<PAGE> 1
NY TAX FREE MONEY PORTFOLIO 9
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
=====================================================================================================
June 30, 1995 (unaudited)
- -----------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- -----------------------------------------------------------------------------------------------------
Investments, at Value $78,567,869
- -----------------------------------------------------------------------------------------------------
Interest Receivable 605,772
- -----------------------------------------------------------------------------------------------------
Prepaid Expenses 860
- -----------------------------------------------------------------------------------------------------
Due from Bankers Trust 5,681
- -----------------------------------------------------------------------------------------------------
Total Assets 79,180,182
- -----------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------
Due to Custodian 55,698
- -----------------------------------------------------------------------------------------------------
Payable for Securities Purchased 1,005,170
- -----------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 13,571
- -----------------------------------------------------------------------------------------------------
Total Liabilities 1,074,439
- -----------------------------------------------------------------------------------------------------
NET ASSETS $78,105,743
=====================================================================================================
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------
Paid-in Capital $78,105,743
- -----------------------------------------------------------------------------------------------------
NET ASSETS, JUNE 30, 1995 $78,105,743
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 2
NY TAX FREE MONEY PORTFOLIO 10
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
=====================================================================================================
For the six months ended June 30, 1995 (unaudited)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------------
Interest $1,593,858
- -----------------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------------
Advisory Fee $ 61,742
- -----------------------------------------------------------------------------------------------------
Administration and Services Fee 20,581
- -----------------------------------------------------------------------------------------------------
Professional Fees 12,365
- -----------------------------------------------------------------------------------------------------
Insurance 1,319
- -----------------------------------------------------------------------------------------------------
Trustees Fees 732
- -----------------------------------------------------------------------------------------------------
Miscellaneous 583
- -----------------------------------------------------------------------------------------------------
Total Expenses 97,322
- -----------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (15,000) 82,322
- -----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,511,536
- -----------------------------------------------------------------------------------------------------
NET REALIZED (LOSS) FROM SECURITIES TRANSACTIONS (1,746)
- -----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $1,509,790
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 3
NY TAX FREE 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 $ 1,511,536 $ 2,439,419
- -----------------------------------------------------------------------------------------------------
Net Realized (Loss) from Securities Transactions (1,746) (2,075)
- -----------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 1,509,790 2,437,344
- -----------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 266,128,430 563,055,553
- -----------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (268,866,845) (590,346,393)
- -----------------------------------------------------------------------------------------------------
Net (Decrease) in Net Assets from Capital Transactions (2,738,415) (27,290,840)
- -----------------------------------------------------------------------------------------------------
TOTAL (DECREASE) IN NET ASSETS (1,228,625) (24,853,496)
=====================================================================================================
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Beginning of Period 79,334,368 104,187,864
- -----------------------------------------------------------------------------------------------------
End of Period $ 78,105,743 $ 79,334,368
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 4
NY TAX FREE MONEY PORTFOLIO 12
------------------------------------------------------
FINANCIAL HIGHLIGHTS
===============================================================================
Contained below are selected ratios and supplemental data for each of the
periods indicated for the NY Tax Free Money Portfolio.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
For the period
For the six For the year ended February 19, 1991
months ended December 31, (Commencement
June 30, 1995 ----------------------------- of Operations) to
(unaudited) 1994 1993 1992 December 31, 1991
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment
Income to Average Net Assets 3.67%* 2.60% 2.21% 2.90% 4.41%*
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 0.04%* 0.03% 0.03% 0.03% 0.03%*
Net Assets, End of Period (000's omitted) $78,106 $79,334 $104,188 $101,419 $98,968
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 5
NY TAX FREE MONEY PORTFOLIO 13
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
==============================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
NEW YORK - 95.60%
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 $1,915,000 Elmira City, New York G.O., BANS, 4.50%, 8/11/95 $ 1,914,843
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Erie County, New York G.O., RANS, (LOC: Union Bank of
Switzerland), 4.75%, 8/15/95 1,000,539
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 AAA 2,400,000 Great Neck, New York, (FGIC Insured), Variable Rate
Weekly Demand Note, 4.00%, 1/1/20 (a) 2,400,000
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 2,500,000 Monroe County, New York G.O., BANS,
Series A, 4.50%, 6/7/96 2,513,469
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 1,600,000 Montgomery County, New York, I.D.A., Service Merchandise,
(LOC: Industrial Bank of Japan), Variable Rate Monthly
Demand Note, 4.00%, 12/31/24 (a) 1,600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 200,000 New York City, New York G.O., (LOC: Chemical Bank), Variable
Rate Daily Demand Note, 4.10%, 8/1/22 (a) 200,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 3,000,000 New York City, New York G.O., (LOC: Chemical Bank), Variable
Rate Daily Demand Note, 4.10%, 8/1/23 (a) 3,000,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 1,300,000 New York City, New York G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 4.55%, 8/15/20 (a) 1,300,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,900,000 New York City, New York G.O., (LOC: Kredietbank),
Variable Rate Daily Demand Note, 4.25%, 8/1/16 (a) 2,900,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,600,000 New York City, New York G.O., (LOC: Landesbank Hessen),
Variable Rate Weekly Demand Note, 4.00%, 8/1/19 (a) 2,600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 600,000 New York City, New York G.O., (LOC: Norinchukin Bank),
Variable Rate Daily Demand Note, 4.55%, 10/1/23 (a) 600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 1,785,000 New York City, New York G.O., (LOC: Sanwa Bank), Variable
Rate Daily Demand Note, 4.30%, 8/1/18 (a) 1,785,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,265,000 New York City, New York G.O., (LOC: Sumitomo Bank), Variable
Rate Daily Demand Note, 4.10%, 8/1/16 (a) 2,265,000
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 6
NY TAX FREE MONEY PORTFOLIO 14
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===============================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
===============================================================================================================================
<S> <C> <C> <C> <C>
A1 VMIG-1 $1,700,000 New York City, New York G.O., (LOC: Sumitomo Bank), Variable
Rate Daily Demand Note, 4.10%, 8/1/17 (a) $ 1,700,000
- -------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 1,900,000 New York City, New York G.O., (LOC: Union Bank of Switzerland),
Variable Rate Daily Demand Note, 4.50%, 8/15/23 (a) 1,900,000
- -------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 AAA 3,500,000 New York, New York City Municipal Water Finance Authority,
Series G, (FGIC Insured), Variable Rate Daily Demand Note,
4.10%, 6/15/11 (a) 3,500,000
- -------------------------------------------------------------------------------------------------------------------------------
A1+ P1 3,000,000 New York, New York City Municipal Water Finance Authority, Tax
Exempt Commercial Paper, (LOC: Canadian Imperial Bank
of Commerce), 4.15%, 8/15/95 3,000,000
- -------------------------------------------------------------------------------------------------------------------------------
AAA Aaa A 250,000 New York State Dormitory Authority Revenue, State University
Educational Facility, 6.30%, 11/1/95 251,546
- -------------------------------------------------------------------------------------------------------------------------------
VMIG-1 3,100,000 New York State Energy Research & Development Authority, P.C.R.,
Lilco Project, (LOC: Deutsche Bank), 4.70%, 3/1/16,
Mandatory Put, 3/1/96 3,100,000
- -------------------------------------------------------------------------------------------------------------------------------
A1+ 1,700,000 New York State Energy Research & Development Authority, P.C.R.,
Niagra Mohawk Power, Series A, (LOC: Toronto Dominion), Variable
Rate Daily Demand Note, 4.55%, 7/1/15 (a) 1,700,000
- -------------------------------------------------------------------------------------------------------------------------------
P1 3,000,000 New York State Energy Research & Development Authority,
Rochester Gas and Electric, (LOC: Bank of New York), Variable Rate
Monthly Demand Bond, 3.80%, 10/1/14 (a) 3,000,000
- -------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 725,000 New York State Environmental Facilities, P.C.R., 3.70%, 5/15/96 725,000
- -------------------------------------------------------------------------------------------------------------------------------
A1 P1 2,000,000 New York State G.O., Series R, Tax Exempt Commercial Paper, 3.75%,
8/7/95 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
VMIG-1 2,180,000 New York State Housing Finance Agency, (LOC:Chemical Bank),
Variable Rate Weekly Demand Note, 4.00%, 11/1/10 (a) 2,180,000
- -------------------------------------------------------------------------------------------------------------------------------
VMIG-1 1,400,000 New York State Housing Finance Agency, (LOC: Sanwa Bank),
Variable Rate Weekly Demand Note, 4.00%, 11/1/14 (a) 1,400,000
- -------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 765,000 New York State Job Development Authority, (LOC: Sumitomo Bank),
Variable Rate Monthly Demand Bond, 3.60%, 3/1/99 (a) 765,000
- -------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 1,685,000 New York State Job Development Authority, (LOC: Sumitomo Bank),
Variable Rate Monthly Demand Bond, 3.65%, 3/1/00 (a) 1,685,000
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 7
NY TAX FREE MONEY PORTFOLIO 15
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===============================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
===============================================================================================================================
<S> <C> <C> <C>
A1+ VMIG-1 $2,000,000 New York State Local Government Assistance, (LOC: Credit Suisse),
Variable Rate Weekly Demand Bond, 3.70%, 4/1/22 (a) $ 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,200,000 New York State Power Authority, Revenue and General Purpose,
4.40%, 3/1/20, Optional Put Date, 9/1/95 2,200,000
- -------------------------------------------------------------------------------------------------------------------------------
AAA 2,000,000 New York State Urban Development Correction Facility, 8.00%,
1/1/15, Optional Put Date, 1/1/96 2,074,573
- -------------------------------------------------------------------------------------------------------------------------------
A1+ 1,800,000 Onondaga County, New York, I.D.A., (LOC: Banque Nationale
De Paris), Variable Rate Monthly Demand Bond, 3.30%, 11/13/98 (a) 1,800,000
- -------------------------------------------------------------------------------------------------------------------------------
A1+ P1 2,485,000 Port Authority of New York and New Jersey, Tax Exempt
Commercial Paper, 3.10%, 7/19/95 2,485,000
- -------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Sayville, New York UFSD, TANS, 4.25%, 6/27/96 1,005,170
- -------------------------------------------------------------------------------------------------------------------------------
A1+ 2,900,000 Seneca County, New York, I.D.A., (LOC: Barclays Bank),
Variable Rate Weekly Demand Bond, 4.05%, 10/1/21 (a) 2,900,000
- -------------------------------------------------------------------------------------------------------------------------------
MIG-1 2,200,000 Smithtown, New York, Central School District, TANS, 4.50%,
6/28/96 2,211,530
- -------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 3,000,000 Suffolk County, New York G.O., TANS, (LOC: Westdeutsche
Landesbank), 5.25%, 8/15/95 3,001,798
- -------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 2,000,000 Triborough Bridge and Tunnel Authority, New York Revenue,
(FGIC Insured), Variable Rate Weekly Demand Note, 4.05%,
1/1/05 (a) 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 2,000,000 Westchester County, New York, TANS, 5.00%, 12/14/95 2,004,401
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL NEW YORK OBLIGATIONS $74,667,869
===============================================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 8
NY TAX FREE MONEY PORTFOLIO 16
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
==============================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
==============================================================================================================================
<S> <C> <C>
PUERTO RICO - 4.99%
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 $2,000,000 Puerto Rico Government Development Bank, (LOC: Credit
Suisse), Variable Rate Weekly Demand Bond, 3.80%, 12/1/15 (a) $ 2,000,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ 1,900,000 Puerto Rico Industrial, Medical and Environmental, P.C.R.,
Ana G. Mendez Education Foundation Project, (LOC: Bank of
Tokyo), Variable Rate Weekly Demand Bond, 4.05%, 12/1/15 (a) 1,900,000
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL PUERTO RICO OBLIGATIONS $ 3,900,000
==============================================================================================================================
TOTAL INVESTMENTS
(Amortized Cost $78,567,869) 100.59% $78,567,869
- ------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.59%) (462,126)
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $78,105,743
==============================================================================================================================
</TABLE>
(a) Securities payable on demand, secured by bank Letters of Credit or other
bank credit agreements. This interest rate, which will change
periodically, is based on bank prime rates or an index of market interest
rates.
(b) The following abbreviations are used in descriptions:
BANS -- Bond Anticipation Notes
FGIC -- Financial Guaranty Insurance Corporation
G.O. -- General Obligation
I.D.A. -- Industrial Development Authority
LOC -- Letter of Credit
P.C.R. -- Pollution Control Revenue
RANS -- Revenue Anticipation Notes
TANS -- Tax Anticipation Notes
UFSD -- Union Free School District
(c) Bond ratings by Moody's Investors Services, Inc., Standard & Poor's
Corporation and Fitch Investors Service were obtained from sources
believed to be reliable, but were not verified by Coopers & Lybrand L.L.P.
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 9
NY TAX FREE MONEY PORTFOLIO 19
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 1 - ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
A. Organization
The NY Tax Free 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
and commenced operations on February 19, 1991 as an unincorporated trust under
the laws of New York. 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 or 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 Interest 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 security transactions are recorded on the identified cost
basis.
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 any 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.
<PAGE> 10
NY TAX FREE MONEY PORTFOLIO 20
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
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
$20,581.
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 $61,742.
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 $15,000.
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.
