NY TAX FREE MONEY PORTFOLIO 9
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
- -------------------------------------------------------------------------------------------------------------
December 31, 1994
- -------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- -------------------------------------------------------------------------------------------------------------
Investments, at Value $82,179,391
- -------------------------------------------------------------------------------------------------------------
Cash 96,356
- -------------------------------------------------------------------------------------------------------------
Interest Receivable 792,527
- -------------------------------------------------------------------------------------------------------------
Prepaid Expenses 2,180
- -------------------------------------------------------------------------------------------------------------
Due from Bankers Trust 2,401
- -------------------------------------------------------------------------------------------------------------
Total Assets 83,072,855
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------
Payable for Securities Purchased 3,718,353
- -------------------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 20,134
- -------------------------------------------------------------------------------------------------------------
Total Liabilities 3,738,487
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $79,334,368
- -------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL $79,334,368
- -------------------------------------------------------------------------------------------------------------
NET ASSETS, DECEMBER 31, 1994 $79,334,368
- -------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 10
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
- -------------------------------------------------------------------------------------------------------------
For the year ended December 31, 1994
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------------------
Interest $2,627,323
- -------------------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------------------
Advisory Fee $140,928
- -------------------------------------------------------------------------------------------------------------
Administration and Services Fee 46,976
- -------------------------------------------------------------------------------------------------------------
Professional Fees 24,918
- -------------------------------------------------------------------------------------------------------------
Insurance 3,113
- -------------------------------------------------------------------------------------------------------------
Trustees Fees 1,471
- -------------------------------------------------------------------------------------------------------------
Miscellaneous 1,257
- -------------------------------------------------------------------------------------------------------------
Total Expenses 218,663
- -------------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (30,759) 187,904
- -------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,439,419
- -------------------------------------------------------------------------------------------------------------
NET REALIZED (LOSS) FROM SECURITIES TRANSACTIONS (2,075)
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $2,437,344
- -------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 11
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------------------------------------
For the For the
year ended year ended
December December
31, 1994 31, 1993
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
- -------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
- -------------------------------------------------------------------------------------------------------------
Net Investment Income $ 2,439,419 $ 2,368,699
- -------------------------------------------------------------------------------------------------------------
Net Realized (Loss) from Securities Transactions (2,075) (739)
- -------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 2,437,344 2,367,960
- -------------------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 563,055,553 288,783,034
- -------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (590,346,393) (288,381,738)
- -------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Capital
Transactions (27,290,840) 401,296
- -------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (24,853,496) 2,769,256
- -------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Beginning of Year 104,187,864 101,418,608
- -------------------------------------------------------------------------------------------------------------
End of Year $ 79,334,368 $ 104,187,864
- -------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
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 year ended February 19, 1991
December 31, (Commencement
-------------------------- of Operations) to
1994 1993 1992 December 31, 1991
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income to
Average Net Assets 2.60% 2.21% 2.90% 4.41%**
Ratio of Expenses to Average Net Assets 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 0.03% 0.03% 0.03% 0.03%*
Net Assets, End of Period (000's omitted) $79,334 $104,188 $101,419 $98,968
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 13
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1994
RATING (c)
- --------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NEW YORK - 96.07%
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 $1,640,000 Elmira City, New York G.O., BANS, 4.50%, 8/11/95 $ 1,640,345
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Erie County, New York G.O., RANS, (LOC: Union Bank
Switzerland), 4.75%, 8/15/95 1,002,705
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,000,000 Great Neck, New York, (Insured by FGIC), Variable Rate
Weekly Demand Note, 5.25%, 1/1/20 (a) 2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 3,000,000 Hempstead Town, New York, BANS, 3.75%,
3/10/95 3,000,796
- -----------------------------------------------------------------------------------------------------------------------------------
AAA AAA AA- 500,000 Monroe County, New York, G.O., (MBIA Insured), 6.00%, 3/1/95 501,894
- -----------------------------------------------------------------------------------------------------------------------------------
AA- AA- 1,000,000 Monroe County, New York, G.O., RANS, 4.25%, 2/28/95 1,001,079
- -----------------------------------------------------------------------------------------------------------------------------------
A1 A1 1,600,000 Montgomery County, New York, I.D.A., Service Merchandise,
(LOC: Industrial Bank of Japan), Variable Rate Monthly
Demand Note, 4.30%, 12/31/24 (a) 1,600,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA AAA 1,005,000 Nassau County, New York G.O., (MBIA Insured), 3.40%, 2/1/95 1,005,539
- -----------------------------------------------------------------------------------------------------------------------------------
AAA AAA 420,000 New Rochelle, New York G.O., (AMBAC Insured),
6.375%, 2/15/95 421,859
- -----------------------------------------------------------------------------------------------------------------------------------
Sp1 MIG-1 F1+ 1,000,000 New York City, New York G.O., RANS, 4.50%, 4/12/95 1,002,116
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 F1+ 750,000 New York City, New York G.O. TANS, 4.25%, 2/15/95 750,213
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 600,000 New York City, New York G.O., (LOC: Fuji Bank), Variable
Rate Daily Demand Note, 6.50%, 8/1/98 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 600,000 New York City, New York G.O., (LOC: Sanwa Bank), Variable
Rate Daily Demand Note, 6.00%, 8/1/17 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 1,300,000 New York City, New York G.O., (LOC: Industrial Bank of
Japan), Variable Rate Daily Demand Note, 6.00%, 8/1/18 (a) 1,300,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 800,000 New York City, New York G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 4.80%, 8/15/18 (a) 800,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 A- 200,000 New York City, New York G.O., (LOC: Sanwa Bank), Variable
Rate Daily Demand Note, 4.80%, 8/15/18 (a) 200,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 A- 200,000 New York City, New York G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 4.80%, 8/15/19 (a) 200,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,700,000 New York City, New York G.O., (LOC: Sumitomo Bank),
Variable Rate Daily Demand Note, 6.00%, 8/1/16 (a) 2,700,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 14
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1994
RATING (c)
- --------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A1 VMIG-1 $ 400,000 New York City, New York G.O., (LOC: Sumitomo Bank),
Variable Rate Daily Demand Note, 6.00%, 8/1/17 (a) $ 400,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 F1+ 1,000,000 New York City, New York G.O., (FGIC Insured), Variable
Rate Daily Demand Note, 6.00%, 2/1/22 (a) 1,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,200,000 New York City, New York G.O., (LOC: Krediet Bank),
Variable Rate Daily Demand Note, 6.00%, 8/1/16 (a) 2,200,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 500,000 New York City, New York G.O., (LOC: Norinchukin),
Variable Rate Daily Demand Note, 4.80%, 10/1/23(a) 500,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 600,000 New York City, New York G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 4.80%, 8/15/21 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 600,000 New York City, New York G.O., (LOC: Chemical Bank),
Variable Rate Daily Demand Note, 6.05%, 8/1/21 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 800,000 New York City, New York G.O., (LOC: Landesbank Hessen),
Variable Rate Daily Demand Note, 6.00%, 8/1/19 (a) 800,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 F1+ 500,000 New York City, New York G.O., (LOC: Morgan Guaranty),
Variable Rate Daily Demand Note, 6.00%, 8/1/21 (a) 500,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 800,000 New York City, New York G.O., (LOC: Fuji Bank),
Variable Rate Daily Demand Note, 6.50%, 8/1/96 (a) 800,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 F1+ 1,900,000 New York City, New York G.O., (FGIC Insured), Variable
Rate Daily Demand Note, 6.00%, 2/1/21 (a) 1,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 MIG-1 2,000,000 New York City, New York G.O., Tax Exempt Commercial
Paper (LOC: Chemical Bank), 3.65%, 1/18/95 2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
P1 A1 1,500,000 New York City, New York G.O., Tax Exempt Commercial
Paper, 3.85%, 1/19/95 1,500,000
- -----------------------------------------------------------------------------------------------------------------------------------
P1 A1 2,000,000 New York City, New York G.O., Tax Exempt Commercial
Paper, 3.90%, 2/7/95 2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 250,000 New York State Dormitory Authority Revenue, State
University Educational Facility, 6.30%, 11/1/95 253,822
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG-1 3,000,000 New York State Energy Research & Development Authority,
P.C.R., Lilco Project, (LOC: Deutsche Bank), 3.60%,
3/1/16, Mandatory Put, 3/1/95 3,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,600,000 New York State Energy Research & Development Authority,
(LOC: Toronto Dominion), Variable Rate Daily Note,
5.00%, 7/1/15 (a) 1,600,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 15
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1994
RATING (c)
- --------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
P 1 $3,500,000 New York State Energy, Research and Development
Authority, Rochester Gas and Electric, (LOC: Bank of
New York), Variable Rate Monthly Demand Bond, 3.55%,
10/1/14 (a) $ 3,500,000
- -----------------------------------------------------------------------------------------------------------------------------------
AA AA 1,270,000 New York State Environmental Facilities, P.C.R., 3.50%,
5/15/95 1,270,000
- -----------------------------------------------------------------------------------------------------------------------------------
AA 1,625,000 New York State Environmental Facilities, P.C.R., 5.25%,
6/15/95 1,632,916
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG-1 1,000,000 New York State Housing Finance Agency, (LOC: Sanwa
Bank), Variable Rate Weekly Demand Note, 5.50%,
11/1/14 (a) 1,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 1,885,000 New York State Job Development Authority, (LOC:
Sumitomo Bank), Variable Rate Monthly Demand Bond,
3.65%, 3/1/00 (a) 1,885,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 860,000 New York State Job Development Authority, (LOC:
Sumitomo Bank), Variable Rate Monthly Demand Bond,
3.75%, 3/1/99 (a) 860,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,100,000 New York State Local Government Assistance, (LOC:
Credit Suisse), Variable Rate Weekly Demand Bond,
5.10%, 4/1/22 (a) 2,100,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,500,000 New York State Power Authority, Revenue and General
Purpose, 3.80%, 3/1/16, Optional Put Date, 3/1/95 2,500,178
- -----------------------------------------------------------------------------------------------------------------------------------
AA- AA 350,000 New York State Power Authority, Revenue and General
Purpose, 4.70%, 1/1/95 350,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 2,000,000 New York State Thruway Authority Emergency Highway,
Reconditioning and Preservation, (FGIC Insured), 3.40%,
1/1/95 2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,800,000 Onondaga County, New York Industrial Development
Agency, (LOC: Banque Nationale De Paris), Variable Rate
Monthly Demand Bond, 3.90%, 11/13/98 (a) 1,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
AA AA 1,400,000 Oyster Bay, New York, (MBIA Insured), 5.20%, 3/15/95 1,405,383
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Sachem Central School District, New York, 4.50%,
6/29/95 1,003,784
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Sayville, New York UFSD, 4.125%, 6/28/95 1,000,587
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 2,900,000 Seneca County, New York, I.D.A., (LOC: Barclays Bank),
Variable Rate Weekly Demand Bond, 4.80%, 10/1/21 (a) 2,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Smithtown, New York, Central School District, TANS,
4.00%, 6/23/95 1,001,597
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 3,000,000 Suffolk County, New York G.O., TANS, (LOC: Westdeutsche
Landesbank), 5.25%, 8/15/95 3,008,910
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 500,000 Suffolk County, New York, I.D.A., Sidney Gould Project, (FGIC
Insured), 7.85%, 7/1/95 504,506
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 16
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1994
RATING (c)
- --------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
AA $2,500,000 Syracuse, New York G.O., BANS, 4.00%, 6/16/95 $ 2,506,595
- -----------------------------------------------------------------------------------------------------------------------------------
AAA AAA 2,000,000 Triborough Bridge and Tunnel Authority, New York Revenue,
(FGIC Insured), Variable Rate Weekly Demand Note, 5.35%,
1/1/05 (a) 2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
MIG-1 2,000,000 West Islip, New York UFSD, 4.25%, 6/29/95 2,004,252
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NEW YORK OBLIGATIONS $76,214,076
- -----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 7.52%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 $2,000,000 Puerto Rico Government Development Bank, (LOC: Credit
Suisse), Variable Rate Weekly Demand Bond, 5.15%, 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, 5.30%, 12/1/15 (a) 1,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 2,045,000 Puerto Rico Public Finance (Escrowed in U.S. Treasury
Securities), 6.35%, 7/1/95 2,065,315
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PUERTO RICO OBLIGATIONS $ 5,965,315
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
(Amortized Cost $82,179,391) 103.59)% $82,179,391
- -----------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (3.59)% (2,845,023)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00)% $79,334,368
- -----------------------------------------------------------------------------------------------------------------------------------
</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 portfolio descriptions:
AMBAC -- American Municipal Bond Assurance Corporation
BANS -- Bond Anticipation Notes
FGIC -- Financial Guaranty Insurance Corporation
G.O. -- General Obligation
I.D.A. -- Industrial Development Authority
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance Corporation
P.C.R. -- Pollution Control Revenue
RANS -- Revenue Anticipation Notes
TANS -- Tax Anticipation Notes
UFSD -- Union Free School District
(c) Bond ratings by Standard & Poor's Corporation, Moody's Investors Services,
Inc. 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 20 and 21
<PAGE>
NY TAX FREE MONEY PORTFOLIO 20
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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>
NY TAX FREE MONEY PORTFOLIO 21
-----------------------------------------------------
NOTES TO 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, 1994, this fee aggregated $46,976.
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, 1994,
this fee aggregated $140,928.
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,
1994, expenses of the Portfolio have been reduced $30,759.
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>
NY TAX FREE MONEY PORTFOLIO 22
-----------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Holders of Beneficial Interest
of the NY Tax Free Money Portfolio:
We have audited the accompanying statement of assets and liabilities of the NY
Tax Free Money Portfolio, including the schedule of portfolio investments, as
of December 31, 1994, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of two years in the
period then ended, and the financial highlights for each of the three years in
the period then ended and for the period February 19, 1991 (commencement of
operations) to December 31, 1991. 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, 1994 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 the
NY Tax Free Money Portfolio as of December 31, 1994, 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 14, 1995
