<PAGE> 1
TAX FREE MONEY PORTFOLIO 9
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
=====================================================================================================
June 30, 1995 (unaudited)
- -----------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- -----------------------------------------------------------------------------------------------------
Investments, at Value $109,794,180
- -----------------------------------------------------------------------------------------------------
Receivable for Securities Sold 4,289,724
- -----------------------------------------------------------------------------------------------------
Interest Receivable 951,441
- -----------------------------------------------------------------------------------------------------
Prepaid Expenses and Other Assets 1,188
- -----------------------------------------------------------------------------------------------------
Due from Bankers Trust 1,454
- -----------------------------------------------------------------------------------------------------
Total Assets 115,037,987
- -----------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------
Due to Custodian 47,033
- -----------------------------------------------------------------------------------------------------
Payable for Securities Purchased 7,228,790
- -----------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 15,253
- -----------------------------------------------------------------------------------------------------
Total Liabilities 7,291,076
- -----------------------------------------------------------------------------------------------------
NET ASSETS $107,746,911
=====================================================================================================
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------
Paid-in Capital $107,746,911
- -----------------------------------------------------------------------------------------------------
NET ASSETS, JUNE 30, 1995 $107,746,911
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 2
TAX FREE MONEY PORTFOLIO 10
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
=====================================================================================================
For the six months ended June 30, 1995 (unaudited)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------------
Interest $2,336,678
- -----------------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------------
Advisory Fee $ 85,794
- -----------------------------------------------------------------------------------------------------
Administration and Services Fee 28,598
- -----------------------------------------------------------------------------------------------------
Professional Fees 14,494
- -----------------------------------------------------------------------------------------------------
Insurance 1,318
- -----------------------------------------------------------------------------------------------------
Trustees Fees 732
- -----------------------------------------------------------------------------------------------------
Miscellaneous 583
- -----------------------------------------------------------------------------------------------------
Total Expenses 131,519
- -----------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (17,127) 114,392
- -----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,222,286
- -----------------------------------------------------------------------------------------------------
NET REALIZED (LOSS) FROM SECURITIES TRANSACTIONS (26,541)
- -----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $2,195,745
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 3
TAX FREE MONEY PORTFOLIO 11
-----------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
=====================================================================================================
For the six For the
months ended year ended
June 30, 1995 December
(unaudited) 31, 1994
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
- -----------------------------------------------------------------------------------------------------
FROM OPERATIONS
- -----------------------------------------------------------------------------------------------------
Net Investment Income $ 2,222,286 $ 3,366,308
- -----------------------------------------------------------------------------------------------------
Net Realized (Loss) from Securities Transactions (26,541) (12,897)
- -----------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 2,195,745 3,353,411
- -----------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 347,694,923 642,000,791
- -----------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (352,551,411) (646,550,579)
- -----------------------------------------------------------------------------------------------------
Net (Decrease) in Net Assets from Capital Transactions (4,856,488) (4,549,788)
- -----------------------------------------------------------------------------------------------------
TOTAL (DECREASE) IN NET ASSETS (2,660,743) (1,196,377)
=====================================================================================================
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Beginning of Period 110,407,654 111,604,031
- -----------------------------------------------------------------------------------------------------
End of Period $ 107,746,911 $ 110,407,654
=====================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 4
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 six For the year ended February 19, 1991
months ended December 31, (Commencement
June 30, 1995 ------------------------------- of Operations) to
(unaudited) 1994 1993 1992 December 31, 1991
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income
to Average Net Assets 3.89%* 2.76% 2.50% 3.18% 4.59%*
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 0.03%* 0.03% 0.02% 0.02% 0.02%*
Net Assets, End of Period (000's omitted) $107,747 $110,408 $111,604 $157,634 $143,942
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 5
TAX FREE MONEY PORTFOLIO 13
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
ARIZONA - 3.53%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ $2,000,000 Chandler, Arizona, I.D.A., (LOC: National Westminster),
Variable Rate Monthly Demand Note, 3.60%, 12/15/09 (a) $2,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ P1 1,800,000 Pinal County, Arizona, I.D.A., P.C.R., (LOC: National Westminster),
Variable Rate Daily Demand Note, 4.20%, 12/1/09 (a) 1,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
3,800,000
===================================================================================================================================
CALIFORNIA - 3.92%
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG1 4,200,000 Los Angeles County, California, TRANS, (LOC: Credit
Suisse, Morgan Guaranty, Union Bank of Switzerland,
Swiss Bank, West Deutsche Bank), 4.50%, 7/1/96 4,228,140
===================================================================================================================================
COLORADO - 4.08%
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ 2,500,000 Arapahoe County, Colorado, Highway Revenue, (LOC: Union
Bank of Switzerland), 4.45%, 8/31/26, Optional Put 8/31/95 2,500,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ P1 1,900,000 Lakewood, Colorado, Moritz and Diamond Head, (LOC: Dai-Ichi
Kangyo), Variable Rate Monthly Demand Note, 4.25%, 10/1/07 1,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
4,400,000
===================================================================================================================================
CONNECTICUT - 3.25%
- -----------------------------------------------------------------------------------------------------------------------------------
AA- Aa AA 500,000 Connecticut State G.O., Economic Recovery Notes,
5.40%, 12/15/95 502,080
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ VMIG1 3,000,000 Connecticut Unemployment Compensation Revenue
Bonds, (FGIC Insured), 3.90%, 11/15/01, Mandatory Put 7/1/96 3,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
3,502,080
===================================================================================================================================
DISTRICT OF COLUMBIA - 9.00%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 4,600,000 District of Columbia, G.O., (LOC: Landesbank Hessen),
Variable Rate Daily Demand Note, 4.85%, 6/1/03 (a) 4,600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 3,400,000 District of Columbia, G.O., (LOC: Sanwa Bank)
Variable Rate Daily Demand Note, 4.85%, 6/1/03 (a) 3,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,700,000 District of Columbia, G.O., (LOC: Westdeutsche Landesbank),
Variable Rate Daily Demand Note, 4.85%, 6/1/03 (a) 1,700,000
- -----------------------------------------------------------------------------------------------------------------------------------
9,700,000
===================================================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 6
TAX FREE MONEY PORTFOLIO 14
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C> <C> <C>
FLORIDA - 5.29%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ $ 200,000 Dade County, Florida, Housing Finance Authority, Bermuda Villas,
Series K, (LOC: John Hancock Insurance), Variable Rate Weekly
Demand Note, 4.45%, 2/1/05 (a) $ 200,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 600,000 Dade County, Florida, Housing Finance Authority, Cutler Club
Apartments, Series J, (LOC: John Hancock Insurance), Variable
Rate Weekly Demand Note, 4.45%, 2/1/05 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 3,000,000 Dade County, Florida, Housing Finance Authority, Nob Hill
Project, Series 1, (LOC: John Hancock Insurance), Variable Rate
Weekly Demand Note, 4.45%, 8/1/05 (a) 3,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa 1,100,000 Florida Housing Finance Agency, Lakes of Northdale, (MBIA
Insured), Variable Rate Monthly Demand Note, 4.00%, 6/1/07 (a) 1,100,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 300,000 Florida Housing Finance Agency, (LOC: Wells Fargo),
Variable Rate Monthly Demand Note, 4.10%, 4/1/07 (a) 300,000
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG1 500,000 Palm Beach County, Florida, Water and Sewer Revenue, (LOC:
Sanwa Bank), Variable Rate Daily Demand Note, 4.20%, 10/1/11 (a) 500,000
- -----------------------------------------------------------------------------------------------------------------------------------
5,700,000
===================================================================================================================================
GEORGIA - 0.93%
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 1,000,000 Fulton County, Georgia, (LOC: Sumitomo Bank), Variable
Rate Weekly Demand Note, 4.45%, 8/1/16 (a) 1,000,000
===================================================================================================================================
ILLINOIS - 4.96%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,300,000 Burbank, Illinois, I.D.R., (LOC: Canadian Imperial Bank),
Variable Rate Monthly Demand Note, 4.00%, 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
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ MIG1 2,540,000 Chicago, Illinois, G.O., Tender Notes, (LOC: Morgan Guaranty),
4.60%, 10/31/96, Mandatory Put 10/31/95 2,540,000
- -----------------------------------------------------------------------------------------------------------------------------------
5,340,000
===================================================================================================================================
IOWA - 6.58%
- -----------------------------------------------------------------------------------------------------------------------------------
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, 4.25%, 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, 4.45%, 12/1/96 (a) 1,500,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 7
TAX FREE MONEY PORTFOLIO 15
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C> <C> <C>
A1+ $2,895,000 Urbandale, Iowa, Meredith Drive Associates, (Guaranteed
by Principal Financial Group), Variable Rate Monthly Demand
Note, 4.25%, 11/1/15 (a) $2,895,000
- -----------------------------------------------------------------------------------------------------------------------------------
7,095,000
===================================================================================================================================
KANSAS - 2.51%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,400,000 Fairway, Kansas, I.D.R., J.C. Nichols Project, (Guaranteed by
Principal Financial Group), Variable Rate Monthly Demand
Note, 4.25%, 11/1/14 (a) 1,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,300,000 Prairie Village, Kansas, Multi-Family Revenue, J.C. Nichols Project,
(Guaranteed by Bankers Life), Variable Rate
Monthly Demand Note, 4.25%, 12/1/15 (a) 1,300,000
- -----------------------------------------------------------------------------------------------------------------------------------
2,700,000
===================================================================================================================================
LOUISIANA - 0.93%
- -----------------------------------------------------------------------------------------------------------------------------------
A1 1,000,000 Jefferson Parish, Louisiana, Hospital Revenue, West Jefferson
Medical Center, (LOC: Citibank), Variable Rate Weekly
Demand Note, 4.45%, 1/1/26 (a) 1,000,000
===================================================================================================================================
MINNESOTA - 2.04%
- -----------------------------------------------------------------------------------------------------------------------------------
A1 2,200,000 St. Paul, Minnesota, Housing and Redevelopment Agency,
(LOC: Sumitomo Bank), Variable Rate Monthly Demand Note,
3.95%, 12/1/12 (a) 2,200,000
===================================================================================================================================
MISSOURI - 3.25%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 2,200,000 Kansas City, Missouri, I.D.A., Coach House Project, (Guaranteed
by Principal Financial Group), Variable Rate Monthly Demand
Note, 4.25%, 12/1/15 (a) 2,200,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 1,300,000 St. Louis, Missouri, I.D.A., Cedar Run Apartments Project, (LOC:
John Hancock Insurance), Variable Rate Weekly Demand Note,
4.55%, 2/1/07 (a) 1,300,000
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000
===================================================================================================================================
NEVADA - 4.45%
- -----------------------------------------------------------------------------------------------------------------------------------
A1 P1 4,800,000 Clark County, Nevada, Nevada Power Company, I.D.R., (LOC:
Fuji Bank), Variable Rate Weekly Demand Note, 4.85%, 12/1/15 (a) 4,800,000
===================================================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 8
TAX FREE MONEY PORTFOLIO 16
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
NEW HAMPSHIRE - 0.28%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ $ 300,000 New Hampshire State, I.D.A., (LOC: Union Bank of Switzerland),
Variable Rate Monthly Demand Note, 4.00%, 7/1/13 (a) $ 300,000
===================================================================================================================================
NEW YORK - 15.56%
- -----------------------------------------------------------------------------------------------------------------------------------
MIG1 2,500,000 Erie County, New York, G.O., RANS, (LOC: Union Bank of
Switzerland), 4.75%, 8/15/95 2,500,297
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 AAA 600,000 Great Neck, New York, North New York Water Authority, (FGIC
Insured), Variable Rate Weekly Demand Note, 4.00%, 1/1/20 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 2,055,000 Nassau County, New York, G.O., (FGIC Insured), 6.30%, 11/1/95 2,068,064
- -----------------------------------------------------------------------------------------------------------------------------------
AAA VMIG1 AAA 2,400,000 New York City, New York, City Municipal Water Finance Authority,
(FGIC Insured),Variable Rate Daily Demand Note, 4.50%, 6/15/25 (a) 2,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 AAA 700,000 New York City, New York, G.O., (FGIC Insured), Variable
Rate Daily Demand Note, 4.50%, 10/1/20 (a) 700,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 A- 600,000 New York City, New York, G.O., (LOC: Dai-Ichi Kangyo),
Variable Rate Daily Demand Note, 4.55%, 8/15/21 (a) 600,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1 VMIG1 1,000,000 New York City, New York, G.O., (LOC: Krediet Bank), Variable Rate
Daily Demand Note, 4.25%, 8/1/16 (a) 1,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 A- 500,000 New York City, New York, G.O., (LOC: Norinchukin Bank),
Variable Rate Daily Demand Note, 4.55%, 10/1/23 (a) 500,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 A- 1,000,000 New York City, New York, G.O., (LOC: Sanwa Bank), Variable Rate
Daily Demand Note, 4.55%, 8/15/18 (a) 1,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 5,400,000 New York State Energy Research and Development Authority, P.C.R.,
(LOC: Toronto Dominion), Variable Rate Daily Demand Note,
4.55%, 7/1/15 (a) 5,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
16,768,361
===================================================================================================================================
NORTH CAROLINA - 1.86%
- -----------------------------------------------------------------------------------------------------------------------------------
P1 2,000,000 North Carolina Eastern Municipal Power, Tax-Exempt
Commercial Paper, (LOC: Morgan Guaranty), 3.05%, 9/6/95 2,000,000
===================================================================================================================================
OHIO - 2.41%
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 2,600,000 University of Cincinnati, Ohio, BANS, 4.75%, 8/30/95 2,600,746
===================================================================================================================================
PENNSYLVANIA - 4.38%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ 700,000 Lehigh County, Pennsylvania, I.D.R., Allegheny Electric,
(LOC: Nederland Bank), Variable Rate Monthly Demand Note,
4.00%, 6/1/14 (a) 700,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 9
TAX FREE MONEY PORTFOLIO 17
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
MIG1 $4,000,000 Pennsylvania State University, G.O., 5.50%, 12/21/95 $4,015,271
- -----------------------------------------------------------------------------------------------------------------------------------
4,715,271
===================================================================================================================================
SOUTH CAROLINA - 2.78%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ MIG1 3,000,000 York County, South Carolina, P.C.R., (Guaranteed by National
Rural), 4.30%, 9/15/14, Optional Put 9/15/95 3,000,000
===================================================================================================================================
TEXAS - 8.83%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,900,000 Harris County, Texas, Health Facility Development-Texas Medical
Center Project, (MBIA Insured), Variable Rate Daily Demand Note,
4.20%, 2/15/22 (a) 1,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG1 800,000 Harris County, Texas, Health Facility Development-Tirr Project,
(LOC: Texas Commerce Bank), Variable Rate Daily Demand Note,
4.20%, 10/1/17 (a) 800,000
- -----------------------------------------------------------------------------------------------------------------------------------
AA- AA 1,400,000 Houston, Texas, G.O., 5.50%, 3/1/96 1,406,769
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG1 1,400,000 Texas Small Business, I.D.R., (LOC: Credit Suisse), Variable
Rate Weekly Demand Note, 5.05%, 7/1/26 (a) 1,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
SP1+ MIG1 F1+ 4,000,000 Texas State, TRANS, 5.00%, 8/31/95 4,002,813
- -----------------------------------------------------------------------------------------------------------------------------------
9,509,582
===================================================================================================================================
VERMONT - 4.39%
- -----------------------------------------------------------------------------------------------------------------------------------
VMIG1 4,735,000 Vermont, I.D.A., Central Vermont Public Service, (LOC: Citibank),
Variable Rate Monthly Demand Note, 3.60%, 12/1/13 (a) 4,735,000
===================================================================================================================================
VIRGINIA - 0.93%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,000,000 Virginia State Housing Development Authority, Series A,
4.25%, 7/1/17, Mandatory Put 7/12/95 1,000,000
===================================================================================================================================
WASHINGTON - 0.93%
- -----------------------------------------------------------------------------------------------------------------------------------
A1+ VMIG1 1,000,000 Chelan County, Washington, Public Utility District 1,
(LOC: Credit Suisse), Variable Rate Weekly Demand Note,
4.25%, 6/1/15 (a) 1,000,000
===================================================================================================================================
WYOMING - 4.83%
- -----------------------------------------------------------------------------------------------------------------------------------
A1 400,000 Lincoln County, Wyoming, P.C.R., Champlin Petroleum Company,
(Union Pacific Guarantee), Variable Rate Monthly Demand
Note, 4.05%, 11/1/12 (a) 400,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 21 and 22
<PAGE> 10
TAX FREE MONEY PORTFOLIO 18
-----------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
===================================================================================================================================
June 30, 1995 (unaudited)
RATING (c)
- ------------------------- PRINCIPAL
S&P / MOODY / FITCH AMOUNT DESCRIPTION (b) VALUE
===================================================================================================================================
<S> <C> <C>
A1 $4,800,000 Uintah County, Wyoming, P.C.R., Champlin Petroleum Company,
(Union Pacific Guarantee), Variable Rate Monthly Demand
Note, 4.05%, 11/1/12 (a) $4,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
5,200,000
===================================================================================================================================
TOTAL INVESTMENTS
(Amortized Cost $109,794,180) 101.90% $109,794,180
- -----------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.90%) (2,047,269)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS 100.00% $107,746,911
===================================================================================================================================
</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:
BANS -- Bond Anticipation Notes
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
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 21 and 22
<PAGE> 11
TAX FREE MONEY PORTFOLIO 21
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
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 there-under. 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.
<PAGE> 12
TAX FREE MONEY PORTFOLIO 22
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 2 - FEES AND TRANSACTIONS WITH AFFILIATES
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"). Under this Administration and
Services Agreement, Bankers Trust provides administrative, custody, transfer
agency and shareholder services to the Portfolio in return for a fee computed
daily and paid monthly at an annual rate of 0.05 of 1% of the Portfolio's
average daily net assets. For the six months ended June 30, 1995, this fee
aggregated $28,598.
The Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this Advisory Agreement, the Portfolio pays Bankers Trust an advisory fee
computed daily and paid monthly at the annual rate of 0.15 of 1% of the
Portfolio's average daily net assets. For the six months ended June 30, 1995,
this fee aggregated $85,794.
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of
the Portfolio, to the extent necessary, to limit all expenses to 0.20 of 1% of
the average daily net assets of the Portfolio. For the six months ended June
30, 1995, expenses of the Portfolio have been reduced $17,127.
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.
