<PAGE> 1
INTERMEDIATE TAX FREE FUND 10
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
================================================================================
June 30, 1995 (unaudited)
<S> <C>
- --------------------------------------------------------------------------------
Assets
- --------------------------------------------------------------------------------
Investments, at Value (Cost $22,296,245) $23,397,256
- --------------------------------------------------------------------------------
Cash 88,648
- --------------------------------------------------------------------------------
Interest and Other Receivables 351,527
- --------------------------------------------------------------------------------
Prepaid Expenses 859
- --------------------------------------------------------------------------------
Due from Bankers Trust 322
- --------------------------------------------------------------------------------
Total Assets 23,838,612
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 12,228
- --------------------------------------------------------------------------------
Total Liabilities 12,228
- --------------------------------------------------------------------------------
Net Assets $23,826,384
================================================================================
Composition of Net Assets
- --------------------------------------------------------------------------------
Paid-in Capital $22,725,373
- --------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 1,101,011
- --------------------------------------------------------------------------------
Net Assets, June 30, 1995 $23,826,384
================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 2
INTERMEDIATE TAX FREE PORTFOLIO 11
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Operations
===============================================================================================
For the six months ended June 30, 1995 (unaudited)
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Investment Income
- -----------------------------------------------------------------------------------------------
Interest $ 691,790
- -----------------------------------------------------------------------------------------------
Expenses
- -----------------------------------------------------------------------------------------------
Advisory Fee $ 50,370
- -----------------------------------------------------------------------------------------------
Administration and Services Fee 6,296
- -----------------------------------------------------------------------------------------------
Professional Fees 7,523
- -----------------------------------------------------------------------------------------------
Insurance 1,318
- -----------------------------------------------------------------------------------------------
Trustees Fees 732
- -----------------------------------------------------------------------------------------------
Miscellaneous 583
- -----------------------------------------------------------------------------------------------
Total Expenses 66,822
- -----------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (10,156) 56,666
- -----------------------------------------------------------------------------------------------
Net Investment Income 635,124
===============================================================================================
Net Realized and Unrealized Gain (Loss) on Securities
- -----------------------------------------------------------------------------------------------
Net Realized Gain from Securities Transactions 116,661
- -----------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 1,297,317
===============================================================================================
Net Realized and Unrealized Gain on Securities 1,413,978
===============================================================================================
Net Increase in Net Assets from Operations $2,049,102
===============================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 3
INTERMEDIATE TAX FREE PORTFOLIO 12
------------------------------------------------------------------------
<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 $ 635,124 $ 1,347,292
- ---------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) from Securities Transactions 116,661 (1,317,949)
- ---------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation (Depreciation) on Securities 1,297,317 (1,188,059)
- ---------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Operations 2,049,102 (1,158,716)
- ---------------------------------------------------------------------------------------------------------
From Capital Transactions
- ---------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 2,674,577 11,949,297
- ---------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (6,223,512) (17,209,743)
- ---------------------------------------------------------------------------------------------------------
Net (Decrease) in Net Assets from Capital Transactions (3,548,935) (5,260,446)
- ---------------------------------------------------------------------------------------------------------
Total (Decrease) in Net Assets (1,499,833) (6,419,162)
=========================================================================================================
Net Assets
- ---------------------------------------------------------------------------------------------------------
Beginning of Period 25,326,217 31,745,379
- ---------------------------------------------------------------------------------------------------------
End of Period $23,826,384 $25,326,217
=========================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 4
INTERMEDIATE TAX FREE PORTFOLIO 13
------------------------------------------------------------------------
Financial Highlights
================================================================================
Contained below are selected ratios and supplemental data for each of the
periods indicated for the Intermediate Tax Free Portfolio.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
For the period
For the For the For the July 20, 1992
six months ended year ended year ended (Commencement
June 30, 1995 December December of Operations) to
(unaudited) 31, 1994 31, 1993 December 31, 1992
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ratios and Supplemental Data
Ratio of Net Investment Income to Average Net Assets 5.04% * 4.58% 4.29% 4.11% *
Ratio of Expenses to Average Net Assets 0.45% * 0.45% 0.45% 0.45% *
Decrease Reflected in Above Ratio of Expenses to Average
Net Assets Due to Absorption of Expenses by
Bankers Trust 0.08% * 0.14% 0.18% 0.43% *
Portfolio Turnover Rate 67% 118% 40% 132%
Net Assets, End of Period (000's omitted) $23,826 $25,326 $31,745 $9,995
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 5
INTERMEDIATE TAX FREE PORTFOLIO 14
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Schedule of Portfolio Investments
================================================================================
June 30, 1995 (unaudited)
Principal
Amount Description Value
================================================================================
<C> <S> <C>
Arizona - 4.95%
- --------------------------------------------------------------------------------
$1,080,000 Phoenix, Arizona Series C,
6.375%, 7/1/02 $ 1,179,479
================================================================================
California - 13.61%
- --------------------------------------------------------------------------------
1,000,000 California State, 6.20%, 11/1/02 1,070,320
- --------------------------------------------------------------------------------
1,000,000 California State Department
Water Series L, 5.50%, 12/01/09 971,850
- --------------------------------------------------------------------------------
205,000 California State Maturities,
5.90%, 9/1/02 215,482
- --------------------------------------------------------------------------------
500,000 California State Public Works
Board, 5.50%, 11/1/01 505,280
- --------------------------------------------------------------------------------
500,000 Los Angeles, California Water &
Power Revenue, 5.00%, 11/15/06 479,440
- --------------------------------------------------------------------------------
3,242,372
================================================================================
Colorado - 2.10%
- --------------------------------------------------------------------------------
500,000 Colorado Water Resources Power
Development Authority,
Clean Water Revenue
Series A, 5.15%, 9/1/04 500,325
================================================================================
Connecticut - 3.45%
- --------------------------------------------------------------------------------
500,000 Connecticut State Special
Tax Obligatory Revenue,
Transportation Infrastructure
Series B, 5.90%, 9/1/05 526,520
- --------------------------------------------------------------------------------
275,000 Connecticut State Special
Tax Obligatory Revenue,
Transportation Series A,
6.75%, 2/15/99 295,317
- --------------------------------------------------------------------------------
821,837
================================================================================
Delaware - 2.32%
- --------------------------------------------------------------------------------
520,000 Delaware Transportation Authority,
6.10%, 7/1/02 553,758
================================================================================
Florida - 0.84%
- --------------------------------------------------------------------------------
200,000 Palm Beach County, Florida
Water and Sewer Revenue,
Variable Rate, 10/1/11 200,000
================================================================================
Illinois - 7.42%
- --------------------------------------------------------------------------------
$ 700,000 Illinois State, 5.60%, 10/1/99 $ 726,978
- --------------------------------------------------------------------------------
1,000,000 Illinois State Sales Tax Series Q,
6.00%, 6/15/12 1,040,700
- --------------------------------------------------------------------------------
1,767,678
================================================================================
Indiana - 1.37%
- --------------------------------------------------------------------------------
300,000 Indiana University Revenue,
Student Fees Series H,
6.60%, 8/1/01 326,376
================================================================================
Kansas - 4.19%
- --------------------------------------------------------------------------------
1,000,000 Kansas State Department of
Transportation Highway Revenue,
5.10%, 3/1/05 998,040
================================================================================
Kentucky - 2.50%
- --------------------------------------------------------------------------------
600,000 Kentucky State Turnpike Authority
Economic Development Road
Revenue, 5.625%, 7/1/10 596,094
================================================================================
Massachusetts - 1.86%
- --------------------------------------------------------------------------------
460,000 Massachusetts State Water Pollution
Control Revenue
Series B, 4.95%, 8/1/06 442,133
================================================================================
Michigan - 3.11%
- --------------------------------------------------------------------------------
500,000 Michigan State Building Authority
(Ambac Insured) Series I,
6.00%, 10/1/02 532,560
- --------------------------------------------------------------------------------
200,000 Michigan State Housing
Development Authority Single
Family Meeting Revenue
Series B, 6.30%, 12/1/03 207,924
- --------------------------------------------------------------------------------
740,484
================================================================================
Missouri - 2.24%
- --------------------------------------------------------------------------------
500,000 Missouri Environmental
Improvement Authority Series B,
6.15%, 7/1/01 534,035
================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 6
INTERMEDIATE TAX FREE PORTFOLIO 15
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Schedule of Portfolio Investments
================================================================================
June 30, 1995 (unaudited)
Principal
Amount Description Value
================================================================================
<C> <S> <C>
Nebraska - 1.32%
- --------------------------------------------------------------------------------
$ 300,000 Nebraska Public Power District
Revenue 5.70%, 1/1/05 $ 315,000
================================================================================
Nevada - 2.18%
- --------------------------------------------------------------------------------
500,000 Clark County, Nevada (Ambac
Insured), 5.70%, 7/1/03 518,675
================================================================================
New Jersey - 0.99%
- --------------------------------------------------------------------------------
225,000 New Jersey State Turnpike
Authority Series A, 6.00%, 1/1/05 236,140
================================================================================
New York - 19.49%
- --------------------------------------------------------------------------------
500,000 New York City, New York G.O.,
Series A, 5.625%, 8/1/01 502,355
- --------------------------------------------------------------------------------
700,000 New York City, New York G.O.,
Series A, Variable Rate, 10/1/20 700,000
- --------------------------------------------------------------------------------
800,000 New York City, New York G.O.,
Series A, Variable Rate, 8/15/23 800,000
- --------------------------------------------------------------------------------
300,000 New York City, New York G.O.,
Series B, 5.50 %, 10/1/97 307,140
- --------------------------------------------------------------------------------
1,000,000 New York State Environmental
Facility Corporation Pollution
Control Revenue, 5.75%, 6/15/10 995,010
- --------------------------------------------------------------------------------
1,000,000 New York State G.O., Series B
5.50%, 8/15/06 1,009,870
- --------------------------------------------------------------------------------
300,000 Triborough Bridge & Tunnel
Authority Series V, 7.00%, 1/1/06 329,925
- --------------------------------------------------------------------------------
4,644,300
================================================================================
Ohio - 4.58%
- --------------------------------------------------------------------------------
1,000,000 Ohio State Building Authority
Series A, 6.50%, 10/1/01 1,090,800
================================================================================
Oklahoma - 1.30%
- --------------------------------------------------------------------------------
300,000 Grand River Dam, OK Dam
Authority, 5.50%, 6/1/03 309,102
================================================================================
South Carolina - 1.31%
- --------------------------------------------------------------------------------
$ 300,000 South Carolina State Public
Service Authority Revenue,
Series A, 5.70%, 7/1/01 $ 312,192
================================================================================
Texas - 11.64%
- --------------------------------------------------------------------------------
1,000,000 Austin, Texas Utility System
Revenue Series A,
6.00%, 11/15/04 1,063,270
- --------------------------------------------------------------------------------
300,000 Garland, Texas Independent
School District, Series A,
6.40%, 2/15/98 310,308
- --------------------------------------------------------------------------------
500,000 Texas State, G.O., Series A,
6.00%, 10/1/06 532,385
- --------------------------------------------------------------------------------
300,000 Texas Water Reserve Finance
Authority Revenue,
7.30%, 8/15/04 324,132
- --------------------------------------------------------------------------------
500,000 University of Texas,
6.50%, 8/15/01 544,610
- --------------------------------------------------------------------------------
2,774,705
================================================================================
Washington - 2.23%
- --------------------------------------------------------------------------------
500,000 Washington State Series B,
6.00%, 5/1/02 531,880
================================================================================
Wisconsin - 3.20%
- --------------------------------------------------------------------------------
500,000 Milwaukee, Wisconsin Metropolitan
Sewer District Series A, 6.70%,
10/1/01 550,745
- --------------------------------------------------------------------------------
200,000 Wisconsin State Transportation
Revenue Series A, 6.00%, 7/1/00 211,106
- --------------------------------------------------------------------------------
761,851
================================================================================
Total Investments
(Cost $22,296,245) 98.20% $23,397,256
- --------------------------------------------------------------------------------
Other Assets in Excess of Liabilities 1.80% 429,128
- --------------------------------------------------------------------------------
Net Assets 100.00% $23,826,384
================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 7
INTERMEDIATE TAX FREE PORTFOLIO 18
------------------------------------------------------------------------
Notes To Financial Statements (unaudited)
================================================================================
Note 1 -- Organization and Significant Accounting Policies
A. Organization
The Intermediate Tax Free 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 December 11, 1991,
as an unincorporated trust under the laws of New York and commenced operations
on July 20, 1992. The Declaration of Trust permits the Board of Trustees (the
"Trustees") to issue beneficial interests in the Portfolio.
B. Security Valuation
The Portfolio's investments are valued each business day by an independent
pricing service (the "Service") approved by the Board of Trustees. Investments
for which quoted bid prices in the judgment of the Service are readily available
and are representative of the bid side of the market are valued at the mean
between the quoted bid prices (as obtained by the Service from dealers in such
securities) and asked prices (as calculated by the Service based upon its
evaluation of the market for such securities). Other investments (which
constitute a majority of the portfolio securities) are carried at fair value as
determined by the Service, based on methods which include consideration of:
yields or prices of government securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions. Short-term obligations are valued at amortized cost which with
accrued interest approximates value. Securities for which quotations are not
available are stated at fair value as determined by the Board of Trustees.
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.
All of the net investment income and realized and unrealized gains and losses
from the security transactions of the Portfolio are allocated pro rata among the
investors in the Portfolio at the time of such determination.
D. 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> 8
INTERMEDIATE TAX FREE PORTFOLIO 19
------------------------------------------------------------------------
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 $6,296.
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 an annual rate of 0.40 of 1% of the
Portfolio's average daily net assets. For the six months ended June 30, 1995,
this fee aggregated $50,370.
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of the
Portfolio, to the extent necessary, to limit all expenses to 0.45 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 $10,156.
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.
Note 3 -- Purchases and Sales of
Investment Securities
The aggregate cost of purchases and proceeds from sales of investments, other
than short-term obligations, for the six months ended June 30, 1995, were
$14,734,085 and $14,852,684, respectively. The aggregate gross unrealized
appreciation for all investments was $1,101,011.
