UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811- 6118
Tax Free Reserves Portfolio
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Smith Barney Fund Management LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-451-2010
Date of fiscal year end: August 31
Date of reporting period: November 30, 2004
| ITEM 1. | SCHEDULE OF INVESTMENTS |
TAX FREE RESERVES PORTFOLIO
FORM N-Q
NOVEMBER 30, 2004
TAX FREE RESERVES PORTFOLIO
| Schedules of Investments (unaudited) | November 30, 2004 | |||
| FACE AMOUNT |
SECURITY |
VALUE | ||||
| Annual & Semi-Annual Tender Revenue Bonds & Notes (Puts) - 7.4% | ||||||
| $ | 6,740,000 | Allegheny County, Pennsylvania, Hospital Development Authority Revenue, 1.75% due 5/1/05 |
$ | 6,744,123 | ||
| 2,165,000 | Chicago, Illinois, O’Hare International Airport Revenue, 6.00% due 1/1/05 |
2,174,066 | ||||
| 17,000,000 | Detroit, Michigan, Sewer Disposal Revenue, 1.55% due 8/4/05 |
17,000,000 | ||||
| Indiana Health Facilities Finance Authority Hospital Revenue: |
||||||
| 17,000,000 | 1.05% due 3/1/05 |
17,000,000 | ||||
| 10,000,000 | 1.73% due 7/5/05 |
10,000,000 | ||||
| 9,000,000 | Jacksonville, Florida, Health Facilities Authority, 1.82% due 1/12/05 |
9,000,000 | ||||
| 5,000,000 | Kissimmee, Florida, Utility Authority, 1.87% due 2/23/05 |
5,000,000 | ||||
| 10,000,000 | Lower Neches Valley Authority, Texas, Pollution Control Revenue, 1.28% due 2/15/05 |
10,000,000 | ||||
| 2,965,000 | Maryland State Community Development Administration, AMT, 1.25% due 12/21/04 |
2,965,000 | ||||
| 6,000,000 | Metropolitan Government, Nashville and Davidson County, Tennessee Health Educational Facility Board, 1.65% due 8/3/05 |
6,000,000 | ||||
| 9,000,000 | Michigan State Housing Development Authority, AMT, 1.20% due 12/15/04 |
9,000,000 | ||||
| 8,000,000 | Minnesota State Housing Finance Agency, AMT, 1.20% due 12/23/04 |
8,000,000 | ||||
| 9,250,000 | Montana State, 1.20% due 3/1/05 |
9,250,000 | ||||
| 6,000,000 | Plaquemines, Louisiana, Port Harbor & Terminal Facilities Revenue, 1.75% due 9/1/05 |
6,008,873 | ||||
| Washington County, Oregon, School District, Number 48J Beaverton: |
||||||
| 2,000,000 | Series A, 3.00% due 6/1/05 |
2,011,820 | ||||
| 7,050,000 | Series B, 3.00% due 6/1/05 |
7,095,570 | ||||
| 8,835,000 | Washington County, Pennsylvania, Hospital Authority Revenue, 2.25% due 7/1/05 |
8,862,834 | ||||
| 136,112,286 | ||||||
| Bond, Revenue, Tax, Tax & Revenue Anticipation Notes & Cash Anticipation Certificate - 6.1% | ||||||
| 20,000,000 | Hudson, Massachusetts, BAN’s, 2.00% due 5/13/05 |
20,066,096 | ||||
| 40,000,000 | Iowa School Corps, Certificates 3.00% due 6/30/05 |
40,320,720 | ||||
| 20,840,000 | Maine State, BANs, 3.00% due 6/23/05 |
20,992,163 | ||||
| 15,000,000 | Medford, Massachusetts, BAN’s, 3.00% due 4/1/05 |
15,077,696 | ||||
| 10,000,000 | Sacramento County, California, TRAN’s, 3.00% due 7/11/05 |
10,080,748 | ||||
| 5,000,000 | Saint Louis, Missouri, General Fund Revenue, TRAN’s, 3.00% due 6/28/05 |
5,039,433 | ||||
| 111,576,856 | ||||||
| General Obligation Bonds & Notes - 1.9% | ||||||
| 12,000,000 | Chicago, Illinois, 1.05% due 12/9/04 (a) |
12,000,000 | ||||
| 16,000,000 | Mecklenburg County, North Carolina, 2.00% due 2/1/05 |
16,024,451 | ||||
| 7,500,000 | Philadelphia, Pennsylvania, School District, 3.00% due 6/30/05 |
7,559,299 | ||||
| 35,583,750 | ||||||
| Variable Rate Demand Notes (a) - 86.2% | ||||||
| ABN-Amro Munitops Certificates Trust: |
||||||
| 10,000,000 | 1998-2001, 1.71% due 12/8/04 |
10,000,000 | ||||
| 6,000,000 | 1998-2003, 1.71% due 12/8/04 |
6,000,000 | ||||
| 9,000,000 | 1998-2007, AMT, 144A, 1.77% due 12/8/04 |
9,000,000 | ||||
| 5,000,000 | 1999-2012, 1.71% due 12/8/04 |
5,000,000 | ||||
| 4,000,000 | 2000-2011, 1.76% due 12/8/04 |
4,000,000 | ||||
| 4,965,000 | 2001-2030, 1.71% due 12/8/04 |
4,965,000 | ||||
| 15,000,000 | 2002-2004, 1.71% due 12/8/04 |
15,000,000 | ||||
| 8,590,000 | 2003-2025, 1.71% due 12/8/04 |
8,590,000 | ||||
| 15,000,000 | Akron Bath Copley, Ohio, Hospital District Revenue, 1.69% due 12/2/04 |
15,000,000 | ||||
| 6,000,000 | Alachua County, Florida, Continuing Care Health Facilities Authority, 1.67% due 12/2/04 |
6,000,000 | ||||
| 11,850,000 | Alaska State Housing Finance Corp., AMT, 1.82% due 12/2/04 |
11,850,000 | ||||
| 4,720,000 | Arapahoe County, Colorado, Water & Wastewater Revenue, 1.71% due 12/2/04 |
4,720,000 | ||||
| 1,200,000 | Arkansas State, Development Finance Authority, Solid Waste Dispense Revenue, AMT, 1.69% due 12/2/04 |
1,200,000 | ||||
| Atlanta, Georgia, Airport Revenue: |
||||||
| 13,000,000 | Refunded Series C-3, 1.67% due 12/2/04 |
13,000,000 | ||||
| 7,500,000 | Series B-3 Refunded, 1.67% due 12/2/04 |
7,500,000 | ||||
| 15,000,000 | Series C-1 Refunded, 1.69% due 12/2/04 |
15,000,000 | ||||
| 6,000,000 | Atlanta, Georgia, Water & Wastewater Revenue, 1.72% due 12/8/04 |
6,000,000 | ||||
| 5,285,000 | Austin, Texas, Water & Wastewater Revenue, 1.68% due 12/2/04 |
5,285,000 | ||||
See Notes to Schedule of Investments.
1
TAX FREE RESERVES PORTFOLIO
| Schedules of Investments (unaudited)(continued) | November 30, 2004 | |||
| FACE AMOUNT |
SECURITY |
VALUE | ||||
| Variable Rate Demand Notes (a) - 86.2% (continued) | ||||||
| $ | 3,400,000 | Calcasieu Parish, Louisiana, Industrial Development Board, AMT, 1.72% due 12/8/04 |
$ | 3,400,000 | ||
| California, Housing Finance Revenue Agency zRevenue, AMT: |
||||||
| 26,700,000 | 1.69% due 12/8/04 |
26,700,000 | ||||
| 2,375,000 | 1.70% due 12/8/04 |
2,375,000 | ||||
| 23,535,000 | Series U, 1.70% due 12/2/04 |
23,535,000 | ||||
| 17,435,000 | Series U, 1.70% due 12/2/04 |
17,435,000 | ||||
| California, Pollution Control Financing Authority: |
||||||
| 13,950,000 | Pollution Control Revenue, 1.67% due 12/2/04 |
13,950,000 | ||||
| 25,000,000 | Solid Waste Dispense Revenue, AMT, 1.68% due 12/8/04 |
25,000,000 | ||||
| California State: |
||||||
| 3,000,000 | 1.69% due 12/2/04 |
3,000,000 | ||||
| 2,250,000 | Department of Water Reserves, Power Supply Revenue, 1.69% due 12/2/04 |
2,250,000 | ||||
| 15,000,000 | Economic Recovery, 1.66% due 12/2/04 |
15,000,000 | ||||
| 1,000,000 | Capital City, Economic Development Authority, Packaging & Energy Fee Revenue, 1.61% due 12/8/04 |
1,000,000 | ||||
| 8,000,000 | Charleston, South Carolina, Waterworks and Sewer Revenue, 1.71% due 12/2/04 |
8,000,000 | ||||
| 10,000,000 | Chattanooga, Tennessee, Health Education and Housing, 1.66% 12/2/04 |
10,000,000 | ||||
| Chicago, Illinois: |
||||||
| 29,996,000 | 1.92% due 12/2/04 |
29,996,000 | ||||
| 12,000,000 | Multi-Family Housing Revenue, AMT, 1.71% due 12/2/04 |
12,000,000 | ||||
| O’Hare International Airport Revenue, AMT: |
||||||
| 1,330,000 | Put-980, 1.76% due 12/2/04 |
1,330,000 | ||||
| 17,150,000 | Put-1002, 1.76% due 12/2/04 |
17,150,000 | ||||
| 3,855,000 | Cincinnati, Ohio, City School District, 1.69% due 12/2/04 |
3,855,000 | ||||
| Clarksville, Tennessee, Public Building Authority: |
||||||
| 2,105,000 | 1.68% due 12/2/04 |
2,105,000 | ||||
| 1,300,000 | 1.68% due 12/2/04 |
1,300,000 | ||||
| 9,300,000 | Cleveland Cuyahoga County, Ohio, 1.68% due 12/8/04 |
9,300,000 | ||||
| 2,340,000 | Collier County, Florida, School Board, Certificate of Participation, 1.70% due 12/2/04 |
2,340,000 | ||||
| 11,300,000 | Colorado Springs, Colorado, Utilities Revenue, 1.64% due 12/2/04 |
11,300,000 | ||||
| Connecticut State: |
||||||
| 3,240,000 | Put 1588, 1.68% due 12/2/04 |
3,240,000 | ||||
| 3,000,000 | Put 2223, 1.68% due 12/2/04 |
3,000,000 | ||||
| 10,050,000 | Delaware State Economic Development Authority, AMT, 1.71% due 12/2/04 |
10,050,000 | ||||
| 1,745,000 | Detroit, Michigan, City School District, 1.71% due 12/2/04 |
1,745,000 | ||||
| District of Columbia Revenue: |
||||||
| 12,500,000 | 1.69% due 12/2/04 |
12,500,000 | ||||
| 2,645,000 | 1.74% due 12/2/04 |
2,645,000 | ||||
| 9,700,000 | Du Page County, Illinois, 1.68% due 12/2/04 |
9,700,000 | ||||
| 9,500,000 | Easton Baton Rouge Parish, Louisiana, Pollution Control Revenue, 1.60% due 12/2/04 |
9,500,000 | ||||
| 2,600,000 | Everett, Washington, 1.74% due 12/2/04 |
2,600,000 | ||||
| 5,000,000 | Forsyth County, Georgia, Development Authority Revenue, 1.68% due 12/8/04 |
5,000,000 | ||||
| Franklin County, Ohio, Hospital Revenue: |
||||||
| 20,000,000 | 1.67% due 12/2/04 |
20,000,000 | ||||
| 20,465,000 | Refunded, 1.67% due 12/2/04 |
20,465,000 | ||||
| 2,000,000 | Fulton County, Georgia, Development Authority Revenue, 1.68% due 12/8/04 |
2,000,000 | ||||
| 16,185,000 | Georgia Municipal Gas Authority, 1.68% due 12/8/04 |
16,185,000 | ||||
| 6,000,000 | Golden State Tobacco Securitization, 1.69% due 12/2/04 |
6,000,000 | ||||
| 20,000,000 | Greeneville, Tennessee, Health & Educational Facilities Board Revenue, 1.68% due 12/8/04 |
20,000,000 | ||||
| 4,300,000 | Gulf Coast Waste Disposal Authority, Texas Pollution Control Revenue, AMT, 1.75% due 12/2/04 |
4,300,000 | ||||
| Gwinnett County, Georgia: |
||||||
| 10,000,000 | Hospital Authority Revenue, 1.68% due 12/8/04 |
10,000,000 | ||||
| 10,000,000 | Industrial Development Revenue, 1.68% due 12/8/04 |
10,000,000 | ||||
| Harris County, Texas, Health Facilities Development, Corporate Revenue: |
||||||
| 30,000,000 | Methodist Hospital, 1.68% due 12/2/04 |
30,000,000 | ||||
| 2,300,000 | Texas Medical Center, 1.68% due 12/2/04 |
2,300,000 | ||||
| 7,000,000 | YMCA, 1.68% due 12/2/04 |
7,000,000 | ||||
| 1,200,000 | Hills, Iowa, Healthcare Revenue, 1.67% due 12/2/04 |
1,200,000 | ||||
| 7,000,000 | Hillsborough County, Florida, School Board, 1.82% due 12/2/04 |
7,000,000 | ||||
| 25,000,000 | Howard County, Maryland, 1.68% due 1/21/05 |
25,000,000 | ||||
See Notes to Schedule of Investments.
2
TAX FREE RESERVES PORTFOLIO
| Schedules of Investments (unaudited)(continued) | November 30, 2004 | |||
| FACE AMOUNT |
SECURITY |
VALUE | ||||
| Variable Rate Demand Notes (a) - 86.2% (continued) | ||||||
| $ | 15,900,000 | Illinois, Finance Authority Revenue, 1.67% due 12/2/04 |
$ | 15,900,000 | ||
| 7,000,000 | Illinois Housing Development Authority Revenue, AMT, 1.75% due 12/8/04 |
7,000,000 | ||||
| 10,335,000 | Illinois State, 1.71% due 12/2/04 |
10,335,000 | ||||
| 11,000,000 | Indiana State Development Finance Authority, Environmental Revenue, AMT, 1.73% due 12/8/04 |
11,000,000 | ||||
| 2,000,000 | Indiana State Educational Facilities Authority Revenue, 1.59% due 12/2/04 |
2,000,000 | ||||
| 9,700,000 | Iowa Higher Educational Loan Authority Revenue, 1.67% due 12/2/04 |
9,700,000 | ||||
| 4,200,000 | Kansas City, Missouri, Industrial Development Authority Revenue, 1.67% due 12/2/04 |
4,200,000 | ||||
| Kansas State: |
||||||
| Department of Transportation Highway Revenue: |
||||||
| 5,730,000 | Series B-1, 1.64% due 12/2/04 |
5,730,000 | ||||
| 11,295,000 | Series B-2, 1.64% due 12/2/04 |
11,295,000 | ||||
| 28,600,000 | Series D, 1.60%, Refunded, due 12/8/04 |
28,600,000 | ||||
| 10,000 | Development Financing Authority Revenue, 1.67% due 12/2/04 |
10,000 | ||||
| Kentucky, Housing Corp., Housing Revenue, AMT: |
||||||
| 1,290,000 | 1.69% due 12/2/04 |
1,290,000 | ||||
| 4,900,000 | 1.69% due 12/8/04 |
4,900,000 | ||||
| 1,580,000 | Lacey, New Jersey, Municipal Utilities Authority, Water Revenue, 1.69% due 12/2/04 |
1,580,000 | ||||
| 6,750,000 | Lincoln, Wyoming, Water Pollution Control Revenue, 1.59% due 12/2/04 |
6,750,000 | ||||
| Los Angeles, California: |
||||||
| 2,895,000 | Union School District, 1.69% due 12/2/04 |
2,895,000 | ||||
| 13,400,000 | Water & Power Revenue, 1.67% due 12/2/04 |
13,400,000 | ||||
| 6,600,000 | Louisiana State, Offshore Terminal Authority, Deepwater Port Revenue, 1.69% due 12/2/04 |
6,600,000 | ||||
| 26,100,000 | Macon-Bibb County, Georgia, Hospital Authority Revenue, 1.69% due 12/2/04 |
26,100,000 | ||||
| 2,460,000 | Maine Health and Higher Educational Facilities, 1.69% due 12/8/04 |
2,460,000 | ||||
| 5,540,000 | Maine State Housing Authority Mortgage Purchase, 1.74% due 12/2/04 |
5,540,000 | ||||
| 6,700,000 | Manatee County, Florida, Housing Finance Authority, AMT, 1.74% due 12/2/04 |
6,700,000 | ||||
| 5,200,000 | Maryland State Economic Development Corporate Authority, 1.68% due 12/2/04 |
5,200,000 | ||||
| 11,805,000 | Maryland State Health and Higher Educational Facilities Authority, 1.68% due 12/2/04 |
11,805,000 | ||||
| Massachusetts State: |
||||||
| 4,700,000 | Put 2226, 1.68% due 12/2/04 |
4,700,000 | ||||
| 21,080,000 | Series 302, 1.68% due 12/2/04 |
21,080,000 | ||||
| 6,495,000 | Series 340, 1.68% due 12/2/04 |
6,495,000 | ||||
| 7,930,000 | Series 343, 1.68% due 12/2/04 |
7,930,000 | ||||
| 11,650,000 | Massachusetts State Health Facilities, 1.67% due 12/2/04 |
11,650,000 | ||||
| 1,810,000 | Massachusetts State Industrial Finance Agency, 1.69% due 12/2/04 |
1,810,000 | ||||
| 8,635,000 | Massachusetts State Water Reserves Authority, 1.68% due 12/2/04 |
8,635,000 | ||||
| Memphis, Tennessee, Electrical System Revenue: |
||||||
| 14,000,000 | Series 377, 1.28% due 12/9/04 |
13,992,484 | ||||
| 13,990,000 | Series 378, 1.71% due 12/2/04 |
13,990,000 | ||||
| 9,250,000 | Series 879, 1.71% due 12/2/04 |
9,250,000 | ||||
| 5,495,000 | Series 880, 1.71% due 12/2/04 |
5,495,000 | ||||
| Metropolitan Water District, Southern California, Waterworks Revenue: |
||||||
| 5,975,000 | 1.62% due 12/2/04 |
5,975,000 | ||||
| 28,090,000 | 1.67% due 12/2/04 |
28,090,000 | ||||
| 14,000,000 | Michigan State, 1.65% due 12/8/04 |
14,000,000 | ||||
| 1,000,000 | Milwaukee, Wisconsin, Redevelopment Authority, Multi-Family Housing Revenue, 1.68% due 12/2/04 |
1,000,000 | ||||
| 5,000,000 | Minnetonka, Minnesota, Multi-Family Housing Revenue, 1.68% due 12/2/04 |
5,000,000 | ||||
| 25,000,000 | Montgomery County, Pennsylvania, Industrial Development Authority, |
|||||
| Pollution Control Revenue, 1.70% due 12/8/04 |
25,000,000 | |||||
| 17,000,000 | Montgomery County, Tennessee, Public Building Authority Pooled Financing Revenue, 1.68% due 12/2/04 |
17,000,000 | ||||
| 4,250,000 | Morristown, Tennessee, Industrial Development Board, AMT, 1.79% due 12/8/04 |
4,250,000 | ||||
| 11,000,000 | Murray City, Utah, Hospital Revenue, 1.68% due 12/2/04 |
11,000,000 | ||||
| New Hanover County, North Carolina: |
||||||
| 2,250,000 | 1.72% due 12/2/04 |
2,250,000 | ||||
| 2,250,000 | 1.72% due 12/2/04 |
2,250,000 | ||||
| 2,250,000 | 1.72% due 12/2/04 |
2,250,000 | ||||
See Notes to Schedule of Investments.
3
TAX FREE RESERVES PORTFOLIO
| Schedules of Investments (unaudited)(continued) | November 30, 2004 | |||
| FACE AMOUNT |
SECURITY |
VALUE | ||||
| Variable Rate Demand Notes (a) - 86.2% (continued) | ||||||
| New Jersey: |
||||||
| $ | 1,600,000 | Economic Development Authority Revenue, 1.59% due 12/8/04 |
$ | 1,600,000 | ||
| 1,595,000 | Healthcare Facilities, Financing Authority Revenue, 1.69% due 12/2/04 |
1,595,000 | ||||
| New York, New York: |
||||||
| City Housing Development Corp., Multi-Family Revenue, AMT: |
||||||
| 1,525,000 | Jane Street, 1.67% due 12/8/04 |
1,525,000 | ||||
| 9,000,000 | West 48th Street, 1.67% due 12/8/04 |
9,000,000 | ||||
| City Industrial Development Agency Revenue: |
||||||
| 21,000,000 | 1.73% due 12/1/04 |
21,000,000 | ||||
| 40,000,000 | 1.70% due 12/2/04 |
40,000,000 | ||||
| City Transitional Financing Authority: |
: | |||||
| 1,000,000 | Put 1839, 1.7% due 12/2/04 |
1,000,000 | ||||
| 9,100,000 | Sub Series 2-F, 1.66% due 12/2/04 |
9,100,000 | ||||
| 9,400,000 | Sub Series C-2, 1.66% due 12/2/04 |
9,400,000 | ||||
| 8,400,000 | City Transitional Financing Authority Revenue, 1.66% due 12/1/04 |
8,400,000 | ||||
| New York State: |
||||||
| 1,000,000 | Dormitory Authority Revenues, 1.69% due 12/2/04 |
1,000,000 | ||||
| Housing Financing Authority Revenue, AMT: |
||||||
| 3,800,000 | 1.68% due 12/8/04 |
3,800,000 | ||||
| 2,300,000 | 1.69% due 12/8/04 |
2,300,000 | ||||
| 1,500,000 | Throughway Authority, State Income Tax Revenue, 1.69% due 12/2/04 |
1,500,000 | ||||
| 1,260,000 | Urban Development Corp. Revenue, 1.69% due 12/2/04 |
1,260,000 | ||||
| 31,000,000 | North Carolina Medical Care Commission, 1.66% due 12/8/04 |
31,000,000 | ||||
| 4,100,000 | Oakland, California, 1.69% due 12/2/04 |
4,100,000 | ||||
| 9,000,000 | Ohio State Air Quality Development Authority Revenue, AMT, 1.75% due 12/8/04 |
9,000,000 | ||||
| 3,255,000 | Orange County, Florida, Housing Financing Authority, Multi-Family Revenue, AMT, 1.67% due 12/8/04 |
3,255,000 | ||||
| 19,350,000 | Palm Beach County, Florida, Health Facilities Authority Revenue, 1.69% due 12/2/04 |
19,350,000 | ||||
| 24,900,000 | Pennsylvania Housing Finance Agency, AMT, 1.69% due 12/8/04 |
24,900,000 | ||||
| 6,745,000 | Pennsylvania State, 1.69% due 12/2/04 |
6,745,000 | ||||
| 4,995,000 | Pennsylvania State Turnpike Commission, 1.69% due 12/2/04 |
4,995,000 | ||||
| Philadelphia, Pennsylvania: |
||||||
| 3,900,000 | Authority for Industrial Development Revenue, 1.67% due 12/2/04 |
3,900,000 | ||||
| 5,300,000 | Gas Works Revenue, 1.68% due 12/2/04 |
5,300,000 | ||||
| 16,450,000 | Hospital & Higher Education Facilities Authority Revenue, 1.67% due 12/2/04 |
16,450,000 | ||||
| 16,500,000 | Pinellas County, Florida, Health Facilities Authority Revenue, 1.69% due 12/2/04 |
16,500,000 | ||||
| 2,000,000 | Poway, California, Union School District, 1.69% due 12/2/04 |
2,000,000 | ||||
| Puerto Rico: |
||||||
| 1,000,000 | Commonwealth, 1.67% due 12/2/04 |
1,000,000 | ||||
| 21,400,000 | Electrical Power Authority, Power Revenue, 1.67% due 12/8/04 |
21,400,000 | ||||
| 1,400,000 | Municipal Financing Agency, 1.67% due 12/2/04 |
1,400,000 | ||||
| 4,665,000 | Public Financing Corp., 1.67% due 12/2/04 |
4,665,000 | ||||
| 2,655,000 | Rhode Island Health and Educational Building Corp., Educational Institutional Revenue, 1.68% due 12/2/04 |
2,655,000 | ||||
| 21,000,000 | Rhode Island State Health and Educational Building Corp., Revenue, 1.68% due 12/2/04 |
21,000,000 | ||||
| 530,000 | Rhode Island State Industrial Facilities Corp., AMT, 1.78% due 12/8/04 |
530,000 | ||||
| 2,500,000 | Roswell, Georgia, Multi-Family Housing Authority, 1.71% due 12/8/04 |
2,500,000 | ||||
| 3,800,000 | Saint Joseph County, Indiana, Industrial Educational, Facility Revenue, 1.59% due 12/2/04 |
3,800,000 | ||||
| 21,000,000 | Saint Mary’s, Georgia, Development Authority, Pollution Control Revenue, AMT, 1.71% due 12/8/04 |
21,000,000 | ||||
| 25,000,000 | Saint Mary Hospital, Authority Bucks County, 1.68% due 12/8/04 |
25,000,000 | ||||
| 1,310,000 | San Francisco, California, City & County Redevelopment Agency, Lease Revenue, 1.69% due 12/2/04 |
1,310,000 | ||||
| 1,125,000 | Sevier County, Tennessee, Public Building Authority, 1.69% due 12/2/04 |
1,125,000 | ||||
| South Carolina: |
||||||
| 9,700,000 | Education Facilities Authority, 1.74% due 12/2/04 |
9,700,000 | ||||
| 46,060,000 | Jobs Economic Development Authority, 1.71% due 12/2/04 |
46,060,000 | ||||
| 2,490,000 | Transportation Infrastructure Revenue, 1.69% due 12/2/04 |
2,490,000 | ||||
| 7,000,000 | South Dakota Housing Development Authority, AMT, 1.67% due 12/8/04 |
7,000,000 | ||||
| 15,000,000 | Stevenson, Alabama, Industrial Development, Board Revenue, AMT, 1.71% due 12/8/04 |
15,000,000 | ||||
| 830,000 | Tarrant County, Texas, Health Facilities Development, 1.67% due 12/2/04 |
830,000 | ||||
See Notes to Schedule of Investments.
4
TAX FREE RESERVES PORTFOLIO
| Schedules of Investments (unaudited)(continued) | November 30, 2004 | |||
| FACE AMOUNT |
SECURITY |
VALUE |
|||||
| Variable Rate Demand Notes (a) - 86.2% (continued) | |||||||
| $ | 5,000,000 | Texas Water Development Board Revenue, 1.68% due 12/2/04 |
$ | 5,000,000 | |||
| 3,100,000 | University of California Revenues, 1.69% due 12/2/04 |
3,100,000 | |||||
| 1,400,000 | University of Massachusetts, Building Authority Facility Revenue, 1.68% due 12/2/04 |
1,400,000 | |||||
| 5,500,000 | Verona, Wisconsin, Industrial Development Revenue, AMT, 1.78% due 12/2/04 |
5,500,000 | |||||
| 4,965,000 | Virginia College Building Authority, 1.69% due 12/2/04 |
4,965,000 | |||||
| Washington State: |
|||||||
| 3,300,000 | 1.71% due 12/2/04 |
3,300,000 | |||||
| 2,750,000 | 1.57% due 12/8/04 |
2,750,000 | |||||
| 5,250,000 | Washington State Housing Finance Revenue, AMT, 1.72% due 12/2/04 |
5,250,000 | |||||
| Washington State Public Power Supply System, Nuclear Project: |
|||||||
| 6,700,000 | Number 1 Revenue, 1.72% due 12/8/04 |
6,700,000 | |||||
| 9,600,000 | Number 2 Revenue, 1.72% due 12/8/04 |
9,600,000 | |||||
| 3,625,000 | Westminster, Colorado, Multi-Family Revenue, 1.60% due 12/2/04 |
3,625,000 | |||||
| Wisconsin Housing & Economic Development Authority, Home Ownership Revenue, AMT: |
|||||||
| 2,700,000 | Series D, 1.67% due 12/8/04 |
2,700,000 | |||||
| 2,665,000 | Series F, 1.67% due 12/8/04 |
2,665,000 | |||||
| Wisconsin State Health & Educational Facilities Authority Revenue, Gundersen Lutheran: |
|||||||
| 6,950,000 | Series A, 1.67% due 12/2/04 |
6,950,000 | |||||
| 10,000,000 | Series B, 1.67% due 12/2/04 |
10,000,000 | |||||
| 4,500,000 | Wyoming Community Development Authority, Home Ownership Revenue, AMT, 1.69% due 12/8/04 |
4,500,000 | |||||
| TOTAL VARIABLE RATE DEMAND NOTES |
1,582,388,484 | ||||||
| TOTAL INVESTMENTS - 101.6% (Cost - $1,865,661,376) |
1,865,661,376 | ||||||
| Liabilities in Excess of Other Assets - (1.6)% |
(29,356,252 | ) | |||||
| TOTAL NET ASSETS - 100.0% |
$ | 1,836,305,124 | |||||
| (a) | Maturity date shown is date of next rate change. |
Abbreviations used in this schedule:
AMT - Subject to Alternative Minimum Tax.
BAN’s - Bond Anticipation Notes
CAC - Cash Anticipation Certificate
TRAN’s - Tax & Revenue Anticipation Notes
See Notes to Schedule of Investments.
5
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Tax Free Reserves Portfolio (the “Portfolio”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, non-diversified, open-end management investment company, which was organized as a trust under the laws of the State of New York. The Declaration of Trust permits the Trustees to issue shares of beneficial interest in the Portfolio. Citi Fund Management Inc. (the “Manager”) acts as the Investment Manager.
The following is a summary of significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment Valuation - Money market instruments are valued at amortized cost, in accordance with Rule 2a-7 under the 1940 Act, which approximates market value. This method involves valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Portfolio’s use of amortized cost is subject to its compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act.
(b) Investment Transactions - Purchases, maturities and sales of money market instruments are accounted for on the trade date.
6
| ITEM 2. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934 |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting. |
| ITEM 3. | EXHIBITS. |
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Tax Free Reserves Portfolio
| By | /s/ R. JAY GERKEN | |
| R. Jay Gerken | ||
| Chief Executive Officer | ||
| Date |
January 31, 2005 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ R. JAY GERKEN | |
| R. Jay Gerken | ||
| Chief Executive Officer | ||
| Date |
January 31, 2005 | |
| By | /s/ FRANCES M. GUGGINO | |
| Frances M. Guggino | ||
| Chief Financial Officer | ||
| Date |
January 31, 2005 | |