<PAGE>
MIMLIC CASH FUND, INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
MARCH 31, 1997
(UNAUDITED)
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, at value - see accompanying
schedule for detailed listing (identified cost: $12,574,161). . . . $ 12,574,161
Cash in bank on demand deposit . . . . . . . . . . . . . . . . . . . . 111,132
------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . 12,685,293
------------
LIABILITIES
Payable to Adviser for custodian fees. . . . . . . . . . . . . . . . . 651
Payable for Fund shares redeemed . . . . . . . . . . . . . . . . . . . 725
------------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . 1,376
------------
Net assets applicable to outstanding capital stock . . . . . . . . . . $ 12,683,917
------------
------------
REPRESENTED BY:
Capital stock - authorized 1 billion shares of $.01
par value; outstanding, 12,683,917 shares. . . . . . . . . . . . $ 126,839
Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . 12,557,078
------------
Total - representing net assets applicable to
outstanding capital stock . . . . . . . . . . . . . . . . . . $ 12,683,917
------------
------------
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, 1996 TO MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290,197
------------
EXPENSES (NOTE 3):
Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,375
Less fees and expenses paid indirectly
through expense offset arrangements. . . . . . . . . . . . . . . (505)
------------
Total net expenses . . . . . . . . . . . . . . . . . . . . . . . 2,870
------------
Investment income - net. . . . . . . . . . . . . . . . . . . . . 287,327
------------
Net increase in net assets resulting from operations . . . . . . . . . $ 287,327
------------
------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD FROM OCTOBER 1, 1996 TO MARCH 31, 1997 AND
THE YEAR ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income - net . . . . . . . . . . . . . . . . . . . . . . $ 287,327 $ 554,589
------------ ------------
Increase in net assets resulting from operations . . . . . . . . 287,327 554,589
------------ ------------
Distributions to shareholders from net investment income . . . . . . . (287,327) (554,589)
------------ ------------
CAPITAL SHARE TRANSACTIONS, AT CONSTANT NET ASSET VALUE OF $1.00:
Proceeds from sales . . . . . . . . . . . . . . . . . . . . . . . . 42,660,539 74,304,568
Shares issued in reinvestment of net investment
income distributions . . . . . . . . . . . . . . . . . . . . . . 286,112 553,162
Payments for redemption of shares . . . . . . . . . . . . . . . . . (39,803,390) (76,239,011)
------------ ------------
Increase (decrease) in net assets from
capital share transactions . . . . . . . . . . . . . . . . 3,143,261 (1,381,281)
------------ ------------
Total increase (decrease) in net assets . . . . . . . . . . . 3,143,261 (1,381,281)
Net assets at beginning of period. . . . . . . . . . . . . . . . . . . 9,540,656 10,921,937
------------ ------------
Net assets at end of period. . . . . . . . . . . . . . . . . . . . . . $ 12,683,917 $ 9,540,656
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997
(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 increases and decreases in
net assets resulting 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, 1996 to March 31, 1997, purchases of
securities and proceeds from sales aggregated $34,064,799 and $31,135,000,
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, 1996 to March 31, 1997 was $505.
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 receives no fees
from the Fund for these services.
Minnesota Mutual and subsidiaries, as a whole, owned 7,694,028 shares or
60.7% of the Fund's outstanding shares as of March 31, 1997.
<PAGE>
3
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(4) 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,
1996 TO 1993 TO
MARCH 31, YEAR ENDED SEPTEMBER 30, SEPTEMBER 30, YEAR ENDED OCTOBER 31,
--------- ------------------------- ------------- -------------------------
1997 1996 1995(a) 1994 (b) 1993 1992
---------- ---------- ---------- ---------- ---------- ----------
<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 . . . . . . . . 0.0268 0.0547 0.0571 0.0342 0.0320 0.0402
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations . 0.0268 0.0547 0.0571 0.0342 0.0320 0.0402
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income. (0.0268) (0.0547) (0.0571) (0.0342) (0.0320) (0.0402)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions. . . . . . . . (0.0268) (0.0547) (0.0571) (0.0342) (0.0320) (0.0402)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period . . . . . $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
Total return (c) . . . . . . . . . . . . 2.70%(e) 5.60% 5.87% 3.49%(d) 3.25% 4.10%
Net assets, end of period
(in thousands). . . . . . . . . . . . $12,684 $9,541 $10,922 $12,316 $16,927 $21,047
Ratio of expenses to average daily
net assets. . . . . . . . . . . . . . 0.06%(f)(g) 0.09%(g) 0.10%(g) 0.08%(f) 0.07% 0.06%
Ratio of net investment income to
average daily net assets. . . . . . . 5.36%(f) 5.52% 5.71% 3.68%(f) 3.20% 4.12%
</TABLE>
- ------------------------------
(a) 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.
(b) During 1994, the Fund changed its fiscal year end from October 31 to
September 30.
(c) Total return figures are based on a share outstanding throughout the period
and assumes reinvestment of distributions at net asset value.
(d) Total return is presented for the eleven-month period from November 1, 1993
to September 30, 1994.
(e) Total return is presented for the period from October 1, 1996 to March 31,
1997.
(f) Adjusted to an annual basis.
(g) Effective fiscal year 1995, the ratio of expenses to average daily net
assets is based on total expenses of the Fund before reduction of interest
credits earned on cash balances.
<PAGE>
MIMLIC CASH FUND, INC.
INVESTMENTS IN SECURITIES
MARCH 31, 1997
(UNAUDITED)
(Percentages of each investment category relate to total net assets.)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE (a)
--------- ----------
<S> <C> <C> <C> <C> <C>
U. S. GOVERNMENT AND AGENCIES OBLIGATIONS (21.6%)
$1,155,000 U.S. Treasury Bills. . . . . . . . . . . . . 5.12% - 5.18% 05/22/97 $1,146,602
255,000 U.S. Treasury Bill . . . . . . . . . . . . . 5.37% 06/19/97 252,036
410,000 Federal Home Loan Mortgage
Discount Note . . . . . . . . . . . . . . 5.31% 04/07/97 409,585
495,000 Federal Home Loan Mortgage
Discount Note . . . . . . . . . . . . . . 5.36% 05/02/97 492,690
445,000 Federal National Mortgage
Association Discount Note . . . . . . . . 5.36% 05/09/97 442,479
----------
Total U.S. government and agency
obligations (cost: $2,743,392) . . . . . 2,743,392
----------
COMMERCIAL PAPER (77.5%)
CAPITAL GOODS (7.0%)
Electronics (3.1%)
400,000 Xerox Corporation. . . . . . . . . . . . . . 5.48% 06/09/97 395,847
----------
Pollution Control (3.9%)
500,000 WMX Technology (c) . . . . . . . . . . . . . 5.45% 05/06/97 497,335
----------
BASIC INDUSTRIES (2.4%)
Chemicals (2.4%)
305,000 Du Pont. . . . . . . . . . . . . . . . . . . 5.35% 04/21/97 304,070
----------
CONSUMER STAPLES (17.0%)
Drugs (3.2%)
400,000 American Home Products (c) . . . . . . . . . 5.44% 04/08/97 399,527
----------
Entertainment (2.3%)
295,000 Walt Disney. . . . . . . . . . . . . . . . . 5.42% 04/14/97 294,394
----------
Food (2.8%)
200,000 Coca-Cola Company. . . . . . . . . . . . . . 5.34% 04/18/97 199,478
160,000 Coca-Cola Company. . . . . . . . . . . . . . 5.36% 04/25/97 159,419
----------
358,897
----------
Household Products (2.3%)
295,000 Philip Morris. . . . . . . . . . . . . . . . 5.41% 05/02/97 293,618
----------
Printing and Publishing (2.5%)
310,000 R.R. Donnelly and Sons Company (c) . . . . . 5.42% 05/06/97 308,363
----------
</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> <C> <C> <C> <C>
CONSUMER STAPLES - CONTINUED
Management (3.9%)
$400,000 PHH Corporation. . . . . . . . . . . . . . . 5.38% 04/07/97 $399,590
100,000 PHH Corporation. . . . . . . . . . . . . . . 5.39% 04/22/97 99,678
-----------
499,268
-----------
CREDIT SENSITIVE (2.3%)
Hardware and Tools (2.3%)
300,000 Stanley Works. . . . . . . . . . . . . . . . 5.46% 05/21/97 297,735
-----------
ENERGY (2.2%)
Oil and Gas Production (2.2%)
275,000 Atlantic Richfield . . . . . . . . . . . . . 5.43% 04/16/97 274,354
-----------
FINANCIAL (29.6%)
Auto Finance (5.3%)
280,000 Ford Motor Credit. . . . . . . . . . . . . . 5.43% 04/22/97 279,093
400,000 GMAC . . . . . . . . . . . . . . . . . . . . 5.42% 04/23/97 398,648
-----------
677,741
-----------
Commercial Finance (16.4%)
455,000 Ciesco Limited Partnership . . . . . . . . . 5.47% 06/03/97 450,689
445,000 GE Capital Corporation . . . . . . . . . . . 5.40% 04/29/97 443,111
600,000 Pitney Bowes . . . . . . . . . . . . . . . . 5.50% 06/18/97 592,956
600,000 SBC Community. . . . . . . . . . . . . . . . 5.53% 06/09/97 593,712
-----------
2,080,468
-----------
Consumer Finance (7.9%)
500,000 American General Financial . . . . . . . . . 5.45% 05/16/97 496,601
500,000 Associates Corp. . . . . . . . . . . . . . . 5.43% 04/28/97 497,935
-----------
994,536
-----------
UTILITIES (17.0%)
Electric (8.0%)
600,000 Alabama Power. . . . . . . . . . . . . . . . 5.55% 06/12/97 593,430
430,000 Baltimore Gas and Electric . . . . . . . . . 5.65% 06/09/97 425,401
-----------
1,018,831
-----------
Telephones (9.0%)
390,000 AT&T Corporation . . . . . . . . . . . . . . 5.38% 04/10/97 389,431
145,000 Ameritech. . . . . . . . . . . . . . . . . . 5.35% 04/23/97 144,515
184,000 Ameritech. . . . . . . . . . . . . . . . . . 5.35% 04/23/97 183,385
420,000 Bellsouth Telephone. . . . . . . . . . . . . 5.40% 04/25/97 418,454
-----------
1,135,785
-----------
Total commercial paper (cost: $9,830,769) . . . . . . . . . . . . . . . . . 9,830,769
-----------
Total investments in securities (cost: $12,574,161) (b) . . . . . . . . . . $12,574,161
-----------
-----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
MIMLIC CASH FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
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, 1997.
(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.
