<PAGE>
MIMLIC CASH FUND, INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
MARCH 31, 1998
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
------
<S> <C>
Investments in securities, at value - see accompanying
schedule for detailed listing (identified cost: $14,630,514) . . . . . . . . . $ 14,630,514
Cash in bank on demand deposit . . . . . . . . . . . . . . . . . . . . . . . . . 54,922
Receivable for Fund shares sold. . . . . . . . . . . . . . . . . . . . . . . . . 53,478
-------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,738,914
-------------
LIABILITIES
-----------
Payable to Adviser for custodian fees. . . . . . . . . . . . . . . . . . . . . . 672
Payable for Fund shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . 19,788
-------------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,460
-------------
Net assets applicable to outstanding capital stock . . . . . . . . . . . . . . . $ 14,718,454
-------------
-------------
REPRESENTED BY:
Capital stock - authorized 1 billion shares of $.01
par value; outstanding, 14,718,454 shares. . . . . . . . . . . . . . . . . $ 147,185
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . 14,571,269
-------------
Total - representing net assets applicable to
outstanding capital stock. . . . . . . . . . . . . . . . . . . . . . . . $ 14,718,454
-------------
-------------
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, 1997 TO MARCH 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 481,632
-------------
EXPENSES (NOTE 3):
Custodian fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,436
Less fees and expenses paid indirectly through expense offset arrangements . . (614)
-------------
Total net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,822
-------------
Investment income - net. . . . . . . . . . . . . . . . . . . . . . . . . . . 477,810
-------------
Net increase in net assets resulting from operations.. . . . . . . . . . . . . . $ 477,810
-------------
-------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD FROM OCTOBER 1, 1997 TO MARCH 31, 1998 AND
THE YEAR ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income - net. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 477,810 $ 726,026
------------- -------------
Increase in net assets resulting from operations.. . . . . . . . . . . . . 477,810 726,026
------------- -------------
Distributions to shareholders from net investment income . . . . . . . . . . . . (477,810) (726,026)
------------- -------------
CAPITAL SHARE TRANSACTIONS, AT CONSTANT NET ASSET VALUE OF $1.00:
Proceeds from sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,515,705 106,670,943
Shares issued in reinvestment of net investment
income distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,258 605,450
Payments for redemption of shares. . . . . . . . . . . . . . . . . . . . . . . (87,545,780) (102,548,778)
------------- -------------
Increase in net assets from
capital share transactions.. . . . . . . . . . . . . . . . . . . . . . . 450,183 4,727,615
------------- -------------
Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . 450,183 4,727,615
Net assets at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . 14,268,271 9,540,656
------------- -------------
Net assets at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,718,454 $ 14,268,271
------------- -------------
------------- -------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
(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 Fund's investment objective is to seek a high level of current income
consistent with preservation of capital and maintenance of liquidity.
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 ended March 31, 1998, purchases of securities and proceeds
from sales aggregated $62,283,551 and $69,522,357 respectively.
(3) EXPENSES AND RELATED PARTY TRANSACTIONS
---------------------------------------
The Fund has an investment advisory agreement with Advantus Capital, a
wholly-owned subsidiary of MIMLIC Management. 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 ended March 31, 1998 was $614.
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 2,470,504 shares or
16.8% of the Fund's outstanding shares as of March 31, 1998.
<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,
1997 TO 1993 TO YEAR ENDED
MARCH 31, YEAR ENDED SEPTEMBER 30, SEPTEMBER 30, OCTOBER 31,
-------------------------------------
1998 1997 1996 1995 (a) 1994 (b) 1993
-------- ------- ------- -------- -------- -------
<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 . . . . . . 0.0320 0.0556 0.0547 0.0571 0.0342 0.0320
------- ------- ------- ------- ------- -------
Total from investment operations. 0.0320 0.0556 0.0547 0.0571 0.0342 0.0320
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.0320) (0.0556) (0.0547) (0.0571) (0.0342) (0.0320)
------- ------- ------- ------- ------- -------
Total distributions.. . . . . . . (0.0320) (0.0556) (0.0547) (0.0571) (0.0342) (0.0320)
------- ------- ------- ------- ------- -------
Net asset value, end of period. . . . $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Total return (c). . . . . . . . . . . 3.2% 5.7% 5.6% 5.9% 3.5% 3.3%
Net assets, end of period (in thousands) $14,718 $14,194 $9,541 $10,922 $12,316 $16,927
Ratio of expenses to average daily
net assets. . . . . . . . . . . . 0.06% (d)(e) 0.07% (e) 0.09% (e) 0.10% (e) 0.08% (d) 0.07%
Ratio of net investment income to
average daily net assets. . . . . . 6.92% (d) 5.51% 5.52% 5.71% 3.68%(d) 3.20%
</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.
For periods less than one year, total return presented has not been
annualized.
(d) Adjusted to an annual basis.
(e) 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>
ADVANTUS CASH FUND, INC.
INVESTMENTS IN SECURITIES
MARCH 31, 1998
(UNAUDITED)
(Percentages of each investment category relate to total net assets.)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE (a)
--------- -----------
<S> <C> <C> <C>
COMMERCIAL PAPER (91.4%)
BASIC MATERIALS (3.5%)
Chemicals (3.5%)
525,000 Monsanto (c). . . . . . . . . . . . . . . . 5.59% 08/07/98 $ 514,913
----------
COMMUNICATION SERVICES (10.8%)
Telephone (10.8%)
380,000 AT&T Corporation. . . . . . . . . . . . . . 5.48% 04/01/98 380,000
360,000 Bellsouth Telecommunications. . . . . . . . 5.55% 04/09/98 359,563
350,000 Bellsouth Telecommunications. . . . . . . . 5.61% 05/20/98 347,384
500,000 SBC Communications (c). . . . . . . . . . . 5.56% 05/21/98 496,220
----------
1,583,167
----------
CONSUMER CYCLICAL (15.1%)
Building Materials (3.0%)
445,000 E.I DuPont De Nemours & Company . . . . . . 5.54% 04/20/98 443,721
Hardware and Tools (3.5%) ----------
520,000 The Stanley Works . . . . . . . . . . . . . 5.66% 07/07/98 512,292
Publishing (4.1%) ----------
600,000 Tribune Company (c) . . . . . . . . . . . . 5.59% 05/08/98 596,618
Service (4.5%) ----------
665,000 PHH Corporation . . . . . . . . . . . . . . 5.65% 06/30/98 655,856
----------
CONSUMER STAPLES (10.1%)
Beverage (8.2%)
600,000 Anheuser Busch. . . . . . . . . . . . . . . 5.56% 04/29/98 597,452
500,000 Coca-Cola Company . . . . . . . . . . . . . 5.54% 05/13/98 496,834
120,000 Coca-Cola Company . . . . . . . . . . . . . 5.56% 06/02/98 118,877
----------
1,213,163
----------
Entertainment (1.9%)
280,000 Walt Disney . . . . . . . . . . . . . . . . 5.49% 05/05/98 278,575
----------
ENERGY (3.5%)
Oil (3.5%)
300,000 Atlantic Richfield Company. . . . . . . . . 5.56% 05/08/98 298,319
215,000 Atlantic Richfield Company. . . . . . . . . 5.58% 04/02/98 214,967
----------
513,286
----------
FINANCIAL (19.1%)
Auto Finance (5.1%)
370,000 Ford Motor Credit Company . . . . . . . . . 5.61% 04/09/98 369,546
380,000 GMAC. . . . . . . . . . . . . . . . . . . . 5.60% 05/15/98 377,450
----------
746,996
----------
Commercial Finance (6.5%)
455,000 Ciesco LP . . . . . . . . . . . . . . . . . 5.64% 04/27/98 453,178
500,000 GE Capital Corporation. . . . . . . . . . . 5.59% 04/30/98 497,791
----------
950,969
----------
Consumer Finance (7.5%)
525,000 American General Finance. . . . . . . . . . 5.58% 04/07/98 524,519
585,000 Associates Corporation. . . . . . . . . . . 5.58% 04/28/98 582,594
----------
1,107,113
----------
</TABLE>
<PAGE>
ADVANTUS CASH FUND, INC
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE (a)
--------- ------------
<S> <C> <C> <C>
HEALTH CARE (8.4%)
Drugs (4.2%)
630,000 Schering Corp . . . . . . . . . . . . . . 5.53% 05/19/98 $ 625,452
Health Care-Diversified (4.2%) ------------
630,000 American Home Products (c). . . . . . . . 5.63% 05/14/98 625,850
------------
UTILITIES (20.9%)
Electric Companies (20.9%)
550,000 Baltimore Gas & Electric. . . . . . . . . 5.63% 04/20/98 548,392
670,000 Carolina Power & Light. . . . . . . . . . 5.57% 05/05/98 666,539
670,000 Emerson Electric Company. . . . . . . . . 5.55% 04/08/98 669,287
700,000 Florida Power . . . . . . . . . . . . . . 5.61% 04/28/98 697,107
500,000 Midamerican Energy. . . . . . . . . . . . 5.60% 04/13/98 499,080
------------
3,080,405
------------
Total commercial paper (cost: $13,448,376). . . . . . . . . . . . . . . $13,448,376
------------
SHORT-TERM SECURITIES (8.0%)
220,000 US Treasury Bill. . . . . . . . . . . . . 5.16% 06/25/98 217,390
340,000 US Treasury Bill. . . . . . . . . . . . . 5.19% 04/23/98 338,940
630,000 Federal Home Loan Mortgage Corporation. . 5.56% 05/15/98 625,808
------------
Total short-term securities (cost: $1,182,138) . . . . . . . . . . . . 1,182,138
------------
Total investments in securities (cost: $14,630,514) (b). . . . . . . . $14,630,514
------------
------------
</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, 1998.
(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.