<PAGE>
MIMLIC CASH FUND, INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
MARCH 31, 1995
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
ASSETS
<S> <C>
Investments in securities, at value - see accompanying
schedule for detailed listing (identified cost: $11,045,484)......... $11,045,484
Cash in bank on demand deposit......................................... 51,093
-----------
Total assets....................................................... 11,096,577
-----------
LIABILITIES
Payable to Adviser for custodian fees.................................. 1,272
-----------
Total liabilities.................................................. 1,272
-----------
Net assets applicable to outstanding capital stock..................... $11,095,305
-----------
-----------
Represented by:
Capital stock - authorized 1,000,000,000 shares of $.01
par value; outstanding, 11,095,305 shares.......................... $ 112,703
Additional paid-in capital........................................... 10,982,602
-----------
Total - representing net assets applicable to
outstanding capital stock........................................ $11,095,305
-----------
-----------
Net asset value per share of outstanding capital stock................. $ 1.00
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENT OF OPERATIONS
PERIOD FROM OCTOBER 1, 1994 TO MARCH 31, 1995
(UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest............................................................. $337,322
--------
Expenses (note 3):
Custodian fees....................................................... 6,045
--------
Investment income - net............................................ 331,277
--------
Net increase in net assets from operations............................. $331,277
--------
--------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD FROM OCTOBER 1, 1994 TO MARCH 31, 1995
AND THE PERIOD FROM NOVEMBER 1, 1993 TO SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
------------ -------------
<S> <C> <C>
Operations:
Investment income - net........................................... $ 331,277 $ 447,205
------------ -------------
Increase in net assets resulting from operations.............. 331,277 447,205
------------ -------------
Distributions to shareholders from net investment income............ (331,277) (447,205)
------------ -------------
Capital share transactions, at constant net asset value of $1.00:
Proceeds from sales............................................... 45,386,702 118,116,544
Shares issued in reinvestment of net investment
income distributions............................................ 331,132 450,141
Payments for redemption of shares................................. (46,938,858) (123,177,179)
------------ -------------
Decrease in net assets from
capital share transactions.................................. (1,221,024) (4,610,494)
------------ -------------
Total decrease in net assets.................................. (1,221,024) (4,610,494)
Net assets at beginning of period................................... 12,316,329 16,926,823
------------ -------------
Net assets at end of period......................................... $ 11,095,305 $ 12,316,329
------------ -------------
------------ -------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MIMLIC Cash Fund, Inc. (the Fund) is registered under the Investment
Company Act of 1940 (as amended) as a diversified, open-end management
investment company. Shares of the Fund are presently sold only to the
advisory clients of Advantus Capital Management, Inc. (Advantus Capital
or the Adviser), MIMLIC Asset Management Company (MIMLIC Management) and
other affiliated investment advisers.
The significant accounting policies followed by the Fund are summarized as
follows:
INVESTMENTS IN SECURITIES
All securities are valued at the close of each business day. Pursuant
to Rule 2a-7 of the Investment Company Act of 1940 (as amended), all
securities are valued at amortized cost which approximates market value,
in order to maintain a constant net asset value of $1.00.
Security transactions are accounted for on the date the securities are
purchased or sold. Interest income, including amortization of premium
and discount computed on a level-yield basis, is accrued daily.
FEDERAL TAXES
The Fund intends to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all
of its taxable income to shareholders. Therefore, no income tax
provision is required. The Fund's policy is to make required minimum
distributions prior to December 31 in order to avoid federal excise tax.
Net investment income and net realized gains (losses) may differ for
financial statement and tax purposes due to temporary book-to-tax
differences. The character of distributions made during the year from
net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also,
due to timing of dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that the income or
realized gains (losses) were recorded by the Fund.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders from net investment income are declared
daily and paid monthly. Such distributions are payable in cash or
reinvested in additional shares of the Fund's capital stock.
(2) INVESTMENT SECURITY TRANSACTIONS
For the period from October 1, 1994 to March 31, 1995, purchases of
securities and proceeds from sales aggregated $46,574,490 and
$47,857,678, respectively.
<PAGE>
2
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(3) EXPENSES AND RELATED PARTY TRANSACTIONS
On February 14, 1995 shareholders of the Fund approved a new investment
advisory agreement, effective March 1, 1995, with Advantus Capital.
Advantus Capital is a wholly-owned subsidiary of MIMLIC Management
which, prior to March 1, 1995, served as investment adviser to the Fund.
Under the agreement, Advantus Capital manages the Fund's assets and
provides research, statistical and advisory services and pays related
office rental and executive expenses and salaries. Because shares of
the Fund are purchased only with funds managed by Advantus Capital,
MIMLIC Management and other affiliated investment advisers for advisory
clients, the Fund does not pay an advisory fee to Advantus Capital.
Advantus Capital (MIMLIC Management prior to March 1, 1995) pays all
expenses of the Fund except custodian fees. Advantus Capital (MIMLIC
Management prior to March 1, 1995) directly incurs and pays the Fund's
custodian fees and the Fund in turn reimburses Advantus Capital.
The Minnesota Mutual Life Insurance Company (Minnesota Mutual), the
parent of MIMLIC Management, acts as the Fund's transfer agent, dividend
disbursing agent and redemption agent.
Minnesota Mutual and subsidiaries, as a whole, own 10,761,118 shares or
97.0% of the Fund's outstanding shares as of March 31, 1995.
<PAGE>
3
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(4) FINANCIAL HIGHLIGHTS
Per share data for a share of capital stock outstanding during the period
and selected information for each period is as follows:
<TABLE>
<CAPTION>
For the For the
Period from Period from
October 1, November 1,
1994 to 1993 to Year ended October 31,
March 31, September 30, ------------------------------------------------
1995 1994 1993 1992 1991 1990
---------- ------------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income....................... 0.0277 0.0342 0.0320 0.0402 0.0638 0.0818
------ ------ ------ ------ ------ ------
Total from investment operations.......... 0.0277 0.0342 0.0320 0.0402 0.0638 0.0818
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income........ (0.0277) (0.0342) (0.0320) (0.0402) (0.0638) (0.0818)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.0277) (0.0342) (0.0320) (0.0402) (0.0638) (0.0818)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................ $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Total return (a).............................. 2.80% (b) 3.49% (c) 3.25% 4.10% 6.57% 8.49%
Net assets, end of period (in thousands)...... $11,095 $12,316 $16,927 $21,047 $32,691 $21,452
Ratio of expenses to average daily
net assets ................................. .10% (d) .08% (d) .07% .06% .08% .09%
Ratio of net investment income to
average daily net assets ................... 5.56% (d) 3.68% (d) 3.20% 4.12% 6.21% 8.18%
<FN>
- - --------------------
(a) Total return figures are based on a share outstanding throughout the period and assumes reinvestment of distributions
at net asset value.
(b) Total return is presented for the period from October 1, 1994 to March 31, 1995.
(c) Total return is presented for the period from November 1, 1993 to September 30, 1994.
(d) Adjusted to an annual basis.
</TABLE>
<PAGE>
MIMLIC CASH FUND, INC.
INVESTMENTS IN SECURITIES
MARCH 31, 1995
(UNAUDITED)
(Percentages of each investment category relate to total net assets.)
<TABLE>
<CAPTION>
Market
Principal Value(a)
--------- -----------
<S> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (14.2%)
$1,440,000 U.S. Treasury Bills ..................................................... 5.70%-5.95% 04/27/95 $ 1,433,836
145,000 Federal National Mortgage Association Discount Note............................ 6.01% 04/13/95 144,692
-----------
Total U.S. government and agency obligations (cost: $1,578,528).................................... 1,578,528
-----------
COMMERCIAL PAPER (85.3%)
CAPITAL GOODS (5.7%)
Aerospace/Defense (3.2%)
350,000 Raytheon ............................................................ 6.05% 04/05/95 349,712
-----------
Information Processing (2.5%)
280,000 Pitney-Bowes ........................................................ 6.10% 04/04/95 279,814
-----------
CONSUMER GOODS AND SERVICES (2.9%)
Consumer Services (2.9%)
325,000 R.R. Donnelly (c) ................................................... 6.17% 04/13/95 324,292
-----------
CONSUMER STAPLES (22.7%)
Drugs (6.5%)
350,000 American Home Products (c) .......................................... 6.16% 05/11/95 347,596
375,000 Pfizer .............................................................. 6.05% 04/07/95 374,567
-----------
722,163
-----------
Food (8.6%)
480,000 Anheuser-Busch ...................................................... 6.08% 05/16/95 476,357
480,000 Coca Cola ........................................................... 6.19% 04/10/95 479,196
-----------
955,553
-----------
Household Products (3.1%)
340,000 Philip Morris ....................................................... 6.06% 04/13/95 339,269
-----------
Management (4.5%)
500,000 PHH Corporation ..................................................... 6.17% 05/02/95 497,311
-----------
ENERGY (8.9%)
Natural Gas Distribution (8.9%)
500,000 Equitable Resources (c) ............................................. 6.19% 05/25/95 495,394
500,000 Laclede Gas ......................................................... 6.15% 04/17/95 498,579
-----------
993,973
-----------
FINANCIAL (23.3%)
Commercial Finance (3.7%)
410,000 Chevron Oil Finance ................................................. 6.06% 04/19/95 408,717
-----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
MIMLIC CASH FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
Market
Principal Value(a)
--------- -----------
<S> <C>
FINANCIAL - CONTINUED
Consumer Finance (19.6%)
$685,000 Associates ............................................................. 6.06% 04/11/95 $ 683,757
500,000 Ford Motor Credit ...................................................... 6.12% 04/18/95 498,502
500,000 General Electric Capital ............................................... 6.06% 04/12/95 499,010
500,000 Southwestern Bell Capital (c) .......................................... 6.20% 04/17/95 498,572
-----------
2,179,841
-----------
UTILITIES (21.8%)
Electric (13.5%)
500,000 Alabama Power .......................................................... 6.07% 04/25/95 497,934
500,000 Baltimore Gas & Electric ............................................... 6.13% 05/11/95 496,583
500,000 Iowa-Illinois Gas & Electric ........................................... 6.14% 04/20/95 498,333
-----------
1,492,850
-----------
Telephones (8.3%)
525,000 Ameritech Corp ......................................................... 6.18% 04/10/95 524,122
400,000 U.S. West Communications ............................................... 6.07% 04/10/95 399,339
-----------
923,461
-----------
Total commercial paper (cost: $9,466,956).......................................................... 9,466,956
-----------
Total investments in securities (cost: $11,045,484)(b)............................................. $11,045,484
-----------
-----------
<FN>
Notes to Investments in Securities
(a) Securities are valued by procedures described in note 1 to the financial statements.
(b) Also represents cost for federal income tax purposes.
(c) Commercial paper sold within terms of a private placement memorandum, exempt from registration under
Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or
other "accredited investors." This security has been determined to be liquid under guidelines established
by the board of directors.
</TABLE>
<PAGE>
MIMLIC CASH FUND, INC.
SHAREHOLDER VOTING RESULTS
On February 14, 1995, a regular meeting of the Fund's shareholders was held.
Shareholders of record on December 19, 1994 were entitled to vote on the
proposals described below.
(1) To elect a Board of Directors as follows:
<TABLE>
<CAPTION>
Votes Votes
Director for withheld
-------------------------------------- ----------- ----------
<S> <C> <C>
Paul H. Gooding 10,652,533 --
Frederick P. Feuerherm 10,652,533 --
Ralph D. Ebbott 10,652,533 --
Ellen S. Berscheid 10,652,533 --
Charles E. Arner 10,652,533 --
</TABLE>
<TABLE>
<CAPTION>
Number of Shares Voting
-------------------------------------------------
For Against Abstain
----------- ------- ----------
<S> <C> <C> <C>
(2) To ratify or reject the selection by the Board of
Directors of KPMG Peat Marwick LLP as the
independent public accountant for the Fund for
the fiscal year ending September 30, 1995.......... 10,652,533 -- --
(3) To approve or disapprove a new Investment
Advisory Agreement with Advantus Capital
Management, Inc., wholly-owned subsidiary of
MIMLIC Asset Management Company, the
previous investment adviser of the Fund............ 10,652,533 -- --
</TABLE>
