<PAGE> 1
TREASURY MONEY PORTFOLIO 7
-------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
========================================================================================================================
December 31, 1995
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
- ------------------------------------------------------------------------------------------------------------------------
Investments, at Value (including Repurchase Agreements amounting to $934,107,061) $1,931,571,982
- ------------------------------------------------------------------------------------------------------------------------
Interest Receivable 9,881,545
- ------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses and Other 9,051
- ------------------------------------------------------------------------------------------------------------------------
Total Assets 1,941,462,578
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------
Due to Bankers Trust 339,711
- ------------------------------------------------------------------------------------------------------------------------
Accrued Expenses and Other 41,271
- ------------------------------------------------------------------------------------------------------------------------
Total Liabilities 380,982
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $1,941,081,596
========================================================================================================================
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------
Paid-in Capital $1,941,081,596
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS, DECEMBER 31, 1995 $1,941,081,596
========================================================================================================================
STATEMENT OF OPERATIONS
========================================================================================================================
For the year ended December 31, 1995
- ------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------------------------
Interest $ 68,065,344
- ------------------------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------------------------
Advisory $1,764,890
- ------------------------------------------------------------------------------------------------------------------------
Administration and Services 588,297
- ------------------------------------------------------------------------------------------------------------------------
Professional 32,849
- ------------------------------------------------------------------------------------------------------------------------
Trustees 1,868
- ------------------------------------------------------------------------------------------------------------------------
Miscellaneous 35,248
- ------------------------------------------------------------------------------------------------------------------------
Total Expenses 2,423,152
- ------------------------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (69,965) 2,353,187
- ------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 65,712,157
- ------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN FROM SECURITIES TRANSACTIONS 244,290
- ------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 65,956,447
========================================================================================================================
</TABLE>
See Notes to Financial Statements on Page 13
<PAGE> 2
TREASURY MONEY PORTFOLIO 8
-------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
=================================================================================================================================
For the For the
year ended year ended
December December
31, 1995 31, 1994
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------------------------------------
Net Investment Income $ 65,712,157 $ 30,804,929
- ---------------------------------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) from Securities Transactions 244,290 (124,833)
- ---------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 65,956,447 30,680,096
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 12,489,163,533 6,929,406,671
- ---------------------------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (11,496,812,976) (6,866,790,869)
- ---------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Capital Transactions 992,350,557 62,615,802
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 1,058,307,004 93,295,898
=================================================================================================================================
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning of Year 882,774,592 789,478,694
- ---------------------------------------------------------------------------------------------------------------------------------
End of Year $ 1,941,081,596 $ 882,774,592
=================================================================================================================================
</TABLE>
FINANCIAL HIGHLIGHTS
================================================================================
Contained below are selected ratios and supplemental data for each of the years
presented for the Treasury Money Portfolio.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
For the year ended December 31,
-----------------------------------------------------------------------
1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income to
Average Net Assets 5.58% 3.93% 2.93% 3.44% 5.58%
Ratio of Expenses to Average Net Assets 0.20% 0.20% 0.20% 0.22% 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%
Net Assets, End of Period (000's omitted) $1,941,082 $882,775 $789,479 $1,408,114 $671,138
</TABLE>
See Notes to Financial Statements on Page 13
<PAGE> 3
TREASURY MONEY PORTFOLIO 9
-------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT DESCRIPTION VALUE
===========================================================================================================================
<S> <C>
UNITED STATES TREASURY BILLS - 23.69%
- ---------------------------------------------------------------------------------------------------------------------------
$ 50,000,000 5.42%, 1/18/96 $ 49,872,028
- ---------------------------------------------------------------------------------------------------------------------------
50,000,000 5.44%, 2/8/96 49,712,757
- ---------------------------------------------------------------------------------------------------------------------------
50,000,000 5.47%, 2/22/96 49,605,306
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 5.35%, 2/29/96 991,231
- ---------------------------------------------------------------------------------------------------------------------------
50,000,000 5.31%, 3/7/96 49,513,250
- ---------------------------------------------------------------------------------------------------------------------------
25,000,000 5.34%, 3/14/96 24,729,545
- ---------------------------------------------------------------------------------------------------------------------------
25,000,000 5.34%, 4/4/96 24,651,416
- ---------------------------------------------------------------------------------------------------------------------------
25,000,000 5.33%, 5/2/96 24,548,854
- ---------------------------------------------------------------------------------------------------------------------------
70,000,000 5.23%, 5/9/96 68,688,769
- ---------------------------------------------------------------------------------------------------------------------------
30,000,000 4.93%, 5/16/96 29,441,833
- ---------------------------------------------------------------------------------------------------------------------------
40,000,000 5.24%, 5/30/96 39,127,500
- ---------------------------------------------------------------------------------------------------------------------------
50,000,000 5.17%, 6/6/96 48,872,653
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL UNITED STATES TREASURY BILLS (COST $459,755,142) $ 459,755,142
===========================================================================================================================
UNITED STATES TREASURY NOTES - 27.70%
- ---------------------------------------------------------------------------------------------------------------------------
$ 125,000,000 4.00%, 1/31/96 $ 124,843,890
- ---------------------------------------------------------------------------------------------------------------------------
137,500,000 4.625%, 2/15/96 137,358,118
- ---------------------------------------------------------------------------------------------------------------------------
125,000,000 7.875%, 2/15/96 125,339,713
- ---------------------------------------------------------------------------------------------------------------------------
25,000,000 5.125%, 3/31/96 25,003,780
- ---------------------------------------------------------------------------------------------------------------------------
125,000,000 5.875%, 5/31/96 125,164,278
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL UNITED STATES TREASURY NOTES (COST $537,709,779) $ 537,709,779
===========================================================================================================================
REPURCHASE AGREEMENTS - 48.12%
- ---------------------------------------------------------------------------------------------------------------------------
$ 55,000,000 Repurchase Agreement with C.S. First Boston, Inc., dated 12/1/95, 5.79%,
principal and interest in the amount of $55,274,221, due 1/8/96,
(Collateralized by U.S. Treasury Strips, par value of $96,977,000,
5.68%, due 5/15/05, value of $57,110,361) $ 55,000,000
- ---------------------------------------------------------------------------------------------------------------------------
200,000,000 Repurchase Agreement with Goldman Sachs & Co., dated 12/29/95,
5.85%, principal and interest in the amount of $200,097,500,
due 1/2/96, (Collateralized by U.S. Treasury Notes, par value
$182,900,000, 7.75%, due 1/31/00, value of $204,568,431) 200,000,000
- ---------------------------------------------------------------------------------------------------------------------------
104,107,061 Repurchase Agreement with Merrill Lynch & Co., Inc., dated 12/29/95, 5.50%,
principal and interest in the amount of $104,154,777, due 1/2/96,
(Collaterized by U.S. Treasury Notes,par value $103,730,000,
6.875%, due 10/31/96, value of $106,282,152) 104,107,061
- ---------------------------------------------------------------------------------------------------------------------------
175,000,000 Repurchase Agreement with Sanwa Bank, Ltd., dated 12/29/95, 5.90%,
principal and interest in the amount of $175,086,042, due 1/2/96,
(Collateralized by U.S. Treasury Notes, par value $25,277,000, 7.25%,
due 8/15/04, value of $28,799,982, $50,000,000, 5.625%, due 10/31/97,
value of $50,861,951, $28,000,000, 6.125%, due 5/31/97, value of
$28,494,839, $40,000,000, 7.50%, due 2/15/05, value of $46,484,261
and $23,000,000, 6.25%, due 8/31/00, value of $24,285,397) 175,000,000
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Page 13
<PAGE> 4
TREASURY MONEY PORTFOLIO 10
-------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT DESCRIPTION VALUE
=================================================================================================================================
<S> <C> <C>
$ 200,000,000 Repurchase Agreement with Swiss Bank Corp., dated 12/29/95, 5.90%,
principal and interest in the amount of $200,098,333, due 1/2/96,
(Collateralized by U.S. Treasury Strips, par value of $92,550,000, 5.68%,
due 5/15/05, value of $54,503,273, $118,050,000, 5.67%, due 2/15/05,
value of $70,996,008 and $114,100,000, 5.49%, due 8/15/02, value
of $79,691,719) $ 200,000,000
- --------------------------------------------------------------------------------------------------------------------------------
200,000,000 Tri Party Repurchase Agreement withMorgan Stanley Group, Inc., dated 12/29/95,
5.85%, principal and interest in the amount of $200,097,500, due 1/2/96,
(Collateralized by U.S. Treasury Notes, par value of $177,090,000, 7.50%,
due 2/15/05, $205,797,445 200,000,000
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (Cost $934,107,061) $ 934,107,061
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (Cost $1,931,571,982) 99.51% $1,931,571,982
- --------------------------------------------------------------------------------------------------------------------------------
Other Assets in Excess of Liabilities 0.49% 9,509,614
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $1,941,081,596
================================================================================================================================
</TABLE>
See Notes to Financial Statements on Page 13
<PAGE> 5
TREASURY MONEY PORTFOLIO 13
-------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
================================================================================
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 valued at amortized cost, which has been determined by the
Trustees to represent fair value of the Portfolio's investments.
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.
D. Investment Income
The Portfolio determines its net investment income 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. 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.
F. Other
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts in the financial statements.
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 year ended December 31, 1995, this fee aggregated $588,297.
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 year ended December 31, 1995,
this fee aggregated $1,764,890.
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 year ended December 31,
1995, expenses of the Portfolio have been reduced by $69,965.
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.
<PAGE> 6
TREASURY MONEY PORTFOLIO 14
------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
===============================================================================
To the Trustees and Holders of Beneficial
Interest of the Treasury Money Portfolio:
We have audited the accompanying statement of assets and liabilities of the
Treasury Money Portfolio, includ-ing the schedule of portfolio investments, as
of December 31, 1995, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each of the five
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Portfolio'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 December 31, 1995 by correspondence with the custodian. 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 the
Treasury Money Portfolio as of December 31, 1995, the results of its
operations, the changes in its net assets, and the financial highlights for
the periods referred to above, in conformity with generally accepted
accounting principles.
/s/ COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
February 13, 1996
