[LOGO OMITTED]
DEUTSCHE BANC ALEX. BROWN
DEUTSCHE BANC ALEX.BROWN
CASH RESERVE SHARES
Prime Series
Treasury Series
Tax-Free Series
ANNUAL REPORT
March 31, 2000
[LOGO OMITTED]
Deutsche Bank
<PAGE>
FUND FEATURES
--------------------------------------------------------------------------------
O DAILY DIVIDENDS
The Fund declares dividends daily and distributes them monthly in the form of
additional shares.
O CHECK REDEMPTION PRIVILEGE
After completing an authorization form, you may redeem your shares by writing
a check (in a minimum amount of $500) on your account. You will continue to
earn dividends until your check reaches the bank for clearance.
O NO SALES CHARGE AND IMMEDIATE LIQUIDITY
You may buy or redeem shares in your account at any time. There is no sales
charge or penalty imposed by the Fund for the purchase or redemption of shares
(other fees and expenses do apply to a continued investment in the Fund and
are described in the prospectus.)
O CONSTANT NET ASSET VALUE
The Fund will attempt to maintain a constant net asset value of $1.00 per
share and has done so since its inception on August 11, 1981. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. An investment in a money
market fund is neither insured nor guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.
O MINIMUM INVESTMENT
The minimum initial investment is $1,500. Subsequent investments may be made
in amounts of $100 or more.
This report is prepared for the general information of shareholders of
Deutsche Banc Alex. Brown Cash Reserve Shares. It may be distributed only to
current shareholders or to persons who have received a current prospectus.
This Fund is not insured by the FDIC and is not a deposit, obligation of or
guaranteed by Deutsche Bank.
<PAGE>
LETTER TO SHAREHOLDERS
--------------------------------------------------------------------------------
We are pleased to report on the progress of your Fund for the twelve months
ended March 31, 2000. At the end of the period, the Fund's net assets totaled
$9,175,788,264, an increase of more than 45% from March 31, 1999. The dis-
tribution of the Fund's assets among its three series is illustrated in the
following pie chart.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Prime Series $6.5 billion
Treasury Series $889 million
Tax-Free Series $1.8 billion
MARKET ACTIVITY
Three major factors impacted the money markets over the annual period ended
March 31, 2000--the ongoing extraordinary performance of the U.S. economy, the
actions of the Federal Reserve Board, and the liquidity concerns surrounding
Y2K. These factors combined to push yields on short-term money market securities
significantly higher.
o RAPID U.S. ECONOMIC GROWTH, BENIGN INFLATION, THE LOWEST UNEMPLOYMENT RATE
IN A GENERATION, AND A SPECTACULAR RUNUP IN THE U.S. EQUITY MARKET GAVE
CONSUMERS THE CONFIDENCE NECESSARY TO UTILIZE THEIR PURCHASING POWER.
Housing, retail sales, and auto sales were all at historic levels. Subdued
wage demands, competitive pressures, productivity improvements and global
overcapacity combined to keep prices in check. Simultaneously, foreign
economies around the world showed clear signs of recovery, with growth rates
in Europe and Asia, in particular, increasing.
o THE FEDERAL RESERVE BOARD RAISED SHORT-TERM INTEREST RATES FIVE TIMES DURING
THE FUND'S FISCAL YEAR. The Fed argued that the pace of the economy could
not be indefinitely supported by labor force growth and productivity and
thus may rekindle inflation. The Fed moved interest rates three times in
1999--on June 30, August 24 and November 16--and twice in the first quarter
of 2000--on February 2 and March 21. The increases were slow and methodical
at hikes of 0.25% each time.
1
<PAGE>
LETTER TO SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
o MONEY MARKET INVESTORS AND ISSUERS ALIKE BELIEVED LIQUIDITY WOULD BE SCARCE
OVER YEAR-END 1999, AS ANTICIPATION OF Y2K GREW INCREASINGLY UNCERTAIN. Both
corporate and asset-backed issuers flooded the market with paper early in the
fourth quarter of 1999, hoping to secure their year-end financing. To calm the
markets, the Fed announced in October that it would provide the market with
several liquidity facilities, including a repurchase agreement facility with
expanded collateral guidelines and a Standby Financing Facility. The U.S.
Treasury also issued substantial amounts of cash management bills, adding much
needed liquidity to the market at year end. As with most other secular Y2K
fears, the money markets' liquidity concerns also turned out to be for naught.
o TO A LESS DRAMATIC DEGREE, THE MUNICIPAL MARKETS FOLLOWED A SIMILAR TREND AS
THEIR TAXABLE COUNTERPARTS, WITH YIELDS RISING AS ONGOING U.S. ECONOMIC
STRENGTH, FED TIGHTENING AND Y2K LIQUIDITY FEARS IMPOSED PRESSURE. The yield
on one-year municipal notes rose 1.10%, to 4.15% on March 31, 2000 from 3.05%
on March 31, 1999. With the exception of just a couple of issuers with
unusually large note offerings, there remained a compelling lack of supply
through most of the annual period. However, strong demand for municipal
securities partially offset some of the negative pressures causing the
increase in yields. The sustained national expansion, now entering its tenth
year, has resulted in greater economic diversity, increased financial
flexibility and still healthy tax coffers in many locales. Thus, credit
quality continued to improve across most tax-exempt sectors.
INVESTMENT REVIEW
We continue to manage the Fund conservatively, maintaining high portfolio
quality, adjusting weighted average maturities in response to market conditions,
and strictly limiting exposure to any particular issue. Evidence of our
insistence on these unusually high investment standards can be found in Standard
& Poor's (S&P) ratings of each Fund Series. The Prime, Treasury, and Tax-Free
Series each maintain a "AAAm" rating. This rating is the highest that S&P awards
to money market funds. We have always believed that a money fund is not a place
to take chances or to speculate for additional yield.
2
<PAGE>
LETTER TO SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
WEIGHTED AVERAGE MATURITY (AS OF MARCH 31, 2000)
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES PRIME SERIES 46 DAYS
First Tier Retail Money Fund Average 51 days
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES TREASURY SERIES 43 DAYS
Treasury Retail Money Fund Average 58 days
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES TAX-FREE SERIES 37 DAYS
National Retail Tax-Free Money Fund Average 36 days
--------------------------------------------------------------------------------
SOURCE: IBC/DONOGHUE, INC. "MONEY FUND REPORT," APRIL 3, 1998.
THE MONEY FUND AVERAGES ARE AVERAGE MATURITIES OF ALL FUNDS IN THEIR RESPECTIVE
CATEGORIES.
--------------------------------------------------------------------------------
PERFORMANCE COMPARISONS
(FOR THE 7-DAY CURRENT YIELD AT MARCH 31, 2000)
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES PRIME SERIES 5.37%
First Tier Retail Money Fund Average 5.29%
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES TREASURY SERIES 5.43%
Treasury Retail Money Fund Average 5.03%
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES` TAX-FREE SERIES 3.12%
National Retail Tax-Free Money Fund Average 3.14%
--------------------------------------------------------------------------------
SOURCE: IBC/DONOGHUE, INC. "MONEY FUND REPORT."
THE YIELDS SHOWN REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. YIELDS WILL VARY.
PRIME SERIES
Our strategy in this Series continued to be concentrated on investing in
high quality issues. As of March 31, 2000, 77.8% of the Series was invested in
securities rated A-1+/P-1 and 22.2% in securities rated A-1/P-1, by Standard &
Poor's and Moody's.
Throughout most of 1999, we maintained a slightly long to the benchmark
weighted average maturity position, taking advantage of the steep yield curve in
money markets, as issuers and investors anticipated higher interest rates.
Towards the end of the year, money market issuers were very aggressive, seeking
to extend
3
<PAGE>
LETTER TO SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
their maturities into the year 2000 to avoid potential Y2K problems. This
excessive issuance caused both an abnormally steep yield curve in fixed rate
securities and wide yield spreads on floating rate notes. We took advantage of
both--as well as the Fed rate increases--by "barbelling" the portfolio, with
fixed securities and floating rate instruments. This strategy proved to be
effective for the portfolio. We also successfully maintained the liquidity
necessary for potential Y2K problems by purchasing Treasury bills and other very
liquid instruments during the last quarter of 1999.
In the first quarter of 2000, we began to utilize the expanded guidelines
approved by the Fund's Board of Directors. Although we purchased foreign
issuers' securities, we did not change the credit quality of the Series, and all
issuers still must be rated in the highest rating categories by two rating
agencies, such as Standard & Poor's and Moody's Investors Services. As of March
31, 2000, 67.9% of the Series was invested in U.S. commercial paper, 16.3% in
corporate floating rate securities, 6.8% in Euro time deposits, 4.0% in Yankee
certificates of deposit, 3.2% in Euro-dollar certificates of deposit, 0.9% in
U.S. certificates of deposit, 0.8% in U.S. medium-term notes, and 0.1% in
government agency securities.
TREASURY SERIES
Throughout most of 1999, we maintained a neutral to the benchmark weighted
average maturity position, taking advantage of occasional higher yields incurred
in the short-term Treasury markets resulting from the issuance of cash
management bills. This strategy proved to be effective for the portfolio. We
also successfully maintained the liquidity necessary for potential Y2K problems
by purchasing cash management bills, which proved to be the most liquid
instrument.
The first quarter of 2000 brought some unexpected changes to the government
market. The Federal agencies, including Fannie Mae, Freddie Mac and FHLB,
announced their decision to standardize their discount note issuance by
auctioning their notes weekly, similar to the way Treasury bills are issued.
These agencies feel that this action may be a viable alternative to smaller
Treasury issuance in the future and that many investors could alternate
purchases between different government securities. With these traditional
Treasury buyers participating in the agency market, this gave us more supply and
better yields from which to choose, in turn, helping to boost the yield of this
Series.
4
<PAGE>
LETTER TO SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
During the early months of 2000, we began to manage this Series with a
shorter duration than in 1999, since we feel that more interest rate increases
will be forthcoming from the Federal Reserve Board. At the end of the annual
period, approximately 96.6% of the portfolio was invested in short-term Treasury
bills and 3.4% in short-term Treasury notes.
TAX-FREE SERIES
Throughout most of 1999, we maintained a neutral to slightly short weighted
average maturity in this Series, as the Fed moved into an active tightening
mode. Each time the Fed hiked rates, we either took advantage of the buying
opportunities it created or we sought shorter-maturity paper, as the one-year
note index rose rather dramatically. We also adjusted the Series' relative
maturity position in anticipation of seasonal cash flow and supply/demand
phenomena.
For example, in April, the short end of the municipal money market curve
became very attractive based on outflows associated with tax season. We were
able to take advantage of these higher rates due to its large percentage of
variable rate and commercial paper holdings. In May and June, the portfolio
moved from a short to neutral maturity position to offset some of the pressures
on fixed rate paper associated with the beginning of annual note season for many
municipalities. In July, large seasonal cash inflows, due to principal and
interest payments, increased demand for money market eligible paper, but supply
continued to decrease, putting pressures on variable rate demand notes and
resulting in a 0.30% drop in yields. By month end, we shortened our weighted
average maturity in anticipation of the second tightening by the Federal Reserve
Board.
During August, the state of Texas issued $3.9 billion in attractively
priced one-year cash flow notes. Due to our shortening strategy in July, we were
able to participate in the deal, while moving the portfolio's maturity only to a
neutral position. These Texas notes proved to be a positive purchase for the
Fund. In September, we increased our position in commercial paper to take
advantage of their attractive yields versus variable rate demand notes, and we
kept the portfolio's weighted average maturity relatively neutral throughout
September and October in anticipation of the Fed's November rate hike.
5
<PAGE>
LETTER TO SHAREHOLDERS (CONTINUED)
--------------------------------------------------------------------------------
In November, we increased the Series' position in 90-day commercial paper,
which offered good value with rates competitive with those of one-year paper, as
issuers sought to end their maturities into the year 2000 to avoid potential Y2K
problems. In December, we increased our daily demand note position for extra
liquidity in anticipation of potential Y2K cash outflows. These strategies
effectively enabled us to stay within a neutral to short maturity range through
the first quarter of 2000, while the Fed was still in a tightening mode, and
still lock in competitive yields.
At the end of the annual period, 62.4% of the Series was invested in
municipal variable rate demand notes, 18.2% in municipal commercial paper, 8.9%
in municipal notes, 8.1% in municipal bonds, and 2.4% in municipal put bonds. It
is also well worth noting that while supply of tax-free securities remained low
over the annual period, the Fund was able to maintain its high quality
portfolio. As measured by Standard & Poor's, upgrades outpaced downgrades in the
municipal market for 18 straight quarters, as of March 31, 2000. The Tax-Free
Series' net assets grew more than 57% over the Fund's fiscal year, well ahead of
its peer group.
LOOKING AHEAD
We now know that the concerns and fears surrounding Y2K turned out to be a
non-event. The world at large and the financial markets in particular continued
to hum along without interruption. Looking ahead for the near term, we believe
the U.S. economy still has substantial momentum, and the financial fundamentals
for both households and businesses remain strong. Thus, we also feel that it
will take somewhat higher interest rates to tone down the economy. We believe
that more 0.25% incremental increases in rates are forthcoming from the Federal
Reserve Board over the next few months before it pauses to assess the results of
these tightenings on economic growth.
For the Prime Series, then, our strategy going forward is to continue
managing the portfolio with a shorter duration than we did in 1999. We also
intend to maintain a significant position in floating rate securities to take
advantage not only of any further increases in interest rates but also of the
higher yields offered by these types of securities. In the Treasury Series, we
also intend to continue managing the portfolio with a shorter duration than in
1999 to be well positioned for any further Fed rate increases.
6
<PAGE>
LETTER TO SHAREHOLDERS (CONCLUDED)
--------------------------------------------------------------------------------
In the Tax-Free Series, too, we intend to maintain a neutral to short
weighted average maturity. We also intend to increase our variable rate holdings
for liquidity in the near term to offset possible cash-flow reversals that may
occur as tax time approaches in April. Overall credit quality in the tax-exempt
market is expected to continue to remain high as the year progresses. However,
higher interest rates may temper further improvement in municipal credit
quality, as the economy slows and borrowing costs rise. Thus, we will continue
to focus on the highest quality investments while still seeking competitive
yields. In fact, in each of our Series, we seek to continue to concentrate the
portfolios in very high quality credits and maintain our conservative investment
strategies and standards for the foreseeable future.
We continue to believe that the conservative approach we apply to investing
on behalf of the Fund's Series will provide comfort, as well as competitive
yields, to our shareholders.
As always, we appreciate your continued support.
Sincerely,
/S/ SIGNATURE /S/ SIGNATURE
Darlene M. Rasel Susan Fare
Darlene M. Rasel Susan Fare
Portfolio Manager of the Portfolio Manager of the
Prime and Treasury Series Tax-Free Series
March 31, 2000
7
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(a
--------------- Par
PRIME SERIES S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER b - 68.7%
AIRCRAFT & AEROSPACE - 1.1%
BAE Systems PLC
6.05% 4/24/00 ......... A-1 P-1 $ 50,000 $ 49,806,736
British Aerospace PLC
5.99% 6/8/00 .......... A-1 P-1 25,000 24,717,139
-------------
74,523,875
-------------
ASSET BACKED - 21.0%
Bavaria TRR Corp.
6.07% 5/4/00 .......... A-1 P-1 19,000 18,900,688
Ciesco, LP.
6.08% 4/20/00 ......... A-1+ P-1 50,000 49,839,556
6.08% 4/28/00 ......... A-1+ P-1 25,000 24,886,000
Compass Securitization LLC
5.88% 4/4/00 .......... A-1+ P-1 40,000 39,980,400
6.04% 4/19/00 ......... A-1+ P-1 25,000 24,924,500
6.07% 4/25/00 ......... A-1+ P-1 20,000 19,919,067
5.87% 4/28/00 ......... A-1+ P-1 45,000 44,801,888
5.93% 5/3/00 .......... A-1+ P-1 19,300 19,198,268
Corporate Asset Funding Co., Inc.
5.87% 4/11/00 ......... A-1+ P-1 65,000 64,894,014
6.08% 4/25/00 ......... A-1+ P-1 75,000 74,696,000
6.05% 5/4/00 .......... A-1+ P-1 45,000 44,750,438
6.06% 5/15/00 ......... A-1+ P-1 25,000 24,814,833
Corporate Receivables Corp.
5.875% 4/10/00 ......... A-1+ P-1 30,000 29,955,937
5.94% 6/19/00 ......... A-1+ P-1 10,000 9,869,650
Delaware Funding Corp.
6.03% 4/5/00 .......... A-1+ P-1 30,000 29,979,900
5.86% 4/26/00 ......... A-1+ P-1 14,308 14,249,774
6.10% 6/5/00 .......... A-1+ P-1 15,000 14,834,792
Greyhawk Funding LLC.
5.87% 4/24/00 ......... A-1+ P-1 15,000 14,943,746
5.87% 4/26/00 ......... A-1+ P-1 25,000 24,898,090
5.92% 5/17/00 ......... A-1+ P-1 30,000 29,773,066
Moriarty Ltd.
6.20% 9/25/00 ......... A-1+ P-1 25,000 24,237,917
Park Avenue Receivables Corp.
6.12% 4/10/00 ......... A-1 P-1 30,000 29,954,100
Private Export Funding Corp.
5.99% 4/6/00 .......... A-1+ P-1 25,000 24,979,201
6.00% 6/22/00 ......... A-1+ P-1 22,000 21,699,333
Quincy Capital Corp.
5.97% 5/2/00 .......... A-1+ P-1 10,000 9,948,592
Receivables Capital Corp.
5.85% 4/5/00 .......... A-1+ P-1 10,000 9,993,500
6.10% 4/20/00 ......... A-1+ P-1 40,000 39,871,222
6.00% 5/5/00 .......... A-1+ P-1 7,795 7,750,828
8
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER - (continued)
ASSET BACKED - (CONTINUED)
Riverwoods Funding Corp.
5.85% 4/20/00 ......... A-1+ P-1 $ 20,000 $ 19,938,250
Santander Finance Bank
5.92% 4/25/00 ......... A-1 P-1 35,000 34,861,867
Sheffield Receivables Corp.
6.06% 4/19/00 ......... A-1+ P-1 70,000 69,787,900
6.09% 4/20/00 ......... A-1+ P-1 166,700 166,167,154
6.10% 4/27/00 ......... A-1+ P-1 25,000 24,889,861
6.10% 4/28/00 ......... A-1+ P-1 20,000 19,908,500
5.98% 6/5/00 .......... A-1+ P-1 20,000 19,784,055
Tulip Funding Corp.
5.95% 5/26/00 ......... A-1+ P-1 25,000 24,772,743
6.15% 6/15/00 ......... A-1+ P-1 60,000 59,231,667
Windmill Funding Corp.
5.92% 4/10/00 ......... A-1+ P-1 40,000 39,940,800
6.05% 4/19/00 ......... A-1+ P-1 44,000 43,866,900
5.87% 4/25/00 ......... A-1+ P-1 25,000 24,902,166
6.11% 6/21/00 ......... A-1+ P-1 12,000 11,835,030
6.09% 6/26/00 ......... A-1+ P-1 15,000 14,781,776
--------------
1,363,213,969
--------------
AUTOMOBILES & TRUCKS - 5.0%
Ford Motor Credit Corp.
6.12% 4/4/00 .......... A-1 P-1 100,000 99,949,000
PACCAR Financial Corp.
5.90% 5/18/00 ......... A-1+ P-1 13,000 12,899,864
Toyota Motor Credit Corp.
5.99% 4/20/00 ......... A-1+ P-1 49,750 49,592,721
6.04% 4/26/00 ......... A-1+ P-1 50,000 49,790,278
6.00% 5/8/00 .......... A-1+ P-1 16,500 16,398,250
5.945% 5/9/00 .......... A-1+ P-1 50,000 49,686,236
6.00% 5/11/00 ......... A-1+ P-1 20,000 19,866,667
6.05% 8/28/00 ......... A-1+ P-1 25,000 24,373,992
--------------
322,557,008
--------------
BANKS - 2.5%
Bank of America
5.89% 5/3/00 .......... A-1 P-1 25,000 24,869,111
6.06% 8/9/00 .......... A-1 P-1 40,000 39,124,667
6.10% 9/8/00 .......... A-1 P-1 18,000 17,512,000
Fortis Funding LLC
6.02% 4/24/00 ......... A-1+ P-1 50,000 49,807,694
6.08% 9/1/00 .......... A-1+ P-1 30,000 29,224,800
--------------
160,538,272
--------------
9
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER - (continued)
CONGLOMERATES - 0.9%
Honeywell International Inc.
6.05% 4/26/00 ......... A-1 P-1 $ 19,798 $ 19,714,821
5.91% 5/15/00 ......... A-1 P-1 40,000 39,711,067
--------------
59,425,888
--------------
CONSUMER PRODUCTS - 0.8%
Gillette Co.
6.01% 4/10/00 ......... A-1+ P-1 53,500 53,419,616
--------------
CORPORATE - 0.2%
Rio Tinto America, Inc.
5.90% 4/26/00 ......... A-1+ P-1 12,000 11,950,833
--------------
ELECTRICAL & ELECTRONICS - 0.4%
Invensys PLC
5.92% 5/8/00 .......... A-1 P-1 25,000 24,847,889
--------------
FINANCE, CONSUMER - 1.5%
American Express Co.
6.40% 4/3/00 .......... A-1 P-1 97,800 97,765,227
--------------
FINANCE, DIVERSIFIED - 5.8%
Associates First Capital Corp.
6.03% 4/12/00 ......... A-1 P-1 40,000 39,926,300
5.90% 5/3/00 .......... A-1 P-1 25,000 24,868,889
5.88% 5/11/00 ......... A-1 P-1 30,000 29,804,000
5.92% 5/25/00 ......... A-1 P-1 20,000 19,822,400
General Electric Capital Corp.
5.78% 4/20/00 ......... A-1+ P-1 25,000 24,923,736
6.04% 4/26/00 ......... A-1+ P-1 35,000 34,853,194
5.91% 5/3/00 .......... A-1+ P-1 20,000 19,894,933
5.83% 5/5/00 .......... A-1+ P-1 10,000 9,944,939
5.90% 5/11/00 ......... A-1+ P-1 25,000 24,836,111
5.94% 5/17/00 ......... A-1+ P-1 30,000 29,772,300
5.88% 5/18/00 ......... A-1+ P-1 50,000 49,616,167
5.90% 5/19/00 ......... A-1+ P-1 40,000 39,685,333
5.94% 5/22/00 ......... A-1+ P-1 25,000 24,789,626
--------------
372,737,928
--------------
FINANCIAL SERVICES - 3.1%
Goldman Sachs, Inc.
6.09% 8/22/00 ......... A-1+ P-1 65,000 63,427,596
Merrill Lynch & Co., Inc.
5.93% 5/22/00 ......... A-1+ P-1 60,000 59,495,950
Morgan Stanley Dean Witter
5.85% 4/3/00 .......... A-1 P-1 30,000 29,990,250
10
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER - (continued)
FINANCIAL SERVICES - (CONTINUED)
Salomon Smith Barney, Inc.
5.95% 5/15/00 ......... A-1 P-1 $ 50,000 $ 49,636,389
--------------
202,550,185
--------------
FOODS - 1.5%
Albertsons, Inc.
6.02% 4/6/00 .......... A-1 P-1 45,000 44,962,375
6.08% 4/13/00 ......... A-1 P-1 20,000 19,959,467
H.J. Heinz Co.
5.98% 4/20/00 ......... A-1 P-1 24,000 23,924,253
Sysco Corp.
6.25% 4/3/00 .......... A-1+ P-1 7,000 6,997,569
--------------
95,843,664
--------------
FOREIGN SOVEREIGNS - 1.9%
Eksportfinans A/S
6.07% 4/12/00 ......... A-1+ P-1 45,000 44,916,538
5.92% 5/24/00 ......... A-1+ P-1 35,000 34,694,956
Province of Quebec
6.09% 8/17/00 ......... A-1+ P-1 35,000 34,182,925
6.09% 8/21/00 ......... A-1+ P-1 8,000 7,807,827
--------------
121,602,246
--------------
INSURANCE, PROPERTY AND CASUALTY - 7.1%
Aegon Funding Corp.
5.91% 5/22/00 ......... A-1+ P-1 20,000 19,832,550
6.17% 9/13/00 ......... A-1+ P-1 25,000 24,293,021
6.18% 9/18/00 ......... A-1+ P-1 15,000 14,562,250
6.20% 12/1/00 ......... A-1+ P-1 30,000 28,739,333
John Hancock Capital Corp.
5.98% 4/14/00 ......... A-1+ P-1 40,255 40,168,072
Met Life Funding Inc.
6.03% 4/17/00 ......... A-1+ P-1 30,789 30,706,485
6.03% 4/18/00 ......... A-1+ P-1 46,000 45,869,015
6.03% 4/24/00 ......... A-1+ P-1 46,645 46,465,300
Teachers Insurance & Annuity
Association of America
6.25% 4/3/00 .......... A-1+ P-1 113,434 113,394,613
6.02% 4/20/00 ......... A-1+ P-1 50,000 49,841,139
Transamerica Finance Corp.
6.25% 4/3/00 .......... A-1 P-1 50,000 49,982,639
--------------
463,854,417
--------------
11
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER - (continued)
INTEGRATED OIL - 3.1%
Exxon Mobil Australia Ltd.
5.98% 4/6/00 .......... A-1+ P-1 $100,000 $ 99,916,944
BP Amoco Capital PLC.
6.23% 4/3/00 .......... A-1+ P-1 100,000 99,965,389
--------------
199,882,333
--------------
OIL TRANSPORTATION - 0.5%
Colonial Pipeline Co.
5.75% 4/4/00 .......... A-1+ P-1 10,750 10,744,849
5.75% 4/27/00 ......... A-1+ P-1 11,500 11,452,243
5.78% 5/17/00 ......... A-1+ P-1 8,000 7,940,916
6.05% 7/17/00 ......... A-1+ P-1 3,500 3,437,063
--------------
33,575,071
--------------
PHARMACEUTICALS - 1.0%
Johnson & Johnson
5.82% 4/14/00 ......... A-1+ P-1 65,000 64,863,572
--------------
TELEPHONE - 8.3%
AT&T Corp.
6.00% 4/4/00 .......... A-1+ P-1 30,000 29,985,000
6.00% 4/6/00 .......... A-1+ P-1 20,000 19,983,333
5.87% 5/10/00 ......... A-1+ P-1 5,000 4,968,204
Bell Atlantic Network Funding Corp.
5.82% 4/4/00 .......... A-1+ P-1 20,000 19,990,300
5.99% 4/18/00 ......... A-1+ P-1 5,702 5,685,871
5.99% 4/24/00 ......... A-1+ P-1 10,492 10,451,848
Bell South Telecommunications, Inc.
6.07% 4/26/00 ......... A-1+ P-1 11,300 11,252,367
British Telecomunications PLC, Inc.
6.22% 12/4/00 ......... A-1+ P-1 30,000 28,719,717
France Telecom
6.10% 4/3/00 .......... A-1+ P-1 60,000 59,979,667
6.02% 4/17/00 ......... A-1+ P-1 63,795 63,624,313
6.08% 4/20/00 ......... A-1+ P-1 8,877 8,848,515
6.08% 4/28/00 ......... A-1+ P-1 35,000 34,840,400
6.05% 5/22/00 ......... A-1+ P-1 45,000 44,614,313
5.93% 6/1/00 .......... A-1+ P-1 40,000 39,598,078
SBC Communications, Inc.
5.68% 5/15/00 ......... A-1+ P-1 15,000 14,895,867
6.06% 5/19/00 ......... A-1+ P-1 40,000 39,676,800
Vodafone Airtouch PLC.
6.27% 4/3/00 .......... A-1 P-1 100,000 99,965,166
--------------
537,079,759
--------------
12
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COMMERCIAL PAPER - (continued)
UTILITIES - 3.2%
National Rural Utilities Corporate
Finance Corporation
5.90% 4/3/00 .......... A-1+ P-1 $ 25,000 $ 24,991,806
5.83% 4/7/00 .......... A-1+ P-1 45,000 44,956,275
6.13% 7/17/00 ......... A-1+ P-1 20,000 19,635,606
6.12% 7/18/00 ......... A-1+ P-1 51,136 50,197,143
6.08% 9/11/00 ......... A-1+ P-1 20,000 19,449,422
6.145% 9/19/00 ......... A-1+ P-1 25,000 24,270,282
6.22% 12/1/00 ......... A-1+ P-1 25,000 23,946,056
--------------
207,446,590
--------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $4,467,678,342) ........................... 4,467,678,342
--------------
MEDIUM-TERM NOTE - 0.8%
E.I. Dupont de Nemours and Co.
5.079% 4/3/00 .......... A-1+ P-1 30,000 29,998,114
4.998% 4/14/00 ......... A-1+ P-1 20,000 19,991,906
--------------
TOTAL MEDIUM TERM NOTE
(Amortized Cost $49,990,020) ............................. 49,990,020
--------------
FLOATING RATE - NOTE - 16.5%
American Express Co.
6.081% 2/23/01 ......... A-1 P-1 30,000 30,000,000
AT&T Corp.
5.99% 7/13/00 ......... A-1+ P-1 15,000 14,998,312
6.128% 8/7/00 .......... A-1+ P-1 10,000 10,000,685
5.89% 3/8/01 .......... A-1+ P-1 60,000 59,989,109
Associates Corp. of North America
5.917% 3/16/01 ......... A-1 P-1 65,000 64,954,214
Bank of America
6.25% 1/25/01 ......... A-1 P-1 35,000 35,000,000
Bayerische Landesbank Girozentrale
5.925% 11/9/00 ......... A-1+ P-1 40,000 39,993,529
6.04% 2/26/01 ......... A-1+ P-1 50,000 49,977,809
6.049% 2/28/01 ......... A-1+ P-1 40,000 39,982,185
6.051% 3/1/01 .......... A-1+ P-1 40,000 39,982,099
Chase Manhattan Bank
6.358% 11/2/00 ......... A-1+ P-1 35,000 35,066,880
6.34% 11/17/00 ........ A-1+ P-1 15,000 15,027,480
Credit Agricole Indosuez SA
5.94% 11/8/00 ......... A-1+ P-1 35,000 34,999,793
Credit Suisse First Boston, Inc.
5.84% 2/20/01 ......... A-1+ P-1 30,000 29,997,358
13
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
FLOATING RATE - NOTE - (continued)
Federal Home Loan Bank
6.156% 4/14/00 ......... A-1+ P-1 $ 50,000 $ 49,999,112
5.874% 5/12/00 ......... A-1+ P-1 20,000 19,998,096
5.819% 7/12/00 ......... A-1+ P-1 6,000 5,999,164
Federal National Mortgage Association
5.85% 11/17/00 ........ A-1+ P-1 10,000 9,993,150
5.953% 11/22/00 ........ A-1+ P-1 15,000 14,992,295
Ford Motor Credit Corp.
6.06% 11/22/00 ........ A-1 P-1 35,000 35,000,676
General Electric Capital Corp.
5.976% 4/12/00 ......... A-1+ P-1 25,000 25,000,000
6.049% 5/12/00 ......... A-1+ P-1 10,000 10,000,000
Goldman Sachs, Inc
6.22% 1/25/01 ......... A-1+ P-1 40,000 40,059,602
Household Finance Corp.
6.15% 9/14/00 ......... A-1 P-1 35,000 35,024,560
Merrill Lynch & Co.,Inc.
6.298% 9/25/00 ......... A-1+ P-1 25,000 25,009,721
6.327% 1/12/01 ......... A-1+ P-1 35,000 35,094,138
Morgan J.P., Inc.
5.994% 3/16/01 ......... A-1+ P-1 60,000 60,000,000
Morgan Stanley Dean Witter
5.775% 5/4/00 .......... A-1 P-1 50,000 50,000,000
5.97% 3/16/01 ......... A-1 P-1 55,000 55,000,000
Societe Generale
6.054% 1/19/01 ......... A-1+ P-1 45,000 44,978,575
West Deustsche Landesbank Girozentrale
6.045% 2/26/01 ......... A-1+ P-1 55,000 54,975,589
--------------
TOTAL FLOATING RATE - NOTE
(Amortized Cost $1,071,094,131) .......................... 1,071,094,131
--------------
CERTIFICATE OF DEPOSIT - 0.9%
Bank of America
5.88% 4/5/00 .......... A-1 P-1 10,000 9,999,961
Bank One Corp.
6.18% 6/23/00 ......... A-1 P-1 50,000 50,000,000
--------------
TOTAL CERTIFICATE OF DEPOSIT
(Amortized Cost $59,999,961) ............................. 59,999,961
--------------
EURO TIME DEPOSITS - 6.8%
Bank of Scotland
5.97% 4/11/00 ......... A-1+ P-1 30,000 30,000,000
West Deustsche Landesbank Girozentrale
5.97% 4/7/00 .......... A-1+ P-1 40,000 40,000,000
6.125% 6/28/00 ......... A-1+ P-1 75,000 75,000,000
6.32% 8/24/00 ......... A-1+ P-1 40,000 40,000,000
14
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
EURO TIME DEPOSITS - (continued)
Bayerische Landesbank Girozentrale
5.97% 4/14/00 ......... A-1+ P-1 $ 50,000 $ 50,000,000
6.25% 7/3/00 .......... A-1+ P-1 50,000 50,000,000
6.17% 7/18/00 ......... A-1+ P-1 25,000 25,000,000
6.20% 7/24/00 ......... A-1+ P-1 30,000 30,000,000
6.38% 9/21/00 ......... A-1+ P-1 35,000 35,000,000
Norddeutsche Landesbank Girozentrale
5.98% 4/7/00 .......... A-1+ P-1 40,000 40,000,000
6.28% 8/3/00 .......... A-1+ P-1 30,000 30,000,000
--------------
TOTAL EURO TIME DEPOSITS
(Amortized Cost $445,000,000) ............................. 445,000,000
--------------
FNMA - 0.1%
Federal National Mortgage Association
6.35% 2/2/01 .......... A-1+ P-1 5,000 4,995,554
--------------
TOTAL FNMA (Amortized Cost $4,995,554) ...................... 4,995,554
--------------
EURODOLLAR CERTIFICATES OF DEPOSIT - 3.2%
Bank of Scotland
5.95% 4/12/00 ......... A-1+ P-1 30,000 29,999,992
Bayerische Landesbank Girozentrale
5.97% 5/8/00 .......... A-1+ P-1 10,000 9,999,112
5.955% 4/18/00 ......... A-1+ P-1 50,000 50,000,116
Credit Agricole Indosuez
6.15% 7/21/00 ......... A-1+ P-1 40,000 40,000,599
Internationale Nederlanden Bank
6.26% 8/3/00 .......... A-1+ P-1 30,000 30,000,000
Societe Generale
6.07% 4/28/00 ......... A-1+ P-1 50,000 50,000,000
--------------
TOTAL EURODOLLAR CERTIFICATES OF DEPOSIT
(Amortized Cost $209,999,819) ............................ 209,999,819
--------------
YANKEE CERTIFICATES OF DEPOSIT - 4.0%
Bank of Austria
6.55% 2/1/01 .......... A-1+ P-1 10,000 9,996,018
Bank of Nova Scotia
6.743% 2/16/01 ......... A-1 P-1 20,000 19,990,409
Paribas SA
5.98% 4/7/00 .......... A-1 P-1 10,000 10,000,034
5.98% 4/10/00 ......... A-1 P-1 25,000 25,000,031
6.70% 2/20/01 ......... A-1 P-1 20,000 19,991,553
Bayerische Landesbank Girozentrale
6.14% 5/16/00 ......... A-1+ P-1 70,000 70,000,000
15
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(a)
--------------- Par
PRIME SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT - (continued)
Bayerishe Hypotheka Vereinsbank
6.77% 2/22/01 ......... A-1 P-1 $42,000 $ 41,982,161
Commerz Bank
6.70% 2/20/01 ......... A-1+ P-1 15,000 14,993,665
Svenska Handelsbanken Inc.
6.77% 3/21/01 ......... A-1 P-1 25,000 24,990,800
West Deustsche Landesbank Girozentrale
6.03% 5/16/00 ......... A-1+ P-1 25,000 25,000,000
--------------
TOTAL YANKEE CERTIFICATES OF DEPOSIT
(Amortized Cost $261,944,671) ............................ 261,944,671
--------------
TOTAL INVESTMENTS--101.0%
(Amortized Cost $6,570,702,498)(c) ....................... $6,570,702,498
LIABILITIES IN EXCESS OF OTHER ASSETS--(1.0)% .................. (65,841,249)
--------------
NET ASSETS--100.0% ............................................. $6,504,861,249
==============
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
PRIME SERIES (concluded)
--------------------------------------------------------------------------------
Net Asset Value, Offering and Redemption Price Per:
Prime Share
($5,772,616,045 (DIVIDE) 5,772,511,318 shares outstanding) ...... $1.00
=====
Flag Investors Class A Share
($16,214,395 (DIVIDE) 16,213,799 shares outstanding) ............ $1.00
=====
Flag Investors Class B Share
($2,979,619 (DIVIDE) 2,979,496 shares outstanding) .............. $1.00
=====
Flag Investors Class C Share
($778,515 (DIVIDE) 778,515 shares outstanding) .................. $1.00
=====
Institutional Prime Share
($637,767,262 (DIVIDE) 637,758,133 shares outstanding) .......... $1.00
=====
Quality Cash Reserve Prime Share
($74,505,413 (DIVIDE) 74,498,534 shares outstanding) ............ $1.00
----------
a Unaudited.
b Most commercial paper is traded on a discount basis. In such cases, the
interest rate shown represents the yield at time of purchase by the Fund.
c Aggregate cost for financial reporting and federal tax purposes.
MOODY'S RATINGS:
P-1 Commercial paper bearing this designation is of the best quality.
S&P RATINGS:
A-1 Commercial paper that has a strong degree of safety regarding timely
payment. Those issues determined to possess very strong safety
characteristics are denoted with a plus (+) sign.
A DETAILED DESCRIPTION OF THE ABOVE RATINGS CAN BE FOUND IN THE
FUND'S STATEMENT OF ADDITIONAL INFORMATION.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Maturity Par
TREASURY SERIES Date (000) Value
--------------------------------------------------------------------------------
U.S. TREASURY BILLS a - 96.7%
5.95% ..................... 4/18/00 $ 6,205 $ 6,187,566
5.97% ..................... 4/18/00 100,000 99,718,083
5.54% ..................... 4/20/00 24,450 24,378,511
5.995% .................... 4/20/00 10,000 9,968,360
5.47% ..................... 4/27/00 38,000 37,849,879
5.69% ..................... 4/27/00 1,930 1,922,069
5.695% .................... 4/27/00 66,600 66,326,071
5.71% ..................... 4/27/00 75,280 74,969,554
5.725% .................... 4/27/00 17,280 17,208,552
5.66% ..................... 5/4/00 8,785 8,739,421
5.45% ..................... 5/11/00 11,065 10,997,995
5.52% ..................... 5/11/00 11,650 11,578,547
5.555% .................... 5/11/00 48,000 47,703,733
5.57% ..................... 5/11/00 6,675 6,633,689
5.72% ..................... 5/11/00 17,740 17,627,252
5.485% .................... 5/18/00 55,000 54,606,147
5.52% ..................... 5/18/00 55,000 54,603,633
5.55% ..................... 5/18/00 29,525 29,311,067
5.60% ..................... 5/18/00 3,675 3,648,132
5.60% ..................... 5/25/00 92,170 91,394,598
5.63% ..................... 5/25/00 4,440 4,402,504
5.64% ..................... 5/25/00 26,200 25,978,348
5.69% ..................... 6/8/00 92,680 91,683,896
5.70% ..................... 6/8/00 25,885 25,606,305
5.71% ..................... 6/8/00 5,405 5,346,704
5.72% ..................... 6/15/00 2,000 1,976,166
5.765% .................... 6/22/00 30,000 29,606,057
------------
TOTAL U.S. TREASURY BILLS
(Amortized Cost $859,972,839) ......................... 859,972,839
------------
U.S. TREASURY NOTES - 3.4%
6.25% ..................... 5/31/00 30,000 30,020,433
------------
TOTAL U.S. TREASURY NOTES
(Amortized Cost $30,020,433) .......................... 30,020,433
------------
TOTAL INVESTMENTS--100.1%
(Amortized Cost $889,993,272) (b) ..................... $889,993,272
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% ........... (882,415)
------------
NET ASSETS--100.0% ...................................... $889,110,857
============
Net Asset Value, Offering and Redemption Price Per:
Treasury Share
($790,442,614 (DIVIDE) 790,218,742 shares outstanding) ... $1.00
-----
Institutional Treasury Share
($98,668,243 (DIVIDE) 98,634,670 shares outstanding) ..... $1.00
=====
----------
a U.S. Treasury bills are traded on a discount basis. The interest rate shown
represents the yield at the date of purchase.
b Aggregate cost for financial reporting and federal tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES S&P Moody's (000) Value
--------------------------------------------------------------------------------
ALABAMA - 0.9%
Alabama Housing Finance
Authority, Multifamily
Housing, Refunding RB (Rime
Village Hoover Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.90%, 6/15/26(A) ............ A-1+ VMIG-1 $15,700 $ 15,700,000
--------------
ARIZONA - 1.6%
Mesa, Arizona, Industrial
Development Authority Revenue,
Discovery Health System,
Series B, (MBIA Insured),
Variable Rate Weekly Demand
Note
3.85%, 1/1/29 a .............. A-1+ VMIG-1 19,200 19,200,000
Phoenix, Arizona, G.O., Series A
7.40%, 7/1/00 ................ AA+ Aa1 3,500 3,532,606
Salt River, Arizona,(Salt River
Project), Revenue Bond, Series A
5.50%, 1/1/01 ................ AA Aa2 5,000 5,048,730
--------------
27,781,336
--------------
COLORADO - 1.7%
Colorado Housing Finance
Authority, Multifamily
Housing, (Central Park
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 600 600,000
Colorado Housing Finance
Authority, Multifamily
Housing, (Diamond Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 500 500,000
Colorado Housing Finance
Authority, Multifamily
Housing, (Greenwood Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 4,300 4,300,000
Colorado Housing Finance
Authority, Multifamily
Housing, (Huntington Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 2,400 2,400,000
19
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
COLORADO (continued)
Colorado Housing Finance
Authority, Multifamily
Housing, (Loretto Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 $ 9,000 $ 9,000,000
Colorado Housing Finance
Authority, Multifamily
Housing, (Silver Reef
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 9,490 9,490,000
Colorado Housing Finance
Authority, Multifamily
Housing, (St. Moritz Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.95%, 10/15/16 a ............ A-1+ VMIG-1 4,800 4,800,000
-------------
31,090,000
-------------
CONNECTICUT - 0.6%
Connecticut State, Variable Rate
Weekly Demand Note
3.60%, 5/15/14 a ............. A-1+ VMIG-1 10,000 10,000,000
-------------
DELAWARE - 0.5%
Delaware State, G.O., Series A
5.00%, 7/1/00 ................ AA+ Aa1 2,500 2,507,554
Delaware State, G.O., Series A
5.00%, 1/1/01 ................ AAA Aaa 4,000 4,022,187
Delaware State, G.O., Series A,
(Escrowed in U.S. Government
Securities), Prerefunded
04/01/09 @ $102
6.50%, 4/1/09 ................ AAA Aaa 1,500 1,561,025
-------------
8,090,766
-------------
FLORIDA - 3.7%
Florida State Municipal Power
Agency Revenue, (Stanton II
Project), (AMBAC Insured),
Variable Rate Weekly Demand
Note
3.85%, 10/1/27 a ............. A-1+ VMIG-1 5,000 5,000,000
Jacksonville, Florida,
Electricity Authority, Series
B, Variable Rate Daily Demand
Note
4.00%, 10/1/10 a ............. A-1+ VMIG-1 16,800 16,800,000
20
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
FLORIDA (continued)
Jacksonville, Florida,
Electricity Authority, Series
C, Variable Rate Daily Demand
Note
4.00%, 10/1/10 a ............. A-1+ VMIG-1 $ 6,500 $ 6,500,000
Pinellas County, Florida, Health
Facilities Authority, (AMBAC
Insured), Variable Rate Daily
Demand Note
4.00%, 12/1/15 a ............. A-1+ VMIG-1 35,940 35,940,000
Tampa Health Facilities
Authority RB, (Lifelink
Foundation Inc. Project),
(LOC: SunTrust Bank), Variable
Rate Weekly Demand Note
3.95%, 8/1/22 a .............. A-1+ VMIG-1 1,500 1,500,000
-------------
65,740,000
-------------
GEORGIA - 8.9%
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.85%, 4/5/00 ................ A-1+ VMIG-1 5,000 5,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.65%, 4/6/00 ................ A-1+ VMIG-1 5,000 5,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.75%, 4/6/00 ................ A-1+ VMIG-1 2,000 2,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.70%, 4/6/00 ................ A-1+ VMIG-1 4,000 4,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.90%, 5/10/00 ............... A-1+ VMIG-1 2,000 2,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.95%, 5/10/00 ............... A-1+ VMIG-1 2,000 2,000,000
21
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
GEORGIA (continued)
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
3.95%, 5/12/00 ............... A-1+ VMIG-1 $ 5,000 $ 5,000,000
Burke County, Georgia,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Demand
Bond, Tax Exempt Commercial
Paper Mode
4.00%, 6/14/00 ............... A-1+ VMIG-1 5,000 5,000,000
Burke County, Georgia,
Development Authority,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Daily
Demand Note
4.05%, 1/1/20 a .............. A-1+ VMIG-1 11,200 11,200,000
Burke County, Georgia,
Development Authority,
(Oglethorpe Power), (AMBAC
Insured), Variable Rate Daily
Demand Note
4.05%, 1/1/20 a .............. A-1+ VMIG-1 4,000 4,000,000
Cobb County, Georgia, Housing
Authority, (Post Mill
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/1/25 a .............. A-1+ -- 9,380 9,380,000
Columbus County, Georgia,
Housing Authority Revenue,
(Columbus State University
Foundation, Inc.), (LOC:
SunTrust Bank), Variable Rate
Weekly Demand Note
3.95%, 11/1/17 a ............. -- Aa3 3,500 3,500,000
De Kalb County, Georgia, Housing
Authority, Multifamily
Housing, (Camden Brook
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/15/25 a ............. A-1+ VMIG-1 5,700 5,700,000
De Kalb County, Georgia, Housing
Authority, Multifamily
Housing, (Clairmont Crest
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/15/25 a ............. A-1+ VMIG-1 1,700 1,700,000
22
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
GEORGIA (continued)
De Kalb County, Georgia, Housing
Authority, Multifamily
Housing, (Post Ashford
Project), (Guaranteed by
FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/1/25 a .............. A-1+ VMIG-1 $ 7,895 $ 7,895,000
Fulco, Georgia, Hospital
Authority, (Piedmont Hospital
Project), (LOC: SunTrust
Bank), Variable Rate Weekly
Demand Note
3.95%, 3/1/24 a .............. A-1+ VMIG-1 3,000 3,000,000
Fulton County, Georgia,
Development Authority Revenue
(Georgia Tech Athletic
Association Project), (LOC:
SunTrust Bank), Variable Rate
Weekly Demand Note
3.95%, 7/1/14 a .............. -- Aa3 14,150 14,150,000
Georgia State, G.O., Series B
7.20%, 3/1/01 AAA Aaa 1,600 1,642,795
Georgia State, G.O., Series B
6.25%, 4/1/01 ................ AAA Aaa 3,665 3,738,181
Georgia State, G.O., Series C
6.00%, 12/1/00 ............... AAA Aaa 3,200 3,238,656
Georgia State, G.O., Series C
6.25%, 8/1/00 ................ AAA Aaa 6,375 6,419,692
Macon-Bibb County, Georgia,
Hospital Authority Revenue,
(Medical Center of Central
Georgia), (LOC: SunTrust
Bank), Variable Rate Weekly
Demand Note
3.95%, 12/1/18 a ............. A-1+ Aa3 5,000 5,000,000
Macon-Bibb County, Georgia,
Hospital Authority Revenue,
(Medical Center of Central
Georgia), (LOC: SunTrust
Bank), Variable Rate Weekly
Demand Note
3.95%, 8/1/18 a .............. A-1+ Aa3 2,800 2,800,000
Monroe County, Georgia, P.C.R.,
(Oglethorpe Power), (AMBAC
Insured), Series B, Variable
Rate Daily Demand Note
4.05%, 1/1/20 a .............. A-1+ -- 1,700 1,700,000
Municipal Electric Authority,
Georgia, (General Resolution
Project), (LOC:
Landesbank-Hessen-Thuringen),
Variable Rate Weekly Demand
Note
3.90%, 6/1/20 a .............. A-1+ VMIG-1 5,450 5,450,000
23
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
GEORGIA (continued)
Municipal Electric Authority,
Georgia, (LOC: ABN AMRO Bank
N.V.), Variable Rate Weekly
Demand Note
3.90%, 1/1/16 a .............. A-1+ VMIG-1 $ 2,000 $ 2,000,000
Municipal Electric Authority,
Georgia, (LOC: ABN AMRO Bank
N.V.), Variable Rate Weekly
Demand Note
3.90%, 3/1/20 a .............. A-1+ VMIG-1 4,000 4,000,000
Municipal Electric Authority,
Georgia, (Project One), (LOC:
ABN AMRO Bank N.V.), Variable
Rate Weekly Demand Note
3.90%, 1/1/20 a .............. A-1+ VMIG-1 2,200 2,200,000
Municipal Electric Authority,
Georgia, (Project One), (LOC:
ABN AMRO Bank N.V.), Variable
Rate Weekly Demand Note
3.90%, 1/1/26 a .............. A-1+ VMIG-1 9,700 9,700,000
Roswell Housing Authority,
Multifamily Housing, (Post
Canyon Project), (Guaranteed
by FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/1/25 a .............. A-1+ -- 5,500 5,500,000
Smyrna Housing Authority,
Multifamily Housing, (F&M
Villages Project), (Guaranteed
by FNMA), Variable Rate Weekly
Demand Note
3.90%, 6/6/25a ............... A-1+ -- 13,700 13,700,000
-------------
157,614,324
-------------
IDAHO - 0.3%
Idaho State, TAN, G.O.,
4.25%, 6/30/00 ............... A-1+ MIG-1 6,000 6,005,094
-------------
ILLINOIS - 9.8%
Chicago, Illinois, G.O.,
Adjustable Tender Notes, (LOC:
AMBAC Insured) 5.25%, 1/1/01
AAA Aaa 4,510 4,544,743
Chicago, Illinois, G.O.,
Adjustable Tender Notes, (LOC:
Westdeutsche Landesbank)
4.00%, 10/26/00 .............. A-1+ VMIG-1 6,500 6,500,000
24
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
ILLINOIS (continued)
Chicago, Illinois, Metropolitan
Water Reclamation District,
G.O.
4.80%, 12/1/00 ............... AA Aa1 $ 1,000 $ 1,004,505
Illinois Development Finance
Authority, (Chicago Symphony
Orchestra), Series B, (MBIA
Insured), Variable Rate Daily
Demand Note
3.85%, 12/1/28 a ............. A-1+ VMIG-1 11,300 11,300,000
Illinois Development Finance
Authority, (Chicago Symphony
Orchestra), Series B, (MBIA
Insured), Variable Rate Daily
Demand Note
3.85%, 12/1/33 a ............. A-1+ VMIG-1 7,000 7,000,000
Illinois Development Finance
Authority, (Fenwick High
School Project), Series B,
(MBIA Insured), Variable Rate
Daily Demand Note
3.90%, 3/1/32 a .............. A-1+ VMIG-1 8,200 8,200,000
Illinois Development Finance
Authority, (Jewish
Federation), Series B, (MBIA
Insured), Variable Rate Daily
Demand Note
3.90%, 9/1/23 a .............. A-1+ VMIG-1 9,000 9,000,000
Illinois Development Finance
Authority, (Provena Health),
Series B, (MBIA Insured),
Variable Rate Daily Demand
Note
3.90%, 5/1/28 a .............. A-1+ VMIG-1 5,350 5,350,000
Illinois Development Finance
Authority, (Provena Health),
Series B, (MBIA Insured),
Variable Rate Daily Demand
Note
4.00%, 5/1/28 a .............. A-1+ VMIG-1 6,400 6,400,000
Illinois Development Finance
Authority, P.C.R.,
(Commonwealth Edison Company
Project), Series C, (LOC: ABN
AMRO Bank N.V.), Variable Rate
Weekly Demand Note
3.90%, 3/1/09 a .............. A-1+ P-1 17,700 17,700,000
Illinois Development Finance
Authority, P.C.R., (Illinois
Power Company Project), Series
B, (LOC: ABN AMRO Bank N.V.),
Variable Rate Weekly Demand
Note
3.85%, 11/1/28 a ............. A-1+ VMIG-1 10,600 10,600,000
25
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
ILLINOIS (continued)
Illinois Educational Facilities
Authority, (Field Museum of
Natural History), (LOC:
Northern Trust), Mandatory Put
- 05/05/00 @ $100
3.90%, 5/5/00 ................ -- VMIG-1 $ 5,000 $ 5,000,000
Illinois Educational Facilities
Authority, (University of
Chicago), Variable Rate Weekly
Demand Note, (Tax Exempt
Commercial Paper Mode)
4.00%, 8/15/00 ............... A-1+ P-1 10,000 10,000,000
Illinois Health Facilities
Authority, (Evanston Hospital
Corp. Project), Series A,
Mandatory Put - 07/31/00 @
$100
3.55%, 7/31/00 ............... A-1+ MIG-1 7,000 7,000,000
Illinois Health Facilities
Authority, (Gottlieb Health
Resources, Inc.), (LOC: Harris
Trust and Savings Bank),
Variable Rate Weekly Demand
Note
3.90%, 11/15/24 a ............ -- VMIG-1 3,300 3,300,000
Illinois Health Facilities
Authority, (Gottlieb Health
Resources, Inc.), (LOC: Harris
Trust and Savings Bank),
Variable Rate Weekly Demand
Note
3.90%, 11/15/25 a ............ -- VMIG-1 9,800 9,800,000
Illinois Health Facilities
Authority, (Northwestern
Memorial Hospital), Variable
Rate Daily Demand Note
4.00%, 8/15/25 a ............. A-1+ VMIG-1 23,500 23,500,000
Illinois Health Facilities
Authority, Revolving Fund,
Pooled Financing Program
(University of Chicago
Project), Mandatory Put -
09/26/00 @ $100
4.15%, 9/26/00 ............... A-1+ VMIG-1 10,000 10,000,000
Illinois State, G.O.,
(MBIA Insured)
4.75%, 1/1/01 ................ AA+ Aa2 4,500 4,519,225
Illinois State, G.O.,
(MBIA Insured)
4.25%, 6/1/00 ................ AA+ Aa2 1,400 1,401,121
Illinois State, G.O.,
(MBIA Insured),
5.375%, 5/1/00 ............... AAA Aaa 2,800 2,804,812
Illinois State, Sales Tax
Revenue, Series V,
5.625%, 6/15/00 .............. AAA Aa2 1,000 1,003,069
26
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
ILLINOIS (continued)
Schaumburg, Illinois,
Multifamily Revenue Bond,
Series A,
(FNMA Insured), Variable Rate
Weekly Demand Note
3.95%, 12/15/29 a ............ A-1+ VMIG-1 $ 7,885 $ 7,885,000
Schaumburg, Illinois, Series A,
Variable Rate Weekly Demand Note
3.95%, 12/1/13 a ............. A-1+ VMIG-1 1,100 1,100,000
-------------
174,912,474
-------------
INDIANA - 2.4%
Indiana Health Facilities
Authority Revenue, (Ascension
Health), Series B, Variable
Rate Weekly Demand Note
3.85%, 11/15/39 a ............ A-1+ VMIG-1 23,000 23,000,000
Indiana Municipal Power Agency,
Power Supplies System Revenue,
Series A, (LOC: Toronto
Dominion Bank), Variable Rate
Weekly Demand Note
3.85%, 1/1/18 a .............. A-1+ VMIG-1 1,200 1,200,000
Purdue University, Student Fee
Bonds, Series K, Variable Rate
Weekly Demand Note
3.80%, 7/1/20 a .............. A-1+ VMIG-1 7,410 7,410,000
Purdue University, Student Fee
Bonds, Series L, Variable Rate
Weekly Demand Note
3.80%, 7/1/20 a .............. A-1+ VMIG-1 11,625 11,625,000
-------------
43,235,000
-------------
IOWA - 0.4%
Iowa Finance Authority, Hospital
Facilities Revenue, (Iowa
Health System), Series B,
(AMBAC Insured), Variable Rate
Weekly Demand Note
3.90%, 7/1/15 a .............. A-1+ VMIG-1 2,400 2,400,000
Iowa Finance Authority, Hospital
Facilities Revenue, (Iowa
Health System), Series B,
(AMBAC Insured), Variable Rate
Weekly Demand Note
3.90%, 7/1/20 a .............. A-1+ VMIG-1 4,300 4,300,000
-------------
6,700,000
-------------
27
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
KANSAS - 0.1%
Johnson County, Kansas, G.O.,
Union School District Number
229, Series A
5.90%, 10/1/00 ............... AA Aa1 $ 1,000 $ 1,008,735
-------------
KENTUCKY - 0.2%
Kentucky Asset/Liability
Commission, General Fund,
TRAN, Series B
4.25%, 6/28/00 ............... SP-1+ MIG-1 4,000 4,006,839
-------------
LOUISIANA - 1.4%
East Baton Rouge Parish,
Louisiana, P.C.R., (Exxon
Corp.), (LOC: Wachovia Bank),
Variable Rate Weekly Demand
Note
4.00%, 11/1/19 a ............. A-1+ P-1 14,050 14,050,000
Louisiana Offshore Terminal
Authority, Deepwater Port
Revenue, First Stage 1991A
(Loop Inc.), (LOC: Morgan
Guaranty Trust), Variable Rate
Weekly Demand Note
3.85%, 9/1/17 a .............. A-1+ VMIG-1 11,510 11,510,000
-------------
25,560,000
-------------
MARYLAND - 4.1%
Community Development
Administration Multifamily
Development, (Avalon Lea
Apartments Project),
(Guaranteed by FNMA), Variable
Rate Weekly Demand Note
3.75%, 6/15/26 a ............. -- VMIG-1 15,000 15,000,000
Frederick County, Maryland, BAN,
Variable Rate Weekly Demand
Note
3.90%, 10/1/07a .............. A-1+ VMIG-1 1,200 1,200,000
Frederick County, Maryland,
Public Facilities, G.O.
5.00%, 7/1/00 ................ AA+ Aa2 2,690 2,697,867
Maryland State Health & Higher
Educational Facilities
Authority, Series F, (LOC:
Bank One), Variable Rate
Weekly Demand Note
3.95%, 7/1/24 a .............. A-1+ VMIG-1 5,000 5,000,000
28
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
MARYLAND (continued)
Maryland State Health and
Hospital Authority, Lease
Revenue, (Johns Hopkins),
Series A, (LOC: Canadian
Imperial Bank), Variable Rate
Weekly Demand Note
3.75%, 7/1/27 a .............. A-1+ VMIG-1 $15,400 $ 15,400,000
Maryland State, G.O.
5.40%, 5/15/00 ............... AAA Aaa 3,000 3,005,825
Maryland State, G.O.
6.60%, 7/15/00 ............... AAA Aaa 3,455 3,482,544
Montgomery County, Maryland, G.O.
6.30%, 4/1/01 ................ AAA Aaa 1,000 1,020,159
Montgomery County, Maryland,
G.O., Series A
5.00%, 5/1/00 ................ AAA Aaa 3,000 3,003,831
Montgomery County, Maryland,
G.O., Series A
5.10%, 4/1/00 ................ AAA Aaa 1,095 1,095,034
Montgomery County, Maryland, Tax
Exempt Commercial Paper
3.65%, 4/11/00 ............... A-1+ P-1 2,200 2,200,000
Montgomery County, Maryland, Tax
Exempt Commercial Paper
3.70%, 4/7/00 ................ A-1+ P-1 15,000 15,000,000
Washington Suburban Sanitary
District, Water Supply, G.O.,
Variable Rate Weekly Demand
Note
3.90%, 8/1/04 a .............. A-1+ VMIG-1 4,700 4,700,000
-----------------
72,805,260
-----------------
MASSACHUSETTS - 3.5%
Massachusetts Bay Transit
Authority, Variable Rate
Weekly Demand Note
3.95%, 3/1/14 ................ A-1+ VMIG-1 1,000 1,000,000
Massachusetts State, G.O.,
Series A, (FSA Insured)
5.00%, 8/1/00 ................ AAA Aaa 11,055 11,097,654
Massachusetts State, G.O.,
Series A, Variable Rate Weekly
Demand Note
3.80%, 9/1/16 a .............. A-1+ VMIG-1 21,800 21,800,000
Massachusetts State, G.O.,
Series A, Variable Rate Weekly
Demand Note
3.80%, 9/1/16 a .............. A-1+ VMIG-1 26,200 26,200,000
29
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
MASSACHUSETTS (continued)
Massachusetts State, G.O.,
Series B, (FSA Insured)
5.00%, 6/1/00 ................ AAA Aaa $ 2,500 $ 2,504,729
--------------
62,602,383
--------------
MICHIGAN - 3.9%
Detroit Michigan Water Supply
System, (FGIC Insured),
Variable Rate Weekly Demand
Note
3.85%, 7/1/13 a .............. A-1+ VMIG-1 2,000 2,000,000
Michigan State Building
Authority, Series 2, (LOC:
Canadian Imperial Bank), Tax
Exempt Commercial Paper
3.65%, 4/27/00 a ............. A-1+ P-1 15,000 15,000,000
Michigan State University,
Series A-2, General Revenue,
Variable Rate Weekly Demand
Note
3.85%, 8/15/22 a ............. A-1+ VMIG-1 25,600 25,600,000
Michigan State, Strategic Fund,
(Detroit Edison), (LOC:
Barclays Bank), Variable Rate
Daily Demand Note
4.00%, 9/1/30 a .............. A-1+ P-1 550 550,000
Monroe County, Michigan,
Economic Development
Corporation, (Detroit Edison),
Series C, (LOC: Barclays
Bank), Variable Rate Daily
Demand Note
4.00%, 10/1/24 a ............. -- P-1 3,000 3,000,000
University of Michigan, Series
B, Tax Exempt Commercial Paper
3.75%, 4/10/00 ............... A-1+ P-1 5,000 5,000,000
University of Michigan, Series B,
Tax Exempt Commercial Paper
4.00%, 4/3/00 ................ A-1+ P-1 5,000 5,000,000
University of Michigan, Series B,
Tax Exempt Commercial Paper
3.70%, 4/6/00 ................ A-1+ P-1 5,190 5,190,000
University of Michigan, Series B,
Tax Exempt Commercial Paper
3.85%, 5/24/00 ............... A-1+ P-1 3,450 3,450,000
University of Michigan, Series B,
Tax Exempt Commercial Paper
3.90%, 5/3/00 ................ A-1+ P-1 4,100 4,100,000
--------------
68,890,000
--------------
30
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
MINNESOTA - 2.4%
Minneapolis, Minnesota, G.O.
5.60%, 10/1/00 ............... AAA Aaa $ 1,000 $ 1,007,712
Minneapolis, Minnesota, G.O.,
(St. Paul Metropolitan Area),
Series C
4.75%, 2/1/01 ................ AAA Aaa 1,385 1,390,982
Minnesota Public Facilities
Authority, (Water Pollution
Control Revenue), Revenue Bond
5.00%, 3/1/01 ................ AAA Aaa 5,220 5,257,462
Minnesota State, G.O.
4.75%, 5/1/00 ................ AAA Aaa 5,000 5,003,321
University of Minnesota, Series
A, Variable Rate Weekly Demand
Note
3.90%, 1/1/34 a .............. A-1+ VMIG-1 30,420 30,420,000
-------------
43,079,478
-------------
MISSISSIPPI - 1.5%
Jackson County, Mississippi,
Chevron USA Inc. Project,
(Guaranteed by Chevron),
Mandatory Put, 05/01/00 @ $100
3.85%, 5/1/00 ................ -- P-1 14,000 14,000,000
Jackson County, Mississippi,
Chevron USA Inc. Project,
(Guaranteed by Chevron),
Variable Rate Daily Demand
Note
3.95%, 12/1/16 a ............. -- P-1 100 100,000
Perry County, Mississippi, Leaf
River Forest Project, (LOC:
Wachovia Bank), Variable Rate
Daily Demand Note
4.00%, 3/1/02 a .............. -- P-1 11,800 11,800,000
-------------
25,900,000
-------------
MISSOURI - 3.0%
Bi-State Development Agency,
Missouri, St. Clair County,
(MBIA Insured), Variable Rate
Weekly Demand Note
3.90%, 7/1/28 a .............. A-1+ -- 21,400 21,400,000
Missouri State, Health &
Educational Facilities
Authority, (Barnes Hospital
Project), (LOC: Morgan
Guaranty Trust), Variable Rate
Weekly Demand Note
3.90%, 12/1/15 a ............. A-1+ VMIG-1 7,900 7,900,000
31
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
MISSOURI (continued)
Missouri State, Health &
Educational Facilities
Authority, (Washington
University Project), Series B,
Variable Rate Daily Demand
Note
4.00%, 9/1/30 a .............. A-1+ VMIG-1 $10,400 $ 10,400,000
University of Missouri, (Capital
Projects Notes), RAN
4.25%, 6/30/00 ............... SP-1 MIG-1 13,800 13,802,578
-------------
53,502,578
-------------
MONTANA - 1.3%
Forsyth, Montana, P.C.R.,
(Pacificorp Project), (LOC:
Rabobank Nederland), Variable
Rate Daily Demand Note
4.05%, 1/1/18 a .............. A-1+ P-1 23,550 23,550,000
-------------
NEVADA - 2.6%
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.70%, 4/3/00 ................ A-1+ P-1 11,000 11,000,000
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.85%, 4/3/00 ................ A-1+ P-1 5,000 5,000,000
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.60%, 4/7/00 ................ A-1+ P-1 9,000 9,000,000
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.70%, 4/10/00 ............... A-1+ P-1 9,000 9,000,000
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.65%, 5/12/00 ............... A-1+ P-1 2,000 2,000,000
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.75%, 6/14/00 ............... A-1+ P-1 5,300 5,300,000
32
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEVADA (continued)
Las Vegas Valley Water District,
Nevada, (LOC: Westdeutsche
Landesbank), Tax Exempt
Commercial Paper
3.90%, 7/13/00 ............... A-1+ P-1 $ 5,000 $ 5,000,000
-------------
46,300,000
-------------
NEW JERSEY - 3.4%
New Jersey State, Transportation
Trust Fund, Revenue Bond,
Series A, (Escrow in U.S.
Government Securities)
5.25%, 6/15/00 ............... AA+ Aa2 5,250 5,263,641
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.80%, 4/3/00 ................ A-1+ VMIG-1 7,200 7,200,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.75%, 4/4/00 ................ A-1+ VMIG-1 4,000 4,000,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.80%, 4/5/00 ................ A-1+ VMIG-1 10,000 10,000,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.70%, 5/11/00 ............... A-1+ VMIG-1 14,000 14,000,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.70%, 5/9/00 ................ A-1+ VMIG-1 5,000 5,000,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.85%, 6/13/00 ............... A-1+ VMIG-1 8,200 8,200,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
3.80%, 6/8/00 ................ A-1+ VMIG-1 3,000 3,000,000
State of New Jersey, TRAN,
Tax Exempt Commercial Mode
4.00%, 6/8/00 ................ A-1+ VMIG-1 4,000 4,000,000
-------------
60,663,641
-------------
NEW MEXICO - 0.3%
Farmington, New Mexico, (Arizona
Public Service Company),
Series B, (LOC:Barclays Bank),
Variable Rate Daily Demand
Note
4.00%, 9/1/24 a .............. A-1+ P-1 3,000 3,000,000
33
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEW MEXICO (continued)
New Mexico State Severance Tax,
Series A, Revenue Bond
5.00%, 7/1/00 ................ AA+ Aa2 $ 1,500 $ 1,505,442
New Mexico State Severance Tax,
Series A, Revenue Bond
5.00%, 7/1/00 ................ AA+ Aa2 2,000 2,007,021
-------------
6,512,463
-------------
NEW YORK - 8.5%
Long Island Power Authority, New
York, Electrical System
Revenue, (LOC: Westdeutsche
Landesbank 50%, Bayerische
Landesbank 50%), Variable Rate
Demand Bonds, Tax Exempt
Commercial Paper Mode,
3.75%, 4/10/00a .............. A-1+ VMIG-1 2,600 2,600,000
Long Island Power Authority, New
York, Electrical System
Revenue, (LOC: Westdeutsche
Landesbank 50%, Bayerische
Landesbank 50%), Variable Rate
Demand Bonds, Tax Exempt
Commercial Paper Mode,
3.75%, 4/6/00a ............... A-1+ VMIG-1 4,000 4,000,000
Long Island Power Authority, New
York, Electrical System
Revenue, (LOC: Westdeutsche
Landesbank 50%, Bayerische
Landesbank 50%), Variable Rate
Demand Bonds, Tax Exempt
Commercial Paper Mode,
3.80%, 6/7/00a ............... A-1+ VMIG-1 3,000 3,000,000
Long Island Power Authority, New
York, Electrical System
Revenue, (LOC: Westdeutsche
Landesbank 50%, Bayerische
Landesbank 50%), Variable Rate
Demand Bonds, Tax Exempt
Commercial Paper Mode,
4.00%, 7/14/00a .............. A-1+ VMIG-1 7,000 7,000,000
Long Island Power Authority, New
York, Electrical System
Revenue, (LOC: Westdeutsche
Landesbank 50%, Bayerische
Landesbank 50%), Variable Rate
Demand Bonds, Tax Exempt
Commercial Paper Mode,
4.00%, 8/8/00a ............... A-1+ VMIG-1 5,000 5,000,000
34
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEW YORK (continued)
Long Island Power Authority, New
York, Series 2, (LOC:
Westdeutsche Landesbank 50%,
Bayerische Landesbank 50%),
Variable Weekly Demand Note
3.65%, 5/1/33a ............... A-1+ VMIG-1 $10,000 $ 10,000,000
Long Island Power Authority, New
York, Series 2, (LOC:
Westdeutsche Landesbank 50%,
Bayerische Landesbank 50%),
Variable Weekly Demand Note
3.95%, 5/1/33a ............... A-1+ VMIG-1 3,100 3,100,000
Long Island Power Authority, New
York, Series 6, (LOC: ABN Amro
Bank N.V. 50%, Morgan Guaranty
Trust 50%), Variable Rate
Daily Demand Note), Variable
Weekly Demand Note
4.00%, 5/1/33a ............... A-1+ VMIG-1 4,210 4,210,000
New York City, New York Housing
Development Corporation,
(Columbus Apartments Project),
Variable Rate Weekly Demand
Note
3.65%, 3/15/25 a ............. A-1+ -- 6,000 6,000,000
New York City, New York,
Municipal Water Finance
Authority, Series 5, (LOC:
Landesbank-Hessen-Thuringen
33.4%, Bayerische Landesbank
33.3%, Westdeutsche Landesbank
33.3%), Tax Exempt Commercial
Paper
3.60%, 4/27/00 ............... A-1+ P-1 10,000 10,000,000
New York City, New York,
Municipal Water Finance
Authority, Water and Sewer
System Revenue, Series A,
(FGIC Insured), Variable Rate
Daily Demand Note
4.10%, 6/15/25 a ............. A-1+ VMIG-1 20,200 20,200,000
New York City, New York,
Municipal Water Finance
Authority, Water and Sewer
System Revenue, Series G,
(FGIC Insured), Variable Rate
Daily Demand Note
3.95%, 6/15/24 a ............. A-1+ VMIG-1 8,300 8,300,000
35
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEW YORK (continued)
New York City, New York,
Transitional Finance Authority
Revenue, Series C, Variable
Rate Daily Demand Note
3.95%, 5/1/28 a .............. A-1+ VMIG-1 $ 4,495 $ 4,495,000
New York City, New York,
Transitional Finance Authority
Revenue, SubSeries B-1,
Variable Rate Daily Demand
Note
3.95%, 11/1/27 a ............. A-1+ VMIG-1 2,000 2,000,000
New York City, New York,
Transitional Finance Authority
Revenue, SubSeries B-3,
Variable Rate Daily Demand
Note
3.75%, 11/1/28 a ............. A-1+ VMIG-1 14,530 14,530,000
New York State Environmental,
Tax Exempt Commercial Paper
3.85%, 4/3/00 ................ A-1+ VMIG-1 11,850 11,850,000
New York State Housing Finance
Agency Revenue, (Normandie
Court Project), Variable Rate
Weekly Demand Note
3.70%, 5/15/15 a ............. A-1+ VMIG-1 6,200 6,200,000
New York State, Dormitory
Authority, Sloan-Kettering,
Variable Rate Weekly Demand
Note
3.75%, 7/1/26 a .............. A-1+ VMIG-1 2,000 2,000,000
New York State, Energy Research
and Development Authority,
P.C.R., Niagara Mohawk Power,
(LOC: Banc One), Variable Rate
Daily Demand Note
3.95%, 10/1/29 a ............. A-1+ VMIG-1 2,000 2,000,000
New York State, Local Assistance
Corporation, Series B, Revenue
Bond, (Escrowed in U.S.
Government Securities),
Prerefunded 04/01/01 @ $102
7.50%, 4/1/20 ................ AAA AAA 2,075 2,179,910
New York, Metropolitan
Transportation Authority,
Tax Exempt Commercial Paper
3.85%, 5/05/00 ............... A-1+ -- 6,000 6,000,000
New York, New York, G.O., Series
B, (FGIC Insured), Variable
Rate Daily Demand Note
4.10%, 10/1/21 a ............. A-1+ VMIG-1 1,050 1,050,000
36
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEW YORK (continued)
New York, New York, G.O., Series
B, (FGIC Insured), Variable
Rate Daily Demand Note
4.10%, 10/1/22 a ............. A-1+ VMIG-1 $ 2,300 $ 2,300,000
New York, New York, G.O., Sub
Series A-4, (LOC: Chase),
Variable Rate Daily Demand
Note
3.85%, 8/1/22 a .............. A-1+ VMIG-1 700 700,000
New York, New York, G.O., Sub
Series A-4, (LOC: Chase),
Variable Rate Daily Demand
Note
3.85%, 8/1/23 a .............. A-1+ VMIG-1 500 500,000
New York, New York, G.O., Sub
Series A-5, (LOC:KBC Bank
N.V.), Variable Rate Daily
Demand Note
4.00%, 8/1/16 a .............. A-1+ VMIG-1 2,500 2,500,000
New York, New York, G.O., Sub
Series A-8, (LOC: Morgan
Guaranty), Variable Rate Daily
Demand Note
4.00%, 8/1/17 a .............. A-1+ VMIG-1 3,100 3,100,000
New York, New York, G.O., Sub
Series A-8, (LOC: Morgan
Guaranty), Variable Rate Daily
Demand Note
4.00%, 8/1/18 a .............. A-1+ VMIG-1 2,100 2,100,000
New York, New York, G.O., Sub
Series B-2 (LOC: Morgan
Guaranty), Variable Rate Daily
Demand Note
4.10%, 8/15/18 a ............. A-1+ VMIG-1 500 500,000
New York, New York, G.O., Sub
Series B-2, (Morgan Guaranty
Trust), Variable Rate Daily
Demand Note
4.10%, 8/15/19 a ............. A-1+ VMIG-1 100 100,000
New York, New York, G.O., Sub
Series B-2, (Morgan Guaranty
Trust), Variable Rate Daily
Demand Note
4.10%, 8/15/20 a ............. A-1+ VMIG-1 1,000 1,000,000
New York, New York, G.O., Sub
Series B-2, (Morgan Guaranty
Trust), Variable Rate Daily
Demand Note
4.10%, 8/15/21 a ............. A-1+ VMIG-1 550 550,000
New York, New York, Sub Series
A-10, (LOC: Morgan Guaranty),
Variable Rate Daily Demand
Note
4.10%, 8/1/16 a .............. A-1+ VMIG-1 2,400 2,400,000
37
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NEW YORK (continued)
New York, New York, Sub Series
A-10, (LOC: Morgan Guaranty),
Variable Rate Daily Demand
Note
4.10%, 8/1/17 a .............. A-1+ VMIG-1 $ 200 $ 200,000
-------------
151,664,910
-------------
NORTH CAROLINA - 5.5%
Charlotte-Mecklenberg Hospital
Authority, North Carolina,
Health Care System Revenue,
Series C, Variable Rate Weekly
Demand Note
3.90%, 1/15/26 a ............. A-1+ VMIG-1 10,000 10,000,000
Charlotte-Mecklenberg Hospital
Authority, North Carolina,
Health Care System Revenue,
Series D, Variable Rate Weekly
Demand Note
3.80%, 1/15/26 a ............. A-1+ VMIG-1 17,000 17,000,000
North Carolina Medical Care
Commission Hospital Revenue,
(Moses H. Cone Memorial
Hospital Project), Series B,
Variable Rate Weekly Demand
Note
3.95%, 6/1/22 a .............. A-1+ VMIG-1 24,900 24,900,000
North Carolina Medical Care
Commission Hospital Revenue,
(Moses H. Cone Memorial
Hospital Project), Variable
Rate Weekly Demand Note
3.95%, 9/1/02 a .............. A-1+ -- 5,475 5,475,000
North Carolina Medical Care
Commission Hospital Revenue,
(Moses H. Cone Memorial
Hospital Project), Variable
Rate Weekly Demand Note
3.95%, 9/1/05 a .............. A-1+ -- 10,700 10,700,000
North Carolina Medical Care
Commission Hospital Revenue,
(North Carolina Baptist
Hospital Project), Series B,
Variable Rate Weekly Demand
Note
3.95%, 10/1/23 a ............. A-1+ VMIG-1 6,100 6,100,000
North Carolina State Highway,
G.O., Series A
4.50%, 5/1/00 ................ AAA Aaa 2,065 2,065,852
38
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
NORTH CAROLINA (continued)
North Carolina State University
(Raleigh), (Centennial
Project), Series A, (FSA
Insured), Variable Rate Weekly
Demand Note
3.85%, 12/15/19 a ............ A-1+ -- $ 2,000 $ 2,000,000
North Carolina State, G.O.,
(Public School Building),
4.50%, 4/1/01 ................ AAA Aaa 4,440 4,453,625
Wake County, North Carolina,
(Industrial Facilities &
Pollution Control Financing
Authority), (LOC: Bank of New
York), Series B, Variable Rate
Daily Demand Note
4.10%, 6/15/14 a ............. A-1+ VMIG-1 14,500 14,500,000
-------------
97,194,476
-------------
OHIO - 2.8%
Columbus, Ohio, G.O., Series 1,
5.50%, 6/15/00 ............... AAA Aaa 2,295 2,302,168
Ohio State University, Series B,
Variable Rate Weekly Demand Note
3.75%, 12/1/14 a ............. A-1+ VMIG-1 5,850 5,850,000
Ohio State University, Variable
Rate Weekly Demand Note
3.95%, 12/1/07 a ............. A-1+ VMIG-1 14,000 14,000,000
Ohio State University, Variable
Rate Weekly Demand Note
3.95%, 12/1/17 a ............. A-1+ VMIG-1 5,250 5,250,000
Ohio State University, Variable
Rate Weekly Demand Note
3.95%, 12/1/27 a ............. A-1+ VMIG-1 9,110 9,110,000
Ohio State, Air Quality
Development Authority, Series
A, (LOC: UBS AG), Variable
Rate Daily Demand Note
4.10%, 12/1/15 a ............. A-1+ -- 6,700 6,700,000
Ohio State, G.O.,
5.70%, 8/1/00 ................ AA+ Aa1 1,000 1,005,646
Ohio State, G.O.,
6.00%, 8/1/00 ................ AA+ Aa1 1,000 1,006,884
Ohio State, G.O., Highway
Capital Improvements, Series B
4.25%, 5/1/00 ................ AAA Aa1 3,000 3,000,876
39
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
OHIO (continued)
Ohio State, Water Development
Authority, P.C.R., (MBIA
Insured), Revenue Bond
6.00%, 6/1/00 ................ AAA Aaa $ 2,000 $ 2,007,371
-------------
50,232,945
-------------
OKLAHOMA - 2.1%
Oklahoma State Industrial
Authority, (Integris Health),
Series B, (MBIA Insured),
Variable Rate Daily Demand
Note
3.95%, 8/15/29a .............. A-1+ VMIG-1 38,300 38,300,000
-------------
PENNSYLVANIA - 0.4%
Delaware County, Pennsylvania,
P.C.R., (Philadelphia Electric
Company), Series A, Variable
Rate Daily Demand Note
3.95%, 8/1/16 ................ A-1+ P-1 1,000 1,000,000
Pennsylvania State, G.O.,
First Series, (MBIA Insured)
4.80%, 4/15/01 ............... AA Aa3 1,000 1,004,584
Pennsylvania State, G.O.,
Second Series
4.50%, 8/1/00 ................ AA Aa3 2,000 2,003,158
Pennsylvania State, Higher
Educational Facility
Authority, Carnegie Mellon
University, Series C, Variable
Rate Daily Demand Note
3.95%, 11/1/29 a ............. A-1+ -- 1,500 1,500,000
Pennsylvania State, Higher
Educational Facility
Authority, Carnegie Mellon
University, Series D, Variable
Rate Daily Demand Note
3.95%, 11/1/30 a ............. A-1+ -- 1,000 1,000,000
-------------
6,507,742
-------------
SOUTH CAROLINA - 0.7%
Rock Hill, South Carolina,
Utility System Revenue, Series
B, (AMBAC Insured), Variable
Rate Weekly Demand Note
3.80%, 1/1/23 a .............. A-1+ VMIG-1 5,335 5,335,000
40
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
South Carolina State, G.O.,
Capital Improvement
5.50%, 4/1/00 ................ AAA Aaa $ 1,500 $ 1,500,050
South Carolina State, G.O.,
Capital Improvement
4.50%, 8/1/00 ................ AAA Aaa 3,225 3,232,379
South Carolina State, G.O.,
Capital Improvement
6.35%, 3/1/01 ................ AAA Aaa 3,200 3,260,992
-------------
13,328,421
-------------
TENNESSEE - 3.9%
Memphis, Tennessee, G.O., Series
A, Variable Rate Weekly Demand
Note
3.95%, 8/1/04 a .............. A-1+ VMIG-1 2,500 2,500,000
Memphis, Tennessee, G.O., Series
A, Variable Rate Weekly Demand
Note
3.95%, 8/1/07 a .............. A-1+ VMIG-1 2,800 2,800,000
Metropolitan Government,
Nashville & Davidson County,
Tennessee G.O.
4.625%, 5/15/00 .............. AA Aa2 1,000 1,000,717
Tennessee School Bond Authority,
Tax Exempt Commercial Paper,
3.60%, 4/10/00 ............... A-1+ P-1 5,000 5,000,000
Tennessee School Bond Authority,
Tax Exempt Commercial Paper,
3.95%, 5/18/00 ............... A-1+ P-1 2,000 2,000,000
Tennessee School Bond Authority,
Tax Exempt Commercial Paper,
3.60%, 5/5/00 ................ A-1+ P-1 6,700 6,700,000
Tennessee School Bond Authority,
Tax Exempt Commercial Paper,
3.65%, 5/5/00 ................ A-1+ P-1 8,000 8,000,000
Tennessee State, G.O.
4.00%, 5/1/00 ................ AAA Aaa 3,830 3,832,135
Tennessee State, G.O.
5.00%, 5/1/00 ................ AAA Aaa 3,850 3,854,872
Tennessee State, G.O.
6.10%, 6/1/00 ................ AAA Aaa 1,425 1,431,556
Tennessee State, G.O.
6.10%, 6/1/00 ................ AAA Aaa 1,550 1,556,957
Tennessee State, G.O.
4.00%, 8/17/00 ............... AAA Aaa 15,000 15,000,000
41
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
TENNESSEE (continued)
Tennessee State, G.O., Variable
Rate Weekly Demand Note
3.90%, 7/2/01 a .............. A-1+ VMIG-1 $15,000 $ 15,000,000
---------------
68,676,237
---------------
TEXAS - 9.0%
Angelina & Neches River
Authority, Texas, Industrial
Development Corporation, Solid
Waste Revenue, (LOC: Wells
Fargo Bank), Variable Rate
Daily Demand Note
4.00%, 5/1/14 a .............. -- P-1 1,200 1,200,000
City of Houston, Texas, G.O.,
Series A, Tax Exempt
Commercial Paper
3.65%, 4/6/00 ................ A-1+ VMIG-1 4,000 4,000,000
City of Houston, Texas, G.O.,
Series B, Tax Exempt
Commercial Paper
3.80%, 4/10/00 ............... A-1+ VMIG-1 5,000 5,000,000
City of Houston, Texas, G.O.,
Series B, Tax Exempt
Commercial Paper
3.85%, 4/10/00 ............... A-1+ VMIG-1 5,500 5,500,000
City of Houston, Texas, G.O.,
Series B, Tax Exempt
Commercial Paper
3.75%, 4/6/00 ................ A-1+ VMIG-1 4,000 4,000,000
City of Houston, Texas, G.O.,
Series B, Tax Exempt
Commercial Paper
3.90%, 5/18/00 ............... A-1+ VMIG-1 2,000 2,000,000
City of Houston, Texas, G.O.,
Series B, Tax Exempt
Commercial Paper
3.90%, 5/18/00 ............... A-1+ VMIG-1 1,000 1,000,000
City of Houston, Texas, TRAN
4.25%, 6/30/00 ............... SP-1+ MIG-1 12,000 12,014,575
Dallas County, Texas, G.O.,
5.85%, 8/15/00 ............... AAA Aaa 1,750 1,761,043
Dallas County, Texas, G.O.,
5.50%, 8/15/00 ............... AAA Aaa 1,750 1,760,220
Dallas, Texas, G.O.
5.90%, 2/15/01 ............... AAA Aaa 1,000 1,014,252
Dallas, Texas, G.O.
6.00%, 2/15/01 ............... AAA Aaa 2,750 2,791,973
Dallas, Texas, G.O.
6.75%, 4/1/01 ................ AAA Aaa 1,810 1,853,319
Fort Worth, Texas, G.O., Series A
5.30%, 3/1/01 ................ AA Aa2 3,500 3,532,506
42
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
TEXAS (continued)
Harris County, Texas, G.O., Tax
Exempt Commercial Paper
3.95%, 5/15/00 ............... A-1+ P-1 $ 4,200 $ 4,200,000
Harris County, Texas, G.O., Toll
Road, Series G, Variable Rate
Weekly Demand Note
3.90%, 8/1/20 a .............. A-1+ VMIG-1 1,000 1,000,000
Harris County, Texas, G.O., Toll
Road, Series H, Variable Rate
Weekly Demand Note
3.90%, 8/1/20 a .............. A-1+ VMIG-1 8,100 8,100,000
Sabine River Authority, Texas,
P.C.R., Utilities Electric
Company, (LOC: UBS AG),
Variable Rate Daily Demand
Note
4.10%, 6/1/30 a .............. A-1+ VMIG-1 5,550 5,550,000
Texas Higher Education
Authority, Series B, (FGIC
Insured), Variable Rate Weekly
Demand Note
3.90%, 12/1/25 a ............. A-1+ VMIG-1 3,025 3,025,000
Texas State, TRAN
4.50%, 8/31/00 ............... SP-1+ MIG-1 67,550 67,736,612
University of Texas, Revenue Bond,
Series A
5.50%, 8/15/00 a ............. AAA Aa1 2,265 2,277,361
University of Texas, Revenue Bond,
Series B
4.50%, 8/15/00 ............... AAA Aa1 2,710 2,714,914
University of Texas, Revenue Bond,
Series B
5.50%, 8/15/00 ............... AAA Aa1 1,375 1,382,524
University of Texas, Texas,
Permanent University Fund,
Revenue Bond
5.00%, 7/1/00 ................ AAA Aaa 4,070 4,084,187
University of Texas, Texas, Tax
Exempt Commercial Paper
3.75%, 6/8/00 ................ A-1+ P-1 3,000 3,000,000
University of Texas, Texas, Tax
Exempt Commercial Paper
3.80%, 6/8/00 ................ A-1+ P-1 1,000 1,000,000
University of Texas, Texas, Tax
Exempt Commercial Paper
3.90%, 8/3/00 ................ A-1+ P-1 5,000 5,000,000
43
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
TEXAS (continued)
University of Texas, Texas, Tax
Exempt Commercial Paper
3.85%, 8/9/00 ................ A-1+ P-1 $ 3,155 $ 3,155,000
-------------
159,653,487
-------------
UTAH - 1.8%
Utah State, G.O.
4.70%, 7/1/00 ................ AAA Aaa 3,325 3,334,409
Utah State, G.O., Variable Rate
Weekly Demand Note
3.85%, 7/1/16 a .............. A-1+ VMIG-1 10,700 10,700,000
Utah State, G.O., Variable Rate
Weekly Demand Note
3.85%, 7/1/16 a .............. A-1+ VMIG-1 7,025 7,025,000
Utah State, G.O., Variable Rate
Weekly Demand Note
3.85%, 7/1/16 a .............. A-1+ VMIG-1 6,000 6,000,000
Utah Transit Authority Sales Tax
& Transportation Revenue,
(LOC: Bayerische Landesbank),
Variable Rate Weekly Demand
Note
3.85%, 5/1/28 a .............. A-1+ -- 5,100 5,100,000
-------------
32,159,409
-------------
VERMONT - 0.3%
Vermont, G.O., Series B
5.20%, 8/1/00 ................ AA Aa1 5,000 5,017,991
-------------
VIRGINIA - 0.2%
Arlington County, Virginia, G.O.
4.00%, 6/1/00 ................ AAA Aaa 1,400 1,401,267
Fairfax County, Virginia, G.O.,
Series A
7.00%, 6/1/00 ................ AAA Aaa 1,500 1,508,508
Virginia Commonwealth
Transportation Board,
(Northern Virginia
Transportation District),
Series A
4.75%, 5/15/00 ............... AA Aa2 1,515 1,516,475
-------------
4,426,249
-------------
44
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
WASHINGTON - 0.1%
Seattle, Washington, Municipal
Light and Power Revenue,
Revenue Bond, Series B
5.10%, 8/1/00 ................ AA Aa2 $ 2,250 $ 2,257,428
-------------
WISCONSIN - 2.2%
LaCrosse, Wisconsin, P.C.R.,
(Dairyland Power Coop), Series
B, (AMBAC Insured), Variable
Rate Daily Demand Note
4.05%, 2/1/15 a .............. A-1+ VMIG-1 11,100 11,100,000
Oak Creek, Wisconsin, P.C.R.,
(Wisconsin Electric Power
Company Project), Variable
Rate Weekly Demand Note
3.90%, 8/1/16 a .............. A-1+ P-1 3,200 3,200,000
Pleasant Prairie, Wisconsin,
P.C.R., (Wisconsin Electric
Power Company Project),
Variable Rate Weekly Demand
Note
3.95%, 3/1/06 a .............. A-1+ P-1 100 100,000
Pleasant Prairie, Wisconsin,
P.C.R., Series A, (Wisconsin
Electric Power Company
Project), Variable Rate Weekly
Demand Note
3.95%, 9/1/30 a .............. A-1+ VMIG-1 500 500,000
Pleasant Prairie, Wisconsin,
P.C.R., Series B, (Wisconsin
Electric Power Company
Project), Variable Rate Weekly
Demand Note
3.95%, 9/1/30 a .............. A-1+ VMIG-1 11,150 11,150,000
Wisconsin State, G.O., Series 1
4.00%, 5/1/00 ................ AA Aa2 1,740 1,741,014
Wisconsin State, G.O., Series 1
4.50%, 5/1/00 ................ AA Aa2 1,920 1,921,888
Wisconsin State, G.O., Series 1
5.00%, 5/1/00 ................ AA Aa2 3,000 3,004,228
Wisconsin State, Transportation
Revenue, (LOC: Bayerische
Landesbank 33.3%, Westdeutsche
Landesbank 66.7%), Tax Exempt
Commercial Paper
3.80%, 4/4/00 ................ A-1+ P-1 1,011 1,011,000
45
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
WISCONSIN (continued)
Wisconsin State, Transportation
Revenue, (LOC: Bayerische
Landesbank 33.3%, Westdeutsche
Landesbank 66.7%), Tax Exempt
Commercial Paper
3.75%, 4/5/00 ................ A-1+ P-1 $ 4,655 $ 4,655,000
--------------
38,383,129
--------------
WYOMING - 4.6%
Kemmerer, Wyoming, P.C.R.,
(Exxon Project), Variable Rate
Daily Demand
3.95%, 11/1/14 a ............. A-1+ P-1 6,850 6,850,000
Lincoln County, Wyoming, P.C.R.,
(Exxon Project - C), Variable
Rate Daily Demand Note
3.95%, 11/1/14 a ............. A-1+ P-1 5,100 5,100,000
Platte County, Wyoming, P.C.R.,
Tri-State G&T, Variable Rate
Daily Demand Note
4.10%, 7/1/14a ............... -- P-1 7,800 7,800,000
Platte County, Wyoming, P.C.R.,
Tri-State G&T, Variable Rate
Daily Demand Note
4.10%, 7/1/14a ............... -- P-1 7,500 7,500,000
Sublette County, Wyoming,
P.C.R., (Exxon Project),
Variable Rate Daily Demand
Note
3.95%, 11/1/14 a ............. A-1+ -- 13,850 13,850,000
Sweetwater County, Wyoming,
P.C.R., Pacificorp Project,
Series B, (LOC: Canadian
Imperial Bank), Variable Rate
Daily Demand Note
4.05%, 1/1/14 a .............. A-1+ P-1 4,350 4,350,000
Uinta County, Wyoming, P.C.R.,
(B.P. Amoco), Variable Rate
Daily Demand Note
3.95%, 7/1/26 a .............. A-1+ Aa1 6,100 6,100,000
Uinta County, Wyoming, P.C.R.,
(Chevron U.S.A.), Variable
Rate Daily Demand Note
3.95%, 12/1/22 a ............. -- P-1 10,400 10,400,000
Uinta County, Wyoming, P.C.R.,
(Chevron U.S.A.), Variable
Rate Daily Demand Note
3.95%, 4/1/10 a .............. -- P-1 500 500,000
46
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
Rating(b)
--------------- Par
TAX-FREE SERIES (continued) S&P Moody's (000) Value
--------------------------------------------------------------------------------
WYOMING (continued)
Wyoming State, TRAN
4.00%, 6/27/00 ............... SP-1+ -- $20,100 $ 20,119,025
--------------
82,569,025
--------------
TOTAL INVESTMENTS--100.6%
(Amortized Cost $1,791,621,821(c)) ......................... 1,791,621,821
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.6)% ................. (9,805,663)
-------------
NET ASSETS--100.0% ............................................ $1,781,816,158
==============
Net Asset Value, Offering and Redemption Price Per:
Tax-Free Share
($1,664,369,824 (DIVIDE) 1,664,677,357
shares outstanding) ...................................... $1.00
=====
Tax-Free Institutional Share
($117,446,334 (DIVIDE) 117,472,002
shares outstanding) ...................................... $1.00
=====
------
a Demand security; payable upon demand by the Fund with usually no more than
seven (7) calendar days' notice. Interest rates are redetermined
periodically.Rates shown are those in effect on March 31, 2000.
b Unaudited.
c Aggregate cost for financial reporting and federal tax purposes.
INVESTMENT ABBREVIATIONS:
BAN Bond Anticipation Notes
FNMA Federal National Mortgage Association
FSA Financial Security Assurance
GO General Obligation Bond
LOC Letter of Credit
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TRAN Tax Revenue Anticipation Note
INSURANCE ABBREVIATIONS:
AMBAC AMBAC Indemnity Corp.
FGIC Financial Guaranty Insurance Corporation
MBIA Municipal Bond Investors Assurance
47
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS MARCH 31, 2000
TAX-FREE SERIES (concluded)
--------------------------------------------------------------------------------
MOODY'S MUNICIPAL RATINGS:
Aaa Judged to be of the best quality.
Aa Judged to be of high quality by all standards. Issues are sometimes
rated with a 1, 2 or 3, which denote a high, medium or low ranking
within the rating.
MIG-1 Notes of the best quality.
VMIG-1 Variable rate demand obligations of the best quality. P-1 Commercial
paper is of the best quality.
S&P MUNICIPAL RATINGS:
AAA Of the highest quality.
AA The second strongest capacity for payment of debt service.
Those issues determined to possess very strong safety characteristics
are denoted with a plus (+) sign.
SP-1 Notes that have a strong capacity to pay principal and interest.
Those issues determined to possess overwhelming safety
characteristics are assigned a plus (+) designation.
A-1 Commercial paper that has a strong degree of safety regarding timely
payment. Those issues determined to possess very strong safety
characteristics are denoted with a plus (+) sign.
A DETAILED DESCRIPTION OF THE ABOVE RATINGS CAN BE FOUND IN THE
FUND'S STATEMENT OF ADDITIONAL INFORMATION.
SEE NOTES TO FINANCIAL STATEMENTS
48
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
Prime Treasury Tax-Free
Series Series Series
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income ................. $263,490,701 $ 40,668,636 $ 43,207,440
------------ ------------ ------------
EXPENSES:
Investment advisory fees ........ 12,216,487 1,954,567 3,345,662
Distribution fees
Deutsche Banc Alex. Brown
Cash Reserve Prime, Treasury
and Tax-Free Shares,
respectively ................ 10,408,188 1,798,100 2,877,907
Flag Investors Class A Shares . 37,421 -- --
Flag Investors Class B Shares . 35,959 -- --
Quality Cash Reserve Shares ... 456,848 -- --
Registration fees ............... 1,200,491 164,198 431,347
Accounting fees ................. 176,115 131,657 142,872
Professional fees ............... 161,705 43,110 53,108
Transfer agent fees ............. 2,607,854 468,302 236,460
Custodian fees .................. 396,407 112,587 118,406
Directors' fees ................. 168,828 5,904 29,897
Shareholder service fees ........ 2,106,168 359,515 575,581
Miscellaneous ................... 268,398 33,964 63,565
------------ ------------ ------------
Total expenses ............ 30,240,869 5,071,904 7,874,805
Less: Fees waived ......... -- (377,246) --
------------ ------------ ------------
Net expenses ......... 30,240,869 4,694,658 7,874,805
------------ ------------ ------------
Net investment income .............. 233,249,832 35,973,978 35,332,635
------------ ------------ ------------
Net realized gain (loss) from
security transactions ........... 23,373 119,476 (106,677)
------------ ------------ ------------
Net increase in net assets resulting
from operations ................. $233,273,205 $ 36,093,454 $ 35,225,958
============ ============ ============
SEE NOTES TO FINANCIAL STATEMENTS.
49
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PRIME SERIES
--------------------------------------------------------------------------------
For the For the
Year Ended Year Ended
March 31, March 31,
---------- ----------
2000 1999
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ................ $ 233,249,832 $ 178,689,887
Net realized gain (loss) from
security transactions ................ 23,373 88,481
--------------- ---------------
Net increase in net assets resulting
from operations ...................... 233,273,205 178,778,368
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Deutsche Banc Alex. Brown Cash Reserve
Prime Shares, Treasury Shares and
Tax-Free Shares, respectively ...... (204,114,790) (151,410,202)
Deutsche Banc Alex. Brown Cash Reserve
Prime Institutional Shares,
Treasury Institutional Shares and
Tax-Free Institutional Shares,
respectively ....................... (24,839,929) (16,058,016)
Flag Investors Class A Shares ........ (729,448) (435,677)
Flag Investors Class B Shares ........ (154,996) (72,373)
Flag Investors Class C Shares ........ (2,633) --
Quality Cash Reserve Shares .......... (3,408,016) (10,713,744)
--------------- ---------------
Total distributions .................. (233,249,812) (178,690,012)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS, NET ........... 2,291,071,504 496,268,896
--------------- ---------------
Total increase (decrease) in net assets 2,291,094,897 496,357,252
NET ASSETS:
Beginning of period .................... 4,213,766,352 3,717,409,100
--------------- ---------------
End of period .......................... $ 6,504,861,249 $ 4,213,766,352
=============== ===============
</TABLE>
50
<PAGE>
--------------------------------------------------------------------------------
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TREASURY SERIES TAX-FREE SERIES
-------------------------------------------------------------------
For the For the For the For the
Year Ended Year Ended Year Ended Year Ended
March 31, March 31, March 31, March 31,
2000 1999 2000 1999
---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ................ $ 35,973,978 $ 37,681,660 $ 35,332,635 $ 27,207,123
Net realized gain (loss) from
security transactions ................ 119,476 156,495 (106,677) 18,413
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations ...................... 36,093,454 37,838,155 35,225,958 27,225,536
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Deutsche Banc Alex. Brown Cash Reserve
Prime Shares, Treasury Shares and
Tax-Free Shares, respectively ...... (30,901,564) (33,507,990) (32,091,271) (24,515,362)
Deutsche Banc Alex. Brown Cash Reserve
Prime Institutional Shares,
Treasury Institutional Shares and
Tax-Free Institutional Shares,
respectively ....................... (5,013,361) (4,334,875) (3,357,831) (2,746,989)
Flag Investors Class A Shares ........ -- -- -- --
Flag Investors Class B Shares ........ -- -- -- --
Flag Investors Class C Shares ........ -- -- -- --
Quality Cash Reserve Shares .......... -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions .................. (35,914,925) (37,842,865) (35,449,102) (27,262,351)
CAPITAL SHARE TRANSACTIONS, NET ........... (50,330,491) 42,060,849 650,048,249 214,160,192
Total increase (decrease) in net
assets (50,151,962) 42,056,138 649,825,105 214,123,377
NET ASSETS:
Beginning of period .................... 939,262,819 897,206,681 1,131,991,053 917,867,676
--------------- --------------- --------------- ---------------
End of period .......................... $ 889,110,857 $ 939,262,819 $ 1,781,816,158 $ 1,131,991,053
=============== =============== =============== ===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
51
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE PRIME SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Year Ended
March 31, For the Years Ended March 31,
------------ --------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period ... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- -------------- -------------- ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.0480 0.0473 0.0494 0.0478 0.0524
LESS DISTRIBUTIONS:
Dividends from net investment income ..... (0.0480) (0.0473) (0.0494) (0.0478) (0.0524)
-------------- -------------- -------------- ------------- -------------
Net asset value at end of period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ============== ============= =============
TOTAL RETURN:
Based on net asset value per share ....... 4.90% 4.84% 5.05% 4.88% 5.36%
RATIOS TO AVERAGE NET ASSETS:
Expenses ................................. 0.66% 0.63% 0.67% 0.63% 0.60%
Net investment income .................... 4.90% 4.71% 4.94% 4.78% 5.21%
SUPPLEMENTAL DATA:
Net assets at end of period .............. $5,772,616,045 $3,727,990,170 $3,164,537,551 $2,545,532,365 $2,386,681,216
Number of shares outstanding at
end of period ......................... 5,772,511,318 3,727,906,079 3,164,529,071 2,545,523,885 2,386,684,392
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
52-53
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR SHARES OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE PRIME INSTITUTIONAL SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Year Ended
March 31, For the Years Ended March 31,
------------ --------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.0511 0.0499 0.0519 0.0503 0.0548
LESS DISTRIBUTIONS:
Dividends from net investment income .... (0.0511) (0.0499) (0.0519) (0.0503) (0.0548)
------------ ------------ ------------ ------------- -------------
Net asset value at end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============= =============
TOTAL RETURN:
Based on net asset value per share ....... 5.24% 5.11% 5.31% 5.15% 5.62%
RATIOS TO AVERAGE NET ASSETS:
Expenses ................................ 0.33% 0.36% 0.42% 0.38% 0.35%
Net investment income ................... 5.07% 4.98% 5.22% 5.04% 5.32%
SUPPLEMENTAL DATA:
Net assets at end of period ............. $637,767,262 $388,447,492 $317,971,693 $ 117,812,047 $ 53,699,315
Number of shares outstanding at
end of period ........................ 637,758,133 388,440,636 317,971,413 17,811,768 53,699,535
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
54-55
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR SHARES OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE TREASURY SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Year Ended
March 31, For the Years Ended March 31,
------------ --------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.0431 0.0427 0.0464 0.0453 0.0494
LESS DISTRIBUTIONS:
Dividends from net investment income (0.0431) (0.0427) (0.0464) (0.0453) (0.0494)
------------ ------------ ------------ ------------- -------------
Net asset value at end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============= =============
TOTAL RETURN:
Based on net asset value per share 4.40% 4.35% 4.74% 4.63% 5.05%
RATIOS TO AVERAGE NET ASSETS:
Expenses after waivers 0.62% 0.58% 0.59% 0.61% 0.58%
Expenses before waivers 0.66% 0.58% 0.59% 0.61% 0.58%
Net investment income 4.43% 4.26% 4.65% 4.54% 4.94%
SUPPLEMENTAL DATA:
Net assets at end of period $790,442,614 $816,700,318 $798,426,658 $ 678,444,803 $ 666,814,158
Number of shares outstanding at
end of period 790,218,742 816,622,190 798,354,129 678,391,386 666,762,028
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
56-57
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR SHARES OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE
TREASURY INSTITUTIONAL SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Year Ended
March 31, For the Years Ended March 31,
------------ --------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.0462 0.0453 0.0489 0.0481 0.0523
LESS DISTRIBUTIONS:
Dividends from net investment income .... (0.0462) (0.0453) (0.0489) (0.0481) (0.0523)
------------ ------------ ------------ ------------- -------------
Net asset value at end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============= =============
TOTAL RETURN:
Based on net asset value per share ...... 4.72% 4.63% 5.00% 4.92% 5.36%
RATIOS TO AVERAGE NET ASSETS:
Expenses after waivers .................. 0.25% 0.33% 0.34% 0.33% 0.33%
Expenses before waivers ................. 0.28% 0.33% 0.34% 0.33% 0.33%
Net investment income ................... 3.85% 4.54% 4.91% 4.81% 5.12%
SUPPLEMENTAL DATA:
Net assets at end of period ............. $ 98,668,243 $122,562,501 $ 98,780,023 $ 61,208,770 $ 51,822,757
Number of shares outstanding at
end of period ........................ 98,634,670 122,561,713 98,768,925 61,199,345 51,823,226
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
58-59
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR SHARES OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE TAX-FREE SHARES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Year Ended
March 31, For the Years Ended March 31,
------------ --------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period ..$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- -------------- ------------ ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.0276 0.0277 0.0306 0.0286 0.0318
LESS DISTRIBUTIONS:
Dividends from net investment income .... (0.0276) (0.0277) (0.0306) (0.0286) (0.0318)
-------------- -------------- ------------ ------------- -------------
Net asset value at end of period ........$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ============ ============= =============
TOTAL RETURN:
Based on net asset value per share ...... 2.80% 2.81% 3.10% 2.90% 3.23%
RATIOS TO AVERAGE NET ASSETS:
Expenses ................................ 0.67% 0.58% 0.60% 0.62% 0.60%
Net investment income ................... 2.85% 2.74% 3.05% 2.86% 3.16%
SUPPLEMENTAL DATA:
Net assets at end of period .............$1,664,369,824 $1,047,391,315 $841,184,924 $ 647,212,025 $ 571,507,000
Number of shares outstanding at
end of period ......................... 1,664,677,357 1,047,493,739 841,258,030 647,283,274 571,593,265
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
60-61
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR SHARES OUTSTANDING THROUGHOUT EACH PERIOD)
DEUTSCHE BANC ALEX. BROWN CASH RESERVE
TAX-FREE INSTITUTIONAL SERIES
--------------------------------------------------------------------------------
For the Period
For the For the June 2, 1997 1
Year Ended Year Ended through
March 31, March 31, March 31,
---------- ---------- --------------
2000 1999 1998
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning
of period ................... $ 1.00 $ 1.00 $ 1.00
------------ ----------- -----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.0306 0.0303 0.0273
LESS DISTRIBUTIONS:
Dividends from net investment
income ...................... (0.0306) (0.0303) (0.0273)
------------ ----------- -----------
Net asset value at
end of period .............. $ 1.00 $ 1.00 $ 1.00
============ =========== ===========
TOTAL RETURN:
Based on net asset value
per share ................... 3.10% 3.07% 2.76%
RATIOS TO AVERAGE NET ASSETS:
Expenses ...................... 0.27% 0.33% 0.35%2
Net investment income ......... 2.35% 3.03% 3.29%2
SUPPLEMENTAL DATA:
Net assets at end of period ... $117,446,334 $84,599,738 $76,682,752
Number of shares outstanding
at end of period ............ 117,472,002 84,607,371 76,682,889
--------
1 Commencement of operations.
2 Annualized
62
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Deutsche Banc Alex. Brown Cash Reserve Fund, Inc. ("the Fund") began
operations August 11, 1981. The Fund is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end Investment Management
Company. Its objective is to seek as high a level of current income as is
consistent with preservation of capital and liquidity.
The Fund consists of three portfolios: the Prime Series, the Treasury
Series and the Tax-Free Series. The Prime Series consists of six classes:
Deutsche Banc Alex. Brown Cash Reserve Prime Shares ("Prime Shares"), Flag
Investors Cash Reserve Prime Shares Class A ("Flag Investors Class A Shares"),
Flag Investors Cash Reserve Prime Shares Class B ("Flag Investors Class B
Shares"), Flag Investors Cash Reserve Prime Shares Class C ("Flag Investors
Class C Shares") Quality Cash Reserve Prime Shares ("Quality Cash Shares") and
Deutsche Banc Alex. Brown Cash Reserve Prime Institutional Shares ("Prime
Institutional Shares"). The Treasury Series consists of two classes: Deutsche
Banc Alex. Brown Cash Reserve Treasury Shares ("Treasury Shares") and Deutsche
Banc Alex. Brown Cash Reserve Treasury Institutional Shares ("Treasury
Institutional Shares"). The Tax-Free Series consists of two classes: Deutsche
Banc Alex. Brown Cash Reserve Tax-Free Shares ("Tax-Free Shares") and Deutsche
Banc Alex. Brown Cash Reserve Tax Free Institutional Shares ("Tax Free
Institutional Shares"). Shareholders can vote only on issues that affect the
share classes they own. These financial statements present the Prime Series, the
Treasury and the Tax-Free Series.
When preparing the Fund's financial statements, management makes estimates
and assumptions to comply with accounting principles generally accepted in the
United States. These estimates affect 1) the assets and liabilities that we
report at the date of the financial statements; 2) the contingent assets and
liabilities that we disclose at the date of the financial statements; and 3) the
revenues and expenses that we report for the period. Our estimates could be
different from the actual results. The Fund's significant accounting policies
are:
A. SECURITY VALUATION--Each portfolio has a weighted average maturity of 90
days or less. The Fund values portfolio securities on the basis of
amortized cost, which is in accordance with Rule 2a-7 of the Investment
Company Act of 1940, and which approximates market value. Using this
method, the Fund initially values a security at its purchased cost. The
Fund then values the investment at amortized cost assuming a constant
amortization to maturity of any discount or premium.
B. REPURCHASE AGREEMENTS--The Prime Series may enter into tri-party
repurchase agreements with broker-dealers and domestic banks. A
repurchase agreement is a short-term investment in which the Fund buys a
debt security that the broker agrees to repurchase at a set time and
price. The third party, which is the broker's custodial bank, holds the
collateral in a separate account until the repurchase agreement matures.
The agreement ensures that the collateral's market value, including any
accrued interest, is sufficient if the broker defaults. The Fund's
access to the collateral may be delayed or limited if the broker
defaults and the value of the collateral declines or if the broker
enters into an insolvency proceeding.
63
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1--CONCLUDED
C. FEDERAL INCOME TAXES--The Fund determines its distributions according to
income tax regulations, which may be different from accounting
principles generally accepted in the United States. As a result, the
Fund occasionally makes reclassifications within its capital accounts to
reflect income and gains that are available for distribution under
income tax regulations.
The Fund is organized as a regulated investment company. As long as
it maintains this status and distributes to its shareholders
substantially all of its taxable net investment income and net realized
capital gains, it will be exempt from most, if not all, federal income
and excise taxes. As a result, the Fund has made no provisions for
federal income taxes. Each portfolio is treated as a separate entity for
federal income tax purposes.
D. SECURITY TRANSACTIONS, INVESTMENT INCOME AND DISTRIBUTIONS--The Fund
uses the trade date to account for security transactions and the
specific identification method for financial reporting and income tax
purposes to determine the gain or loss on investments sold or redeemed.
Interest income is recorded on an accrual basis and includes the
amortization of premiums and accretion of discounts. Dividends to
shareholders are declared daily. Dividend distributions or reinvestments
are made monthly.
E. EXPENSES--Operating expenses for each share class are recorded on an
accrual basis, and are charged to that classes' operations. If a Fund
expense cannot be directly attributed to a share class, the expense is
prorated among the classes that the expense affects and is based on the
classes' relative net assets.
NOTE 2--INVESTMENT ADVISORY FEES, TRANSACTIONS WITH AFFILIATES AND OTHER FEES
Investment Company Capital Corp. ("ICCC"), a subsidiary of Deutsche Bank
AG, is the investment advisor for all series. Under the terms of the investment
advisory agreement, the Fund pays ICCC a fee. This fee is calculated daily and
paid monthly, at the following annual rates based upon the Fund's aggregate
average daily net assets: .30% of the first $500 million, .26% of the next $500
million, .25% of the next $500 million, .24% of the next $1 billion, .23% of the
next $1 billion and .22% of the amount over $3.5 billion. The Prime Series pays
an additional fee that is calculated daily and paid monthly at the annual rate
of .02% of its average daily net assets. The Tax-Free Series pays an additional
fee that is calculated daily and paid monthly at the annual rate of .03% of its
average daily net assets.
ICCC also provides accounting services to the Fund. As compensation for
these services, the Prime Series, Treasury Series, and Tax-Free Series pay ICCC
an annual fee that is calculated daily and paid monthly from the three series'
average daily net assets. The Prime Series paid $176,115, the Treasury Series
paid $131,657 and the Tax-Free Series paid $142,872 for accounting services for
the year ended March 31, 2000.
64
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--CONTINUED
ICCC also provides transfer agency services to the Fund. As compensation
for its transfer agent services, the three series pay ICCC a per account fee
that is calculated and paid monthly. The Prime Series paid $2,607,854, the
Treasury Series paid $468,302 and the Tax-Free Series paid $236,460 to ICCC for
transfer agent services for the year ended March 31, 2000.
ICC Distributors, Inc., ("ICC Distributors"), provides distribution
services to the Fund. As compensation for these services, the Prime Shares, Flag
Investors Class A Shares, Treasury Shares and the Tax-Free Shares pay ICC
Distributors an annual fee equal to 0.25% of these classes' average daily net
assets. For the year ended March 31, 2000, distribution fees aggregated
$10,408,188, $37,421, $1,798,100 and $2,877,907 for distribution services for
the Prime Shares, Flag Investors Class A Shares, Treasury Shares and Tax-Free
Shares, respectively. The Quality Cash Shares, Flag Investors Class B Shares and
Flag Investors Class C Shares also pay ICC Distributors an annual fee for
distribution services. This fee is equal to 0.60% of the Quality Cash Shares'
aggregate average daily net assets or $456,848 for the year ended March 31,
2000, and 1.00% (includes a 0.25% shareholder servicing fee) of the Flag
Investors Class B and Class C Shares' aggregate average daily net assets or
$35,959 and a non-meaningful amount, respectively, for the year ended March 31,
2000.
ICC Distributors is not affiliated with ICCC. ICCC and ICC Distributors may
voluntarily waive a portion of their advisory or distribution fees for the
Prime, Treasury and Tax-Free Series to preserve or enhance each series'
performance. These voluntary waivers are contractual. ICCC did not waive any
advisory fees for the Prime or Tax-Free Series for the year ended March 31,
2000. ICC Distributors voluntarily waived $114,329 of its distribution fees for
the Quality Cash Shares for the period April 1, 1998 to December 31, 1998. There
was no waiver from January 1, 1999 thru March 31, 2000.
The Advisor waives a portion of its fees on the Treasury Series in the
amount of 0.05%. Absent such fee waivers, Management Fees would be 0.25% and
Total Fund Operating Expenses would be 0.66% on the Treasury Shares and
Management Fees would be 0.25% and Total Fund Operating Expenses would be 0.28%
on the Treasury Institutional Shares based on average daily net assets. The
waiver is contractual and will continue until July 31, 2000 and may be extended.
Effective January 1, 1999, the Fund has adopted a Shareholder Service Plan
(the "Plan") for the Deutsche Banc Alex. Brown Cash Reserve Shares of the Prime,
Treasury and Tax-Free Series of the Fund ("Shares") in order to provide
compensation to third parties who provide shareholder services to clients, who
from time to time beneficially own shares. In consideration of these services
provided by any Shareholder Servicing Agent, the Fund will pay the Distributor
an annual fee, calculated daily and paid monthly, equal to 0.05% of the shares'
average daily net assets.
65
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--CONCLUDED
The Fund's complex offers a retirement plan for eligible Directors. The
actuarially computed pension expense/(credit) allocated to the Fund for the year
ended March 31, 2000 was $(49,685) for the Prime Series, $(27,048) for the
Treasury Series and $(25,139) for the Tax-Free Series. The accrued liability at
March 31, 2000 was $194,571 for the Prime Series, $47,049 for the Treasury
Series and $63,708 for the Tax-Free Series.
NOTE 3--CAPITAL STOCK AND SHARE INFORMATION
The Fund is authorized to issue up to 12.81 billion shares of $.001 par
value capital stock (8.66 billion Prime Series, 1.55 billion Treasury Series,
2.25 billion Tax-Free Series and 350 million undesignated). Transactions in
shares of the Fund were as follows:
For the For the
Year Ended Year Ended
March 31, 2000 March 31, 1999
-------------- --------------
PRIME SERIES:
SOLD:
Prime Shares .......................... 35,722,744,712 21,238,313,843
Flag Investors Class A Shares ......... 333,773,644 86,081,920
Flag Investors Class B Shares ......... 10,774,115 8,010,702
Flag Investors Class C Shares ......... 1,047,381 --
Prime Institutional Shares ............ 8,800,227,522 5,126,520,627
Quality Cash Shares ................... 430,807,975 1,143,097,219
ISSUED AS REINVESTMENT OF DIVIDENDS:
Prime Shares .......................... 191,935,470 143,654,045
Flag Investors Class A Shares ......... 564,622 385,752
Flag Investors Class B Shares ......... 131,700 55,849
Flag Investors Class C Shares ......... 1,722 --
Prime Institutional Shares ............ 19,239,279 12,241,514
Quality Cash Shares ................... 3,348,365 10,243,851
REDEEMED:
Prime Shares .......................... (33,870,074,943) (20,818,590,880)
Flag Investors Class A Shares ......... (331,152,236) (81,176,425)
Flag Investors Class B Shares ......... (10,282,099) (5,895,153)
Flag Investors Class C Shares ......... (270,588) --
Prime Institutional Shares ............ (8,570,149,304) (5,068,292,918)
Quality Cash Shares ................... (441,595,833) (1,298,381,050)
--------------- ---------------
Net increase ........................ 2,291,071,504 496,268,896
=============== ===============
66
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 3--CONCLUDED
For the For the
Year Ended Year Ended
March 31, 2000 March 31, 1999
-------------- --------------
TREASURY SERIES:
SOLD:
Treasury Shares ......................... 4,352,118,565 4,361,406,499
Treasury Institutional Shares ........... 386,540,151 826,662,420
ISSUED AS REINVESTMENT OF DIVIDENDS:
Treasury Shares ......................... 29,701,483 32,190,535
Treasury Institutional Shares ........... 4,078,676 2,757,290
REDEEMED:
Treasury Shares ......................... (4,408,223,496) (4,375,328,973)
Treasury Institutional Shares ........... (414,545,870) (805,626,922)
------------- --------------
Net increase (decease) ................ (50,330,491) 42,060,849
============= ==============
TAX-FREE SERIES:
SOLD:
Tax-Free Shares ......................... 8,346,727,898 5,341,857,730
Tax-Free Institutional Shares ........... 826,245,946 1,008,685,495
ISSUED AS REINVESTMENT OF DIVIDENDS:
Tax-Free Shares ......................... 30,121,404 23,390,210
Tax-Free Institutional Shares ........... 1,535,934 1,157,547
REDEEMED:
Tax-Free Shares ......................... (7,759,665,684) (5,159,012,230)
Tax-Free Institutional Shares ........... (794,917,249) (1,001,918,516)
------------- --------------
Net increase .......................... 650,048,249 214,160,192
============= ==============
NOTE 4--NET ASSETS
Prime Treasury Tax-Free
Series Series Series
-------------- ------------ --------------
Paid-in capital ................ $6,504,742,514 $888,849,222 $1,782,150,743
Undistributed net investment
income (distribution in
excess) .................... 95,362 142,159 (171,695)
Undistributed net realized
gain/(loss) on
sales of investments ........ 23,373 119,476 (162,890)
--------------- ------------ --------------
$6,504,861,249 $889,110,857 $1,781,816,158
============== ============ ==============
67
<PAGE>
DEUTSCHE BANC ALEX. BROWN CASH RESERVE SHARES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
NOTE 5--CAPITAL LOSS CARRYFORWARDS
At March 31, 2000 capital loss carryforwards available as a reduction
against future net realized capital gains aggregate as follow:
Capital Loss Carryforward
Net Realized Expiration Year
Capital Loss -------------------------------------------------
Carryforwards 2000 2001 2002 2003 2004 and after
------------- ------ ------ ------ ------ --------------
Prime Series -- -- -- -- -- --
Treasury Series -- -- -- -- -- --
Tax-Free Series $108,988 $-- $6,268 $21,858 $26,991 $53,871
The Tax-Free Series of Deutsche Banc Alex. Brown Cash Reserve Shares for
the fiscal year ended March 31, 2000, has deferred post-October Capital Losses
of $53,902 to next year.
68
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Board of Directors of Deutsche Banc Alex. Brown Cash Reserve Fund, Inc.
and Shareholders of the Prime, Treasury and Tax-Free Series:
In our opinion, the accompanying statements of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
the Prime,Treasury andTax-Free Series (the three Portfolios constituting the
Deutsche Banc Alex. Brown Cash ReserveShares, hereafter referred to as the
"Funds") at March 31, 2000, and the results of each of their operations, the
changes in each of their net assets and the financial highlights for each of the
fiscal periods presented, in conformity with accounting principles generally
accepted in the United States. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at March 31,
2000 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Baltimore, Maryland
May 9, 2000
69
<PAGE>
--------------------------------------------------------------------------------
IMPORTANT INCOME TAX INFORMATION (UNAUDITED)
TAX-FREE SERIES
------------------
One hundred percent of the dividends paid by the Tax-Free Series of Deutsche
Banc Alex. Brown Cash Reserve Shares for the year ended March 31, 2000 qualified
as exempt-interest dividends for federal income tax purposes.
TREASURY SERIES
------------------
One hundred percent of the dividends paid by the Treasury Series of Deutsche
Banc Alex. Brown Cash Reserve Shares for the year ended March 31, 2000 were
derived from interest on investments in direct obligations of the U.S. Treasury.
Currently, most states allow the percentage of dividend income attributable to
federal obligations to be exempt from state income tax. We recommend that you
consult your tax advisor to determine if any portion of the dividends you
received are exempt from state income tax.
--------------------------------------------------------------------------------
70
<PAGE>
BOARD OF DIRECTORS
--------------------------------------------------------------------------------
RICHARD T. HALE
CHAIRMAN
RICHARD R. BURT
DIRECTOR
JOSEPH R. HARDIMAN
DIRECTOR
LOUIS E. LEVY
DIRECTOR
EUGENE J. McDONALD
DIRECTOR
REBECCA W. RIMEL
DIRECTOR
TRUMAN T. SEMANS
DIRECTOR
ROBERT H. WADSWORTH
DIRECTOR
OFFICERS
--------------------------------------------------------------------------------
CARL W. VOGT, Esq.
PRESIDENT
CHARLES A. RIZZO
Treasurer
AMY M. OLMERT
SECRETARY
DANIEL O. HIRSCH
ASSISTANT SECRETARY
--------------------------------------------------------------------------------
DISTRIBUTOR
ICC DISTRIBUTORS, INC.
Two Portland Square
Portland, ME 04101
(207) 879-6200
INVESTMENT ADVISOR
INVESTMENT COMPANY CAPITAL CORP.
One South Street
Baltimore, MD 21202
CUSTODIAN
BANKERS TRUST
130 Liberty Street
New York, NY 10006
TRANSFER AGENT
INVESTMENT COMPANY CAPITAL CORP.
One South Street
Baltimore, MD 21202
(800) 553-8080
INDEPENDENT ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
250 West Pratt Street
Baltimore, MD 21201
71
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
<PAGE>
Deutsche Banc ALEX. BROWN CASH RESERVE SHARES
P.O. Box 1346
Baltimore, MD 21203
