As filed with the Securities and Exchange Commission on June 24, 1997
Registration No. 33-65818
File No. 811-7862
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / X/
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/ / Pre-Effective Amendment No.
/ X/ Post-Effective Amendment No. 5
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY / X/
ACT OF 1940
/ X/ Amendment No. 7
(Check appropriate box or boxes)
CASH RESOURCE TRUST
(Exact name of registrant as specified in charter)
901 East Byrd Street
Richmond, Virginia 23219
(Address of principal executive offices)
Registrant's Telephone Number, including Area Code (804) 782-3647
---------------
PAUL F. COSTELLO, President
Cash Resource Trust
901 East Byrd Street
Richmond, Virginia 23219
(Name and address of agent for service)
-----------------
Copy to:
TIMOTHY W. DIGGINS, Esquire
ROPES & GRAY
One International Place
Boston, Massachusetts 02110
--------------
It is proposed that this filing will become effective (check appropriate box):
immediately upon filing pursuant to paragraph (b)
X on June 30, 1997 pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)
on (date) pursuant to paragraph (a)(1)
75 days after filing pursuant to paragraph (a)(2)
on (date) pursuant to paragraph (a)(2) of Rule 485
-1-
<PAGE>
If appropriate, check the following box:
This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Cash Resource Trust registered an indefinite amount of securities under the
Securities Act of 1933 pursuant to Rule 24f-2 of the Investment Company Act of
1940. A Rule 24f-2 notice in respect of the Trust's fiscal year ending July 31,
1996 was filed on September 24, 1996.
THIS POST-EFFECTIVE AMENDMENT RELATES SOLELY TO THE CASH RESOURCE CALIFORNIA
TAX-EXEMPT MONEY MARKET FUND AND CASH RESOURCE NEW YORK TAX-EXEMPT MONEY MARKET
FUND OF CASH RESOURCE TRUST. NO INFORMATION RELATING TO ANY OTHER SERIES OF CASH
RESOURCE TRUST IS AMENDED OR SUPERSEDED HEREBY.
-2-
The Cross Reference Sheet in respect of Part A and Part B for (i) the
Cash Resource California Tax-Exempt Money Market Fund and the Cash Resource New
York Tax-Exempt Money Market Funds and (ii) the
-4-
<PAGE>
Prospectuses in respect of the above-named Funds, which are contained in
Post-Effective Amendment No. 3 to Cash Resource Trust's Registration Statement
on Form N-1A (File No. 33- 65818) filed on August 12, 1996, are incorporated
herein by reference.
June 30, 1997
Cash Resource California Tax-Exempt Money Market Fund
Supplement to Prospectus dated November 1, 1996
The following unaudited financial highlights of Cash Resource California
Tax-Exempt Money Market Fund have been derived from the Fund's unaudited
financial statements and cover the period December 9, 1996 (the Fund's
commencement of operations) through January 31, 1997.
FINANCIAL HIGHLIGHTS
Period Ended
1/31/97*
(Unaudited)
- -------------------------------------------------- ---------------------------
PER SHARE OPERATING PERFORMANCE
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.004
DISTRIBUTIONS
Net investment income (0.004)
- -------------------------------------------------- ---------------------------
NET ASSET VALUE, END OF PERIOD $ 1.000
- -------------------------------------------------- ---------------------------
Total Return 0.41%
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Ratios/Supplemental Data
- -------------------------------------------------- ---------------------------
Net assets, end of period (in thousands) $ 82,202
Ratio of expenses to average net assets 0.75%(a)
Ratio of expenses to average net assets
excluding waivers 0.75%(a)
Ratio of net investment income to average net
assets 2.70%(a)
- -------------------------------------------------- ---------------------------
(a) Annualized.
* For the period from December 9, 1996 (commencement of operations) to January
31, 1997.
June 30, 1997
Cash Resource New York Tax-Exempt Money Market Fund
Supplement to Prospectus dated November 1, 1996
The following unaudited financial highlights of Cash Resource New York
Tax-Exempt Money Market Fund have been derived from the Fund's unaudited
financial statements and cover the period December 9, 1996 (the Fund's
commencement of operations) through January 31, 1997.
FINANCIAL HIGHLIGHTS
Period Ended
1/31/97*
(Unaudited)
- --------------------------------------------------- ------------------------
PER SHARE OPERATING PERFORMANCE
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.004
DISTRIBUTIONS
Net investment income (0.004)
- --------------------------------------------------- ------------------------
NET ASSET VALUE, END OF PERIOD $ 1.000
- --------------------------------------------------- ------------------------
Total Return 0.41%
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Ratios/Supplemental Data
- --------------------------------------------------- ------------------------
Net assets, end of period (in thousands) $ 7,902
Ratio of expenses to average net assets 0.80%(a)
Ratio of expenses to average net assets
excluding waivers 1.04%(a)
Ratio of net investment income to average net
assets 2.71%(a)
- --------------------------------------------------- ------------------------
(a) Annualized.
* For the period from December 9, 1996 (commencement of operations) to January
31, 1997.
-5-
<PAGE>
The Statement of Additional Information in respect of the Funds, which is
contained in Post-Effective Amendment No. 3 to Cash Resource Trust's
Registration Statement on Form N-1A (File No. 33-65818) filed on August 12,
1996, is incorporated herein by reference.
June 30, 1997
Cash Resource Trust
Cash Resource California Tax-Exempt Money Market Fund
Cash Resource New York Tax-Exempt Money Market Fund
Supplement to Statement of Additional Information dated November 1, 1996
The following unaudited financial statements and notes apply to Cash
Resource California Tax-Exempt Money Market Fund and Cash Resource New York
Tax-Exempt Money Market Fund and cover the period December 9, 1996 (the Funds'
commencement of operations) through January 31, 1997.
CASH RESOURCE TRUST
CALIFORNIA TAX-EXEMPT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
PERCENT OF PRINCIPAL VALUE
NET ASSETS AMOUNT (NOTE 2)
<S> <C>
- --------------------------------------------------------------------------------------------------------------
VARIABLE RATE TAX-EXEMPT
DEMAND SECURITIES (B) 57.32%
ABAG Finance Authority 1993 C.O.P.,
3.40%, 1/01/23 $ 3,300 $ 3,300
Anaheim C.O.P. 1993 Refunding Project,
3.4%, 8/01/19 3,800 3,800
CA HFA Revenue Bond (Adventist Health)
Series A, 3.40%, 8/01/21 3,500 3,500
CA PCRB (Contra Costa Waste) Series A,
3.55%, 12/01/10 2,000 2,000
CA PCRB (Sanger Project) Series A,
3.50%, 9/01/20 3,000 3,000
CA PCRB (Shell Martiniz Refining) Series A,
3.60%, 10/01/31 3,000 3,000
CA PCRB (Western Waste), 3.43%, 12/01/00 2,200 2,200
CA Statewide Community Development,
3.60%, 4/01/11 2,200 2,200
Chula Vista IDRB (San Diego Gas & Electric)
3.80%, 12/01/21 1,500 1,500
Corona MFHB (Country Hills Project), Series B,
3.45%, 2/01/20 3,000 3,000
Fremont MFHB (Creekside Village Apartments),
Series D, 3.42%, 9/01/07 3,000 3,000
Irvine Public Facilities Capital Improvement,
3.45%, 11/01/10 3,400 3,400
Los Angeles County Pension Obligation, Series C,
3.40%, 6/30/07 3,000 3,000
Redlands C.O.P. (Sewer Facilities), 3.50%, 9/01/17 1,110 1,110
Riverside City TRANS, Series B, 3.45%, 6/30/97 3,100 3,100
San Francisco City & County MFHB
(Rincon Center Project), Series B, 3.45%, 12/01/06 1,010 1,010
Simi Valley Public Finance Authority Lease
Revenue, 3.50%, 9/01/15 3,000 3,000
Southern California Public Power Authority Power
Project Revenue Bonds 1996, Series C, 3.40%, 7/01/17 2,000 2,000
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TOTAL VARIABLE RATE TAX-EXEMPT SECURITIES 47,120
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</TABLE>
<PAGE>
CASH RESOURCE TRUST
CALIFORNIA TAX-EXEMPT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
SHARES OR
PERCENT OF PRINCIPAL VALUE
NET ASSETS AMOUNT (NOTE 2)
- --------------------------------------------------------------------------------------------------------------
<S> <C>
OTHER TAX-EXEMPT SECURITIES 40.68%
CA PCRB (Dow Chemical), Series 1985,
3.30%, 2/24/97 $ 2,500 $ 2,500
CA PCRB Pacific Gas & Electric,
3.25%-3.30%, 2/20/97-5/19/97 5,000 5,000
CA PCRB (Southern California), Series 1985 A,
3.30 %, 2/25/97 3,000 3,000
City of San Diego IDRB, 3.30%, 2/27/97 2,000 2,000
Commonwealth-Puerto Rico TRANS, Series A,
4.00%, 7/30/97 3,200 3,209
Los Angeles City Metropolitan,
3.40%, 3/20/97 4,000 4,000
Los Angeles USD TRANS, 4.50%, 9/30/97 4,000 4,027
Puerto Rico GDB TECP, 3.35%, 2/03/97 4,700 4,700
Sacremento Muni Utilities,
3.25%-3.30%, 2/26/97-5/21/97 5,000 5,000
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TOTAL OTHER TAX-EXEMPT SECURITIES 33,436
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OTHER 1.66%
California Money Fund, 3.39%, 2/03/97 1,366 1,366
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TOTAL INVESTMENTS (COST $81,922) (D) 99.66% 81,922
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OTHER ASSETS LESS LIABILITIES 0.34% 280
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NET ASSETS 100.00% $ 82,202
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</TABLE>
SEE NOTES TO PORTFOLIO OF INVESTMENT.
<PAGE>
CASH RESOURCE TRUST
NEW YORK TAX-EXEMPT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
PERCENT OF PRINCIPAL VALUE
NET ASSETS AMOUNT (NOTE 2)
<S> <C>
- --------------------------------------------------------------------------------------------------------------
VARIABLE RATE TAX-EXEMPT
DEMAND SECURITIES (B) 64.79%
NY State GO Bonds 1994, Series A A-5,
3.65%, 8/01/15-8/01/16 $ 300 $ 300
NY City Housing Development (Columbus
Apartments) MFHB Series A, 3.35%, 3/15/25 300 300
NY City Housing Development (Tribeca Towers)
MFHB Series A, 3.45%, 12/15/24 300 300
NY IDRB (Brooklyn Navy Yard), 3.75%, 7/01/29 300 300
NY City Cultural Resource Revenue (American
Museum of Natural History) Series B,
3.35%, 4/01/21 300 300
NY City Cultural Resource Revenue (Solomon R.
Guggenheim) Series B, 3.50%, 12/01/15 300 300
NY State Dormitory Authority (Metropolitan
Museum of Art) Series A, 3.40%, 7/01/15 300 300
NY State Energy Electric Facility (LILCO) Series B,
3.45%, 11/01/23 400 400
NY State Energy Resource Development PCRB,
(NY State Electric & Gas) Series C,
3.55%, 6/01/29 320 320
NY State Housing (Liberty View) Series 1985A,
3.40%, 11/01/05 100 100
NY State HFA (Normandie Court I Project),
3.45%, 5/15/15 300 300
NY State (LGAC) Series C, 3.40%, 4/01/25 400 400
NY State Medical Care (Pooled Equipment Loan
Program II) Series A, 3.35%, 11/01/03 300 300
Niagra Falls Bridge Commission Toll Revenue
Series A, 3.35%, 10/01/19 300 300
Port Authority of NY and NJ (Versatile Structure
Obligation) Series 1996, 3.65%, 8/01/24 300 300
Suffolk County Water Authority BANS,
3.45%, 2/08/01 300 300
Triborough Bridge and Tunnel Authority,
Special Obligation, 3.40%, 1/01/24 300 300
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TOTAL VARIABLE RATE TAX-EXEMPT DEMAND SECURITIES 5,120
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</TABLE>
<PAGE>
CASH RESOURCE TRUST
NEW YORK TAX-EXEMPT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
SHARES OR
PERCENT OF PRINCIPAL VALUE
NET ASSETS AMOUNT (NOTE 2)
- --------------------------------------------------------------------------------------------------------------
<S> <C>
OTHER TAX-EXEMPT SECURITIES 29.77%
City of Mount Vernon, New York School District
5.40%, 2/01/97 $ 250 $ 250
Commonwealth of Puerto Rico TRANS, Series A,
4.00%, 7/30/97 301 301
Nassau County BANS, Series A, 4.25%, 8/15/97 301 301
NY Dormitory Authority (Sloan Kettering
Cancer Center) Series 1989C, 3.40%, 2/20/97 300 300
NY State BANS, 3.35%, 2/06/97 300 300
NY State Environmental Solid Waste Disposal (GE Project) Series
1992A, 2/26/97 300 300
NY State GO, 3.45%, 2/20/97 300 300
Puerto Rico GDB TECP, 3.35%, 2/03/97 300 300
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TOTAL OTHER TAX-EXEMPT SECURITIES 2,352
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OTHER 3.96%
PNC Municash, 3.33%, 2/03/97 313 313
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TOTAL INVESTMENTS (COST $7,785) (D) 98.52% 7,785
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OTHER ASSETS LESS LIABILITIES 1.48% 117
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NET ASSETS 100.00% $ 7,902
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</TABLE>
INVESTMENT ABBREVIATIONS
BANS - Bond Anticipation Notes IDB - Industrial Development Bond
CA - California IDRB - Industrial Development Revenue
C.O.P. - Certificate Of Participation Bond
DFA - Development Finance Authority MFHB - Multi-Family Housing Bond
GO - General Obligation NY - New York
HAD - Housing Development Authority NJ - New Jersey
HFA - Housing Finance Authority PCRB - Pollution Control Revenue Bond
IDA - Industrial Development Authority RANS - Revenue Anticipation Notes
TECP - Tax-Exempt Commercial Paper
TRANS - Tax and Revenue Anticipation
Notes
<PAGE>
CASH RESOURCE TRUST
NEW YORK TAX-EXEMPT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
NOTES TO PORTFOLIOS OF INVESTMENTS
(a) These are securities that may be resold to qualified institutional buyers
under Rule 144A or securities offered pursuant to section 4(2) of the
Securites Act of 1933, as amended. These securities have been determined to
be liquid under guidelines that have been established by the Board of
Trustees.
(b) Floating Rate Securities -- The rates shown are the effective rates at
January 31, 1997.
(c) Interest rates represent annualized yield to date of maturity, except for
variable rate securities described in (b).
(d) For each security, cost (for financial reporting and federal income tax
purposes) and carrying value are the same.
(e) Fully collateralized by various U.S. Treasuries and U.S. Agencies Securities
with total par value of $134,915, maturity dates of 2/01/97-10/01/32, rates
of 5.57%-12.00%, and total market value of $103,172.
(f) Fully collateralized by various U.S. Treasuries and U.S. Agencies Securities
with total par value of $117,723, maturity dates of 3/06/97-1/01/27, rates
of 5.81%-10.00%, and total market value of $102,602.
(g) Fully collateralized by various U.S. Agencies Securities with total par
value of $103,512, maturity dates of 11/15/04-2/1/27, rates of 5.50%-8.50%
and total market value of $101,943.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
CASH RESOURCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
California New York
Tax- Tax-
Exempt Exempt
Money Money
Market Market
Fund Fund
- -----------------------------------------------------------------
ASSETS
Investments, at amortized cost (Note 2)
Investment securities $ 81,922 $7,785
Repurchase agreements - -
- -----------------------------------------------------------------
Total investments 81,922 7,785
Receivables
Interest receivable 386 33
Deferred expenses (Note 2) 6 -
Other 19 97
- -----------------------------------------------------------------
Total assets 82,333 7,915
- -----------------------------------------------------------------
LIABILITIES
Payables
Dividends 107 10
Investments purchased - -
Accrued distribution fee
(Note 3) 6 -
Accrued transfer agent fee 7 -
Accrued expenses and other
liabilities 11 3
- -----------------------------------------------------------------
Total liabilities 131 13
- -----------------------------------------------------------------
NET ASSETS $ 82,202 $7,902
- -----------------------------------------------------------------
Shares outstanding 82,202 7,902
Net asset value per share $ 1.00 $ 1.00
- -----------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
CASH RESOURCE TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED)
(IN THOUSANDS)
California New York
Tax- Tax-
Exempt Exempt
Money Money
Market Market
Fund* Fund*
- ------------------------------------------------------------------
INVESTMENT INCOME
Interest $465 $ 38
- ------------------------------------------------------------------
EXPENSES
Distribution fee (Note 3) 46 4
Management fee (Note 3) 30 2
Transfer agent fee (Note 3) 14 2
Custodian and accounting fees
(Note 3) 5 1
Shareholder reports 1 -
Registration fees 5 2
Professional fees 1 -
Organizational expenses - -
Directors' fees - -
Other 1 -
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Total expenses 103 11
- ------------------------------------------------------------------
Deduct
Waiver of management fee (Note 3) - 2
- ------------------------------------------------------------------
Net expenses 103 9
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NET INVESTMENT INCOME 362 29
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REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
investments sold - -
- ------------------------------------------------------------------
Net increase in net assets resulting
from operations $362 $ 29
- ------------------------------------------------------------------
*For the period from December 9, 1996 (commencement of operations) to January
31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
CASH RESOURCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
California New York
Tax-Exempt Tax-Exempt
Money Money
Market Fund Market Fund
------------- -------------
Period Period
Ended Ended
1/31/97* 1/31/97*
(Unaudited) (Unaudited)
<S> <C>
- ------------------------------------------------------------------------------- -------------------------------
INCREASE IN NET ASSETS
OPERATIONS
Net investment income $ 362 $ 29
Net realized gain (loss) on investments sold - -
- ------------------------------------------------------------------------------- -------------------------------
Increase in net assets from operations 362 29
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (362) (29)
Net realized gain on investments - -
- ------------------------------------------------------------------------------- -------------------------------
Net decrease from distributions (362) (29)
- ------------------------------------------------------------------------------- -------------------------------
CAPITAL SHARE TRANSACTIONS (AT $1.00 PER SHARE)
Net proceeds from sale of shares 149,654 14,154
Reinvestment of dividends 254 19
Cost of shares redeemed (67,706) (6,271)
- ------------------------------------------------------------------------------- -------------------------------
Change in net assets from capital share transactions 82,202 7,902
- ------------------------------------------------------------------------------- -------------------------------
Net increase in net assets 82,202 7,902
NET ASSETS
Beginning of period - -
- ------------------------------------------------------------------------------- -------------------------------
End of period $ 82,202 $ 7,902
- ------------------------------------------------------------------------------- -------------------------------
</TABLE>
*For the period from December 9, 1996 (commencement of operations) to January
31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
CASH RESOURCE TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
California Tax-Exempt New York Tax-Exempt
Money Market Fund Money Market Fund
--------------------- -------------------
Period Ended Period Ended
1/31/97*** 1/31/97***
(Unaudited) (Unaudited)
<S> <C>
- ----------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.004 0.004
DISTRIBUTIONS
Net investment income (0.004) (0.004)
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000
- ----------------------------------------------------------------------------------------------------------
Total Return 0.41% 0.41%
- ----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $82,202 $ 7,902
Ratio of expenses to average net assets 0.75%(a) 0.80%(a)
Ratio of expenses to average net assets
excluding waivers 0.75%(a) 1.04%(a)
Ratio of net investment income to average net
assets 2.70%(a) 2.71%(a)
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(a) Annualized.
** Includes net realized capital gains (losses) which were under $0.001 per
share.
*** For the period from December 9, 1996 (commencement of operations) to January
31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
CASH RESOURCE TRUST
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 1997 (UNAUDITED)
NOTE 1: ORGANIZATION
Cash Resource Trust ("Trust") was organized on June 14, 1993 and is registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Trust consists of five separate diversified funds
(hereinafter each individually referred to as a "Fund" or collectively as the
"Funds") at January 31, 1997 as follows:
Cash Resource Money Market Fund ("Money Market Fund")
Cash Resource U.S. Government Money Market Fund ("U.S. Government Fund")
Cash Resource Tax-Exempt Money Market Fund ("Tax-Exempt Fund")
Cash Resource California Tax-Exempt Money Market Fund ("California Tax-
Exempt Fund")
Cash Resource New York Tax-Exempt Money Market Fund ("New York Tax-Exempt
Fund")
The assets of each Fund of the Trust are segregated and a shareholder's interest
is limited to the Fund in which shares are held.
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles which
require management to make estimates and assumptions that affect amounts
reported herein. Although actual results could differ from these estimates, any
such differences are expected to be immaterial to the net assets of the Funds.
A. Valuation of Securities
Investments are stated at amortized cost, which approximates market value. In
the event that a deviation of 1/2 of 1% or more exists between a Fund's $1.00
per share net asset value, calculated at amortized cost, and the net asset value
calculated by reference to market-based values, or if there is any other
deviation that the Board of Trustees believes would result in a material
dilution to shareholders or purchasers, the Board of Trustees will promptly
consider what action should be initiated.
<PAGE>
CASH RESOURCE TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
B. Repurchase Agreements
It is the policy of the Trust to require the custodian bank to take possession,
to have legally segregated in the Federal Reserve Book entry system, or to have
segregated within the custodian bank's vault all securities held as collateral
in support of repurchase agreement investments. Additionally, procedures have
been established by the Trust to monitor, on a daily basis, the market value of
each repurchase agreement's underlying securities to ensure the existence of a
proper level of collateral.
The Trust will only enter into repurchase agreements with banks and other
recognized financial institutions such as broker/dealers which are deemed by the
Trust's adviser to be creditworthy pursuant to guidelines established by the
Board of Trustees. Risks may arise from the potential inability of
counterparties to honor the terms of the repurchase agreement. Accordingly, the
Trust could receive less than the repurchase price on the sale of collateral
securities.
C. Security Transactions and Interest Income
Security transactions for the Funds are accounted for on a trade date basis.
Interest income is recorded on the accrual basis and includes amortization of
premium and discount on investments.
D. Expenses
Expenses arising in connection with a Fund are allocated to that Fund. Other
Trust expenses are allocated among the Funds in proportion to their relative net
assets.
E. Fund Share Valuation and Dividends to Shareholders
Fund shares are sold and redeemed on a continual basis at net asset value. The
net asset value per share (NAV) of each Fund is determined twice daily as of
12:00 noon and 4:00 p.m. on each day that the New York Stock Exchange is open
for trading. Each Fund determines its NAV by dividing the total value of the
Fund's investments and other assets, less liabilities, by the number of Fund
shares outstanding. Each Fund declares a daily dividend, equal to its net
investment income for that day and payable at month end. Distributions from net
realized capital gains, if any, are paid annually.
<PAGE>
CASH RESOURCE TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
F. Federal Income Taxes
No provision for federal income taxes has been made since it is each Fund's
policy to comply with the provisions applicable to regulated investment
companies under the Internal Revenue Code and to distribute to its shareholders
within the allowable time limit substantially all taxable income and realized
capital gains.
At July 31, 1996, U.S. Government Fund for federal tax purposes, had a capital
loss carryforward of approximately $54,000. Pursuant to the Code, such capital
loss carryforwards expire as follows: $1,000 in 2002 and $53,000 in 2003.
G. Deferred Expenses
Costs incurred by the Trust in connection with its initial share registration
and organization costs were deferred by the Funds and are being amortized on a
straight-line basis over a five year period.
NOTE 3: INVESTMENT MANAGEMENT AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT MANAGEMENT AGREEMENT
On November 1, 1996, Mentor Investment Advisors, LLC (formerly Commonwealth
Investment Counsel, Inc.) became the Fund's investment adviser (Mentor
Advisors). Mentor Advisors is a wholly owned subsidiary of Mentor Investment
Group, LLC (formerly, Mentor Investment Group, Inc.). Mentor Investment Group,
LLC (Mentor) is a subsidiary of Wheat First Butcher Singer, Inc. (Wheat).
Also, effective November 1, 1996, EVEREN Capital Corporation acquired a 20%
ownership interest in Mentor Investment Group, LLC from Wheat First Butcher
Singer, Inc. As part of the acquisition agreement, EVEREN may acquire additional
ownership based principally on the amount of Mentor Investment Group, LLC's
revenues attributable to clients of EVEREN Securities, Inc. and its affiliates.
Each Fund pays management fees to Mentor Advisors monthly at the following
annual rates, expressed as a percentage of average daily net assets: 0.22% of
the first $500 million of each Fund's average net assets; 0.20% of the next $500
million; 0.175% of the next $1 billion; 0.16% of the next $1 billion; and 0.15%
of any amounts over $3 billion.
Prior to November 1, 1996, Commonwealth Advisors, Inc. (Investment
<PAGE>
CASH RESOURCE TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
Adviser) served as the Funds' investment adviser. Commonwealth Investment
Counsel, Inc. (Commonwealth), an affiliate of the Investment Adviser served as
sub-adviser to each of the Funds, pursuant to a sub-advisory agreement among the
Investment Adviser, Commonwealth and the Trust.
Mentor Advisors may from time to time voluntarily waive some or all of its
investment advisory fee and may terminate any such voluntary waiver at any time
at its sole discretion. For the period ended January 31, 1997, Mentor Advisors
earned the following advisory fees:
Adviser
Adviser Fee
Fee Voluntarily
Earned Waived
- -------------------------------------------------------
Money Market Fund $1,583,037 $ -
U.S. Government Fund 1,946,036 -
Tax-Exempt Fund 557,300 -
California Tax-Exempt
Fund 30,489 -
New York Tax-Exempt Fund 2,392 2,392
- -------------------------------------------------------
In addition, the Funds provide direct reimbursement to Mentor for certain
accounting and operation related costs not covered under the Investment
Management Agreement. For the period ended January 31, 1997, the Money Market
Fund, U.S. Government Fund and Tax-Exempt Fund paid $26,864, $61,426 and $12,888
respectively to Mentor for these direct reimbursements.
DISTRIBUTION AGREEMENT
Under a Distribution Agreement, Mentor Distributors, LLC (Mentor Distributors)
(formerly, Mentor Distributors, Inc.) a wholly-owned subsidiary of Mentor, was
appointed Distributor for each Fund. To compensate Mentor Distributors for the
services it provides and for the expenses it incurs under the Distribution
Agreement, the Funds have adopted a Plan of Distribution pursuant to Rule 12b-1
under the Investment Company Act of 1940, under which they pay a distribution
fee, which is accrued daily and paid monthly at the annual rate of 0.38% of the
Fund's average daily net assets for the Money Market Fund, U.S. Government Fund
and New York Tax-Exempt Fund and 0.33% of the Fund's average daily net assets
for the Tax-Exempt Fund and California Tax-Exempt Fund.
<PAGE>
CASH RESOURCE TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
In order to compensate selected financial institutions, such as investment
dealers and banks through which shares of each Fund are sold ("Financial
Institutions") for services provided in connection with sales of shares of each
Fund and/or for administrative services and the maintenance of shareholder
accounts, Mentor Distributors may make periodic payments to qualifying Financial
Institutions based on the average net asset value of shares of a Fund which are
attributable to shareholders for whom the Financial institutions are designated
as the Financial Institution of record. Mentor Distributors may make such
payments at the annual rate of up to 0.40% of the average net asset value of
such shares (0.33% in the case of Tax-Exempt Fund and California Tax-Exempt
Fund).
TRANSFER AGENT AGREEMENT
Under a Transfer Agency Agreement, Investors Fiduciary Trust Company ("IFTC")
serves as Transfer Agent and Dividend Disbursing Agent for each Fund. IFTC in
turn compensates Wheat (from IFTC's own assets) for related services provided by
Wheat directly to its clients. For the period ended January 31, 1997, Wheat
earned fees of $1,729,968, $1,722,616, $225,724, $14,403 and $2,000 respectively
from the Money Market Fund, U.S. Government Fund, Tax-Exempt Fund, California
Tax-Exempt Fund and New York Tax-Exempt Fund.
NOTE 4: CONCENTRATION OF CREDIT RISK
California Tax-Exempt Fund and New York Tax-Exempt Fund invest in obligations
issued by the States of California and New York and by their political
subdivisions and duly constituted authorities. The issuers' abilities to meet
their obligations may be affected by economic and political developments in the
States of California and New York. Certain debt obligations held by each of the
Funds in the Trust are entitled to the benefits of insurance, standby letters of
credit or other guarantees of banks or other financial institutions.
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
<TABLE>
<CAPTION>
<S> <C>
(a) Financial Statements
Included in Parts A and B:
(1) Statements of Assets and Liabilities - January 31, 1997
(unaudited).(7) Statements of Operations - period ended
January 31, 1997 (unaudited).(7) Statements of Changes in
net assets -- period ended January 31, 1997 (unaudited).
(5) Financial Highlights (unaudited).(7) Notes to
Financial Statements (unaudited).
Included in Part C: None.
(b) Exhibits
(1) (A) Agreement and Declaration of Trust(1)
(B) Amendments to Agreement and Declaration of
Trust(2)(3)
(2) Bylaws(1)
(3) Inapplicable
(4) (A) Forms of certificate representing shares of beneficial
interest(1)
(B) Portions of Agreement and Declaration of Trust Relating
to Shareholders' Rights(1)
(C) Portions of Bylaws Relating to Shareholders' Rights(1)
(5) (A) Management Contract dated December 17, 1993(4)
(B) Subadviser Contract dated December 17, 1993(4)
(6) Distribution Agreement dated December 17, 1993(4)
(7) Inapplicable
(8) Custody Agreement dated December 20, 1993(4)
(9) (A) Agency Agreement dated December 20, 1993(4)
(B) Draft Processing Agency Agreement dated December 20,
1993(4)
(10) Opinion and Consent of Ropes & Gray(2)
(11) Not applicable
(12) Inapplicable
(13) Initial Capital Agreement dated December 17, 1993(4)
(14) Inapplicable
(15) (A) Distribution Plan and Agreement on behalf of Cash
Resource Money Market Fund dated December 17, 1993(4)
(B) Distribution Plan and Agreement on behalf of Cash
Resource U.S. Government Money Market Fund dated
December 17, 1993(4)
-1-
<PAGE>
(C) Distribution Plan and Agreement on behalf of Cash
Resource Tax-Exempt Money Market Fund dated
December 17, 1993(4)
(D) Form of Distribution Plan and Agreement on behalf of
Cash Resource New York Tax-Exempt Money Market Fund (6)
(E) Form of Distribution Plan and Agreement on behalf of
Cash Resource California Tax-Exempt Money Market
Fund (6)
(16) Schedule of Computation of Performance(5)
(17) Financial Data Schedules(7)
(A) Cash Resource California Tax-Exempt Money Market Fund
(B) Cash Resource New York Tax-Exempt Money Market Fund
</TABLE>
(1) Incorporated by reference from the Registrant's Registration Statement
on Form N-1A under the Securities Act of 1993, as amended, filed on July
7, 1993.
(2) Incorporated by reference from Pre-Effective Amendment No. 1 to the
Registrant's Registration Statement on Form N-1A under the Securities
Act of 1993, as amended, filed on October 15, 1993 (File No. 33-65818).
(3) Incorporated by reference to Pre-Effective Amendment No. 2 to the
Registrant's Registration Statement on Form N-1A under the Securities
Act of 1933, as amended, filed on November 5, 1993 (File No. 33- 65818).
(4) Incorporated by reference to Post-Effective Amendment No. 1 to the
Registrant's Registration Statement on Form N-1A under the Securities
Act of 1933, as amended, filed on October 3, 1994 (File No. 33- 65818).
(5) Incorporated by reference to Post-Effective Amendment No. 2 to the
Registrant's Registration Statement on Form N-1A under the Securities
Act of 1933, as amended, filed on September 29, 1995 (File No. 33-
65818).
(6) Incorporated by reference to Post-Effective Amendment No. 3 to the
Registrant's Registration Statement on Form N-1A under the Securities
Act of 1933, as amended, filed on August 12, 1996 (File No. 33-65818).
(7) Filed herewith.
Item 25. Persons Controlled by or Under Common Control with Registrant
None.
Item 26. Number of Record Holders of Securities
The following table shows the approximate number of holders of record
shares of beneficial interest of the Funds as of June 19, 1997.
Number of Record
Series Holders
Cash Resource Money Market Fund 324,362
Cash Resource U.S. Government
Money Market Fund 296,097
Cash Resource Tax-Exempt Money
Market Fund 27,809
Cash Resource California Tax-Exempt
Money Market Fund 133
Cash Resource New York Tax-Exempt
Money Market Fund 3,569
-2-
<PAGE>
Item 27. Indemnification
The information required by this item is incorporated herein by reference
from the Registrant's Registration Statement on Form N-1A under the Securities
Act of 1933, as amended (File No. 33-65818).
Item 28. Business and Other Connections of Investment Adviser
The business and other connections of each director, officer, or partner
of Mentor Advisors in which such director, officer, or partner is or has been,
at any time during the past two fiscal years, engaged for his own account or in
the capacity of director, officer, employee, partner, or trustee are set forth
in the following table.
Business, Profession
Vocation or Employment
Position with during the past
Name Investment Advisor two fiscal years
John G. Davenport Managing Director None
R. Preston Nuttall Managing Director Formerly, Senior Vice
President, Capitoline
Investment Services, 919 East
Main Street Richmond, VA 23219
Paul F. Costello Managing Director Managing Director, Wheat First
Butcher Singer, Inc. and Mentor
Investment Group, LLC;
President, Mentor Funds, Mentor
Income Fund, Inc. and Cash
Resource Trust; Executive Vice
President and Chief
Administrative Officer,
America's Utility Fund, Inc.;
Director, Mentor Perpetual
Advisors, LLC and Mentor Trust
Company.
Theodore W. Price Managing Director Formerly, President, Charter
Asset Management, Inc.
P. Michael Jones Managing Director Formerly, Managing Director,
Commonwealth Investment
Counsel, Inc.
Thomas L. Souders Treasurer Managing Director and Chief
Financial Officer, Wheat, First
Securities, Inc.; formerly,
Manager of Internal Audit,
Heilig-Meyers; formerly,
Manager, Peat Marwick &
Mitchell & Company
Robert P. Wilson Assistant Treasurer Assistant Treasurer, Mentor
Distributors, Inc.
John M. Ivan Secretary Managing Director, Senior Vice
President and Assistant General
Counsel, Wheat, First
Securities, Inc.; Managing
Director and Assistant
Secretary, Wheat First Butcher
Singer, Inc.; Clerk, Cash
Resource Trust; Secretary,
Mentor Funds
Howard T. Macrae, Jr. Assistant Secretary Assistant Secretary, Mentor
Investment Advisors, LLC and
Mentor Distributors, LLC
* The address of Mentor Investment Group, LLC, Wheat, First Securities, Inc.,
Wheat First Butcher Singer, Inc., Mentor Funds, Mentor Income Fund, Inc., Mentor
Investment Advisors, LLC, and Mentor Perpetual Advisors, LLC is 901 East Byrd
Street, Richmond, VA 23219. The address of Ryland Capital Management, Inc. and
RAC Income Fund, Inc. is 11000 Broken Land Parkway, Columbia, MD 21044.
Item 29. Principal Underwriters
(a) Mentor Distributors, LLC acts as the principal underwriter for the Trust.
<TABLE>
<CAPTION>
(b)
Name and Principal Positions and Offices with Positions and Offices with
Business Address Underwriters Registrant
<S> <C>
Peter J. Quinn, Jr. President and Director Trustee
901 East Byrd Street
Richmond, VA 23219
Paul F. Costello Senior Vice President President
901 East Byrd Street
Richmond, VA 23219
Thomas L. Souders Treasurer Trustee
901 East Byrd Street
Richmond, VA 23219
John M. Harris Secretary None
901 East Byrd Street
Richmond, VA 23219
John M. Ivan Assistant Secretary Clerk
901 East Byrd Street
Richmond, VA 23219
</TABLE>
(c) Inapplicable
Item 30. Location of Accounts and Records
Persons maintaining physical possession of accounts, books and other
documents required to be maintained by Section 31(a) of the Investment Company
Act of 1940 and the Rules promulgated thereunder are Registrant's Clerk, John M.
Ivan; Registrant's investment adviser, Mentor Advisors; and Registrant's
transfer agent and custodian, Investors Fiduciary Trust Company. The address of
the Clerk and Mentor Advisors is 901 East Byrd Street, Richmond, Virginia 23219.
The address of the transfer agent and custodian is 127 West 10th Street, Kansas
City, Missouri 64105-1716.
Item 31. Management Services
None.
Item 32. Undertakings
(a) The Registrant undertakes, if requested to do so by the holders
of at least 10% of the Registrant's outstanding shares of
beneficial interest, to call a meeting of shareholders for the
purpose of voting upon the question of removal of a
-5-
<PAGE>
Trustee or Trustees and to assist in communications with other
shareholders as required by Section 16(c) of the Investment
Company Act of 1940.
(b) The Registrant undertakes to furnish to each person to whom a
prospectus of the Registrant is delivered a copy of the
Registrant's latest annual report to shareholders, upon request
and without charge.
NOTICE
A copy of the Agreement and Declaration of Trust of the Trust is on file
with the Secretary of State of The Commonwealth of Massachusetts, and notice is
hereby given that this instrument is executed on behalf of the Registrant by an
officer of the Registrant as an officer and not individually and that the
obligations of or arising out of this instrument are not binding upon any of the
Trustees, officers, or shareholders individually but are binding only upon the
assets and property of the Registrant.
-6-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment
to be signed on behalf of the undersigned, thereunto duly authorized, in the
City of Richmond, and the Commonwealth of Virginia on this 23rd day of June,
1997.
CASH RESOURCE TRUST
By: /s/ Paul F. Costello
Name: Paul F. Costello
Title: President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities indicated on the 23rd day of June, 1997.
<TABLE>
<CAPTION>
Signature Title
<S> <C>
* Chairman; Trustee
Daniel J. Ludeman
* Trustee
Arnold H. Dreyfuss
* Trustee
Thomas F. Keller
* Trustee
Louis W. Moelchert, Jr.
* Trustee
Stanley F. Pauley
* Trustee
Troy A. Peery, Jr.
<PAGE>
* Trustee
Peter J. Quinn, Jr.
/s/ Paul F. Costello President; Principal Executive
Paul F. Costello Officer
/s/ Terry L. Perkins Treasurer; Principal Financial
Terry L. Perkins Officer; Principal Accounting Officer
*By: /s/ Paul F. Costello
Paul F. Costello
Attorney-in-Fact
POWER OF ATTORNEY
We, the undersigned Officers and Trustees of Cash Resource Trust (the
"Trust"), hereby severally constitute and appoint Daniel J. Ludeman, Paul F.
Costello and Terry L. Perkins, and each of them singly, our true and lawful
attorneys, with full power to them and each of them, to sign for us, and in our
names and in the capacities indicated below, the Registration Statement on Form
N-1A of the Trust and any and all amendments (including post-effective
amendments) to said Registration Statement and to file the same with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto our said attorneys, and each
of them acting alone, full power and authority to do and perform each and every
act and thing requisite or necessary to be done in the premises, as fully to all
intents and purposes as he might or could do in person, and hereby ratify and
confirm all that said attorneys or any of them may lawfully do or cause to be
done by virtue thereof.
WITNESS our hands and common seal on the date set forth below.
SIGNATURE TITLE DATE
- --------- ----- ----
/s/ Arnold H. Dreyfuss Trustee March 27, 1997
- ----------------------
Arnold H. Dreyfuss
/s/ Thomas F. Keller Trustee March 27, 1997
- ------------------------
Thomas F. Keller
/s/ Daniel J. Ludeman Chairman; Trustee March 27, 1997
- -----------------------
Daniel J. Ludeman
/s/ Louis W. Moelchert, Jr. Trustee March 27, 1997
- ---------------------------
Louis W. Moelchert, Jr.
/s/ Stanley F. Pauley Trustee March 27, 1997
- ---------------------
Stanley F. Pauley
<PAGE>
/s/ Troy A. Peery, Jr. Trustee March 27, 1997
- -----------------------
Troy A. Peery, Jr.
/s/ Peter J. Quinn, Jr. Trustee March 27, 1997
- ------------------------
Peter J. Quinn, Jr.
/s/ Paul F. Costello President March 27, 1997
- ------------------------ (Principal Executive
Paul F. Costello Officer)
/s/ Terry L. Perkins Treasurer March 27, 1997
- ------------------------ (Principal Financial
Terry L. Perkins and Accounting
Officer)
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit Page No.
17(A) Financial Data Schedule-Cash Resource
California Tax-Exempt Money Market Fund
17(B) Financial Data Schedule-Cash Resource
New York Tax-Exempt Money Market Fund
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> CALIFORNIA TAX-EXEMPT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 81,922
<INVESTMENTS-AT-VALUE> 81,922
<RECEIVABLES> 386
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 6
<TOTAL-ASSETS> 82,333
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 131
<TOTAL-LIABILITIES> 131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,202
<SHARES-COMMON-STOCK> 82,202
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 82,202
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 465
<OTHER-INCOME> 0
<EXPENSES-NET> 103
<NET-INVESTMENT-INCOME> 362
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 362
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 149,654
<NUMBER-OF-SHARES-REDEEMED> 67,706
<SHARES-REINVESTED> 254
<NET-CHANGE-IN-ASSETS> 82,202
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103
<AVERAGE-NET-ASSETS> 90,547
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> NEW YORK TAX-EXEMPT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 7,785
<INVESTMENTS-AT-VALUE> 7,785
<RECEIVABLES> 33
<ASSETS-OTHER> 97
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,915
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13
<TOTAL-LIABILITIES> 13
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,902
<SHARES-COMMON-STOCK> 7,902
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,902
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 38
<OTHER-INCOME> 0
<EXPENSES-NET> 9
<NET-INVESTMENT-INCOME> 29
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 29
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,154
<NUMBER-OF-SHARES-REDEEMED> 6,271
<SHARES-REINVESTED> 19
<NET-CHANGE-IN-ASSETS> 7,902
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11
<AVERAGE-NET-ASSETS> 7,198
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
