SMITH BARNEY SHEARSON FMA R TRUST
STATEMENT OF ASSETS AND LIABILITIES
At November 30, 1993
FMA
FMA
FMA FMA FMA California
New York
Cash Municipal Government Municipal
Municipal
Fund Fund Fund Fund
Fund
ASSETS:
Cash $ 20,000 $ 20,000 $ 20,000 $ 20,000 $
20,000
Deferred organization 76,900 76,900 76,900 76,900
76,900
costs (Note 1)
Total Assets: 96,900 96,900 96,900 96,900
96,900
LIABILITIES:
Accrued organization 76,900 76,900 76,900 76,900
76,900
costs (Note 1)
Total Liabilities: 76,900 76,900 76,900 76,900
76,900
NET ASSETS: $ 20,000 $ 20,000 $ 20,000 $ 20,000 $
20,000
Shares outstanding 20,000 20,000 20,000 20,000
20,000
NET ASSET VALUE, offering
and $ $ $ 1.00 $ $
redemption price per 1.00 1.00 1.00
1.00
share
The accompanying Notes are an integral part of this Statement of Assets and
Liabilities.
SMITH BARNEY SHEARSON FMA R TRUST
STATEMENT OF ASSETS AND LIABILITIES
At November 30, 1993
(1) Smith Barney Shearson FMA Trust (the "Trust") was organized as a business
trust under the laws of the Commonwealth of
Massachusetts on November 12, 1991 and is registered under the Investment
Company Act of 1940, as amended, as an open-end, management investment
company. The Trust consists of the following five money market funds (the
"Funds"): FMA Cash Fund, FMA Municipal Fund, FMA Government Fund, FMA
California Municipal Fund and FMA New York Municipal Fund. The Trust has
no
operations other than organizational matters and the issuance and sales of
shares ("initial shares") of each Fund on January 14, 1992 to Shearson
Lehman Brothers Inc. (Shearson Lehman Brothers"), the distributor of the
Trust's shares. At November 30, 1993, an unlimited number of shares of
beneficial interest with a par value of $.001 per share were authorized.
Costs incurred in connection with the organization of each Fund and the
initial offering costs of each Fund's shares have been deferred and will be
amortized over a five-year period on the straight-line method from the date
upon which each Fund commences investment activities. In the event that
the
initial shares purchased by Shearson Lehman Brothers are redeemed during
the
amortization period by Shearson Lehman Brothers, or any other holders, the
proceeds from the redemption will be reduced by the unamortized portion of
the organizational expenses. Of the accrued organization costs, $133,500
is
payable to The Boston Company Advisors, Inc., an indirect wholly owned
subsidiary of Mellon Bank Corporation, for registration and filing fees.
The Boston Company Advisors, Inc. serves as the administrator to the Trust.
(2) The Trust intends to comply with the requirements of the Internal Revenue
Code of 1986, as amended, necessary to qualify as a
regulated investment company and to make the requisite distributions of
income to its shareholders that will be sufficient to relieve it from
substantially all federal income taxes.
(3) As of the close of business on July 30, 1993, The Travelers Inc. (which
at
the time was known as Primerica Corporation
("Travelers") and Smith Barney, Harris Upham & Co. Incorporated completed
the acquisition of substantially all of the domestic retail brokerage and
asset management businesses of Shearson Lehman Brothers Inc. and Smith
Barney, Harris Upham & Co. Incorporated was renamed Smith Barney Shearson
Inc. ("Smith Barney Shearson").
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of
Smith Barney Shearson FMA Trust:
We have audited the accompanying statements of assets and liabilities of
the Smith
Barney Shearson FMA Trust (the "Trust") (consisting of FMA Cash Fund, FMA
Municipal
Fund, FMA Government Fund, FMA New York Municipal Fund, and FMA California
Municipal Fund) as of November 30, 1993. These statements of assets and
liabilities are
the responsibility of the Trust's management. Our responsibility is to
express an opinion
on these statements of assets and liabilities based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards.
Those standards require that we plan and perform the audit to obtain
reasonable
assurance about whether statements of assets and liabilities are free of
material
misstatement. An audit includes examining, on a test basis, evidence
supporting the
amounts and disclosures in the statements of assets and liabilities. Our
procedures
included confirmation of cash held as of November 30, 1993 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
presentation
of the statements of assets and liabilities. We believe that our audit
provides a reasonable
basis for our opinion.
In our opinion, the statements of assets and liabilities referred to
above present
fairly, in all material respects, the financial position of the Smith Barney
Shearson FMA
Trust as of November 30, 1993, in conformity with generally accepted
accounting
principles.
Boston, Massachusetts Coopers & Lybrand
January 27, 1994
