TAX FREE MONEY PORTFOLIO 9
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
- -----------------------------------------------------------------------------------------------------------
December 31, 1994
- -----------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- -----------------------------------------------------------------------------------------------------------
Investments, at Value $110,673,650
- -----------------------------------------------------------------------------------------------------------
Cash 171,947
- -----------------------------------------------------------------------------------------------------------
Interest Receivable 861,509
- -----------------------------------------------------------------------------------------------------------
Prepaid Expenses 2,177
- -----------------------------------------------------------------------------------------------------------
Total Assets 111,709,283
- -----------------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------------
Due to Bankers Trust 247
- -----------------------------------------------------------------------------------------------------------
Payable for Securities Purchased 1,278,695
- -----------------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 22,687
- -----------------------------------------------------------------------------------------------------------
Total Liabilities 1,301,629
- -----------------------------------------------------------------------------------------------------------
NET ASSETS $110,407,654
- -----------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------------
Paid-in Capital $110,407,654
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, DECEMBER 31, 1994 $110,407,654
- -----------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 10
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
- ---------------------------------------------------------------------------------------------------------
For the year ended December 31, 1994
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------------
Interest $3,610,247
- ---------------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------------
Advisory Fee $ 182,954
- ---------------------------------------------------------------------------------------------------------
Administration and Services Fee 60,985
- ---------------------------------------------------------------------------------------------------------
Professional Fees 27,471
- ---------------------------------------------------------------------------------------------------------
Trustees Fees 1,581
- ---------------------------------------------------------------------------------------------------------
Insurance 3,116
- ---------------------------------------------------------------------------------------------------------
Miscellaneous 1,551
- ---------------------------------------------------------------------------------------------------------
Total Expenses 277,658
- ---------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (33,719) 243,939
- ---------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,366,308
- ---------------------------------------------------------------------------------------------------------
NET REALIZED (LOSS) FROM SECURITIES TRANSACTIONS (12,897)
- ---------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $3,353,411
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
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 $ 3,366,308 $ 3,862,830
- ---------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) from Securities Transactions (12,897) 5,003
- ---------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 3,353,411 3,867,833
- ---------------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 642,000,791 330,330,443
- ---------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (646,550,579) (380,228,465)
- ----------------------------------------------------------------------------------------------------------
Net (Decrease) in Net Assets from Capital Transactions (4,549,788) (49,898,022)
- ----------------------------------------------------------------------------------------------------------
TOTAL (DECREASE) IN NET ASSETS (1,196,377) (46,030,189)
- ----------------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------------
Beginning of Year 111,604,031 157,634,220
- ---------------------------------------------------------------------------------------------------------
End of Year $ 110,407,654 $ 111,604,031
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 12
-----------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Contained below are selected ratios and supplemental data for each of the
periods indicated for the 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 2.76% 2.50% 3.18% 4.59%*
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% 0.02% 0.02% 0.02%*
Net Assets, End of Period (000's omitted) $110,408 $111,604 $157,634 $143,942
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
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>
ARIZONA - 3.12%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ $2,000,000 Chandler, Arizona, I.D.A., (LOC: National Westminster),
Variable Rate Monthly Demand Note, 4.25%, 12/15/09 (a) $2,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ P1 200,000 Pinal County, Arizona, I.D.A., P.C.R., (LOC: National
Westminster), Variable Rate Daily Demand Note, 6.05%,
12/1/09 (a) 200,000
- ------------------------------------------------------------------------------------------------------------------------------------
AA Aa 1,250,000 Salt River, Arizona, Project Arizona Agriculture Improvement
and Power District Electric System Revenue, 4.10%, 1/1/95 1,250,000
- ------------------------------------------------------------------------------------------------------------------------------------
3,450,000
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 7.85%
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 F1+ 3,500,000 California State G.O., RANS, 5.00%, 6/28/95 3,505,637
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 F1+ 2,650,000 Los Angeles County, California, TANS, 4.50%, 6/30/95 2,653,534
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ F1+ 2,500,000 San Bernadino County, California, TANS, 4.50%, 7/31/95 2,508,039
- ------------------------------------------------------------------------------------------------------------------------------------
8,667,210
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 2.72%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 3,000,000 Arapahoe County, Colorado, Highway Revenue, (LOC: Union
Bank of Switzerland), 3.85%, 8/31/26, Optional Put 2/28/95 3,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
3,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 8.79%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 4,600,000 District of Columbia G.O., (LOC: Landesbank Hessen),
Variable Rate Daily Demand Note, 6.00%, 6/1/03 (a) 4,600,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,700,000 District of Columbia G.O., (LOC: Westdeutsche Landesbank),
Variable Rate Daily Demand Note, 6.00%, 6/1/03 (a) 1,700,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 3,400,000 District of Columbia G.O., (LOC: Unionbank of Switzerland),
Variable Rate Daily Demand Note, 6.00%, 6/1/03 (a) 3,400,000
- ------------------------------------------------------------------------------------------------------------------------------------
9,700,000
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 7.16%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 200,000 Dade County, Florida, Housing Finance Authority, Bermuda
Villas, Series K, (LOC: John Hancock Insurance), Variable
Rate Weekly Demand Note, 5.55%, 12/1/29 (a) 200,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 3,000,000 Dade County, Florida, Housing Finance Authority, Jamaica Hut
Project, (LOC: John Hancock Insurance), Variable Rate Weekly
Demand Note, 5.55%, 8/1/05 (a) 3,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
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 $ 300,000 Florida Housing Finance Agency, (LOC: Wells Fargo),
Variable Rate Monthly Demand Note, 3.85%, 4/1/07 (a) $ 300,000
- ------------------------------------------------------------------------------------------------------------------------------------
AAA 1,500,000 Florida Housing Finance Agency, Lakes of Northdale, (MBIA
Insured), Variable Rate Monthly Demand Note, 3.75%, 6/1/07 (a) 1,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 1,000,000 North Broward, Florida Hospital Revenue Bond, (MBIA Insured),
4.90%, 1/1/95 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 400,000 Palm Beach County, Florida, Water and Sewer Revenue, (LOC:
Sanwa Bank), Variable Rate Daily Demand Note, 6.05%,
10/1/11 (a) 400,000
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 1,500,000 Sunshine State, Florida, Governmental Financing Community
Revenue, (LOC: Unionbank of Switzerland), 3.45%, 1/10/95 1,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
7,900,000
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.91%
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 1,000,000 Fulton County, Georgia, (LOC: Sumitomo Bank), Variable
Rate Weekly Demand Note, 5.70%, 8/1/16 (a) 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 3.17%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 1,300,000 Burbank, Illinois, I.D.R., (LOC: Canadian Imperial Bank),
Variable Rate Monthly Demand Note, 4.30%, 9/15/24 (a) 1,300,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,500,000 Chicago, Illinois, G.O., Tax Exempt Commercial Paper, (LOC:
Union Bank of Switzerland), 4.15%, 10/31/95, Mandatory Put.
7/19/95 1,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
P1 700,000 Chicago, Illinois, O'Hare International Airport, (LOC: Sanwa
Bank), Variable Rate Daily Demand Note, 6.00%, 12/1/17 (a) 700,000
- ------------------------------------------------------------------------------------------------------------------------------------
3,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
IOWA - 5.70%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 2,700,000 Des Moines, Iowa, C.D.A., East Grand Office Park Project,
(Guaranteed by Principal Financial Group), Variable Rate
Monthly Demand Note, 4.00%, 4/1/15 (a) 2,700,000
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 1,500,000 Osceola, Iowa, Babson Brothers Company Project, (LOC: Bank of
New York), Variable Rate Weekly Demand Note, 5.70%, 12/1/96 (a) 1,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 2,100,000 Urbandale, Iowa, Meredith Drive Associates, (Guaranteed
by Principal Financial Group), Variable Rate Monthly Demand
Note, 4.00%, 11/1/15 (a) 2,100,000
- ------------------------------------------------------------------------------------------------------------------------------------
6,300,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
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>
KANSAS - 2.44%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ $1,400,000 Fairway, Kansas, I.D.R., J.C. Nichols Project, (Guaranteed by
Principal Financial Group), Variable Rate Monthly Demand
Note, 4.00%, 11/1/14 (a) $1,400,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 1,300,000 Prairie Village, Kansas, Multi-Family Revenue, J.C. Nichols
Project, (Guaranteed by Principal Financial Group), Variable
Rate Monthly Demand Note, 4.00%, 12/1/15 (a) 1,300,000
- ------------------------------------------------------------------------------------------------------------------------------------
2,700,000
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.91%
- ------------------------------------------------------------------------------------------------------------------------------------
A1 1,000,000 Jefferson Parish, Louisiana, Hospital Revenue, West Jefferson
Medical Center, (LOC: Citibank), Variable Rate Weekly
Demand Note, 5.70%, 1/1/26 (a) 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.45%
- ------------------------------------------------------------------------------------------------------------------------------------
SP1 MIG1 F1 3,800,000 Massachusetts State G.O., 5.00%, 6/15/95 3,813,396
- ------------------------------------------------------------------------------------------------------------------------------------
3,813,396
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 2.45%
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ 1,700,000 Detroit, Michigan, City School District, 5.00%, 5/1/95 1,705,747
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 1,000,000 Michigan State Housing Development Authority, G.O.,
(LOC: Credit Suisse), 3.10%, 4/1/19, Optional Put 2/28/95 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
2,705,747
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.99%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 2,200,000 St. Paul, Minnesota, Housing and Redevelopment Agency,
(LOC: Sumitomo Bank), Variable Rate Monthly Demand Note,
3.85%, 12/1/12 (a) 2,200,000
- ------------------------------------------------------------------------------------------------------------------------------------
2,200,000
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 3.17%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 2,200,000 Kansas City, Missouri, I.D.A., Coach House Project, (Guaranteed
by Principal Financial Group), Variable Rate Monthly Demand
Note, 4.00%, 12/1/15 (a) 2,200,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
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>
A1+ $1,300,000 St. Louis, Missouri, I.D.A., Cedar Run Apartments Project,
(LOC: John Hancock Insurance), Variable Rate Weekly Demand
Note, 5.55%, 2/1/07 (a) $1,300,000
- ------------------------------------------------------------------------------------------------------------------------------------
3,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 4.35%
- ------------------------------------------------------------------------------------------------------------------------------------
A1 P1 4,800,000 Clark County, Nevada, Nevada Power Company, I.D.R., (LOC:
Fuji Bank), Variable Rate Weekly Demand Note, 6.15%,
12/1/15 (a) 4,800,000
- ------------------------------------------------------------------------------------------------------------------------------------
4,800,000
- ------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.27%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 300,000 New Hampshire State, I.D.A., (LOC: Union Bank of Switzerland),
Variable Rate Monthly Demand Note, 3.75%, 7/1/13 (a) 300,000
- ------------------------------------------------------------------------------------------------------------------------------------
300,000
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 0.52%
- ------------------------------------------------------------------------------------------------------------------------------------
AA+ Aaa 575,000 Middlesex County, New Jersey, G.O., Series A, 5.00%, 1/15/95 575,542
- ------------------------------------------------------------------------------------------------------------------------------------
575,542
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 21.16%
- ------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 2,055,000 Nassau County, New York, G.O., (FGIC Insured), 6.30%, 11/1/95 2,087,289
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 600,000 New York City, New York, G.O., (LOC: Fuji Bank), Variable Rate
Daily Demand Note, 6.50%, 8/1/95 (a) 600,000
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 F1+ 2,000,000 New York City, New York, G.O., Note, 4.25%, 2/15/95 2,001,534
- ------------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 400,000 New York City, New York, G.O., (LOC: Fuji Bank), Variable Rate
Daily Demand Note, 6.50%, 8/1/97 (a) 400,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 800,000 New York City, New York, G.O., (LOC: Krediet Bank), Variable
Rate Daily Demand Note, 6.00%, 8/1/16 (a) 800,00
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 965,000 New York City, New York, G.O., (LOC: Landesbank Hessen),
Variable Rate Daily Demand Note, 6.00%, 8/1/18 (a) 965,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 700,000 New York City, New York, G.O., (LOC: Sanwa Bank), Variable
Rate Daily Demand Note, 4.80%, 8/15/17 (a) 700,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 3,900,000 New York City, New York, G.O., (LOC: Krediet Bank), Variable
Rate Daily Demand Note, 6.00%, 8/1/15 (a) 3,900,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 200,000 New York City, New York, G.O., (LOC: Daichi Kangyo), Variable
Rate Daily Demand Note, 4.80%, 8/15/20 (a) 200,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 17
-----------------------------------------------------
<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+ VMIG1 $ 700,000 New York City, New York, G.O., (LOC: Sumitomo Bank),
Variable Rate Daily Demand Note, 6.00%, 8/1/17 (a) $ 700,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 100,000 New York City, New York, G.O., (FGIC Insured), Variable Rate
Daily Demand Note, 6.00%, 2/1/22 (a) 100,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 500,000 New York City, New York, G.O., (LOC: Chemical Bank), Variable
Rate Daily Demand Note, 6.05%, 8/1/22 (a) 500,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 800,000 New York City, New York, G.O., (LOC: Chemical Bank), Variable
Rate Daily Demand Note, 6.05%, 8/1/21 (a) 800,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,800,000 New York City, New York, G.O., (LOC: Bayerische Union Bank),
Variable Rate Daily Demand Note, 6.00%, 8/1/19 (a) 1,800,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 F1+ 600,000 New York City, New York, G.O., (FGIC Insured), Variable Rate
Daily Demand Note, 6.00%, 2/1/21 (a) 600,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1 P1 1,000,000 New York State, G.O., Tax Exempt Commercial Paper, 3.85%,
1/19/95 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 1,700,000 New York State Energy Research and Development Authority,
P.C.R., (LOC: Toronto Dominion), Variable Rate Daily Demand
Note, 5.00%, 7/1/15 (a) 1,700,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 1,500,000 New York State Power Authority Revenue, 3.80%, 3/1/95 1,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
MIG1 3,000,000 Sachem Central School District, New York, TANS, 4.50%, 6/29/95 3,011,154
- ------------------------------------------------------------------------------------------------------------------------------------
23,364,977
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.45%
- ------------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 1,100,000 North Carolina Medical Care Community Hospital, (LOC: Dai-Ichi
Kangyo), Variable Rate Daily Demand Note, 6.00%, 10/1/20 (a) 1,100,000
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 500,000 North Carolina Medical Care Community Hospital, (LOC: First
Union Bank of North Carolina), Variable Rate Daily Demand
Note, 6.00%, 10/1/13 (a) 500,000
- ------------------------------------------------------------------------------------------------------------------------------------
1,600,000
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.81%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ 700,000 Lehigh County, Pennsylvania, I.D.R., Allegheny Electric,
(LOC: Rabobank), Variable Rate Monthly Demand Note, 3.75%,
6/1/14 (a) 700,000
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 1,500,000 Philadelphia, Pennsylvania, TRANS, (LOC: PNC Bank),
4.75%, 6/15/95 1,504,970
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 18
-----------------------------------------------------
<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>
SP1+ MIG1 $ 900,000 Philadelphia, Pennsylvania, TRANS, (LOC: Morgan Guaranty),
4.75%, 6/15/95 $ 902,752
- ------------------------------------------------------------------------------------------------------------------------------------
3,107,722
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.81%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ MIG1 1,995,000 York County, South Carolina, P.C.R., (Guaranteed by National
Rural), 3.75%, 3/15/95 1,995,000
- ------------------------------------------------------------------------------------------------------------------------------------
1,995,000
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 3.95%
- ------------------------------------------------------------------------------------------------------------------------------------
P1 300,000 Angelina and Neches River Authority, Texas, I.D.A., (LOC:
Credit Suisse), Variable Rate Daily Demand Note,
6.00%, 5/1/14 (a) 300,000
- ------------------------------------------------------------------------------------------------------------------------------------
A+ 1,400,000 Texas Small Business, I.D.R., (LOC: Credit Suisse), Variable
Rate Weekly Demand Note, 5.55%, 7/1/26 (a) 1,400,000
- ------------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 F1+ 2,650,000 Texas State, TRANS, 5.00%, 8/31/95 2,659,056
- ------------------------------------------------------------------------------------------------------------------------------------
4,359,056
- ------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 4.29%
- ------------------------------------------------------------------------------------------------------------------------------------
VMIG1 4,735,000 Vermont I.D.A., Central Vermont Public Service, (LOC:
Citibank), Variable Rate Monthly Demand Note, 4.25%,
12/1/13 (a) 4,735,000
- ------------------------------------------------------------------------------------------------------------------------------------
4,735,000
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.91%
- ------------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,000,000 Virginia State Housing Development Authority, Series A,
4.25%, 7/12/95, Mandatory Put 12/15/94 1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
WYOMING - 4.89%
- ------------------------------------------------------------------------------------------------------------------------------------
A1 400,000 Lincoln County, Wyoming, P.C.R., Champlin Petroleum Company,
(Union Pacific Guarantee), Variable Rate Monthly Demand
Note, 3.75%, 11/1/12 (a) 400,000
- ------------------------------------------------------------------------------------------------------------------------------------
A1 5,000,000 Uintah County, Wyoming, P.C.R., Champlin Petroleum Company,
(Union Pacific Guarantee), Variable Rate Monthly Demand
Note, 3.75%, 11/1/12 (a) 5,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
5,400,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 19
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1994
VALUE
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(Amortized Cost $110,673,650) 100.24% $110,673,650
- -----------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.24%) (265,996)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $110,407,654
- -----------------------------------------------------------------------------------------------------------------------------------
</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:
C.D.A. -- Community Development Authority
FGIC -- Financial Guaranty Insurance Corporation
G.O. -- General Obligation
l.D.A. -- Industrial Development Authority
l.D.R. -- Industrial Development Revenue
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance Corporation
P.C.R. -- Pollution Control Revenue
RANS -- Revenue Anticipation Notes
TANS -- Tax Anticipation Notes
TRANS -- Tax Revenue Anticipation Notes
(c) Bond ratings by Moody 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 23 and 24
<PAGE>
TAX FREE MONEY PORTFOLIO 23
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. Organization
The 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,
as an unincorporated trust under the laws of New York and commenced operations
on February 19, 1991. 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 securities 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>
TAX FREE MONEY PORTFOLIO 24
-----------------------------------------------------
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 $60,985.
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 $182,954.
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 $33,719.
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.
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TAX FREE MONEY PORTFOLIO 25
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REPORT OF INDEPENDENT ACCOUNTANTS
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To the Trustees and Holders of Beneficial
Interest of the Tax Free Money Portfolio:
We have audited the accompanying statement of assets and liabilities of the 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 the 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 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.
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Kansas City, Missouri
February 14, 1995
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