<PAGE> 1
NY TAX FREE MONEY PORTFOLIO 7
------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
=====================================================================================================
December 31, 1995
- -----------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- -----------------------------------------------------------------------------------------------------
Investments, at Value $70,326,852
- -----------------------------------------------------------------------------------------------------
Interest Receivable 659,911
- -----------------------------------------------------------------------------------------------------
Prepaid Expenses and Other 570
- -----------------------------------------------------------------------------------------------------
Due from Bankers Trust 4,076
- -----------------------------------------------------------------------------------------------------
Total Assets 70,991,409
- -----------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------
Due to Custodian 35,778
- -----------------------------------------------------------------------------------------------------
Accrued Expenses and Other 22,795
- -----------------------------------------------------------------------------------------------------
Total Liabilities 58,573
- -----------------------------------------------------------------------------------------------------
NET ASSETS $70,932,836
=====================================================================================================
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------
Paid-in Capital $70,932,836
- -----------------------------------------------------------------------------------------------------
NET ASSETS, DECEMBER 31, 1995 $70,932,836
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
=====================================================================================================
For the year ended December 31, 1995
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------------
Interest $3,188,742
- -----------------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------------
Advisory $125,340
- -----------------------------------------------------------------------------------------------------
Administration and Services 41,780
- -----------------------------------------------------------------------------------------------------
Professional 24,272
- -----------------------------------------------------------------------------------------------------
Trustees 1,918
- -----------------------------------------------------------------------------------------------------
Miscellaneous 3,561
- -----------------------------------------------------------------------------------------------------
Total Expenses 196,871
- -----------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (29,751) 167,120
- -----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,021,622
- -----------------------------------------------------------------------------------------------------
NET REALIZED LOSS FROM SECURITIES TRANSACTIONS (1,746)
- -----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $3,019,876
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Page 14
<PAGE> 2
NY TAX FREE 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 $ 3,021,622 $ 2,439,419
- -----------------------------------------------------------------------------------------------------
Net Realized Loss from Securities Transactions (1,746) (2,075)
- -----------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 3,019,876 2,437,344
- -----------------------------------------------------------------------------------------------------
CAPITAL TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 474,692,146 563,055,553
- -----------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (486,113,554) (590,346,393)
- -----------------------------------------------------------------------------------------------------
Net Decrease in Net Assets from Capital Transactions (11,421,408) (27,290,840)
- -----------------------------------------------------------------------------------------------------
TOTAL DECREASE IN NET ASSETS (8,401,532) (24,853,496)
=====================================================================================================
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Beginning of Year 79,334,368 104,187,864
- -----------------------------------------------------------------------------------------------------
End of Year $ 70,932,836 $ 79,334,368
=====================================================================================================
</TABLE>
FINANCIAL HIGHLIGHTS
================================================================================
Contained below are selected ratios and supplemental data for each of the
periods presented for the NY Tax Free Money Portfolio.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
For the period
February 19, 1991
For the year ended December 31, (Commencement
------------------------------------- of Operations) to
1995 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 3.62% 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) $70,933 $79,334 $104,188 $101,419 $98,968
</TABLE>
* Annualized
See Notes to Financial Statements on Page 14
<PAGE> 3
NY TAX FREE MONEY PORTFOLIO 9
------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
RATING (c)
- --------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
NEW YORK - 96.33%
- ------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA $1,000,000 Albany County, New York Civic Center G.O., (FGIC Insured),
6.70%, 6/1/07, Prerefunded 6/1/96 @ 102 $ 1,031,426
- ------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 1,300,000 Buffalo, New York G.O., RANS, Series A, (LOC: Landesbank
Hessen, New York), 4.20%, 7/16/96 1,305,491
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,100,000 Erie County, New York G.O., RANS, (LOC: Union Bank of
Switzerland), 4.50%, 9/20/96 1,104,946
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 AAA 2,400,000 Great Neck North, New York Water Authority Water System
Revenue (FGIC Insured), Variable Rate Weekly Demand Note,
4.90%, 1/1/20 (a) 2,400,000
- ------------------------------------------------------------------------------------------------------------------------------
Aaa 500,000 Metropolitan Transportation Authority, New York, Series G,
8.00%, 7/1/12, Prerefunded 7/1/96 @ 102 519,667
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 2,500,000 Monroe County, New York, G.O., BANS, Series A, 4.50%, 6/7/96 2,506,223
- ------------------------------------------------------------------------------------------------------------------------------
A1 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 1,600,000 New York City, New York G.O., (LOC: Sanwa Bank),
Variable Rate Daily Demand Note, 5.95%, 8/1/17 (a) 1,600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 400,000 New York City, New York G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 5.05%, 8/15/18 (a) 400,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 100,000 New York City, New York G.O., (LOC: Sanwa Bank), Variable
Rate Daily Demand Note, 5.05%, 8/15/18 (a) 100,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 900,000 New York City, New York G.O., (LOC: Sumitomo Bank),
Variable Rate Daily Demand Note, 6.10%, 8/1/16 (a) 900,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 3,350,000 New York City, New York G.O., (MBIA Insured), Variable Rate
Daily Demand Note, 5.90%, 8/15/04 (a) 3,350,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 700,000 New York City, New York G.O., (LOC: Sumitomo Bank), Variable
Rate Daily Demand Note, 6.10%, 8/1/17 (a) 700,000
- ------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 F1+ 2,000,000 New York City, New York G.O., TANS, Series A, 4.50%, 2/15/96 2,001,978
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 200,000 New York City, New York G.O., (LOC: Union Bank of Switzerland),
Variable Rate Daily Demand Note, 5.00%, 8/15/22 (a) 200,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 225,000 New York City, New York G.O., (LOC: Chemical Bank),
Variable Rate Daily Demand Note, 5.95%, 8/1/22 (a) 225,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,600,000 New York City, New York G.O., (LOC: Landesbank Hessen),
Variable Rate Weekly Demand Note, 4.90%, 8/1/19 (a) 2,600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 700,000 New York City, New York G.O., (FGIC Insured), Variable Rate
Daily Demand Note, 5.00%, 10/1/20 (a) 700,000
- ------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG-1 F1+ 2,000,000 New York City, New York G.O., RANS, Series A, 4.50%, 4/11/96 2,004,032
- ------------------------------------------------------------------------------------------------------------------------------
A1 P1 3,500,000 New York State, G.O., Series Q, Tax Exempt Commercial Paper,
(LOC: Westdeutsche), 3.80%, 1/18/96 3,500,000
- ------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 1,225,000 New York State Dormitory Authority Revenue, State University
Dormitory Facility, 3.70%, 7/1/96 1,225,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,500,000 New York State Energy Research & Development Authority, P.C.R.,
Orange/Rockland Utility, (AMBAC Insured), Variable Rate
Weekly Demand Note, 4.90%, 8/1/15 (a) 2,500,000
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Page 14
<PAGE> 4
NY TAX FREE MONEY PORTFOLIO 10
------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
RATING (c)
- --------------------- PRINCIPAL
S&P / MOODY'S / FITCH AMOUNT DESCRIPTION (b) VALUE
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
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
- ------------------------------------------------------------------------------------------------------------------------------
P1 3,000,000 New York State Energy Research & Development Authority, P.C.R.,
Rochester Gas and Electric, (LOC: Bank of New York), Variable
Rate Monthly Demand Bond, 3.55%, 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
- ------------------------------------------------------------------------------------------------------------------------------
VMIG-1 1,300,000 New York State Housing Finance Agency, Mount Sinai Medical
School, (LOC: Sanwa Bank), Variable Rate Weekly Demand Note,
4.90%, 11/1/14 (a) 1,300,000
- ------------------------------------------------------------------------------------------------------------------------------
VMIG-1 2,080,000 New York State Housing Finance Agency, Hospital Special Surgery
Staff, (LOC: Chemical Bank), Variable Rate Weekly Demand Note,
4.70%, 11/1/10 (a) 2,080,000
- ------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 1,000,000 New York State Housing Finance Agency, State University
Construction, Series A, 7.90%, 11/1/06, Prerefunded 5/1/96 @ 102 1,033,410
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 1,685,000 New York State Job Development Authority, (LOC: Sumitomo Bank),
Variable Rate Monthly Demand Bond, 4.20%, 3/1/00 (a) 1,685,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 765,000 New York State Job Development Authority, (LOC: Sumitomo Bank),
Variable Rate Monthly Demand Bond, 4.30%, 3/1/99 (a) 765,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 1,600,000 New York State Local Assistance, Series B, (LOC: Swiss Bank &
Credit Suisse), Variable Rate Weekly Demand Bond, 4.95%, 4/1/23 (a) 1,600,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 2,000,000 New York State Local Assistance, Series A, (LOC: Credit Suisse &
Union Bank of Switzerland), Variable Rate Weekly Demand Bond,
4.95%, 4/1/22 (a) 2,000,000
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 3,000,000 New York State Local Government Assistance, Series G,
(LOC: National Westminster), Variable Weekly Demand Bond,
4.90%, 4/1/25 (a) 3,000,000
- ------------------------------------------------------------------------------------------------------------------------------
Aaa 500,000 New York State Power Authority Revenue & General Purpose,
Series T, 7.375%, 1/1/18, Prefunded 1/1/96 @ 102 510,000
- ------------------------------------------------------------------------------------------------------------------------------
A1 VMIG-1 2,200,000 New York State Power Authority Revenue & General Purpose,
3.85%, 3/1/20, Optional Put Date 3/1/96 2,200,000
- ------------------------------------------------------------------------------------------------------------------------------
Aaa 2,000,000 New York State Urban Development Correction Facility, 8.00%,
1/1/15, Prerefunded 1/1/96 @ 102 2,040,000
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 3,000,000 Northport - East Northport, New York, UFSD, TANS, 4.125%, 6/28/96 3,006,431
- ------------------------------------------------------------------------------------------------------------------------------
A1 1,800,000 Onondaga County New York, I.D.A., (LOC: Banque Nationale De
Paris), Variable Rate Monthly Demand Bond, 3.95%, 11/13/98 (a) 1,800,000
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 1,000,000 Sayville, New York UFSD, TANS, 4.25%, 6/27/96 1,002,578
- ------------------------------------------------------------------------------------------------------------------------------
A1+ 2,800,000 Seneca County, New York, I.D.A., (LOC: Barclays Bank),
Variable Rate Weekly Demand Bond, 4.95%, 10/1/21 (a) 2,800,000
- ------------------------------------------------------------------------------------------------------------------------------
MIG-1 2,200,000 Smithtown, New York Central School District, TANS, 4.25%, 6/27/96 2,205,670
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL NEW YORK OBLIGATIONS $68,326,852
==============================================================================================================================
PUERTO RICO - 2.82%
- ------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG-1 $2,000,000 Puerto Rico Commonwealth Government Development Bank,
(LOC: Credit Suisse), Variable Rate Weekly Demand Bond,
4.50%, 12/1/15 (a) $ 2,000,000
==============================================================================================================================
</TABLE>
See Notes to Financial Statements on Page 14
<PAGE> 5
NY TAX FREE MONEY PORTFOLIO 11
------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
VALUE
==============================================================================================================================
<S> <C> <C>
TOTAL INVESTMENTS
(Amortized Cost $70,326,852) 99.15% $70,326,852
- ------------------------------------------------------------------------------------------------------------------------------
Other Assets in Excess of Liabilities 0.85% 605,984
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $70,932,836
==============================================================================================================================
</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 -- Secured by a 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) Ratings were taken from published sources and were not audited by Coopers &
Lybrand L.L.P.
See Notes to Financial Statements on Page 14
<PAGE> 6
NY TAX FREE MONEY PORTFOLIO 14
------------------------------------------------------------
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 valued at amortized cost which has been determined by the
Trustees to represent fair value of the Portfolio's investments.
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 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.
F. Other
The preparation of the 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 $41,780.
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 $125,340.
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 $29,751.
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> 7
NY TAX FREE MONEY PORTFOLIO 15
------------------------------------------------------------
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, 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 four 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, 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
NY Tax Free 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 7, 1996
