RIMCO MONUMENT FUNDS
COMBINED ANNUAL REPORT TO SHAREHOLDERS
APRIL 30, 1995
RIMCO U.S. Treasury Money Market Fund
RIMCO Prime Money Market Fund
RIMCO Bond Fund
RIMCO Stock Fund
RIMCO Small Capitalization Equity Fund
Riggs Investment Management Corp. (RIMCO)
Investment Adviser
Federated Securities Corp.
Distributor
Mutual funds are not FDIC insured and are not deposits or obligations of or
guaranteed by The Riggs National Banks. They involve investment risks,
including the possible loss of the principal amount invested.
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for the RIMCO Monument
Funds. In addition to a complete listing of each fund's investments, this report
contains complete financial information for each fund for the fiscal year ended
April 30, 1995.
Please note the following highlights over the six-month period:
The RIMCO Monument U.S. Treasury Money Market Fund paid dividends of $0.04 per
share. Total net assets stood at $81 million on the last day of the period.
The RIMCO Monument Prime Money Market Fund paid dividends of $0.047 per share.
Total net assets stood at $284 million on the last day of the period.
The RIMCO Monument Bond Fund paid dividends of $0.56 per share. The fund's net
asset value stood at $9.35 on the last day of the period, a very modest decline
compared to its net asset value of $9.46 on the first day of the period. Net
assets stood at $46.8 million at the end of the period.
For investors with long-term financial goals, the RIMCO Monument Stock Fund
turned in strong performance. The fund's net asset value grew significantly,
from $11.89 on the first day of the period to $12.69 on the last day of the
period. The fund paid $0.79 in total distributions to shareholders. Total return
based on net asset value, which does not reflect any sales charge, was a very
strong 14.16%.* Net assets reached $66 million at the end of the period.
The newest addition to the RIMCO fund family, the RIMCO Monument Small
Capitalization Equity Fund, began operation on February 27, 1995. From that date
through April 30, 1995, the fund turned in a strong performance. Its net asset
value grew from $10.00 on the first day of the period to $10.43 on the last day
of the period. Net assets reached $7.6 million at the end of the period.
Thank you for selecting the RIMCO Monument Funds to pursue your financial goals.
We'll 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, 1995
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares when redeemed,
may be worth more or less than their original cost.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND ("TREASURY FUND")
RIMCO MONUMENT PRIME MONEY MARKET FUND ("PRIME FUND")
During the 1994 fiscal year, the RIMCO Monument U.S. Treasury Money Market Fund
and the RIMCO Monument Prime Money Market Fund maintained defensive positions
while the Federal Reserve Board (the "Fed") continued its pattern of raising
interest rates. Yields on short-term Treasuries, agencies and corporates
increased substantially over the period. During the fiscal year, the yield on
three-month Treasury Bills ("T-Bills") rose 175 basis points while the yield on
the six-month and one-year T-Bill rose 165 basis points and 140 basis points,
respectively. The one year T-Bill closed the fiscal year at a yield of 6.30%.
The Treasury Fund maintained its defensive posture by keeping its
days-to-maturity short throughout the year. The Prime Fund benefitted from
significant positions in agency and corporate floating rate notes based upon
three-month T-Bills or the LIBOR index. As rates rose last year, the floating
rate notes in the Prime Fund rose as well.
After seven interest rate hikes by the Fed over the 1994-95 period, much of the
recently released economic data indicates that the Fed is close to, or has
achieved, its goal of slowing the economy and preventing an inflationary
environment. The housing sector, consumer spending, and employment growth have
all demonstrated a dramatic slowdown from prior year activity. The bond market
has digested the recent economic information and has almost universally
concluded that an additional Fed tightening is highly unlikely, and rather, the
next move will be to lower interest rates. Therefore, we have shifted away from
our defensive strategy for the Treasury Fund and Prime Fund, by lengthening the
days-to-maturity in each fund. We plan to maintain this posture.
RIMCO MONUMENT BOND FUND ("BOND FUND")
The fiscal year which just ended marked a significant turning point in the fixed
income markets. A steady stream of exceptionally strong economic reports
throughout much of 1994 raised inflationary fears and sent interest rates
soaring, producing one of the worst years for fixed income securities in
decades. However, these higher rates were soon to have their effect on the
economy. Higher financing costs hit the housing and auto markets, producing a
pronounced slowdown in the economy beginning in the first quarter of calendar
1995. This led to a significant rally in the bond market to the point where
10-year and 30-year Treasury securities at this fiscal year end were virtually
unchanged from those seen at last years fiscal year end. As of this writing
(June 5), yields have continued to fall across most of the Treasury yield curve.
In February, when convincing signs of an economic slowdown appeared, we extended
the portfolio duration and average maturity above that of our benchmark index.
This has benefitted the performance of the Bond Fund significantly since fiscal
year end. We have since reduced the average maturity of the Bond Fund modestly
and taken some profits. While we still maintain a bullish stance for bonds due
to our expectation of continued weak economic numbers going forward, we remain
somewhat cautious at current levels. The bond market has come a long way in a
very short time and will be vulnerable to any sign of renewed economic strength.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
RIMCO MONUMENT STOCK FUND ("STOCK FUND")
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND ("SMALL CAPITALIZATION FUND")
The RIMCO Monument Stock Fund had a good year. For the year ended April 30,
1995, the Stock Fund generated a total return of 14.16% based on net asset value
(10.17% based on offering price).*
The RIMCO Monument Small Capitalization Equity Fund is off to a good start. The
Small Capitalization Fund's inception date was February 27, 1995. For the period
from inception through April 30, 1995, the Small Capitalization Fund generated a
total return of 4.30% based on net asset value (0.68% based on offering price).*
We continue to maintain well diversified portfolios in both equity funds, with
representation across all economic sectors. Our research highlights companies
which display consistent and strong earnings momentum, as well as attractive
valuations as measured by price to earnings multiples. Areas of concentration
during the period included health care, technology, and financial. Returns were
constrained somewhat by our position in retail stocks, a sector that performed
poorly during the period.
Examples of core holdings in the Stock Fund that were propelled by superior
earnings growth include: Scott Paper and Intel, up 109.7% and 68.2%,
respectively, during the period. We also found value in the health care sector,
taking advantage of an overreaction to reform concerns. Amgen, an example of a
successful selection in this sector, was up 79.5%.
In the Small Capitalization Fund, technology stocks in particular benefitted
from surging earnings expectations. Examples include Picturetel, a visual
telecommunications equipment manufacturer, whose shares were up 55.7%; and
Komag, a manufacturer of disc drives, up 53%. Additionally, our research
indicated that Pride Petroleum looked very cheap from a valuation standpoint.
The company's shares were up 45.5% during the period.
Looking ahead, while the "soft landing" (low inflation with economic growth)
scenario is the current market consensus, additional signs of a slowing economy
may lead to reductions in corporate earnings estimates. In this scenario,
companies with more predictable earnings growth will become market favorites. We
are emphasizing such companies, and have been adding to our positions in
consumer staples, technology, and health care. Holdings of cyclical companies,
whose prospects are more directly linked to the health of the overall economy,
have been reduced. We have eliminated our holdings in automobile manufacturers,
and have reduced our commitment to the capital goods sector as well.
By seeking out companies whose stocks display both value and growth
characteristics, we strive to provide our shareholders with consistently
superior returns. We believe that our disciplined focus on undervalued companies
with solid earnings growth will continue to reward our shareholders in the year
ahead.
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN RIMCO MONUMENT BOND FUND
The graph below illustrates the hypothetical investment of $10,000 in the
RIMCO Monument Bond Fund (the "Fund") from May 11, 1992 (start of performance)
to April 30, 1995 compared to the Lehman Brothers Govt./Corp. Total Index.+
Graphic presentation here. See Appendix A.
<TABLE>
<CAPTION>
Lehman
RIMCO Brothers
Measurement Period Monument Bond Govt./Corp.
(Fiscal Year Covered) Fund Total Index
<S> <C> <C>
5-11-92 9650 10000
4-30-93 10908 11450
4-30-94 11028 11581
4-30-95 11581 12384
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIOD ENDED APRIL 30, 1995
1 Year.............................................................. 1.37%
Start of Performance (May 11, 1992)................................. 5.07%
</TABLE>
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.
* Represents a hypothetical investment of $10,000 in the Fund after deducting
the current sales charge of 3.50% ($10,000 investment minus $350 sales charge
= $9,650). The Fund's performance assumes the reinvestment of all dividends
and distributions. The Lehman Brothers Govt./Corp. Total Index has been
adjusted to reflect reinvestment of dividends on securities in the index.
+ The Lehman Brothers Govt./Corp. Total Index is not adjusted to reflect sales
loads, expenses, or other fees that the SEC requires to be reflected in the
Fund's performance.
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN RIMCO MONUMENT STOCK FUND
The graph below illustrates the hypothetical investment of $10,000 in the
RIMCO Monument Stock Fund (the "Fund") from May 11, 1992 to April 30, 1995
compared to the Standard & Poor's 500 Index.+
Graphic presentation here. See Appendix B.
<TABLE>
<CAPTION>
RIMCO
Measurement Period Monument
(Fiscal Year Covered) Stock Fund S & P 500
<S> <C> <C>
5-11-92 9650 10000
4-30-93 10304 10923
4-30-94 11878 11487
4-30-95 13560 13492
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIOD ENDED APRIL 30, 1995
1 Year............................................................. 10.17%
Start of Performance............................................... 10.80%
</TABLE>
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.
* Represents a hypothetical investment of $10,000 in the Fund after deducting
the current sales charge of 3.5% ($10,000 investment minus $350.00 sales
charge = $9,650). The Fund's performance assumes the reinvestment of all
dividends and distributions. The Standard & Poor's 500 Index has been 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 SEC requires to be reflected in the Fund's
performance.
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTED IN RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
The graph below illustrates the hypothetical investment of $10,000 in the
RIMCO Monument Small Capitalization Equity Fund (the "Fund") from February 27,
1995 (start of performance) to April 30, 1995 compared to the Russell 2000.+
Graphic presentation here. See Appendix C.
<TABLE>
<CAPTION>
RIMCO
Monument
Measurement Period Small Capitalization
(Fiscal Year Covered) Fund Russell 2000
<S> <C> <C>
2-27-95 9650 10000
4-30-95 10065 10397
AVERAGE ANNUAL TOTAL RETURN FOR THE
PERIOD ENDED APRIL 30, 1995
Start of Performance (February 27, 1995) (cumulative)............... 0.68%
</TABLE>
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.
* Represents a hypothetical investment of $10,000 in the Fund after deducting
the current sales charge of 3.50% ($10,000 investment minus $350 sales charge
= $9,650). The Fund's performance assumes the reinvestment of all dividends
and distributions. The Russell 2000 has been adjusted to reflect reinvestment
of dividends on securities in the index.
+ The Russell 2000 is not adjusted to reflect sales loads, expenses, or other
fees that the SEC requires to be reflected in the Fund's performance.
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
UNITED STATES TREASURY OBLIGATIONS--54.5%
- -----------------------------------------------------------------------------------
U.S. TREASURY BILLS--48.4%
------------------------------------------------------------------
$40,000,000 6/1/1995-11/16/1995 $39,237,981
------------------------------------------------------------------
U.S. TREASURY NOTE--6.1%
------------------------------------------------------------------
5,000,000 3.875%, 8/31/1995 4,962,349
------------------------------------------------------------------ -----------
TOTAL UNITED STATES TREASURY OBLIGATIONS 44,200,330
------------------------------------------------------------------ -----------
*REPURCHASE AGREEMENTS--45.9%
- -----------------------------------------------------------------------------------
18,595,000 Citicorp Securities Markets, Inc., 5.90%, dated 4/28/1995, due
5/1/1995 18,595,000
------------------------------------------------------------------
18,596,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.90%,
dated 4/28/1995, due 5/1/1995 18,596,000
------------------------------------------------------------------ -----------
TOTAL REPURCHASE AGREEMENTS 37,191,000
------------------------------------------------------------------ -----------
TOTAL INVESTMENTS (AT AMORTIZED COST) $81,391,330+
------------------------------------------------------------------ -----------
</TABLE>
+ Also represents cost for federal tax purposes.
* The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
Note: The categories of investments are shown as a percentage of net assets
($81,089,105) at April 30, 1995.
(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, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ---------------------------------------------------------------------------------
Investments in repurchase agreements $37,191,000
- -------------------------------------------------------------------
Investments in securities 44,200,330
- ------------------------------------------------------------------- -----------
Total investments, at amortized cost and value $81,391,330
- ---------------------------------------------------------------------------------
Cash 58
- ---------------------------------------------------------------------------------
Income receivable 50,928
- ---------------------------------------------------------------------------------
Deferred expenses 5,200
- --------------------------------------------------------------------------------- -----------
Total assets 81,447,516
- ---------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------
Income distribution payable 337,072
- -------------------------------------------------------------------
Accrued expenses 21,339
- ------------------------------------------------------------------- -----------
Total liabilities 358,411
- --------------------------------------------------------------------------------- -----------
NET ASSETS for 81,089,105 shares outstanding $81,089,105
- --------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
($81,089,105 / 81,089,105 shares outstanding) $1.00
- --------------------------------------------------------------------------------- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- -----------------------------------------------------------------------------------
Interest $4,648,152
- -----------------------------------------------------------------------------------
EXPENSES:
- -----------------------------------------------------------------------
Investment advisory fee $471,275
- -----------------------------------------------------------------------
Administrative personnel and services fee 126,640
- -----------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and expenses 35,416
- -----------------------------------------------------------------------
Directors'/Trustees' fees 1,450
- -----------------------------------------------------------------------
Auditing fees 14,050
- -----------------------------------------------------------------------
Legal fees 5,913
- -----------------------------------------------------------------------
Portfolio accounting fees 49,984
- -----------------------------------------------------------------------
Share registration costs 24,225
- -----------------------------------------------------------------------
Printing and postage 11,445
- -----------------------------------------------------------------------
Insurance premiums 5,459
- -----------------------------------------------------------------------
Miscellaneous 10,814
- ----------------------------------------------------------------------- --------
Total expenses 756,671
- -----------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------
Waiver of investment advisory fee 188,510
- ----------------------------------------------------------------------- --------
Net expenses 568,161
- ----------------------------------------------------------------------------------- ----------
Net investment income $4,079,991
- ----------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
-------------------------------
1995 1994
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- --------------------------------------------------------------
OPERATIONS--
- --------------------------------------------------------------
Net investment income $ 4,079,991 $ 3,144,179
- -------------------------------------------------------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS--
- --------------------------------------------------------------
Distributions from net investment income (4,079,991) (3,144,179)
- -------------------------------------------------------------- ------------- -------------
SHARE TRANSACTIONS--
- --------------------------------------------------------------
Proceeds from sale of shares 375,221,400 449,045,523
- --------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
distributions declared 446,947 118,945
- --------------------------------------------------------------
Cost of shares redeemed (401,527,266) (429,091,872)
- -------------------------------------------------------------- ------------- -------------
Change in net assets resulting from share transactions (25,858,919) 20,072,596
- -------------------------------------------------------------- ------------- -------------
Change in net assets (25,858,919) 20,072,596
- --------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------
Beginning of period 106,948,024 86,875,428
- -------------------------------------------------------------- ------------- -------------
End of period $ 81,089,105 $ 106,948,024
- -------------------------------------------------------------- ------------- -------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
---------------------------------------
1995 1994 1993 1992(A
------ ------ ------ ------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- --------------------------------------------------
Net investment income 0.04 0.03 0.03 0.02
- -------------------------------------------------- ------ ------ ------ ------
LESS DISTRIBUTIONS
- --------------------------------------------------
Distributions from net investment income (0.04) (0.03) (0.03) (0.02)
- -------------------------------------------------- ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
- -------------------------------------------------- ------ ------ ------ ------
TOTAL RETURN (b) 4.39% 2.64% 2.92% 2.37%
- --------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- --------------------------------------------------
Expenses 0.60% 0.56% 0.52% 0.41%(c)
- --------------------------------------------------
Net investment income 4.33% 2.61% 2.86% 4.08%(c)
- --------------------------------------------------
Expense waiver/reimbursement (d) 0.20% 0.16% 0.29% 0.42%(c)
- --------------------------------------------------
SUPPLEMENTAL DATA
- --------------------------------------------------
Net assets, end of period (000 omitted) $81,089 $106,948 $86,875 $51,039
- --------------------------------------------------
</TABLE>
(a) Reflects operations for the period from October 8, 1991 (date of initial
public investment) to April 30, 1992.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------- ------------
<C> <C> <S> <C>
*COMMERCIAL PAPER--24.4%
- ------------------------------------------------------------------------------------
FINANCE--12.2%
-----------------------------------------------------------------
$ 5,000,000 American General Corp., 6.01%, 7/18/1995 $ 4,934,892
-----------------------------------------------------------------
5,000,000 Amex, 6.13%, 9/11/1995 4,886,765
-----------------------------------------------------------------
10,000,000 Beneficial Corp., 6.02%-6.10%, 6/27/1995-7/12/1995 9,891,738
-----------------------------------------------------------------
5,000,000 Heller Financial, Inc., 6.02%, 5/19/1995 4,984,950
-----------------------------------------------------------------
10,000,000 Household Financial Corp., 5.91%, 5/8/1995 9,988,508
----------------------------------------------------------------- ------------
Total 34,686,853
----------------------------------------------------------------- ------------
FINANCE-AUTOMOTIVE--1.7%
-----------------------------------------------------------------
5,000,000 Ford Motor Credit Corp., 6.01%, 7/17/1995 4,935,726
----------------------------------------------------------------- ------------
FINANCE-MANUFACTURING--7.0%
-----------------------------------------------------------------
10,000,000 General Electric Capital Corp., 6.00%-6.01%, 7/18/1995-7/19/1995 9,869,058
-----------------------------------------------------------------
10,000,000 John Deere Capital Corp., 6.01%-6.08%, 5/4/1995-5/30/1995 9,973,260
----------------------------------------------------------------- ------------
Total 19,842,318
----------------------------------------------------------------- ------------
FINANCE-RETAIL--3.5%
-----------------------------------------------------------------
10,000,000 Sears, Roebuck Acceptance Corp., 6.00%, 6/19/1995 9,918,333
----------------------------------------------------------------- ------------
TOTAL COMMERCIAL PAPER 69,383,230
----------------------------------------------------------------- ------------
CORPORATE BONDS--51.4%
- ------------------------------------------------------------------------------------
BANKING--18.3%
-----------------------------------------------------------------
5,000,000 Bank of New York, 6.13%, 6/30/1995 5,000,000
-----------------------------------------------------------------
10,000,000 Boatmen's Bank, Southern Missouri, 6.125%, 8/4/1995 10,000,000
-----------------------------------------------------------------
1,000,000 Citicorp, 9.90%, 3/14/1996 1,026,516
-----------------------------------------------------------------
5,000,000 FCC National Bank, 6.04%, 1/19/1996 5,000,000
-----------------------------------------------------------------
3,500,000 FCC National Bank, Wilmington Delaware, 6.07%, 8/22/1995 3,500,176
-----------------------------------------------------------------
10,000,000 First National Bank of Boston, 6.145%-6.313%, 11/8/1995-4/5/1996 10,000,000
-----------------------------------------------------------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------- ------------
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ------------------------------------------------------------------------------------
$ 7,500,000 Fleet Financial Group, Inc., 5.625%-10.00%, 6/15/1995-7/1/1995 $ 7,498,184
-----------------------------------------------------------------
5,000,000 PNC Bank of Delaware, 5.94%, 5/9/1995 4,999,980
-----------------------------------------------------------------
5,000,000 Southtrust Bank Alabama, 6.125%, 3/25/1996 5,000,000
----------------------------------------------------------------- ------------
Total 52,024,856
----------------------------------------------------------------- ------------
FINANCE--14.5%
-----------------------------------------------------------------
4,000,000 American Express Credit Corp., 4.50%, 6/22/1995 3,988,869
-----------------------------------------------------------------
4,650,000 American General Finance Corp., 8.10%-9.75%, 6/30/1995-3/15/1996 4,730,199
-----------------------------------------------------------------
6,975,000 Associates Corp. of North America, 5.65%-12.40%,
8/1/1995-3/1/1996 7,029,176
-----------------------------------------------------------------
10,000,000 Avco Financial Services, Inc., 5.99%, 6/29/1995 10,000,000
-----------------------------------------------------------------
2,900,000 CIT Group Holdings, Inc., 5.50%, 11/1/1995 2,886,794
-----------------------------------------------------------------
1,000,000 Household Finance Corp., 9.58%, 2/1/1996 1,022,012
-----------------------------------------------------------------
5,670,000 ITT Financial Corp., 5.00%-8.55%, 7/3/1995-10/15/1995 5,677,545
-----------------------------------------------------------------
1,510,000 Philip Morris Cos., Inc., 6.05%-9.60%, 5/11/1995-6/26/1995 1,511,313
-----------------------------------------------------------------
4,360,000 TransAmerica Finance Corp., 5.40%-8.30%, 5/1/1995-9/1/1995 4,353,823
----------------------------------------------------------------- ------------
Total 41,199,731
----------------------------------------------------------------- ------------
FINANCE-AUTOMOTIVE--7.0%
-----------------------------------------------------------------
7,300,000 Ford Motor Credit Corp., 5.41%-9.35%, 7/14/1995-12/15/1995 7,335,835
-----------------------------------------------------------------
12,535,000 General Motors Acceptance Corp., 5.75%-9.25%, 6/8/1995-2/1/1996 12,573,822
----------------------------------------------------------------- ------------
Total 19,909,657
----------------------------------------------------------------- ------------
FINANCE-MANUFACTURING--0.9%
-----------------------------------------------------------------
2,500,000 General Electric Capital Corp., 4.55%-6.24%, 5/15/1995-9/18/1995 2,485,943
----------------------------------------------------------------- ------------
FINANCE-EQUIPMENT--4.3%
-----------------------------------------------------------------
12,300,000 International Lease Finance Corp., 4.25%-8.25%,
8/15/1995-1/15/1996 12,253,971
----------------------------------------------------------------- ------------
FINANCE-RECEIVABLES--2.7%
-----------------------------------------------------------------
6,190,000 IBM Credit Corp., 4.70%-6.30%, 5/10/1995-8/1/1995 6,186,183
-----------------------------------------------------------------
1,500,000 Xerox Credit Corp., 5.375%-6.25%, 7/15/1995-1/15/1996 1,496,436
----------------------------------------------------------------- ------------
Total 7,682,619
----------------------------------------------------------------- ------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------- ------------
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ------------------------------------------------------------------------------------
FINANCE-RETAIL--2.6%
-----------------------------------------------------------------
$ 7,155,000 Commercial Credit Co., 6.375%-9.875%, 5/1/1995-1/1/1996 $ 7,188,180
-----------------------------------------------------------------
250,000 Sears, Roebuck & Co., Inc., 5.68%, 7/14/1995 249,483
----------------------------------------------------------------- ------------
Total 7,437,663
----------------------------------------------------------------- ------------
FOOD & BEVERAGE--0.7%
-----------------------------------------------------------------
2,000,000 PepsiCo, Inc., 7.85%, 5/15/1995 2,001,334
----------------------------------------------------------------- ------------
TELECOMMUNICATIONS--0.4%
-----------------------------------------------------------------
1,000,000 AT&T Corp., 6.3125%, 5/4/1995 999,998
----------------------------------------------------------------- ------------
TOTAL CORPORATE BONDS 145,995,772
----------------------------------------------------------------- ------------
SHORT-TERM GOVERNMENT AGENCY OBLIGATIONS--19.0%
- ------------------------------------------------------------------------------------
** FEDERAL FARM CREDIT BANK--0.1%
-----------------------------------------------------------------
400,000 5.85%, 5/1/1995 400,000
----------------------------------------------------------------- ------------
** STUDENT LOAN MARKETING ASSOCIATION--12.7%
-----------------------------------------------------------------
35,890,000 6.01%-6.29%, 6/2/1995-8/2/1999 35,963,494
----------------------------------------------------------------- ------------
** FEDERAL HOME LOAN BANK--4.4%
-----------------------------------------------------------------
12,500,000 6.03%-10.30%, 7/25/1995-2/14/1997 12,546,139
----------------------------------------------------------------- ------------
* FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.8%
-----------------------------------------------------------------
5,000,000 6.18%, 6/16/1995 4,961,283
----------------------------------------------------------------- ------------
TOTAL SHORT-TERM GOVERNMENT AGENCY OBLIGATIONS 53,870,916
----------------------------------------------------------------- ------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------- ------------
<C> <C> <S> <C>
***REPURCHASE AGREEMENTS--5.1%
- ------------------------------------------------------------------------------------
$ 7,214,000 Citicorp Security Markets, Inc., 5.90%, dated 4/28/1995, due
5/1/1995 $ 7,214,000
-----------------------------------------------------------------
7,213,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.90%, dated
4/28/1995, due 5/1/1995 7,213,000
----------------------------------------------------------------- ------------
TOTAL REPURCHASE AGREEMENTS 14,427,000
----------------------------------------------------------------- ------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $283,676,918+
----------------------------------------------------------------- ------------
</TABLE>
* Each issue shows the rate of discount at the time of purchase for discount
issues, or the coupon for interest bearing issues.
** Current rate and next demand date shown.
*** The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
+ Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($284,058,602) at April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ----------------------------------------------------------------------------
Investments at amortized cost and value $283,676,918
- ----------------------------------------------------------------------------
Cash 678
- ----------------------------------------------------------------------------
Income receivable 2,515,629
- ----------------------------------------------------------------------------
Receivable for shares sold 223,090
- ----------------------------------------------------------------------------
Deferred expenses 10,053
- ---------------------------------------------------------------------------- ------------
Total assets 286,426,368
- ----------------------------------------------------------------------------
LIABILITIES:
- ----------------------------------------------------------------------------
Payable for investments purchased $1,013,349
- --------------------------------------------------------------
Income distribution payable 1,326,998
- --------------------------------------------------------------
Accrued expenses 27,419
- -------------------------------------------------------------- ----------
Total liabilities 2,367,766
- ---------------------------------------------------------------------------- ------------
NET ASSETS for 284,212,633 shares outstanding $284,058,602
- ---------------------------------------------------------------------------- ------------
NET ASSETS CONSIST OF:
- ----------------------------------------------------------------------------
Paid-in capital $284,214,197
- ----------------------------------------------------------------------------
Accumulated net realized loss on investments (922,905)
- ----------------------------------------------------------------------------
Undistributed net investment income 767,310
- ---------------------------------------------------------------------------- ------------
Total Net Assets $284,058,602
- ---------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share ($284,058,602 / 284,212,633 shares outstanding) $1.00
- ---------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------
Interest $17,770,306
- ---------------------------------------------------------------------------------
EXPENSES:
- ---------------------------------------------------------------------------------
Investment advisory fee $1,722,083
- --------------------------------------------------------------------
Administrative personnel and services fee 462,172
- --------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and expenses 36,871
- --------------------------------------------------------------------
Directors'/Trustees' fees 2,407
- --------------------------------------------------------------------
Auditing fees 14,050
- --------------------------------------------------------------------
Legal fees 2,313
- --------------------------------------------------------------------
Portfolio accounting fees 61,723
- --------------------------------------------------------------------
Share registration costs 19,727
- --------------------------------------------------------------------
Printing and postage 8,562
- --------------------------------------------------------------------
Insurance premiums 9,368
- --------------------------------------------------------------------
Miscellaneous 4,090
- -------------------------------------------------------------------- ----------
Total expenses 2,343,366
- --------------------------------------------------------------------
Deduct--
- --------------------------------------------------------------------
Waiver of investment advisory fee 818,546
- -------------------------------------------------------------------- ----------
Net expenses 1,524,820
- --------------------------------------------------------------------------------- -----------
Net investment income 16,245,486
- ---------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- ---------------------------------------------------------------------------------
Net realized (loss) on investments (1,138,233)
- --------------------------------------------------------------------------------- -----------
Change in net assets resulting from operations $15,107,253
- --------------------------------------------------------------------------------- -----------
</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,
--------------------------------
1995 1994
------------ ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -------------------------------------------------------------
OPERATIONS--
- -------------------------------------------------------------
Net investment income $ 16,245,486 $ 10,582,964
- -------------------------------------------------------------
Net realized gain (loss) on investments ($20,474 and $890,037
net loss, respectively, as computed for federal tax
purposes) (1,138,233) 88,514
- ------------------------------------------------------------- ------------ ---------------
Change in net assets resulting from operations 15,107,253 10,671,478
- ------------------------------------------------------------- ------------ ---------------
DISTRIBUTIONS TO SHAREHOLDERS--
- -------------------------------------------------------------
Distributions from net investment income (16,058,220) (10,582,964)
- ------------------------------------------------------------- ------------ ---------------
SHARE TRANSACTIONS--
- -------------------------------------------------------------
Proceeds from sale of shares 830,172,533 1,060,003,920
- -------------------------------------------------------------
Net asset value of shares issued to shareholders in payment
of distributions declared 1,892,619 814,399
- -------------------------------------------------------------
Cost of shares redeemed (883,018,651) (1,003,408,484)
- ------------------------------------------------------------- ------------ ---------------
Change in net assets resulting from share transactions (50,953,499) 57,409,835
- ------------------------------------------------------------- ------------ ---------------
CAPITAL CONTRIBUTION 1,198,029 --
- ------------------------------------------------------------- ------------ ---------------
Change in net assets (50,706,437) 57,498,349
- -------------------------------------------------------------
NET ASSETS:
- -------------------------------------------------------------
Beginning of period 334,765,039 277,266,690
- ------------------------------------------------------------- ------------ ---------------
End of period (including undistributed net investment income
of $767,310 and $0, respectively) $284,058,602 $ 334,765,039
- ------------------------------------------------------------- ------------ ---------------
</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,
------------------------------------------
1995 1994 1993 1992(A
------- ------ ------ ------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------
Net investment income 0.047 0.03 0.04 0.03
- -----------------------------------------------
Net realized loss on investments (0.003) -- -- --
- ----------------------------------------------- ------- ------ ------ ------
Total from investment operations 0.044 0.03 0.04 0.03
- -----------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------
Distributions from net investment income (0.047) (0.03) (0.04) (0.03)
- -----------------------------------------------
CAPITAL CONTRIBUTION 0.003 -- -- --
- ----------------------------------------------- ------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
- ----------------------------------------------- ------- ------ ------ ------
TOTAL RETURN (B) 4.84%(c) 3.08% 3.55% 2.90%
- -----------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------
Expenses 0.44% 0.43% 0.41% 0.27%(d)
- -----------------------------------------------
Net investment income 4.72% 3.02% 3.46% 4.56%(d)
- -----------------------------------------------
Expense waiver/reimbursement (e) 0.24% 0.28% 0.31% 0.47%(d)
- -----------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------
Net assets, end of period (000 omitted) $284,059 $334,765 $277,267 $111,329
- -----------------------------------------------
</TABLE>
(a) Reflects operations for the period from September 17, 1991 (date of initial
public investment) to April 30, 1992.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Total return would have remained at 4.84% absent the capital contribution by
Riggs National Corp.
(d) Computed on an annualized basis.
(e) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
CORPORATE BONDS--25.7%
- ------------------------------------------------------------------------------------
BANKING--1.5%
--------------------------------------------------------------------
$ 645,000 BankAmerica Corp., 9.70%, 8/1/2000 $ 703,018
-------------------------------------------------------------------- -----------
FINANCE--12.3%
--------------------------------------------------------------------
Associates Corp. of North America
--------------------------------------------------------------------
490,000 8.80%, 8/01/1998 512,765
--------------------------------------------------------------------
480,000 7.875%, 9/30/2001 490,546
--------------------------------------------------------------------
910,000 CIT Group Holdings, Inc., 6.09%, 5/19/1997 907,907
--------------------------------------------------------------------
1,825,000 Ford Capital BV, 9.375%, 1/1/1998 1,922,218
--------------------------------------------------------------------
880,000 General Electric Capital Corp., 8.74%, 5/21/2007 963,107
--------------------------------------------------------------------
930,000 Transamerica Finance Corp., 8.75%, 10/1/1999 975,756
-------------------------------------------------------------------- -----------
Total 5,772,299
-------------------------------------------------------------------- -----------
INSURANCE--2.0%
--------------------------------------------------------------------
930,000 Travelers, Inc., 7.75%, 6/15/1999 944,806
-------------------------------------------------------------------- -----------
RETAIL--7.7%
--------------------------------------------------------------------
American Home Products Corp.
--------------------------------------------------------------------
500,000 7.70%, 2/15/2000 508,885
--------------------------------------------------------------------
500,000 7.90%, 2/15/2005 511,515
--------------------------------------------------------------------
700,000 Deere and Co., 8.95%, 6/15/2019 769,678
--------------------------------------------------------------------
360,000 Disney (Walt) Co., 5.80%, 10/27/2008 305,236
--------------------------------------------------------------------
1,450,000 Wal-Mart Stores, Inc., 8.00%, 9/15/2006 1,503,143
-------------------------------------------------------------------- -----------
Total 3,598,457
-------------------------------------------------------------------- -----------
TELECOMMUNICATIONS--2.2%
--------------------------------------------------------------------
1,000,000 AT&T Corp., 7.75%, 3/1/2007 1,015,060
-------------------------------------------------------------------- -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST, $11,930,163) 12,033,640
-------------------------------------------------------------------- -----------
</TABLE>
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
GOVERNMENT BONDS--62.7%
- ------------------------------------------------------------------------------------
UNITED STATES TREASURY SECURITIES--45.9%
--------------------------------------------------------------------
United States Treasury Bonds
--------------------------------------------------------------------
$4,995,000 6.25%, 8/15/2023 $ 4,315,780
--------------------------------------------------------------------
5,325,000 7.50%, 11/15/2024 5,401,574
--------------------------------------------------------------------
470,000 7.625%, 2/15/2025 486,309
--------------------------------------------------------------------
United States Treasury Notes
--------------------------------------------------------------------
1,500,000 6.50%, 9/30/1996 1,501,020
--------------------------------------------------------------------
970,000 6.875%, 4/30/1997 975,393
--------------------------------------------------------------------
1,190,000 9.25%, 8/15/1998 1,276,656
--------------------------------------------------------------------
840,000 8.875%, 2/15/1999 897,489
--------------------------------------------------------------------
865,000 7.00%, 4/15/1999 871,444
--------------------------------------------------------------------
525,000 9.125%, 5/15/1999 567,273
--------------------------------------------------------------------
500,000 7.125%, 2/29/2000 504,960
--------------------------------------------------------------------
755,000 7.25%, 5/15/2004 764,022
--------------------------------------------------------------------
1,090,000 7.875%, 11/15/2004 1,149,863
--------------------------------------------------------------------
2,655,000 7.50%, 2/15/2005 2,737,199
-------------------------------------------------------------------- -----------
Total 21,448,982
-------------------------------------------------------------------- -----------
UNITED STATES GOVERNMENT AGENCIES--16.8%
--------------------------------------------------------------------
Federal Farm Credit Bank
--------------------------------------------------------------------
330,000 6.38%, 7/25/1996 328,799
--------------------------------------------------------------------
1,880,000 6.68%, 7/14/1997 1,869,190
--------------------------------------------------------------------
575,000 9.20%, 8/22/2005 645,748
--------------------------------------------------------------------
1,020,000 Federal Home Loan Mortgage Association, 5.85%, 2/15/2008 921,845
--------------------------------------------------------------------
1,880,000 Federal National Mortgage Association, 7.77%, 7/18/2001 1,882,444
--------------------------------------------------------------------
1,060,000 Federal National Mortgage Association REMIC, 6.50%, 11/25/2022 961,611
--------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
GOVERNMENT BONDS--CONTINUED
- ------------------------------------------------------------------------------------
Student Loan Marketing Association
--------------------------------------------------------------------
$ 525,000 6.19%, 11/20/1997 $ 526,937
--------------------------------------------------------------------
750,000 6.01%, 11/24/1997 749,948
-------------------------------------------------------------------- -----------
Total 7,886,522
-------------------------------------------------------------------- -----------
TOTAL GOVERNMENT BONDS (IDENTIFIED COST, $28,958,155) 29,335,504
-------------------------------------------------------------------- -----------
*REPURCHASE AGREEMENTS--10.7%
- ------------------------------------------------------------------------------------
2,496,000 Citicorp, 5.90%, dated 4/28/1995, due 5/1/1995 2,496,000
--------------------------------------------------------------------
2,495,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.90%, dated
4/28/1995, due 5/1/1995 2,495,000
-------------------------------------------------------------------- -----------
TOTAL REPURCHASE AGREEMENTS (AT AMORTIZED COST) 4,991,000
-------------------------------------------------------------------- -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $45,879,318) $46,360,144+
-------------------------------------------------------------------- -----------
</TABLE>
* The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
+ The cost for federal tax purposes amounts to $45,918,391. The net unrealized
appreciation of investments on a federal tax basis amounts to $441,753, which
is comprised of $572,146 appreciation and $130,393 depreciation at April 30,
1995.
The following abbreviation is used in this portfolio:
REMIC -- Real Estate Mortgage Investment Conduit
Note: The categories of investments are shown as a percentage of net assets
($46,820,304) at April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ---------------------------------------------------------------------------------
Investments in repurchase agreements $ 4,991,000
- -------------------------------------------------------------------
Investments in securities 41,369,144
- ------------------------------------------------------------------- -----------
Total investments, at amortized cost and value
(identified cost $45,879,318 and tax cost $45,918,391) $46,360,144
- ---------------------------------------------------------------------------------
Cash 157
- ---------------------------------------------------------------------------------
Income receivable 838,605
- ---------------------------------------------------------------------------------
Receivable for shares sold 213,002
- ---------------------------------------------------------------------------------
Deferred expenses 5,116
- --------------------------------------------------------------------------------- -----------
Total assets 47,417,024
- ---------------------------------------------------------------------------------
LIABILITIES:
- -------------------------------------------------------------------
Payable for investments purchased 312,754
- -------------------------------------------------------------------
Payable for shares redeemed 11,499
- -------------------------------------------------------------------
Income distribution payable 252,459
- -------------------------------------------------------------------
Accrued expenses 20,008
- ------------------------------------------------------------------- -----------
Total liabilities 596,720
- --------------------------------------------------------------------------------- -----------
NET ASSETS for 5,005,207 shares outstanding $46,820,304
- --------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------
Paid-in capital $50,544,034
- ---------------------------------------------------------------------------------
Net unrealized appreciation of investments 480,826
- ---------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,230,350)
- ---------------------------------------------------------------------------------
Undistributed net investment income 25,794
- --------------------------------------------------------------------------------- -----------
Total Net Assets $46,820,304
- --------------------------------------------------------------------------------- -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
Net Asset Value Per Share ($46,820,304 / 5,005,207 shares
outstanding) $9.35
- --------------------------------------------------------------------------------- -----------
Offering Price Per Share (100/96.50 of $9.35)* $9.69
- --------------------------------------------------------------------------------- -----------
</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, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
Interest $ 3,199,832
- --------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------------
Investment advisory fee $346,821
- ---------------------------------------------------------------------
Administrative personnel and services fee 62,130
- ---------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and expenses 36,687
- ---------------------------------------------------------------------
Directors'/Trustees' fees 1,188
- ---------------------------------------------------------------------
Auditing fees 14,050
- ---------------------------------------------------------------------
Legal fees 1,813
- ---------------------------------------------------------------------
Portfolio accounting fees 50,688
- ---------------------------------------------------------------------
Share registration costs 17,923
- ---------------------------------------------------------------------
Printing and postage 9,229
- ---------------------------------------------------------------------
Insurance premiums 4,673
- ---------------------------------------------------------------------
Miscellaneous 10,796
- --------------------------------------------------------------------- --------
Total expenses 555,998
- ---------------------------------------------------------------------
Deduct--
- ---------------------------------------------------------------------
Waiver of investment advisory fee 185,307
- --------------------------------------------------------------------- --------
Net expenses 370,691
- -------------------------------------------------------------------------------- -----------
Net investment income 2,829,141
- -------------------------------------------------------------------------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
Net realized loss on investments (2,906,431)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 2,307,739
- -------------------------------------------------------------------------------- -----------
Net realized and unrealized loss on investments (598,692)
- -------------------------------------------------------------------------------- -----------
Change in net assets resulting from operations $ 2,230,449
- -------------------------------------------------------------------------------- -----------
</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,
----------------------------
1995 1994
----------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ----------------------------------------------------------------
OPERATIONS--
- ----------------------------------------------------------------
Net investment income $ 2,829,141 $ 2,482,106
- ----------------------------------------------------------------
Net realized gain (loss) on investments ($3,801,709 net loss and
$1,666,331 net gain, respectively, as computed for federal tax
purposes) (2,906,431) 342,034
- ----------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments 2,307,739 (2,235,039)
- ---------------------------------------------------------------- ----------- ------------
Change in net assets resulting from operations 2,230,449 589,101
- ---------------------------------------------------------------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ----------------------------------------------------------------
Distributions from net investment income (2,803,347) (2,481,723)
- ----------------------------------------------------------------
Distributions from net realized gains 0 (2,701,669)
- ---------------------------------------------------------------- ----------- ------------
Change in net assets resulting from distributions to
shareholders (2,803,347) (5,183,392)
- ---------------------------------------------------------------- ----------- ------------
SHARE TRANSACTIONS--
- ----------------------------------------------------------------
Proceeds from sale of shares 7,386,255 20,515,810
- ----------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
distributions declared 332,132 353,981
- ----------------------------------------------------------------
Cost of shares redeemed (7,877,583) (13,391,583)
- ---------------------------------------------------------------- ----------- ------------
Change in net assets resulting from share transactions (159,196) 7,478,208
- ---------------------------------------------------------------- ----------- ------------
Change in net assets (732,094) 2,883,917
- ----------------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------------
Beginning of period 47,552,398 44,668,481
- ---------------------------------------------------------------- ----------- ------------
End of period (including undistributed net investment income of
$25,794 and $0, respectively) $46,820,304 $ 47,552,398
- ---------------------------------------------------------------- ----------- ------------
</TABLE>
(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,
----------------------------
1995 1994 1993(A
------ ------ ------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.46 $10.40 $10.00
- -----------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------------
Net investment income 0.56 0.53 0.60
- -----------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.11) (0.38) 0.66
- ----------------------------------------------------------- ------ ------ ------
Total from investment operations 0.45 0.15 1.26
- -----------------------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------------------
Distributions from net investment income (0.56) (0.53) (0.60)
- -----------------------------------------------------------
Distributions from net realized gains -- (0.56) (0.26)
- ----------------------------------------------------------- ------ ------ ------
Total distributions (0.56) (1.09) (0.86)
- ----------------------------------------------------------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 9.35 $ 9.46 $10.40
- ----------------------------------------------------------- ------ ------ ------
TOTAL RETURN (B) 5.01% 1.10% 12.93%
- -----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------------
Expenses 0.80% 0.68% 0.50%(c)
- -----------------------------------------------------------
Net investment income 6.06% 5.15% 5.95%(c)
- -----------------------------------------------------------
Expense waiver/reimbursement (d) 0.40% 0.48% 0.65%(c)
- -----------------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------------
Net assets, end of period (000 omitted) $46,820 $47,552 $44,668
- -----------------------------------------------------------
Portfolio turnover 262% 344% 371%
- -----------------------------------------------------------
</TABLE>
(a) Reflects operations for the period from May 11, 1992 (date of initial public
investment) to April 30, 1993.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--92.9%
- ------------------------------------------------------------------------------------
BASIC MATERIALS--4.8%
--------------------------------------------------------------------
13,015 Dow Chemical Co. $ 904,543
--------------------------------------------------------------------
14,990 Nucor Corp. 719,520
--------------------------------------------------------------------
10,145 Scott Paper Co. 904,173
--------------------------------------------------------------------
20,825 Union Carbide Corp. Holdings Co. 666,400
-------------------------------------------------------------------- -----------
Total 3,194,636
-------------------------------------------------------------------- -----------
CAPITAL GOODS--10.7%
--------------------------------------------------------------------
6,885 Alco Standard Corp. 487,974
--------------------------------------------------------------------
12,155 Deere & Co. 996,710
--------------------------------------------------------------------
22,610 General Electric Co. 1,266,160
--------------------------------------------------------------------
10,100 ITT Corp. 1,055,450
--------------------------------------------------------------------
18,330 * Lockheed Martin Corp. 1,058,557
--------------------------------------------------------------------
17,285 Textron, Inc. 985,245
--------------------------------------------------------------------
16,185 United Technologies Corp. 1,183,528
-------------------------------------------------------------------- -----------
Total 7,033,624
-------------------------------------------------------------------- -----------
CONSUMER CYCLICAL--10.3%
--------------------------------------------------------------------
50,845 Circuit City Stores, Inc. 1,315,614
--------------------------------------------------------------------
9,155 Ford Motor Co., Conv Pfd. 806,784
--------------------------------------------------------------------
31,430 Gap, Inc. 1,001,831
--------------------------------------------------------------------
32,485 Limited, Inc. 694,367
--------------------------------------------------------------------
22,890 Penney, (J.C.) Inc. 1,001,438
--------------------------------------------------------------------
19,500 Premark International, Inc. 940,875
--------------------------------------------------------------------
18,878 Sears Roebuck & Co., Conv Pfd. 1,024,132
-------------------------------------------------------------------- -----------
Total 6,785,041
-------------------------------------------------------------------- -----------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
CONSUMER SERVICES--3.7%
--------------------------------------------------------------------
11,585 Capital Cities/ABC, Inc. $ 978,932
--------------------------------------------------------------------
11,684 Tribune Co. 690,817
--------------------------------------------------------------------
43,890 Wendy's International, Inc. 746,130
-------------------------------------------------------------------- -----------
Total 2,415,879
-------------------------------------------------------------------- -----------
CONSUMER STAPLES--11.4%
--------------------------------------------------------------------
66,500 Archer-Daniels-Midland Co. 1,213,625
--------------------------------------------------------------------
23,820 Coca Cola Co. 1,384,537
--------------------------------------------------------------------
45,730 * Kroger Co. 1,166,115
--------------------------------------------------------------------
19,895 Philip Morris Cos., Inc. 1,347,886
--------------------------------------------------------------------
20,850 Procter & Gamble Co. 1,456,894
--------------------------------------------------------------------
25,940 * Safeway, Inc. 972,750
-------------------------------------------------------------------- -----------
Total 7,541,807
-------------------------------------------------------------------- -----------
ENERGY--11.3%
--------------------------------------------------------------------
17,065 Ashland Oil Inc. 631,405
--------------------------------------------------------------------
12,045 British Petroleum Co., PLC 1,037,376
--------------------------------------------------------------------
38,477 Coastal Corp. 1,144,691
--------------------------------------------------------------------
32,945 Halliburton Co. 1,264,264
--------------------------------------------------------------------
17,855 Mobil Corp. 1,693,993
--------------------------------------------------------------------
6,650 Royal Dutch Petroleum Co. 824,600
--------------------------------------------------------------------
28,005 Sonat Inc. 850,652
-------------------------------------------------------------------- -----------
Total 7,446,981
-------------------------------------------------------------------- -----------
FINANCIALS--9.2%
--------------------------------------------------------------------
42,130 American Express 1,464,018
--------------------------------------------------------------------
9,025 American International Group, Inc. 963,419
--------------------------------------------------------------------
22,760 Citicorp 1,055,495
--------------------------------------------------------------------
24,650 Fleet Financial Group, Inc. 807,288
--------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
FINANCIALS--CONTINUED
--------------------------------------------------------------------
20,515 Franklin Resources, Inc. $ 825,729
--------------------------------------------------------------------
5,910 Wells Fargo & Co. 980,321
-------------------------------------------------------------------- -----------
Total 6,096,270
-------------------------------------------------------------------- -----------
HEALTH CARE--9.6%
--------------------------------------------------------------------
21,850 * Amgen, Inc. 1,588,222
--------------------------------------------------------------------
29,142 Columbia/HCA Healthcare Corp. 1,223,964
--------------------------------------------------------------------
53,775 * Humana, Inc. 1,048,612
--------------------------------------------------------------------
13,905 Pfizer, Inc. 1,204,521
--------------------------------------------------------------------
9,213 St. Jude Medical, Inc. 396,159
--------------------------------------------------------------------
39,475 United States Surgical Corp. 878,319
-------------------------------------------------------------------- -----------
Total 6,339,797
-------------------------------------------------------------------- -----------
TECHNOLOGY--9.2%
--------------------------------------------------------------------
30,585 Amdahl Corp. 363,197
--------------------------------------------------------------------
19,935 * Cabletron Systems, Inc. 946,912
--------------------------------------------------------------------
17,805 * Cisco Systems, Inc. 709,974
--------------------------------------------------------------------
11,005 Computer Assoc. International, Inc. 708,447
--------------------------------------------------------------------
7,630 Intel Corp. 781,121
--------------------------------------------------------------------
29,715 * Oracle Systems Corp. 906,307
--------------------------------------------------------------------
17,805 * Silicon Graphics, Inc. 667,688
--------------------------------------------------------------------
8,000 Xerox Corp. 985,000
-------------------------------------------------------------------- -----------
Total 6,068,646
-------------------------------------------------------------------- -----------
UTILITIES-GAS & ELECTRIC--5.2%
--------------------------------------------------------------------
24,575 FPL Group Inc. 903,131
--------------------------------------------------------------------
44,565 Illinova Corp. 1,036,136
--------------------------------------------------------------------
18,340 Ipalco Enterprises Inc. 577,710
--------------------------------------------------------------------
35,700 Unicom Corp. 937,125
-------------------------------------------------------------------- -----------
Total 3,454,102
-------------------------------------------------------------------- -----------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------- -------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
UTILITIES-TELEPHONE--7.5%
--------------------------------------------------------------------
30,110 Ameritech Corp. $ 1,354,950
--------------------------------------------------------------------
26,200 BellSouth Corp. 1,604,750
--------------------------------------------------------------------
30,490 GTE Corp. 1,040,471
--------------------------------------------------------------------
22,285 Southwestern Bell Corp. 983,326
-------------------------------------------------------------------- -----------
Total 4,983,497
-------------------------------------------------------------------- -----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $50,702,070) 61,360,280
-------------------------------------------------------------------- -----------
**REPURCHASE AGREEMENT--6.8%
- ------------------------------------------------------------------------------------
$4,482,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.90%, dated
4/28/1995, due 5/1/1995 (AT AMORTIZED COST) 4,482,000
-------------------------------------------------------------------- -----------
TOTAL INVESTMENT (IDENTIFIED COST, $55,184,070) $65,842,280+
-------------------------------------------------------------------- -----------
</TABLE>
* Non-income producing.
** The repurchase agreement is fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
+ The cost for federal tax purposes amounts to $55,216,449. The net
unrealized appreciation of investments on a federal tax basis amounts to
$10,625,831 which is comprised of $11,190,278 appreciation and $564,447
depreciation at April 30, 1995.
Note: The categories of investments are shown as a percentage of net assets
($66,018,647) at April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Investments at value (identified cost $55,184,070 and tax cost $55,216,449) $65,842,280
- --------------------------------------------------------------------------------
Cash 348
- --------------------------------------------------------------------------------
Income receivable 157,096
- --------------------------------------------------------------------------------
Receivable for shares sold 48,742
- --------------------------------------------------------------------------------
Deferred expenses 3,936
- -------------------------------------------------------------------------------- -----------
Total assets 66,052,402
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for shares redeemed $ 150
- ----------------------------------------------------------------------
Accrued expenses 33,605
- ---------------------------------------------------------------------- -------
Total liabilities 33,755
- -------------------------------------------------------------------------------- -----------
NET ASSETS for 5,202,237 shares outstanding $66,018,647
- -------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $54,410,305
- --------------------------------------------------------------------------------
Net unrealized appreciation of investments 10,658,210
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments 893,009
- --------------------------------------------------------------------------------
Undistributed net investment income 57,123
- -------------------------------------------------------------------------------- -----------
Total Net Assets $66,018,647
- -------------------------------------------------------------------------------- -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
Net Asset Value Per Share ($66,018,647 / 5,202,237 shares outstanding) $12.69
- -------------------------------------------------------------------------------- -----------
Offering Price Per Share (100/96.5 of $12.69)* $13.15
- -------------------------------------------------------------------------------- -----------
</TABLE>
* See 'What Shares Cost' in the Prospectus.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- -----------------------------------------------------------------------------------
Interest $ 161,007
- -----------------------------------------------------------------------------------
Dividends 1,424,459
- ----------------------------------------------------------------------------------- ----------
Total income 1,585,466
- -----------------------------------------------------------------------------------
EXPENSES:
- -----------------------------------------------------------------------------------
Investment advisory fee $450,390
- -----------------------------------------------------------------------
Administrative personnel and services fee 80,732
- -----------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and
expenses 35,222
- -----------------------------------------------------------------------
Directors'/Trustees' fees 1,226
- -----------------------------------------------------------------------
Auditing fees 14,050
- -----------------------------------------------------------------------
Legal fees 63
- -----------------------------------------------------------------------
Portfolio accounting fees 48,114
- -----------------------------------------------------------------------
Share registration costs 19,787
- -----------------------------------------------------------------------
Printing and postage 7,388
- -----------------------------------------------------------------------
Insurance premiums 4,859
- -----------------------------------------------------------------------
Miscellaneous 11,529
- ----------------------------------------------------------------------- --------
Total expenses 673,360
- -----------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------
Waiver of investment advisory fee 82,877
- ----------------------------------------------------------------------- --------
Net expenses 590,483
- ----------------------------------------------------------------------------------- ----------
Net investment income 994,983
- ----------------------------------------------------------------------------------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- -----------------------------------------------------------------------------------
Net realized gain on investments 1,487,891
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 5,706,453
- ----------------------------------------------------------------------------------- ----------
Net realized and unrealized gain on investments 7,194,344
- ----------------------------------------------------------------------------------- ----------
Change in net assets resulting from operations $8,189,327
- ----------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
-----------------------------
1995 1994
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ----------------------------------------------------------------
OPERATIONS--
- ----------------------------------------------------------------
Net investment income $ 994,983 $ 664,170
- ----------------------------------------------------------------
Net realized gain on investments ($1,487,891 and $3,043,001 net
gains, respectively, as computed for federal tax purposes) 1,487,891 3,441,004
- ----------------------------------------------------------------
Net change in unrealized appreciation of investments 5,706,453 2,282,550
- ---------------------------------------------------------------- ------------ ------------
Change in net assets resulting from operations 8,189,327 6,387,724
- ---------------------------------------------------------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ----------------------------------------------------------------
Distributions from net investment income (970,848) (646,560)
- ----------------------------------------------------------------
Distributions from net realized gains (2,942,824) (24,941)
- ---------------------------------------------------------------- ------------ ------------
Change in net assets resulting from distributions to
shareholders (3,913,672) (671,501)
- ---------------------------------------------------------------- ------------ ------------
SHARE TRANSACTIONS--
- ----------------------------------------------------------------
Proceeds from sale of shares 13,679,211 29,948,959
- ----------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
distributions declared 956,516 53,313
- ----------------------------------------------------------------
Cost of shares redeemed (11,490,001) (14,659,947)
- ---------------------------------------------------------------- ------------ ------------
Change in net assets resulting from share transactions 3,145,726 15,342,325
- ---------------------------------------------------------------- ------------ ------------
Change in net assets 7,421,381 21,058,548
- ----------------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------------
Beginning of period 58,597,266 37,538,718
- ---------------------------------------------------------------- ------------ ------------
End of period (including undistributed net investment income of
$57,123 and $32,988, respectively) $ 66,018,647 $ 58,597,266
- ---------------------------------------------------------------- ------------ ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30,
--------------------------------
1995 1994 1993(A)
------ ------ ------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.89 $10.46 $10.00
- -----------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------
Net investment income 0.20 0.16 0.21
- -----------------------------------------------------
Net realized and unrealized gain on investments 1.39 1.44 0.46
- ----------------------------------------------------- ------ ------ ------
Total from investment operations 1.59 1.60 0.67
- -----------------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------------
Distributions from net investment income (0.19) (0.16) (0.21)
- -----------------------------------------------------
Distributions from net realized gains (0.60) (0.01) --
- ----------------------------------------------------- ------ ------ ------
Total distributions (0.79) (0.17) (0.21)
- ----------------------------------------------------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.69 $11.89 $10.46
- ----------------------------------------------------- ------ ------ ------
TOTAL RETURN (B) 14.16% 15.28% 6.35%
- -----------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------
Expenses 0.98% 1.00% 0.69%(c)
- -----------------------------------------------------
Net investment income 1.66% 1.36% 2.18%(c)
- -----------------------------------------------------
Expense waiver/reimbursement (d) 0.14% 0.20% 0.47%(c)
- -----------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------
Net assets, end of period (000 omitted) $66,019 $58,597 $37,539
- -----------------------------------------------------
Portfolio turnover 46% 89% 92%
- -----------------------------------------------------
</TABLE>
(a) Reflects operations for the period from May 11, 1992 (date of initial public
investment) to April 30, 1993.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- --------------------------------------------------------------------- ----------
<C> <C> <S> <C>
COMMON STOCKS--75.0%
- -------------------------------------------------------------------------------------
BASIC MATERIALS--3.7%
---------------------------------------------------------------------
1,970 * ACX Technologies, Inc. $ 85,202
---------------------------------------------------------------------
4,565 Brush Wellman, Inc. 90,159
---------------------------------------------------------------------
5,535 Mississippi Chemical Corp. 105,165
--------------------------------------------------------------------- ----------
Total 280,526
--------------------------------------------------------------------- ----------
CAPITAL GOODS--6.4%
---------------------------------------------------------------------
3,435 American President Cos., Ltd. 79,864
---------------------------------------------------------------------
6,485 * Cable Design Technologies 118,351
---------------------------------------------------------------------
7,865 * Exide Electronics Group, Inc. 129,773
---------------------------------------------------------------------
2,500 * Sanifill, Inc. 66,562
---------------------------------------------------------------------
3,050 Wabash National Corp. 94,931
--------------------------------------------------------------------- ----------
Total 489,481
--------------------------------------------------------------------- ----------
CONSUMER CYCLICAL--8.0%
---------------------------------------------------------------------
2,760 * AnnTaylor Stores, Inc. 69,345
---------------------------------------------------------------------
6,595 * Cameron Ashley, Inc. 74,194
---------------------------------------------------------------------
2,000 Exide Corp. 75,000
---------------------------------------------------------------------
3,720 * First Alert, Inc. 46,035
---------------------------------------------------------------------
3,620 Oakwood Homes Corp. 90,500
---------------------------------------------------------------------
10,652 Pier 1 Imports, Inc. 95,870
---------------------------------------------------------------------
4,495 * Revco D.S., Inc. 96,643
---------------------------------------------------------------------
4,360 * REX Stores Corp. 59,405
--------------------------------------------------------------------- ----------
Total 606,992
--------------------------------------------------------------------- ----------
CONSUMER SERVICES--6.4%
---------------------------------------------------------------------
4,015 * Aldila, Inc. 24,592
---------------------------------------------------------------------
5,850 * Carmike Cinemas, Inc. 130,163
---------------------------------------------------------------------
1,660 Houghton Mifflin Company 79,888
---------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- --------------------------------------------------------------------- ----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- -------------------------------------------------------------------------------------
CONSUMER SERVICES--CONTINUED
---------------------------------------------------------------------
4,790 * Longhorn Steaks, Inc. $ 65,863
---------------------------------------------------------------------
1,940 Olsten Corp. 66,202
---------------------------------------------------------------------
3,240 * Players International, Inc. 95,985
---------------------------------------------------------------------
910 * Scientific Games Holdings Corp. 22,068
--------------------------------------------------------------------- ----------
Total 484,761
--------------------------------------------------------------------- ----------
ENERGY--3.8%
---------------------------------------------------------------------
3,800 * BJ Services Company 86,925
---------------------------------------------------------------------
11,084 * Pride Petroleum Services, Inc. 88,672
---------------------------------------------------------------------
8,095 * Stone Energy Corp. 112,318
--------------------------------------------------------------------- ----------
Total 287,915
--------------------------------------------------------------------- ----------
FINANCIALS--15.2%
---------------------------------------------------------------------
2,975 Ace, Ltd. 78,838
---------------------------------------------------------------------
4,650 * American Travellers Corp. 93,000
---------------------------------------------------------------------
1,390 * Brooklyn Bancorp, Inc. 44,132
---------------------------------------------------------------------
2,855 Camden Property Trust 59,955
---------------------------------------------------------------------
3,200 Columbus Realty Trust 57,600
---------------------------------------------------------------------
2,100 Gables Residential Trust 38,587
---------------------------------------------------------------------
4,720 HUBCO, Inc. 83,190
---------------------------------------------------------------------
2,195 Leader Financial Corp. 59,265
---------------------------------------------------------------------
4,615 Liberty Property Trust 85,954
---------------------------------------------------------------------
5,045 Mercury Finance Company 76,306
---------------------------------------------------------------------
3,115 Midland Financial Group, Inc. 58,406
---------------------------------------------------------------------
2,607 Money Store, Inc. 60,939
---------------------------------------------------------------------
3,125 * PMI Group, Inc. 116,406
---------------------------------------------------------------------
1,700 Post Properties, Inc. 50,362
---------------------------------------------------------------------
3,680 Prime Retail, Inc., Series B, Conv Pfd. 62,560
---------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- --------------------------------------------------------------------- ----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- -------------------------------------------------------------------------------------
FINANCIALS--CONTINUED
---------------------------------------------------------------------
1,855 Reliaster Financial Corp. $ 66,548
---------------------------------------------------------------------
3,815 Summit Properties, Inc. 63,424
--------------------------------------------------------------------- ----------
Total 1,155,472
--------------------------------------------------------------------- ----------
HEALTH CARE--10.5%
---------------------------------------------------------------------
4,830 Allied Healthcare Products, Inc. 78,487
---------------------------------------------------------------------
2,330 * Coastal Healthcare Group, Inc. 36,406
---------------------------------------------------------------------
4,955 * Diagnostek, Inc. 91,667
---------------------------------------------------------------------
4,820 * Health Management, Inc. 87,363
---------------------------------------------------------------------
3,735 Life Technologies, Inc. 80,769
---------------------------------------------------------------------
3,435 * Lincare Holdings, Inc. 106,056
---------------------------------------------------------------------
5,020 * Multicare Companies, Inc. 102,910
---------------------------------------------------------------------
11,610 * North American Biologicals, Inc. 105,941
---------------------------------------------------------------------
5,500 * Quorum Health Group, Inc. 113,438
--------------------------------------------------------------------- ----------
Total 803,037
--------------------------------------------------------------------- ----------
TECHNOLOGY--19.1%
---------------------------------------------------------------------
1,205 * ABR Information Services, Inc. 30,426
---------------------------------------------------------------------
2,760 * Alliance Semiconductor Corp. 112,470
---------------------------------------------------------------------
3,550 Analysts International Corp. 89,638
---------------------------------------------------------------------
2,015 * Cadence Design Systems, Inc. 64,984
---------------------------------------------------------------------
2,870 Danka Business Systems 78,566
---------------------------------------------------------------------
5,100 * Frame Technology Corp. 107,100
---------------------------------------------------------------------
2,770 * Keane, Inc. 69,943
---------------------------------------------------------------------
1,810 * Komag, Inc. 69,911
---------------------------------------------------------------------
1,900 * Picturetel Corp. 80,988
---------------------------------------------------------------------
5,975 * Pinnacle Systems, Inc. 109,044
---------------------------------------------------------------------
3,030 * Read-Rite Corp. 64,387
---------------------------------------------------------------------
1,765 * Sanmina Corp. 60,231
---------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------- -------------------------------------------------------------------- ----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- -------------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
--------------------------------------------------------------------
2,365 * Silicon Valley Group, Inc. $ 68,585
--------------------------------------------------------------------
3,140 * Solectron Corp. 92,237
--------------------------------------------------------------------
950 * U.S. Robotics Corp. 75,288
--------------------------------------------------------------------
6,895 * Western Digital Corp. 110,320
--------------------------------------------------------------------
1,280 * Xilinx, Inc. 98,240
--------------------------------------------------------------------
6,095 * Xircom, Inc. 72,378
-------------------------------------------------------------------- ----------
Total 1,454,736
-------------------------------------------------------------------- ----------
UTILITIES-GAS AND ELECTRIC--1.4%
--------------------------------------------------------------------
6,746 TNP Enterprises, Inc. 107,093
-------------------------------------------------------------------- ----------
UTILITIES-TELEPHONES--0.5%
--------------------------------------------------------------------
1,430 * LCI International, Inc. 36,107
-------------------------------------------------------------------- ----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $5,416,838) 5,706,120
-------------------------------------------------------------------- ----------
**REPURCHASE AGREEMENTS--26.2%
- -------------------------------------------------------------------------------------
$995,000 Citicorp Securities Markets, Inc., 5.90%, dated 4/28/1995, due
5/1/1995 995,000
--------------------------------------------------------------------
996,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.90%, dated
4/28/1995, due 5/1/1995 996,000
-------------------------------------------------------------------- ----------
TOTAL REPURCHASE AGREEMENTS (AT AMORTIZED COST) 1,991,000
-------------------------------------------------------------------- ----------
TOTAL INVESTMENTS (IDENTIFIED COST, $7,407,838) $7,697,120+
-------------------------------------------------------------------- ----------
</TABLE>
* Non-income producing.
** The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
+ The cost for federal tax purposes amounts to $7,407,838. The net unrealized
appreciation of investments on a federal tax basis amounts to $289,282 which
is comprised of $521,876 appreciation and $232,594 depreciation at April 30,
1995.
Note: The categories of investments are shown as a percentage of net assets
($7,609,417) at April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ----------------------------------------------------------------------------------
Investments in repurchase agreements $1,991,000
- ---------------------------------------------------------------------
Investments in securities 5,706,120
- --------------------------------------------------------------------- ----------
Total investments, at amortized cost and value (identified and tax
cost $7,407,838) $7,697,120
- ----------------------------------------------------------------------------------
Cash 384
- ----------------------------------------------------------------------------------
Income receivable 7,588
- ----------------------------------------------------------------------------------
Receivable for shares sold 3,395
- ---------------------------------------------------------------------------------- ----------
Total assets 7,708,487
- ----------------------------------------------------------------------------------
LIABILITIES:
- ----------------------------------------------------------------------------------
Payable for investments purchased 84,149
- ---------------------------------------------------------------------
Accrued expenses 14,921
- --------------------------------------------------------------------- ----------
Total liabilities 99,070
- ---------------------------------------------------------------------------------- ----------
NET ASSETS for 729,568 shares outstanding $7,609,417
- ---------------------------------------------------------------------------------- ----------
NET ASSETS CONSIST OF:
- ----------------------------------------------------------------------------------
Paid-in capital $7,321,023
- ----------------------------------------------------------------------------------
Net unrealized appreciation of investments 289,282
- ----------------------------------------------------------------------------------
Accumulated net realized loss on investments (12,226)
- ----------------------------------------------------------------------------------
Undistributed net investment income 11,338
- ---------------------------------------------------------------------------------- ----------
Total Net Assets $7,609,417
- ---------------------------------------------------------------------------------- ----------
NET ASSET VALUE and Redemption Proceeds Per Share:
Net Asset Value Per Share ($7,609,417 / 729,568 shares outstanding) $10.43
- ---------------------------------------------------------------------------------- ----------
Offering Price Per Share (100/96.5 of $10.43)* $10.81
- ---------------------------------------------------------------------------------- ----------
</TABLE>
* See 'What Shares Cost' in the Prospectus.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
STATEMENT OF OPERATIONS
PERIOD ENDED APRIL 30, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- -------------------------------------------------------------------------------------
Interest $ 18,920
- -------------------------------------------------------------------------------------
Dividends 11,588
- ------------------------------------------------------------------------------------- --------
Total income 30,508
- -------------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------
Investment advisory fee $ 9,220
- --------------------------------------------------------------------------
Administrative personnel and services fee 8,493
- --------------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and expenses 267
- --------------------------------------------------------------------------
Legal fees 2,000
- --------------------------------------------------------------------------
Portfolio accounting fees 12,335
- --------------------------------------------------------------------------
Printing and postage 3,500
- --------------------------------------------------------------------------
Miscellaneous 1,068
- -------------------------------------------------------------------------- -------
Total expenses 36,883
- --------------------------------------------------------------------------
Deduct--
- --------------------------------------------------------------------------
Waiver of investment advisory fee $9,220
- -----------------------------------------------------------------
Waiver of administrative personnel and services fee 8,493 17,713
- ----------------------------------------------------------------- ------ -------
Net expenses 19,170
- ------------------------------------------------------------------------------------- --------
Net investment income 11,338
- ------------------------------------------------------------------------------------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- -------------------------------------------------------------------------------------
Net realized loss on investments (12,226)
- -------------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 289,282
- ------------------------------------------------------------------------------------- --------
Net realized and unrealized gain on investments 277,056
- ------------------------------------------------------------------------------------- --------
Change in net assets resulting from operations $288,394
- ------------------------------------------------------------------------------------- --------
</TABLE>
* For the period from February 27, 1995 (date of initial public investment) to
April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD ENDED
APRIL 30, 1995*
---------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------------------
Net investment income $ 11,338
- ---------------------------------------------------------------------------
Net realized loss on investments (-0-, as computed for federal tax
purposes) (12,226)
- ---------------------------------------------------------------------------
Net change in unrealized appreciation of investments 289,282
- --------------------------------------------------------------------------- -------------
Change in net assets resulting from operations 288,394
- --------------------------------------------------------------------------- -------------
SHARE TRANSACTIONS--
- ---------------------------------------------------------------------------
Proceeds from sale of shares 7,370,197
- ---------------------------------------------------------------------------
Cost of shares redeemed (49,174)
- --------------------------------------------------------------------------- -------------
Change in net assets resulting from share transactions 7,321,023
- --------------------------------------------------------------------------- -------------
Change in net assets 7,609,417
- ---------------------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------------------
Beginning of period --
- --------------------------------------------------------------------------- -------------
End of period (including undistributed net investment income of $11,338) $ 7,609,417
- --------------------------------------------------------------------------- -------------
</TABLE>
*For the period from February 27, 1995 (date of initial public investment) to
April 30, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
PERIOD ENDED
APRIL 30, 1995(A)
-----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00
- ---------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------------------------------------------
Net investment income 0.02
- ---------------------------------------------------------------------
Net realized and unrealized gain on investments 0.41
- --------------------------------------------------------------------- ------
Total from investment operations 0.43
- --------------------------------------------------------------------- ------
NET ASSET VALUE, END OF PERIOD $ 10.43
- --------------------------------------------------------------------- ------
TOTAL RETURN (B) 4.30%
- ---------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ---------------------------------------------------------------------
Expenses 1.66%(c)
- ---------------------------------------------------------------------
Net investment income 0.98%(c)
- ---------------------------------------------------------------------
Expense waiver/reimbursement (d) 1.54%(c)
- ---------------------------------------------------------------------
SUPPLEMENTAL DATA
- ---------------------------------------------------------------------
Net assets, end of period (000 omitted) $7,609
- ---------------------------------------------------------------------
Portfolio turnover 8%
- ---------------------------------------------------------------------
</TABLE>
(a) Reflects operations for the period from February 27, 1995 (date of initial
public investment) to April 30, 1995.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT FUNDS
COMBINED NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1995
- --------------------------------------------------------------------------------
(1) ORGANIZATION
RIMCO Monument Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "Act"), as an open-end management investment
company. The Trust consists of five diversified portfolios (individually
referred to as the "Fund", or collectively as the "Funds"): RIMCO Monument U.S.
Treasury Money Market Fund ("Treasury Fund"), RIMCO Monument Prime Money Market
Fund ("Prime Fund"), RIMCO Monument Bond Fund ("Bond Fund"), RIMCO Monument
Stock Fund ("Stock Fund") and RIMCO Monument Small Capitalization Equity Fund
("Small Capitalization Fund"). The assets of each portfolio are segregated and a
shareholder's interest is limited to the portfolio in which shares are held.
(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. These
policies are in conformity with generally accepted accounting principles.
A. INVESTMENT VALUATIONS--Treasury Fund's and Prime Fund's use of the amortized
cost method to value their portfolio securities is in accordance with Rule
2a-7 under the Act.
Listed equity securities, and other fixed income securities are valued at the
last sale price reported on national securities exchanges. Listed corporate
bonds, unlisted securities, and short-term securities are generally valued at
the price provided by an independent pricing service. U.S. government
securities 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 at the time of
purchase may be valued at amortized cost, which approximates fair market
value.
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 under repurchase agreement transactions.
Additionally, procedures have been established by the Funds to monitor, on a
daily basis, the market value of each repurchase agreement's collateral to
ensure that the value of collateral at least equals the repurchase price to
be paid under the repurchase agreement transactions.
The 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 pursuant to the guidelines and/or
standards reviewed or established by the Board of Trustees (the "Trustees").
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses
for the Bond Fund, Prime Fund and Treasury Fund are accrued daily. Bond
premium and discount, if applicable, are amortized as required by the
Internal Revenue Code, as amended (the "Code").
Dividend income and distributions to shareholders for the Stock Fund and
Small Capitalization 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.
Income distribution and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. The Prime Fund is the only fund having
permanent differences which are due to the differing treatments related to
the amortization methods of accounting for premium and discount on investment
securities and to the capital contribution from Riggs National Corp. related
to the sale of the Orange County, CA bond securities. Amounts as of April 30,
1995, have been reclassified to reflect a decrease in paid-in capital of
$1,196,465, a decrease in accumulated net realized loss of $616,421, and an
increase in undistributed net investment income of $580,044. Net investment
income, net realized gains, and net assets were not affected by this change.
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 substantially all of their income. Accordingly, no
provisions for federal tax are necessary.
At April 30, 1995, the Prime Fund and Bond Fund, for federal tax purposes,
had a capital loss carryforward of $917,781 and $3,801,709 respectively,
which will reduce each 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 and Bond Fund of any
liability for federal tax. Pursuant to the Code, such capital loss
carryforward of the Prime Fund will expire in 2001 ($7,270), 2002 ($890,037)
and 2003 ($20,474). The capital loss carryforward of the Bond Fund will
expire in 2003 ($3,801,709).
Additionally, net capital losses of $5,124, $389,945 and $12,226 for the
Prime Fund, Bond Fund and Small Capitalization Fund, respectively,
attributable to security transactions incurred after October 31, 1994, are
treated as arising on May 1, 1995, the first day of the Funds' next taxable
year.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in
when-issued or delayed delivery transactions. The Funds 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 its shares, have been deferred and are being amortized
using the straight-line method not to exceed a period of five years from each
Fund's commencement date.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
G. OTHER--Investment transactions are accounted for on the trade date.
(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, 1995, capital paid-in for Treasury Fund, Prime Fund, Bond Fund, Stock Fund
and Small Capitalization Fund aggregated $81,089,105, $284,214,197, $50,544,034,
$54,410,305 and $7,321,023, respectively. Transactions in shares were as
follows:
<TABLE>
<CAPTION>
SMALL
TREASURY CAPITALIZATION
FUND PRIME FUND BOND FUND STOCK FUND FUND
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, APRIL 30, APRIL 30, APRIL 30, APRIL 30,
1995 1995 1995 1995 1995*
- ----------------------------------------- ------------ -------------- ---------- ---------- --------------
<S> <C> <C> <C> <C> <C>
Shares sold 375,221,400 830,172,533 795,895 1,146,797 734,409
- ----------------------------------------
Shares issued to shareholders in payment
of distributions declared 446,947 1,892,619 35,894 81,999 --
- ----------------------------------------
Shares redeemed (401,527,266) (883,018,651) (851,293 ) (956,822 ) (4,841)
- ---------------------------------------- ----------- ------------ -------- ---------- ---------
Net change resulting from share
transactions (25,858,919) (50,953,499) (19,504 ) 271,974 729,568
- ---------------------------------------- ----------- ------------ -------- ---------- ---------
</TABLE>
<TABLE>
<CAPTION>
TREASURY
FUND PRIME FUND BOND FUND STOCK FUND
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, APRIL 30, APRIL 30, APRIL 30,
1994 1994 1994 1994
- ----------------------------------------- ------------ -------------- ---------- ----------
<S> <C> <C> <C> <C>
Shares sold 449,045,523 1,060,003,920 2,018,699 2,582,216
- ----------------------------------------
Shares issued to shareholders in payment
of distributions declared 118,945 814,399 34,950 4,560
- ----------------------------------------
Shares redeemed (429,091,872) (1,003,408,484) (1,323,332) (1,244,449)
- ---------------------------------------- ----------- ------------ ---------- ----------
Net change resulting from share
transactions 20,072,596 57,409,835 730,317 1,342,327
- ---------------------------------------- ----------- ------------ ---------- ----------
</TABLE>
*For the period from February 27, 1995 (date of initial public investment) to
April 30, 1995.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Riggs Investment Management Corp., the Trust's
investment adviser (the "Adviser"), receives for its services an annual
investment advisory fee based on a percentage of each Fund's average daily net
assets (see below). The Adviser may voluntarily choose to waive a portion of its
fee. The Adviser can modify or terminate this voluntary waiver at any time at
its sole discretion.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ANNUAL
FUND RATE
--------------------------------------------------------- ------
<S> <C>
Treasury Fund 0.50%
---------------------------------------------------------
Prime Fund 0.50%
---------------------------------------------------------
Bond Fund 0.75%
---------------------------------------------------------
Stock Fund 0.75%
---------------------------------------------------------
Small Capitalization Fund 0.80%
---------------------------------------------------------
</TABLE>
CAPITAL CONTRIBUTION-- On December 9, 1994, the Prime Fund sold at amortized
cost two Orange County, CA bond securities, each with a $5,000,000 par value, to
Riggs National Corp. In connection with this purchase, Riggs National Corp. made
a capital contribution in the amount of $1,198,029, to the Fund, which
represents the difference between the estimated market value and amortized cost
of the securities at the date of sale.
ADMINISTRATIVE FEE--Federated Administrative Services ("FAS") provides the Trust
with certain administrative personnel and services. The FAS 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.
TRANSFER AND DIVIDEND DISBURSING AGENT, PORTFOLIO ACCOUNTING AND CUSTODIAN
FEES--Federated Services Company ("FServ") serves as transfer and dividend
disbursing agent for the Trust. The FServ fee is based on the size, type, and
number of accounts and transactions made by shareholders.
FServ also maintains the Trust's accounting records for which it receives a fee.
The fee is based on the level of each Fund's average net assets for the period,
plus out-of-pocket expenses.
Riggs National Bank is the Trust's custodian for which it receives a fee. The
fee is based on the level of each Fund's average net assets for the period, plus
out-of-pocket expenses.
ORGANIZATIONAL EXPENSES--Organizational expenses of Treasury Fund, Bond Fund,
and Stock Fund of $50,507, $29,704, and $30,877, respectively, were initially
borne by FAS. These Funds have agreed to reimburse FAS during the five-year
period following July 30, 1991 (the date the Funds' became effective.) For the
year ended April 30, 1995, Treasury Fund, Bond Fund, and Stock Fund paid $4,780,
$7,591 and $7,891, respectively pursuant to this agreement.
INTERFUND TRANSACTIONS--During the period ended April 30, 1995, the Small
Capitalization Fund engaged in purchase transactions with funds that have a
common investment adviser (or affiliated investment advisers), common
Directors/Trustees, and /or common Officers. These transactions were made at
current market value pursuant to Rule 17a-7 under the Act amounting to
$4,507,103.
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, for the
year ended April 30, 1995, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
- --------------------------------------------------------------- ------------- -------------
<S> <C> <C>
Bond Fund $104,018,891 $103,706,247
- --------------------------------------------------------------- ------------- -------------
Stock Fund 26,429,255 27,847,239
- --------------------------------------------------------------- ------------- -------------
Small Capitalization Fund 5,809,922 380,858
- --------------------------------------------------------------- ------------- -------------
</TABLE>
REPORT OF ERNST & YOUNG LLP, 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, RIMCO Small Capitalization Equity Fund and RIMCO Stock
Fund portfolios) as of April 30, 1995, 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, 1995, 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, 1995, 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 LLP
Pittsburgh, Pennsylvania
June 9, 1995
<TABLE>
<S> <C>
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. Jeffrey W. Sterling
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
John E. Murray, Jr. Vice President
Wesley W. Posvar John W. McGonigle
Marjorie P. Smuts Vice President and Secretary
David M. Taylor
Assistant Treasurer
Jay S. Neuman
Assistant Secretary
</TABLE>
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Funds' combined prospectus which contains facts
concerning the Funds' objective and policies, management fees, expenses and
other information.
Appendix A
The graphic presentation presented here consists of a line graph that compares
the performance of a hypothetical $10,000 investment in the RIMCO Monument Bond
Fund (the "Fund") to the performance of a similar investment in the Lehman
Brothers Government/Corporate Total Index (the "Index") for the period from May
11, 1992 to April 30, 1995. The Fund's performance is represented by a solid
line. The performance of the Index is represented by a dotted line.
Appendix B
The graphic presentation presented here consists of a line graph that compares
the performance of a hypothetical $10,000 investment in the RIMCO Monument Stock
Fund (the "Fund") to the performance of a similar investment in the Standard and
Poor's 500 Index (the "Index") for the period from May 11, 1992 to April 30,
1995. The Fund's performance is represented by a solid line. The performance
of the Index is represented by a dotted line.
Appendix C
The graphic presentation presented here consists of a line graph that compares
the performance of a hypothetical $10,000 investment in the RIMCO Monument Small
Capitalization Equity Fund (the "Fund") to the performance of a similar
investment in the Russell 2000 Index (the "Index") for the period from February
27, 1995 to April 30, 1995. The Fund's performance is represented by a solid
line. The performance of the Index is represented by a dotted line.
