Deutsche Asset Management
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Mutual Fund
Semi-Annual Report
June 30, 2000
Institutional
Cash Reserves
Formerly Institutional Cash Reserves, a BT Mutual Fund
Cash Management Institutional
A Member of the
Deutsche Bank Group
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<PAGE>
Cash Reserves Institutional
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TABLE OF CONTENTS
LETTER TO SHAREHOLDERS .......................... 3
CASH RESERVES INSTITUTIONAL
Statement of Assets and Liabilities .......... 5
Statement of Operations ...................... 6
Statements of Changes in Net Assets .......... 7
Financial Highlights ......................... 8
Notes to Financial Statements ................ 9
CASH MANAGEMENT PORTFOLIO
Schedule of Portfolio Investments ............. 11
Statement of Assets and Liabilities ........... 16
Statement of Operations ....................... 17
Statements of Changes in Net Assets ........... 18
Financial Highlights .......................... 19
Notes to Financial Statements ................. 20
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The Fund is not insured by the FDIC and is not a
deposit, obligation of or guaranteed by Deutsche
Bank. The Fund is subject to investment risks,
including possible loss of principal amount
invested.
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Cash Reserve Institutional
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LETTER TO SHAREHOLDERS
We are pleased to present you with this semi-annual report for Cash Reserves
Institutional (the "Fund"), providing a detailed review of the market, the
Portfolio, and our outlook. Included are a complete financial summary of the
Fund's operations and a listing of the Portfolio's holdings.
With the acquisition of Bankers Trust by Deutsche Bank, the name of your Fund
has changed to Cash Reserves Institutional. However, the Fund's investment
objectives, policies and strategies, as well as its portfolio manager, remain
the same.
MARKET ACTIVITY
Concerns over Y2K proved to be unfounded as the new century rolled in without a
glitch. Thus, the major factors impacting the money markets over the first half
of 2000 were the ongoing strength of the U.S. economy and the interest rate
increases by the Federal Reserve Board in response to such strength. These
factors combined to push yields on short-term money market securities
significantly higher.
THE U.S. ECONOMY CONTINUED TO EXPAND OVER THE SEMI-ANNUAL PERIOD, CAUSING ALARM
AMONG THE FINANCIAL MARKETS THAT INFLATION MAY BE IMMINENT AND THAT THE FEDERAL
RESERVE BOARD MAY CONTINUE ITS TIGHTENING CYCLE.
o Existing home sales in the U.S. soared through the first half of 2000, as did
durable goods orders and retail sales.
o At the same time, productivity improvements and competitive pressures held
prices steady. Both the Consumer Price Index and Producer Price Index
reflected these steady prices, providing a glimmer of hope to the financial
markets that perhaps the Federal Reserve Board would remain on the sidelines.
o Nominal GDP, however, continued to surge, pushing the year-over-year growth
rate to 7%. These numbers put the financial markets on notice that the Fed was
probably not done raising interest rates.
IN FACT, THE FEDERAL RESERVE BOARD FOLLOWED UP ITS 0.75% RATE INCREASE IN 1999
WITH THREE ADDITIONAL INTEREST RATE HIKES, TOTALING ANOTHER 1.00%, IN THE FIRST
HALF OF 2000-ON FEBRUARY 2, MARCH 21, AND MAY 16.
o The Federal Reserve Board continued to take a hard stance against inflation
and argued that labor force growth and productivity could not indefinitely
support the pace of the economy.
o The Federal Reserve Board raised interest rates by 0.25% in February and
March, but stronger economic numbers in April led policymakers to believe that
inflation was accelerating and the economy not slowing, prompting a 0.50%
increase in May.
o Following its June meeting, the Federal Reserve Board explained that the
slowing of domestic demand was the reason for its holding the federal funds
rate steady that
<TABLE>
<CAPTION>
CUMULATIVE AVERAGE ANNUAL
TOTAL RETURNS TOTAL RETURNS ANNUALIZED
7 day 7 day
Periods ended Past 6 Past 1 Past 3 Past 5 Since Past 1 Past 3 Past 5 Since current effective
June 30, 2000 months year years years inception year years years inception yield yield
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Reserves
Institutional 1
(inception 1/25/94) 3.03% 5.80% 17.54% 30.94% 40.22% 5.80% 5.54% 5.54% 5.40% 6.51% 6.72%
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iMoneyNetFirstTier-
Institutional Money
Funds 2 2.89% 5.55% 16.87% 29.90% 62.47%* 5.55% 5.33% 5.36% 5.01%* 6.21% 6.41%
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<FN>
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1 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Yields and total return
will fluctuate. Yields quoted for money market funds most closely reflect the
fund's current earnings. "Current yield" refers to the income generated by an
investment in the Fund over a 7-day period.This income is then "annualized".
The "effective yield" is calculated similarly but, when annualized, the income
earned by an investment in the Fund is assumed to be reinvested. The
"effective yield" will be slightly higher than the "current yield" because of
the compounding effect of this assumed reinvestment. Performance figures
assume the reinvestment of dividends. During the period the Fund waived
certain fees and expenses.Had these fees and expenses not been waived, the
Fund's return would have been lower. An investment in the Fund is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the Fund.
2 The iMoneyNet, Inc. Money Fund Report Averages, a service of iMoneyNet, Inc.
(formerly the IBC Financial Data,Inc.) are averages for categories of similar
money market funds.
* Benchmark returns are for the period beginning January 31, 1994.
</FN>
</TABLE>
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3
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Cash Reserve Institutional
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LETTER TO SHAREHOLDERS
month, but it reiterated the point that core inflation was rising. Thus, the
Fed warned such a neutral stance, based on signs of the economy cooling, was
"tentative and preliminary."
o On June 30, 2000, the targeted federal funds rate stood at 6.50%.
INVESTMENT REVIEW
By staying disciplined to the purchase of high quality instruments and actively
adjusting sector allocation and the duration of the Portfolio as market
conditions changed, we were able to produce highly competitive yields in the
Cash Reserves Fund for the six month period.
Once Y2K liquidity issues were behind us, we were able to once again focus on
the economy and normal, technical factors. Thus, our strategy in the first half
of the year was to "barbell" the Portfolio, combining floating rate notes and
short-term paper with some longer dated securities. This strategy proved to be
effective, enabling us not only to quickly capture the higher yield when the Fed
increased rates but also to take advantage of a steep yield curve.
MANAGER OUTLOOK
Looking ahead to the second half of the year, we expect that the "soft landing"
scenario-slower economic growth without inflation-should play out. Economic
indicators announced late in the semi-annual period were a little weaker than
those reported in prior months, including a weaker National Purchasing Manager's
report and a cooler labor market, as reported in weekly jobless claims. We feel
that these weaker numbers will enable the Federal Reserve Board to stay on hold
for a couple of months, although we are not convinced that the Federal Reserve
Board has completed its cycle of interest rate increases.
The larger question for the Federal Reserve Board may be whether or not this
slowdown is temporary or if it is a longer lasting downturn. One key indicator
to monitor will be oil prices, as the current higher prices are noticeably
diminishing consumer purchasing power and slowing demand in the economy. A
moderation of energy prices would reduce these pressures.
PORTFOLIO DIVERSIFICATION
By Asset Type as of June 30, 2000 (percentages are based on net assets)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Funding Agreements 3%
Other Assets 1%
Floating Rate Notes 24%
Eurodollar TimeDeposits 7%
Eurodollar Certificates of Deposit 5%
Yankee Certificates of Deposit 6%
Certificates of Deposit 2%
Commercial Paper 52%
RATINGS 1
S&P: AAA
Moody's: Aaa
STATUS AT JUNE 30, 2000
Average maturity: 46 days
Net assets:$3.5 billion
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1 Ratings are subject to change and do not remove market risks.
In the Cash Reserves Fund, then, we intend to maintain a significant floating
rate note position. In times of economic uncertainty, floating rate notes have
historically outperformed other money market securities, as their coupon rates
equate to market levels much quicker than fixed rate investments. We will likely
manage the Fund with a neutral position, while we continue to assess economic
data for further signs of the direction of the economy.
We will, of course, continue to closely observe economic conditions and how they
affect the financial markets, as we seek to provide high current income
consistent with liquidity and capital preservation.
As always, we appreciate your ongoing support of the Cash Reserves Fund, and we
look forward to continuing to serve your investment needs for many years ahead.
/S/ SIGNATURE DARLENE M. RASEL
Darlene M. Rasel
Portfolio Manager of
CASH MANAGEMENT PORTFOLIO
June 30, 2000
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4
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Cash Reserve Institutional
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STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 2000
ASSETS
Investment in Cash Management Portfolio, at Value ........ $ 3,498,979,998
Prepaid Expenses ......................................... 14,692
Due from Bankers Trust ................................... 6,455
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Total Assets ................................................ 3,499,001,145
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LIABILITIES
Dividends Payable ........................................ 21,575,362
Accrued Expenses ......................................... 96,329
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Total Liabilities ........................................... 21,671,691
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NET ASSETS .................................................. $ 3,477,329,454
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COMPOSITION OF NET ASSETS
Paid-in Capital .......................................... $ 3,477,440,544
Accumulated Net Realized Loss from Investment Transactions (111,090)
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NET ASSETS .................................................. $ 3,477,329,454
===============
SHARES OUTSTANDING ($0.001 par value per share,
unlimited number of shares
of beneficial interest authorized) ....................... 3,477,440,543
===============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(net assets divided by shares outstanding) ............... $ 1.00
===============
See Notes to Financial Statements.
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Cash Reserve Institutional
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STATEMENT OF OPERATIONS (Unaudited)
FOR THE SIX
MONTHS ENDED
JUNE 30, 2000
INVESTMENT INCOME
Income Allocated from Cash Management Portfolio, net ...... $ 94,493,778
------------
EXPENSES
Administration and Services Fees .......................... 778,303
Registration Fees ......................................... 91,198
Professional Fees ......................................... 11,772
Printing and Shareholder Reports .......................... 9,673
Trustees Fees ............................................. 4,639
Miscellaneous ............................................. 1,660
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Total Expenses ............................................... 897,245
------------
Less: Fee Waivers and/or Expense Reimbursements .............. (897,245)
------------
Net Expenses ................................................. --
------------
NET INVESTMENT INCOME ........................................ 94,493,778
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NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS ............... 39,519
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ................... $ 94,533,297
============
See Notes to Financial Statements
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6
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Cash Reserve Institutional
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STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1 1999
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net Investment Income ............................ $ 94,493,778 $ 156,509,825
Net Realized Gain from Investment Transactions ... 39,519 184,046
---------------- ----------------
Net Increase in Net Assets from Operations .......... 94,533,297 156,693,871
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income ............................ (94,493,778) (156,509,825)
---------------- ----------------
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
(at net asset value of $1.00 per share)
Proceeds from Sales of Shares .................... 20,749,395,952 40,513,591,695
Dividend Reinvestments ........................... 46,266,463 125,458,484
Cost of Shares Redeemed .......................... (19,269,963,922) (41,055,419,734)
---------------- ----------------
Net Increase (Decrease) from Capital Transactions
in Shares of Beneficial Interest ................. 1,525,698,493 (416,369,555)
---------------- ----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ............. 1,525,738,012 (416,185,509)
NET ASSETS
Beginning of Period .............................. 1,951,591,442 2,367,776,951
---------------- ----------------
End of Period .................................... $ 3,477,329,454 $ 1,951,591,442
================ ================
<FN>
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1 Unaudited.
</FN>
</TABLE>
See Notes to Financial Statements
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Cash Reserve Institutional
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FINANCIAL HIGHLIGHTS
Contained below are selected data for a share outstanding, total investment
return, ratios to average net assets and other supplemental data for each period
indicated for Cash Reserves Institutional.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, 2000 3 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
INCOME FROMINVESTMENT OPERATIONS
Net Investment Income ................. 0.03 0.05 0.05 0.05 0.05 0.06
Net Realized Gain (Loss) from
Investment Transactions ............. 0.00 1 0.00 1 0.00 1 (0.00)1 0.00 1 0.00 1
------ ------ ------ ------ ------ ------
Total from Investment Operations ......... 0.03 0.05 0.05 0.05 0.05 0.06
------ ------ ------ ------ ------ ------
CONTRIBUTIONS OF CAPITAL ................. -- -- -- -- 0.00 1 --
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income ................. (0.03) (0.05) (0.05) (0.05) (0.05) (0.06)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN .................. 3.03% 5.16% 5.53% 5.58% 5.42%2 5.94%
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, End of Period
(000s omitted) ......................$3,477,329 $1,951,591 $2,367,777 $1,548,864 $1,286,737 $820,973
Ratios to Average Net Assets:
Net Investment Income ............... 6.11%4 5.01% 5.38% 5.45% 5.28% 5.80%
Expenses After Waivers,
Including Expenses of the
Cash Management Portfolio ........ 0.18%4 0.18% 0.18% 0.18% 0.18% 0.18%
Expenses Before Waivers,
Including Expenses of the
Cash Management Portfolio ........ 0.26%4 0.25% 0.26% 0.26% 0.26% 0.25%
<FN>
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1 Less than $0.01 per share.
2 Increased by approximately 0.03% due to Contributions of Capital for the year
ended December 31, 1996.
3 Unaudited.
4 Annualized.
</FN>
</TABLE>
See Notes to Financial Statements
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Cash Reserve Institutional
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
BT Institutional Funds (the "Trust") is registered under the Investment Company
Act of 1940 (the "Act"), as amended, as an open-end management investment
company. The Trust was organized on March 26, 1990, as an unincorporated
business trust under the laws of the Commonwealth of Massachusetts. The Fund
began operations and offering shares of beneficial interest January 25, 1994.
The Fund invests substantially all of its assets in the Cash Management
Portfolio (the "Portfolio"). The Portfolio is an open-end management investment
company registered under the Act. The value of the Fund's investment in the
Portfolio reflects its proportionate interest in the net assets of the
Portfolio, which was approximately 45% at June 30, 2000.
The financial statements of the Portfolio, including a list of assets held, are
contained elsewhere in this report and should be read in conjunction with the
Fund's financial statements.
B. VALUATION OF SECURITIES
Valuation of securities by the Portfolio is discussed in Note 1B of the
Portfolio's Notes to Financial Statements which are included elsewhere in this
report.
C. INVESTMENT INCOME
The Fund earns income, net of expenses, daily on its investment in the
Portfolio. All of the net investment income and realized and unrealized gains
and losses from the securities transactions of the Portfolio are allocated pro
rata among the investors in the Portfolio at the time of such determination.
D. DISTRIBUTIONS
It is the Fund's policy to declare dividends daily and pay them monthly to
shareholders from net investment income. Dividends and distributions payable to
shareholders are recorded by the Fund on the ex-dividend date. Distributions of
net realized short term and long term capital gains, if any, earned by the Fund
are made at least annually to the extent they exceed capital loss carryforwards.
E. FEDERAL INCOME TAXES
It is the Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and distribute all of its
taxable income to shareholders. Therefore, no federal income tax provision is
required.
F. OTHER
The Trust accounts separately for the assets, liabilities, and operations of
each of its funds. Expenses directly attributable to a fund are charged to that
fund, while expenses are attributable to the Trust are allocated among the funds
in theTrust.
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts in the financial statements.
Actual results could differ from those estimates.
NOTE 2 -- FEES AND TRANSACTIONS WITH AFFILIATES
The Fund has entered into an Administration and Services Agreement with Bankers
Trust Company ("Bankers Trust"), an indirect wholly owned subsidiary of Deutsche
Bank AG. Under this agreement, Bankers Trust provides administrative, custody,
transfer agency and shareholder services to the Fund in return for a fee
computed daily and paid monthly at an annual rate of .05% of the Fund's average
daily net assets.
Bankers Trust has contractually agreed to waive its fees and reimburse expenses
of the Fund through April 30, 2001, to the extent necessary, to limit all
expenses to .05% of the average daily net assets of the Fund, excluding expenses
of the Portfolio, and .18% of the average daily net assets of the Fund,
including expenses of the Portfolio.
ICC Distributors, Inc. provides distribution services to the Fund.
In 1996, Bankers Trust contributed capital in the amount of $348,087 to
reimburse the Fund for capital losses incurred in prior years. The Fund's 1996
Financial Highlights reflect this information.
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9
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Cash Reserve Institutional
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 3 -- CAPITAL LOSS CARRYFORWARD
At June 30, 2000, capital loss carryforward available as a reduction against
future net realized capital gains consisted of $132,830 which will expire in
2002, and $17,778 which will expire in 2005.
NOTE 4 -- FUND NAME CHANGE
On April 30, 2000, the Fund changed its name from Institutional Cash Reserves
Fund to Cash Reserves Institutional.
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10
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Cash Management Portfolio
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SCHEDULE OF PORTFOLIO INVESTMENTS June 30, 2000 (Unaudited)
PRINCIPAL
AMOUNT SECURITY VALUE
EURODOLLAR CERTIFICATES
OF DEPOSIT -- 5.4%
Barclays Bank,
$45,000,000 6.64%, 8/9/00 .......... $ 45,000,000
Cariplo Bank,
40,000,000 6.26%, 7/19/00 ......... 40,000,175
Credit Agricole Indosuez SA,
50,000,000 6.15%, 7/21/00 ......... 50,000,121
Halifax PLC,
100,000,000 6.24%, 7/11/00 ......... 100,000,000
International Nederlander Bank:
35,000,000 6.26%, 8/3/00 .......... 35,000,000
30,000,000 6.45%, 12/7/00 ......... 30,000,000
Landesbank Baden Wurttemberg,
40,000,000 6.245%, 7/19/00 ........ 40,000,088
Norddeutsche Landesbank
Girozentrale,
60,000,000 6.74%, 8/18/00 ......... 60,000,754
Westdeutsche Landesbank
Girozentrale,
20,000,000 6.73%, 9/29/00 ......... 20,000,000
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TOTAL EURODOLLAR CERTIFICATES OF DEPOSIT
(Amortized Cost $420,001,138) ...... 420,001,138
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YANKEE CERTIFICATES OF DEPOSIT -- 5.8%
Bank of Austria,
10,000,000 6.55%, 1/31/01 ......... 9,997,241
Bank of Nova Scotia,
25,000,000 6.71%, 2/22/01 ......... 24,993,917
Banque Nationale de Paris,
20,000,000 6.70%, 2/20/01 ......... 19,993,972
Canadian Imperial Bank of
Commerce:
20,000,000 6.57%, 7/10/00 ......... 20,000,000
100,000,000 6.60%, 7/19/00 ......... 100,000,000
50,000,000 6.74%, 9/19/00 ......... 50,002,130
63,000,000 6.74%, 9/19/00 ......... 63,000,000
30,000,000 6.75%, 9/19/00 ......... 30,000,000
Commerzbank AG,
20,000,000 6.70%, 2/20/01 ......... 19,993,972
Paribas SA,
40,000,000 6.22%, 7/6/00 .......... 39,999,931
PRINCIPAL
AMOUNT SECURITY VALUE
Royal Bank of Canada,
$ 5,000,000 5.70%, 7/3/00 .......... $ 5,000,000
Societe Generale,
32,000,000 6.81%, 4/17/01 ......... 32,004,483
Svenska Handelsbanken A.B.,
35,000,000 6.77%, 3/21/01 ......... 34,990,506
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TOTAL YANKEE CERTIFICATES OF DEPOSIT
(Amortized Cost $449,976,152) ...... 449,976,152
-------------
CERTIFICATES OF DEPOSIT -- 2.0%
Bank of America:
40,000,000 6.77%, 8/22/00 ......... 40,000,000
50,000,000 6.73%, 9/13/00 ......... 50,000,000
45,000,000 7.05%, 12/1/00 ......... 45,000,000
First Union Bank,
20,000,000 6.95%, 10/23/00 ........ 20,000,000
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $155,000,000) ...... 155,000,000
-------------
EURODOLLAR TIME DEPOSITS -- 7.4%
Bank of Scotland:
40,000,000 6.25%, 7/12/00 ......... 40,000,000
50,000,000 6.58%, 8/7/00 .......... 50,000,000
Banque Bruxelles Lambert,
25,000,000 6.50%, 10/6/00 ......... 25,000,000
Commerzbank AG,
30,000,000 7.04%, 11/20/00 ........ 30,000,000
KBC Bank,
50,000,000 7.00%, 7/5/00 .......... 50,000,000
Landesbank Baden Wurttemberg:
50,000,000 6.25%, 7/3/00 .......... 50,000,000
25,000,000 6.17%, 7/18/00 ......... 25,000,000
40,000,000 6.38%, 9/21/00 ......... 40,000,000
25,000,000 6.97%, 11/20/00 ........ 25,000,000
35,000,000 7.03%, 11/27/00 ........ 35,000,000
Norddeutsche Landesbank
Girozentrale,
40,000,000 6.95%, 12/6/00 ......... 40,000,000
Norwest Minnesota N.A.,
50,000,000 6.906%, 7/5/00 ......... 50,000,000
Paribas SA,
40,000,000 6.50%, 10/6/00 ......... 40,000,000
See Notes to Financial Statements.
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Cash Management Portfolio
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SCHEDULE OF PORTFOLIO INVESTMENTS June 30, 2000 (Unaudited)
PRINCIPAL
AMOUNT SECURITY VALUE
PNC Bank,
$66,257,300 7.125%, 7/3/00 ......... $ 66,257,300
Svenska Handelsbanken A.B.,
11,000,000 6.48%, 10/13/00 ........ 11,000,000
--------------
TOTAL EURODOLLAR TIME DEPOSITS
(Amortized Cost $577,257,300) ...... 577,257,300
--------------
FLOATING RATE NOTES -- 23.8%
Abbey National Treasury
Services PLC,
Monthly Variable Rate,
40,000,000 6.551%, 6/15/01 ........ 39,970,377
American Express Centurion Bank,
Monthly Variable Rate,
100,000,000 6.60%, 5/9/01 .......... 100,000,000
Asset Securitization
Cooperative Corp.,
Monthly Variable Rate,
70,000,000 6.56%, 1/12/01 ......... 69,991,940
Associates Corp. of North America,
Monthly Variable Rate,
15,000,000 6.55%, 3/16/01 ......... 14,991,615
AT&T Capital Corp.,
Quarterly Variable Rate,
20,000,000 6.971%, 12/1/00 ........ 20,060,016
AT&T Corp.,
Monthly Variable Rate:
83,000,000 6.566%, 3/8/01 ......... 82,981,644
30,000,000 6.639%, 6/14/01 ........ 30,000,000
Quarterly Variable Rate,
17,000,000 6.683%, 8/7/00 ......... 17,000,318
Bank of America Corp.,
Daily Variable Rate,
20,000,000 6.90%, 1/25/01 ......... 20,000,000
Bank of Scotland,
Monthly Variable Rate,
50,000,000 6.591%, 4/25/01 ........ 49,988,079
Quarterly Variable Rate,
15,000,000 6.829%, 3/5/01 ......... 14,999,387
PRINCIPAL
AMOUNT SECURITY VALUE
Bayerische Landesbank Girozentrale,
Monthly Variable Rate:
$50,000,000 6.595%, 11/9/00 ........ $ 49,995,300
35,000,000 6.585%, 2/28/01 ........ 34,988,766
25,000,000 6.594%, 3/1/01 ......... 24,991,927
100,000,000 6.614%, 5/30/01 ........ 99,964,442
Bayerische Hypo-und
Vereinsbank AG,
Monthly Variable Rate,
50,000,000 6.566%, 2/26/01 ........ 49,984,044
Bear Stearns Cos., Inc.,
Monthly Variable Rate,
30,000,000 6.60%, 9/12/00 ......... 30,000,000
Chase Manhattan Bank,
Quarterly Variable Rate,
5,000,000 7.01%, 11/17/00 ........ 5,005,605
Citigroup, Inc.,
Monthly Variable Rate,
100,000,000 6.605%, 6/6/01 ......... 100,000,000
Comerica Bank,
Monthly Variable Rate,
35,000,000 6.581%, 4/20/01 ........ 34,989,042
Commerzbank AG,
Monthly Variable Rate:
75,000,000 6.591%, 4/20/01 ........ 74,982,396
25,000,000 6.601%, 4/26/01 ........ 24,994,019
Compass Securitization LLC,
Monthly Variable Rate,
25,000,000 6.783%, 10/16/00 ....... 24,998,937
Credit Suisse First Boston, Inc.,
Daily Variable Rate,
25,000,000 7.305%, 2/20/01 ........ 24,998,428
First Union Bank,
Daily Variable Rate,
35,000,000 7.475%, 10/27/00 ....... 35,000,000
Ford Motor Credit Corp.,
Quarterly Variable Rate,
10,000,000 6.898%, 11/27/00 ....... 10,002,665
Goldman Sachs & Co.,
Quarterly Variable Rate:
41,450,000 6.711%, 1/8/01 ......... 41,542,703
35,000,000 6.714%, 1/16/01 ........ 35,061,618
40,000,000 6.49%, 1/25/01 ......... 40,041,064
See Notes to Financial Statements.
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Cash Management Portfolio
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SCHEDULE OF PORTFOLIO INVESTMENTS June 30, 2000 (Unaudited)
PRINCIPAL
AMOUNT SECURITY VALUE
Household Finance Corp.,
Daily Variable Rate,
$20,000,000 7.10%, 9/14/00 ......... $ 20,006,172
J.P. Morgan & Co., Inc.,
Monthly Variable Rate:
30,000,000 6.64%, 3/16/01 ......... 30,000,000
35,000,000 6.633%, 6/6/01 ......... 35,000,000
Merrill Lynch & Co., Inc.,
Monthly Variable Rate:
55,000,000 6.629%, 4/17/01 ........ 54,995,385
50,000,000 6.629%, 4/18/01 ........ 49,996,119
Quarterly Variable Rate:
15,000,000 6.58%, 1/12/01 ......... 15,027,226
25,000,000 6.959%, 3/5/01 ......... 25,022,508
Morgan Stanley Dean Witter, Inc.,
Monthly Variable Rate:
75,000,000 6.65%, 1/29/01 ......... 75,000,000
45,000,000 6.63%, 3/16/01 ......... 45,000,000
Quarterly Variable Rate:
20,000,000 6.854%, 2/16/01 ........ 20,017,114
16,500,000 6.92%, 2/23/01 ......... 16,512,195
National Rural Utilities CFC,
Quarterly Variable Rate,
15,000,000 6.77%, 6/15/01 ......... 15,000,000
Norwest Bank of Minnesota, N.A.,
Monthly Variable Rate,
25,000,000 6.643%, 9/7/00 ......... 24,997,339
PNC Bank,
Monthly Variable Rate,
25,000,000 6.585%, 7/12/00 ........ 24,999,757
SBC Communications, Inc.,
Quarterly Variable Rate:
50,000,000 6.325%, 5/1/01 ......... 50,000,000
30,000,000 6.684%, 5/15/01 ........ 29,997,469
Societe Generale,
Monthly Variable Rate,
50,000,000 6.594%, 1/19/01 ........ 49,983,751
Toyota Motor Credit Corp.,
Quarterly Variable Rate,
17,000,000 6.46%, 10/25/00 ........ 17,007,426
PRINCIPAL
AMOUNT SECURITY VALUE
Westdeutsche Landesbank
Girozentrale,
Monthly Variable Rate,
$ 45,000,000 6.571%, 2/26/01 ........ $ 44,985,639
--------------
TOTAL FLOATING RATE NOTES
(Amortized Cost $1,845,072,432) .... 1,845,072,432
--------------
COMMERCIAL PAPER -- 52.2%
Aegon Funding Corporation:
33,000,000 6.60%, 9/5/00 .......... 32,612,800
50,000,000 6.17%, 9/6/00 .......... 49,442,986
30,000,000 6.18%, 9/18/00 ......... 29,603,450
33,000,000 6.20%, 12/1/00 ......... 32,141,817
Alcoa, Inc.,
40,000,000 6.62%, 8/2/00 .......... 39,779,333
Asset Portfolio Funding Corp.,
32,166,000 6.70%, 12/6/00 ......... 31,232,114
Associates First Capital Corp.,
30,000,000 6.60%, 9/14/00 ......... 29,598,500
AT&T Corp.,
50,000,000 6.69%, 9/5/00 .......... 49,405,333
BAE Systems Holdings, Inc.:
45,000,000 6.60%, 8/10/00 ......... 44,686,500
40,000,000 6.66%, 8/21/00 ......... 39,637,400
Bank of America Corp.:
40,000,000 6.06%, 8/9/00 .......... 39,750,867
22,000,000 6.10%, 9/8/00 .......... 21,750,239
20,000,000 6.26%, 10/3/00 ......... 19,680,044
35,000,000 6.68%, 12/4/00 ......... 33,999,856
Bavaria Trust Corp.:
100,000,000 6.55%, 7/11/00 ......... 99,854,444
24,275,000 6.605%, 7/26/00 ........ 24,172,563
Bell Atlantic Network Funding,
39,000,000 6.53%, 7/21/00 ......... 38,872,665
British Telecommunications PLC:
40,000,000 6.17%, 7/17/00 ......... 39,904,022
25,000,000 6.08%, 9/1/00 .......... 24,746,667
20,000,000 6.27%, 10/11/00 ........ 19,651,667
25,000,000 6.25%, 10/12/00 ........ 24,561,632
68,000,000 6.69%, 11/8/00 ......... 66,381,227
15,000,000 6.69%, 11/13/00 ........ 14,629,262
45,000,000 6.22%, 12/4/00 ......... 43,802,650
See Notes to Financial Statements.
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Cash Management Portfolio
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SCHEDULE OF PORTFOLIO INVESTMENTS June 30, 2000 (Unaudited)
PRINCIPAL
AMOUNT SECURITY VALUE
Compass Sercuritization LLC:
$ 15,135,000 6.61%, 7/3/00 .......... $ 15,135,000
100,000,000 6.60%, 7/5/00 .......... 99,963,333
70,000,000 6.57%, 7/10/00 ......... 69,910,575
41,490,000 6.55%, 7/11/00 ......... 41,429,609
15,000,000 6.62%, 7/25/00 ......... 14,939,317
Corporate Asset Funding Co., Inc.:
45,000,000 6.61%, 8/21/00 ......... 44,595,137
10,000,000 6.64%, 8/22/00 ......... 9,907,778
Corporate Receivables Corp.:
35,000,000 6.53%, 7/17/00 ......... 34,911,119
65,000,000 6.60%, 8/1/00 .......... 64,654,417
30,000,000 6.60%, 8/2/00 .......... 29,835,000
30,000,000 6.65%, 8/21/00 ......... 29,728,458
Credit Suisse First Boston, Inc.:
50,000,000 6.63%, 8/7/00 .......... 49,677,708
32,000,000 6.60%, 8/10/00 ......... 31,777,050
40,000,000 6.65%, 8/23/00 ......... 39,623,167
34,500,000 6.60%, 9/5/00 .......... 34,095,200
Delaware Funding Corp.,
50,000,000 6.59%, 7/20/00 ......... 49,844,403
Den Danske Corp.:
33,000,000 6.68%, 11/13/00 ........ 32,185,597
20,000,000 6.71%, 12/6/00 ......... 19,418,467
Diageo Capital PLC,
30,000,000 6.90%, 7/5/00 .......... 29,988,500
Edison Asset Security LLC,
40,000,000 6.60%, 8/4/00 .......... 39,765,333
Fortis Bank:
25,000,000 6.64%, 8/10/00 ......... 24,824,778
40,000,000 6.08%, 9/1/00 .......... 39,594,667
23,600,000 6.69%, 12/12/00 ........ 22,889,522
France Telecom SA:
30,000,000 6.54%, 7/17/00 ......... 29,923,700
60,000,000 6.64%, 8/1/00 .......... 59,678,865
17,300,000 6.57%, 8/7/00 .......... 17,189,496
35,000,000 6.58%, 8/11/00 ......... 34,750,508
40,000,000 6.60%, 9/12/00 ......... 39,479,333
37,383,000 6.62%, 9/15/00 ......... 36,874,300
25,000,000 6.62%, 9/18/00 ......... 24,646,014
General Electric Financial
Assurance Holdings, Inc.,
55,000,000 6.84%, 7/6/00 .......... 54,968,650
PRINCIPAL
AMOUNT SECURITY VALUE
General Electric Capital Corp.
International Funding, Inc.:
$37,633,000 6.90%, 7/5/00 .......... $ 37,618,574
18,000,000 6.54%, 7/12/00 ......... 17,970,570
20,000,000 6.63%, 8/3/00 .......... 19,885,817
45,000,000 6.59%, 8/15/00 ......... 44,645,787
50,000,000 6.58%, 8/16/00 ......... 49,597,889
40,000,000 6.65%, 8/24/00 ......... 39,615,778
25,000,000 6.61%, 9/11/00 ......... 24,678,681
Glaxo Wellcome PLC,
16,900,000 6.60%, 9/29/00 ......... 16,627,347
Goldman Sachs & Co.:
29,000,000 6.65%, 8/7/00 .......... 28,812,507
75,000,000 6.09%, 8/22/00 ......... 74,365,625
85,000,000 6.68%, 9/18/00 ......... 83,785,539
Greyhawk Funding LLC:
10,000,000 6.13%, 7/5/00 .......... 9,996,594
72,000,000 6.55%, 7/24/00 ......... 71,724,900
50,000,000 6.58%, 8/8/00 .......... 49,671,000
45,000,000 6.59%, 8/15/00 ......... 44,645,787
20,000,000 6.61%, 9/15/00 ......... 19,728,256
Invensys PLC,
20,000,000 6.62%, 8/11/00 ......... 19,856,567
Mellon Financial Corp.,
25,000,000 6.62%, 7/24/00 ......... 24,903,458
Merck & Co.,
75,000,000 6.80%, 7/7/00 .......... 74,943,333
Merrill Lynch & Co., Inc.:
53,000,000 6.15%, 7/10/00 ......... 52,936,621
53,000,000 6.13%, 7/17/00 ......... 52,873,654
Moriarty Ltd.,
30,000,000 6.20%, 9/25/00 ......... 29,566,000
National Rural Utilities CFC:
20,000,000 6.13%, 7/17/00 ......... 19,952,322
15,000,000 6.62%, 8/15/00 ......... 14,881,392
25,000,000 6.08%, 9/6/00 .......... 24,725,556
30,000,000 6.15%, 9/19/00 ......... 29,600,250
15,000,000 6.09%, 9/22/00 ......... 14,794,462
Province of Quebec:
30,000,000 6.09%, 8/10/00 ......... 29,807,150
15,000,000 6.09%, 8/17/00 ......... 14,885,812
See Notes to Financial Statements.
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Cash Management Portfolio
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SCHEDULE OF PORTFOLIO INVESTMENTS June 30, 2000 (Unaudited)
PRINCIPAL
AMOUNT SECURITY VALUE
Receivables Capital Corp.:
$30,000,000 6.59%, 8/9/00 .......... $ 29,796,808
70,000,000 6.61%, 9/5/00 .......... 69,177,422
Salomon Smith Barney Holdings, Inc.:
60,000,000 6.54%, 7/14/00 ......... 59,880,100
50,000,000 6.52%, 8/1/00 .......... 49,737,389
SBC Communications, Inc.,
70,000,000 6.75%, 7/10/00 ......... 69,908,125
Sheffield Receivables Corp.:
20,000,000 6.60%, 7/14/00 ......... 19,959,667
50,900,000 6.61%, 7/17/00 ......... 50,769,353
74,000,000 6.67%, 7/26/00 ......... 73,684,657
37,900,000 6.59%, 8/4/00 .......... 37,677,990
40,000,000 6.60%, 8/7/00 .......... 39,743,333
33,000,000 6.65%, 9/5/00 .......... 32,609,867
Toyota Motor Credit Corp.,
15,000,000 6.05%, 8/28/00 ......... 14,858,833
Tulip Funding Corp.:
40,000,000 6.55%, 7/10/00 ......... 39,949,056
11,724,000 6.61%, 7/17/00 ......... 11,693,863
36,044,000 6.61%, 7/19/00 ......... 35,938,111
20,000,000 6.66%, 7/28/00 ......... 19,907,500
90,000,000 6.65%, 9/26/00 ......... 88,586,875
35,000,000 6.65%, 9/27/00 ......... 34,443,986
Volkswagen of America, Inc.,
25,000,000 6.56%, 8/15/00 ......... 24,804,111
Wells Fargo Bank,
50,000,000 6.58%, 8/23/00 ......... 49,533,917
Windmill Funding Corp.:
25,000,000 6.53%, 7/14/00 ......... 24,950,118
40,000,000 6.65%, 7/20/00 ......... 39,874,389
15,000,000 6.58%, 7/24/00 ......... 14,942,425
25,000,000 6.60%, 8/7/00 .......... 24,839,583
--------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $4,050,467,745) .... 4,050,467,745
--------------
PRINCIPAL
AMOUNT SECURITY VALUE
FUNDING AGREEMENTS -- 2.8%
Allstate Life Insurance,
Quarterly Variable Rate,1,2
$45,000,000 6.868%, 7/2/01 ......... $ 45,000,000
First Allmerica Financial Life
Insurance,
Quarterly Variable Rate,1,2
45,000,000 6.97%, 1/29/01 ......... 45,000,000
GE Life and Annuity
Assurance Co.,
Quarterly Variable Rate:1,2
40,000,000 6.721%, 9/1/00 ......... 40,000,000
20,000,000 6.91%, 3/1/01 .......... 20,000,000
Travelers Insurance Co,
Quarterly Variable Rate:1,2
40,000,000 6.35%, 2/23/01 ......... 40,000,000
30,000,000 6.36%, 4/2/01 .......... 30,000,000
--------------
TOTAL FUNDING AGREEMENTS
(Amortized Cost $220,000,000) ...... 220,000,000
--------------
GOVERNMENT AGENCY -- 0.2%
Federal National Mortgage
Association,
15,000,000 6.35%, 2/2/01 .......... 14,990,703
--------------
TOTAL GOVERNMENT AGENCY
(Amortized Cost $14,990,703) ....... 14,990,703
--------------
TOTAL INVESTMENTS
(Amortized Cost
$7,732,765,470) ......... 99.6% $7,732,765,470
OTHER ASSETS IN EXCESS
OF LIABILITIES ............. 0.4 30,004,558
----- --------------
NET ASSETS ................... 100.0% $7,762,770,028
===== ==============
--------------------------------------------------------------------------------
1 Illiquid security.
2 Funding agreement subject to a thirty or ninety day demand feature.
See Notes to Financial Statements.
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Cash Management Portfolio
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 2000
ASSETS
Investments, at Value (Amortized Cost $7,732,765,470) ..... $7,732,765,470
Interest Receivable ....................................... 30,035,483
Cash ...................................................... 1,328,675
--------------
Total Assets ................................................. 7,764,129,628
--------------
LIABILITIES
Due to Bankers Trust ...................................... 1,352,578
Accrued Expenses and Other ................................ 7,022
--------------
Total Liabilities ............................................ 1,359,600
--------------
NET ASSETS ................................................... $7,762,770,028
--------------
--------------
COMPOSITION OF NET ASSETS
Paid-in Capital ........................................... $7,762,770,028
--------------
NET ASSETS ................................................... $7,762,770,028
==============
See Notes to Financial Statements.
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<PAGE>
Cash Management Portfolio
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STATEMENT OF OPERATIONS (Unaudited)
FOR THE SIX
MONTHS ENDED
JUNE 30, 2000
INVESTMENT INCOME
Interest ............................................... $ 256,211,908
-------------
EXPENSES
Advisory Fees .......................................... 6,212,853
Administration and Services Fees ....................... 2,070,951
Professional Fees ...................................... 24,256
Trustees Fees .......................................... 2,011
Miscellaneous .......................................... 22,830
-------------
Total Expenses ............................................ 8,332,901
Less: Fee Waivers and/or Expense Reimbursements ........... (877,477)
-------------
Net Expenses .............................................. 7,455,424
-------------
NET INVESTMENT INCOME ..................................... 248,756,484
NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS ............ 103,564
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ................ $ 248,860,048
=============
See Notes to Financial Statements.
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Cash Management Portfolio
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STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1 1999
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net Investment Income .......................... $ 248,756,484 $ 356,274,468
Net Realized Gain from Investment Transactions . 103,564 441,562
---------------- ----------------
Net Increase in Net Assets from Operations ........ 248,860,048 356,716,030
---------------- ----------------
CAPITAL TRANSACTIONS
Proceeds from CapitalInvested .................. 25,538,301,927 39,802,568,271
Value of CapitalWithdrawn ...................... (24,125,109,313) (39,522,819,924)
---------------- ----------------
Net Increase in Net Assets from CapitalTransactions 1,413,192,614 279,748,347
---------------- ----------------
TOTAL INCREASE IN NET ASSETS ...................... 1,662,052,662 636,464,377
NET ASSETS
Beginning of Period ............................ 6,100,717,366 5,464,252,989
---------------- ----------------
End of Period .................................. $ 7,762,770,028 $ 6,100,717,366
================ ================
<FN>
--------------------------------------------------------------------------------
1 Unaudited.
</FN>
</TABLE>
See Notes to Financial Statements.
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Cash Management Portfolio
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FINANCIAL HIGHLIGHTS
Contained below are selected supplemental data and ratios to average net assets
for each period indicated for the Cash Management Portfolio.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, 2000 1 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, End of Period
(000s omitted) ................... $7,762,770 $6,100,717 $5,464,253 $4,039,725 $3,261,910 $2,615,932
Ratios to Average Net Assets:
Net Investment Income ............ 6.08%2 5.04% 5.37% 5.43% 5.27% 5.77%
Expenses After Waivers ........... 0.18%2 0.18% 0.18% 0.18% 0.18% 0.18%
Expenses Before Waivers .......... 0.20%2 0.20% 0.20% 0.20% 0.20% 0.20%
<FN>
--------------------------------------------------------------------------------
1 Unaudited.
2 Annualized.
</FN>
</TABLE>
See Notes to Financial Statements.
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Cash Management Portfolio
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES.
A. ORGANIZATION
The Cash Management Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 (the "Act"), as amended, as an open-end
management investment company. The Portfolio was organized on March 26, 1990, as
an unincorporated trust under the laws of New York, and began operations on July
23, 1990. The Declaration of Trust permits the Board of Trustees (the
"Trustees") to issue beneficial interests in the Portfolio.
B. VALUATION OF SECURITIES
Investments are valued at amortized cost, which is in accordance with Rule 2a-7
of the Investment Company Act of 1940.
C. SECURITIES TRANSACTIONS AND INTEREST INCOME
Securities transactions are accounted for on a trade date basis. Interest income
is recorded on the accrual basis and includes amortization of premium and
accretion of discount on investments. Expenses are recorded as incurred.
Realized gains and losses from securities transactions are recorded on the
identified cost basis.
All of the net investment income and realized and unrealized gains and losses
from the securities transactions of the Portfolio are allocated pro rata among
the investors in the Portfolio at the time of such determination.
D. REPURCHASE AGREEMENTS
The Portfolio may enter into repurchase agreements with financial institutions
deemed to be creditworthy by the Portfolio's Investment Advisor, subject to the
seller's agreement to repurchase such securities at a mutually agreed upon
price. Securities purchased subject to repurchase agreements are deposited with
the Portfolio's custodian, and pursuant to the terms of the repurchase agreement
must have an aggregate market value greater than or equal to the repurchase
price plus accrued interest at all times. If the value of the underlying
securities falls below the value of the repurchase price plus accrued interest,
the Portfolio requires the seller to deposit additional collateral by the next
business day. If the request for additional collateral is not met, or the seller
defaults on its repurchase obligation, the Portfolio maintains the right to sell
the underlying securities at market value and may claim any resulting loss
against the seller. However, in the event of a default or bankruptcy by the
seller, realization and/or retention of the collateral may be subject to legal
proceedings.
Each Portfolio may enter into tri-party repurchase agreements with
broker-dealers, and domestic banks. The third party, which is the broker's
custodial bank, holds the collateral in a separate account until the repurchase
agreement matures. The agreement ensures that the collateral's market value,
including any accrued interest, is adequate to cover the agreement if the broker
defaults.
E. FEDERAL INCOME TAXES
The Portfolio is considered a Partnership under the Internal Revenue Code.
Therefore, no federal income tax provision is required.
F. OTHER
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts in the financial statements.
Actual results could differ from those estimates.
NOTE 2 -- FEES AND TRANSACTIONS WITH AFFILIATES
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"), an indirect wholly owned subsidiary of
Deutsche Bank AG. Under this agreement, Bankers Trust provides administrative,
custody, transfer agency and shareholder services to the Portfolio in return for
a fee computed daily and paid monthly at an annual rate of .05% of the
Portfolio's average daily net assets.
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Cash Management Portfolio
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this agreement, the Portfolio pays Bankers Trust a fee computed daily and paid
monthly at an annual rate of .15% of the Portfolio's average daily net assets.
Bankers Trust has contractually agreed to waive its fees and reimburse expenses
of the Portfolio through April 30, 2001, to the extent necessary, to limit all
expenses to .18% of the average daily net assets of the Portfolio.
In 1996, Bankers Trust contributed capital in the amount of $1,113,488 to
reimburse the Cash Management Portfolio for capital losses incurred in prior
years.
At June 30, 2000, the Portfolio was a participant with other affiliated entities
in a revolving credit facility in the amount of $200,000,000, which expires
April 27, 2001. A commitment fee on the average daily amount of the available
commitment is payable on a quarterly basis and apportioned among all
participants based on net assets. No amounts were drawn down or outstanding for
this fund under the credit facility for the six months ended June 30, 2000.
--------------------------------------------------------------------------------
21
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
<PAGE>
For information on how to invest, shareholder account information and current
price and yield information, please contact your relationship manager or write
to us at:
DEUTSCHE ASSET MANAGEMENT SERVICE CENTER
P.O. BOX 219210
KANSAS CITY, MO 64121-9210
or call our toll-free number: 1-800-730-1313
This report must be preceded or accompanied by a current prospectus for the
Fund.
Deutsche Asset Management is the marketing name for the asset management
activities of Deutsche Bank AG, Deutsche Fund Management, Inc., Bankers Trust
Company, DB Alex. Brown LLC, Deutsche Asset Management,Inc. and Deutsche Asset
Management Investment Services Limited.
Cash Reserves Institutional CUSIP #055924872
1687SA (06/00)
Distributed by:
ICC Distributors, Inc.
