PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for the RIMCO Monument
Funds (the "Trust"). This report covers activity in the Trust for the year ended
April 30, 1994.
Over the period, net assets in the RIMCO Monument Prime Money Market Fund
("Prime Fund") rose from $277 million at the beginning of the year to $335
million at the end of the year. The Prime Fund paid dividends of $0.03 per
share.
Assets in the RIMCO Monument U.S. Treasury Money Market Fund ("Treasury Fund")
also increased from $87 million at the beginning of the year to $107 million at
the end of the year. The Treasury Fund paid dividends of $0.03 per share.
The RIMCO Monument Bond Fund's ("Bond Fund") portfolio of government and
corporate bonds paid dividends of $0.53 per share and capital gains of $0.56 per
share. Reflecting the fact that, when interest rates rise, bond prices fall, the
Bond Fund's net asset value decreased over the period as interest rates rose
during the first quarter of 1994. At the beginning of the year, the net asset
value was $10.40 per share compared to $9.46 at the period's end. Net assets
reached $48 million] by the end of the year.
For investors with long-term financial goals, the RIMCO Monument Stock Fund
("Stock Fund") turned in a strong performance. The Stock Fund achieved a total
return of 15.28%* based on net asset value which does not reflect the sales
load. Net assets reached $59 million at the end of the year.
The following pages present investment reviews for the portfolios of the Trust,
a complete listing of holdings, and all financial activity.
Thank you for selecting the RIMCO Monument Funds to pursue your financial goals.
We will continue to keep you up to date on your investment as we provide your
account with the highest level of personal service.
Sincerely,
Edward C. Gonzales
President
June 15, 1994
* Past performance is not predictive of future performance. Your investment
return and principal value will fluctuate so when shares are redeemed, they
may be worth more or less than original cost.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
RIMCO MONUMENT PRIME MONEY MARKET FUND &
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
This last fiscal year marked a significant change in the direction of short-term
rates from the prior year. Though yields of short Treasuries and corporates had
already bottomed before last May and moved up further in the first quarter, it
was not until the Federal Reserve Board ("Fed") began tightening in February
that the major upward move in short-term rates occurred. Since February, the
yield on three month Treasury Bills ("T-Bills") has risen 90 basis points while
the yield on six-month and one year
T-Bills has risen 122 and 166 basis points, respectively. The one year T-Bill
closed the fiscal year at a yield of 6.12%, a change of 191 basis points from
the prior year.
Fortunately, we had anticipated this rise in short-term rates and positioned the
Prime and Treasury Funds defensively. The Prime Fund in particular benefited
substantially from significant positions in agency and corporate floating rate
notes. These notes pay a rate which "floats" up or down with a known indice,
such as the three month T-Bill. As rates rose this last year, the floating rate
notes in the Prime Fund rose with them, allowing the Prime Fund to out-perform
most other money market funds.
Looking forward, we still consider a further rise in short-term rates a distinct
possibility. Consequently, we will remain somewhat defensive in our money market
fund posture.
RIMCO MONUMENT BOND FUND
The Bond Fund maintained a defensive posture this past year in light of our
expectation that interest rates would rise. While some uncertainty remains as to
whether interest rates have risen enough to prevent the economy from
overheating, we do feel that the bulk of the interest rate rise is behind us.
At this time we are maintaining a slightly defensive-to-neutral posture.
RIMCO MONUMENT STOCK FUND
The RIMCO Monument Stock Fund had an excellent year. For the year ended April
30, 1994, the Stock Fund generated a total return of 15.28% based on net asset
value and a total return of 11.23% assuming the 3.5% sales load*. This was
better than the 5.6% total return for the Standard and Poors 500 Index ("S&P
500").**
Throughout the year we maintained diversification across all economic sectors
with a particular focus on Capital Goods and Financials. Our strategy of buying
stocks with strong earnings momentum and low price to earnings ratios was a
winning combination. The year was successful because we were able to capitalize
on changing trends by balancing between growth and value across all economic
sectors. Large capitalized companies were highlighted in our work during the
year and provided the best returns. In analyzing the data we discovered the
major theme evolving among these large companies
* Past performance is not predictive of future performance. Your investment
return and principal value will fluctuate so when shares are redeemed, they
may be worth more or less than original cost.
** This index is unmanaged.
- --------------------------------------------------------------------------------
was restructuring of business units and refocusing on core operations. Examples
of this are Caterpillar, Inc., up 58% for the year; Union Carbide Corp. Holdings
Co., up 24%; Citicorp, up 30%; and Kemper Corp., up 52%. While the Healthcare
sector was one of the worst performing sectors in the market and the most
difficult area in which to make money, we focused on the hospital management
company Columbia/HCA Healthcare Corp., up 82%. A new management team which was
in the process of restructuring its business units and refocusing on its core
operations proved to be the catalyst for Columbia Hospital's offer to purchase
the company.
Looking forward, despite higher short-and long-term interest rates thus far in
1994, we are optimistic about rising corporate profits over the year. The cost
cutting and asset redeployment which has helped industrial America compete in a
global marketplace should provide the catalyst for growth as productivity
improves. In addition, as close to 45% of S&P 500 earnings are derived from
foreign sources, a pick up in global economies should provide the second
catalyst for growth. Adhering to our discipline benefited shareholders last
year. Looking ahead, we believe your Stock Fund should continue to benefit from
our focus on careful stock selection which balances good value and positive
earnings growth.
PERFORMANCE COMPARISON
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT IN RIMCO
MONUMENT BOND FUND AND LEHMAN BROTHERS
GOVERNMENT/CORPORATE TOTAL INDEX\.
See Appendix A
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so when shares are redeemed, they may be
worth more or less than original cost. Mutual funds are not obligations of or
guaranteed by any bank and are not federally insured.
*Reflects operations of The RIMCO Monument Bond Fund from the start of
business, 5-11-92 through 4-30-94.
**Represents a hypothetical investment of $10,000 in RIMCO Monument Bond Fund,
after deducting the maximum sales charge of 3.50% ($10,000 investment minus
$350 sales charge = $9,650). The Bond Fund's performance assumes the
reinvestment of all dividends and distributions. The Lehman Brothers
Government/Corporate Total Index IS adjusted to reflect reinvestment of
dividends on securities in the index.
\The Lehman Brothers Government/Corporate Total Index IS not adjusted to
reflect sales loads, expenses, or other fees that the Securities and
Exchange Commission requires to be reflected in the Bond Fund's performance.
PERFORMANCE COMPARISON
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT IN RIMCO
MONUMENT STOCK FUND AND STANDARD & POOR'S 500 INDEX\.
See Appendix B
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so when shares are redeemed, they may be
worth more or less than original cost. Mutual funds are not obligations of or
guaranteed by any bank and are not federally insured.
*Reflects operations of the RIMCO Monument Stock Fund from the start of
business 5-11-92 through 4-30-94.
**Represents a hypothetical investment of $10,000 in the RIMCO Monument Stock
Fund, after deducting the maximum sales charge of 3.50% ($10,000 investment
minus $350 sales charge = $9,650). The Stock Fund's performance assumes the
reinvestment of all dividends and distributions. The Standard & Poor's 500
Index IS adjusted to reflect reinvestment of dividends on securities in the
index.
\The Standard & Poor's 500 Index IS not adjusted to reflect sales loads,
expenses, or other fees that the Securities and Exchange Commission requires
to be reflected in the Stock Fund's performance.
RIMCO MONUMENT PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- -------------------------------------------------------------------------------- ---------------
SHORT-TERM U.S. GOVERNMENT AND AGENCY OBLIGATIONS--32.8%
- ------------------------------------------------------------------------------------------------
*FEDERAL HOME LOAN BANKS--1.6%
--------------------------------------------------------------------------------
$ 5,500,000 2.79%-3.74%, 5/14/94-8/26/94 $ 5,497,561
-------------------------------------------------------------------------------- ---------------
*FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.2%
--------------------------------------------------------------------------------
4,000,000 3.50%-4.02%, 6/30/94-7/16/94 4,001,845
-------------------------------------------------------------------------------- ---------------
*STUDENT LOAN MARKETING ASSOCIATION--24.9%
--------------------------------------------------------------------------------
83,055,000 4.0652%-4.54%, 5/3/94-8/16/94 83,316,031
-------------------------------------------------------------------------------- ---------------
TENNESSE VALLEY AUTHORITY--2.2%
--------------------------------------------------------------------------------
7,000,000 8.75%, 10/1/94 7,433,147
-------------------------------------------------------------------------------- ---------------
U.S. TREASURY BILLS--2.9%
--------------------------------------------------------------------------------
9,808,000 7/21/94-12/15/94 9,737,185
-------------------------------------------------------------------------------- ---------------
TOTAL SHORT-TERM U.S. GOVERNMENT AND AGENCY OBLIGATIONS 109,985,769
-------------------------------------------------------------------------------- ---------------
SHORT-TERM MUNICIPAL SECURITIES--9.8%
- ------------------------------------------------------------------------------------------------
5,000,000 Colorado Student Obligation Bond, 3.90%, 7/1/94 5,000,000
--------------------------------------------------------------------------------
2,500,000 Durham, NC, Participation Certificates, 3.95%, 5/4/94 2,500,000
--------------------------------------------------------------------------------
10,300,000 New Orleans, LA, Aviation Brd., 4.05%, 5/6/94 10,300,000
--------------------------------------------------------------------------------
8,000,000 Newport Mesa, CA, School District, 4.50%, 6/15/94 8,007,478
--------------------------------------------------------------------------------
4,000,000 San Bernardino County, CA, 3.938%, 7/29/94 4,000,000
--------------------------------------------------------------------------------
3,000,000 Summit County, OH, 4.30%, 12/30/94 3,008,710
-------------------------------------------------------------------------------- ---------------
TOTAL SHORT-TERM MUNICIPAL SECURITIES 32,816,188
-------------------------------------------------------------------------------- ---------------
CORPORATE BONDS--47.9%
- ------------------------------------------------------------------------------------------------
BANKING--13.7%
--------------------------------------------------------------------------------
16,990,000 BankAmerica Corp., 3.5375%-6.875%, 8/15/94-2/15/95 17,185,314
--------------------------------------------------------------------------------
9,000,000 Bank of Delaware, 3.30%, 6/10/94 8,997,650
--------------------------------------------------------------------------------
5,000,000 Citicorp, 7.40%, 2/7/95 5,113,357
--------------------------------------------------------------------------------
5,000,000 First National Bank of Boston, 4.03%, 7/7/94 5,001,975
--------------------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- -------------------------------------------------------------------------------- ---------------
CORPORATE BONDS--CONTINUED
- ------------------------------------------------------------------------------------------------
BANKING--CONTINUED
--------------------------------------------------------------------------------
$ 9,500,000 Fleet Mortgage Group, Inc., 3.2375%, 9/30/94 $ 9,497,947
-------------------------------------------------------------------------------- ---------------
Total 45,796,243
-------------------------------------------------------------------------------- ---------------
FINANCE--10.2%
--------------------------------------------------------------------------------
10,000,000 American Express Centurion Bank, 4.11%, 5/3/94 10,000,000
--------------------------------------------------------------------------------
1,500,000 American Express Credit Corp., 8.75%, 2/1/95 1,546,214
--------------------------------------------------------------------------------
5,000,000 American General Finance Corp., 9.25%, 7/1/94 5,047,034
--------------------------------------------------------------------------------
6,285,000 Associates Corp. of North America, 6.625%-12.75%,
8/15/94-3/15/95 6,428,748
--------------------------------------------------------------------------------
3,250,000 Heller Financial Corp., 4.325%-8.375%, 6/15/94-10/3/94 3,260,892
--------------------------------------------------------------------------------
1,200,000 ITT Corp., 9.375%-9.64%, 5/25/94-10/15/94 1,208,159
--------------------------------------------------------------------------------
6,363,000 Philip Morris Cos., Inc., 0.01%-9.40%, 5/13/94-4/18/95 6,522,838
-------------------------------------------------------------------------------- ---------------
Total 34,013,885
-------------------------------------------------------------------------------- ---------------
FINANCE--AUTOMOTIVE--8.7%
--------------------------------------------------------------------------------
14,150,000 Ford Motor Co., 3.92%-10.00%, 5/2/94-1/16/95 14,221,078
--------------------------------------------------------------------------------
13,500,000 General Motors Corp., 4.70%-9.40%, 5/18/94-9/21/94 13,554,594
--------------------------------------------------------------------------------
1,500,000 GMAC European, 6.10%, 1/25/94 1,519,813
-------------------------------------------------------------------------------- ---------------
Total 29,295,485
-------------------------------------------------------------------------------- ---------------
FINANCE--COMMERCIAL--1.0%
--------------------------------------------------------------------------------
1,000,000 CIT Group Holdings, Inc., 8.875%, 8/15/94 1,014,136
--------------------------------------------------------------------------------
2,250,000 General Electric Capital Corp., 8.65%-9.05%, 7/3/94-8/15/94 2,277,207
-------------------------------------------------------------------------------- ---------------
Total 3,291,343
-------------------------------------------------------------------------------- ---------------
FINANCE--EQUIPMENT--3.7%
--------------------------------------------------------------------------------
12,150,000 International Lease Finance Corp., 7.20%-8.20%, 5/2/94-10/1/94 12,282,342
-------------------------------------------------------------------------------- ---------------
FINANCE--RECEIVABLES--2.3%
--------------------------------------------------------------------------------
3,000,000 IBM Credit Corp., 3.70%, 7/29/94 2,998,285
--------------------------------------------------------------------------------
4,500,000 John Deere Capital Corp., 5.00%-11.625%, 1/15/95-3/20/95 4,625,839
-------------------------------------------------------------------------------- ---------------
Total 7,624,124
-------------------------------------------------------------------------------- ---------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- -------------------------------------------------------------------------------- ---------------
CORPORATE BONDS--CONTINUED
- ------------------------------------------------------------------------------------------------
FOOD & BEVERAGE--2.3%
--------------------------------------------------------------------------------
$ 7,750,000 Pepsico, Inc., 3.975%-7.625%, 5/3/94-8/1/94 $ 7,776,909
-------------------------------------------------------------------------------- ---------------
FOREIGN--0.6%
--------------------------------------------------------------------------------
2,000,000 Elec De France, 1.00%, 9/11/94 1,971,840
-------------------------------------------------------------------------------- ---------------
TELECOMMUNICATIONS--3.9%
--------------------------------------------------------------------------------
6,000,000 AT&T Corp., 5.19%-5.38%, 6/3/94-7/1/94 6,011,255
--------------------------------------------------------------------------------
1,500,000 Northern Telecom Ltd., 9.25%, 6/2/94 1,507,381
--------------------------------------------------------------------------------
5,550,000 Xerox Corp., 8.75%-9.50%, 6/15/94-2/14/95 5,697,529
-------------------------------------------------------------------------------- ---------------
Total 13,216,165
-------------------------------------------------------------------------------- ---------------
MISCELLANEOUS--1.5%
--------------------------------------------------------------------------------
5,000,000 Placentia Yorba, 3.72%, 8/26/94 5,000,000
-------------------------------------------------------------------------------- ---------------
TOTAL CORPORATE BONDS 160,268,336
-------------------------------------------------------------------------------- ---------------
**REPURCHASE AGREEMENT--8.9%
- ------------------------------------------------------------------------------------------------
29,737,700 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94
(Note 2B) 29,737,000
-------------------------------------------------------------------------------- ---------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $ 332,807,293\
-------------------------------------------------------------------------------- ---------------
</TABLE>
* Current rate and next demand date shown.
** The repurchase agreement is fully collateralized by U.S. government
obligations based on market prices at the date of the portfolio.
\ The cost for federal tax purposes amounts to $332,195,321.
Note: The categories of investments are shown as a percentage of net assets
($334,765,039) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- -------------------------------------------------------------------------------------------------
Investments in securities, at amortized cost and value (tax cost, $332,195,321)
(Notes 2A and 2B) $ 332,807,293
- -------------------------------------------------------------------------------------------------
Cash 1,751
- -------------------------------------------------------------------------------------------------
Interest receivable 3,362,762
- -------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 3,000
- -------------------------------------------------------------------------------------------------
Deferred expenses (Note 2F) 18,094
- ------------------------------------------------------------------------------------------------- ---------------
Total assets 336,192,900
- -------------------------------------------------------------------------------------------------
LIABILITIES:
- -------------------------------------------------------------------------------------------------
Dividends payable $ 896,802
- ------------------------------------------------------------------------------------
Payable for Fund shares redeemed 234,110
- ------------------------------------------------------------------------------------
Payable for investments purchased 204,961
- ------------------------------------------------------------------------------------
Accrued expenses 91,988
- ------------------------------------------------------------------------------------ -----------
Total liabilities 1,427,861
- ------------------------------------------------------------------------------------------------- ---------------
NET ASSETS for 335,166,132 shares of beneficial interest outstanding $ 334,765,039
- ------------------------------------------------------------------------------------------------- ---------------
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------
Paid-in capital $ 335,166,132
- -------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (401,093)
- ------------------------------------------------------------------------------------------------- ---------------
Total $ 334,765,039
- ------------------------------------------------------------------------------------------------- ---------------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share:
($334,765,039 / 335,166,132 shares of beneficial interest outstanding) $1.00
- ------------------------------------------------------------------------------------------------- ---------------
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------------------------
Interest income (Note 2C) $ 12,069,677
- --------------------------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 1,749,364
- -----------------------------------------------------------------------------------
Trustees' fees 5,315
- -----------------------------------------------------------------------------------
Administrative personnel and services fees (Note 4) 462,675
- -----------------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 31,342
- -----------------------------------------------------------------------------------
Fund share registration costs 48,436
- -----------------------------------------------------------------------------------
Auditing fees 18,232
- -----------------------------------------------------------------------------------
Legal fees 7,793
- -----------------------------------------------------------------------------------
Printing and postage 10,244
- -----------------------------------------------------------------------------------
Portfolio accounting fees (Note 4) 74,729
- -----------------------------------------------------------------------------------
Insurance premiums 9,290
- -----------------------------------------------------------------------------------
Miscellaneous 43,213
- ----------------------------------------------------------------------------------- -------------
Total expenses 2,460,633
- -----------------------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------------------
Waiver of investment advisory fee (Note 4) 973,920
- ----------------------------------------------------------------------------------- -------------
Net expenses 1,486,713
- -------------------------------------------------------------------------------------------------- --------------
Net investment income 10,582,964
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------------------------
Net realized gain (loss) on investment transactions (identified cost basis) 88,514
- -------------------------------------------------------------------------------------------------- --------------
Change in net assets from operations $ 10,671,478
- -------------------------------------------------------------------------------------------------- --------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
------------------------------------
1994 1993
------------------ ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------------------
Net investment income $ 10,582,964 $ 9,418,486
- ---------------------------------------------------------------------------
Net realized gain (loss) on investment transactions ($890,037 net loss and
$7,270 net loss, respectively, as computed for federal tax purposes) (Note
2D) 88,514 (489,607)
- --------------------------------------------------------------------------- ------------------ ----------------
Change in net assets from operations 10,671,478 8,928,879
- --------------------------------------------------------------------------- ------------------ ----------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- ---------------------------------------------------------------------------
Dividends to shareholders from net investment income (10,582,964) (9,418,486)
- --------------------------------------------------------------------------- ------------------ ----------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- ---------------------------------------------------------------------------
Net proceeds from sale of shares 1,060,003,920 994,268,793
- ---------------------------------------------------------------------------
Net asset value of shares issued to shareholders electing
to receive payment of dividends in Fund shares 814,399 217,953
- ---------------------------------------------------------------------------
Cost of shares redeemed (1,003,408,484) (828,059,563)
- --------------------------------------------------------------------------- ------------------ ----------------
Change in net assets from Fund share transactions 57,409,835 166,427,183
- --------------------------------------------------------------------------- ------------------ ----------------
Change in net assets 57,498,349 165,937,576
- ---------------------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------------------
Beginning of period 277,266,690 111,329,114
- --------------------------------------------------------------------------- ------------------ ----------------
End of period $ 334,765,039 $ 277,266,690
- --------------------------------------------------------------------------- ------------------ ----------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993 1992*
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- --------------------------------------------------------------------------
Net investment income 0.03 0.04 0.03
- -------------------------------------------------------------------------- --------- --------- ---------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------------
Dividends to shareholders from net investment income (0.03) (0.04) (0.03)
- -------------------------------------------------------------------------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------- --------- --------- ---------
TOTAL RETURN** 3.08% 3.55% 2.90%
- --------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- --------------------------------------------------------------------------
Expenses 0.43% 0.41% 0.27%(a)
- --------------------------------------------------------------------------
Net investment income 3.02% 3.46% 4.56%(a)
- --------------------------------------------------------------------------
Expense waiver/reimbursement (b) 0.28% 0.31% 0.47%(a)
- --------------------------------------------------------------------------
SUPPLEMENTAL DATA
- --------------------------------------------------------------------------
Net assets, end of period (000 omitted) $334,765 $277,267 $111,329
- --------------------------------------------------------------------------
</TABLE>
* For the period from September 17, 1991 (date of initial public investment) to
April 30, 1992.
** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- -------------------------------------------------------------------------------- ---------------
UNITED STATES TREASURY OBLIGATIONS--57.4%
- ------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS
--------------------------------------------------------------------------------
$ 61,960,000 5/26/94-2/9/95 $ 61,423,186
-------------------------------------------------------------------------------- ---------------
*REPURCHASE AGREEMENTS--42.8%
- ------------------------------------------------------------------------------------------------
12,000,000 Carroll McEntee & McGinley, Inc., 3.50%, dated 4/29/94,
due 5/2/94 12,000,000
--------------------------------------------------------------------------------
11,000,000 Citicorp Securities Markets, Inc., 3.53%, dated 4/29/94, due 5/2/94 11,000,000
--------------------------------------------------------------------------------
22,735,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 22,735,000
-------------------------------------------------------------------------------- ---------------
TOTAL REPURCHASE AGREEMENTS (NOTE 2B) 45,735,000
-------------------------------------------------------------------------------- ---------------
TOTAL INVESTMENTS, AT AMORTIZED COST $ 107,158,186\
-------------------------------------------------------------------------------- ---------------
</TABLE>
\ Also represents cost for federal tax purposes.
* The repurchase agreements are fully collateralized by U.S. government
obligations based on market prices at the date of the portfolio.
Note: The categories of investments are shown as a percentage of net assets
($106,948,024) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in repurchase agreements (Note 2B) $ 45,735,000
- --------------------------------------------------------------------------------
Investments in securities (Note 2A) 61,423,186
- -------------------------------------------------------------------------------- --------------
Total investments, at amortized cost and value $ 107,158,186
- ------------------------------------------------------------------------------------------------
Cash 656
- ------------------------------------------------------------------------------------------------
Interest receivable 8,936
- ------------------------------------------------------------------------------------------------
Deferred expenses (Note 2F) 9,360
- ------------------------------------------------------------------------------------------------ ---------------
Total assets 107,177,138
- ------------------------------------------------------------------------------------------------
LIABILITIES:
- ------------------------------------------------------------------------------------------------
Dividends payable 224,723
- --------------------------------------------------------------------------------
Accrued expenses 4,391
- -------------------------------------------------------------------------------- --------------
Total liabilities 229,114
- ------------------------------------------------------------------------------------------------ ---------------
NET ASSETS for 106,948,024 shares of beneficial interest outstanding $ 106,948,024
- ------------------------------------------------------------------------------------------------ ---------------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share:
($106,948,024 / 106,948,024 shares of beneficial interest outstanding) $1.00
- ------------------------------------------------------------------------------------------------ ---------------
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------------------------
Interest income (Note 2C) $ 3,823,210
- ---------------------------------------------------------------------------------------------------
EXPENSES:
- ---------------------------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 603,612
- --------------------------------------------------------------------------------------
Trustees' fees 3,480
- --------------------------------------------------------------------------------------
Administrative personnel and services fee (Note 4) 160,619
- --------------------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 19,048
- --------------------------------------------------------------------------------------
Fund share registration costs 14,922
- --------------------------------------------------------------------------------------
Auditing fees 14,743
- --------------------------------------------------------------------------------------
Legal fees 5,362
- --------------------------------------------------------------------------------------
Printing and postage 4,438
- --------------------------------------------------------------------------------------
Portfolio accounting fees (Note 4) 26,410
- --------------------------------------------------------------------------------------
Insurance premiums 6,668
- --------------------------------------------------------------------------------------
Miscellaneous 6,810
- -------------------------------------------------------------------------------------- -----------
Total expenses 866,112
- --------------------------------------------------------------------------------------
Deduct--Waiver of investment advisory fee (Note 4) 187,081
- -------------------------------------------------------------------------------------- -----------
Net expenses 679,031
- --------------------------------------------------------------------------------------------------- -------------
Net investment income $ 3,144,179
- --------------------------------------------------------------------------------------------------- -------------
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------------------
Net investment income $ 3,144,179 $ 2,045,718
- ----------------------------------------------------------------------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- -----------------------------------------------------------------------------
Dividends to shareholders from net investment income (3,144,179) (2,045,718)
- ----------------------------------------------------------------------------- ---------------- ----------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- -----------------------------------------------------------------------------
Net proceeds from sale of shares 449,045,523 184,959,305
- -----------------------------------------------------------------------------
Net asset value of shares issued to shareholders electing
to receive payment of dividends in Fund shares 118,945 40,286
- -----------------------------------------------------------------------------
Cost of shares redeemed (429,091,872) (149,163,176)
- ----------------------------------------------------------------------------- ---------------- ----------------
Change in net assets from Fund share transactions 20,072,596 35,836,415
- ----------------------------------------------------------------------------- ---------------- ----------------
Change in net assets 20,072,596 35,836,415
- -----------------------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------------------
Beginning of period 86,875,428 51,039,013
- ----------------------------------------------------------------------------- ---------------- ----------------
End of period $ 106,948,024 $ 86,875,428
- ----------------------------------------------------------------------------- ---------------- ----------------
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993 1992*
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- --------------------------------------------------------------------------
Net investment income 0.03 0.03 0.02
- -------------------------------------------------------------------------- --------- --------- ---------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------------
Dividends to shareholders from net investment income (0.03) (0.03) (0.02)
- -------------------------------------------------------------------------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------- --------- --------- ---------
TOTAL RETURN** 2.64% 2.92% 2.37%
- --------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- --------------------------------------------------------------------------
Expenses 0.56% 0.52% 0.41%(a)
- --------------------------------------------------------------------------
Net investment income 2.61% 2.86% 4.08%(a)
- --------------------------------------------------------------------------
Expense waiver/reimbursement (b) 0.16% 0.29% 0.42%(a)
- --------------------------------------------------------------------------
SUPPLEMENTAL DATA
- --------------------------------------------------------------------------
Net assets, end of period (000 omitted) $106,948 $86,875 $51,039
- --------------------------------------------------------------------------
</TABLE>
* For the period from October 8, 1991 (date of initial public investment) to
April 30, 1992.
** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- --------------------------------------------------------------------------------- --------------
CORPORATE BONDS--18.5%
- -------------------------------------------------------------------------------------------------
BANKING--4.6%
---------------------------------------------------------------------------------
$ 1,445,000 BankAmerica Corp., 9.70%-10.45%, 8/1/2000-5/1/2001 $ 1,638,864
---------------------------------------------------------------------------------
540,000 Citicorp, 3.98%, 12/7/95 540,000
--------------------------------------------------------------------------------- --------------
Total 2,178,864
--------------------------------------------------------------------------------- --------------
FINANCE--12.1%
---------------------------------------------------------------------------------
860,000 American General Finance Corp., 7.15%, 5/15/97 877,922
---------------------------------------------------------------------------------
915,000 Ford Capital BV, 9.375%, 1/1/98 980,752
---------------------------------------------------------------------------------
910,000 Ford Motor Credit Corp., 3.50%, 2/1/99 905,450
---------------------------------------------------------------------------------
480,000 Heller Financial Corp., 3.95%, 12/1/96 479,592
---------------------------------------------------------------------------------
1,005,000 IBM Credit Corp., 3.63%, 7/30/98 1,007,271
---------------------------------------------------------------------------------
525,000 ITT Financial Corp., 10.125%, 4/5/99 587,585
---------------------------------------------------------------------------------
465,000 SCE Capital, 7.375%, 12/15/2003 455,821
---------------------------------------------------------------------------------
500,000 United States Leasing Int., 6.625%, 5/15/2003 466,510
--------------------------------------------------------------------------------- --------------
Total 5,760,903
--------------------------------------------------------------------------------- --------------
OFFICE EQUIPMENT--1.8%
---------------------------------------------------------------------------------
]925,000 IBM, 6.375%, 6/15/2000 876,595
--------------------------------------------------------------------------------- --------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $9,085,024) 8,816,362
--------------------------------------------------------------------------------- --------------
GOVERNMENT BONDS--69.0%
- -------------------------------------------------------------------------------------------------
UNITED STATES TREASURY SECURITIES--46.0%
---------------------------------------------------------------------------------
11,170,000 United States Treasury Bonds, 7.125%-7.50%, 5/15/2016-2/15/2023 11,053,772
---------------------------------------------------------------------------------
10,875,000 United States Treasury Notes, 4.75%-6.875%, 1/31/97-2/28/99 10,839,983
--------------------------------------------------------------------------------- --------------
Total 21,893,755
--------------------------------------------------------------------------------- --------------
UNITED STATES GOVERNMENT AGENCIES--23.0%
---------------------------------------------------------------------------------
2,695,000 Federal Home Loan Bank, 3.06%-3.79%, 12/7/97-11/24/98 2,586,526
---------------------------------------------------------------------------------
4,585,000 Federal Home Loan Mortgage Corp., 6.00%-6.50%, 3/29/2000-
1/15/2009 4,143,217
---------------------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- -------------- --------------------------------------------------------------------------------- --------------
GOVERNMENT BONDS--CONTINUED
- -------------------------------------------------------------------------------------------------
UNITED STATES GOVERNMENT AGENCIES--CONTINUED
---------------------------------------------------------------------------------
$ 4,010,000 Federal National Mortgage Association, 6.50%, 12/25/2007-
12/25/2008 $ 3,661,429
---------------------------------------------------------------------------------
525,000 Student Loan Marketing Association, 4.29%, 11/20/97 528,108
--------------------------------------------------------------------------------- --------------
Total 10,919,280
--------------------------------------------------------------------------------- --------------
TOTAL GOVERNMENT BONDS (IDENTIFIED COST $34,371,286) 32,813,035
--------------------------------------------------------------------------------- --------------
*REPURCHASE AGREEMENT--11.4%
- -------------------------------------------------------------------------------------------------
$ 5,424,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94
(AT AMORTIZED COST) (NOTE 2B) 5,424,000
--------------------------------------------------------------------------------- --------------
TOTAL INVESTMENTS (IDENTIFIED COST $48,880,310) $ 47,053,397\
--------------------------------------------------------------------------------- --------------
</TABLE>
* The repurchase agreement is fully collateralized by U.S. government
obligations based on market prices at the date of the portfolio.
\ The cost for federal tax purposes amounts to $48,884,161. The net unrealized
depreciation of investments on a federal tax basis amounts to $1,830,764,
which is comprised of $809 appreciation and $1,831,573 depreciation at April
30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($47,552,398) at
April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- -------------------------------------------------------------------------------------------------
Investment in repurchase agreement (Note 2B) $ 5,424,000
- ---------------------------------------------------------------------------------
Investments in securities (Note 2A) 41,629,397
- --------------------------------------------------------------------------------- --------------
Total investments, at value
(identified cost, $48,880,310 and tax cost, $48,884,161) $ 47,053,397
- -------------------------------------------------------------------------------------------------
Cash 295
- -------------------------------------------------------------------------------------------------
Interest receivable 840,794
- -------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 154,629
- -------------------------------------------------------------------------------------------------
Deferred expenses (Note 2F) 9,209
- ------------------------------------------------------------------------------------------------- --------------
Total assets 48,058,324
- -------------------------------------------------------------------------------------------------
LIABILITIES:
- -------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 287,603
- ---------------------------------------------------------------------------------
Dividends payable 188,520
- ---------------------------------------------------------------------------------
Payable to Administrator (Note 4) 1,060
- ---------------------------------------------------------------------------------
Accrued expenses 28,743
- --------------------------------------------------------------------------------- --------------
Total liabilities 505,926
- ------------------------------------------------------------------------------------------------- --------------
NET ASSETS for 5,024,711 shares of beneficial interest outstanding $ 47,552,398
- ------------------------------------------------------------------------------------------------- --------------
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------
Paid-in capital $ 50,703,230
- -------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments (1,826,913)
- -------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (1,323,919)
- ------------------------------------------------------------------------------------------------- --------------
Total net assets $ 47,552,398
- ------------------------------------------------------------------------------------------------- --------------
NET ASSET VALUE and Redemption Price Per Share:
($47,552,398 / 5,024,711 shares of beneficial interest outstanding) $9.46
- ------------------------------------------------------------------------------------------------- --------------
Computation of Offering Price: (100/96.5 of $9.46)* $9.80
- ------------------------------------------------------------------------------------------------- --------------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------------------------
Interest income (Note 2C) $ 2,810,831
- --------------------------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 361,465
- -------------------------------------------------------------------------------------
Trustees' fees 2,744
- -------------------------------------------------------------------------------------
Administrative personnel and services fees (Note 4) 64,134
- -------------------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 27,330
- -------------------------------------------------------------------------------------
Fund share registration costs 13,673
- -------------------------------------------------------------------------------------
Auditing fees 10,575
- -------------------------------------------------------------------------------------
Legal fees 6,784
- -------------------------------------------------------------------------------------
Printing and postage 8,449
- -------------------------------------------------------------------------------------
Portfolio accounting fees (Note 4) 51,306
- -------------------------------------------------------------------------------------
Insurance premiums 5,965
- -------------------------------------------------------------------------------------
Miscellaneous 6,641
- ------------------------------------------------------------------------------------- -----------
Total expenses 559,066
- -------------------------------------------------------------------------------------
Deduct--
- -------------------------------------------------------------------------------------
Waiver of investment advisory fee (Note 4) 230,341
- ------------------------------------------------------------------------------------- -----------
Net expenses 328,725
- -------------------------------------------------------------------------------------------------- -------------
Net investment income 2,482,106
- -------------------------------------------------------------------------------------------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments transactions (identified cost basis) 342,034
- --------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments (2,235,039)
- -------------------------------------------------------------------------------------------------- -------------
Net realized and unrealized gain (loss) on investments (1,893,005)
- -------------------------------------------------------------------------------------------------- -------------
Change in net assets resulting from operations $ 589,101
- -------------------------------------------------------------------------------------------------- -------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993*
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------------------------
Net investment income $ 2,482,106 $ 2,173,663
- ---------------------------------------------------------------------------------
Net realized gain (loss) on investments ($1,666,331 and $2,004,175 net gain,
respectively, as computed for federal tax purposes) (Note 2D) 342,034 2,004,175
- ---------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) of investments (2,235,039) 408,126
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets resulting from operations 589,101 4,585,964
- --------------------------------------------------------------------------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- ---------------------------------------------------------------------------------
Dividends to shareholders from net investment income (2,481,723) (2,173,663)
- ---------------------------------------------------------------------------------
Distributions to shareholders from net realized gains on investments (2,701,669) (968,459)
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets from distributions to shareholders (5,183,392) (3,142,122)
- --------------------------------------------------------------------------------- --------------- --------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- ---------------------------------------------------------------------------------
Net proceeds from sale of shares 20,515,810 50,926,532
- ---------------------------------------------------------------------------------
Net asset value of shares issued to shareholders electing to receive payment of
dividends in Fund shares 353,981 45,676
- ---------------------------------------------------------------------------------
Cost of shares redeemed (13,391,583) (7,747,769)
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets from Fund share transactions 7,478,208 43,224,439
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets 2,883,917 44,668,281
- ---------------------------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------------------------
Beginning of period 44,668,481 200
- --------------------------------------------------------------------------------- --------------- --------------
End of period $ 47,552,398 $ 44,668,481
- --------------------------------------------------------------------------------- --------------- --------------
</TABLE>
* For the period from May 11, 1992 (date of initial public investment) to April
30, 1993.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED
APRIL 30,
1994 1993*
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.40 $ 10.00
- ----------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ----------------------------------------------------------------------------------------
Net investment income 0.53 0.60
- ----------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.38) 0.66
- ---------------------------------------------------------------------------------------- --------- ---------
Total from investment operations 0.15 1.26
- ----------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
- ----------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (0.53) (0.60)
- ----------------------------------------------------------------------------------------
Distributions to shareholders from net realized gain
on investment transactions (0.56) (0.26)
- ---------------------------------------------------------------------------------------- --------- ---------
Total distributions (1.09) (0.86)
- ---------------------------------------------------------------------------------------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.46 $ 10.40
- ---------------------------------------------------------------------------------------- --------- ---------
TOTAL RETURN** 1.10% 12.93%
- ----------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ----------------------------------------------------------------------------------------
Expenses 0.68% 0.50%(a)
- ----------------------------------------------------------------------------------------
Net investment income 5.15% 5.95%(a)
- ----------------------------------------------------------------------------------------
Expense waiver/reimbursement (b) 0.48% 0.65%(a)
- ----------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------
Net assets, end of period (000 omitted) $47,552 $44,668
- ----------------------------------------------------------------------------------------
Portfolio turnover rate 344% 371%
- ----------------------------------------------------------------------------------------
</TABLE>
* For the period from May 11, 1992 (date of initial public investment) to
April 30, 1993.
** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
- ------------- ----------------------------------------------------------------------------------- --------------
COMMON STOCKS--91.2%
- --------------------------------------------------------------------------------------------------
BASIC MATERIALS--7.3%
-----------------------------------------------------------------------------------
17,755 Imperial Chemical Industries PLC $ 883,311
-----------------------------------------------------------------------------------
8,650 Nucor Corp. 530,894
-----------------------------------------------------------------------------------
12,440 Scott Paper Co. 533,365
-----------------------------------------------------------------------------------
13,405 Sigma-Aldrich Corporation 603,225
-----------------------------------------------------------------------------------
34,255 Union Carbide Corp. Holdings Co. 903,476
-----------------------------------------------------------------------------------
19,785 Weyerhauser Co. 843,336
----------------------------------------------------------------------------------- --------------
Total 4,297,607
----------------------------------------------------------------------------------- --------------
CAPITAL GOODS--13.0%
-----------------------------------------------------------------------------------
17,260 Burlington Northern, Inc. 977,348
-----------------------------------------------------------------------------------
6,255 Caterpillar, Inc. 687,268
-----------------------------------------------------------------------------------
14,400 Deere & Co. 1,105,200
-----------------------------------------------------------------------------------
11,305 General Electric Co. 1,075,388
-----------------------------------------------------------------------------------
11,060 ITT Corp. 992,635
-----------------------------------------------------------------------------------
18,330 Martin Marietta Corp. 815,685
-----------------------------------------------------------------------------------
18,070 Textron, Inc. 953,192
-----------------------------------------------------------------------------------
16,185 United Technologies Corp. 1,031,794
----------------------------------------------------------------------------------- --------------
Total 7,638,510
----------------------------------------------------------------------------------- --------------
CONSUMER CYCLICAL--10.9%
-----------------------------------------------------------------------------------
12,250 *AMR Corp. 742,656
-----------------------------------------------------------------------------------
15,980 Chrysler Corp. 765,043
-----------------------------------------------------------------------------------
13,590 General Motors Corp. 771,233
-----------------------------------------------------------------------------------
23,780 Goodyear Tire & Rubber Co. 927,420
-----------------------------------------------------------------------------------
21,625 Penney, (J. C.) Inc. 1,173,156
-----------------------------------------------------------------------------------
10,115 Premark International, Inc. 799,085
-----------------------------------------------------------------------------------
25,035 Sears Roebuck & Co. 1,176,645
----------------------------------------------------------------------------------- --------------
Total 6,355,238
----------------------------------------------------------------------------------- --------------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
- ------------- ----------------------------------------------------------------------------------- --------------
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------------------------
CONSUMER SERVICES--4.4%
-----------------------------------------------------------------------------------
1,285 Capital Cities/ABC, Inc. $ 913,635
-----------------------------------------------------------------------------------
9,030 McDonald's Corp. 541,800
-----------------------------------------------------------------------------------
63,760 Wendy's International, Inc. 1,147,680
----------------------------------------------------------------------------------- --------------
Total 2,603,115
----------------------------------------------------------------------------------- --------------
CONSUMER STAPLES--10.0%
-----------------------------------------------------------------------------------
28,030 Archer Daniels Midland Co. 644,690
-----------------------------------------------------------------------------------
24,720 Coca Cola Co. 1,028,970
-----------------------------------------------------------------------------------
16,025 Philip Morris Cos., Inc. 873,362
-----------------------------------------------------------------------------------
26,380 Procter & Gamble Co. 1,500,362
-----------------------------------------------------------------------------------
12,955 Quaker Oats Co. 833,978
-----------------------------------------------------------------------------------
38,995 *Safeway, Inc. 970,001
----------------------------------------------------------------------------------- --------------
Total 5,851,363
----------------------------------------------------------------------------------- --------------
ENERGY--9.5%
-----------------------------------------------------------------------------------
12,045 British Petroleum Co. PLC 843,150
-----------------------------------------------------------------------------------
12,155 Chevron Corp. 1,081,795
-----------------------------------------------------------------------------------
8,560 MAPCO, Inc. 552,120
-----------------------------------------------------------------------------------
18,970 Mobil Corp. 1,484,402
-----------------------------------------------------------------------------------
6,650 Royal Dutch Petroleum Co. 724,850
-----------------------------------------------------------------------------------
28,005 Sonat Inc. 850,652
----------------------------------------------------------------------------------- --------------
Total 5,536,969
----------------------------------------------------------------------------------- --------------
FINANCIALS--12.3%
-----------------------------------------------------------------------------------
40,655 American Express 1,204,404
-----------------------------------------------------------------------------------
5,465 American International Group, Inc. 465,891
-----------------------------------------------------------------------------------
22,760 Citicorp 842,120
-----------------------------------------------------------------------------------
24,650 Fleet Financial Group, Inc. 930,538
-----------------------------------------------------------------------------------
20,515 Franklin Resources, Inc. 777,006
-----------------------------------------------------------------------------------
23,415 Kemper Corp. 1,381,485
-----------------------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
- ------------- ----------------------------------------------------------------------------------- --------------
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------------------------
FINANCIALS--CONTINUED
-----------------------------------------------------------------------------------
25,425 Signet Banking Corp. $ 1,039,247
-----------------------------------------------------------------------------------
3,945 Wells Fargo & Co. 572,025
----------------------------------------------------------------------------------- --------------
Total 7,212,716
----------------------------------------------------------------------------------- --------------
HEALTH CARE--7.5%
-----------------------------------------------------------------------------------
17,140 *Amgen, Inc. 694,170
-----------------------------------------------------------------------------------
22,887 Columbia/HCA Healthcare Corp. 969,837
-----------------------------------------------------------------------------------
48,190 Humana, Inc. 891,515
-----------------------------------------------------------------------------------
27,855 Mallinckrodt Group, Inc. 908,769
-----------------------------------------------------------------------------------
15,510 Pfizer, Inc. 915,090
----------------------------------------------------------------------------------- --------------
Total 4,379,381
----------------------------------------------------------------------------------- --------------
TECHNOLOGY--6.9%
-----------------------------------------------------------------------------------
29,265 *Cisco Systems, Inc. 887,095
-----------------------------------------------------------------------------------
7,875 Intel Corp. 480,375
-----------------------------------------------------------------------------------
16,380 Motorola, Inc. 730,957
-----------------------------------------------------------------------------------
20,380 *Oracle Systems Corp. 608,852
-----------------------------------------------------------------------------------
21,995 *Silicon Graphics, Inc. 552,624
-----------------------------------------------------------------------------------
8,000 Xerox Corp. 791,000
----------------------------------------------------------------------------------- --------------
Total 4,050,903
----------------------------------------------------------------------------------- --------------
UTILITIES-GAS & ELECTRIC--3.0%
-----------------------------------------------------------------------------------
38,400 CMS Energy Corp. 854,400
-----------------------------------------------------------------------------------
30,740 Western Resources, Inc. 906,830
----------------------------------------------------------------------------------- --------------
Total 1,761,230
----------------------------------------------------------------------------------- --------------
UTILITIES-TELEPHONE--6.4%
-----------------------------------------------------------------------------------
19,470 BellSouth Corp. 1,185,236
-----------------------------------------------------------------------------------
30,490 GTE Corp. 964,246
-----------------------------------------------------------------------------------
17,645 Southwestern Bell Corp. 732,268
-----------------------------------------------------------------------------------
14,575 Telefonos de Mexico, S.A. de C.V. 858,103
----------------------------------------------------------------------------------- --------------
Total 3,739,853
----------------------------------------------------------------------------------- --------------
TOTAL COMMON STOCKS (IDENTIFIED COST, $48,570,741) 53,426,885
----------------------------------------------------------------------------------- --------------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
- ------------- ----------------------------------------------------------------------------------- --------------
PREFERRED STOCKS--3.7%
- --------------------------------------------------------------------------------------------------
CONSUMER CYCLICAL--3.7%
-----------------------------------------------------------------------------------
14,115 Ford Motor Co., Conv. Pfd. $ 1,362,098
-----------------------------------------------------------------------------------
15,215 Sears Roebuck & Co., Conv. Pfd. 827,316
----------------------------------------------------------------------------------- --------------
TOTAL PREFERRED STOCKS (IDENTIFIED COST, $2,093,801) 2,189,414
----------------------------------------------------------------------------------- --------------
REPURCHASE AGREEMENT--5.9%**
- --------------------------------------------------------------------------------------------------
$ 3,470,000 Donaldson, Lufkin & Jenrette Securities Corp., 3.52%, dated 4/29/94, due 5/2/94 (at
amortized cost) (Note 2B) 3,470,000
----------------------------------------------------------------------------------- --------------
TOTAL INVESTMENT (IDENTIFIED COST, $54,134,542) $ 59,086,299\
----------------------------------------------------------------------------------- --------------
</TABLE>
* Non-income producing.
** The repurchase agreement is fully collateralized by U.S. government
obligations based on market prices at the date of the portfolio.
\ The cost for federal tax purposes amounts to $54,166,921. The net unrealized
appreciation of investments on a federal tax basis amounts to $4,919,378,
which is comprised of $5,824,274 appreciation and $904,896 depreciation at
April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($58,597,266) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------------------------
Investments in securities, at value (Notes 2A and 2B)
(identified cost, $54,134,542 and tax cost, $54,166,921) $ 59,086,299
- --------------------------------------------------------------------------------------------------
Cash 776
- --------------------------------------------------------------------------------------------------
Receivable for investments sold 464,196
- --------------------------------------------------------------------------------------------------
Dividends and interest receivable 104,767
- --------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 75,169
- --------------------------------------------------------------------------------------------------
Deferred expenses (Note 2F) 7,086
- -------------------------------------------------------------------------------------------------- --------------
Total assets 59,738,293
- --------------------------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------------------------
Payable for investments purchased $ 788,189
- -----------------------------------------------------------------------------------
Payable for Fund shares redeemed 304,815
- -----------------------------------------------------------------------------------
Payable to Administrator (Note 4) 1,294
- -----------------------------------------------------------------------------------
Dividends payable 93
- -----------------------------------------------------------------------------------
Accrued expenses 46,636
- ----------------------------------------------------------------------------------- -------------
Total liabilities 1,141,027
- -------------------------------------------------------------------------------------------------- --------------
NET ASSETS for 4,930,263 shares of beneficial interest outstanding $ 58,597,266
- -------------------------------------------------------------------------------------------------- --------------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------------------------
Paid-in capital $ 51,264,579
- --------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments 4,951,757
- --------------------------------------------------------------------------------------------------
Accumulated undistributed net realized gain (loss) on investments 2,347,942
- --------------------------------------------------------------------------------------------------
Undistributed net investment income 32,988
- -------------------------------------------------------------------------------------------------- --------------
Total Net Assets $ 58,597,266
- -------------------------------------------------------------------------------------------------- --------------
NET ASSET VALUE and Redemption Price Per Share:
($58,597,266 / 4,930,263 shares of beneficial interest outstanding) $11.89
- -------------------------------------------------------------------------------------------------- --------------
Computation of Offering Price: (100/96.5 of $11.89)* $12.32
- -------------------------------------------------------------------------------------------------- --------------
*See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT STOCK FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------------------------
Dividend income $ 1,053,910
- ---------------------------------------------------------------------------------------------------
Interest income 98,428
- --------------------------------------------------------------------------------------------------- -------------
Total income (Note 2C) 1,152,338
- ---------------------------------------------------------------------------------------------------
EXPENSES:
- ---------------------------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 366,126
- --------------------------------------------------------------------------------------
Trustees' fees 2,927
- --------------------------------------------------------------------------------------
Administrative personnel and services fees (Note 4) 64,944
- --------------------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 32,080
- --------------------------------------------------------------------------------------
Fund share registration costs 23,693
- --------------------------------------------------------------------------------------
Auditing fees 10,459
- --------------------------------------------------------------------------------------
Legal fees 9,788
- --------------------------------------------------------------------------------------
Printing and postage 12,420
- --------------------------------------------------------------------------------------
Portfolio accounting fees (Note 4) 49,352
- --------------------------------------------------------------------------------------
Insurance premiums 5,866
- --------------------------------------------------------------------------------------
Miscellaneous 6,537
- -------------------------------------------------------------------------------------- -----------
Total expenses 584,192
- --------------------------------------------------------------------------------------
Deduct--Waiver of investment advisory fee (Note 4) 96,024
- -------------------------------------------------------------------------------------- -----------
Net expenses 488,168
- --------------------------------------------------------------------------------------------------- -------------
Net investment income 664,170
- --------------------------------------------------------------------------------------------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- ---------------------------------------------------------------------------------------------------
Net realized gain (loss) on investment transactions (identified cost basis) 3,441,004
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments 2,282,550
- --------------------------------------------------------------------------------------------------- -------------
Net realized and unrealized gain (loss) on investments 5,723,554
- --------------------------------------------------------------------------------------------------- -------------
Change in net assets resulting from operations $ 6,387,724
- --------------------------------------------------------------------------------------------------- -------------
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT STOCK FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993*
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------------------------
Net investment income $ 664,170 $ 682,434
- ---------------------------------------------------------------------------------
Net realized gain (loss) on investments ($3,043,001 net gain and $637,739 net
loss, respectively, as computed for federal tax purposes) (Note 2D) 3,441,004 (1,068,121)
- ---------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) of investments 2,282,550 2,669,207
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets resulting from operations 6,387,724 2,283,520
- --------------------------------------------------------------------------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- ---------------------------------------------------------------------------------
Dividends to shareholders from net investment income (646,560) (667,056)
- ---------------------------------------------------------------------------------
Distributions to shareholders from net realized gains on investments (24,941) --
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets from distributions to shareholders (671,501) (667,056)
- --------------------------------------------------------------------------------- --------------- --------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- ---------------------------------------------------------------------------------
Net proceeds from sales of shares 29,948,959 41,496,248
- ---------------------------------------------------------------------------------
Net asset value of shares issued to shareholders electing to receive payment of
dividends in Fund shares 53,313 187,783
- ---------------------------------------------------------------------------------
Cost of shares redeemed (14,659,947) (5,761,977)
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets from Fund share transactions 15,342,325 35,922,054
- --------------------------------------------------------------------------------- --------------- --------------
Change in net assets 21,058,548 37,538,518
- ---------------------------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------------------------
Beginning of period 37,538,718 200
- --------------------------------------------------------------------------------- --------------- --------------
End of period (including undistributed net investment income of $32,988 and
$15,378, respectively) $ 58,597,266 $ 37,538,718
- --------------------------------------------------------------------------------- --------------- --------------
*For the period from May 11, 1992 (date of initial public investment) to April 30, 1993.
(See Notes which are an integral part of the Financial Statements)
</TABLE>
RIMCO MONUMENT STOCK FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
1994 1993*
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.46 $ 10.00
- -----------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------------------------------------
Net investment income 0.16 0.21
- -----------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 1.44 0.46
- ----------------------------------------------------------------------------------- --------- ---------
Total from investment operations 1.60 0.67
- -----------------------------------------------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------------------------------------------
Dividends to shareholders from net investment income (0.16) (0.21)
- -----------------------------------------------------------------------------------
Distributions to shareholders from net realized gain on
investment transactions (0.01) --
- ----------------------------------------------------------------------------------- --------- ---------
Total distributions (0.17) (0.21)
- ----------------------------------------------------------------------------------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.89 $ 10.46
- ----------------------------------------------------------------------------------- --------- ---------
TOTAL RETURN** 15.28% 6.35%
- -----------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------------------------------------
Expenses 1.00% 0.69%(a)
- -----------------------------------------------------------------------------------
Net investment income 1.36% 2.18%(a)
- -----------------------------------------------------------------------------------
Expense waiver/reimbursement (b) 0.20% 0.47%(a)
- -----------------------------------------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------
Net assets, end of period (000 omitted) $58,597 $37,539
- -----------------------------------------------------------------------------------
Portfolio turnover rate 89% 92%
- -----------------------------------------------------------------------------------
</TABLE>
* For the period from May 11, 1992 (date of initial public investment) to
April 30, 1993.
** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT FUNDS
COMBINED NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
- --------------------------------------------------------------------------------
(1) ORGANIZATION
RIMCO Monument Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended, as an open-end, management investment company. The
Trust consists of four diversified portfolios (individually referred to as the
"Fund," or collectively as the "Funds"). The assets of each portfolio are
segregated and a shareholder's interest is limited to the portfolio in which
shares are held. The financial statement included herein are those of RIMCO
Monument Prime Money Market Fund ("Prime Fund"), RIMCO Monument U.S. Treasury
Money Market Fund ("Treasury Fund"), RIMCO Monument Bond Fund ("Bond Fund"), and
RIMCO Monument Stock Fund ("Stock Fund").
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles.
A. INVESTMENT VALUATIONS--The Prime and Treasury Funds' use of the amortized
cost method to value their portfolio securities is in accordance with Rule
2a-7 under the Investment Company Act of 1940.
For the Bond and Stock Funds, listed corporate bonds (and other fixed
income securities/asset backed securities) are valued at the last sale
price reported on national securities exchanges. Unlisted bonds/securities
and short-term obligations are valued at the prices provided by an
independent pricing service. U.S. government obligations are generally
valued at the mean between the over-the-counter bid and asked prices as
furnished by an independent pricing service. Short-term securities with
remaining maturities of sixty days or less, may be valued at amortized
cost, which approximates value.
For the Stock Fund, listed equity securities are valued at the last sale
price reported on national securities exchanges.
B. REPURCHASE AGREEMENTS--It is the policy of the Funds to require the
custodian bank to take possession, to have legally segregated in the
Federal Reserve Book Entry System or to have segregated within the
custodian bank's vault, all securities held as collateral in support of
repurchase agreement investments. Additionally, procedures have been
established by the Funds to monitor, on a daily basis, the market value of
each repurchase agreement's underlying collateral to ensure the value at
least equals the principal amount of the repurchase agreement, including
accrued interest.
These Funds will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed
by the Funds' adviser to be creditworthy
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
pursuant to guidelines established by the Board of Trustees ("Trustees").
Risks may arise from the potential inability of counterparties to honor the
terms of these repurchase agreements. Accordingly, these Funds could
receive less than the repurchase price on the sale of collateral
securities.
C. INCOME--Interest income and expenses for the Bond Fund, Prime Fund and U.S.
Treasury Fund are accrued daily. Bond premium and discount are amortized as
required by the Internal Revenue Code, as amended ("Code"). Distributions
to shareholders are recorded on the ex-dividend date.
Dividend income and distributions to shareholders for the Stock Fund are
recorded on the ex-dividend date. Interest income and expenses are accrued
daily. Bond premium and discount if applicable, are amortized as required
by the Code.
D. FEDERAL TAXES--It is the Funds' policy to comply with the provisions of the
Code applicable to regulated investment companies and to distribute to
shareholders each year all of their taxable income. Accordingly, no
provision for federal income tax is necessary.
At April 30, 1994, the Prime Fund for federal tax purposes had a capital
loss carryforward of $897,307 which will reduce the Prime Fund's taxable
income arising from future net realized gains on investments, if any, to
the extent permitted by the Code, and thus will reduce the amount of the
distributions to shareholders which would otherwise be necessary to relieve
the Prime Fund of any liability for federal tax. Pursuant to the Code, such
capital loss carryforward will expire in 2001. Additionally, net capital
losses of $60,687 attributable to security transactions incurred after
October 31, 1993, are treated as arising on May 1, 1994, the first day of
the Prime Fund's next taxable year.
Net capital losses of $1,168,528 attributable to the Bond Fund security
transactions incurred after October 31, 1993 are treated as arising on May
1, 1994, the first day of the Bond Fund's next taxable year.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in
when-issued or delayed delivery transactions. The Funds will record
when-issued securities on the trade date and maintain security positions
such that sufficient liquid assets will be available to make payment for
the securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked to market daily and begin earning interest on the
settlement date.
F. DEFERRED EXPENSES--The costs incurred by each Fund with respect to
registration of its shares in its first fiscal year, excluding the initial
expense of registering the shares, have been deferred and are being
amortized using the straight-line method over a period of five years from
each Fund's commencement date.
G. OTHER--Investment transactions are accounted for on the trade date.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value). At April
30, 1994, capital paid-in for Prime Fund, Treasury Fund, Bond Fund and Stock
Fund aggregated $335,166,132, $106,948,024, $50,703,230 and $51,264,579,
respectively. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
PRIME FUND TREASURY FUND BOND FUND STOCK FUND
- ---------------------------------------------------- -------------- -------------- -------------- --------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 1994 APRIL 30, 1994 APRIL 30, 1994 APRIL 30, 1994
- ---------------------------------------------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Shares sold 1,060,003,920 449,045,523 2,018,699 2,582,216
- ----------------------------------------------------
Shares issued to shareholders electing to receive
payment of dividends in Fund Shares 814,399 118,945 34,950 4,560
- ----------------------------------------------------
Shares redeemed (1,003,408,484) (429,091,872) (1,323,332) (1,244,449)
- ---------------------------------------------------- -------------- -------------- -------------- --------------
Net change resulting from Fund share
transactions 57,409,835 20,072,596 730,317 1,342,327
- ---------------------------------------------------- -------------- -------------- -------------- --------------
<CAPTION>
PRIME FUND TREASURY FUND BOND FUND STOCK FUND
- ---------------------------------------------------- -------------- -------------- -------------- --------------
YEAR ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED
APRIL 30, 1993 APRIL 30, 1993 APRIL 30, 1993* APRIL 30, 1993*
- ---------------------------------------------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Shares sold 994,268,793 184,959,305 5,041,968 4,145,258
- ----------------------------------------------------
Shares issued to shareholders electing to receive
payment of dividends in Fund Shares 217,953 40,286 4,467 19,614
- ----------------------------------------------------
Shares redeemed (828,059,563) (149,163,176) (752,061) (576,956)
- ---------------------------------------------------- -------------- -------------- -------------- --------------
Net change resulting from Fund share
transactions 166,427,183 35,836,415 4,294,374 3,587,916
- ---------------------------------------------------- -------------- -------------- -------------- --------------
</TABLE>
* The period from the date of initial public investment, May 11, 1992, to April
30, 1993.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Riggs Investment Management Corp., the Funds' investment adviser ("Adviser"),
receives for its services an annual investment advisory fee equal to .50 of 1%
of Prime Fund's and Treasury Fund's average daily net assets and .75 of 1% of
Bond Fund's and Stock Fund's average daily net assets, respectively. Adviser may
voluntarily choose to waive a portion of its fee. Adviser can modify or
terminate this voluntary waiver at any time at its sole discretion.
Federated Administrative Services ("FAS") provides the Trust with certain
administrative personnel and services. The fee is based on the level of average
aggregate net assets of the Trust for the period. FAS may voluntarily choose to
waive a portion of its fee.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
Federated Services Company ("FServ") serves as transfer agent and dividend
disbursing agent for the Trust. The fee is based on the size, type and number of
accounts and transactions made by shareholders.
FServ also maintains the Trust's accounting records. The fee is based on the
level of each Fund's average net assets for the period plus out-of-pocket
expenses.
Organization expenses of Prime Fund, Treasury Fund, Bond Fund, and Stock Fund of
$64,936, $50,507, $29,704, and $30,877, respectively, were borne initially by
FAS. The Funds have agreed to reimburse FAS during the five-year period
following the date the Trust's registration statement became effective. For the
year ended April 30, 1994, Prime Fund, Treasury Fund, Bond Fund, and Stock Fund
paid $14,316, $6,148, $5,610 and $5,836, respectively, pursuant to this
agreement.
Certain of the Officers and Trustees of the Trust are Officers and Directors of
FAS and FServ.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term obligations) for the
year ended April 30, 1994, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
<S> <C> <C>
BOND FUND $ 154,137,864 $ 151,686,848
- ------------------------------------------------------------------------------- --------------- ---------------
STOCK FUND $ 55,738,229 $ 40,890,938
- ------------------------------------------------------------------------------- --------------- ---------------
</TABLE>
RIMCO MONUMENT FUNDS
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
RIMCO MONUMENT FUNDS:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of RIMCO MONUMENT FUNDS (comprising,
respectively, RIMCO Prime Money Market Fund, RIMCO U.S. Treasury Money Market
Fund, RIMCO Bond Fund and RIMCO Stock Fund portfolios) as of April 30, 1994, and
the related statements of operations for the year then ended, the statements of
changes in net assets and financial highlights for the periods presented
therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of April
30, 1994, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting RIMCO MONUMENT FUNDS, as identified
above, at April 30, 1994, the results of their operations for the year then
ended, and the changes in their net assets and financial highlights for the
periods presented therein, in conformity with generally accepted accounting
principles.
ERNST & YOUNG
Pittsburgh, Pennsylvania
June 8, 1994
TRUSTEES OFFICERS
- --------------------------------------------------------------------------------
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Edward C. Gonzales
James E. Dowd President and Treasurer
Lawrence D. Ellis, M.D. Craig P. Churman
Edward L. Flaherty, Jr. Vice President and Assistant Treasurer
Edward C. Gonzales J. Christopher Donahue
Peter E Madden Vice President
Gregor F. Meyer Richard B. Fisher
Wesley W. Posvar Vice President
Marjorie P. Smuts John W. McGonigle
Vice President and Secretary
John A. Staley, IV
Vice President
David M. Taylor
Assistant Treasurer
Jay S. Neuman
Assistant Secretary
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal government or any of its agencies. Investment in these shares
involves risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Trust's prospectus which contains
facts concerning its objective and policies, management
fees, expenses and other information.
RIMCO
MONUMENT
FUNDS
COMBINED ANNUAL REPORT
TO SHAREHOLDERS
APRIL 30, 1994
RIMCO Prime Money Market Fund
RIMCO U.S. Treasury Money Market Fund
RIMCO Bond Fund
RIMCO Stock Fund
RIGGS INVESTMENT MANAGEMENT CORP. (RIMCO)
- -----------------------------------------
Investment Adviser
FEDERATED SECURITIES CORP.
- -----------------------------------------
Distributor
2052603 (6/94)
RIMCO APPENDIX A
A . The graphic presentation here displayed consists of a
boxed legend in the bottom center indicating the components
of the corresponding line graph. RIMCO Monument Bond Fund
(the "Fund") is represented by a solid line The Lehman
Brothers Government/Corporate Total Index is represented by a
broken line. The line graph is a visual representation of a
comparison of change in value of a hypothetical $10,000
purchase in the Fund and Lehman Brothers Government/Corporate
Total Index. The "y" axis reflects the cost of the
investment. The "x" axis reflects computation periods from
May 11, 1992 through April 30, 1994. The right margin
reflects the ending value of the hypothetical investment in
the Fund as compared to Lehman Brothers Government/ Corporate
Total Index; the ending values are $11,018 and $11,581,
respectively. There is also a legend in the lower right
quadrant of the graphic presentation which indicates the
Average Annual Total Return for the 1 year and since
inception periods ended April 30, 1994. The Average Annual
Total Returns are (2.47)%, and 5.05%, respectively.
RIMCO APPENDIX B
A . The graphic presentation here displayed consists of a
boxed legend in the bottom center indicating the components
of the corresponding line graph. RIMCO Monument Stock Fund
(the "Fund") is represented by a solid line The Standard &
Poor's 500 Index is represented by a broken line. The line
graph is a visual representation of a comparison of change in
value of a hypothetical $10,000 purchase in the Fund and
Standard & Poor's 500 Index. The "y" axis reflects the cost
of the investment. The "x" axis reflects computation periods
from May 11, 1992 through April 30, 1994. The right margin
reflects the ending value of the hypothetical investment in
the Fund as compared to Standard & Poor's 500 Index; the
ending values are $11,831 and $10,624, respectively. There
is also a legend in the upper left quadrant of the graphic
presentation which indicates the Average Annual Total Return
for the 1 year and since inception periods ended April 30,
1994. The Average Annual Total Returns are 11.23%, and 8.93%,
respectively.
