<PAGE> 1
TREASURY MONEY PORTFOLIO 9
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
==============================================================================================================
June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- --------------------------------------------------------------------------------------------------------------
Investments, at Value (including Repurchase Agreements amounting to $344,367,347) $747,833,393
- --------------------------------------------------------------------------------------------------------------
Interest Receivable 1,140,937
- --------------------------------------------------------------------------------------------------------------
Prepaid Expenses 12,377
- --------------------------------------------------------------------------------------------------------------
Total Assets 748,986,707
- --------------------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------------------
Due to Bankers Trust 117,041
- --------------------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 34,164
- --------------------------------------------------------------------------------------------------------------
Total Liabilities 151,205
- --------------------------------------------------------------------------------------------------------------
NET ASSETS $748,835,502
==============================================================================================================
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------------------
Paid-in Capital $748,835,502
- --------------------------------------------------------------------------------------------------------------
NET ASSETS, JUNE 30, 1995 $748,835,502
==============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 2
TREASURY MONEY PORTFOLIO 10
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
==============================================================================================================
For the six months ended June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- --------------------------------------------------------------------------------------------------------------
Interest $22,752,157
- --------------------------------------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------------------------------------
Advisory Fee $584,232
- --------------------------------------------------------------------------------------------------------------
Administration and Services Fee 194,744
- --------------------------------------------------------------------------------------------------------------
Professional Fees 18,022
- --------------------------------------------------------------------------------------------------------------
Trustees Fees 732
- --------------------------------------------------------------------------------------------------------------
Insurance 1,318
- --------------------------------------------------------------------------------------------------------------
Miscellaneous 20,483
- --------------------------------------------------------------------------------------------------------------
Total Expenses 819,531
- --------------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (40,555) 778,976
- --------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 21,973,181
- --------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN FROM SECURITIES TRANSACTIONS 186,095
- --------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $22,159,276
==============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 3
TREASURY MONEY PORTFOLIO 11
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
==============================================================================================================
For the six For the
months ended year ended
June 30, 1995 December
(unaudited) 31, 1994
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
- --------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
- --------------------------------------------------------------------------------------------------------------
Net Investment Income $ 21,973,181 $ 30,804,929
- --------------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) from Securities Transactions 186,095 (124,833)
- --------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 22,159,276 30,680,096
- --------------------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 4,048,962,541 6,929,406,671
- --------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (4,205,060,907) (6,866,790,869)
- --------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Capital Transactions (156,098,366) 62,615,802
- --------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (133,939,090) 93,295,898
==============================================================================================================
NET ASSETS
- --------------------------------------------------------------------------------------------------------------
Beginning of Period 882,774,592 789,478,694
- --------------------------------------------------------------------------------------------------------------
End of Period $ 748,835,502 $ 882,774,592
==============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 4
TREASURY MONEY PORTFOLIO 12
-----------------------------------------------------
FINANCIAL HIGHLIGHTS
==============================================================================
Contained below are selected ratios and supplemental data for each of the
periods indicated for the Treasury Money Portfolio.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
For the period
July 23, 1990
For the six (Commencement
months ended For the year ended December 31, of Operations)
June 30, 1995 ------------------------------------------------- to December
(unaudited) 1994 1993 1992 1991 31, 1990
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income to
Average Net Assets 5.64%* 3.93% 2.93% 3.44% 5.58% 7.53%*
Ratio of Expenses to Average Net Assets 0.20%* 0.20% 0.20% 0.22% 0.25% 0.25%*
Decrease Reflected in Above Ratio of
Expenses to Average Net Assets
Due to Absorption of Expenses
by Bankers Trust 0.01%* 0.01% 0.01% 0.01% 0.01% 0.01%*
Net Assets, End of Period (000's omitted) $748,836 $882,775 $789,479 $1,408,114 $671,138 $531,713
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 5
TREASURY MONEY PORTFOLIO 13
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
==================================================================================================================================
June 30, 1995 (unaudited)
PRINCIPAL
AMOUNT DESCRIPTION VALUE
==================================================================================================================================
<S> <C>
UNITED STATES TREASURY BILLS - 43.89%
- ----------------------------------------------------------------------------------------------------------------------------------
$ 25,000,000 5.72%, 7/6/95 $ 24,980,139
- ----------------------------------------------------------------------------------------------------------------------------------
30,000,000 6.06%, 8/10/95 29,798,167
- ----------------------------------------------------------------------------------------------------------------------------------
20,000,000 5.78%, 8/31/95 19,804,122
- ----------------------------------------------------------------------------------------------------------------------------------
93,500,000 5.38%, 9/28/95 92,255,628
- ----------------------------------------------------------------------------------------------------------------------------------
65,000,000 5.42%, 10/19/95 63,924,063
- ----------------------------------------------------------------------------------------------------------------------------------
25,000,000 5.67%, 11/2/95 24,511,750
- ----------------------------------------------------------------------------------------------------------------------------------
45,000,000 5.75%, 11/9/95 44,059,165
- ----------------------------------------------------------------------------------------------------------------------------------
30,000,000 5.47%, 11/24/95 29,334,584
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL UNITED STATES TREASURY BILLS (COST $328,667,618) $328,667,618
==================================================================================================================================
UNITED STATES TREASURY NOTES - 9.99%
- ----------------------------------------------------------------------------------------------------------------------------------
$ 25,000,000 4.625%, 8/15/95 $ 24,950,562
- ----------------------------------------------------------------------------------------------------------------------------------
50,000,000 3.875%, 8/31/95 49,847,866
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL UNITED STATES TREASURY NOTES (COST $74,798,428) $ 74,798,428
==================================================================================================================================
REPURCHASE AGREEMENTS - 45.99%
- ----------------------------------------------------------------------------------------------------------------------------------
$ 80,000,000 Repurchase Agreement with First Boston, Dated 6/30/95, 6.15%,
Principal and Interest in the Amount of $80,013,677, Due 7/3/95,
(Collateralized by U.S. Treasury Bills, Par Value of $82,975,000,
Due 10/12/95, Value of $83,947,508) $ 80,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
75,000,000 Repurchase Agreement with Fuji Bank Ltd., Dated 6/30/95, 6.20%,
Principal and Interest in the Amount of $75,012,917, Due 7/3/95,
(Collateralized by U.S. Treasury Strips, Par Value of $47,910,000,
Due 2/15/96, Value of $47,187,519 and $37,531,000, Due 2/15/99,
Value of $30,213,098) 75,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
100,000,000 Repurchase Agreement with Swiss Bank, Dated 6/30/95, 6.15%,
Principal and Interest in the Amount of $100,017,083, Due 7/3/95,
(Collateralized by U.S. Treasury Notes, Par Value $25,000,000, 9.00%,
Due 5/15/98, Value of $27,308,594, $25,000,000, 5.125%, Due 4/30/98,
Value of $24,728,006, $24,220,000, 5.625%, Due 1/31/98, Value of $24,644,498
and $24,475,000, 6.00%, Due 6/30/96, Value of $25,274,262) 100,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 6
TREASURY MONEY PORTFOLIO 14
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
==================================================================================================================================
June 30, 1995 (unaudited)
PRINCIPAL
AMOUNT DESCRIPTION VALUE
==================================================================================================================================
<S> <C> <C>
$ 80,000,000 Repurchase Agreement with Union Bank of Switzerland, Dated 6/30/95,
6.10%, Principal and Interest in the Amount of $80,013,556, Due 7/3/95,
(Collateralized by U.S. Treasury Notes, Par Value of $50,000,000, 7.875%,
Due 8/15/01, Value of $56,069,967 and $25,660,000, 5.50%, Due 4/30/96,
Value of $25,841,816) $ 80,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
9,367,347 Repurchase Agreement with Union Bank of Switzerland, Dated 6/30/95,
6.00%, Principal and Interest in the Amount of $9,368,908, Due 7/3/95,
(Collateralized by U.S. Treasury Note, Par Value of $6,965,000, 11.875%,
Due 11/15/03, Value of $9,577,549) 9,367,347
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (Cost $344,367,347) $344,367,347
==================================================================================================================================
TOTAL INVESTMENTS (Cost $747,833,393) 99.87% $747,833,393
- ----------------------------------------------------------------------------------------------------------------------------------
Other Assets in Excess of Liabilities 0.13% 1,002,109
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $748,835,502
==================================================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 17 and 18
<PAGE> 7
TREASURY MONEY PORTFOLIO 17
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
==============================================================================
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. Organization
The Treasury Money Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 (the "Act"), as amended, as an open-end
management investment company. The Portfolio was organized on March 26, 1990,
as an unincorporated trust under the laws of New York and commenced operations
on July 23, 1990. The Declaration of Trust permits the Board of Trustees (the
"Trustees") to issue beneficial interests in the Portfolio.
B. Security Valuation
Investments are stated at value, as that term is defined in the Act and the
published rules and regulations thereunder. Pursuant to Rule 2a-7 of the Act,
the Portfolio utilizes the amortized cost method to determine value. The
amortized cost method involves valuing a security at its cost on the date of
purchase, and thereafter assuming a constant amortization to maturity of the
difference between the principal amount due at maturity and cost. In the event
that a deviation of 1/2 of 1% or more exists between the Portfolio's net asset
value on the basis of amortized cost and the net asset value calculated by
using available market quotations or an appropriate substitute, the Trustees
will promptly consider what action, if any, should be initiated, and where the
Trustees believe the extent of deviation may result in material dilution or
other unfair results to investors and shareholders, the Trustees shall take
such action to eliminate or reduce, to the extent reasonably practicable such
dilution or unfair results.
C. Security Transactions and Investment Income
Security transactions are accounted for on a trade date basis (date the order
to buy or sell is executed). Interest income is recorded on the accrual basis
and includes amortization of premium and discount on investments. Realized
gains and losses from securities transactions are recorded on the identified
cost basis.
The Portfolio may enter into repurchase agreements with financial institutions
deemed to be creditworthy by the Portfolio's Investment Adviser, subject to the
seller's agreement to repurchase and the Portfolio's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Portfolio's custodian, and
pursuant to the terms of the repurchase agreement must have an aggregate market
value greater than or equal to the repurchase price plus accrued interest at
all times. If the value of the underlying securities falls below the value of
the repurchase price plus accrued interest, the Portfolio will require the
seller to deposit additional collateral by the next business day. If the
request for additional collateral is not met, or the seller defaults on its
repurchase obligation, the Portfolio maintains the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.
<PAGE> 8
TREASURY MONEY PORTFOLIO 18
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
=============================================================================
D. Investment Income
The Portfolio determines its net investment income (i.e., income other than net
realized long-term and short-term capital gains) on each valuation day and
allocates all such income as well as realized gains and losses from security
transactions pro rata among the investors in the Portfolio at the time of such
determination.
E. Federal Income Taxes
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to it. Therefore, no federal income tax provision is
required. The cost of securities in the Portfolio for federal income tax
purposes is the same as for financial reporting purposes.
NOTE 2 - FEES AND TRANSACTIONS WITH AFFILIATES
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"). Under this Administration and Services
Agreement, Bankers Trust provides administrative, custody, transfer agency and
shareholder services to the Portfolio in return for a fee computed daily and
paid monthly at an annual rate of 0.05 of 1% of the Portfolio's average daily
net assets. For the six months ended June 30, 1995, this fee aggregated
$194,744.
The Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this Advisory Agreement, the Portfolio pays Bankers Trust an advisory fee
computed daily and paid monthly at the annual rate of 0.15 of 1% of the
Portfolio's average daily net assets. For the six months ended June 30, 1995,
this fee aggregated $584,232.
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of the
Portfolio, to the extent necessary, to limit all expenses to 0.20 of 1% of the
average daily net assets of the Portfolio. For the six months ended June 30,
1995, expenses of the Portfolio have been reduced $40,555.
Certain trustees and officers of the Portfolio are also directors, officers
and/or employees of Signature. None of the trustees so affiliated received
compensation for services as trustee of the Portfolio. Similarly, none of the
Portfolio's officers received compensation from the Portfolio.
