<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
ALABAMA (5.3%)
$ 9,500 Evergreen, (Industrial Development Board, IDR,
Polyfelt U.S. Inc. Project, Series 1985) LOC
Creditanstalt-Bankverein........................
VRDN (A) 4.34% $ 9,500,000
9,100 Anniston, (Industrial Development Board, PCR,
Monsanto Co Project, Series 1992)...............
VRDN (A) 4.00 9,100,000
9,000 North Alabama, Environmental Improvement
Authority, (PCR, Reynold Metals Inc., Project,
Series 1985) LOC Bank of Nova Scotia............
VRDN (A) 3.75 9,000,000
7,800 McIntosh, (Industrial Development Authority, IDR,
Ciba Geigy Corp. Project, Series 1986) LOC
Credit Suisse...................................
VRDN (A) 3.80 7,800,000
5,925 Decatur County, (Industrial Development Board,
PCR, Refunding Monsanto Co Project, Series
1990)...........................................
VRDN (A) 4.00 5,925,000
5,300 Red Bay County, (Industrial Development Board, IDR
Refunding, Gates Rubber Co. Project, Series
1987) LOC National Bank of Detroit..............
VRDN (A) 4.32 5,300,000
4,200 Birmingham, (Medical Clinic Board St.
Martins'-in-the-Pines Medical Clinic Revenue
Refunding, St Martins' Project, Series 1989) LOC
Fuji Bank Ltd...................................
VRDN (A) 4.15 4,200,000
3,635 Birmingham, (Medical Clinic Board St.
Martins'-in-the-Pines Medical Clinic Revenue
Refunding, St Martins' Project, Series 1989) LOC
First Alabama Bank..............................
VRDN (A) 4.32 3,635,000
2,250 Jefferson County (Public Improvement Revenue
Warrant, Briarwood Presbyterian Church Project,
Series 1988) LOC Amsouth Bank...................
VRDN (A) 5.85 2,250,000
2,230 Anniston Solid Waste Disposal Authority (PCR,
Monsanto Co Project, Series 1992)...............
VRDN (A) 4.00 2,230,000
1,930 Birmingham (Medical Clinic Board Baptist Medical
Center, Clinic Revenue Series 1990-A, Western
Medical Systems, Inc. Project) LOC Fuji Bank
Ltd.............................................
VRDN (A) 4.15 1,930,000
1,000 Stevenson, (Industrial Development Board, Mead
Project) LOC Credit Suisse......................
VRDN (A) 3.75 1,000,000
-------------
Total Alabama..................................... 61,870,000
-------------
ALASKA (2.9%)
27,500 Anchorage Alaska (Series 1994)....................
TAN 12/07/95 5.00 27,574,727
4,745 Alaska (Industrial Development and Export
Authority, IDR, American President Lines Ltd.,
Series 1991) LOC Industrial Bank of Japan Ltd...
VRDN (A) 4.30 4,745,000
1,485 Alaska (Industrial Development Authority, IDR,
Providence Medical Office Building Associates
Project, Series 1985) LOC Barclay's Bank
International...................................
VRDN (A) 3.75 1,485,000
-------------
Total Alaska...................................... 33,804,727
-------------
ARIZONA (1.2%)
6,600 Maricopa County, (Pollution Control Corporation,
PCR, Public Service Co. of New Mexico, Palo
Verde Project, Series 1992A) LOC Canadian
Imperial Bank...................................
VRDN (A) 4.00 6,600,000
</TABLE>
See Accompanying Notes.
14
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
ARIZONA (CONTINUED)
$ 3,200 Tucson, (Industrial Development Authority,
Reliance Group Inc., Parking Garage Revenue) LOC
Societe Generale................................
VRDN (A) 4.25% $ 3,200,000
2,000 Salt River, (Arizona Agriculture Import & Power
District Salt River Project, Series 1986C,
Maturity 1/01/07) Prerefunded...................
RB 01/01/96 7.13 2,070,870
1,000 Casa Grande, (Industrial Development Authority,
IDR, Abbott Labs Project, Series 1983)..........
VRDN (A) 4.95 1,000,000
800 Casa Grande, (Industrial Development Authority,
PCR, Abbott Labs Project, Series 1984)..........
VRDN (A) 4.95 800,000
-------------
Total Arizona..................................... 13,670,870
-------------
ARKANSAS (0.5%)
5,175 Texarkana, (Industrial Development Board, Cooper
Tire and Rubber Co. Project, Series 1991).......
VRDN (A) 4.75 5,175,000
750 North Little Rock, (IDR, Refunding, Noland Co.
Project, Series 1989) LOC Wachovia Bank and
Trust...........................................
VRDN (A) 4.32 750,000
-------------
Total Arkansas.................................... 5,925,000
-------------
CALIFORNIA (4.0%)
16,400 California Higher Education Loan Authority, Inc
(Student Loan Revenue Bond Refunding, Series
1992 D-1. Maturity 4/01/00), LOC Dresdner Bank
N.Y.............................................
RB 04/01/95 4.00 16,400,000
11,000 California, (School Cash Reserve Program,
Authority Primary & Secondary School Revenue,
Series 1994A)...................................
RB 07/05/95 4.50 11,027,416
7,845 California (Series 1994 - 95A)....................
RAN 06/28/95 5.00 7,872,411
6,000 California Higher Education Loan Authority, Inc
(Student Loan Revenue Bond Refunding, Series
1987 A, Maturity 06/01/01) LOC National
Westminster Bank PLC............................
RB 05/01/95(B) 3.60 6,000,000
3,700 Los Angeles County (1994 - 95)....................
TRAN 06/30/95 4.50 3,705,788
2,000 Fresno, (IDR, Fresno MSA Limited Partnership
Project) LOC Bank of Nova Scotia................
VRDN (A) 5.85 2,000,000
-------------
Total California.................................. 47,005,615
-------------
COLORADO (1.2%)
8,600 Moffat County, (Colorado Pollution Control, PCR
Pacificorp Project, Series 1994 Maturity
5/01/13) AMBAC Insured..........................
VRDN (A) 3.80 8,600,000
2,550 Cherry Creek County, (Southern Metropolitan
District #1, Series 1986) LOC Dresdner Bank.....
VRDN (A) 4.15 2,550,000
2,450 Colorado, (Student Obligation Bond Authority,
Student Loan Revenue, Series 1990C) LOC Fuji
Bank Ltd........................................
VRDN (A) 4.05 2,450,000
-------------
Total Colorado.................................... 13,600,000
-------------
</TABLE>
See Accompanying Notes.
15
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
CONNECTICUT (1.7%)
$ 20,000 Connecticut State, (Development Authority, PCR,
Connecticut Lighting & Power Project, Series
1993A, Maturity 9/01/28), LOC Deutsche Bank
AG..............................................
VRDN (A) 3.95% $ 20,000,000
-------------
DELAWARE (0.4%)
4,200 Wilmington Delaware, (Franciscan Health Systems,
Series 1986, Maturity 7/01/11), LOC Societe
Generale........................................
VRDN (A) 3.75 4,200,000
-------------
DISTRICT OF COLUMBIA (5.1%)
20,000 District of Columbia, (Series 1995A Sub A2) LOC
Toronto Dominion................................
TRAN 09/30/95 6.25 20,157,731
15,900 District of Columbia, (Series 1992 A-2) LOC Bank
of Nova Scotia..................................
VRDN (A) 4.40 15,900,000
8,840 Washington DC, (Metropolitan Transportation
Authority, Series PA-4L) FGIC Insured...........
TPP (A) 4.25 8,840,000
7,700 District of Columbia, (Series 1992 A-6) LOC
National Westminster Bank PLC...................
VRDN (A) 4.40 7,700,000
4,500 District of Columbia, (Series 1992 A-4) LOC
Toronto Dominion................................
VRDN (A) 4.40 4,500,000
2,900 District of Columbia, (Columbia Hospital for Women
Issue, 1988 Series A) LOC Mitsubishi Bank Ltd...
VRDN (A) 4.10 2,900,000
-------------
Total District of Columbia........................ 59,997,731
-------------
FLORIDA (7.7%)
34,300 Florida Local Government, (Developement Finance
Authority, Series 1987), LOC General Electric
Capital Corp....................................
VRDN (A) 4.05 34,300,000
18,900 Hillsborough County, (Industrial Development
Authority, PCR, Refunding, Series 1992).........
VRDN (A) 3.60 18,900,000
15,000 Dade County, Water & Sewer System.................
VRDN (A) 3.95 15,000,000
10,050 Florida, (First Municipal Loan Council, Florida
League of Cities, Series 1985), LOC Sumitono
Bank, LTD.......................................
CP 12/01/95 4.30 10,050,000
5,750 Hernando County, (IDR, Refunding, Moore McCormack
Resource Inc. Project Series 1988) LOC Societe
Generale........................................
VRDN (A) 4.32 5,750,000
3,570 Jacksonville, (Florida Electric Authority, St John
Power Port System, Series 1986) Project, Series
1988)
Prerefunded.....................................
VRDN (A) 7.25 3,676,805
2,000 Florida, (Housing Finance Agency, Carlton Arms II
Project, Multi Family Housing Revenue Series
1985 - EEE) LOC Sumitomo Bank Ltd...............
VRDN (A) 4.30 2,000,000
575 County of Orange, (Industrial Development
Authority, IDR Refunding Noland Co. Project,
Series 1989) LOC Wachovia Bank and Trust........
VRDN (A) 4.32 575,000
-------------
Total Florida..................................... 90,251,805
-------------
</TABLE>
See Accompanying Notes.
16
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
GEORGIA (2.2%)
$ 10,000 Georgia , (Series 1993 C, BT #149)................
TPP (A) 4.10% $ 10,000,000
7,500 Burke County, (Development Authority, PCR,
Oglethorpe Project), FGIC Insured...............
VRDN (A) 3.90 7,500,000
6,600 Burke County, (Development Authority, PCR,
Oglethorpe Power Corp. Series 1994 A Vogtle
Project) FGIC Insured...........................
VRDN (A) 3.95 6,600,000
1,500 County of DeKalb, (Development Authority, IDR,
Refunding Noland Co. Project, Series 1989) LOC
Wachovia Bank and Trust.........................
VRDN (A) 4.32 1,500,000
690 Cobb County, (Development Authority, IDR
Refunding, Noland Co. Project, Series 1989) LOC
Wachovia Bank and Trust.........................
VRDN (A) 4.32 690,000
-------------
Total Georgia..................................... 26,290,000
-------------
HAWAII (1.0%)
7,100 Hawaii, (Housing Finance and Development
Corporation, Rental Housing Program, Housing
Program Revenue Honokowa, Rental Housing
Project, Series 1989-A) LOC Banque National De
Paris...........................................
VRDN (A) 4.10 7,100,000
4,800 Hawaii, (Housing Finance and Development
Corporation, Affordable Rental Housing Program,
Housing Program Revenue, Kauhole Kakoaka Project
Series 1993-A) LOC Barclays Bank, PLC...........
VRDN (A) 4.10 4,800,000
-------------
Total Hawaii...................................... 11,900,000
-------------
IDAHO (0.4%)
5,200 Power County, (Idaho Pollution Control, PCR, FMC
Corporation Project, Series 1985), LOC Barclays
Bank International..............................
VRDN (A) 3.80 5,200,000
-------------
ILLINOIS (5.0%)
40,000 Illinois, (Series 1994)...........................
GO 06/15/95 4.75 40,081,131
6,000 Chicago, (O'Hare International Airport, General
Airport Second Lien, Series 1994 C), LOC Societe
Generale........................................
VRDN (A) 4.00 6,000,000
5,000 Illinois, (Education Facilities Authority,
Cultural Pooled Finance Authority Project,
Series 1985) LOC Commonwealth Bank of
Australia.......................................
VRDN (A) 4.00 5,000,000
2,490 Illinois, (Development Finance Authority, Olin
Corp Project 1993 D) LOC Credit Suisse..........
VRDN (A) 3.70 2,490,000
2,000 Illinois, (Health Facilities Authority, University
of Chicago Hospital Project Series 1985 C) LOC
First National Bank, Chicago....................
VRDN (A) 4.15 2,000,000
1,090 Charleston Illinois, (Servistar Corp. Project,
Series 1988) LOC ABN Amro Bank N.V..............
VRDN (A) 4.32 1,090,000
</TABLE>
See Accompanying Notes.
17
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 1,300 Illinois, (Development Finance Authority, Limited
Obligation Revenue Bond, Dart Container Corp of
Illinois Project, Series 1984) LOC National Bank
of Detroit......................................
VRDN (A) 4.32% $ 1,300,000
1,000 North Chicago, (Lake County, IDR, Abbott Labs
Project, Series 1983)...........................
VRDN (A) 4.95 1,000,000
-------------
Total Illinois.................................... 58,961,131
-------------
INDIANA (1.2%)
8,000 Indiana, (Health Facilities Authority, Deaconess
Hospital Inc) LOC Fuji Bank Ltd.................
VRDN (A) 4.15 8,000,000
6,700 Jasper County, (Indiana Pollution Control, PCR,
Northern Indiana Public Service Co. Series 1994
B), LOC Union Bank of Switzerland...............
VRDN (A) 3.80 6,700,000
-------------
Total Indiana..................................... 14,700,000
-------------
KANSAS (1.4%)
10,000 Kansas, (Department of Transportation & Highways,
Series 1994B)...................................
VRDN (A) 4.00 10,000,000
3,300 Wichita, (CSJ Health System of Wichita, Inc
Revenue, Series 25 1985) LOC Sumitomo Bank
Ltd.............................................
VRDN (A) 4.05 3,300,000
2,000 Garden City, (IDR Refunding, Inland Container Corp
Project, Series 1983) LOC Credit Suisse.........
VRDN (A) 3.80 2,000,000
1,650 Wichita, (Airport Authority Adjustable Mode
Facility Revenue Refunding, Flight Safety
International Inc., Project, Series 1990) LOC
Wachovia Bank and Trust.........................
VRDN (A) 4.15 1,650,000
-------------
Total Kansas...................................... 16,950,000
-------------
KENTUCKY (0.5%)
5,300 Pendleton County, (Kentucky County Association
Leasing Program, Series 1989) LOC Commonwealth
Bank of Australia...............................
CP 4/10/95 4.10 5,300,000
-------------
LOUISIANA (7.4%)
24,600 Calcasieu Parish, (Recovery District Sales Tax,
Road Improvement) LOC National Westminster
Bank............................................
VRDN (A) 4.22 24,600,000
17,400 Louisiana, (Recovery District Sales Tax, Series
1988) FGIC Insured..............................
VRDN (A) 4.15 17,400,000
15,000 Louisiana, (Recovery District Sales Tax, Series
1988) MBIA Insured..............................
VRDN (A) 3.75 15,000,000
10,900 Ascension Parish, (PCR, BASF Vandotle Corporation
Project, Series 1985), LOC Bank Of Tokyo........
VRDN (A) 3.80 10,900,000
7,100 New Orleans, (Louisiana Aviation Board, Series
1993B) MBIA Insured.............................
VRDN (A) 3.95 7,100,000
6,100 Louisiana, (Series 1991A), LOC Fuji Bank Ltd......
CP 4/10/95 4.15 6,100,000
</TABLE>
See Accompanying Notes.
18
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
LOUISIANA (CONTINUED)
$ 5,500 Louisana, (Offshore Terminal Authority Deepwater
Port, First Stage A - LOOP Inc. Project, Series
1992A), LOC Union Bank Of Switzerland...........
VRDN (A) 3.80% $ 5,500,000
-------------
Total Louisiana................................... 86,600,000
-------------
MASSACHUSETTS (4.4%)
12,100 Massachusetts, (Dedicated Income Tax, Fiscal
Recovery Loan Act - 1990) LOC National
Westminster Bank PLC............................
VRDN (A) 3.65 12,100,000
17,000 Massachusetts, ( Bay Transit Authority, Series
1993)...........................................
CP 04/11/95 4.00 17,000,000
9,800 Massachusetts, (Health & Education Facility,
Harvard University, Series 1985)................
VRDN (A) 3.75 9,800,000
6,000 Massachusetts, (Series E, Dedicated Income Tax,
Fiscal Recovery Loan Act - 1990) LOC ABN Amro
Bank)...........................................
VRDN (A) 3.65 6,000,000
2,600 Massachusetts, (Series D, Dedicated Income Tax,
Fiscal Recovery Loan Act - 1990) LOC ABN Amro
Bank
VRDN (A) 3.65 2,600,000
4,800 Massachusetts, (Series P-5) MBIA Insured..........
TPP (A) 4.25 4,800,000
-------------
Total Massachusetts............................... 52,300,000
-------------
MARYLAND (1.9%)
10,000 Anne Arundel, (PCR, Baltimore Gas and Electric Co.
Project, Series 1989, Maturity 07/01/14)........
RB 07/01/95(B) 3.65 10,000,000
7,960 Harford County, (PA 48)...........................
TPP (A) 4.20 7,960,000
3,000 Washington (Suburban Sanitation District) LOC
Toronto Dominion Bank...........................
VRDN (A) 3.90 3,000,000
1,655 Frederick County (IDR Refunding, Noland Co.
Project, Series 1989) LOC Wachovia Bank and
Trust...........................................
VRDN (A) 4.32 1,655,000
-------------
Total Maryland.................................... 22,615,000
-------------
MINNESOTA (0.3%)
2,340 Minnesota (Series PA-74I).........................
TPP (A) 4.20 2,340,000
1,700 St Louis Park, (Tax Increment Revenue, Series
1987B) LOC Sumitomo Bank Ltd....................
VRDN (A) 4.20 1,700,000
-------------
Total Minnesota................................... 4,040,000
-------------
MISSISSIPPI (0.5%)
5,500 Harrison County, (Mississippi Pollution Control,
PCR, E I Du Pont De Nemours Co. Project, Series
1990)...........................................
VRDN (A) 3.70 5,500,000
535 Columbus, (IDR, Refunding Noland Co. Project,
Series 1989) LOC Wachovia Bank and Trust........
VRDN (A) 4.32 535,000
-------------
Total Mississippi................................. 6,035,000
-------------
</TABLE>
See Accompanying Notes.
19
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
MISSOURI (0.9%)
$ 11,000 Missouri, (Environmental Improvement and Energy
Resources Authority, PCR, Union Electric Co.
Project, Series 1984B, Maturity 06/01/14) LOC
Union Bank of Switzerland.......................
RB 06/01/95(B) 3.75% $ 11,000,000
-------------
NEW HAMPSHIRE (1.5%)
9,600 New Hampshire, (Business Finance Authority,
PCR, New England Power Company Project,
Series 1990 B)..................................
VRDN (A) 3.90 9,600,000
7,755 New Hampshire Higher Educational and Health
Facilities Authority, Dartmouth Educational Loan
Corp, Student Loan Revenue, Series 1985,
Maturity 11/01/20)..............................
RB 06/01/95(B) 3.63 7,755,000
-------------
Total New Hampshire............................... 17,355,000
-------------
NEW JERSEY (1.3%)
8,209 Essex County, (Series 1994A)......................
BAN 12/12/95 5.50 8,239,618
5,000 New Jersey, (Series 1995A)........................
TRAN 06/15/95 5.00 5,007,028
2,500 New Jersey, (Series 1995A), LOC Union Bank of
Switzerland.....................................
TRAN 03/07/95 3.45 2,500,000
-------------
Total New Jersey.................................. 15,746,646
-------------
NEW YORK (4.1%)
19,200 New York City (Series 1994 B).....................
RAN 06/30/95 4.75 19,230,075
11,350 New York, (Series 1993B) FGIC Insured.............
VRDN (A) 3.75 11,350,000
10,000 Suffolk County, (New York Water Authority,
Series 1994) LOC Bank of Nova Scotia............
VRDN (A) 3.90 10,000,000
6,700 New York (Energy Research & Development Authority,
Niagra Mohawk Power Corp, Series 1985A) LOC
Toronto Dominion Bank...........................
VRDN (A) 4.10 6,700,000
1,000 New York, (Sub-Series 1994B-4) LOC Union Bank of
Switzerland.....................................
VRDN (A) 4.00 1,000,000
-------------
Total New York.................................... 48,280,075
-------------
NORTH CAROLINA (1.2%)
4,000 Wake County, (Industrial Facilities and Pollution
Control Financing Authority, PCR, Carolina Power
& Light Project, Series 1985A) LOC Credit
Suisse..........................................
VRDN (A) 4.00 4,000,000
2,600 Wake County, (Industrial Facilities and Pollution
Control Financing Authority, PCR, Carolina Power
& Light Co. Project, Series 1985 B) LOC Sumitomo
Bank Ltd........................................
VRDN (A) 4.05 2,600,000
2,140 County of Davidson, (Industrial Facilities and
Pollution Control Financing Authority, IDR
Refunding, Lowes Co., Inc. Project, Series 1990)
LOC National Westminster Bank PLC...............
VRDN (A) 4.32 2,140,000
</TABLE>
See Accompanying Notes.
20
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
NORTH CAROLINA (CONTINUED)
$ 2,100 Ashe County, (Industrial Facilities and Pollution
Control Finance Authority, IDR Refunding, Gates
Rubber Co. Project, Series 1988) LOC National
Bank of Detroit.................................
VRDN (A) 4.32% $ 2,100,000
2,000 Mecklenburg County, (Industrial Facilities and
Pollution Control Financing Authority, IDR,
Allied Corp. Project, Series 1984) LOC Algemene
Bank Nederlande N.V.............................
VRDN (A) 4.30 2,000,000
1,600 North Carolina, (Educational Facilities Finance
Agency, Guilford College Project, Series 1993)
LOC Wachovia Bank and Trust.....................
VRDN (A) 3.80 1,600,000
-------------
Total North Carolina.............................. 14,440,000
-------------
OHIO (1.0%)
5,840 Ohio State........................................
TPP (A) 4.15 5,840,000
4,400 Wooster, (IDR, Allen Group Inc. Project, Series
1985) LOC Union Bank of Switzerland.............
VRDN (A) 3.85 4,400,000
1,400 Warren County, (IDR, Leggett & Platt Inc. Project,
Series 1984) LOC National Westminster Bank
PLC.............................................
VRDN (A) 4.25 1,400,000
-------------
Total Ohio........................................ 11,640,000
-------------
OKLAHOMA (6.2%)
51,500 Oklahoma, (Water Resources Board, State Loan
Revenue Program Series 1994 A) LOC Swiss Bank
Corp............................................
RB 03/01/95 3.85 51,500,000
8,425 Washington County, (Medical Authority, Hospital
Revenue, Series 1989B)..........................
RB 05/01/95 5.55 8,425,000
5,760 Oklahoma, (Industrial Development Authority,
St Anthony's Physicians Building PJ Medical
Practice, Series 1986) LOC Mitsubishi Bank and
Trust...........................................
RB 06/01/95 4.30 5,760,000
5,350 Tulsa, (Industrial Development Authority,
Hillcrest Medical Center Project, Series 88) LOC
Sumitomo Bank...................................
VRDN (A) 4.10 5,350,000
2,480 Oklahoma, (Industrial Development Authority, IDR,
St Anthony Parking Garage Project, Series 1985)
LOC Mitsubishi Bank and Trust...................
RB 06/01/95 4.30 2,480,000
-------------
Total Oklahoma.................................... 73,515,000
-------------
OREGON (1.5%)
17,200 Port of Portland, (PCR, Revenue Bonds, Reynolds
Metal Co., Series 1985) LOC Bank of Nova
Scotia..........................................
VRDN (A) 3.75 17,200,000
-------------
PENNSYLVANIA (9.5%)
15,771 Pennsylvania, (Higher Education Facilities
Authority, Series B)............................
VRDN (A) 5.00 15,771,000
15,000 Pennsylvania, (Series 1994-95)....................
TAN 06/30/95 5.00 15,050,791
</TABLE>
See Accompanying Notes.
21
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
PENNSYLVANIA (CONTINUED)
$ 14,130 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital, Series
1988B-1) LOC PNC Financial......................
VRDN (A) 4.00% $ 14,130,000
13,189 Pennsylvania, (Higher Education Facilities
Authority, Series A)............................
VRDN (A) 4.13 13,189,000
12,500 Delaware County, (Industrial Development
Authority, Multi Family Housing, United Parcel
Service Project Series 1985)....................
VRDN (A) 3.75 12,500,000
8,000 Temple University, (Commonwealth System of Higher
Education, Series 1994).........................
CP 05/24/95 4.50 8,012,406
6,800 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital, Series 1990D)
MBIA Insured....................................
VRDN (A) 4.00 6,800,000
6,000 Allegheny County, (Industrial Development
Authority, IDR Refunding, Dowty Corp, Project,
Series 1986) LOC Mellon Bank....................
VRDN (A) 4.00 6,000,000
5,580 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital, Series
1988B-2) LOC PNC Financial......................
VRDN (A) 4.00 5,580,000
4,300 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital Series 1990 B)
MBIA Insured....................................
VRDN (A) 4.00 4,300,000
3,500 Clinton County, (Industrial Development Authority,
IDR Mellon Bank, Central, National Assistance
Project, 1985 Series) LOC Mellon Bank...........
VRDN (A) 4.25 3,500,000
2,545 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital, Series
1988B-3) LOC PNC Financial......................
VRDN (A) 4.00 2,545,000
2,000 Pennsylvania State, (Industrial Development
Authority, Series 1990).........................
VRDN (A) 4.25 2,000,000
1,000 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital Series 1990A)
Credit Suisse...................................
VRDN (A) 4.00 1,000,000
1,000 Philadelphia (Series 1994-95C), LOC Dresdner
Bank............................................
TRAN 06/15/95 4.75 1,002,505
500 Allegheny County, (Hospital Development Authority,
Presbyterian University Hospital Series 1990C)
MBIA Insured....................................
VRDN (A) 4.00 500,000
-------------
Total Pennsylvania................................ 111,880,702
-------------
SOUTH CAROLINA (2.0%)
9,595 Piedmont County, (South Carolina Electric,
Municipal Power Agency, Series 1985B)
Prerefunded.....................................
VRDN (A) 9.70 10,252,651
9,250 Allendale County, (IDR, King Seeley Thermos Co
Project) LOC PNC Financial......................
VRDN (A) 4.32 9,250,000
1,700 Lauren County, (IDR, Asten Press Fabrics, Inc.,
Project, Series 1991) LOC Wachovia Bank and
Trust...........................................
VRDN (A) 4.05 1,700,000
</TABLE>
See Accompanying Notes.
22
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
SOUTH CAROLINA (CONTINUED)
$ 1,060 County of Spartanburg, (IDR, Refunding, Holmberg
Electronic Corp Project, Series 1989 A) LOC
Wachovia Bank and Trust.........................
VRDN (A) 4.05% $ 1,060,000
950 Charleston County, (IDR, Asten Press Fabrics,
Inc., Project, Series 1991)LOC Wachovia Bank and
Trust...........................................
VRDN (A) 4.05 950,000
-------------
Total South Carolina.............................. 23,212,651
-------------
TENNESSEE (1.8%)
6,500 County of Knox, (Industrial Development Board,
IDR, Moore McCormack Resources Inc. Project
Series 1988) LOC Societe Generale...............
VRDN (A) 3.80 6,500,000
4,600 Bradley County, (Industrial Development Board,
IDR, Olin Corp Project, Series C) LOC Swiss Bank
Corp............................................
VRDN (A) 3.70 4,600,000
3,100 Collierville, (Industrial Development Board, IDR,
Imperial Clevite Inc., Series 1985) LOC National
City Bank of Cleveland..........................
VRDN (A) 5.85 3,100,000
2,510 Metropolitan Government Nashville & Davidson
County (Health and Education Facilities Board,
Vanderbilt University, Maturity 05/01/13).......
RB 05/01/95(B) 3.55 2,510,000
2,300 Sullivan County, (Industrial Development Board,
PCR, Mead Corp Project, Series 1986) LOC Union
Bank of Switzerland.............................
VRDN (A) 3.75 2,300,000
1,365 Franklin, (Industrial Development Board, IDR
Refunding Noland Co. Project, Series 1989) LOC
Wachovia Bank and Trust.........................
VRDN (A) 4.32 1,365,000
600 County of Knox, (Industrial Development Board,
IDR, Lowes Investment Corp. Project, Series
1985) LOC Fuji Bank Ltd.........................
VRDN (A) 4.10 600,000
-------------
Total Tennessee................................... 20,975,000
-------------
TEXAS (7.9%)
35,000 Texas (Series 1994)...............................
TRAN 08/31/95 5.00 35,078,301
20,000 Harris County, (Health Facilities Development
Corp, Texas Health Care System Sisters of
Charity Incarnate, Series 1985) LOC Credit
Suisse..........................................
CP 04/12/95 4.20 20,000,000
13,700 Texas (Public Finance Authority, Series 1994).....
CP 05/04/95 4.15 13,700,000
10,000 Texas (Public Finance Authority, Series 1995).....
CP 05/18/95 4.45 10,000,000
9,000 Grayson County, (Industrial Development Corp,
Aluminum Co of America).........................
VRDN (A) 4.25 9,000,000
2,400 Texas (Public Finance Authority, Series P - 3)....
TPP (A) 4.20 2,400,000
1,700 Texas, (Higher Education Authority, Education &
Equipment Revenue, Series 1985A) FGIC Insured...
VRDN (A) 4.10 1,700,000
1,500 El Paso, (Industrial Development Authority, IDR
(Contel Cellular of El Paso Inc. Project, Series
1985) LOC Bank of Nova Scotia...................
VRDN (A) 5.85 1,500,000
-------------
Total Texas....................................... 93,378,301
-------------
</TABLE>
See Accompanying Notes.
23
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY VALUE
(IN THOUSANDS) SECURITY DESCRIPTION TYPE MATURITY DATE RATE (NOTE 1A)
- - -------------- -------------------------------------------------- --------- ------------- ------ -------------
<C> <S> <C> <C> <C> <C>
VERMONT (0.7%)
$ 7,700 Vermont, (Student Assistance Corp, Student Loan
Revenue Bond, Series 1985) LOC National
Westminster Bank................................
VRDN (A) 4.02% $ 7,700,000
-------------
VIRGINIA (2.4%)
17,235 Richmond, Virginia, (Series 1995A)................
RAN 06/30/95 5.50 17,292,750
6,600 Virginia (Peninsula Port Authority, Coal Terminal
Revenue Refunding Dominion Terminal Associates
Inc., Series 1987D) LOC National Westminster
PLC.............................................
VRDN (A) 3.75 6,600,000
2,945 Chesterfield County, (Improvement and Refunding
Bond, Series 1991)..............................
VRDN (A) 4.10 2,945,000
1,000 Virginia Beach, (Development Authority, IDR,
Norfolk Virginia Beach, Portsmouth MSA Limited
Partnership Project) LOC Bank of Nova Scotia....
VRDN (A) 5.85 1,000,000
-------------
Total Virginia.................................... 27,837,750
-------------
WASHINGTON (0.2%)
2,900 Port of Seattle (Industrial Development
Corporation, IDR, Douglas Management Co.
Project, 1985 Series) LOC Banque Paribas........
VRDN (A) 4.25 2,900,000
-------------
WEST VIRGINIA (0.1%)
1,000 County of Mercer, (IDR Refunding, Noland Co.
Project, Series 1989) LOC Wachovia Bank and
Trust...........................................
VRDN (A) 4.32 1,000,000
-------------
WISCONSIN (3.7%)
24,750 Wisconsin.........................................
RB 06/15/95 4.50 24,782,583
8,500 Wisconsin (Custodial Receipt Certificates)........
TPP (A) 4.20 8,500,000
6,500 Wisconsin (Health and Education Facilities
Authority, Mercy Hospital, Series 1994).........
VRDN (A) 4.24 6,500,000
2,500 Marshfield, (IDR, Beatrice Cheese Inc., Project,
Series 1984) LOC Wachovia Bank and Trust........
VRDN (A) 4.32 2,500,000
1,300 Seymour, (IDR, Beatrice Cheese Inc., Project,
Series 1984) LOC Wachovia Bank and Trust........
VRDN (A) 4.32 1,300,000
-------------
Total Wisconsin................................... 43,582,583
-------------
TOTAL INVESTMENTS (102.2%)...........................................................
1,202,860,587
LIABILITIES NET OF OTHER ASSETS (-2.2%)......................
(26,150,432)
-------------
NET ASSETS (100.0%)..........................................
$1,176,710,155
-------------
-------------
</TABLE>
(A) Variable Rate Demand Note tender dates and/or interest rates are reset at
specified intervals which coincide with their tender feature.
(B) The date listed under the heading maturity date represents an optional
tender date. The actual maturity date is indicated in the security
description.
See Accompanying Notes.
24
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
Note: Abbreviations used in the schedule of investments are as
follows:
AMBAC - AMBAC Indemnity Corp
BAN - Bond Anticipation Note
CP - Commercial Paper
FGIC - Financial Guaranty Insurance Company
GO - General Obligation
IDR - Industrial Development Revenue
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corp
PCR - Pollution Control Revenue
RAN - Revenue Anticipation Note
RB - Revenue Bond
TAN - Tax Anticipation Note
TPP - Third Party Put
TRAN - Tax Revenue Anticipation Note
VRDN - Variable Rate Demand Note
See Accompanying Notes.
25
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments at Amortized Cost and Value (Note 1a) $ 1,202,860,587
Interest Receivable 10,160,494
Prepaid Expenses 7,067
---------------
Total Assets 1,213,028,148
---------------
LIABILITIES
Payable for Investments Purchased 31,500,000
Payable to Custodian 4,202,980
Advisory Fee Payable (Note 2a) 350,682
Financial and Fund Accounting Services Fee Payable (Note 2c) 213,599
Administration Fee Payable (Note 2b) 6,200
Fund Services Fee Payable (Note 2d) 11,830
Accrued Expenses 32,702
---------------
Total Liabilities 36,317,993
---------------
NET ASSETS
Applicable to Investors' Beneficial Interests $ 1,176,710,155
---------------
---------------
</TABLE>
See Accompanying Notes.
26
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (NOTE 1B)
$ 21,095,935
Interest
EXPENSES
Advisory Fee (Note 2a) $1,067,590
Custodian Fees and Expenses 114,381
Financial and Fund Accounting Services Fees (Note 2c) 69,279
Fund Services Fee (Note 2d) 57,979
Administration Fee (Note 2b) 37,827
Professional Fees 42,885
Trustees' Fees and Expenses (Note 2e) 14,493
Miscellaneous 7,086
----------
1,411,520
Total Expenses
------------
19,684,415
NET INVESTMENT INCOME
(243,491)
NET REALIZED LOSS ON INVESTMENTS
------------
$ 19,440,924
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
------------
------------
</TABLE>
See Accompanying Notes.
27
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, FOR THE FISCAL
1995 YEAR ENDED
(UNAUDITED) AUGUST 31, 1994
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net Investment Income $ 19,684,415 $ 24,446,505
Net Realized Loss on Investments (243,491) (13,933)
--------------- ---------------
Net Increase in Net Assets Resulting from Operations 19,440,924 24,432,572
--------------- ---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
Contributions 2,247,617,296 4,178,991,353
Withdrawals (2,112,194,289) (4,226,184,823)
--------------- ---------------
Net Increase (Decrease) from Investors' Transactions 135,423,007 (47,193,470)
--------------- ---------------
Total Increase (Decrease) in Net Assets 154,863,931 (22,760,898)
NET ASSETS
Beginning of Period 1,021,846,224 1,044,607,122
--------------- ---------------
End of Period $1,176,710,155 $ 1,021,846,224
--------------- ---------------
--------------- ---------------
</TABLE>
- - --------------------------------------------------------------------------------
SUPPLEMENTARY DATA
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, FOR THE FISCAL
1995 YEAR ENDED
(UNAUDITED) AUGUST 31, 1994
--------------- ---------------
<S> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.25%(a) 0.25%
Net Investment Income 3.44%(a) 2.37%
<FN>
- - ---------
(a) Annualized
</TABLE>
See Accompanying Notes.
28
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Tax Exempt Money Market Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940, as amended, (the "Act") as a no-load,
diversified, open-end management investment company which was organized as a
trust under the laws of the State of New York on January 29, 1993. The Portfolio
commenced operations on July 12, 1993 and received a contribution of certain
assets and liabilities, including securities, with a value of $955,814,753 on
that date from The Pierpont Tax Exempt Money Market Fund in exchange for a
beneficial interest in the Portfolio. The Declaration of Trust permits the
Trustees to issue an unlimited number of beneficial interests in the Portfolio.
The following is a summary of the significant accounting policies of the
Portfolio:
a) Investments are valued at amortized cost which approximates market value.
The amortized cost method of valuation values a security at its cost at
the time of purchase and thereafter assumes a constant amortization to
maturity of any discount or premium, regardless of the impact of
fluctuating interest rates on the market value of the instruments.
b) Securities transactions are recorded on a trade date basis. Investment
income consists of interest income, which includes the amortization of
premiums and discounts. For financial and tax reporting purposes,
realized gains and losses are determined on the basis of specific lot
identification.
c) The Portfolio will be treated as a partnership for federal income tax
purposes. As such, each investor in the Portfolio will be subject to
taxation on its share of the Portfolio's ordinary income and capital
gains. It is intended that the Portfolio's assets will be managed in such
a way that an investor in the Portfolio will be able to satisfy the
requirements of Subchapter M of the Internal Revenue Code. The cost of
securities is substantially the same for book and tax.
2. TRANSACTIONS WITH AFFILIATES
a) The Portfolio has an investment advisory agreement with Morgan Guaranty
Trust Company of New York ("Morgan"). Under the terms of the investment
advisory agreement, the Portfolio pays Morgan at an annual rate of 0.20%
of the Portfolio's average daily net assets up to $1 billion and 0.10% on
any excess over $1 billion. For the six months ended February 28,1995,
this fee amounted to $1,067,590.
b) The Trust retains Signature Broker-Dealer Services, Inc. ("Signature") to
serve as Administrator and Distributor. Signature provides administrative
services necessary for the operations of the Fund, furnishes office space
and facilities required for conducting the business of the Fund and pays
the compensation of the Fund's officers affiliated with Signature. The
agreement provides for a fee to be paid to Signature at an annual fee
rate determined by the following schedule: 0.01% of the first $1 billion
of the aggregate average daily net assets of the Trust, as well as the
net assets of two other fund families
29
<PAGE>
THE TAX EXEMPT MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1995
- - --------------------------------------------------------------------------------
for which Signature acts as administrator, 0.008% of the next $2 billion of
such net assets, 0.006% of the next $2 billion of such net assets, and
0.004% of such net assets in excess of $5 billion. The daily equivalent
of the fee rate is applied daily to the net assets of the Fund. For the
six months ended February 28, 1995, the Funds' portion of Signature's fee
for these services amounted to $37,827.
c) The Portfolio has entered into a Financial and Fund Accounting Services
Agreement ("Services Agreement") with Morgan under which Morgan receives
a fee, based on the percentages described below, for overseeing certain
aspects of the administration and operation of the Portfolio. The
Services Agreement is also designed to provide an expense limit for
certain expenses of the Portfolio. If total expenses of the Portfolio,
excluding the advisory fee, custody expenses, fund services fee, and
brokerage costs, exceed the expense limit of 0.03% of the Portfolio's
average daily net assets. Morgan will reimburse the Portfolio for the
excess expense amount and receive no fee. Should such expenses be less
than the expense limit, Morgan's fee would be limited to the difference
between such expenses and the fee calculated under the Services
Agreement. For the six months ended February 28,1995, this fee amounted
to $69,279.
d) The Portfolio has a Fund Services Agreement with Pierpont Group, Inc.
("Group") to assist the Trustees in exercising their overall supervisory
responsibilities for the Portfolio's affairs. The Trustees of the
Portfolio are the sole shareholders of Group. The Portfolio's allocated
portion of Group's costs in performing its services amounted to $57,979
for the six months ended February 28,1995.
e) Each Trustee is paid a $55,000 annual fee for serving as the Trustee of
The Pierpont Funds, The JPM Institutional Funds, and their corresponding
Portfolios, in the aggregate. The Trustee Fees and Expenses shown in the
financial statements represent the Portfolio's allocated portion of the
total fees and expenses. On April 1, 1995, the aggregate annual trustee
fee was increased to $65,000. The Trustee who serves as Chairman and
Chief Executive Officer of these Funds and Portfolios also serves as
Chairman of Group and received compensation and employee benefits from
Group in his role as Group's Chairman. The allocated portion of such
compensation and benefits included in the Fund Services Fee shown in the
financial statements was $6,700.
30
