THE RIMCO MONUMENT FUNDS
Combined Semi-Annual Report
October 31, 1995
- --------------------------------------------------------------------------------
Dear Investor:
I am pleased to present the Semi-Annual Report for the RIMCO Monument Funds for
the six-month period ended October 31, 1995. It contains complete financial
information--including the Investment Review and Portfolios of Investments--for
the Prime Money Market Fund, the U.S. Treasury Money Market Fund, Bond Fund,
Stock Fund and Small Capitalization Stock Fund.
RIMCO MONUMENT U.S. TREASURY MONEY MARKET FUND*
As a conservative way to put ready cash to work earning income on a daily basis,
this fund's portfolio of U.S. Treasury money market securities paid a total of
$0.03 per share in dividends over the reporting period. Total net assets in the
fund stood at $91.5 million at the end of the period.
RIMCO MONUMENT PRIME MONEY MARKET FUND*
This fund, which helps shareholders earn daily income through a portfolio of
high-quality money market securities, paid dividends totaling $0.03 per share
over the reporting period. Total net assets in the fund stood at $288.2 million
at the end of the period.
RIMCO MONUMENT BOND FUND
This fund offers investors a diversified, professionally managed approach to
earning income through bonds. At the end of the period, the fund's assets were
invested in corporate bonds (23.8%), government agency bonds (10.7%), U.S.
Treasury notes and bonds (54.8%) and a repurchase agreement backed by U.S.
Treasury obligations (9.4%). The fund paid dividends of $0.30 per share, while
its net asset value rose from $9.35 on the first day of the period to $9.80 on
the last day of the period. The fund achieved a total return of 8.07% based on
net asset value (4.28% taking into account the fund's 3.5% sales charge).**
Total net assets in the fund stood at $48.9 million at the end of the period.
RIMCO MONUMENT STOCK FUND
During the period, this diversified portfolio of stocks--which includes many
household names whose products and services you may use regularly--achieved a
total return of 17.37% based on net asset value (13.26% taking into account the
fund's 3.5% sales charge)**. Its net asset value reached $14.79 on the last day
of the period, an increase of $2.10 over its net asset value on the first day of
the period. The fund paid $0.10 per share in dividends. Total net assets reached
$79.3 million.
* Although money market funds seek to maintain a stable net asset value of
$1.00 per share, there is no assurance that they will be able to do so. An
investment in the fund is neither insured or guaranteed by the U.S.
government.
** 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 SMALL CAPITALIZATION STOCK FUND
This newest addition to the RIMCO Monument fund family was introduced early this
year. It is managed to help shareholders' money grow by investing in stocks
issued by small companies. During the reporting period, the fund's diversified
portfolio delivered a total return of 15.07% based on net asset value (11.02%
taking into account the fund's 3.5% sales charge).* Its net asset value rose
from $10.43 on the first day of the period to $11.98 on the last day of the
period. Total net assets reached $15.1 million.
Thank you for selecting one of these funds--or a combination--to pursue your
financial goals. We look forward to keeping you informed about your progress.
Sincerely,
LOGO
Edward C. Gonzales
President
December 15, 1995
* Performance quoted represents past performance and is not indicative of future
results. 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")
The first half of fiscal year 1995 was a very interesting year for the
fixed-income markets, as well as for the RIMCO Monument U.S. Treasury Money
Market Fund and the RIMCO Monument Prime Money Market Fund. As of April 28,
1995, yields began to decline from their late 1994 and early 1995 lofty levels.
The yield on the one-year bill was 6.30%, while the yield on the six-month bill
was 6.08%, and the yield on the three-month bill was 5.88%. By the late
spring/early summer it was evident that the economy was showing signs of a
pronounced slowdown, and the Federal Reserve (the "Fed") had shifted away from
its position of restrictive policy. In July 1995, the Fed shifted to an easing
mode and cut short-term interest rates by 25 basis points, lowering the Fed
Funds target rate to 5.75% from 6%. Rates on the one-year, six-month, and
three-month T-bills started to cascade, with yields ending the October 31, 1995
period at 5.54%, 5.56%, and 5.50%, respectively.
During 1994-1995, the Fed succeeded in its goal of slowing down the economy. The
question remains, however, as to whether the Fed was overly ambitious in raising
short-term rates last year, and if that will push the U.S. economy into a
recession or if the "soft landing" pattern of 1995 will continue. In 1994, U.S.
economic growth registered 4.1%; growth has slowed to about 2.7% this year and
will likely decelerate further in 1996. The housing sector, consumer spending
(which comprises two-thirds of GDP), and employment continue to slow, making it
an attractive environment for fixed income holders. Looking forward to 1996, we
remain bullish on the fixed-income markets and plan to maintain long
days-to-maturity in each fund.
RIMCO MONUMENT BOND FUND
Since the fiscal year ended April 30, 1995, interest rates have continued to
decline significantly. Thirty-year Treasury Bonds were yielding 7.33% at fiscal
year-end and continued to drop another full percent in yield, to 6.33%, as of
our October 31 semi-annual report date. As of this writing (December 4), the
"Long Bond" is now at 6%.
This road to lower rates was not a smooth one, however. Treasury Bond yields
fell to 6.5% in June and July of 1995, due to a substantial and surprisingly
quick slowdown in the economy. Second quarter gross domestic product grew at a
tepid 1.3% annualized rate. Then a series of stronger-than-expected economic
reports, led by brisk housing activity, sent bond yields back up to the 7%
level. This was followed by a continued soft retail environment, a steady
decline in the capacity utilization rate, and a series of tame PPI and CPI
numbers, all of which served to tell the market that the economy was not
overheating and that inflationary pressures were in check. This allowed interest
rates to fall once again to their current levels, aided by the persistent, if
not idealistic, belief that Congress will be enacting a plan to balance the
federal budget in the not-too-distant future.
Going forward, we expect Treasury Bill rates to decline significantly as slower
economic activity gives the Fed room to lower the Fed Funds rate. Longer-term
rates could fall modestly, producing some price appreciation, but we anticipate
that most of our return over the next year will come from coupon income.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
RIMCO MONUMENT STOCK FUND ("STOCK FUND")
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND ("SMALL CAPITALIZATION FUND")
The RIMCO Monument Stock Fund performed well for the six-month period ended
October 31, 1995. During the period, the Stock Fund generated a total return of
17.37% based on net asset value (13.26% based on offering price).*
The RIMCO Monument Small Capitalization Equity Fund also performed well. For the
six-month period ended October 31, 1995, the Small Capitalization Fund generated
a total return of 15.07% based on net asset value (11.02% based on offering
price).*
We maintain broad diversification with both equity funds, with representation
across all economic sectors. Our research highlights companies which display
consistent and strong earnings momentum, as well as attractive valuation as
measured by price to earnings multiples. Areas of concentration during the
period included health care, finance and technology, which represent little
variation from the prior six-month period. Our underweighted stocks continue to
be in retail which has attractive valuation, however, still sluggish earnings
momentum. Examples of core holdings in the Stock Fund that were propelled by
superior earnings growth include: Medtronic, Inc. and Cabletron Systems, Inc.,
up 44% and 43%, respectively, during the period.
In the Small Capitalization Fund, finance and technology in particular benefited
from high earnings growth expectations. Examples here include Money Store, Inc.
and the Cadence Design Systems, Inc. up 156% and 51%, respectively.
Going forward, we seem to be in an environment that represents the best of all
worlds; moderate economic growth with low inflation and low interest rates.
Corporate restructurings and global competition have and should keep the long
term trend of inflation down. We believe that this should continue to be a theme
for 1996. Corporate profit growth has been strong this year due in part to cost
reduction. If economic growth remains subdued, we would expect an acceleration
of restructurings and continued growth in corporate profits due to higher
efficiencies. If the economy accelerates in 1996, then we would expect operating
leverage to add to incremental growth in corporate earnings. For these reasons
we are optimistic about continued growth in earnings in 1996, albeit not as
strong as in 1995.
By seeking out companies whose stocks display both value and momentum
characteristics, we try 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 going forward.
* 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 U.S. TREASURY MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
UNITED STATES TREASURY OBLIGATIONS--49.1%
- -----------------------------------------------------------------------------------
U.S. TREASURY BILLS--10.9%
------------------------------------------------------------------
$10,000,000 11/24/1995 $ 9,966,969
------------------------------------------------------------------
U.S. TREASURY NOTES--38.2%
------------------------------------------------------------------
35,000,000 4.25%-7.75%, 2/15/1996-5/31/1996 35,002,103
------------------------------------------------------------------ -----------
TOTAL UNITED STATES TREASURY OBLIGATIONS 44,969,072
------------------------------------------------------------------ -----------
(A) REPURCHASE AGREEMENTS--50.9%
- -----------------------------------------------------------------------------------
14,561,000 Citicorp Securities Markets, Inc., 5.84%, dated 10/31/1995, due
11/1/1995 14,561,000
------------------------------------------------------------------
16,000,000 Donaldson, Lufkin and Jenrette Securities Corp., 5.85%, dated
10/31/1995, due 11/1/1995 16,000,000
------------------------------------------------------------------
16,000,000 HSBC Securities, Inc., 5.85%, dated 10/31/1995, due 11/1/1995 16,000,000
------------------------------------------------------------------ -----------
TOTAL REPURCHASE AGREEMENTS 46,561,000
------------------------------------------------------------------ -----------
TOTAL INVESTMENTS (AT AMORTIZED COST)(B) $91,530,072
------------------------------------------------------------------ -----------
</TABLE>
(a) The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(b) Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($91,542,202) at October 31, 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
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- -------------------------------------------------------------------
Investments in repurchase agreements $46,561,000
- -------------------------------------------------------------------
Investments in securities 44,969,072
- ------------------------------------------------------------------- -----------
Total investments in securities, at amortized cost and value $91,530,072
- ---------------------------------------------------------------------------------
Cash 413
- ---------------------------------------------------------------------------------
Income receivable 417,521
- ---------------------------------------------------------------------------------
Receivable for shares sold 4,243
- ---------------------------------------------------------------------------------
Deferred expenses 3,120
- --------------------------------------------------------------------------------- -----------
Total assets 91,955,369
- ---------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------
Income distribution payable 392,608
- -------------------------------------------------------------------
Accrued expenses 20,559
- ------------------------------------------------------------------- -----------
Total liabilities 413,167
- --------------------------------------------------------------------------------- -----------
NET ASSETS for 91,542,202 shares outstanding $91,542,202
- --------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
$91,542,202 / 91,542,202 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
SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------
Interest $2,907,999
- ---------------------------------------------------------------------------------
EXPENSES:
- ---------------------------------------------------------------------------------
Investment advisory fee $242,108
- ----------------------------------------------------------------------
Administrative personnel and services fee 65,559
- ----------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 15,833
- ----------------------------------------------------------------------
Directors'/Trustees' fees 729
- ----------------------------------------------------------------------
Auditing fees 7,386
- ----------------------------------------------------------------------
Legal fees 2,447
- ----------------------------------------------------------------------
Portfolio accounting fees 20,623
- ----------------------------------------------------------------------
Share registration costs 8,315
- ----------------------------------------------------------------------
Printing and postage 6,830
- ----------------------------------------------------------------------
Insurance premiums 2,620
- ----------------------------------------------------------------------
Miscellaneous 4,992
- ---------------------------------------------------------------------- --------
Total expenses 377,442
- ----------------------------------------------------------------------
Waiver of investment advisory fee (87,204)
- ---------------------------------------------------------------------- --------
Net expenses 290,238
- --------------------------------------------------------------------------------- ----------
Net investment income $2,617,761
- --------------------------------------------------------------------------------- ----------
</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>
SIX MONTHS ENDED
(UNAUDITED) YEAR ENDED
OCTOBER 31, 1995 APRIL 30, 1995
----------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ----------------------------------------------------------
OPERATIONS--
- ----------------------------------------------------------
Net investment income $ 2,617,761 $ 4,079,991
- ---------------------------------------------------------- ----------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ----------------------------------------------------------
Distributions from net investment income (2,617,761) (4,079,991)
- ---------------------------------------------------------- ----------------- --------------
SHARE TRANSACTIONS--
- ----------------------------------------------------------
Proceeds from sale of shares 257,121,733 375,221,400
- ----------------------------------------------------------
Net asset value of shares issued to shareholders in
payment of distributions declared 409,552 446,947
- ----------------------------------------------------------
Cost of shares redeemed (247,078,188) (401,527,266)
- ---------------------------------------------------------- ----------------- --------------
Change in net assets resulting from share
transactions 10,453,097 (25,858,919)
- ---------------------------------------------------------- ----------------- --------------
Change in net assets 10,453,097 (25,858,919)
- ----------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------
Beginning of period 81,089,105 106,948,024
- ---------------------------------------------------------- ----------------- --------------
End of period $ 91,542,202 $ 81,089,105
- ---------------------------------------------------------- ----------------- --------------
</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>
SIX MONTHS
ENDED
(UNAUDITED)
OCTOBER 31, YEAR ENDED APRIL 30,
------------ -------------------------------------------
1995 1995 1994 1993 1992(A)
------------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ----------------------------------------
Net investment income 0.03 0.04 0.03 0.03 0.02
- ---------------------------------------- --------- ------ ------ ------ -------
LESS DISTRIBUTIONS
- ----------------------------------------
Distributions from net investment
income (0.03) (0.04) (0.03) (0.03) (0.02 )
- ---------------------------------------- --------- ------ ------ ------ -------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------- --------- ------ ------ ------ -------
TOTAL RETURN (B) 2.73% 4.39% 2.64% 2.92% 2.37 %
- ----------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ----------------------------------------
Expenses 0.60%(c) 0.60% 0.56% 0.52% 0.41 %(c)
- ----------------------------------------
Net investment income 5.41%(c) 4.33% 2.61% 2.86% 4.08 %(c)
- ----------------------------------------
Expense waiver/reimbursement(d) 0.18%(c) 0.20% 0.16% 0.29% 0.42 %(c)
- ----------------------------------------
SUPPLEMENTAL DATA
- ----------------------------------------
Net assets, end of period (000
omitted) $91,542 $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
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ---------------------------------------------------------------- ------------
<C> <C> <S> <C>
BANK NOTES--3.5%
- ----------------------------------------------------------------------------------
BANKING--3.5%
----------------------------------------------------------------
$10,000,000 Wachovia Bank of North Carolina, NA, 5.77%, 11/10/1995 $ 10,000,000
---------------------------------------------------------------- ------------
CERTIFICATE OF DEPOSIT--4.2%
- ----------------------------------------------------------------------------------
FINANCE--4.2%
----------------------------------------------------------------
2,000,000 Citibank NA, New York, 7.62%, 1/9/1996 2,005,207
----------------------------------------------------------------
10,000,000 Deutsche Bank, AG, 6.05%, 7/25/1996 10,000,000
---------------------------------------------------------------- ------------
TOTAL CERTIFICATE OF DEPOSIT 12,005,207
---------------------------------------------------------------- ------------
(A) COMMERCIAL PAPER--12.7%
- ----------------------------------------------------------------------------------
FINANCE--5.8%
----------------------------------------------------------------
5,000,000 Norwest Corp., 5.72%, 12/27/1995 4,955,511
----------------------------------------------------------------
6,700,000 Transamerica Corp., 5.883%, 11/2/1995 6,698,930
----------------------------------------------------------------
5,000,000 Transamerica Finance Corp., 5.758%, 11/15/1995 4,988,858
---------------------------------------------------------------- ------------
Total 16,643,299
---------------------------------------------------------------- ------------
FINANCE--COMMERCIAL--1.7%
----------------------------------------------------------------
5,000,000 General Electric Capital Corp., 5.71%, 11/20/1995 4,984,932
---------------------------------------------------------------- ------------
FINANCE--RETAIL--1.7%
----------------------------------------------------------------
5,000,000 Sears Roebuck Acceptance Corp., 5.70%, 12/12/1995 4,967,542
---------------------------------------------------------------- ------------
HEALTH TECHNOLOGY--3.5%
----------------------------------------------------------------
10,000,000 American Home Products Corp., 5.76%, 11/2/1995 9,998,400
---------------------------------------------------------------- ------------
TOTAL COMMERCIAL PAPER 36,594,173
---------------------------------------------------------------- ------------
CORPORATE BONDS--53.4%
- ----------------------------------------------------------------------------------
BANKING--20.9%
----------------------------------------------------------------
5,000,000 Bank of New York-Delaware, 6.00%, 9/26/1996 5,000,000
----------------------------------------------------------------
5,000,000 (b) Bank of New York-Delaware, 5.63%, 11/7/1995 4,999,550
----------------------------------------------------------------
10,000,000 (b) Boatmen's National Bank of St. Louis, 5.875%, 11/20/1995 10,000,000
----------------------------------------------------------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ---------------------------------------------------------------- ------------
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ----------------------------------------------------------------------------------
BANKING--CONTINUED
----------------------------------------------------------------
$ 1,320,000 (b) Chemical Banking Corp., 6.068%-6.141%, 11/20/1995-1/31/1996 $ 1,321,645
----------------------------------------------------------------
5,000,000 (b) Colorado National Bank, 5.793%, 11/20/1995 5,000,000
----------------------------------------------------------------
5,000,000 (b) FCC National Bank, 5.65%, 10/31/1995 5,000,000
----------------------------------------------------------------
5,000,000 (b) First Bank Sioux Falls, South Dakota, 5.813%, 11/15/1995 5,000,000
----------------------------------------------------------------
500,000 (b) First Bank System, Inc., 5.863%, 11/15/1995 500,095
----------------------------------------------------------------
5,000,000 (b) First Chicago Corp., 6.538%, 11/15/1995 5,000,096
----------------------------------------------------------------
11,500,000 (b) First National Bank of Boston, MA, 5.895%-5.938%,
11/8/1995-1/5/1996 11,500,018
----------------------------------------------------------------
7,000,000 (b) Fleet Mortgage Group, Inc., 5.821%-6.186%, 11/28/1995-12/20/1995 7,001,318
---------------------------------------------------------------- ------------
Total 60,322,722
---------------------------------------------------------------- ------------
ELECTRONIC TECHNOLOGY--0.5%
----------------------------------------------------------------
1,500,000 Northern Telecom Ltd., 8.25%, 6/13/1996 1,519,039
---------------------------------------------------------------- ------------
FINANCE--17.0%
----------------------------------------------------------------
2,095,000 American Express Co., 8.75%, 6/15/1996 2,129,240
----------------------------------------------------------------
2,600,000 American Express Credit Corp., 9.45%, 2/15/1996 2,625,926
----------------------------------------------------------------
4,275,000 Associates Corp. of North America, 4.83%-9.00%,
12/1/1995-4/8/1996 4,275,801
----------------------------------------------------------------
10,000,000 Avco Financial Services, Inc., 8.85%, 2/1/1996 10,069,692
----------------------------------------------------------------
1,300,000 BankAmerica Corp., 5.875%, 11/15/1995 1,299,939
----------------------------------------------------------------
3,000,000 Beneficial Corp., 6.90%-8.70%, 6/26/1996-10/28/1996 3,038,319
----------------------------------------------------------------
3,425,000 CIT Group Holdings, Inc., 4.75%-5.50%, 11/1/1995-3/15/1996 3,422,251
----------------------------------------------------------------
6,800,000 (b) CIT Group Holdings, Inc., 5.65%, 11/7/1995 6,798,940
----------------------------------------------------------------
2,700,000 Household Finance Corp., 9.46%-10.125%, 2/1/1996-6/15/1996 2,736,175
----------------------------------------------------------------
300,000 IBM Credit Corp., 4.92%, 8/30/1996 297,649
----------------------------------------------------------------
5,000,000 (b) PHH Corp., 5.78%, 11/21/1995 4,998,829
----------------------------------------------------------------
5,000,000 (b) SouthTrust Bank of Alabama, Birmingham, 5.813%, 11/27/1995 5,000,000
----------------------------------------------------------------
2,300,000 Xerox Credit Co., 6.25%, 1/15/1996 2,300,078
---------------------------------------------------------------- ------------
Total 48,992,839
---------------------------------------------------------------- ------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ---------------------------------------------------------------- ------------
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ----------------------------------------------------------------------------------
FINANCE--AUTOMOTIVE--9.0%
----------------------------------------------------------------
$ 1,460,000 Ford Capital BV, 9.00%-9.125%, 4/8/1996-6/1/1996 $ 1,478,556
----------------------------------------------------------------
11,385,000 Ford Motor Credit Co., 6.125%-11.00%, 12/11/1995-8/1/1996 11,504,776
----------------------------------------------------------------
6,200,000 General Motors Acceptance Corp., 5.30%-9.125%,
2/1/1996-10/1/1996 6,280,241
----------------------------------------------------------------
6,700,000 (b) General Motors Acceptance Corp., 6.013%-6.117%,
11/17/1995-1/16/1996 6,701,324
---------------------------------------------------------------- ------------
Total 25,964,897
---------------------------------------------------------------- ------------
FINANCE--EQUIPMENT--2.1%
----------------------------------------------------------------
6,150,000 International Lease Finance Corp., 4.75%-8.69%,
12/15/1995-8/8/1996 6,131,492
---------------------------------------------------------------- ------------
FINANCE--RETAIL--0.9%
----------------------------------------------------------------
2,000,000 Commercial Credit Co., 9.875%, 12/1/1995 2,005,294
----------------------------------------------------------------
500,000 Sears Roebuck Acceptance Corp., 9.42%, 4/1/1996 507,256
---------------------------------------------------------------- ------------
Total 2,512,550
---------------------------------------------------------------- ------------
INDUSTRIAL SERVICES--0.9%
----------------------------------------------------------------
500,000 WMX Technologies, Inc., 4.875%, 6/15/1996 497,009
----------------------------------------------------------------
2,000,000 Waste Management, Inc., 7.875%, 8/15/1996 2,030,862
---------------------------------------------------------------- ------------
Total 2,527,871
---------------------------------------------------------------- ------------
PRODUCER MANUFACTURING--0.4%
----------------------------------------------------------------
800,000 Deere & Co., 8.25%, 6/1/1996 810,306
----------------------------------------------------------------
300,000 Xerox Corp., 8.75%, 11/1/1995 300,000
---------------------------------------------------------------- ------------
Total 1,110,306
---------------------------------------------------------------- ------------
RETAIL TRADE--1.7%
----------------------------------------------------------------
4,800,000 Sears, Roebuck & Co., 8.55%-9.51%, 4/3/1996-9/15/1996 4,890,253
---------------------------------------------------------------- ------------
TOTAL CORPORATE BONDS 153,971,969
---------------------------------------------------------------- ------------
SHORT-TERM GOVERNMENT AGENCY OBLIGATIONS--20.6%
- ----------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK--0.3%
----------------------------------------------------------------
1,000,000 (b) Federal Farm Credit Bank, 5.640%, 4/22/1996 1,000,000
---------------------------------------------------------------- ------------
</TABLE>
RIMCO MONUMENT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ---------------------------------------------------------------- ------------
<C> <C> <S> <C>
SHORT-TERM GOVERNMENT AGENCY OBLIGATIONS--CONTINUED
- ----------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK--4.0%
----------------------------------------------------------------
$ 5,000,000 Federal Home Loan Bank System, 5.90%, 8/29/1996 $ 5,000,000
----------------------------------------------------------------
6,500,000 (b) Federal Home Loan Bank System, 5.59%-5.74%,
11/14/1995-12/14/1995 6,497,618
---------------------------------------------------------------- ------------
Total 11,497,618
---------------------------------------------------------------- ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.6%
----------------------------------------------------------------
1,650,000 (b) Federal National Mortgage Association, 4.20%-6.37%,
11/14/1995-12/5/1995 1,648,446
---------------------------------------------------------------- ------------
STUDENT LOAN MARKETING ASSOCIATION--15.7%
----------------------------------------------------------------
45,205,000 (b) Student Loan Marketing Association, 5.62%-5.90%, 11/7/1995 45,252,179
---------------------------------------------------------------- ------------
TOTAL GOVERNMENT AGENCIES 59,398,243
---------------------------------------------------------------- ------------
(C) REPURCHASE AGREEMENTS--6.0%
- ----------------------------------------------------------------------------------
8,688,000 Citicorp Security Markets, Inc., 5.840%, 11/1/1995, dated
10/31/95, due 11/1/1995 8,688,000
----------------------------------------------------------------
8,688,000 Donaldson, Lufkin and Jenrette Securities Corp., 5.850%,
11/1/1995, dated 10/31/95, due 11/1/1995 8,688,000
---------------------------------------------------------------- ------------
TOTAL REPURCHASE AGREEMENTS 17,376,000
---------------------------------------------------------------- ------------
TOTAL INVESTMENTS (AT AMORTIZED COST)(D) $289,345,592
---------------------------------------------------------------- ------------
</TABLE>
(a) Each issue shows the rate of discount at the time of purchase for discount
issues, or the coupon for interest bearing issues.
(b) Floating rate note with current rate and next reset date shown.
(c) The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(d) Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($288,221,941) at October 31, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT PRIME MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Total investments in securities, at amortized cost and value $289,345,592
- --------------------------------------------------------------------------------
Cash 726
- --------------------------------------------------------------------------------
Income receivable 3,281,297
- --------------------------------------------------------------------------------
Receivable for shares sold 4,585
- --------------------------------------------------------------------------------
Deferred expenses 6,032
- -------------------------------------------------------------------------------- ------------
Total assets 292,638,232
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for investments purchased $3,324,284
- -------------------------------------------------------------------
Income distribution payable 1,059,367
- -------------------------------------------------------------------
Accrued expenses 32,640
- ------------------------------------------------------------------- ----------
Total liabilities 4,416,291
- -------------------------------------------------------------------------------- ------------
NET ASSETS for 288,452,588 shares outstanding $288,221,941
- -------------------------------------------------------------------------------- ------------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid in capital $288,452,588
- --------------------------------------------------------------------------------
Undistributed net investment income 45,113
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (275,760)
- -------------------------------------------------------------------------------- ------------
Total Net Assets $288,221,941
- -------------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
$288,221,941 / 288,452,588 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
SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
Interest $8,887,113
- --------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------------
Investment advisory fee $ 743,739
- -------------------------------------------------------------------
Administrative personnel and services fee 201,609
- -------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 22,623
- -------------------------------------------------------------------
Directors'/Trustees' fees 1,207
- -------------------------------------------------------------------
Auditing fees 7,540
- -------------------------------------------------------------------
Legal fees 2,011
- -------------------------------------------------------------------
Portfolio accounting fees 38,732
- -------------------------------------------------------------------
Share registration costs 12,339
- -------------------------------------------------------------------
Printing and postage 6,536
- -------------------------------------------------------------------
Insurance premiums 5,027
- -------------------------------------------------------------------
Miscellaneous 4,046
- ------------------------------------------------------------------- ----------
Total expenses 1,045,409
- -------------------------------------------------------------------
Waiver of investment advisory fee (295,336)
- ------------------------------------------------------------------- ----------
Net expenses 750,073
- -------------------------------------------------------------------------------- ----------
Net investment income 8,137,040
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
Net realized (gain) on investments 65,536
- -------------------------------------------------------------------------------- ----------
Change in net assets resulting from operations $8,202,576
- -------------------------------------------------------------------------------- ----------
</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>
SIX MONTHS
ENDED
(UNAUDITED) YEAR ENDED
OCTOBER 31, 1995 APRIL 30, 1995
----------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- --------------------------------------------------
OPERATIONS--
- --------------------------------------------------
Net investment income $ 8,137,040 $ 16,245,486
- -------------------------------------------------- ----------------- -----------------
Net realized gain (loss) on investments
($65,536 net gain and $20,474 net loss,
respectively,
as computed for federal tax purposes) 65,536 (1,138,233)
- -------------------------------------------------- ----------------- -----------------
Change in net assets resulting from
operations 8,202,576 15,107,253
- -------------------------------------------------- ----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS--
- --------------------------------------------------
Distributions from net investment income (8,279,192) (16,058,220)
- --------------------------------------------------
SHARE TRANSACTIONS--
- --------------------------------------------------
Proceeds from sale of shares 360,984,734 830,172,533
- --------------------------------------------------
Net asset value of shares issued to shareholders
in payment of distributions declared 1,398,447 1,892,619
- --------------------------------------------------
Cost of shares redeemed (358,143,226) (883,018,651)
- -------------------------------------------------- ----------------- -----------------
Change in net assets resulting from share
transactions 4,239,955 (50,953,499)
- -------------------------------------------------- ----------------- -----------------
CAPITAL CONTRIBUTION -- 1,198,029
- -------------------------------------------------- ----------------- -----------------
Change in net assets 4,163,339 (50,706,437)
- --------------------------------------------------
NET ASSETS:
- --------------------------------------------------
Beginning of period 284,058,602 334,765,039
- -------------------------------------------------- ----------------- -----------------
End of period (including undistributed net
investment income of $45,113 and $767,310,
respectively) $ 288,221,941 $ 284,058,602
- -------------------------------------------------- ----------------- -----------------
</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>
SIX MONTHS
ENDED
(UNAUDITED)
OCTOBER 31, YEAR ENDED APRIL 30,
----------- ----------------------------------------
1995 1995 1994 1993 1992(A)
----------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------
Net investment income 0.03 0.047 0.03 0.04 0.03
- ------------------------------------
Net realized loss on investments -- (0.003) -- -- --
- ------------------------------------ --------- ------ ------ ------ ------
Total from investment operations 0.03 0.044 0.03 0.04 0.03
- ------------------------------------
LESS DISTRIBUTIONS
- ------------------------------------
Distributions from net investment
income (0.03) (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 $ 1.00
- ------------------------------------ --------- ------ ------ ------ ------
TOTAL RETURN (B) 2.83% 4.84%(c) 3.08% 3.55% 2.90 %
- ------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------
Expenses 0.50%(d) 0.44% 0.43% 0.41% 0.27 %(d)
- ------------------------------------
Net investment income 5.47%(d) 4.72% 3.02% 3.46% 4.56 %(d)
- ------------------------------------
Expense waiver/reimbursement (e) 0.20%(d) 0.24% 0.28% 0.31% 0.47 %(d)
- ------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------
Net assets, end of period (000
omitted) $288,222 $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
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
CORPORATE BONDS--23.8%
- -------------------------------------------------------------------------------------
BANKING--1.5%
------------------------------------------------------------------
$ 645,000 BankAmerica Corp., 9.70%, 8/1/2000 $ 730,598
------------------------------------------------------------------ -----------
COMMERCIAL SERVICES--0.9%
------------------------------------------------------------------
450,000 Sysco Corp., 6.50%, 6/15/2005 451,026
------------------------------------------------------------------ -----------
FINANCE--11%
------------------------------------------------------------------
480,000 Associates Corp. of North America, 7.875%, 9/30/2001 514,373
------------------------------------------------------------------
490,000 Associates Corp. of North America, 8.80%, 8/1/1998 523,491
------------------------------------------------------------------
344,757 Countrywide Funding Corp., PAC, REMIC, 6.75%, 3/25/2024 327,602
------------------------------------------------------------------
1,825,000 Ford Capital BV, 9.375%, 1/1/1998 1,950,396
------------------------------------------------------------------
880,000 General Electric Capital Corp., 8.75%, 5/21/2007 1,035,426
------------------------------------------------------------------
930,000 Transamerica Finance Corp., 8.75%, 10/1/1999 1,006,465
------------------------------------------------------------------ -----------
Total 5,357,753
------------------------------------------------------------------ -----------
INSURANCE--2.0%
------------------------------------------------------------------
930,000 Travelers Group, Inc., 7.75%, 6/15/1999 972,343
------------------------------------------------------------------ -----------
RETAIL TRADE--5.7%
------------------------------------------------------------------
1,010,000 Deere & Co., 8.95%, 6/15/2019 1,179,468
------------------------------------------------------------------
1,450,000 Wal-Mart Stores, Inc., 8.00%, 9/15/2006 1,612,081
------------------------------------------------------------------ -----------
Total 2,791,549
------------------------------------------------------------------ -----------
TELECOMMUNICATIONS--2.7%
------------------------------------------------------------------
1,000,000 AT&T Corp., 7.75%, 3/1/2007 1,089,960
------------------------------------------------------------------
230,000 BellSouth Telecommunications, Inc., 6.50%, 6/15/2005 230,844
------------------------------------------------------------------ -----------
Total 1,320,804
------------------------------------------------------------------ -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $11,073,750) 11,624,073
------------------------------------------------------------------ -----------
GOVERNMENT AGENCIES--10.7%
- -------------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK--1.4%
------------------------------------------------------------------
575,000 9.20%, 8/22/2005 689,063
------------------------------------------------------------------ -----------
</TABLE>
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
GOVERNMENT AGENCIES--CONTINUED
- -------------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE ASSOCIATION--2.0%
------------------------------------------------------------------
$ 1,020,000 Federal Home Loan Mortgage Association REMIC, 5.85%, 2/15/2008 $ 986,605
------------------------------------------------------------------ -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--6.0%
------------------------------------------------------------------
1,060,000 Federal National Mortgage Association REMIC, 6.50%, 11/25/2022 1,029,663
------------------------------------------------------------------
1,880,000 Federal National Mortgage Association, 7.77%, 7/18/2001 1,929,858
------------------------------------------------------------------ -----------
Total 2,959,521
------------------------------------------------------------------ -----------
STUDENT LOAN MARKETING ASSOCIATION--1.3%
------------------------------------------------------------------
590,000 Student Loan Marketing Association, 7.30%, 8/1/2012 627,011
------------------------------------------------------------------ -----------
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $5,060,145) 5,262,200
------------------------------------------------------------------ -----------
UNITED STATES TREASURY--54.8%
- -------------------------------------------------------------------------------------
UNITED STATES TREASURY BONDS--17.4%
------------------------------------------------------------------
1,410,000 12.00%, 5/15/2005 2,008,601
------------------------------------------------------------------
4,195,000 6.25%, 8/15/2023 4,102,374
------------------------------------------------------------------
485,000 7.50%, 11/15/2024 554,316
------------------------------------------------------------------
1,730,000 6.875%, 8/15/2025 1,858,176
------------------------------------------------------------------ -----------
Total 8,523,467
------------------------------------------------------------------ -----------
UNITED STATES TREASURY NOTES--37.4%
------------------------------------------------------------------
1,500,000 6.50%, 9/30/1996 1,512,000
------------------------------------------------------------------
970,000 6.875%, 4/30/1997 987,499
------------------------------------------------------------------
2,100,000 6.125%, 5/31/1997 2,115,351
------------------------------------------------------------------
1,100,000 6.00%, 8/31/1997 1,106,996
------------------------------------------------------------------
530,000 5.75%, 9/30/1997 531,431
------------------------------------------------------------------
490,000 5.875%, 8/15/1998 492,523
------------------------------------------------------------------
1,190,000 9.25%, 8/15/1998 1,297,659
------------------------------------------------------------------
840,000 8.875%, 2/15/1999 918,187
------------------------------------------------------------------
865,000 7.00%, 4/15/1999 898,657
------------------------------------------------------------------
525,000 9.125%, 5/15/1999 580,939
------------------------------------------------------------------
500,000 7.125%, 2/29/2000 525,030
------------------------------------------------------------------
1,080,000 6.75%, 4/30/2000 1,120,036
------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
UNITED STATES TREASURY--CONTINUED
- -------------------------------------------------------------------------------------
UNITED STATES TREASURY NOTES--CONTINUED
------------------------------------------------------------------
$ 910,000 6.25%, 5/31/2000 $ 926,125
------------------------------------------------------------------
980,000 5.875%, 6/30/2000 983,361
------------------------------------------------------------------
980,000 6.125%, 7/31/2000 992,858
------------------------------------------------------------------
490,000 6.375%, 8/15/2002 502,676
------------------------------------------------------------------
755,000 7.25%, 5/15/2004 816,766
------------------------------------------------------------------
1,795,000 7.50%, 2/15/2005 1,979,957
------------------------------------------------------------------ -----------
Total 18,288,051
------------------------------------------------------------------ -----------
TOTAL U.S. TREASURY (IDENTIFIED COST $25,857,138) 26,811,518
------------------------------------------------------------------ -----------
(A) REPURCHASE AGREEMENTS--9.4%
- -------------------------------------------------------------------------------------
2,307,000 Citicorp Security Markets, Inc., 5.84%, dated 10/31/95, due
11/1/1995 2,307,000
------------------------------------------------------------------
2,307,000 Donaldson, Lufkin and Jenrette Securities Corp., 5.85%, dated
10/31/95, due 11/1/1995 2,307,000
------------------------------------------------------------------ -----------
TOTAL REPURCHASE AGREEMENTS (AT AMORTIZED COST) 4,614,000
------------------------------------------------------------------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST $46,605,033)(B) $48,311,791
------------------------------------------------------------------ -----------
</TABLE>
(a) The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(b) The cost of investments for federal tax purposes amounts to $46,605,033. The
net unrealized appreciation of investments on a federal tax basis amounts to
$1,706,758 which is comprised of $1,709,037 appreciation and $2,279
depreciation at October 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($48,952,063) at October 31, 1995.
The following acronyms are used throughout this portfolio:
<TABLE>
<S> <C>
PAC -- Planned Amortization Class
REMIC -- Real Estate Mortgage Investment Conduit
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Total investments in securities, at amortized cost and value
(identified and tax cost $46,605,033) $48,311,791
- --------------------------------------------------------------------------------
Cash 577
- --------------------------------------------------------------------------------
Income receivable 764,448
- --------------------------------------------------------------------------------
Receivable for shares sold 161,045
- --------------------------------------------------------------------------------
Deferred expenses 3,070
- -------------------------------------------------------------------------------- -----------
Total assets 49,240,931
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Income distribution payable $219,068
- ---------------------------------------------------------------------
Payable for shares redeemed 51,379
- ---------------------------------------------------------------------
Accrued expenses 18,421
- --------------------------------------------------------------------- --------
Total liabilities 288,868
- -------------------------------------------------------------------------------- -----------
NET ASSETS for 4,996,157 shares outstanding $48,952,063
- -------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $50,471,739
- --------------------------------------------------------------------------------
Net unrealized appreciation of investments 1,706,758
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (3,226,434)
- -------------------------------------------------------------------------------- -----------
Total Net Assets $48,952,063
- -------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
- --------------------------------------------------------------------------------
Net Asset Value Per Share ($48,952,063 / 4,996,157 shares outstanding) $9.80
- -------------------------------------------------------------------------------- -----------
Offering Price Per Share (100/96.50 of $9.80)* $10.16
- -------------------------------------------------------------------------------- -----------
</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
SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------
Interest $1,660,073
- --------------------------------------------------------------------------------- ----------
EXPENSES:
- ---------------------------------------------------------------------------------
Investment advisory fee $179,195
- ----------------------------------------------------------------------
Administrative personnel and services fee 32,408
- ----------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 19,660
- ----------------------------------------------------------------------
Directors'/Trustees' fees 604
- ----------------------------------------------------------------------
Auditing fees 7,540
- ----------------------------------------------------------------------
Legal fees 2,011
- ----------------------------------------------------------------------
Portfolio accounting fees 26,846
- ----------------------------------------------------------------------
Share registration costs 7,467
- ----------------------------------------------------------------------
Printing and postage 6,536
- ----------------------------------------------------------------------
Insurance premiums 2,513
- ----------------------------------------------------------------------
Miscellaneous 6,428
- ---------------------------------------------------------------------- --------
Total expenses 291,208
- ----------------------------------------------------------------------
Waiver of investment advisory fee (95,526)
- ---------------------------------------------------------------------- --------
Net expenses 195,682
- --------------------------------------------------------------------------------- ----------
Net investment income 1,464,391
- --------------------------------------------------------------------------------- ----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
- ---------------------------------------------------------------------------------
Net realized gain on investments 1,003,916
- ---------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 1,225,932
- --------------------------------------------------------------------------------- ----------
Net realized and unrealized gain on investments 2,229,848
- --------------------------------------------------------------------------------- ----------
Change in net assets resulting from operations $3,694,239
- --------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
(UNAUDITED) YEAR ENDED
OCTOBER 31, 1995 APRIL 30, 1995
----------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ----------------------------------------------------------
OPERATIONS--
- ----------------------------------------------------------
Net investment income $ 1,464,391 $ 2,829,141
- ----------------------------------------------------------
Net realized gain (loss) on investments ($1,003,916 net
gain and $3,801,709 net loss, respectively, as computed
for federal tax purposes) 1,003,916 (2,906,431)
- ----------------------------------------------------------
Net change in unrealized appreciation of investments 1,225,932 2,307,739
- ---------------------------------------------------------- --------------- --------------
Change in net assets resulting from operations 3,694,239 2,230,449
- ---------------------------------------------------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ----------------------------------------------------------
Distributions from net investment income (1,490,187) (2,803,347)
- ---------------------------------------------------------- --------------- --------------
SHARE TRANSACTIONS--
- ----------------------------------------------------------
Proceeds from sale of shares 3,550,879 7,386,255
- ----------------------------------------------------------
Net asset value of shares issued to shareholders in
payment
of distributions declared 210,768 332,132
- ----------------------------------------------------------
Cost of shares redeemed (3,833,940) (7,877,583)
- ---------------------------------------------------------- --------------- --------------
Change in net assets resulting from share
transactions (72,293) (159,196)
- ---------------------------------------------------------- --------------- --------------
Change in net assets 2,131,759 (732,094)
- ----------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------
Beginning of period 46,820,304 47,552,398
- ---------------------------------------------------------- --------------- --------------
End of period (including undistributed net investment
income of $0 and $25,794, respectively) $48,952,063 $46,820,304
- ---------------------------------------------------------- --------------- --------------
</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>
SIX MONTHS
ENDED
(UNAUDITED)
OCTOBER 31, YEAR ENDED APRIL 30,
----------- -------------------------------
1995 1995 1994 1993(A)
----------- ------ ------ -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.35 $ 9.46 $10.40 $10.00
- ---------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------------------------
Net investment income 0.29 0.56 0.53 0.60
- ---------------------------------------------------
Net realized and unrealized gain (loss)
on investments 0.46 (0.11) (0.38) 0.66
- --------------------------------------------------- -------- ------ ------ -------
Total from investment operations 0.75 0.45 0.15 1.26
- --------------------------------------------------- -------- ------ ------ -------
LESS DISTRIBUTIONS
- ---------------------------------------------------
Distributions from net investment income (0.30) (0.56) (0.53) (0.60 )
- ---------------------------------------------------
Distributions from net realized gains -- -- (0.56) (0.26 )
- --------------------------------------------------- -------- ------ ------ -------
Total distributions (0.30) (0.56) (1.09) (0.86 )
- --------------------------------------------------- -------- ------ ------ -------
NET ASSET VALUE, END OF PERIOD $ 9.80 $ 9.35 $ 9.46 $10.40
- --------------------------------------------------- -------- ------ ------ -------
TOTAL RETURN (B) 8.07% 5.01% 1.10% 12.93 %
- ---------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ---------------------------------------------------
Expenses 0.82%(c) 0.80% 0.68% 0.50 %(c)
- ---------------------------------------------------
Net investment income 6.13%(c) 6.06% 5.15% 5.95 %(c)
- ---------------------------------------------------
Expense waiver/reimbursement (d) 0.40%(c) 0.40% 0.48% 0.65 %(c)
- ---------------------------------------------------
SUPPLEMENTAL DATA
- ---------------------------------------------------
Net assets, end of period (000 omitted) $48,952 $46,820 $47,552 $44,668
- ---------------------------------------------------
Portfolio turnover 70% 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 ratio shown above.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--90.0%
- ------------------------------------------------------------------------------------
BASIC MATERIALS--3.0%
------------------------------------------------------------------
11,270 Dow Chemical Co. $ 773,404
------------------------------------------------------------------
30,690 Scott Paper Co. 1,634,242
------------------------------------------------------------------ -----------
Total 2,407,646
------------------------------------------------------------------ -----------
CAPITAL GOODS--8.9%
------------------------------------------------------------------
14,175 Alco Standard Corp. 1,254,487
------------------------------------------------------------------
9,545 CSX Corp. 799,394
------------------------------------------------------------------
10,100 ITT Corp. 1,237,250
------------------------------------------------------------------
25,385 Rockwell International Corp. 1,129,632
------------------------------------------------------------------
17,285 Textron, Inc. 1,188,344
------------------------------------------------------------------
16,185 United Technologies Corp. 1,436,419
------------------------------------------------------------------ -----------
Total 7,045,526
------------------------------------------------------------------ -----------
CONSUMER CYCLICAL--8.5%
------------------------------------------------------------------
15,895 (a) AMR Corp. 1,049,070
------------------------------------------------------------------
21,400 Armstrong World Industries, Inc. 1,270,625
------------------------------------------------------------------
24,960 Black & Decker Corp. 845,520
------------------------------------------------------------------
43,060 Circuit City Store, Inc. 1,437,128
------------------------------------------------------------------
32,485 Limited, Inc. 596,912
------------------------------------------------------------------
19,500 Premark International, Inc. 901,875
------------------------------------------------------------------
18,878 Sears Roebuck & Co. 641,852
------------------------------------------------------------------ -----------
Total 6,742,982
------------------------------------------------------------------ -----------
CONSUMER SERVICES--4.0%
------------------------------------------------------------------
9,830 Capital Cities/ABC, Inc. 1,166,084
------------------------------------------------------------------
18,280 Tribune Co. 1,153,925
------------------------------------------------------------------
43,890 Wendy's International, Inc. 872,314
------------------------------------------------------------------ -----------
Total 3,192,323
------------------------------------------------------------------ -----------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
CONSUMER STAPLES--11.7%
------------------------------------------------------------------
23,820 Coca-Cola Co. $ 1,712,062
------------------------------------------------------------------
34,245 Heinz (H.J.) Co. 1,592,392
------------------------------------------------------------------
34,435 (a) Kroger Co. 1,149,268
------------------------------------------------------------------
19,895 Philip Morris Cos., Inc. 1,681,127
------------------------------------------------------------------
23,590 Procter & Gamble Co. 1,910,790
------------------------------------------------------------------
25,940 (a) Safeway, Inc. 1,225,665
------------------------------------------------------------------ -----------
Total 9,271,304
------------------------------------------------------------------ -----------
ENERGY--9.8%
------------------------------------------------------------------
11,585 Atlantic Richfield Co. 1,236,699
------------------------------------------------------------------
16,955 British Petroleum Co., PLC, ADR 1,496,279
------------------------------------------------------------------
33,930 Coastal Corp. 1,098,484
------------------------------------------------------------------
32,945 Halliburton Co. 1,367,218
------------------------------------------------------------------
17,855 Mobil Corp. 1,798,891
------------------------------------------------------------------
26,775 Repsol SA, ADR 793,209
------------------------------------------------------------------ -----------
Total 7,790,780
------------------------------------------------------------------ -----------
FINANCIALS--13.2%
------------------------------------------------------------------
28,370 Advanta Corp., Class B 1,014,227
------------------------------------------------------------------
17,465 Aetna Life & Casualty Co. 1,229,099
------------------------------------------------------------------
35,694 Allstate Corp. 1,311,755
------------------------------------------------------------------
27,410 American Express Co. 1,113,531
------------------------------------------------------------------
8,225 Chubb Corp. 739,222
------------------------------------------------------------------
18,740 Citicorp 1,215,758
------------------------------------------------------------------
20,515 Franklin Resources, Inc. 1,041,136
------------------------------------------------------------------
13,405 Greenpoint Financial Corp. 361,935
------------------------------------------------------------------
20,255 Student Loan Marketing Association 1,192,513
------------------------------------------------------------------
5,910 Wells Fargo & Co. 1,241,839
------------------------------------------------------------------ -----------
Total 10,461,015
------------------------------------------------------------------ -----------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
HEALTH CARE--8.4%
------------------------------------------------------------------
28,630 (a) Amgen, Inc. $ 1,374,240
------------------------------------------------------------------
32,105 Columbia/HCA Healthcare Corp. 1,577,158
------------------------------------------------------------------
17,980 Medtronic, Inc. 1,038,345
------------------------------------------------------------------
31,790 Pfizer, Inc. 1,823,951
------------------------------------------------------------------
15,695 St. Jude Medical, Inc. 835,759
------------------------------------------------------------------ -----------
Total 6,649,453
------------------------------------------------------------------ -----------
TECHNOLOGY--8.5%
------------------------------------------------------------------
12,990 (a) Cabletron Systems, Inc. 1,021,339
------------------------------------------------------------------
17,805 (a) Cisco Systems, Inc. 1,379,887
------------------------------------------------------------------
14,809 Computer Associates International, Inc. 814,495
------------------------------------------------------------------
9,235 Hewlett-Packard Co. 855,392
------------------------------------------------------------------
11,660 Intel Corp. 814,743
------------------------------------------------------------------
25,190 (a) 3Com Corp. 1,183,930
------------------------------------------------------------------
5,460 Xerox Corp. 708,435
------------------------------------------------------------------ -----------
Total 6,778,221
------------------------------------------------------------------ -----------
UTILITIES-GAS & ELECTRIC--4.4%
------------------------------------------------------------------
24,575 FPL Group, Inc. 1,029,078
------------------------------------------------------------------
44,565 Illinova Corp. 1,264,532
------------------------------------------------------------------
35,700 Unicom Corp. 1,169,175
------------------------------------------------------------------ -----------
Total 3,462,785
------------------------------------------------------------------ -----------
UTILITIES-TELEPHONE--9.6%
------------------------------------------------------------------
39,480 Ameritech Corp. 2,131,920
------------------------------------------------------------------
26,200 BellSouth Corp. 2,004,300
------------------------------------------------------------------
42,595 GTE Corp. 1,757,044
------------------------------------------------------------------
31,585 SBC Communications, Inc. 1,764,812
------------------------------------------------------------------ -----------
Total 7,658,076
------------------------------------------------------------------ -----------
TOTAL COMMON STOCKS (IDENTIFIED COST $52,852,807) 71,460,111
------------------------------------------------------------------ -----------
</TABLE>
RIMCO MONUMENT STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
(B) REPURCHASE AGREEMENT--11.1%
- ------------------------------------------------------------------------------------
$8,776,000 Donaldson, Lufkin and Jenrette Securities Corp., 5.85%,
dated 10/31/95, due 11/1/1995 (at amortized cost) $ 8,776,000
------------------------------------------------------------------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST $61,628,807)(C) $80,236,111
------------------------------------------------------------------ -----------
</TABLE>
(a) Non-income producing security.
(b) The repurchase agreement is fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(c) The cost of investments for federal tax purposes amounts to $61,628,807. The
unrealized appreciation of investments on a federal tax basis amounts to
$18,607,304 which is comprised of $18,939,189 appreciation and $331,885
depreciation at October 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($79,329,208) at October 31, 1995.
The following acronyms is used throughout this portfolio:
<TABLE>
<S> <C>
ADR -- American Depository Receipt
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ---------------------------------------------------------------------------------
Investments in repurchase agreements $ 8,776,000
- -------------------------------------------------------------------
Investments in securities 71,460,111
- ------------------------------------------------------------------- -----------
Total investments in securities, at value
(identified and tax cost $61,628,807) $80,236,111
- ---------------------------------------------------------------------------------
Cash 48
- ---------------------------------------------------------------------------------
Income receivable 150,800
- ---------------------------------------------------------------------------------
Receivable for investments sold 121,151
- ---------------------------------------------------------------------------------
Receivable for shares sold 31,395
- ---------------------------------------------------------------------------------
Deferred expenses 2,362
- --------------------------------------------------------------------------------- -----------
Total assets 80,541,867
- ---------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------
Payable for investments purchased 1,177,925
- -------------------------------------------------------------------
Payable for shares redeemed 963
- -------------------------------------------------------------------
Accrued expenses 33,771
- ------------------------------------------------------------------- -----------
Total liabilities 1,212,659
- --------------------------------------------------------------------------------- -----------
NET ASSETS for 5,362,096 shares outstanding $79,329,208
- --------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------
Paid-in capital $56,678,093
- ---------------------------------------------------------------------------------
Net unrealized appreciation of investments 18,607,304
- ---------------------------------------------------------------------------------
Accumulated net realized gain on investments 3,992,938
- ---------------------------------------------------------------------------------
Undistributed net investment income 50,873
- --------------------------------------------------------------------------------- -----------
Total Net Assets $79,329,208
- --------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
- ---------------------------------------------------------------------------------
Net Asset Value Per Share ($79,329,208 / 5,362,096 shares outstanding) $14.79
- --------------------------------------------------------------------------------- -----------
Offering Price Per Share (100/96.50 of $14.79)* $15.33
- --------------------------------------------------------------------------------- -----------
</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
SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
Interest $ 162,891
- --------------------------------------------------------------------------------
Dividends 711,565
- -------------------------------------------------------------------------------- -----------
Total income 874,456
- --------------------------------------------------------------------------------
EXPENSES:
- --------------------------------------------------------------------------------
Investment advisory fee $274,853
- ---------------------------------------------------------------------
Administrative personnel and services fee 49,685
- ---------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 20,376
- ---------------------------------------------------------------------
Directors'/Trustees' fees 705
- ---------------------------------------------------------------------
Auditing fees 7,540
- ---------------------------------------------------------------------
Legal fees 2,011
- ---------------------------------------------------------------------
Portfolio accounting fees 24,982
- ---------------------------------------------------------------------
Share registration costs 7,765
- ---------------------------------------------------------------------
Printing and postage 6,536
- ---------------------------------------------------------------------
Insurance premiums 2,513
- ---------------------------------------------------------------------
Miscellaneous 7,159
- --------------------------------------------------------------------- --------
Total expenses 404,125
- ---------------------------------------------------------------------
Waiver of investment advisory fee (43,976)
- --------------------------------------------------------------------- --------
Net expenses 360,149
- -------------------------------------------------------------------------------- -----------
Net investment income 514,307
- -------------------------------------------------------------------------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
Net realized gain on investments 3,099,929
- --------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 7,949,094
- -------------------------------------------------------------------------------- -----------
Net realized and unrealized gain on investments 11,049,023
- -------------------------------------------------------------------------------- -----------
Change in net assets resulting from operations $11,563,330
- -------------------------------------------------------------------------------- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT STOCK FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
(UNAUDITED) YEAR ENDED
OCTOBER 31, 1995 APRIL 30, 1995
----------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ----------------------------------------------------------
OPERATIONS--
- ----------------------------------------------------------
Net investment income $ 514,307 $ 994,983
- ----------------------------------------------------------
Net realized gain on investments ($3,099,929 and
$1,487,891, respectively, as computed for federal tax
purposes) 3,099,929 1,487,891
- ----------------------------------------------------------
Net change in unrealized appreciation of investments 7,949,094 5,706,453
- ---------------------------------------------------------- --------------- --------------
Change in net assets resulting from operations 11,563,330 8,189,327
- ---------------------------------------------------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ----------------------------------------------------------
Distributions from net investment income (520,557) (970,848)
- ----------------------------------------------------------
Distributions from net realized gains -- (2,942,824)
- ---------------------------------------------------------- --------------- --------------
Change in net assets resulting from distributions to
shareholders (520,557) (3,913,672)
- ---------------------------------------------------------- --------------- --------------
SHARE TRANSACTIONS--
- ----------------------------------------------------------
Proceeds from sale of shares 7,313,379 13,679,211
- ----------------------------------------------------------
Net asset value of shares issued to shareholders in
payment
of distributions declared 149,158 956,516
- ----------------------------------------------------------
Cost of shares redeemed (5,194,749) (11,490,001)
- ---------------------------------------------------------- --------------- --------------
Change in net assets resulting from share
transactions 2,267,788 3,145,726
- ---------------------------------------------------------- --------------- --------------
Change in net assets 13,310,561 7,421,381
- ----------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------
Beginning of period 66,018,647 58,597,266
- ---------------------------------------------------------- --------------- --------------
End of period (including undistributed net investment
income of $50,873 and $57,123, respectively) $79,329,208 $66,018,647
- ---------------------------------------------------------- --------------- --------------
</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>
SIX MONTHS
ENDED
(UNAUDITED)
OCTOBER 31, YEAR ENDED APRIL 30,
------------ ------------------------------
1995 1995 1994 1993(A
------------ ------ ------ ------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.69 $11.89 $10.46 $10.00
- -------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -------------------------------------------------
Net investment income 0.10 0.20 0.16 0.21
- -------------------------------------------------
Net realized and unrealized gain on investments 2.10 1.39 1.44 0.46
- ------------------------------------------------- --------- ------ ------ ------
Total from investment operations 2.20 1.59 1.60 0.67
- ------------------------------------------------- --------- ------ ------ ------
LESS DISTRIBUTIONS
- -------------------------------------------------
Distributions from net investment income (0.10) (0.19) (0.16) (0.21)
- -------------------------------------------------
Distributions from net realized gains -- (0.60) (0.01) --
- ------------------------------------------------- --------- ------ ------ ------
Total distributions (0.10) (0.79) (0.17) (0.21)
- ------------------------------------------------- --------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $14.79 $12.69 $11.89 $10.46
- ------------------------------------------------- --------- ------ ------ ------
TOTAL RETURN (B) 17.37% 14.16% 15.28% 6.35%
- -------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -------------------------------------------------
Expenses 0.98%(c) 0.98% 1.00% 0.69%(c)
- -------------------------------------------------
Net investment income 1.40%(c) 1.66% 1.36% 2.18%(c)
- -------------------------------------------------
Expense waiver/reimbursement (d) 0.12%(c) 0.14% 0.20% 0.47%(c)
- -------------------------------------------------
SUPPLEMENTAL DATA
- -------------------------------------------------
Net assets, end of period (000 omitted) $79,329 $66,019 $58,597 $37,539
- -------------------------------------------------
Portfolio turnover 33% 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
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- ------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--95.5%
- ------------------------------------------------------------------------------------
BASIC MATERIALS--3.4%
-------------------------------------------------------------------
8,050 (a) ACX Technologies, Inc. $ 124,775
-------------------------------------------------------------------
11,040 Brush Wellman, Inc. 184,920
-------------------------------------------------------------------
3,500 (a) Carbide/Graphite Group, Inc. 46,156
-------------------------------------------------------------------
6,755 Mississippi Chemical Corp. 162,964
------------------------------------------------------------------- -----------
Total 518,815
------------------------------------------------------------------- -----------
CAPITAL GOODS--5.5%
-------------------------------------------------------------------
7,245 American President Cos., Ltd. 175,691
-------------------------------------------------------------------
8,825 (a) Cable Design Technologies 289,019
-------------------------------------------------------------------
9,445 (a) Exide Electronics Group, Inc. 193,622
-------------------------------------------------------------------
5,655 (a) Sanifill, Inc. 178,132
------------------------------------------------------------------- -----------
Total 836,464
------------------------------------------------------------------- -----------
CONSUMER CYCLICAL--18.8%
-------------------------------------------------------------------
11,055 Claire's Stores, Inc. 216,954
-------------------------------------------------------------------
9,355 Comair Holdings, Inc. 262,525
-------------------------------------------------------------------
8,425 (a) Discount Auto Parts, Inc. 225,369
-------------------------------------------------------------------
465 (a) Eastbay, Inc. 9,881
-------------------------------------------------------------------
6,510 (a) Eckerd Corp. 257,959
-------------------------------------------------------------------
3,255 (a) Exide Corp. 142,813
-------------------------------------------------------------------
12,970 (a) General Nutrition Cos., Inc. 322,629
-------------------------------------------------------------------
3,835 (a) Nine West Group, Inc. 170,657
-------------------------------------------------------------------
19,057 Pier 1 Imports, Inc. 183,424
-------------------------------------------------------------------
14,130 (a) REX Stores Corp. 240,210
-------------------------------------------------------------------
17,005 Shopko Stores, Inc. 182,804
-------------------------------------------------------------------
12,170 (a) Sunglass Hut International, Inc. 331,632
-------------------------------------------------------------------
7,490 (a) Tommy Hilfiger Corp. 285,556
------------------------------------------------------------------- -----------
Total 2,832,413
------------------------------------------------------------------- -----------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- ------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
CONSUMER SERVICES--12.7%
-------------------------------------------------------------------
10,460 (a) Carmike Cinemas, Inc. $ 218,352
-------------------------------------------------------------------
8,635 La Quinta Inns, Inc. 222,351
-------------------------------------------------------------------
9,495 (a) Longhorn Steaks, Inc. 159,041
-------------------------------------------------------------------
10,855 National Education Corp. 88,197
-------------------------------------------------------------------
6,345 Olsten Corp. 244,282
-------------------------------------------------------------------
9,165 (a) Players International, Inc. 98,524
-------------------------------------------------------------------
3,365 (a) Scholastic Corp. 207,789
-------------------------------------------------------------------
6,735 (a) Scientific Games Holdings Corp. 220,571
-------------------------------------------------------------------
5,725 (a) Starbucks Corp. 224,706
-------------------------------------------------------------------
7,800 TCA Cable TV, Inc. 231,075
------------------------------------------------------------------- -----------
Total 1,914,888
------------------------------------------------------------------- -----------
CONSUMER STAPLES--1.4%
-------------------------------------------------------------------
7,665 (a) Mondavi Robert Corp. 216,536
------------------------------------------------------------------- -----------
ENERGY--4.5%
-------------------------------------------------------------------
9,245 (a) BJ Services Company 217,258
-------------------------------------------------------------------
26,610 (a) Pride Petroleum Services, Inc. 232,838
-------------------------------------------------------------------
8,585 Tidewater, Inc. 226,429
------------------------------------------------------------------- -----------
Total 676,525
------------------------------------------------------------------- -----------
FINANCIALS--15.9%
-------------------------------------------------------------------
7,240 Ace, Ltd. 246,160
-------------------------------------------------------------------
8,605 Alexander & Alexander Services, Inc. 192,537
-------------------------------------------------------------------
11,895 (a) American Travellers Corp. 266,151
-------------------------------------------------------------------
5,920 Astoria Financial Corp. 253,820
-------------------------------------------------------------------
20,960 (a) Dime Bancorp, Inc. 222,700
-------------------------------------------------------------------
11,710 HUBCO, Inc. 234,200
-------------------------------------------------------------------
3,405 Leader Financial Corp. 121,303
-------------------------------------------------------------------
8,735 Life Partners Group, Inc. 158,322
-------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- --------- ------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
FINANCIALS--CONTINUED
-------------------------------------------------------------------
7,008 Money Store, Inc. $ 280,320
-------------------------------------------------------------------
5,505 PMI Group, Inc. 264,240
-------------------------------------------------------------------
3,795 Reliastar Financial Corp. 158,441
------------------------------------------------------------------- -----------
Total 2,398,194
------------------------------------------------------------------- -----------
HEALTH CARE--12.4%
-------------------------------------------------------------------
12,440 (a) AMSCO International, Inc. 199,040
-------------------------------------------------------------------
12,515 Bergen Brunswig Corp. 259,686
-------------------------------------------------------------------
5,525 Life Technologies, Inc. 135,363
-------------------------------------------------------------------
11,080 (a) Lincare Holdings, Inc. 275,615
-------------------------------------------------------------------
8,460 (a) Multicare Companies, Inc. 158,625
-------------------------------------------------------------------
26,555 (a) North American Biologicals, Inc. 212,440
-------------------------------------------------------------------
8,805 (a) Quorum Health Group, Inc. 188,757
-------------------------------------------------------------------
10,065 (a) Sofamor Danek Group, Inc. 246,592
-------------------------------------------------------------------
4,410 (a) Watson Pharmaceuticals, Inc. 197,348
------------------------------------------------------------------- -----------
Total 1,873,466
------------------------------------------------------------------- -----------
TECHNOLOGY--18.3%
-------------------------------------------------------------------
3,809 (a) Alliance Semiconductor Corp. 117,127
-------------------------------------------------------------------
5,105 Analysts International Corp. 151,236
-------------------------------------------------------------------
6,285 (a) Cadence Design Systems, Inc. 202,691
-------------------------------------------------------------------
3,650 (a) Computer Horizons Corp. 94,900
-------------------------------------------------------------------
2,445 (a) Electronics for Imaging, Inc. 201,101
-------------------------------------------------------------------
3,020 (a) Komag, Inc. 172,140
-------------------------------------------------------------------
8,145 (a) Nu-Kote Holdings, Inc. 169,009
-------------------------------------------------------------------
4,470 (a) Oak Technology, Inc. 244,733
-------------------------------------------------------------------
3,330 (a) Picturetel Corp. 219,780
-------------------------------------------------------------------
5,250 (a) Pinnacle Systems, Inc. 164,719
-------------------------------------------------------------------
4,740 (a) Read-Rite Corp. 165,308
-------------------------------------------------------------------
</TABLE>
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ------------ --------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
---------------------------------------------------------------
11,190 (a) S3, Inc. $ 191,629
---------------------------------------------------------------
4,950 (a) Silicon Valley Group, Inc. 160,256
---------------------------------------------------------------
6,215 (a) Symantec Corp. 151,102
---------------------------------------------------------------
7,800 Telxon Corp. 180,375
---------------------------------------------------------------
4,875 (a) Vishay Intertechnology, Inc. 171,844
--------------------------------------------------------------- ------------
Total 2,757,950
--------------------------------------------------------------- ------------
UTILITIES-GAS & ELECTRIC--1.3%
---------------------------------------------------------------
11,151 TNP Enterprises, Inc. 202,112
--------------------------------------------------------------- ------------
UTILITIES-TELEPHONE--1.3%
---------------------------------------------------------------
11,020 (a) LCI International, Inc. 198,360
--------------------------------------------------------------- ------------
TOTAL COMMON STOCKS (IDENTIFIED COST $12,785,128) 14,425,723
--------------------------------------------------------------- ------------
(B) REPURCHASE AGREEMENTS--5.4%
- -----------------------------------------------------------------------------------
$ 404,000 Citicorp Securities Markets, Inc., 5.84%, dated 10/31/1995, due
11/1/1995 404,000
---------------------------------------------------------------
405,000 Donaldson, Lufkin & Jenrette Securities Corp., 5.85%, dated
10/31/1995, due 11/1/1995 405,000
--------------------------------------------------------------- ------------
TOTAL REPURCHASE AGREEMENTS (AT AMORTIZED COST) 809,000
--------------------------------------------------------------- ------------
TOTAL INVESTMENTS (IDENTIFIED COST $13,594,128)(C) $ 15,234,723
--------------------------------------------------------------- ------------
</TABLE>
(a) Non-income producing security.
(b) The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(c) The cost of investments for federal tax purposes amounts to $13,594,128. The
net unrealized appreciation of investments on a federal tax basis amounts to
$1,640,595 which is comprised of $2,190,125 appreciation and $549,530
depreciation at October 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($15,101,847) at October 31, 1995.
(See Notes which are an integral part of the Financial Statements)
RIMCO MONUMENT SMALL CAPITALIZATION EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Total investments in securities, at value (identified and tax cost $13,594,128) $15,234,723
- --------------------------------------------------------------------------------
Cash 907
- --------------------------------------------------------------------------------
Income receivable 5,018
- --------------------------------------------------------------------------------
Receivable for shares sold 3,218
- --------------------------------------------------------------------------------
Deferred expenses 4,154
- -------------------------------------------------------------------------------- -----------
Total assets 15,248,020
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for investments purchased $82,747
- ----------------------------------------------------------------------
Payable for shares redeemed 25,911
- ----------------------------------------------------------------------
Accrued expenses 37,515
- ---------------------------------------------------------------------- -------
Total liabilities 146,173
- -------------------------------------------------------------------------------- -----------
NET ASSETS for 1,261,109 shares outstanding $15,101,847
- -------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $13,076,352
- --------------------------------------------------------------------------------
Net unrealized appreciation of investments 1,640,595
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments 400,708
- --------------------------------------------------------------------------------
Distributions in excess of net investment income (15,808)
- -------------------------------------------------------------------------------- -----------
Total Net Assets $15,101,847
- -------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share ($15,101,847 / 1,261,109 shares outstanding) $11.98
- -------------------------------------------------------------------------------- -----------
Offering Price Per Share (100/96.50 of $11.98)* $12.41
- -------------------------------------------------------------------------------- -----------
</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
SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ---------------------------------------------------------------------------------
Interest $ 51,222
- ---------------------------------------------------------------------------------
Dividends 36,087
- --------------------------------------------------------------------------------- ----------
Total income 87,309
- ---------------------------------------------------------------------------------
EXPENSES:
- ---------------------------------------------------------------------------------
Investment advisory fee $ 55,198
- ----------------------------------------------------------------------
Administrative personnel and services fee 25,136
- ----------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 11,644
- ----------------------------------------------------------------------
Directors'/Trustees' fees 604
- ----------------------------------------------------------------------
Auditing fees 7,540
- ----------------------------------------------------------------------
Legal fees 2,011
- ----------------------------------------------------------------------
Portfolio accounting fees 25,639
- ----------------------------------------------------------------------
Share registration costs 7,733
- ----------------------------------------------------------------------
Printing and postage 6,536
- ----------------------------------------------------------------------
Insurance premiums 2,513
- ----------------------------------------------------------------------
Miscellaneous 2,440
- ---------------------------------------------------------------------- --------
Total expenses 146,994
- ----------------------------------------------------------------------
Waiver of investment advisory fee (55,198)
- ---------------------------------------------------------------------- --------
Net expenses 91,796
- --------------------------------------------------------------------------------- ----------
Net operating loss (4,487)
- --------------------------------------------------------------------------------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- ---------------------------------------------------------------------------------
Net realized gain on investments 412,934
- ---------------------------------------------------------------------------------
Net change in unrealized appreciation of investments 1,351,313
- --------------------------------------------------------------------------------- ----------
Net realized and unrealized gain on investments 1,764,247
- --------------------------------------------------------------------------------- ----------
Change in net assets resulting from operations $1,759,760
- --------------------------------------------------------------------------------- ----------
</TABLE>
(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>
SIX MONTHS ENDED
(UNAUDITED) YEAR ENDED
OCTOBER 31, 1995 APRIL 30, 1995*
----------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------
Net investment income (operating loss) $ (4,487) $ 11,338
- ---------------------------------------------------------
Net realized gain (loss) on investments ($412,934 and $0,
respectively, as computed for federal tax purposes) 412,934 (12,226)
- ---------------------------------------------------------
Net change in unrealized appreciation of investments 1,351,313 289,282
- --------------------------------------------------------- --------------- --------------
Change in net assets resulting from operations 1,759,760 288,394
- --------------------------------------------------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ---------------------------------------------------------
Distributions in excess of net investment income (22,659) --
- --------------------------------------------------------- --------------- --------------
SHARE TRANSACTIONS--
- ---------------------------------------------------------
Proceeds from sale of shares 7,865,188 7,370,197
- ---------------------------------------------------------
Net asset value of shares issued to shareholders in
payment of distributions declared 394 --
- ---------------------------------------------------------
Cost of shares redeemed (2,110,253) (49,174)
- --------------------------------------------------------- --------------- --------------
Change in net assets resulting from share
transactions 5,755,329 7,321,023
- --------------------------------------------------------- --------------- --------------
Change in net assets 7,492,430 7,609,417
- ---------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------
Beginning of period 7,609,417 --
- --------------------------------------------------------- --------------- --------------
End of period (including undistributed net investment
income of ($15,808) and $11,338, respectively) $15,101,847 $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>
SIX MONTHS ENDED
(UNAUDITED) PERIOD ENDED
OCTOBER 31, 1995 APRIL 30, 1995(A)
---------------- -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.43 $ 10.00
- ----------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ----------------------------------------------
Net investment income (operating loss) (0.01) 0.02
- ----------------------------------------------
Net realized and unrealized gain on
investments 1.58 0.41
- ---------------------------------------------- ----------- -----------------
Total from investment operations 1.57 0.43
- ---------------------------------------------- ----------- -----------------
LESS DISTRIBUTIONS
- ----------------------------------------------
Distributions in excess of net investment
income (0.02) --
- ---------------------------------------------- ----------- -----------------
NET ASSET VALUE, END OF PERIOD $11.98 $ 10.43
- ---------------------------------------------- ----------- -----------------
TOTAL RETURN (B) 15.07% 4.30%
- ----------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ----------------------------------------------
Expenses 1.33%(c) 1.66%(c)
- ----------------------------------------------
Net operating loss (0.07%)(c) 0.98%(c)
- ----------------------------------------------
Expense waiver/reimbursement (d) 0.80%(c) 1.54%(c)
- ----------------------------------------------
SUPPLEMENTAL DATA
- ----------------------------------------------
Net assets, end of period (000 omitted) $15,101 $7,609
- ----------------------------------------------
Portfolio turnover 51% 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
OCTOBER 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
(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.
INVESTMENT VALUATIONS--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. All other securities are valued at
prices provided by an independent pricing service.
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.
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").
INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses
for 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").
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
Dividend income and distributions to shareholders for 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 distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. 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, were 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.
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, Prime Fund and Bond Fund, for federal tax purposes, had
capital loss carryforwards 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 distributions to shareholders which would
otherwise be necessary to relieve Prime Fund and Bond Fund of any liability
for federal tax. Pursuant to the Code, such capital loss carryforward of
Prime Fund will expire in 2001 ($7,270), 2002 ($890,037) and 2003
($20,474). The capital loss carryforward of Bond Fund will expire in 2003
($3,801,709).
Additionally, net capital losses of $5,124, $389,945 and $12,226 for Prime
Fund, Bond Fund and Small Capitalization Fund, respectively, attributable
to security transactions incurred after October 31, 1994, were treated as
arising on May 1, 1995, the first day of the Funds' next taxable year.
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.
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 their 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.
OTHER--Investment transactions are accounted for on the trade date.
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value). At
October 31, 1995, capital paid-in for Treasury Fund, Prime Fund, Bond Fund,
Stock Fund and Small Capitalization Fund aggregated $91,542,202, $289,350,618,
$50,471,739, $56,678,093 and $13,076,352, respectively. Transactions in shares
were as follows:
<TABLE>
<CAPTION>
SMALL
TREASURY CAPITALIZATION
FUND PRIME FUND BOND FUND STOCK FUND FUND
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
1995 1995 1995 1995 1995
- --------------------------------- ------------ ------------ ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
Shares sold 257,121,733 360,984,734 364,903 530,085 713,952
- ---------------------------------
Shares issued to shareholders in
payment of distributions declared 409,552 1,398,447 21,683 10,712 36
- ---------------------------------
Shares redeemed (247,078,188) (358,143,226) (395,636) (380,938) (182,447)
- --------------------------------- ----------- ----------- --------- --------- -----------
Net change resulting from share
transactions 10,453,097 4,239,955 (9,050) 159,859 531,541
- --------------------------------- ----------- ----------- --------- --------- -----------
</TABLE>
<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>
* 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
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
portion of its fee. The Adviser can modify or terminate this voluntary waiver at
any time at its sole discretion.
<TABLE>
<CAPTION>
FUND ANNUAL 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, 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 on 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 were borne initially by FAS.
The Funds have agreed to reimburse FAS for the organizational expenses during
the five-year period following each
RIMCO MONUMENT FUNDS
- --------------------------------------------------------------------------------
Fund's effective date. For the six months ended October 31, 1995, the following
amounts were paid pursuant to this agreement:
<TABLE>
<CAPTION>
ORGANIZATIONAL EXPENSES
ORGANIZATIONAL PAID FOR THE SIX MONTHS
FUND EFFECTIVE DATE EXPENSES ENDED OCTOBER 31, 1995
- ---------------------------- ----------------- --------------- ------------------------
<S> <C> <C> <C>
Treasury Fund July 30, 1991 $50,507 2,237
- ----------------------------
Bond Fund July 30, 1991 29,704 4,621
- ----------------------------
Stock Fund July 30, 1991 30,877 4,803
- ----------------------------
Small Capitalization Fund February 6, 1995 22,693 --
- ----------------------------
</TABLE>
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, for the
six months ended October 31, 1995, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
- ------------------------------------------------------------------- ---------- ----------
<S> <C> <C>
Bond Fund 29,044,276 28,945,477
- ------------------------------------------------------------------- ---------- ----------
Stock Fund 22,092,488 23,041,680
- ------------------------------------------------------------------- ---------- ----------
Small Capitalization Fund 13,064,376 6,109,019
- ------------------------------------------------------------------- ---------- ----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- -----------------------------------------------------------------------------
John F. Donahue John F. Donahue
Thomas G. Bigley Chairman
John T. Conroy, Jr. Edward C. Gonzales
William J. Copeland President and Treasurer
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Executive Vice President
Edward L. Flaherty, Jr. John W. McGonigle
Edward C. Gonzales Executive Vice President and
Peter E. Madden Secretary
Gregor F. Meyer Jeffrey W. Sterling
John E. Murray, Jr. Vice President and Assistant
Wesley W. Posvar Treasurer
Marjorie P. Smuts Richard B. Fisher
Vice President
David M. Taylor
Assistant Treasurer
Jay S. Neuman
Assistant Secretary
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the US government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves risk, including possible
loss of principal. Although money market funds seek to maintain a stable net
asset value of $1.00 per share, there is no assurance that they will be able to
do so.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Funds' prospectus which contains facts concerning
the Funds' objectives and policies, management fees, expenses and other
information.
-----------------------------------
- ---------------------------------------------------------------------
-----------------------------------
RIMCO
- ---------------------------------------------------------------------
-----------------------------------
MONUMENT
- ---------------------------------------------------------------------
-----------------------------------
FUNDS
- ---------------------------------------------------------------------
-----------------------------------
- ---------------------------------------------------------------------
-----------------------------------
COMBINED SEMI-ANNUAL
REPORT TO SHAREHOLDERS
OCTOBER 31, 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
766730501
766730303
766730105
766730402
766730204
1111202A (12/95)
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
