<PAGE>
MIMLIC CASH FUND, INC.
Semi-Annual Report to Shareholders
March 31, 1996
(Unaudited)
<PAGE>
MIMLIC CASH FUND, INC.
Statement of Assets and Liabilities
March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
<S> ------ <C>
Investments in securities, at value - see accompanying
schedule for detailed listing (identified cost: $8,069,846) . . . . . . . . . . $ 8,069,846
Cash in bank on demand deposit . . . . . . . . . . . . . . . . . . . . . . . . . . 8,719
------------
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,078,565
------------
LIABILITIES
Payable to Adviser for custodian fees. . . . . . . . . . . . . . . . . . . . . . . 775
Payable for Fund shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . 71,842
Dividends payable to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . 1,804
------------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,421
------------
Net assets applicable to outstanding capital stock . . . . . . . . . . . . . . . . 8,004,144
------------
------------
REPRESENTED BY:
Capital stock - authorized 1,000,000,000 shares of $.01
par value; outstanding, 8,004,144 shares . . . . . . . . . . . . . . . . . . . $ 80,042
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,924,102
------------
Total - representing net assets applicable to
outstanding capital stock. . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,004,144
------------
------------
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, 1995 to March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 323,195
------------
EXPENSES (NOTE 3):
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,628
Less fees and expenses paid indirectly through expense offset arrangements . . . (1,173)
------------
Total net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,455
------------
Investment income - net . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,740
------------
Net increase in net assets from operations . . . . . . . . . . . . . . . . . . . . $ 319,740
------------
------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
Statement of Changes in Net Assets
Period from October 1, 1995 to March 31, 1996 and
the year ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income - net. . . . . . . . . . . . . . . . . . . . $ 319,740 $ 628,239
------------ ------------
Increase in net assets resulting from operations. . . . . 319,740 628,239
------------ ------------
Distributions to shareholders from net investment income . . . . (319,740) (628,239)
------------ ------------
CAPITAL SHARE TRANSACTIONS, AT CONSTANT NET ASSET VALUE OF $1.00:
Proceeds from sales. . . . . . . . . . . . . . . . . . . . . . 50,426,544 82,208,336
Shares issued in reinvestment of net investment
income distributions . . . . . . . . . . . . . . . . . . . . 316,866 626,208
Payments for redemption of shares. . . . . . . . . . . . . . . (53,661,203) (84,228,936)
------------ ------------
Decrease in net assets from
capital share transactions . . . . . . . . . . . . . . . (2,917,793) (1,394,392)
------------ ------------
Total decrease in net assets . . . . . . . . . . . . . . . (2,917,793) (1,394,392)
------------ ------------
Net assets at beginning of period. . . . . . . . . . . . . . . . 10,921,937 12,316,329
------------ ------------
Net assets at end of period. . . . . . . . . . . . . . . . . . . $ 8,004,144 $ 10,921,937
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(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:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increase and decrease in
net assets from operations during the period. Actual results could differ
from those estimates.
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.
<PAGE>
2
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)
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, 1995 to March 31, 1996, purchases of
securities and proceeds from sales aggregated $34,881,285 and $37,723,301,
respectively.
(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 pays all expenses of the Fund except custodian fees.
Advantus Capital directly incurs and pays the Fund's custodian fees and the
Fund in turn reimburses Advantus Capital.
The Fund has a compensating balance arrangement with its custodian where
custodian fees are reduced by interest credits earned on cash balances
maintained with the custodian. The total amount of interest credits earned
for the period from October 1, 1995 to March 31, 1996 was $1,173.
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 6,212,279 shares or
77.6% of the Fund's outstanding shares as of March 31, 1996.
<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, YEAR NOVEMBER 1,
1995 TO ENDED 1993 TO YEAR ENDED OCTOBER 31,
MARCH 31, SEPTEMBER SEPTEMBER 30, --------------------------------------
1996 30, 1995 (f) 1994 (e) 1993 1992 1991
---------- ---------- ---------- ---------- ---------- ----------
<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. . . . . . . . . . . 0.0283 0.0571 0.0342 0.0320 0.0402 0.0638
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations . . . . 0.0283 0.0571 0.0342 0.0320 0.0402 0.0638
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income . . . (0.0283) (0.0571) (0.0342) (0.0320) (0.0402) (0.0638)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions. . . . . . . . . . . (0.0283) (0.0571) (0.0342) (0.0320) (0.0402) (0.0638)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period . . . . . . . $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
Total return (a) . . . . . . . . . . . . . . 2.90%(b) 5.87% 3.49%(c) 3.25% 4.10% 6.57%
Net assets, end of period (in thousands) . . $8,004 $10,922 $12,316 $16,927 $21,047 $32,691
Ratio of expenses to average daily
net assets . . . . . . . . . . . . . . . . 0.08%(d) 0.10% 0.08%(d) 0.07% 0.06% 0.08%
Ratio of net investment income to
average daily net assets . . . . . . . . . 5.65%(d) 5.71% 3.68%(d) 3.20% 4.12% 6.21%
- ---------------------------------------------
</TABLE>
(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, 1995 to March 31,
1996.
(c) Total return is presented for the eleven-month period from November 1, 1993
to September 30, 1994.
(d) Adjusted to an annual basis.
(e) During 1994, the Fund changed its fiscal year end from October 31 to
September 30.
(f) Effective March 1, 1995, the Fund entered into a new investment advisory
agreement with Advantus Capital Management, Inc. Prior to March 1, 1995,
the Fund had an investment advisory agreement with MIMLIC Asset Management
Company.
<PAGE>
MIMLIC CASH FUND, INC.
INVESTMENTS IN SECURITIES
MARCH 31, 1996
(UNAUDITED)
(Percentages of each investment category relate to total net assets.)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE (A)
--------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (6.2%)
$ 500,000 U.S. Treasury Bill. . . . . . . . . . . 5.45% 05/02/96 $ 497,664
-----------
Total U.S. Government obligations (cost: $497,664) . . 497,644
-----------
COMMERCIAL PAPER (94.6%)
CAPITAL GOODS (19.3%)
Aerospace/Defense (4.5%)
360,000 Rockwell International (c) . . . . . . . 5.43% 04/30/96 358,404
-----------
Information Processing (7.5%)
600,000 Hewlett Packard. . . . . . . . . . . . . 5.32% 04/01/96 599,913
-----------
Pollution Control (7.3%)
590,000 WMX Technology Inc (c) . . . . . . . . . 5.19% 05/29/96 585,117
-----------
CONSUMER STAPLES (25.1%)
Drugs (6.0%)
480,000 American Home Products (c) . . . . . . . 5.50% 04/03/96 479,785
-----------
Food (14.8%)
585,000 Brown Forman . . . . . . . . . . . . . . 5.26% 04/23/96 583,075
450,000 Cargill Inc. . . . . . . . . . . . . . . 5.28% 04/19/96 448,772
150,000 Pepsico Inc. . . . . . . . . . . . . . . 5.43% 05/08/96 149,158
-----------
1,181,005
-----------
Household Products (4.3%)
350,000 Philip Morris. . . . . . . . . . . . . . 5.38% 06/07/96 346,529
-----------
FINANCIAL (20.3%)
Consumer Finance (20.3%)
505,000 Associates Corp. . . . . . . . . . . . . 5.33% 04/18/96 503,687
600,000 GMAC . . . . . . . . . . . . . . . . . . 5.33% 04/16/96 598,613
265,000 Pitney-Bowes Credit. . . . . . . . . . . 5.41% 06/05/96 262,435
265,000 US West Capital (c). . . . . . . . . . . 5.18% 05/16/96 263,290
-----------
1,628,025
-----------
UTILITIES (29.9%)
Electric (18.7%)
495,000 Alabama Power. . . . . . . . . . . . . . 5.15% 05/14/96 491,963
500,000 Carolina Power & Light . . . . . . . . . 5.28% 05/10/96 497,134
505,000 Midamerica Energy. . . . . . . . . . . . 5.49% 04/11/96 504,175
-----------
1,493,272
-----------
</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>
UTILITIES - CONTINUED
Telephones (11.2%)
$ 310,000 Ameritech Corp. . . . . . . . . . . . . 5.40% 07/08/96 $ 305,524
350,000 Bellsouth Telephone . . . . . . . . . . 5.37% 05/23/96 347,295
250,000 Southwestern Bell Capital Corp (c). . . 5.44% 06/12/96 247,313
-----------
900,132
-----------
Total commercial paper (cost: $7,572,182). . . . . . . . . . 7,572,182
-----------
Total investments in securities (cost: $8,069,846) (b) . . . $ 8,069,846
-----------
-----------
</TABLE>
Notes to Investments in Securities
(a) Securities are valued by procedures described in note 1 to the financial
statements.
(b) Also represents the cost of securities for federal income tax purposes at
March 31, 1996.
(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.
