<PAGE>
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President's Letter
Dear Shareholder:
The Walnut Street Funds is pleased to present you with our 1995 semi-annual re-
port. The economic environment during the first six months of 1995 led rapidly
to dynamic increases in equity prices in general, resulting in new highs on ma-
jor stock indexes. Short-term yields stabilized during the period as the Fed-
eral Reserve Board reversed its trend of increasing rates, with a decrease in
the Federal Fund rate occurring on July 6, 1995.
Investors continue to show confidence in money market funds, as industry-wide
money market assets during the period grew by 1.7%. The Prime Reserve Fund ex-
perienced growth in assets of more than 34% during the first six months of
1995, reaching assets of $120.3 million on June 30, 1995. The seven-day current
yield for the Prime Reserve Fund was 5.29% on June 30, 1995, with an average
maturity of 44 days.
Walnut Street Funds, Inc. and General American Investment Management Company,
the Fund's investment adviser, remain committed to providing our shareholders
with excellent service and professional investment management.
Sincerely,
/s/ Rene C. Lorio
Rene C. Lorio
President
The Walnut Street Funds, Inc.
Yields will fluctuate with market conditions. Past performance is no
guarantee of future returns. Investments in money market funds are not
insured or guaranteed by the U.S. Government and there is no assurance
that the Fund will be able to maintain a stable net asset value of
$1.00 per share. The Fund is currently waiving certain fees. Had fees
not been waived, the 7-day current yield would have been 5.18% and the
total return would have been lower. The voluntary waiver of fees may
be modified or terminated at any time, which would reduce the Fund's
performance.
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<PAGE>
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Table of Contents
<TABLE>
<S> <C>
SCHEDULE OF INVESTMENTS............................................. Page 1
STATEMENT OF ASSETS AND LIABILITIES................................. 4
STATEMENT OF OPERATIONS............................................. 4
STATEMENTS OF CHANGES IN NET ASSETS................................. 5
FINANCIAL HIGHLIGHTS................................................ 6
NOTES TO FINANCIAL STATEMENTS....................................... 7
DIRECTORS AND OFFICERS.............................................. 9
</TABLE>
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<PAGE>
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WALNUT STREET PRIME RESERVE FUND
Schedule of Investments
JUNE 30, 1995 (UNAUDITED)
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<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT (NOTE 2A)
--------- ------------
<C> <S> <C>
COMMERCIAL PAPER--87.49%
AUTOMOBILES--5.30%
$ 525,000 BMW US Capital, 5.95%, 7/26/95....................... $ 523,004
200,000 Coop Tractor Dealers, 6.05%, 7/6/95.................. 199,899
400,000 Coop Tractor Dealers, 6.20%, 7/7/95.................. 399,724
510,000 Coop Tractor Dealers, 6.20%, 7/7/95.................. 509,649
1,000,000 Coop Tractor Dealers, 6.03%, 7/19/95................. 997,320
500,000 Coop Tractor Dealers, 6.35%, 8/8/95.................. 496,825
2,000,000 Coop Tractor Dealers, 5.93%, 9/19/95................. 1,974,303
1,300,000 Coop Tractor Dealers, 5.90%, 10/6/95................. 1,279,760
------------
6,380,484
------------
BANKING & FINANCE--80.04%
415,000 Alloman Funding Corp., 5.80%, 8/1/95................. 413,061
790,000 Alloman Funding Corp., 5.85%, 8/8/95................. 785,379
875,000 Alloman Funding Corp., 5.85%, 9/21/95................ 863,625
2,700,000 Banca CRT Financial, 6.31%, 8/8/95................... 2,682,963
700,000 Banca CRT Financial, 6.31%, 8/8/95................... 695,583
2,700,000 Bridgestone/Fire, 6.05%, 7/17/95 (LOC: Fuji Bank).... 2,693,648
1,055,000 Broadway Capital, 5.90%, 9/28/95..................... 1,039,958
2,500,000 Broadway Capital, 5.85%, 9/28/95..................... 2,464,656
1,200,000 Countrywide Funding, 6.00%, 7/21/95.................. 1,196,400
200,000 Countrywide Funding, 6.40%, 7/24/95.................. 199,253
1,320,000 Countrywide Funding, 6.00%, 7/28/95.................. 1,314,500
2,500,000 Countrywide Funding, 6.07%, 8/11/95.................. 2,483,560
</TABLE>
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT (NOTE 2A)
--------- ------------
<C> <S> <C>
$ 339,000 Delaware Group Div., Inc., 6.18%, 7/13/95............ $ 338,418
2,000,000 Delaware Group Div., Inc., 5.93%, 9/18/95............ 1,974,633
800,000 Delaware Group Div., Inc., 5.88%, 9/20/95............ 789,677
2,000,000 Delaware Group Div., Inc., 5.87%, 9/20/95............ 1,974,237
2,170,000 D.I.C. Americas, 5.83%, 8/1/95 (LOC: Mitsubishi
Bank)................................................ 2,159,809
475,000 D.I.C. Americas, 5.85%, 8/1/95 (LOC: Mitsubishi
Bank)................................................ 472,761
500,000 Duff & Phelps, 6.07%, 7/11/95 499,326
945,000 Dynamic Funding, 6.00%, 8/9/95....................... 939,173
2,000,000 Dynamic Funding, 6.00%, 8/9/95....................... 1,987,667
2,000,000 Dynamic Funding, 5.95%, 8/18/95...................... 1,984,794
750,000 Fayette Funding, 6.40%, 7/7/95....................... 749,467
400,000 Fayette Funding, 6.02%, 7/21/95...................... 398,796
2,850,000 Fayette Funding, 6.05%, 7/21/95...................... 2,841,379
2,000,000 Fayette Funding, 6.05%, 7/21/95...................... 1,993,950
1,800,000 Finova Capital Corp, 6.08%, 7/19/95.................. 1,795,136
500,000 Finova Capital Corp, 5.98%, 8/7/95................... 497,093
300,000 Finova Capital Corp, 6.01%, 8/7/95................... 298,247
300,000 Finova Capital Corp, 5.98%, 8/10/95.................. 298,106
1,725,000 Finova Capital Corp, 6.01%, 8/10/95.................. 1,714,057
300,000 Finova Capital Corp, 6.05%, 8/25/95.................. 297,328
600,000 Finova Capital Corp, 6.10%, 8/30/95.................. 594,103
430,000 Finova Capital Corp, 6.03%, 8/31/95.................. 425,751
2,000,000 General Motors Acceptance Corp., 6.16%, 7/24/95...... 1,992,813
</TABLE>
See notes to financial statements.
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1
<PAGE>
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WALNUT STREET PRIME RESERVE FUND
Schedule of Investments (Continued)
JUNE 30, 1995 (UNAUDITED)
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<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT (NOTE 2A)
--------- ------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
BANKING & FINANCE (CONTINUED)
$1,000,000 General Motors Acceptance Corp., 6.16%, 7/24/95...... $ 996,407
3,000,000 General Motors Acceptance Corp., 6.07%, 8/4/95....... 2,983,813
800,000 Global Funding, 6.10%, 7/31/95....................... 796,204
2,000,000 Global Funding, 5.80%, 9/29/95....................... 1,971,645
3,000,000 Industrial Funding, 6.05%, 7/25/95................... 2,988,908
1,100,000 Industrial Funding, 6.00%, 7/25/95................... 1,095,967
4,000,000 JAL Capital, 5.95%, 8/25/95.......................... 3,964,961
1,000,000 JAL Capital, 5.95%, 9/1/95........................... 990,083
607,000 JV Receivables, 6.02%, 7/10/95....................... 606,290
636,000 JV Receivables, 6.02%, 7/12/95....................... 635,043
3,000,000 JV Receivables, 5.95%, 8/15/95....................... 2,978,679
990,000 JV Receivables, 6.00%, 8/15/95....................... 982,905
2,450,000 Lehman Brothers Holding, 6.00%, 7/5/95............... 2,449,183
1,100,000 Lehman Brothers Holding, 6.10%, 8/2/95............... 1,094,408
575,000 Lehman Brothers Holding, 6.02%, 8/7/95............... 571,635
1,000,000 Mitsubishi Motors, 6.04%, 7/25/95 (LOC: Norinchukin
Bank)................................................ 996,309
3,000,000 Orix America, 5.90%, 9/13/95 (LOC: Sanwa Bank)....... 2,964,600
1,500,000 Orix America, 5.90%, 9/15/95 (LOC: Industrial Bank of
Japan)............................................... 1,481,808
1,500,000 Orix America, 5.95%, 9/15/95 (LOC: Industrial Bank of
Japan)............................................... 1,481,654
1,000,000 Orix America, 5.85%, 10/31/95 (LOC: Norinchukin
Bank)................................................ 980,500
430,000 Postipankki, 5.90%, 9/19/95.......................... 424,503
1,000,000 Postipankki, 5.92%, 9/19/95.......................... 987,173
500,000 Progress Funding, 6.12%, 7/3/95...................... 500,000
</TABLE>
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT (NOTE 2A)
--------- ------------
<C> <S> <C>
$ 500,000 Progress Funding, 6.07%, 7/17/95..................... $ 498,820
400,000 Progress Funding, 6.00%, 7/27/95..................... 398,400
1,200,000 Progress Funding, 5.77%, 8/31/95..................... 1,188,652
1,425,000 Progress Funding, 5.95%, 9/7/95...................... 1,409,456
500,000 Progress Funding, 5.92%, 9/12/95..................... 494,162
991,000 Progress Funding, 6.03%, 9/12/95..................... 979,215
272,000 Progress Funding, 6.03%, 9/15/95..................... 268,629
1,540,000 Prospect Street, 5.88%, 8/28/95...................... 1,525,914
1,000,000 Prospect Street, 5.90%, 9/12/95...................... 988,364
560,000 Sapphire Funding, 6.05%, 7/12/95..................... 559,153
1,404,000 Strait Capital, 5.92%, 9/18/95....................... 1,386,222
1,000,000 Strategic Asset Funding, 5.92%, 9/25/95.............. 986,187
1,091,000 Tonen Energy, 5.92%, 9/14/95......................... 1,077,903
775,000 Washington Square Mortgage, 6.03%, 7/17/95........... 773,183
2,000,000 Washington Square Mortgage, 6.07%, 7/17/95........... 1,995,279
1,000,000 Washington Square Mortgage, 6.00%, 8/21/95........... 991,833
1,700,000 Washington Square Mortgage, 5.98%, 8/24/95........... 1,685,316
300,000 Washington Square Mortgage, 6.00%, 8/24/95........... 297,400
------------
96,276,073
------------
INSURANCE--2.15%
1,750,000 Allianz of America, 6.00%, 7/13/95................... 1,747,083
850,000 Triple A1 Plus Funding, 5.91%, 8/31/95............... 841,767
------------
2,588,850
------------
TOTAL COMMERCIAL PAPER (Cost $105,245,407)........... 105,245,407
------------
</TABLE>
See notes to financial statements.
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2
<PAGE>
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WALNUT STREET PRIME RESERVE FUND
Schedule of Investments (Continued)
JUNE 30, 1995 (UNAUDITED)
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<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT (NOTE 2A)
--------- ------------
<C> <S> <C>
TIME DEPOSITS--4.24%
$2,000,000 Banco Espirito Santo, 6.25%,
7/5/95............................................. $ 2,000,000
1,000,000 Banco Espirito Santo, 6.25%,
7/5/95............................................. 1,000,000
1,100,000 Banco Espirito Santo, 6.00%, 9/11/95............... 1,100,000
1,000,000 Banco Espirito Santo, 6.00%, 12/11/95.............. 1,000,000
------------
TOTAL TIME DEPOSITS
(Cost $5,100,000).................................. 5,100,000
------------
FLOATING RATE NOTES--8.31%
5,000,000 Federal Home Loan Mortgage Corporation, 6.40%,
payable quarterly, resets daily, next coupon
9/30/95 (a)........................................ 4,997,076
2,000,000 Sallie Mae Floating Rate Note, 5.72%, payable
quarterly, resets Tuesdays, next coupon 9/20/95
(a)................................................ 2,000,000
2,000,000 Sallie Mae Floating Rate Note, 5.71%, payable
quarterly, resets Tuesdays, next coupon 8/22/95
(a)................................................ 2,000,000
1,000,000 Sallie Mae Floating Rate Note, 5.73%, payable
quarterly, resets Tuesdays, next coupon 8/2/95 (a). 998,979
------------
TOTAL FLOATING RATE NOTES (Cost $9,996,055)........ 9,996,055
------------
TOTAL INVESTMENTS--(Cost $120,341,462) (b)--
100.04%............................................ 120,341,462
Liabilities in excess of cash, receivables and
other assets--(.04)%............................... (49,253)
------------
NET ASSETS--100% $120,292,209
============
</TABLE>
(a) The rate stated is the rate in effect on June 30, 1995.
(b) The cost stated also represents the aggregate cost for Federal income tax
purposes.
See notes to financial statements.
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3
<PAGE>
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- ------ Statement of Statement of Operations
Assets
and Liabilities
JUNE 30, 1995
(UNAUDITED) FOR THE SIX MONTHS ENDED
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments at value (Note 2a) (Identified cost $120,341,462).... $120,341,462
Interest receivable.............................................. 83,930
Deferred organization costs and other assets (Note 2e)........... 177,943
------------
TOTAL ASSETS.................................................... 120,603,335
------------
LIABILITIES:
Payables:
Advisory Fee (Note 3)........................................... 41,903
Distribution Fees (Note 3)...................................... 33,702
Dividends payable and other liabilities......................... 179,902
Accrued expenses................................................. 55,619
------------
TOTAL LIABILITIES............................................... 311,126
------------
NET ASSETS:
(applicable to 120,303,033 shares issued and outstanding; 1
billion shares of $.001 par value authorized)................... $120,292,209
------------
Net asset value, offering price and repurchase price per share
($120,292,209/120,303,033 shares)............................... $ 1.00
------------
SOURCES OF NET ASSETS:
Capital stock at par............................................. 120,303
Capital surplus.................................................. 120,182,730
Accumulated net realized loss on investments..................... (10,824)
------------
NET ASSETS........................................................ $120,292,209
------------
</TABLE>
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest......................................................... $3,132,490
----------
EXPENSES:
Advisory (Note 3)................................................ 125,570
Administration and accounting.................................... 49,778
Custodian........................................................ 12,104
Transfer agent................................................... 14,786
Audit............................................................ 10,369
Cash management.................................................. 7,219
Distribution (Note 3)............................................ 175,798
Directors (Note 4)............................................... 6,017
Reports to shareholders.......................................... 13,013
Registration and filing.......................................... 37,070
Organization..................................................... 17,972
Legal............................................................ 11,162
Other............................................................ 1,107
----------
TOTAL EXPENSES.................................................. 481,965
Fees waived and expenses reimbursed by adviser................... (55,027)
----------
NET EXPENSES.................................................... 426,938
----------
NET INVESTMENT INCOME........................................... 2,705,552
Net realized loss on investments................................. (55)
----------
Net increase in net assets resulting from operations............. $2,705,497
----------
</TABLE>
See notes to financial statements.
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4
<PAGE>
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Statements of Changes in Net Assets (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Net investment income............................. $ 2,705,552 $ 2,561,432
Net realized loss on investments.................. (55) (10,769)
------------ -----------
Net increase in net assets resulting from
operations...................................... 2,705,497 2,550,663
------------ -----------
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income.............. (2,705,552) (2,561,432)
------------ -----------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold.................. 81,092,350 130,476,828
Proceeds from shares issued on reinvestment of
dividends........................................ 2,670,177 2,561,221
Cost of capital stock repurchased................. (53,003,081) (98,079,910)
------------ -----------
Increase in net assets resulting from capital
stock transactions.............................. 30,759,446 34,958,139
------------ -----------
INCREASE IN NET ASSETS.......................... 30,759,391 34,947,370
NET ASSETS:
Beginning of period............................... 89,532,818 54,585,448
------------ -----------
End of period..................................... $120,292,209 $89,532,818
------------ -----------
CHANGE IN CAPITAL STOCK OUTSTANDING:
Shares sold....................................... 81,092,350 130,476,828
Shares issued on reinvestment of dividends........ 2,670,177 2,561,221
Shares repurchased................................ (53,003,081) (98,079,910)
------------ -----------
Net increase..................................... 30,759,446 34,958,139
Shares outstanding, beginning of period........... 89,543,587 54,585,448
------------ -----------
Shares outstanding, end of period................. 120,303,033 89,543,587
------------ -----------
</TABLE>
See notes to financial statements.
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5
<PAGE>
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Financial Highlights (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
PERIOD
FOR THE FOR THE JULY 21,
SIX MONTHS YEAR 1993*
ENDED ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31,
1995 1994 1993
---------- ------------ ------------
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value at beginning of period.. $ 1.000 $ 1.000 $ 1.000
-------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income................... 0.027 0.036 0.011
-------- ------- -------
DIVIDENDS TO SHAREHOLDERS
Dividends from net investment income.... (0.027) (0.036) (0.011)
-------- ------- -------
Net asset value at end of period........ $ 1.000 $ 1.000 $ 1.000
-------- ------- -------
TOTAL RETURN:........................... 5.44%** 3.62% 2.46%**
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000's
omitted) .............................. $120,292 $89,533 $54,585
Ratio of expenses to average net assets
(a).................................... 0.85%** 0.85% 0.85%**
Ratio of net investment income to
average net assets (b)................. 5.40%** 3.64% 2.46%**
</TABLE>
(a) Ratio of expenses to average net assets prior to waiver from General Ameri-
can Investment Management Company for the six months ended June 30, 1995,
for the year ended December 31, 1994, and for the period July 21, 1993
through December 31, 1993 was 0.96%**, 1.05% and 1.07%,** respectively.
(b) Ratio of net investment income to average net assets prior to waiver by
General American Investment Management Company for the six months ended
June 30, 1995, for the year ended December 31, 1994, and for the period
July 21, 1993 through December 31, 1993 was 5.29%**, 3.44% and 2.24%,**
respectively.
* Commencement of investment operations.
** Annualized.
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6
<PAGE>
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Notes to Financial Statements (Unaudited)
1. ORGANIZATION AND BUSINESS
The Walnut Street Funds, Inc. (the "Company") was organized as a Maryland Cor-
poration on January 22, 1993 and is registered under the Investment Company Act
of 1940 as an open-end management investment company. The Company currently
consists of one series. The Walnut Street Prime Reserve Fund (the "Fund") com-
menced investment operations on July 21, 1993.
2. SIGNIFICANT ACCOUNTING POLICIES
(A) SECURITY VALUATIONS
Securities are valued at amortized cost which approximates market value. This
method values a security at its cost at the time of purchase and thereafter as-
sumes a constant rate of amortization to maturity of any discount or premium.
(B) FEDERAL INCOME TAXES
The Fund is treated as a separate entity for federal income tax purposes. The
Fund's policy is to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies and distribute income to share-
holders within the allowable time limits. Therefore, no federal income tax pro-
vision is required.
(C) DIVIDENDS TO SHAREHOLDERS
Net investment income is declared daily and paid monthly.
Income and capital gains distributions, if any, are determined in accordance
with income tax regulations which may differ from methods used to determine the
corresponding income and capital gains amounts in accordance with generally ac-
cepted accounting principles.
(D) SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are recorded on the trade date and interest income is ac-
crued daily. Discounts and premiums on securities purchased are amortized over
the life of the respective securities.
(E) ORGANIZATION COSTS
Costs incurred in connection with the organization and initial registration of
the Fund are being amortized over the period of benefit not to exceed 60 months
from the date upon which the Fund commenced investment operations.
If any or all of the shares representing initial capital of the Fund are re-
deemed by any holder thereof prior to the end of the amortization period, the
proceeds will be reduced by the unamortized organizational expense balance in
the same proportion as the number of such shares redeemed bears to the number
of initial shares outstanding immediately before the redemption.
3. ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES
General American Investment Management Company acts as the Fund's investment
adviser (the "Adviser"). The Adviser manages the investments of the Fund and is
responsible for all purchases and sales of the Fund's portfolio securities.
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7
<PAGE>
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Notes to Financial Statements (Unaudited) (continued)
As compensation for its services and the related expenses borne by the Adviser,
the Fund pays the Adviser a Management Fee, computed daily and payable monthly,
that is equal, on an annual basis, to .25% of the Fund's average daily net as-
sets on the first $250,000,000 of the Fund's net assets, .24% of the Fund's av-
erage daily net assets in excess of $250,000,000 up to $500,000,000, .23% of
the Fund's average daily net assets in excess of $500,000,000 up to
$750,000,000, .22% of the Fund's average daily net assets in excess of
$750,000,000 up to $1,000,000,000, and .21% of the Fund's average daily net as-
sets in excess of $1,000,000,000.
The Bank of New York acts as the Fund's administrator (the "Administrator") and
will assist in supervising the operations of the Fund. The Bank of New York
also serves as the Fund's custodian and fund accounting agent.
The Administrator has agreed to provide facilities, equipment and personnel to
carry out administrative services for the Fund, including, among other things,
monitoring the custodian, fund accounting, and administrative services.
The Administrator's fee is accrued daily and is payable monthly at the rate of
.10% of the Fund's average net assets up to $100,000,000, .07% of the next
$400,000,000 of average net assets, and .03% of average net assets in excess of
$500,000,000, with a minimum fee of $6,000 per month.
General American Investment Management Company has voluntarily agreed to
assume/waive expenses for the Fund to the extent that expenses exceeded .85% of
the average daily net assets of the Fund.
The exclusive distributor of the Fund's shares is Walnut Street Securities,
Inc., a registered broker dealer that is a wholly-owned subsidiary of General
American Investment Management Company.
The Fund has adopted a distribution plan ("12b-1 Plan") pursuant to which the
Distributor may be reimbursed for expenses incurred during the year in connec-
tion with the distribution of Fund shares. The aggregate amount payable annu-
ally by the Fund as provided in the 12b-1 Plan may not exceed .35% of the
Fund's average daily net assets.
4. DIRECTORS' FEES
Unaffiliated directors are paid $500 for each board meeting attended, plus re-
imbursement for travel and out-of-pocket expenses.
- --------------------------------------------------------------------------------
8
<PAGE>
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- ------
DIRECTORS AND OFFICERS
Rene C. Lorio, President
Richard A. Liddy, Director
Theodore M. Armstrong, Director
Timothy C. Nicholson, Director
Harry E. Rich, Director
Alan C. Henderson, Director
E. Thomas Hughes, Treasurer
Teri Moore, Asst. Treasurer
Matthew P. McCauley, Secretary
INVESTMENT ADVISER
General American Investment Management Co.
ADMINISTRATOR
The Bank of New York
DISTRIBUTOR
Walnut Street Securities, Inc.
TRANSFER AGENT
DST Systems, Inc.
CUSTODIAN
The Bank of New York
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
LEGAL COUNSEL
Husch & Eppenberger
- --------------------------------------------------------------------------------
9
<PAGE>
This report is not authorized for distribution to prospective investors unless
accompanied by a current prospectus for the Walnut Street Prime Reserve Fund.
Please read the prospectus carefully before sending money.
THE WALNUT STREET FUNDS
PRIME RESERVE
MONEY MARKET FUND
[ART]
WALNUT STREET FUNDS
PRIME RESERVE
Semi-Annual Report
June 30, 1995 (Unaudited)
Adviser
General American Investment
Management Company
Distributor
Walnut Street Securities, Inc.
