<PAGE>
MIMLIC CASH FUND, INC.
FINAL REPORT
SEPTEMBER 24, 1999
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENT OF OPERATIONS
PERIOD FROM OCTOBER 1, 1998 TO SEPTEMBER 24, 1999, DATE OF DISSOLUTION
(UNAUDITED)
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Interest........................................................................ $ 514,776
----------
EXPENSES (NOTE 3):
Custodian fees.................................................................. 11,041
Less fees and expenses paid indirectly through expense offset arrangements...... (3,629)
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Total net expenses.......................................................... 7,412
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Investment income - net..................................................... 507,364
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Net increase in net assets resulting from operations................................. $ 507,364
----------
----------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD FROM OCTOBER 1, 1998 TO SEPTEMBER 24, 1999, DATE OF DISSOLUTION
AND YEAR ENDED SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
--------------- ----------------
OPERATIONS:
<S> <C> <C>
Investment income - net................................................. $ 507,364 $ 838,147
--------------- ----------------
Increase in net assets resulting from operations...................... 507,364 838,147
--------------- ----------------
Distributions to shareholders from net investment income..................... (507,364) (838,147)
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CAPITAL SHARE TRANSACTIONS, AT CONSTANT NET ASSET VALUE OF $1.00:
Proceeds from sales..................................................... 63,708,379 157,017,696
Shares issued in reinvestment of net investment
income distributions.................................................. 467,576 838,000
Payments for redemption of shares....................................... (73,335,881) (162,964,041)
--------------- ----------------
Increase (decrease) in net assets from
capital share transactions.................................. (9,159,926) (5,108,345)
--------------- ----------------
Total increase (decrease) in net assets............................... (9,159,926) (5,108,345)
Net assets at beginning of period............................................ 9,159,926 14,268,271
--------------- ----------------
Net assets at end of period $ - $ 9,159,926
--------------- ----------------
--------------- ----------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MIMLIC CASH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 24, 1999
(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 were sold only to the advisory
clients of Advantus Capital Management, Inc. (Advantus Capital or the
Adviser) 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.
On September 24, 1999, the Fund was dissolved and all shares were
redeemed.
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 in the financial
statements. Actual results could differ from those estimates.
INVESTMENTS IN SECURITIES
All securities were valued at the close of each business day. Pursuant
to Rule 2a-7 of the Investment Company Act of 1940 (as amended), all
securities were valued at amortized cost, which approximates market
value, in order to maintain a constant net asset value of $1.00.
Security transactions were 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, was 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 were declared
daily and paid monthly. Such distributions were payable in cash or
reinvested in additional shares of the Fund's capital stock.
(2) INVESTMENT SECURITY TRANSACTIONS
For the period ended September 24, 1999, purchases of securities and
proceeds from sales aggregated $112,733,288 and $121,926,336,
respectively.
(3) EXPENSES AND RELATED PARTY TRANSACTIONS
The Fund had an investment advisory agreement with Advantus Capital.
Under the agreement, Advantus Capital managed the Fund's assets and
provides research, statistical and advisory services and paid related
office rental and executive expenses and salaries. Because shares of
the Fund were purchased only with funds managed by Advantus Capital and
other affiliated investment advisers for advisory clients; the Fund did
not pay an advisory fee to Advantus Capital.
Advantus Capital paid all expenses of the Fund except custodian fees.
Advantus Capital directly incurred and paid the Fund's custodian fees
and the Fund in turn reimbursed Advantus Capital.
The Fund had a compensating balance arrangement with its custodian
where custodian fees were reduced by interest credits earned on cash
balances maintained with the custodian. The total amount of interest
credits earned for the period ended September 24, 1999 was $3,629.
Effective October 26, 1998, the Fund entered into a new shareholder and
administrative services agreement with Minnesota Life Insurance Company
(Minnesota Life), (formerly The Minnesota Mutual Life Insurance
Company), the parent of Advantus Capital. Under this agreement, the
Adviser paid Minnesota Life a monthly administrative services fee as
agreed by the Adviser and Minnesota Life for accounting, auditing,
legal and other administrative services which Minnesota Life provides.
For shareholder services performed by Minnesota Life, the Adviser paid
Minnesota Life an annual account servicing fee as agreed by the Adviser
and Minnesota Life. First Data Investor Services Group, Inc. acted as
the Fund's transfer agent, dividend disbursing agent and redemption
agent. Prior to October 26, 1998, Minnesota Life was the Fund's
transfer agent.
<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
PERIOD FROM
OCTOBER 1,
1998 TO YEAR ENDED SEPTEMBER 30,
SEPTEMBER 24, -------------------------------------------------------------
1999 1998 1997 1996 1995 (A)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------------- ------------- ------------- ------------- -------------
Income from investment operations:
Net investment income.................... 0.0400 0.0575 0.0556 0.0547 0.0571
------------- ------------- ------------- ------------- -------------
Total from investment operations...... 0.0400 0.0575 0.0556 0.0547 0.0571
------------- ------------- ------------- ------------- -------------
Less distributions:
Dividends from net investment income... (0.0400) (0.0575) (0.0556) (0.0547) (0.0571)
------------- ------------- ------------- ------------- -------------
Total distributions................. (0.0400) (0.0575) (0.0556) (0.0547) (0.0571)
------------- ------------- ------------- ------------- -------------
Redemption of fund shares................. (1.0000) - - - -
------------- ------------- ------------- ------------- -------------
Net asset value, end of period........... $ - $1.0000 $1.0000 $1.0000 $1.0000
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- -------------
Total return (b).......................... 4.31% 5.90% 5.70% 5.60% 5.87%
Net assets, end of period (in thousands).. $ - $9,160 $14,194 $9,541 $10,922
Ratio of expenses to average daily
net assets.............................. 0.06%(c)(d) 0.05%(d) 0.07%(d) 0.09%(d) 0.10%
Ratio of net investment income to
average daily net assets................ 4.11% (c) 5.55% 5.51% 5.52% 5.71%
</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) Total return figures are based on a share outstanding throughout the period
and assume reinvestment of distributions at net asset value. For periods
less than one year, total return presented has not been annualized.
(c) Adjusted to an annual basis.
(d) 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.
