 National Rural Utilities Cooperative Finance Corp.. 5.552 04/07 1,998,177
5,000,000 Ford Motor Credit Co............................... 5.619 04/14 4,990,016
5,400,000 GE Credit Cap. Services of Puerto Rico, Inc........ 5.540 04/17 5,386,920
1,100,000 Ford Motor Credit Co............................... 5.563 04/20 1,096,824
4,000,000 National Rural Utilities Cooperative Finance Corp.. 5.532 04/20 3,988,515
5,200,000 TECO Finance Inc. ................................. 5.599 05/08 5,170,659
2,115,000 General Motors Acceptance Corp..................... 5.623 05/12 2,101,728
3,500,000 GE Credit Cap. Services of Puerto Rico, Inc........ 5.577 05/19 3,474,520
4,000,000 TECO Finance Inc. ................................. 5.615 06/08 3,958,596
1,445,000 Ford Motor Credit Co............................... 5.629 06/12 1,429,134
1,240,000 Ford Motor Credit Co............................... 5.615 07/02 1,222,698
823,000 Ford Motor Credit Co............................... 5.622 08/03 807,579
----------
38,771,687
CHEMICAL (6.69%)
6,000,000 Nalco Chemical Company............................. 5.547 04/13 5,989,080
1,250,000 Nalco Chemical Company............................. 5.539 04/28 1,244,900
5,850,000 DuPont (E.I.) de Nemours & Co. .................... 5.606 05/04 5,820,506
7,000,000 Nalco Chemical Company............................. 5.620 05/21 6,946,528
----------
20,001,014
ELECTRIC UTILITIES (5.88%)
3,625,000 New England Power Company.......................... 5.632 04/06 3,622,206
5,600,000 Duke Energy Corporation............................ 5.527 04/07 5,594,918
2,200,000 Florida Power Corp................................. 5.644 04/08 2,197,622
2,275,000 Wisconsin Power & Light Co......................... 5.675 04/20 2,268,300
2,000,000 LG & E Capital Corp................................ 5.658 09/01 1,953,675
2,000,000 LG & E Capital Corp................................ 5.672 09/29 1,945,298
----------
17,582,019
ELECTRONICS (4.55%)
4,000,000 AVNET Inc.......................................... 5.587 04/24 3,985,970
2,500,000 AVNET Inc.......................................... 5.636 05/04 2,487,327
2,200,000 AVNET Inc.......................................... 5.631 06/02 2,179,161
5,000,000 AVNET Inc.......................................... 5.634 06/12 4,945,050
----------
13,597,508
INSURANCE (2.59%)
5,000,000 Marsh & McLennan Companies......................... 5.633 09/22 4,869,258
3,000,000 Marsh & McLennan Companies......................... 5.692 12/10 2,886,150
----------
7,755,408
OIL AND GAS (8.81%)
8,000,000 Equitable Resources Inc............................ 5.563 04/06 7,993,913
4,165,000 Consolidated Natural Gas Co........................ 5.591 04/17 4,154,819
4,000,000 Chevron Transport Corp............................. 5.525 04/23 3,986,727
4,000,000 Chevron Transport Corp............................. 5.525 04/24 3,986,123
1,500,000 Chevron Transport Corp............................. 5.625 05/27 1,487,167
4,800,000 Chevron Transport Corp............................. 5.642 07/21 4,719,044
----------
26,327,793
<PAGE>
<CAPTION>
PRINCIPAL RATE MATURITY DATE
AMOUNT PERSONAL FINANCE (13.61%) % (B) (1998) VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Beneficial Corp.................................... 5.670 04/03 $ 4,998,447
3,400,000 Associates Corp. of North America.................. 5.754 04/06 3,397,323
2,990,000 Commercial Credit Co............................... 5.554 04/09 2,986,365
745,000 Associates Corp. of North America.................. 5.443 04/10 744,002
1,860,000 Associates First Capital Corporation............... 5.575 04/10 1,857,447
2,660,000 American General Finance Corp...................... 5.649 04/13 2,655,070
1,340,000 Associates Corp. of North America.................. 5.762 04/14 1,337,256
1,805,000 American General Finance Corp...................... 5.560 04/16 1,800,886
1,500,000 Associates First Capital Corporation............... 5.573 04/20 1,495,662
5,000,000 American General Finance Corp...................... 5.596 05/05 4,974,075
4,000,000 Commercial Credit Co............................... 5.547 05/08 3,977,635
4,990,000 American General Finance Corp...................... 5.568 05/20 4,952,984
1,150,000 Beneficial Corp.................................... 5.642 06/15 1,136,823
2,500,000 American Express Credit Co......................... 5.896 06/29 2,500,616
1,900,000 Beneficial Corp.................................... 5.655 06/30 1,873,875
----------
40,688,466
TELECOMMUNICATIONS (6.95%)
7,850,000 Bell Atlantic Financial Services Inc. ............. 5.625 04/21 7,825,883
3,675,000 SBC Communications Inc............................. 5.569 04/27 3,660,482
4,850,000 Bell Atlantic Financial Services Inc. ............. 5.631 04/28 4,829,885
4,500,000 Ameritech Capital Funding Corp..................... 5.627 06/10 4,451,963
----------
20,768,213
MISCELLANEOUS (3.88%)
6,225,000 Snap-On Inc. ...................................... 5.630 05/15 6,183,096
1,550,000 Schering Corp...................................... 5.486 05/20 1,538,671
2,210,000 Schering Corp...................................... 5.604 05/26 2,191,497
1,696,000 H.J. Heinz Company................................. 5.471 06/22 1,675,409
----------
11,588,673
----------
TOTAL COMMERCIAL PAPER............................. 221,843,113
----------
BANKERS ACCEPTANCES (4.01%)
-------------------
3,000,000 Key Bank U.S.A., N.A............................... 5.604 04/08 2,996,780
2,517,283 SunTrust Bank, Atlanta, GA......................... 5.553 04/08 2,514,606
2,000,000 Regions Bank of Alabama............................ 5.706 04/20 1,994,079
2,500,000 Key Bank U.S.A., N.A............................... 5.630 04/27 2,490,015
2,000,000 Regions Bank of Alabama............................ 5.760 05/05 1,989,328
----------
TOTAL BANKERS ACCEPTANCES.......................... 11,984,808
----------
MORTGAGE-BACKED SECURITIES (4.94%)
--------------------------
670,947 Federal Home Loan Mortgage Corporation............. 5.850 04/01 670,947
1,144,242 Federal Home Loan Mortgage Corporation............. 6.017 05/01 1,143,794
1,167,653 Federal Home Loan Mortgage Corporation............. 5.816 06/01 1,166,922
627,936 Federal Home Loan Mortgage Corporation............. 5.800 07/01 627,192
3,860,887 Federal Home Loan Mortgage Corporation............. 5.750 08/01 3,857,368
2,945,309 Federal Home Loan Mortgage Corporation............. 5.682 10/01 2,937,460
1,254,035 Federal Home Loan Mortgage Corporation............. 5.589 11/01 1,248,837
1,140,241 Federal Home Loan Mortgage Corporation............. 5.913 12/01 1,139,482
1,980,024 Federal Home Loan Mortgage Corporation............. 5.614 01/01/99 1,979,430
----------
TOTAL MORTGAGE-BACKED SECURITIES................... 14,771,432
----------
US GOVERNMENT & AGENCY NOTES (1.61%)
----------------------------
1,000,000 Federal Home Loan Banks (a)........................ 5.634 04/01 999,888
250,000 Federal Home Loan Banks............................ 5.745 05/26 249,814
500,000 Federal National Mortgage Association.............. 5.798 06/25 499,547
3,000,000 Federal National Mortgage Association.............. 5.542 11/25 2,993,941
64,000 United States Treasury Bill ....................... 5.187 02/04/99 61,308
----------
TOTAL US GOVERNMENT & AGENCY NOTES................. 4,804,498
----------
<PAGE>
<CAPTION>
PRINCIPAL RATE MATURITY DATE
AMOUNT CORPORATE AND BANK NOTES (13.13%) % (B) (1998) VALUE
-------- ------------------------ --------- --------- --------
BANKING (5.35%)
$ 2,000,000 LaSalle National Bank, Chicago, IL ................ 5.720 04/01 $ 2,000,000
5,000,000 Wachovia Bank...................................... 5.480 04/07 4,999,994
3,000,000 Key Bank N.A. (a)................................ 5.554 04/23 2,998,678
3,000,000 LaSalle National Bank, Chicago, IL ................ 5.760 06/29 2,999,948
2,000,000 LaSalle National Bank, Chicago, IL ................ 5.810 07/10 1,999,477
1,000,000 Bank One, Milwaukee, Wisconsin..................... 5.650 02/26/99 999,130
----------
15,997,227
MISCELLANEOUS (7.78%)
5,000,000 Wal-Mart Stores, Inc............................... 5.515 04/27 5,004,229
1,000,000 Merrill Lynch & Co., Inc. ......................... 5.690 05/01 1,002,545
1,000,000 Associates Corp. of North America.................. 5.838 05/15 1,001,633
7,710,000 Emerson Electric Co................................ 5.851 06/05 7,734,224
1,600,000 Dupont (E.I.) de Nemours & Co...................... 5.910 06/25 1,608,878
1,875,000 Norwest Financial Inc.............................. 5.790 08/15 1,893,188
1,000,000 General Electric Capital Corp...................... 5.951 08/24 1,001,813
3,000,000 Norwest Corp. ..................................... 5.737 11/16 2,999,973
1,010,000 Merck & Co., Inc................................... 5.684 12/22 1,006,795
----------
23,253,278
----------
TOTAL CORPORATE AND BANK NOTES..................... 39,250,505
----------
CERTIFICATE OF DEPOSIT (1.67%)
----------------------
5,000,000 Mellon Bank NA- Pittsburgh, PA. (a)................ 5.628 06/16 5,000,456
----------
TOTAL INVESTMENTS (99.58%)......................... 297,654,812
CASH AND OTHER ASSETS, LESS LIABILITIES (0.42%).... 1,253,519
----------
NET ASSETS (100.0%)................................ $298,908,331
==========
NOTES TO PORTFOLIO OF INVESTMENTS:
(a) Short-term floating rate security. Rate shown is the effective interest rate
at March 31, 1998. 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.
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
ORGANIZATION:
Wayne Hummer Money Fund Trust (the "Fund") is an open-end management
investment company organized as a Massachusetts business trust. It commenced
investment operations on April 2, 1982. The Fund 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, 1998, Shares of
only one series were outstanding. The investment objective of the Fund is to
maximize current income to the extent consistent with preservation of capital
and maintenance of liquidity.
1. SIGNIFICANT ACCOUNTING POLICIES SECURITY VALUATION
Investments are stated at value. The Fund 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 Fund
believes would result in a material dilution to Shareholders or purchasers,
the Board of Trustees of the Fund 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.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles may require management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. In those cases, actual results may differ from estimates.
2. FUND SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS
Fund 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 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 Fund'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 Fund 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 ("Distributor and
Shareholder Service Agent"). 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 Fund 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
Fund to the extent that the Fund'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, 1998, the Fund incurred
management fees of $1,311,192.
For portfolio accounting services, the Fund pays the Investment Adviser a fee
based on the level of average daily net assets plus out-of-pocket expenses.
The Fund reimburses the Shareholder Service Agent for the approximate cost of
processing Fund Share transactions and maintaining Shareholder accounts.
Certain trustees of the Fund are also officers or directors of the Investment
Adviser or Voting Members of the Distributor and Shareholder Service Agent.
During the year ended March 31, 1998, the Fund made no direct payments to its
officers and incurred trustee fees for its unaffiliated trustees of $19,400.
<PAGE>
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,
1998, 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 1994. These financial
statements and financial highlights are the responsibility of the Fund'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, 1998 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, 1998, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and financial highlights for each of the fiscal years
since 1994, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
May 1, 1998
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.
GRAPHIC: MEMBER OF 100% NO-LOAD(TM) MUTUAL FUND COUNCIL
LOGO: WH 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)
(920) 734.1474 (local)
www.whummer.com
<PAGE>
WAYNE HUMMER MONEY FUND TRUST
Annual
Financial
Statements
March 31, 1998
(Audited)
WAYNE HUMMER
MONEY FUND TRUST
300 South Wacker Drive
Chicago, IL 60606-6607
First Class
U.S. Postage
PAID
Berwyn, IL
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