<PAGE>
[GRAPHIC OF CASH APPEARS HERE]
MENTOR
-------------------
CASH RESOURCE TRUST
ANNUAL REPORT
JULY 31, 1999
<PAGE>
Cash Resource Trust
Annual Report Shareholder Letter
for period ended July 31, 1999
Dear Shareholder,
On behalf of Mentor Investment Advisors and our associates, we would like to
take this opportunity to thank you for your investment in Cash Resource Trust
(CRT). This report reaffirms our commitment to our shareholders and details the
financial performance of CRT for the period ended July 31, 1999.
Founded in 1970, Mentor Investment Group is an investment advisory firm with
more than $13 billion under management. We pride ourselves on a strong heritage
of providing quality service and a variety of investment choices that help meet
our shareholders' objectives.
Continued Strength in the Domestic Economy
Early in the fiscal period, stock markets around the world declined
dramatically during the summer and into the early fall of 1998. The Federal
Reserve lowered interest rates three separate times in order to help stabilize
global markets and these actions successfully restored investor confidence. As
a result, the U.S. stock market rallied strongly in the final quarter of 1998
and into the first half of 1999.
During the first quarter of 1999, a handful of large capitalization growth
stocks, technology stocks in particular, continued to dominate market
performance. During the second quarter, participation broadened to include both
value stocks and small company stocks: two areas that had disappointed
investors for several years. The recent growth in these areas may be a sign
that the record bull market is repositioning itself to continue.
Inflation fears persist, however, and the Federal Reserve increased interest
rates in June and again in late August in an effort to contain stock and bond
prices. Investors will watch carefully to see whether there will be a third
rate increase in October. Despite the anxiety over interest rates, many experts
agree that the economy is still fundamentally strong, and we remain cautiously
optimistic about the prospects for continued growth in the markets.
Sincerely,
Mentor Investment Advisors, LLC
1
<PAGE>
Cash Resource Trust
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
California Tax-Exempt
Money Market Fund
-----------------------------
Year Year Period
Ended Ended Ended
7/31/99 7/31/98 7/31/97(a)
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Per Share Operating Performance
Net asset value, beginning of period $1.000 $1.000 $1.000
Income from investment operations
Net investment income 0.022 0.027 0.017
Distributions
Net investment income (0.022) (0.027) (0.017)
- ----------------------------------------------------------------------------
Net assets value, end of period $1.000 $1.000 $1.000
- ----------------------------------------------------------------------------
Total return 2.22% 2.74% 1.76%
- ----------------------------------------------------------------------------
Ratios/Supplemental Data
- ----------------------------------------------------------------------------
Net assets, end of period (thousands) $105,897 $95,698 $89,432
Ratio of expenses to average net assets 0.78% 0.75% 0.75%*
Ratio of net investment income to average net
assets 2.24% 2.70% 2.70%*
- ----------------------------------------------------------------------------
</TABLE>
* Annualized.
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
# Includes net realized capital gains (losses) which were less than $0.001
per share.
See Combined Notes to Financial Statements.
2
<PAGE>
Cash Resource Trust
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Money Market Fund
- -------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/99 7/31/98 7/31/97 7/31/96 7/31/95
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$1.000 $1.000 $1.000 $1.000 $1.000
0.044 0.048 0.047# 0.050 0.050#
(0.044) (0.048) (0.047) (0.050) (0.050)#
- -------------------------------------------------------------------------------------------
$1.000 $1.000 $1.000 $1.000 $1.000
- -------------------------------------------------------------------------------------------
4.49% 4.95% 4.77% 4.91% 4.97%
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
$4,848,971 $3,817,705 $2,941,605 $646,500 $422,657
0.85% 0.84% 0.86% 0.82% 0.82%
4.35% 4.84% 4.67% 4.77% 4.96%
- -------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
Cash Resource Trust
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
New York Tax-Exempt
Money Market Fund
----------------------------
Year Year Period
Ended Ended Ended
7/31/99 7/31/98 7/31/97(a)
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Per Share Operating Performance
Net asset value, beginning of period $1.000 $1.000 $1.000
Income from investment operations
Net investment income 0.024 0.027 0.018
Distributions
Net investment income (0.024) (0.027) (0.018)
- ---------------------------------------------------------------------------
Net assets value, end of period $1.000 $1.000 $1.000
- ---------------------------------------------------------------------------
Total return 2.44% 2.76% 1.77%
- ---------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------
Net assets, end of period (thousands) $20,642 $15,290 $12,071
Ratio of expenses to average net assets 0.80% 0.80% 0.80%*
Ratio of net investment income to average net
assets 2.32% 2.72% 2.77%*
- ---------------------------------------------------------------------------
</TABLE>
* Annualized.
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
# Includes net realized capital gains (losses) which were less than $0.001
per share.
See Combined Notes to Financial Statements.
4
<PAGE>
Cash Resource Trust
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Tax-Exempt
Money Market Fund
- ---------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/99 7/31/98 7/31/97 7/31/96 7/31/95
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$1.000 $1.000 $1.000 $1.000 $1.000
0.026 0.029 0.029 0.030 0.030#
(0.026) (0.029) (0.029) (0.030) (0.030)
- ---------------------------------------------------------------------------------------------
$1.000 $1.000 $1.000 $1.000 $1.000
- ---------------------------------------------------------------------------------------------
2.63% 2.96% 2.91% 2.90% 3.05%
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
$832,080 $815,057 $743,614 $290,891 $266,895
0.73% 0.71% 0.71% 0.76% 0.72%
2.53% 2.91% 2.88% 2.85% 3.01%
- ---------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
Cash Resource Trust
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
U.S. Government
Money Market Fund
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/99 7/31/98 7/31/97 7/31/96 7/31/95
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating
Performance
Net asset value,
beginning of period $1.000 $1.000 $1.000 $1.000 $1.000
Income from investment
operations
Net investment income 0.043 0.048 0.046# 0.050 0.050#
Distributions
Net investment income (0.043) (0.048)# (0.046) (0.050) (0.050)
- --------------------------------------------------------------------------------------
Net assets value, end of
period $1.000 $1.000 $1.000 $1.000 $1.000
- --------------------------------------------------------------------------------------
Total return 4.28% 4.92% 4.72% 4.74% 4.82%
- --------------------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------------------
Net assets, end of
period (thousands) $3,576,798 $3,162,377 $2,918,711 $1,402,397 $1,216,690
Ratio of expenses to
average net assets 0.82% 0.81% 0.81% 0.93% 0.88%
Ratio of net investment
income to average net
assets 4.27% 4.80% 4.63% 4.63% 4.75%
- --------------------------------------------------------------------------------------
</TABLE>
# Includes net realized capital gains (losses) which were less than $0.001
per share.
See Combined Notes to Financial Statements.
6
<PAGE>
Cash Resource Trust
California Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ------------------------------------------------------------------------------
Municipal Obligations - 99.3%
California - 99.3%
Assoc. of Bay Area Govt., Fin. Auth. Nonprofit Corp.,
Marin Academy Proj., (LOC: Allied Irish Bank),
2.60%, VRDN $2,000,000 $ 2,000,000
California Dept. of Veteran Affairs Muni. Securities,
Trust Certificates, (Ins. by AMBAC), 3.25%, 10/4/99 5,000,000 5,000,000
California EDA RB, Coast Grain Co. Proj., (LOC: Bank
of America, N.A.), 2.75%, VRDN 3,750,000 3,750,000
California GO, (LOC: Societe Generale Bank, S.A. &
Ins. by FGIC), 3.10%, VRDN 1,900,000 1,900,000
California HFA RB, (LOC: Merrill Lynch & Co.),
3.50%, 2/10/00 5,605,000 5,605,000
California Hlth. Facs. Fin. Auth. RB:
Catholic Healthcare West Proj. Ser. 96D, (LOC:
Rabobank Nederland & Ins. by MBIA), 2.65%, VRDN 2,500,000 2,500,000
Scripps Hlth. Proj. Ser. A, (LOC: Bank of America,
N.A. & Ins. by MBIA), 2.55%, VRDN 1,500,000 1,500,000
California Statewide CDA:
MHRB, (LOC: Merrill Lynch & Co.), 3.16%, VRDN 4,800,000 4,800,000
Nichols Pistachio Proj. RB, (LOC: Bank of America,
N.A.), 2.75%, VRDN 1,000,000 1,000,000
Sutter Hlth. Obl. Group, (LOC: Indl. Bank of Japan,
Ltd. & Ins. by AMBAC), 3.75%, VRDN 4,400,000 4,400,000
TRAN, Ser. A, (Ins. by FSA), 4.00%, 6/30/00 5,000,000 5,035,367
California Transit Fin. Auth. RB, (LOC: Credit Suisse
First Boston & Ins. by FSA), 2.70%, VRDN 4,500,000 4,500,000
Central Valley, CA Sch. Fin. Auth., TRAN, 3.50%,
1/27/00 2,250,000 2,250,483
Corona, CA MHRB, Country Hills Proj., (LOC: Bank of
America, N.A.), 2.65%, VRDN 3,000,000 3,000,000
East Bay, CA Muni. Util. Wtr. Sys., 7.50%, 6/1/00 1,750,000 1,841,472
Irvine, CA Pub. Facs. RB, Capital Impt. Proj., (LOC:
Bay Hypotheken-und), 2.60%, VRDN 3,160,000 3,160,000
Los Angeles Cnty., CA Metro. Trans. Auth. Sales Tax
RB, Ser. A, (LOC: Bay Hypotheken-und & NatwestBank,
Plc), 2.95%, 8/9/99 1,000,000 1,000,000
</TABLE>
7
<PAGE>
Cash Resource Trust
California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
California (continued)
Los Angeles, CA Dept. of Wtr. & Pwr., (LOC: Toronto
Dominion Bank), 2.90%, 8/10/99 $1,100,000 $ 1,100,000
Newport Beach, CA Hoag Mem. Hosp. Proj. RB, (LOC: Bank
of America, N.A.), 3.35%, VRDN 1,200,000 1,200,000
Oakland, CA Unified Sch. Dist., TRAN, 3.25%, 11/9/99 1,000,000 1,001,198
Orange Cnty., CA Apt. Dev. RB, (LOC: Banque Paribas),
2.90%, VRDN 3,800,000 3,800,000
Oxnard, CA IDA, 2.90%, VRDN 1,645,000 1,645,000
Pasadena, CA COP, Rose Bowl Impt. Proj., (LOC:
Canadian Imperial Bank), 2.55%, VRDN 2,200,000 2,200,000
Pitney Bowes Credit Corp. Leasetops, Certificate Ser.
1999 1, (Ins. by AMBAC), 3.80%, 7/12/00 (a) 4,500,000 4,500,000
Sacramento Cnty., CA:
MHRB, (COLL: FNMA), 2.65%, VRDN 4,400,000 4,400,000
TRAN, 3.50%, 1/21/00 2,000,000 2,005,527
Sacramento, CA Muni. Util., Ser. I, (LOC: Bayerische
Landesbanken), 2.75%, 8/5/99 1,000,000 1,000,000
San Bernardino Cnty., CA, TRAN, 4.50%, 9/30/99 1,450,000 1,453,250
San Diego Cnty., CA, TRAN, 4.50%, 9/30/99 1,200,000 1,203,331
San Diego, CA Unified Port Auth., (LOC: Credit Suisse
First Boston):
3.05%, 9/15/99 1,500,000 1,500,000
3.25%, 2/23/00 2,000,000 2,000,000
San Diego, CA Unified Sch. Dist., TRAN, Ser. A,
4.50%, 10/1/99 1,000,000 1,002,706
San Francisco, CA Bay Area Transit, Ser. A, (LOC:
United Bank of Switzerland AG), 2.80%, 8/6/99 2,500,000 2,500,000
San Francisco, CA City & Cnty. Commission Intl. Arpt.
RB, (LOC: Chase Manhattan Bank & Ins. by FGIC),
3.25%, VRDN 5,000,000 5,000,000
San Francisco, CA City & Cnty. Edl. Facs. RB, 6.00%,
6/15/00 2,895,000 2,958,911
San Jacinto, CA Unified Sch. Dist., (LOC: Natwest
Bank, Plc & Ins. by FSA), 2.70%, VRDN 1,160,000 1,160,000
</TABLE>
8
<PAGE>
Cash Resource Trust
California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ------------------------------------------------------------------------------
Municipal Obligations (continued)
California (continued)
San Joaquin Cnty., CA Trans. Auth., (LOC:
Westdeutsche Landesbanken), 2.75%, 8/11/99 $3,000,000 $ 3,000,000
Sonoma Cnty., CA, TRAN, 3.50%, 2/1/00 200,000 200,397
Southern California Metro. Wtr. Dist., (LOC: Morgan
Gty. Trust), 2.90%, VRDN 1,995,000 1,995,000
Turlock, CA Irrigation Dist.:
COP, (LOC: Societe Generale), 2.65%, VRDN 2,100,000 2,100,000
RB, (Ins. by MBIA), 4.25%, 1/1/00 500,000 502,453
Watereuse Fin. Auth. CA RB, (LOC: Credit Suisse First
Boston & Ins. by FSA), 2.70%, VRDN 2,000,000 2,000,000
West Sacramento, CA Redev. Agy., (Ins. by MBIA),
4.00%, 9/1/99 500,000 500,289
- ------------------------------------------------------------------------------
Total Investments (cost $105,170,384) - 99.3% 105,170,384
Other Assets and Liabilities - net - 0.7% 726,905
- ------------------------------------------------------------------------------
Net Assets - 100.0% $105,897,289
- ------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
9
<PAGE>
Cash Resource Trust
Money Market Fund
Schedule of Investments
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ---------------------------------------------------------------------------
Commercial Paper - 74.7%
Asset-Backed - 37.1%
Alpine Securitization Corp.:
5.12%, 8/10/99 $ 49,048,000 $ 48,985,219
5.12%, 8/19/99 50,000,000 49,872,000
Atlantic Asset Securitization:
5.11%, 8/4/99 77,825,000 77,791,859
5.13%, 8/18/99 34,647,000 34,563,068
5.14%, 8/20/99 43,196,000 43,078,819
Bavaria Universal Funding:
5.12%, 8/12/99 75,000,000 74,882,666
5.13%, 8/26/99 120,000,000 119,572,500
5.14%, 8/18/99 100,000,000 99,757,278
Concord Minutemen:
5.12%, 8/3/99 80,000,000 79,977,244
5.14%, 8/12/99 50,000,000 49,921,472
5.15%, 8/13/99 80,000,000 79,862,667
Falcon Asset Securitization, 5.10%, 8/12/99 100,000,000 99,844,167
Glencore Asset Funding Corp., 5.14%, 8/11/99 93,507,000 93,373,493
Gotham Funding Corp., (LOC: Bank of Tokyo-
Mitsubishi Ltd.):
5.16%, 8/16/99 30,000,000 29,935,500
5.18%, 8/17/99 41,818,000 41,721,726
5.20%, 8/12/99 41,649,000 41,582,824
Greenwich Funding Corp.:
5.10%, 9/14/99 85,000,000 84,470,167
5.15%, 8/5/99 50,000,000 49,971,389
Harley Davidson Dealer Funding, 5.14%, 8/24/99 29,350,000 29,253,618
Lexington Parker Capital Corp.:
5.12%, 8/9/99 100,000,000 99,886,222
5.13%, 8/9/99 100,000,000 99,886,000
Lyon Short-Term Funding Corp:
5.12%, 8/2/99 37,148,000 37,142,717
5.12%, 8/12/99 38,051,000 37,991,471
5.13%, 8/2/99 51,257,000 51,249,696
</TABLE>
10
<PAGE>
Cash Resource Trust
Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Commercial Paper (continued)
Asset-Backed (continued)
Moat Funding LLC:
5.15%, 8/19/99 $ 50,000,000 $ 49,871,250
5.22%, 10/8/99 50,000,000 49,507,000
5.25%, 8/27/99 60,000,000 60,000,000
Park Avenue Recreation Corp., 5.12%, 8/6/99 35,000,000 34,975,111
Special Purpose Accounts Receivables, 5.10%,
8/9/99 48,600,000 48,544,920
- -------------------------------------------------------------------------------
Total Asset-Backed 1,797,472,063
- -------------------------------------------------------------------------------
Banks - 4.0%
Commerzbank AG:
5.08%, 2/11/00 20,000,000 19,991,171
5.17%, 4/19/00 100,000,000 99,979,263
Morgan J.P. & Co., Inc., 4.87%, 12/10/99 21,000,000 20,627,851
Svenska Handelsbanken, Inc., 4.81%, 8/11/99 55,000,000 54,926,514
- -------------------------------------------------------------------------------
Total Banks 195,524,799
- -------------------------------------------------------------------------------
Brokers - 3.1%
Credit Suisse First Boston Corp., 4.82%, 8/9/99 100,000,000 99,892,889
Merrill Lynch & Co., 4.80%, 8/2/99 50,000,000 49,993,333
- -------------------------------------------------------------------------------
Total Brokers 149,886,222
- -------------------------------------------------------------------------------
Finance & Insurance - 30.5%
Abbey Natl. North America, 5.00%, 9/8/99 75,000,000 74,604,167
Aetna Svcs., Inc., 5.13%, 8/12/99 85,000,000 84,866,763
Barton Capital Corp:
5.12%, 8/12/99 83,507,000 83,376,358
5.13%, 8/18/99 48,116,000 47,999,439
Budget Funding Corp., 5.12%, 8/25/99 61,105,000 60,896,428
Ciesco LP, 5.03%, 8/11/99 84,700,000 84,581,655
Delaware Funding Corp., 5.05%, 8/16/99 109,000,000 108,770,646
Enterprise Funding Corp., (LOC: NationsBanc, N.A.)
5.17%, 9/16/99 50,000,000 49,669,694
General Electric Capital Corp., 4.82%, 8/5/99 100,000,000 99,946,445
Montana Blanc Capital Corp., 5.12%, 8/19/99 67,451,000 67,278,325
</TABLE>
11
<PAGE>
Cash Resource Trust
Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ----------------------------------------------------------------------------
Commercial Paper (continued)
Finance & Insurance (continued)
Monte Rosa Capital Corp:
5.11%, 8/11/99 $ 60,500,000 $ 60,414,123
5.12%, 8/16/99 60,000,000 59,872,000
5.12%, 8/20/99 41,181,000 41,069,720
5.13%, 8/24/99 74,152,000 73,908,967
Moriarty Ltd., 5.18%, 10/14/99 70,000,000 69,254,656
Societe Generale, 5.22%, 10/6/99 89,500,000 89,499,877
Trident Capital Fin., Inc.:
5.12%, 9/10/99 90,000,000 89,488,000
5.13%, 9/8/99 100,000,000 99,458,500
Union Bank of Switzerland Fin., Inc., 4.87%,
9/17/99 75,000,000 74,523,146
Westways Funding, 5.13%, 8/18/99 59,792,000 59,647,154
- ----------------------------------------------------------------------------
Total Finance & Insurance 1,479,126,063
- ----------------------------------------------------------------------------
Total Commercial Paper (cost $3,622,009,147) 3,622,009,147
- ----------------------------------------------------------------------------
Corporate Bonds & Notes - 18.8%
Advertising & Related Services - 1.1%
Caterpillar Finl. Svcs., 5.77%, 7/21/00 50,000,000 50,000,000
Walker & Associates, 5.18%, 8/4/99 4,200,000 4,200,000
- ----------------------------------------------------------------------------
Total Advertising & Related Services 54,200,000
- ----------------------------------------------------------------------------
Asset-Backed - 1.0%
1800 Harrison Foundation, 4.95%, 8/30/99 (a) 27,000,000 27,000,000
Morganite Inds., Inc., 5.18%, VRDN 20,000,000 20,000,000
- ----------------------------------------------------------------------------
Total Asset-Backed 47,000,000
- ----------------------------------------------------------------------------
Banks - 5.8%
Abbey Natl. Treasury Svcs. Plc, 4.85%, 8/17/99 76,000,000 75,997,268
Bank One, N.A. MTN, 5.875%, 8/2/99 22,000,000 22,000,174
Fleet Finl. Group, Inc., 7.625%, 12/1/99 30,280,000 30,484,378
Harris Trust & Savings Bank Chicago, IL, 5.00%,
1/27/00 100,000,000 100,000,000
NationsBanc, N.A., 4.92%, 3/16/00 50,000,000 49,990,793
- ----------------------------------------------------------------------------
Total Banks 278,472,613
- ----------------------------------------------------------------------------
</TABLE>
12
<PAGE>
Cash Resource Trust
Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ------------------------------------------------------------------------------
Corporate Bonds & Notes (continued)
Brokers - 6.0%
Bear Stearns Cos., Inc. MTN, 5.74%, 7/16/00 $ 25,000,000 $ 25,000,000
Goldman Sachs Group LP:
5.41%, 2/25/00 50,000,000 50,000,000
MTN, 5.00%, 8/15/99 100,000,000 100,000,000
Lehman Brothers Holdings, Inc.:
6.12%, 4/28/00 3,500,000 3,497,227
6.50%, 7/18/00 45,460,000 45,595,500
Paine Webber Group, Inc.:
7.00%, 3/1/00 19,500,000 19,628,170
MTN, 5.93%, 7/21/00 45,000,000 45,000,000
8.00%, 5/9/00 4,000,000 4,063,540
- ------------------------------------------------------------------------------
Total Brokers 292,784,437
- ------------------------------------------------------------------------------
Finance & Insurance - 4.8%
Carolina Medi Plan, Inc., 5.18%, VRDN 50,000,000 50,000,000
CC USA, Inc., 5.50%, VRDN 50,000,000 50,000,000
Evans St. Properties, LLC, 5.18%, 8/4/99 3,500,000 3,500,000
Finova Capital Corp. MTN, 5.875%, 7/20/00 25,000,000 24,993,230
General Motors Acceptance Corp. MTN:
6.375%, 4/4/00 10,000,000 10,044,830
6.625%, 6/8/00 24,000,000 24,174,347
National Rural Util. Cooperative MTN:
4.92%, 9/21/99 45,000,000 45,000,000
5.32%, 10/28/99 25,000,000 25,000,000
- ------------------------------------------------------------------------------
Total Finance & Insurance 232,712,407
- ------------------------------------------------------------------------------
Retailing & Wholesale - 0.1%
Barton Healthcare, LLC, 5.25%, VRDN 4,155,000 4,155,000
- ------------------------------------------------------------------------------
Total Corporate Bonds & Notes (cost $909,324,457) 909,324,457
- ------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
Cash Resource Trust
Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipals - 1.7%
Massachusetts Nursing Homes, 5.25% VRDN $ 6,155,000 $ 6,155,000
Virginia Hsg. Dev. Auth. RB, 5.18%, VRDN 75,390,000 75,390,000
- -------------------------------------------------------------------------------
Total Municipals (cost $81,545,000) 81,545,000
- -------------------------------------------------------------------------------
Repurchase Agreement - 0.7% (cost $35,987,956)
Goldman Sachs & Company, dated 7/30/99, 5.12%,
due 8/2/99, collateralized by $43,280,900
various U.S. Government Agency Securities,
6.00%-8.00%, 6/1/07-6/1/29; value including
accrued interest $36,707,715 35,987,956 35,987,956
- -------------------------------------------------------------------------------
U.S. Agency Obligations - 4.2%
FHLB:
4.95%, 2/4/00 20,000,000 19,986,656
4.98%, 3/29/00 60,000,000 59,942,713
5.10%, 3/3/00 20,000,000 19,990,954
FHLMC, 4.98%, 8/20/99 105,000,000 104,946,899
- -------------------------------------------------------------------------------
Total U.S. Agency Obligations (cost $204,867,222) 204,867,222
- -------------------------------------------------------------------------------
Total Investments (cost $4,853,733,782) - 100.1% 4,853,733,782
Other Assets and Liabilities net - (0.1)% (4,762,974)
- -------------------------------------------------------------------------------
Net Assets - 100.0% $4,848,970,808
- -------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
14
<PAGE>
Cash Resource Trust
New York Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations - 99.2%
New York - 99.2%
Amherst, NY IDA RB, (LOC: Marine Midland Bank),
3.25%, VRDN $ 940,000 $ 940,000
Battery Park City, NY Auth. Hsg. RB, Marina Towers
Tender Corp.:
(LOC: Sumitomo Bank),
Ser. A, 4.80%, VRDN 595,000 595,000
Ser. B, 4.80%, VRDN 765,000 765,000
Long Island, NY Pwr. Auth. RB, Ser. 3, (LOC:
Bayerische Landesbanken), 3.20%, 8/25/99 400,000 400,000
Manhasset, NY Union Free Sch. Dist., 4.50%,
11/15/99 500,000 502,086
Metro. Trans. Auth., NY Munitops Certificates
Trust, Columbus McKinnon Corp. Proj., Ser.1999-
2, (SPA: ABN Amro Bank), 3.30%, 5/10/00 (a) 800,000 800,000
Nassau Cnty., NY General Impt. Bond, Ser. X, (Ins.
by AMBAC), 5.00%, 11/1/99 700,000 703,713
Nassau Cnty., NY RAN, (LOC: Bank of NY), 4.25%,
3/15/00 1,000,000 1,003,936
New York Metro. Trans. Auth. Spl. Obl. BAN, (LOC:
ABN Amro Bank), 3.10%, 9/9/99 1,000,000 1,000,000
New York State Dormitory Auth.:
Mem. Sloan B Conv. RB, Ser. 89B, (LOC: Chase
Manhattan Bank, N.A.), 3.40%, VRDN 200,000 200,000
RB, Ser. 1997-1A, (SPA: Commerzbank AG & Ins. by
FGIC), 3.21%, VRDN 1,000,000 1,000,000
Spl. Obl. State Univ. Edl. Facs. Ser. A RB, (SPA:
Commerzbank AG & Ins. by FGIC), 6.60%, 11/1/99 350,000 353,048
New York State Energy Research & Dev. Auth. PCRB:
Adjusted Refunding New York State Electric & Gas
Co., (LOC: Morgan Gty. Trust), 3.30%, VRDN 1,190,000 1,190,000
Niagara Mohawk Power Corp., Ser. A, (LOC: Toronto
Dominion Bank), 3.45%, VRDN 1,300,000 1,300,000
New York State GO BAN, Ser. W, (LOC: Westdeutsche
Landesbanken), 3.05%, 8/18/99 500,000 500,000
</TABLE>
15
<PAGE>
Cash Resource Trust
New York Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- ------------------------------------------------------------------------------
Municipal Obligations (continued)
New York State Mtge. Agcy. RB, Ser. PA-87, (LIQ:
Merrill Lynch & Co., Inc.), 3.24%, VRDN $ 667,000 $ 667,000
New York State Thruway Auth.:
Svc. Contract RB, Ser. CMC7, (LIQ: Chase
Manhattan Bank & Ins. by AMBAC), 3.15%, VRDN 800,000 800,000
Svc. Contract ROC RB, Ser. 1999-8, (LOC: Toronto
Dominion & Ins. by MBIA), 3.16%, VRDN 800,000 800,000
RB, (LOC: Societe Generale), 3.40%, VRDN 1,400,000 1,400,000
Svc. Contract RB Local Highway & Bridge, Ser. A-
1, 4.50%, 4/1/00 1,000,000 1,006,467
Svc. Contract RB P-Float-PA 354, (LIQ: Merrill
Lynch & Co., Inc.), 3.19%, VRDN 450,000 450,000
New York, NY City Transportation Fin. Auth. RB,
Floater Certificates, Ser. 1998-27, (LIQ: Bank
of America, N.A.), 3.18%, VRDN 1,400,000 1,400,000
Niagara Falls, NY Bridge Commission Toll RB,
(Ins. by FGIC), 5.60%, 10/1/99 200,000 200,817
PFOTER, PPT-5, (LOC: Credit Suisse First Boston),
3.60%, 5/4/00 1,000,000 1,000,000
Power Auth. of NY, Ser. 2, (LOC: Morgan Gty.
Trust), 3.20%, 9/1/99 500,000 500,000
Westchester Cnty., NY IDA Civic Facs. RB, (LOC:
Bank of NY), 3.05%, VRDN 1,000,000 1,000,000
- ------------------------------------------------------------------------------
Total Investments (cost $20,477,067) - 99.2% 20,477,067
Other Assets and Liabilities net - 0.8% 164,764
- ------------------------------------------------------------------------------
Net Assets - 100.0% $ 20,641,831
- ------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
16
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations - 101.4%
Alabama - 0.6%
Montgomery, AL Spl. Care Facs., VHA Alabama Program,
(LOC: Mellon Bank, N.A. & Ins. by AMBAC), 3.20%,
VRDN $ 5,400,000 $ 5,400,000
- -------------------------------------------------------------------------------
Arizona - 0.1%
Tucson, AZ IDA MHRB, Freedom Park Apts. Proj., (LOC:
Sumitomo Bank, Ltd.), 4.70%, VRDN 1,000,000 1,000,000
- -------------------------------------------------------------------------------
Colorado - 0.5%
Arapahoe Cnty. CO. IDA RB, Ser. A, (LOC: Key Bank,
N.A.), 3.35%, VRDN 2,000,000 2,000,000
Colorado Hsg. & Fin. Auth. IDA RB, Worldwest LLC
Proj., (LOC: Mercantile Bank), 3.50%, VRDN 2,500,000 2,500,000
- -------------------------------------------------------------------------------
4,500,000
- -------------------------------------------------------------------------------
Connecticut - 3.6%
Connecticut State GO, Puttable Tax Exempt Receipts,
(LOC: Morgan Gty. Trust & Ins. by FGIC), 3.16%, VRDN 30,000,000 30,000,000
- -------------------------------------------------------------------------------
District of Columbia - 1.9%
Washington, DC GO Ser. A-3, (LOC: Societe Generale),
3.50%, VRDN 6,300,000 6,300,000
Washington, DC Metro. Arpt. Auth. RB, (LOC: Bank of
America, N.A.), 3.50%, VRDN 10,000,000 10,000,000
- -------------------------------------------------------------------------------
16,300,000
- -------------------------------------------------------------------------------
Florida - 6.9%
Alachua Cnty., FL Hlth. Facs. Auth., Shands Hosp. at
Univ. of Florida, 5.50%, 12/1/99 205,000 206,339
Dade Cnty., FL Wtr. & Swr. Sys. RB, (LOC: Commerzbank
AG & Ins. by FGIC), 3.00%, VRDN 15,000,000 15,000,000
Hillsborough Cnty., FL Sch. Board, (Ins. by AMBAC),
5.00%, 10/1/99 4,000,000 4,014,035
</TABLE>
17
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Florida (continued)
Jacksonville, FL Elec. Auth. RB, St. John River Proj.,
4.00%, 10/1/99 $ 1,000,000 $ 1,000,894
Orange Cnty., FL Hlth. Facs. Auth.:
Pooled Hosp. Loan Program, (LOC: Suntrust Bank & Ins.
by MBIA), 3.35%, 9/15/99 6,300,000 6,300,000
Presbyterian Retirement Proj., (LOC: Bank of America,
N.A.), 3.25%, VRDN 28,490,000 28,490,000
Pinellas Cnty., FL Edl. Facs., Pooled Independent
Higher Ed. Loan Program, (LOC: Credit Suisse First
Boston & Ins. by MBIA), 3.35%, 10/7/99 3,300,000 3,300,000
- -------------------------------------------------------------------------------
58,311,268
- -------------------------------------------------------------------------------
Georgia - 0.3%
Georgia State GO Ser. B, 5.50%, 3/1/00 2,250,000 2,280,677
- -------------------------------------------------------------------------------
Hawaii - 2.3%
Hawaii State GO Ser. BU, 5.70%, 11/1/99 5,000,000 5,032,994
Hawaii State Hsg. Fin. & Dev. Corp., MSTR, (LOC: Chase
Manhattan Bank, N.A.), 3.35%, VRDN 14,710,000 14,710,000
- -------------------------------------------------------------------------------
19,742,994
- -------------------------------------------------------------------------------
Idaho - 0.7%
Nez Pierce Cnty., IDA PCRB, Potlatch 84 Proj., (LOC:
Credit Suisse First Boston), 3.30%, VRDN 6,300,000 6,300,000
- -------------------------------------------------------------------------------
Illinois - 9.8%
Arcola, IL IDA RB, Herff Jones Inc., Proj., (LOC:
Lasalle National Bank), 3.42%, VRDN 3,500,000 3,500,000
Chicago, IL Park Dist., TAN, 4.30%, 9/17/99 2,500,000 2,502,323
Chicago, IL GO Tender Notes, (LOC: Morgan Gty. Trust),
2.85%, 10/28/99 7,700,000 7,700,000
Chicago, IL O'Hare Int'l. Arpt. RB:
3.10%, VRDN 7,400,000 7,400,000
3.25%, VRDN 1,946,000 1,946,000
</TABLE>
18
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Illinois (continued)
Chicago, IL Var-Equip. Notes, (LOC: Harris Trust &
Savings Bank), 3.05%, VRDN $15,000,000 $15,000,000
Gurnee, IL IDA RB, Kendall Manufacturing Co. Proj.,
(LOC: Harris Trust & Savings Bank), 3.25%, VRDN 5,200,000 5,200,000
Illinois State Toll Hwy. Auth., 1998 Ser. B, (LOC:
Landesbank Hessen & Ins. by FSA), 3.15%, VRDN 8,000,000 8,000,000
Illinois Dev. Fin. Auth. IDA RB, Flinn Scientific,
Inc. Proj., (LOC: Harris Trust & Savings Bank),
3.25%, VRDN 4,030,000 4,030,000
Illinois Metro. Pier & Expo Auth., (LOC: Merrill Lynch
& Co, Inc. & Ins. by MBIA), 3.41%, VRDN 8,220,000 8,220,000
Illinois State GO, 3.50%, 3/1/00 5,000,000 5,011,304
Illinois Student Assistance Community RB, Ser. A,
(LOC: Bank of America, N.A.), 3.25%, VRDN 14,700,000 14,700,000
- -------------------------------------------------------------------------------
83,209,627
- -------------------------------------------------------------------------------
Indiana - 2.4%
Fort Wayne, IN Hosp. Auth. RB, Parkview Mem. Hosp.
Proj., (LOC: Bank of America, N.A.), 3.15%, VRDN 5,150,000 5,150,000
Indiana Hlth. Facs. Hosp. RB, Deaconess Hosp. Inc.
Proj., (LOC: First National Bank of Chicago), 3.05%,
VRDN 9,700,000 9,700,000
Indianapolis, IN MHRB, Canal Square Proj., (LOC:
National City Bank), 3.25%, VRDN 5,700,000 5,700,000
- -------------------------------------------------------------------------------
20,550,000
- -------------------------------------------------------------------------------
Iowa - 1.1%
Iowa Fin. Auth. RB, Burlington Med. Ctr. Proj., (LOC:
Firstar Bank & Ins. by FSA), 3.20%, VRDN 4,000,000 4,000,000
Iowa Student Loan Liquidity Corp., Ser. B, (LOC:
Norwest Bank, N.A. & Ins. by AMBAC), 3.10%, VRDN 5,000,000 5,000,000
- -------------------------------------------------------------------------------
9,000,000
- -------------------------------------------------------------------------------
Kansas - 0.4%
Wyandotte Cnty., KS GO, (Ins. by AMBAC), 3.80%, 9/1/99 3,705,000 3,706,927
- -------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Kentucky - 2.1%
Boone Cnty., KY Indl. Bldg. RB (LOC: Bank of America,
N.A.):
Lyon Magnus East Proj., 3.50%, VRDN $ 1,500,000 $ 1,500,000
Lyon Magnus Proj., 3.50%, VRDN 1,620,000 1,620,000
Kentucky Higher Ed. Student Loan, (LOC: Landesbank
Hessen & Ins. by MBIA), 3.20%, VRDN 2,500,000 2,500,000
Ohio Cnty, KY PCRB, Big Rivers Elec. Corp. Proj., Ser.
1985, (LOC: Credit Suisse First Boston & Ins. by
AMBAC), 3.25%, VRDN 12,300,000 12,300,000
- -------------------------------------------------------------------------------
17,920,000
- -------------------------------------------------------------------------------
Louisiana - 3.2%
Louisiana Pub. Facs. Auth. Hosp., Willis-Knighton Med.
Ctr. Proj., (Ins. by AMBAC), 3.25%, VRDN 13,000,000 13,000,000
New Orleans, LA GO, (Ins. by FGIC), 4.00%, 12/1/99 2,155,000 2,161,477
Saint James Parish, LA PCRB, Occidental Petroleum
Corp. Proj., (LOC: Wachovia Bank N.A.), 3.05%, VRDN 11,500,000 11,500,000
- -------------------------------------------------------------------------------
26,661,477
- -------------------------------------------------------------------------------
Maine - 0.0%
Lewiston, ME Pub. Impt. Ser. A, (Ins. by MBIA), 4.20%,
5/15/00 345,000 346,850
- -------------------------------------------------------------------------------
Maryland - 3.6%
Baltimore Cnty., MD PCRB, Baltimore Gas & Elec. Proj.
(LOC: Toronto Dominion Bank & Chase Manhattan Bank),
2.90%, VRDN 6,500,000 6,500,000
Howard Cnty., MD MHRB, Sherwood Crossing Proj., (COLL:
GNMA), 3.30%, 6/1/00 6,000,000 6,000,000
Maryland State GO, 5.30%, 10/15/99 2,000,000 2,009,273
Maryland State Hlth. Higher Ed. Facs., Catholic Hlth.
Proj., (LOC: Toronto Dominion Bank), 3.15%, VRDN 9,600,000 9,600,000
</TABLE>
20
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Maryland (continued)
Montgomery Cnty., MD Pub. Impt. GO Ser. A, 4.00%,
5/1/00 $ 6,000,000 $ 6,042,099
- -------------------------------------------------------------------------------
30,151,372
- -------------------------------------------------------------------------------
Massachusetts - 3.0%
Massachusetts Bay Trans. Auth., Ser. A, 3.50%, 2/25/00 7,700,000 7,725,124
Massachusetts State BAN, 890 Commonwealth Ave. Realty
Proj., (LOC: State Street Bank & Trust Co.), 3.40%,
VRDN 2,600,000 2,600,000
Sudbury, MA BAN, 4.00%, 8/11/99 15,000,000 15,001,545
- -------------------------------------------------------------------------------
25,326,669
- -------------------------------------------------------------------------------
Michigan - 3.5%
Detroit, MI Sewage Disposal RB, (LOC: Morgan Gty.
Trust & Ins. by MBIA), 3.15%, VRDN 16,000,000 16,000,000
Michigan State Strategic Fund, Van Andel Research
Institute Proj., (LOC: Michigan National Bank),
3.15%, VRDN 13,500,000 13,500,000
- -------------------------------------------------------------------------------
29,500,000
- -------------------------------------------------------------------------------
Minnesota - 2.4%
Bloomington, MN Port Auth. Tax, 4.00%, 2/1/00 1,800,000 1,804,032
Minnesota State GO:
5.00%, 8/1/99 3,000,000 3,000,000
6.00%, 8/1/99 4,815,000 4,815,000
St. Paul, MN Port Auth. Tax Incremental RB, Westgate
Office & Indl. Ctr. Proj., (LOC: U.S. Bank, N.A.),
3.15%, VRDN 10,300,000 10,300,000
- -------------------------------------------------------------------------------
19,919,032
- -------------------------------------------------------------------------------
Missouri - 0.9%
Missouri State Hsg. Dev. Commission, (LOC: Banco
Santander, S.A. & COLL: GNMA), 3.24%, VRDN 7,245,000 7,245,000
- -------------------------------------------------------------------------------
Nebraska - 0.6%
Nebraska Investment Fin. MHRB, Apple Creek Assoc.
Proj., (LOC: Northern Trust Co.), 4.00%, VRDN 2,890,000 2,890,000
</TABLE>
21
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -----------------------------------------------------------------------------
Municipal Obligations (continued)
Nebraska (continued)
Omaha, NE GO, 4.20%, 12/15/99 $ 1,795,000 $ 1,802,515
- -----------------------------------------------------------------------------
4,692,515
- -----------------------------------------------------------------------------
New Hampshire - 1.5%
New Hampshire Higher Edl. & Hlth. VHA New England
Program: (LOC: Mellon Bank, N.A. & Ins. by AMBAC),
1985 Ser. B, 3.20%, VRDN 4,400,000 4,400,000
1985 Ser. D, 3.20%, VRDN 1,600,000 1,600,000
1985 Ser. G, 3.20%, VRDN 6,725,000 6,725,000
- -----------------------------------------------------------------------------
12,725,000
- -----------------------------------------------------------------------------
New York - 4.4%
Long Island, NY Pwr. Auth., Ser. 1 1998, (LOC:
Bayerische Landesbanken), 3.15%, 8/4/99 5,000,000 5,000,000
New York City, NY Wtr. Fin. Auth. Ser. 5, (LOC:
Westdeutsche Landesbanken):
3.15%, 9/15/99 3,000,000 3,000,000
3.25%, VRDN 2,000,000 2,000,000
New York State Dormitory Auth. RB, (LOC: Merrill
Lynch & Co., Inc. & Ins. by AMBAC), 3.19%, VRDN 13,405,000 13,405,000
New York State Thruway Auth.:
MSTR, (LOC: Chase Manhattan Bank, N.A. & Ins. by
AMBAC), 3.15%, VRDN 6,400,000 6,400,000
RB, (LOC: Societe Generale), 3.40%, VRDN 4,100,000 4,100,000
Tax Exempt Variable Rate Demand Certificate, (LIQ:
Citibank & Ins. by FGIC), 3.10%, VRDN (a) 3,000,000 3,000,000
- -----------------------------------------------------------------------------
36,905,000
- -----------------------------------------------------------------------------
North Carolina - 10.2%
Charlotte, NC GO, 5.00%, 2/1/00 5,895,000 5,953,779
Durham, NC Wtr. & Swr. Util. Sys., Ser. 1994, (LOC:
Wacovia Bank, N.A.), 3.25%, VRDN 4,800,000 4,800,000
</TABLE>
22
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
North Carolina (continued)
Lincoln Cnty., NC Indl. Facs., Barre Natl. Proj.,
(LOC: Bank of America, N.A.), 3.30%, VRDN $ 4,500,000 $ 4,500,000
Mecklenburg Cnty., NC GO, 3.75%, 4/1/00 3,000,000 3,012,054
North Carolina Eastern Muni. Pwr. Agcy., (LOC:
Canadian Imperial Bank), 3.00%, 8/25/99 5,000,000 5,000,000
North Carolina Med. Care Commission, Baptist Hosp.
Proj., (LOC: Wachovia Bank, N.A.), 3.10%, VRDN 32,200,000 32,200,000
North Carolina Muni. Pwr. Ser. A, Catawba Proj., (LOC:
Bank of America, N.A.), 3.30%, 8/17/99 10,700,000 10,700,000
North Carolina State GO Ser. A, 6.10%, 3/1/00 1,470,000 1,494,935
North Carolina State Pub. Sch. Bldg., 4.50%, 4/1/00 10,000,000 10,095,099
Raleigh Durham, NC Arpt. Auth., American Airlines
Proj. Ser. A, (LOC: Bank of America, N.A.), 3.40%,
VRDN 8,700,000 8,700,000
- -------------------------------------------------------------------------------
86,455,867
- -------------------------------------------------------------------------------
Ohio - 2.5%
Cuyahoga Cnty., OH Hosp. RB, Cleveland Clinic Proj.,
(LOC: Chase Manhattan Bank, N.A.), 3.15%, VRDN 11,600,000 11,600,000
Ohio Hsg. Fin. Agcy. Mtge. RB, (LOC: Chase Manhattan
Bank, N.A.), 3.40%, VRDN 8,000,000 8,000,000
Ohio State GO Infrastructure Impt., 4.25%, 8/1/99 1,500,000 1,500,000
- -------------------------------------------------------------------------------
21,100,000
- -------------------------------------------------------------------------------
Oklahoma - 0.6%
Oklahoma State Wtr. Resources Board Student Loan
Program RB, (LOC: Union Bank of Switzerland AG),
2.95%, 9/1/99 5,000,000 5,000,000
- -------------------------------------------------------------------------------
Pennsylvania - 0.7%
Montgomery Cnty., PA Ed. & Hlth., St. Joseph's Univ.
Proj., 8.30%, 6/1/00 5,500,000 5,821,089
- -------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
South Carolina - 4.7%
Piedmont, SC Muni. Pwr. Agcy.:
Ser. B, (LOC: Credit Suisse First Boston & Ins. by
MBIA), 3.20%, VRDN $10,400,000 $10,400,000
Ser. C, (LOC: Morgan Gty. Trust & Ins. by MBIA),
3.20%, VRDN 4,000,000 4,000,000
South Carolina Jobs EDA:
Presbyterian Home of SC Proj., (LOC: Wachovia Bank,
N.A.), 3.15%, VRDN 9,250,000 9,250,000
Tumey Reg'l. Med. Ctr., (LOC: Wachovia Bank, N.A. &
Ins. by MBIA), 3.10%, VRDN 7,700,000 7,700,000
York Cnty., SC PCRB:
Duke Pwr. Co. Proj., (Gtd. by Duke Power Co.), 3.40%,
2/24/00 3,700,000 3,700,000
North Carolina Elec. Proj., 3.00%, 9/15/99 5,000,000 5,000,000
- -------------------------------------------------------------------------------
40,050,000
- -------------------------------------------------------------------------------
South Dakota - 2.0%
South Dakota Hsg. Dev. Auth., PFOTER, (LOC: Merrill
Lynch & Co., Inc.), 3.55%, 5/11/00 17,205,000 17,205,000
- -------------------------------------------------------------------------------
Tennessee - 2.1%
Nashville, TN Metro. Gov't., D. Lipscomb Univ. Proj.,
(LOC: Bank of America, N.A.), 3.70%, VRDN 4,953,000 4,953,000
Tennessee State Sch. Bond Auth., Ser. A, (LOC: Union
Bank of Switzerland AG):
3.10%, 8/12/99 7,200,000 7,200,000
3.15%, 8/17/99 5,500,000 5,500,000
- -------------------------------------------------------------------------------
17,653,000
- -------------------------------------------------------------------------------
Texas - 9.9%
Austin, TX GO Ser. B, 6.00%, 9/1/99 1,000,000 1,002,540
Austin, TX Util. Sys. RB, Ser. A, (LOC: Morgan Gty.
Trust), 3.10%, 8/10/99 2,200,000 2,200,000
</TABLE>
24
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Texas (continued)
Brazos River, TX Harbor Navigation Dist., Hoffman-La
Roche Proj., (LOC: Wachovia Bank, N.A.), 3.28%, VRDN $ 2,750,000 $ 2,750,000
Calhoun Cnty., TX Navigation IDA, Forma Plastics Corp.
Proj., (LOC: Bank of America, N.A.), 3.15%, VRDN 28,500,000 28,500,000
Dallas, TX GO, Floating Rate Trust Receipts, (LOC:
Morgan Stanley), 3.21%, VRDN 12,000,000 12,000,000
Houston, TX GO, (LOC: Morgan Gty. Trust), 3.15%,
8/17/99 7,000,000 7,000,000
Hunt, TX Mem. Hosp. Dist. RB, (LOC: Chase Bank of
Texas & Ins. by FSA), 3.20%, VRDN 10,700,000 10,700,000
Lower Neches Valley, TX IDA RB, Chevron USA, Inc.
Proj, (Gtd. by Chevron USA, Inc.), 2.75%, 8/16/99 4,700,000 4,700,000
Red River, TX PCRB, Southwestern Pub. Svcs. Proj.,
(LOC: American Intl. Group & Ins. by AMBAC), 3.05%,
VRDN 5,000,000 5,000,000
Texas State TRAN, 4.50%, 8/31/99 10,000,000 10,012,409
- -------------------------------------------------------------------------------
83,864,949
- -------------------------------------------------------------------------------
Virginia - 6.4%
Arlington Cnty., VA RB, Ballston Pub. Parking Proj.,
(LOC: Citibank, N.A.), 3.10%, VRDN 3,150,000 3,150,000
Botetourt Cnty., VA IDA, Emkay Holdings LLC Proj.,
(LOC: State Street Bank & Trust Co.), 3.25%, VRDN 2,290,000 2,290,000
Fairfax Cnty., VA EDA, Kindercare Ctr. Proj. Ser. E,
(LOC: Chase Manhattan Bank, N.A.), 3.30%, VRDN 4,875,000 4,875,000
Henrico Cnty., VA Pub. Impt. GO, 4.50%, 1/15/00 3,000,000 3,019,725
Lynchburg, VA IDA, VHA Mid-Atlantic (LOC: Mellon Bank,
N.A. & Ins. by AMBAC), 3.20%, VRDN 5,300,000 5,300,000
Newport News, VA Redev. MHRB, Newport-Oxford Proj.,
(LOC: Bank of America, N.A.), 3.20%, VRDN 9,700,000 9,700,000
Richmond, VA Redev. & Hsg. Auth. MHRB, Richmond LP
Proj., 4.00%, 8/26/99 15,650,000 15,650,000
Roanoke, VA GO Ser. B, 5.80%, 8/1/99 1,000,000 1,000,000
</TABLE>
25
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Municipal Obligations (continued)
Virginia (continued)
Virginia Capital Reg. Arpt. Commission, Richmond Intl.
Arpt. Proj., (Ins. by AMBAC), 3.25%, VRDN $ 3,800,000 $ 3,800,000
York Cnty., VA IDA, Virginia Elec. Pwr. Co. Proj.,
(LOC: Suntrust Bank), 3.30%, 8/18/99 5,000,000 5,000,000
- -------------------------------------------------------------------------------
53,784,725
- -------------------------------------------------------------------------------
Washington - 0.7%
Seattle, WA PFOTER, (LOC: Merrill Lynch & Co., Inc.),
3.60%, 7/20/00 4,370,000 4,370,000
Washington State GO Ser. R-92-A, 6.00%, 9/1/99 1,250,000 1,252,459
- -------------------------------------------------------------------------------
5,622,459
- -------------------------------------------------------------------------------
West Virginia - 2.2%
West Virginia State Hosp. Fin. Auth., VHA Mid-Atlantic
States Ser. G, (LOC: Mellon Bank, N.A. & Ins. by
AMBAC), 3.20%, VRDN 5,400,000 5,400,000
West Virginia State Hsg. Dev. Fund Interim Fin. Notes:
3.25%, 8/16/99 3,050,000 3,050,000
3.30%, 8/16/99 8,990,000 8,990,000
3.50%, 6/18/00 1,000,000 1,000,000
- -------------------------------------------------------------------------------
18,440,000
- -------------------------------------------------------------------------------
Wisconsin - 0.6%
Prentice Village, WI IDA RB, Blount Inc. Proj., (LOC:
Bank of America, N.A.), 3.35%, VRDN 1,000,000 1,000,000
Wisconsin State GO Ser. A, 4.00%, 5/1/00 4,340,000 4,366,961
- -------------------------------------------------------------------------------
5,366,961
- -------------------------------------------------------------------------------
Wyoming - 0.5%
Sweetwater Cnty., WY PCRB, Pacificorp Proj., (LOC:
Credit Suisse First Boston), 3.05%, VRDN 4,000,000 4,000,000
- -------------------------------------------------------------------------------
</TABLE>
26
<PAGE>
Cash Resource Trust
Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -----------------------------------------------------------------------------
Municipal Obligations (continued)
Other - 2.5%
Clipper Tax Exempt Trust, Ser. 1998-1, (LOC: State
Street Bank & Trust, Co. & Ins. by MBIA), 3.46%,
VRDN (a) $ 3,244,000 $ 3,244,000
PFOTER:
3.52%, VRDN 6,000,000 6,000,000
3.55%, VRDN 5,675,000 5,675,000
3.60%, VRDN 6,000,000 6,000,000
- -----------------------------------------------------------------------------
20,919,000
- -----------------------------------------------------------------------------
Total Investments (cost $856,977,458) - 101.4% 856,977,458
Other Assets and Liabilities net - (1.4)% (11,745,994)
- -----------------------------------------------------------------------------
Net Assets - 100.0% $845,231,464
- -----------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
27
<PAGE>
Cash Resource Trust
U.S. Government Money Market Fund
Schedule of Investments
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -----------------------------------------------------------------------
U.S. Government Agency Obligations - 85.2%
Federal Home Loan Mortgage Corp. - 22.6%
4.78%, 8/17/99 $100,000,000 $ 99,996,984
4.98%, 8/20/99 100,000,000 99,949,428
5.62%, 7/7/00 100,000,000 100,000,000
(Disc. Notes):
4.70%, 10/5/99 100,000,000 99,151,389
4.72%, 10/1/99 56,570,000 56,117,566
4.736%, 8/13/99 50,000,000 49,921,067
4.92%, 8/6/99 27,440,000 27,421,249
4.99%, 9/15/99 83,472,000 82,955,517
5.00%, 8/16/99 60,000,000 59,875,000
5.01%, 8/11/99 100,000,000 99,860,833
5.04%, 8/13/99 33,000,000 32,944,560
- -----------------------------------------------------------------------
Total Federal Home Loan Mortgage Corp. 808,193,593
- -----------------------------------------------------------------------
Federal National Mortgage Assn. - 21.6%
(Disc. Notes):
4.74%, 8/6/99 181,305,000 181,185,641
4.80%, 8/24/99 142,115,000 141,679,181
4.92%, 8/19/99 60,000,000 59,853,000
5.01%, 8/24/99 200,000,000 199,364,944
5.03%, 9/23/99 23,000,000 22,829,678
5.05%, 10/5/99 77,000,000 76,297,910
5.26%, 6/19/00 60,000,000 57,168,367
MTN, 5.12%, 8/9/00 35,000,000 34,975,500
- -----------------------------------------------------------------------
Total Federal National Mortgage Assn. 773,354,221
- -----------------------------------------------------------------------
Federal Home Loan Bank - 28.1%
4.895%, 2/4/00 115,000,000 114,997,054
4.95%, 2/24/00 50,000,000 49,965,860
4.98%, 3/29/00 50,000,000 49,952,261
5.10%, 3/3/00 50,000,000 49,977,384
5.105%, 5/5/00 25,000,000 24,993,544
5.12%, 8/2/99 100,000,000 99,995,178
5.12%, 8/2/99 116,000,000 115,976,196
5.125%, 5/19/00 50,000,000 49,953,951
5.20%, 6/1/00 25,000,000 24,986,042
5.263%, 8/4/99 75,000,000 75,000,000
</TABLE>
28
<PAGE>
Cash Resource Trust
U.S. Government Money Market Fund
Schedule of Investments (continued)
July 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
- -------------------------------------------------------------------------------
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank - continued
(Disc Notes):
4.91%, 8/18/99 $ 75,000,000 $ 74,826,104
4.95%, 8/18/99 64,500,000 64,349,840
4.97%, 8/11/99 187,698,000 187,439,915
5.04%, 8/27/99 20,695,000 20,619,670
- -------------------------------------------------------------------------------
Total Federal Home Loan Bank 1,003,032,999
- -------------------------------------------------------------------------------
Federal Farm Credit Assn. - 6.7%
4.875%, 9/1/99 140,000,000 140,000,000
5.06%, 10/1/99 100,000,000 100,000,000
- -------------------------------------------------------------------------------
Total Federal Farm Credit Assn. 240,000,000
- -------------------------------------------------------------------------------
Student Loan Marketing Assn. - 6.2%
(MTN):
5.163%, 8/3/99 50,000,000 49,990,137
5.239%, 6/8/00 55,000,000 54,994,524
5.25%, 6/30/00 17,500,000 17,487,543
5.289%, 6/29/00 100,000,000 100,000,000
- -------------------------------------------------------------------------------
Total Student Loan Marketing Assn. 222,472,204
- -------------------------------------------------------------------------------
Total U.S. Government Agency Obligations
(cost $3,047,053,017) 3,047,053,017
- -------------------------------------------------------------------------------
Repurchase Agreements - 15.8% (cost $564,175,174)
Goldman Sachs & Company, dated 7/30/99, 5.12%,
due 8/2/99, collateralized by $933,172,295
various U.S. Government Agency Securities,
5.00%-10.50%, 8/25/99-8/1/29; value including
accrued interest $575,958,678. 564,175,174 564,175,174
- -------------------------------------------------------------------------------
Total Investments - (cost $3,611,228,191) -
101.0% 3,611,228,191
Other Assets and Liabilities net - (1.0)% (34,429,776)
- -------------------------------------------------------------------------------
Net Assets - 100.0% $3,576,798,415
- -------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
29
<PAGE>
Cash Resource Trust
Notes to Schedules of Investments
July 31, 1999
- --------------------------------------------------------------------------------
(a) Securities that may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to Section 4(2) of the Securities Act
of 1933, as amended. These securities have been determined to be liquid
under guidelines established by the Board of Trustees.
Summary of Abbreviations:
AMBAC - American Municipal Bond Assurance Corp.
BAN - Bond Anticipation Note
CDA - Community Development Authority
CMO - Collateralized Mortgage Obligation
COLL - Collateral
COP - Certificates of Participation
EDA - Economic Development Authority
FGIC - Financial Guaranty Insurance Co.
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance, Inc.
GNMA - Government National Mortgage Association
GO - General Obligation
HFA - Housing Finance Authority
IDA - Industrial Development Authority
LIQ - Liquidity Provider
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corp.
MHRB - Multifamily Housing Revenue Bond
MSTR - Municipal Securities Trust Receipt
MTN - Medium Term Note
PCRB - Pollution Control Revenue Bond
PFOTER - Puttable Floating Option Tax Exempt Receipt
RAN - Revenue Anticipation Note
RB - Revenue Bond
ROC - Reset Option Certificates
SPA - Security Purchase Agreement
TAN - Tax Anticipation Note
TRAN - Tax Revenue Anticipation Note
VHA - Veterans Housing Authority
VRDN - Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven calendar
days notice given by the Fund to the issuer or other parties not affiliated
with the issuer. Interest rates are determined and reset by the issuer daily,
weekly, or monthly, depending upon the terms of the security. Interest rates
presented for these securities are those in effect at July 31, 1999.
See Combined Notes to Financial Statements.
30
<PAGE>
Cash Resource Trust
Statements of Assets and Liabilities
July 31, 1999
<TABLE>
<CAPTION>
California New York U.S.
Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments at
amortized cost $105,170,384 $4,853,733,782 $20,477,067 $856,977,458 $3,611,228,191
Cash 303,882 0 0 467,201 0
Receivable for Fund
shares sold 24,145 1,937,012 98,784 646,718 590,787
Interest receivable 599,745 14,272,466 137,842 6,133,500 12,360,664
Deferred organization
expenses 3,634 0 909 0 0
Prepaid expenses and
other assets 3,851 115,790 2,599 18,707 2,899
- -----------------------------------------------------------------------------------------------
Total assets 106,105,641 4,870,059,050 20,717,201 864,243,584 3,624,182,541
- -----------------------------------------------------------------------------------------------
Liabilities
Distributions payable 136,935 9,154,339 21,040 1,020,949 6,652,728
Payable for securities
purchased 0 7,305,925 0 16,058,930 34,975,500
Payable for Fund shares
redeemed 26,953 3,108,414 0 1,735,717 3,818,690
Due to custodian bank 0 0 49,820 0 0
Accrued expenses and
other liabilities 44,464 1,519,564 4,510 196,524 1,937,208
- -----------------------------------------------------------------------------------------------
Total liabilities 208,352 21,088,242 75,370 19,012,120 47,384,126
- -----------------------------------------------------------------------------------------------
Net assets $105,897,289 $4,848,970,808 $20,641,831 $845,231,464 $3,576,798,415
- -----------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital $105,897,789 $4,849,012,043 $20,641,831 $845,235,612 $3,576,798,415
Overdistributed net
investment income (500) 0 0 (1,250) 0
Accumulated net
realized gains or
losses on securities 0 (41,235) 0 (2,898) 0
- -----------------------------------------------------------------------------------------------
Total net assets $105,897,289 $4,848,970,808 $20,641,831 $845,231,464 $3,576,798,415
- -----------------------------------------------------------------------------------------------
Shares outstanding -
Class A 105,897,789 4,849,012,043 20,641,831 845,234,248 3,576,798,415
Net asset value per
share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -----------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
31
<PAGE>
Cash Resource Trust
Statements of Operations
Year ended July 31, 1999
<TABLE>
<CAPTION>
New York
California Tax- Tax- U.S.
Tax-Exempt Money Market Exempt Exempt Government
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest $3,000,318 $235,543,241 $623,098 $28,519,617 $185,608,363
- -----------------------------------------------------------------------------------
Expenses
Advisory fee 220,706 7,685,919 43,879 1,845,143 6,394,132
Distribution Plan
expenses 331,059 17,109,950 75,791 2,883,532 13,845,888
Administrative services
fees 20,074 934,878 4,004 182,356 760,027
Transfer agent fee 81,756 7,404,001 4,798 535,890 5,146,017
Trustees' fees and
expenses 1,811 99,595 400 21,898 67,015
Printing and postage
expenses 9,069 406,292 3,424 87,557 311,376
Custodian fee 24,852 1,198,786 10,822 217,781 956,289
Registration and filing
fees 27,113 2,777,321 7,000 411,982 1,499,990
Professional fees 6,517 280,024 3,026 47,164 220,163
Organization expenses 1,559 10,762 385 780 45,972
Other 47,301 773,596 6,031 140,915 616,752
- -----------------------------------------------------------------------------------
Total expenses 771,817 38,681,124 159,560 6,374,998 29,863,621
- -----------------------------------------------------------------------------------
Net investment income 2,228,501 196,862,117 463,538 22,144,619 155,744,742
Net realized gains or
losses on securities 0 (10,742) 0 0 0
- -----------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations $2,228,501 $196,851,375 $463,538 $22,144,619 $155,744,742
- -----------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
32
<PAGE>
Cash Resource Trust
Statements of Changes in Net Assets
Year ended July 31, 1999
<TABLE>
<CAPTION>
California Money New York Tax-
Tax-Exempt Market Tax-Exempt Exempt U.S. Government
Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income $ 2,228,501 $ 196,862,117 $ 463,538 $ 22,144,619 $ 155,744,742
Net realized gains or
losses on securities 0 (10,742) 0 0 0
- ----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 2,228,501 196,851,375 463,538 22,144,619 155,744,742
- ----------------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income (2,228,501) (196,862,117) (463,538) (22,144,619) (155,744,742)
- ----------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold 396,996,499 18,089,898,378 82,706,823 3,090,851,626 12,533,705,976
Payment for shares
redeemed (388,991,731) (17,254,369,398) (77,816,205) (3,082,828,293) (12,274,994,726)
Net asset value of
shares issued in
reinvestment of
distributions 2,194,969 195,748,017 461,633 22,151,139 155,710,250
- ----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions 10,199,737 1,031,276,997 5,352,251 30,174,472 414,421,500
- ----------------------------------------------------------------------------------------------------------
Total increase in net
assets 10,199,737 1,031,266,255 5,352,251 30,174,472 414,421,500
Net assets
Beginning of period 95,697,552 3,817,704,553 15,289,580 815,056,992 3,162,376,915
- ----------------------------------------------------------------------------------------------------------
End of period $ 105,897,289 $ 4,848,970,808 $ 20,641,831 $ 845,231,464 $ 3,576,798,415
- ----------------------------------------------------------------------------------------------------------
Overdistributed net
investment income $ (500) $ 0 $ 0 $ (1,250) $ 0
- ----------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
33
<PAGE>
Cash Resource Trust
Statements of Changes in Net Assets
Year ended July 31, 1998
<TABLE>
<CAPTION>
California Money New York Tax-
Tax-Exempt Market Tax-Exempt Exempt U.S. Government
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income $ 2,610,906 $ 158,381,651 $ 344,466 $ 22,931,390 $ 149,126,210
- -----------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 2,610,906 158,381,651 344,466 22,931,390 149,126,210
- -----------------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income (2,611,406) (158,381,651) (344,466) (22,932,640) (149,119,135)
Net realized gains on
securities 0 0 0 0 (7,075)
- -----------------------------------------------------------------------------------------------------
Total distributions to
shareholders (2,611,406) (158,381,651) (344,466) (22,932,640) (149,126,210)
- -----------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold 412,867,930 16,482,465,645 68,861,988 3,375,194,353 13,879,934,833
Payment for shares
redeemed (409,218,255) (15,762,812,125) (65,983,637) (3,326,629,723) (13,784,887,604)
Net asset value of
shares issued in
reinvestment of
distributions 2,616,211 156,445,608 339,745 22,879,207 148,626,074
- -----------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions 6,265,886 876,099,128 3,218,096 71,443,837 243,673,303
- -----------------------------------------------------------------------------------------------------
Total increase in net
assets 6,265,386 876,099,128 3,218,096 71,442,587 243,673,303
Net assets
Beginning of period 89,432,166 2,941,605,425 12,071,484 743,614,405 2,918,703,612
- -----------------------------------------------------------------------------------------------------
End of period $ 95,697,552 $ 3,817,704,553 $15,289,580 $ 815,056,992 $ 3,162,376,915
- -----------------------------------------------------------------------------------------------------
Overdistributed net
investment income $ (500) $ 0 $ 0 $ (1,250) $ 0
- -----------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
34
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
July 31, 1999
1. Organization
Cash Resource Trust ("the Trust") was organized on June 14, 1993 and is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), 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"), Cash Resource California Tax-Exempt
Money Market Fund ("California Tax-Exempt Fund"), Cash Resource Money Market
Fund ("Money Market Fund"), Cash Resource New York Tax-Exempt Money Market Fund
("New York Tax-Exempt Fund"), Cash Resource Tax-Exempt Money Market Fund ("Tax-
Exempt Fund") and Cash Resource U.S. Government Money Market Fund ("U.S.
Government Fund").
The investment objective of the Money Market Fund and the U.S. Government Fund
is to seek current income consistent with preservation of capital and
maintenance of liquidity. The investment objective of each of the other Funds
is to seek current income exempt from federal income tax (and, in the case of
the California Tax-Exempt Fund, California personal income tax, or, in the case
of the New York Tax-Exempt Fund, New York State and City personal income taxes)
consistent with preservation of capital and maintenance of liquidity.
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. Actual results could differ from these estimates.
a. Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method. The amortized cost
of an instrument is determined by valuing it at cost originally and thereafter
assuming a constant accretion of any discount or amortization of any premium
from its face value at a constant rate until maturity.
b. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's
35
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
behalf. Each Fund monitors the adequacy of the collateral daily and will
require the seller to provide additional collateral in the event the market
value of the securities pledged falls below the carrying value of the
repurchase agreement, including accrued interest. Each Fund will only enter
into repurchase agreements with banks and other financial institutions, which
are deemed by the investment advisor to be creditworthy pursuant to guidelines
established by the Board of Trustees.
c. Security Transactions and Investment Income
Security transactions are accounted for no later than one business day after
the trade date. Realized gains and losses are computed on the identified cost
basis. Interest income is recorded on the accrual basis and includes
amortization of premiums and accretion of discounts on investments.
d. Distributions
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.
Income and capital gains distributions to shareholders are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles. To the extent these differences are permanent
in nature, such amounts are reclassified within the components of net assets.
e. Federal Taxes
The Funds have qualified and intend to continue to qualify as regulated
investment companies under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Funds will not incur any federal income tax liability since
they are expected to distribute all of their net investment company taxable
income, net tax-exempt income and net capital gains, if any, to their
shareholders. The Funds also intend to avoid any excise tax liability by making
the required distributions under the Code. Accordingly, no provision for
federal taxes is required. To the extent that realized capital gains can be
offset by capital loss carryforwards, it is each Fund's policy not to
distribute such gains.
36
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
At July 31, 1999, the Funds had capital loss carryforwards for federal income
tax purposes as follows:
<TABLE>
<CAPTION>
Capital Expiration
Loss ----------------------
Carryforward 2004 2006 2007
- ------------------------------------------------------
<S> <C> <C> <C> <C>
Money Market Fund $41,235 0 $30,493 $10,742
Tax-Exempt Fund 2,898 $2,898 0 0
</TABLE>
f. Organization 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. In the event any of the initial
shares of the Funds are redeemed by any holder during the five-year
amortization period, redemption proceeds will be reduced by any unamortized
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares outstanding at the time
of the redemption.
3. Investment Advisory Agreements and Other Affiliated Transactions
Mentor Investment Advisors, LLC ("Mentor Advisors"), the Funds' investment
advisor, provides investment advisory services to each of the Funds. Mentor
Advisors is a wholly owned subsidiary of Mentor Investment Group, LLC
("Mentor") which is in turn a partially owned subsidiary of Wheat First Union
("Wheat"). EVEREN Capital Corporation ("EVEREN") owns 45% of the outstanding
interest in Mentor.
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.
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.
Evergreen Investment Services, Inc. ("EIS"), a subsidiary of First Union
Corporation ("First Union"), serves as the administrator to the Funds. As
administrator, EIS provides the Funds with facilities, equipment and
personnel. EIS is entitled to an annual fee based on the average daily net
assets of the funds administered by EIS for which First Union or its
investment advisory subsidiaries are also the investment advisors. The
administration fee is
37
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
calculated at an annual rate of 0.02% of the average daily net assets of each
Fund. Prior to June 14, 1999, administrative personnel and services were
provided by Mentor, at an annual rate of 0.02% of the average daily net assets
of each Fund.
For the year ended July 31, 1999, the Funds paid or accrued to EIS and Mentor,
the following for administrative fees:
<TABLE>
<CAPTION>
EIS Mentor
- ---------------------------------------------
<S> <C> <C>
California Tax-Exempt Fund $ 2,688 $ 17,386
Money Market Fund 125,581 809,297
New York Tax-Exempt Fund 472 3,532
Tax-Exempt Fund 22,198 160,158
U.S. Government Fund 95,398 664,629
- ---------------------------------------------
</TABLE>
Distribution Agreement
Under a Distribution Agreement, Mentor Distributors, LLC ("Mentor
Distributors") a wholly-owned subsidiary of BISYS Fund Services, Inc., 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 of the 1940 Act, whereby the Funds pay a distribution fee, which is accrued
daily and paid monthly at the annual rate of 0.33% of each Fund's average
daily net assets for California Tax-Exempt Fund and Tax-Exempt Fund and 0.38%
of each Fund's average daily net assets for Money Market Fund, New York Tax-
Exempt Fund and U.S. Government Fund. The Plan of Distribution provides for
payments by the New York Tax-Exempt Fund at a rate of up to 0.50%, however,
the Trustees have currently limited payments by this Fund to 0.38% of the
Fund's average daily net assets.
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 (from any
amounts received by it under the Plan of Distribution or from its other
resources) 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
38
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
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 (0.38% in the
case of New York Tax-Exempt Fund and 0.33% in the case of Tax-Exempt Fund and
California Tax-Exempt Fund).
Transfer Agency 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, a wholly owned subsidiary of First Union, and EVEREN
(from IFTC's own assets) for related services provided by Wheat and EVEREN
directly to their clients. For the year ended July 31, 1999, Wheat and EVEREN
earned the following fees:
<TABLE>
<CAPTION>
EVEREN Wheat
- -------------------------------------------------
<S> <C> <C>
California Tax-Exempt Fund $ 56,102 $ 2,272
Money Market Fund 4,131,217 2,206,874
New York Tax-Exempt Fund 0 4,463
Tax-Exempt Fund 193,731 245,833
U.S. Government Fund 1,297,821 3,659,470
- -------------------------------------------------
</TABLE>
4. Capital Share Transactions
The Funds have an unlimited number of shares of beneficial interest authorized
with no par value. Shares of beneficial interest of the Funds are currently
designated as Class A. Transactions in shares (valued at $1.00 per share) of
the Funds were as follows:
California Tax-Exempt Fund
<TABLE>
<CAPTION>
Year Ended Year Ended
July 31, 1999 July 31, 1998
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<S> <C> <C>
Shares sold 396,996,499 412,867,930
Shares redeemed (388,991,731) (409,218,255)
Shares issued in reinvestment of distributions 2,194,969 2,616,211
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Total increase 10,199,737 6,265,886
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</TABLE>
39
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
Money Market Fund
<TABLE>
<CAPTION>
Year Ended Year Ended
July 31, 1999 July 31, 1998
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 18,089,898,378 16,482,465,645
Shares redeemed (17,254,369,398) (15,762,812,125)
Shares issued in reinvestment of
distributions 195,748,017 156,445,608
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Total increase 1,031,276,997 876,099,128
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New York Tax-Exempt Fund
<CAPTION>
Year Ended Year Ended
July 31, 1999 July 31, 1998
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 82,706,823 68,861,988
Shares redeemed (77,816,205) (65,983,637)
Shares issued in reinvestment of
distributions 461,633 339,745
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Total increase 5,352,251 3,218,096
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Tax-Exempt Fund
<CAPTION>
Year Ended Year Ended
July 31, 1999 July 31, 1998
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 3,090,851,626 3,375,194,353
Shares redeemed (3,082,828,293) (3,326,629,723)
Shares issued in reinvestment of
distributions 22,151,139 22,879,207
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Total increase 30,174,472 71,443,837
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U.S. Government Fund
<CAPTION>
Year Ended Year Ended
July 31, 1999 July 31, 1998
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 12,533,705,976 13,879,934,833
Shares redeemed (12,274,994,726) (13,784,887,604)
Shares issued in reinvestment of
distributions 155,710,250 148,626,074
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Total increase 414,421,500 243,673,303
- -------------------------------------------------------------------
</TABLE>
40
<PAGE>
Cash Resource Trust
Combined Notes to Financial Statements
(continued)
5. Concentration of 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.
41
<PAGE>
Cash Resource Trust
Independent Auditors' Report
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The Board of Trustees
Cash Resource Trust
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments as of July 31, 1999, of the Cash
Resource Trust ("CRT") California Tax-Exempt Money Market Fund, CRT Money
Market Fund, CRT New York Tax-Exempt Money Market Fund, CRT Tax-Exempt Money
Market Fund and CRT U.S. Government Money Market Fund, (portfolios of Cash
Resource Trust), the related statements of operations for the year then ended,
the statements of changes in net assets for each of the years in the two-year
period then ended and financial highlights for each of the years or periods
described on pages 2 to 6. These financial statements and financial highlights
are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of July
31, 1999 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of CRT
California Tax-Exempt Money Market Fund, CRT Money Market Fund, CRT New York
Tax-Exempt Money Market Fund, CRT Tax-Exempt Money Market Fund and CRT U.S.
Government Money Market Fund as of July 31, 1999, the results of their
operations, changes in their net assets and financial highlights for each of
the years or periods described above in conformity with generally accepted
accounting principles.
/s/ KPMG LLP
Boston, Massachusetts
September 13, 1999
42
<PAGE>
Cash Resource Trust
Additional Information (Unaudited)
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JOINT VENTURE
On March 25, 1999, First Union and EVEREN announced an agreement to form an
asset management joint venture that would combine the Evergreen mutual fund
complex with the Mentor Investment Group.
Under the agreement, First Union will contribute its ownership interests in
Evergreen and Mentor and receive 95 percent ownership interest in the new
venture. EVEREN will contribute its ownership interest in Mentor and receive a
5 percent ownership interest in the new venture.
On April 26, 1999, First Union announced an agreement to acquire EVEREN and as
part of this acquisition the Mentor Investment Group will be combined with the
Evergreen mutual fund complex.
The acquisition is subject to regulatory and other approvals and is expected to
be complete in October 1999.
Assuming the acquisition takes place as planned, the joint venture announced in
March will not occur.
YEAR 2000
Like other investment companies, the Funds could be adversely affected if the
computer systems used by the Fund's investment advisors and the Funds' other
service providers are not able to perform their intended functions effectively
after 1999 because of the inability of computer software to distinguish the
year 2000 from the year 1900. The Funds' investment advisors are taking steps
to address this potential year 2000 problem with respect to the computer
systems that they use and to obtain satisfactory assurances that comparable
steps are being taken by the Funds' other major service providers. At this
time, however, there can be no assurance that these steps will be sufficient to
avoid any adverse impact on the Funds from this problem.
FEDERAL INCOME TAX STATUS OF DIVIDENDS
100% of the dividends distributed by the Tax-Exempt Money Market Fund,
California Tax-Exempt Money Market Fund and New York Tax-Exempt Money Market
Fund for the year ended July 31, 1999 are exempt from federal income tax, other
than alternative minimum tax.
43
<PAGE>
[LOGO OF MENTOR INVESTMENT GROUP APPEARS HERE]
CASH RESOURCE TRUST
901 EAST BYRD STREET
RICHMOND, VA 23219
(800)382-0016
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U.S. POSTAGE
PAID
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Farmingdale, NY
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