[Neuberger&Berman]
INTERNATIONAL FUND(SM) LOGO
SEMI-ANNUAL REPORT
FEBRUARY 28, 1995
[Neuberger&Berman Management Inc. LOGO]
605 THIRD AVENUE, 2ND FLOOR
NEW YORK, NY 10158-0006
SHAREHOLDER SERVICES
800-877-9700
INSTITUTIONAL SERVICES
800-366-6264
Statistics and projections in this report are derived from sources deemed to be
reliable but cannot be regarded as a representation of future results of the
Fund. This report is prepared for the general information of shareholders and is
not an offer of shares of the Fund. Shares are sold only through the currently
effective prospectus, which must precede or accompany this report.
[recycle LOGO] PRINTED ON RECYCLED PAPER WITH SOY BASED INKS. NBES00040295
<PAGE>
TABLE OF CONTENTS
THE FUND
Questions & Answers 2
Portfolio Manager Interview
Financial Statements 4
Financial Highlights 10
Per Share Data
THE PORTFOLIO
Schedule of Investments 11
Top Ten Holdings
Financial Statements 17
Financial Highlights 23
Directory 24
Officers & Trustees 25
1
<PAGE>
QUESTIONS & ANSWERS
Felix Rovelli, Portfolio Manager
Q: How has the Fund performed over the past fiscal period?
A: From September 1, 1994 to February 28, 1995, the Fund decreased in value by
9.86%--compared to a decrease of 7.95% for the unmanaged EAFE(R) Index.
Q: What has your investment strategy been during this period?
A: Our investment strategy remained fairly stable in Europe, where we
concentrated about 37% of our assets, and in the Pacific Rim outside of Japan,
where the Fund has approximately 25% of its assets. We have cut back our
exposure to Japan from approximately 20% to 11%, and we gradually reduced our
exposure to Latin America from 10% to 3%. During this time we increased our cash
holdings from 8% to 24%.
In particular, it proved to be a very difficult period for emerging markets. Any
semblance of stability was shattered by the surprise announcement of a Mexican
devaluation. This hastily conceived and poorly executed move sent investors
scrambling for the exit door. The Mexican losses promptly caused a sell-off in
the rest of Latin America and most other emerging markets, in a knee-jerk flight
to (at least perceived) safety.
We reduced our Mexican exposure from 5% to 2% following the electoral run-up.
While we did some additional selling in the first two days after the official
devaluation--but before the final plunge--the portfolio was nevertheless
negatively affected.
Q: What are some examples of stocks that had a significant impact on the Fund's
performance?
A: SAP is Germany's leading software company, specializing in corporate computer
applications on a worldwide basis. Surging sales and earnings should continue as
the company introduces its products in Japan and continues to benefit from the
move to client/server computer applications.
Nokia's success in cellular phones and telecommunications equipment on a
worldwide basis once again surpassed most analyst's expectations. In addition,
another Scandinavian communications company, Kinnevik, benefited from
involvement in cellular networks and has performed well in the Swedish market.
Stocks that were poor performers for us were typically victims of the dramatic
declines in emerging markets, especially in Latin America.
Q: What are some examples of Stocks you purchased during this period?
A: We found quite a lot of value in European industrial companies, such as SKF
in Sweden, the world's leading producer of ball bearings. We also favor the
cable and broadcasting industry in the United Kingdom. In particular, the highly
unregulated cable industry is reaping the benefit of being allowed to offer
telephone services to its subscribers, providing a new source of revenue and
profit.
In Asia, we believe Korea to be the major beneficiary of the strong Yen, which
is making Japanese products so expensive. The Korean market was one of the best
performing markets in 1994, but has corrected recently. Economic growth is
strong and foreigners are being allowed to invest to a greater degree. In
addition, corporate profits are expected to grow by 25% and are accompanied by
low price earnings multiples.
2
<PAGE>
Q: What are some examples of stocks you sold during this period?
A: We liquidated our holdings of Mexican stocks and are currently re-evaluating
the situation. We believe that it is too soon to tell how severely the economy
will be affected. In the meantime, we consider the risk reward ratios of other
Latin American countries, such as Chile, Brazil and Argentina, to be favorable.
While current short-term sentiment may be less than favorable, by taking a
slightly longer-term view, we believe that selectivity and our fundamental value
analysis will be rewarded. In fact, not all Latin American countries have the
problems of Mexico. Argentina, which is regarded by some as the next candidate
for devaluation, has over the past few years achieved price stability through
totally different means. By law, each peso in circulation is fully backed by a
dollar in central bank reserves. In addition, privatizations and structural
reforms have taken place much faster than anticipated. Chile has enormous local
savings and sound fiscal policies, and its currency has actually appreciated by
3% against the U.S. dollar in the last 12 months.
Neuberger&Berman Management Inc. voluntarily bears certain operating expenses of
International Fund in excess of 1.70% of the average daily net assets. This
arrangement will be in effect until December 31, 1996. Absent such
reimbursement, the aggregate total return of International Fund (that is, not
annualized) for the six month period ended 2/28/95 would have been -10.16%.
The EAFE(R) Index, also known as the Morgan Stanley Capital International
Europe, Australia, Far East Index, is an unmanaged index of over 1,000 foreign
stock prices. These data are derived by Neuberger&Berman Management Inc. The
index is translated into U.S. dollars and includes reinvestment of all dividends
and capital gain distributions. The risks involved in seeking capital
appreciation from investment principally in companies based outside the United
States are set forth in the prospectus. Please note that indices do not take
into account any fees and expenses of investing in the individual securities
that they track, and that individuals cannot invest directly in any index.
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
NEUBERGER&BERMAN INTERNATIONAL FUND
February 28, 1995 (Unaudited)
ASSETS
Investment in Portfolio, at value (Note A) $ 20,825,202
Receivable for Trust shares sold 253,466
Deferred organization costs (Note A) 86,036
Receivable from administrator--net (Note B) 3,812
------------
21,168,516
------------
LIABILITIES
Payable for Trust shares redeemed 98,367
Accrued expenses 63,320
Accrued organization costs 2,500
------------
164,187
------------
NET ASSETS at value $ 21,004,329
============
NET ASSETS consist of:
Par value $ 2,235
Paid-in capital in excess of par value 22,549,417
Accumulated net investment loss (139,832)
Accumulated net realized losses on investment (652,200)
Net unrealized depreciation in value of
investment and translation of assets
and liabilities in foreign currencies (755,291)
------------
NET ASSETS at value $ 21,004,329
============
SHARES OUTSTANDING ($.001 par value; unlimited shares
authorized) 2,234,927
============
NET ASSET VALUE, offering and redemption price per share $ 9.40
============
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF OPERATIONS
NEUBERGER&BERMAN INTERNATIONAL FUND
For the Six Months Ended February 28, 1995 (Unaudited)
INVESTMENT INCOME
Investment income from Portfolio (Note A) $ 132,182
-----------
Expenses:
Administration fee (Note B) 42,927
Shareholder reports 27,516
Legal fees 18,203
Amortization of deferred organization and initial
offering expenses (Note A) 9,704
Registration and filing fees 8,567
Shareholder servicing agent fees 5,192
Custodian fees 4,959
Auditing fees 4,216
Trustees' fees and expenses 4,041
Service fees (Note B) 2,725
Miscellaneous 176
Expenses from Portfolio (Note A) 47,440
-----------
Total expenses 175,666
Deduct--expenses reimbursed by administrator (Note B) (59,833)
-----------
Total net expenses 115,833
-----------
Investment income--net 16,349
-----------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS,
FOREIGN CURRENCY TRANSACTIONS, AND FINANCIAL
FUTURES CONTRACTS FROM PORTFOLIO (NOTE A)
Net realized loss on investments (619,809)
Net realized loss on foreign currency transactions (107,508)
Net realized loss on financial futures contracts (18,241)
Change in net unrealized appreciation (depreciation) of
investments and translation of assets and liabilities
in foreign currencies (840,678)
Net unrealized depreciation of financial futures contracts (126,625)
-----------
Net loss on investments, foreign currency transactions,
and financial futures contracts from Portfolio (Note A) (1,712,861)
-----------
Net decrease in net assets resulting from operations $(1,696,512)
===========
See Notes to Financial Statements
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
NEUBERGER&BERMAN INTERNATIONAL FUND
<TABLE>
<CAPTION>
Six Months Period from June 15,
Ended 1994 (Commencement
February 28, 1995 of Operations) to
(Unaudited) August 31, 1994
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Investment income--net $ 16,349 $ 4,902
Net realized loss on investments sold, foreign
currency transactions, and financial futures
contracts from Portfolio (Note A) (745,558) (14,460)
Change in net unrealized appreciation (depreciation)
of investments, financial futures contracts, and
translation of assets and liabilities in foreign
currencies from Portfolio (Note A) (967,303) 212,012
------------- -------------
Net increase (decrease) in net assets resulting
from operations (1,696,512) 202,454
------------- -------------
Distributions to Shareholders From:
Investment income--net (35,177) --
Excess of net investment income (18,088) --
------------- -------------
Total distributions to shareholders (53,265) --
------------- -------------
From Trust Share Transactions:
Proceeds from shares sold 21,627,938 6,003,364
Proceeds from reinvestment of dividends 48,342 --
Payments for shares redeemed (5,101,462) (26,530)
------------- -------------
Net increase from Trust share transactions 16,574,818 5,976,834
------------- -------------
Net increase in net assets 14,825,041 6,179,288
Net Assets:
Beginning of period 6,179,288 --
------------- -------------
End of period $ 21,004,329 $ 6,179,288
============= =============
Accumulated undistributed net investment income
(loss) at end of period $ (139,832) $ 4,592
============= =============
NUMBER OF TRUST SHARES:
Sold 2,134,299 593,306
Issued on reinvestment of dividends 4,883 --
Redeemed (494,970) (2,591)
------------- -------------
Net increase in shares outstanding 1,644,212 590,715
============= =============
</TABLE>
See Notes to Financial Statements
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NEUBERGER&BERMAN EQUITY FUNDS
February 28, 1995 (Unaudited)
NOTE A--Summary of Significant Accounting Policies:
(1) General: Neuberger&Berman International Fund (the "Fund"), is a separate
series of Neuberger&Berman Equity Funds (the "Trust"), a Delaware business
trust organized pursuant to a Trust Instrument dated December 23, 1992. The
Trust is registered as a diversified, open-end management investment company
under the Investment Company Act of 1940 (the "1940 Act") and the Securities Act
of 1933, as amended (the "1933 Act"). The Fund had no operations until June 15,
1994 other than matters relating to its organization and its registration as a
diversified, open-end management investment company under the 1940 Act and
registration of its shares under the 1933 Act and state law. The trustees of the
Trust may establish additional series or classes of shares without the approval
of shareholders.
The assets of each series belong only to that series, and the liabilities of
each series are borne solely by that series and no other.
The Fund seeks to achieve its investment objective by investing all of its net
investable assets in the International Portfolio (the "Portfolio") of Global
Managers Trust ("Managers Trust"), having the same investment objective and
policies as the Fund.
The value of the Fund's investment in the Portfolio reflects the Fund's
proportionate interest in the net assets of the Portfolio (100% at February 28,
1995).
The performance of the Fund is directly affected by the performance of the
Portfolio. The financial statements of the Portfolio, including the schedule of
investments, are included elsewhere in this report and should be read in
conjunction with the Fund's financial statements.
(2) Portfolio valuation: Investments in the Portfolio of Managers Trust are
valued by Managers Trust as indicated in the notes following the Portfolio's
schedule of investments.
(3) Federal income taxes: Each series of the Trust is treated as a separate
entity for Federal income tax purposes. It is the policy of the Fund to continue
to qualify as a regulated investment company by complying with the provisions
available to certain investment companies, as defined in applicable sections of
the Internal Revenue Code, and to make distributions of taxable income (after
reduction for any amounts available for Federal income tax purposes as capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
Federal income taxes. Accordingly, the Fund paid no Federal income taxes and no
provision for Federal income taxes was required.
(4) Dividends and distributions to shareholders: The Fund earns income, net of
Portfolio expenses, daily on its investment in the Portfolio. Dividends and net
realized capital gains, if any, are normally distributed in December. Income
dividends and capital gain distributions to shareholders are recorded on the
ex-dividend date.
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains.
(5) Organization expenses: Expenses incurred by the Fund in connection with its
organization are being amortized on a straight-line basis over a five-year
period. At February 28, 1995, the unamortized balance of such expenses amounted
to $86,036.
(6) Expense allocation: The Fund bears all costs of operations. Expenses
incurred with respect to any two or more Funds are allocated in proportion to
the
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
NEUBERGER&BERMAN EQUITY FUNDS
February 28, 1995 (Unaudited)
net assets of such Funds, except where another more appropriate allocation of
expenses to each Fund can otherwise be made fairly. Expenses directly
attributable to a Fund are charged to that Fund.
(7) Other: All net investment income and realized and unrealized capital gains
and losses of the Portfolio are allocated pro rata among its respective Funds
and any other investors in the Portfolio.
NOTE B--Administration and Distribution
Fees and Other Transactions with Affiliates:
The Fund retains Neuberger&Berman Management Incorporated ("Management") as its
administrator under an Administration Agreement ("Agreement") dated as of June
15, 1994. Pursuant to this Agreement the Fund pays Management an administration
fee at the annual rate of 0.63% of the Fund's average daily net assets. The
Agreement provides that if with respect to any fiscal year of the Fund, its
total operating expenses plus its pro rata portion of the Portfolio's operating
expenses (including the fees payable to Management but excluding interest,
taxes, brokerage commissions, and extraordinary expenses) ("Operating Expenses")
exceed the most restrictive of the expense limitations imposed by securities
laws of the states in which the Fund's shares are qualified for sale, the
administration fees for that fiscal year will be reduced by the amount of such
excess, provided that Management has no obligation to reimburse the Fund for any
such expenses that exceed the administration fee. The most restrictive expense
limitation to which the Fund is currently subject is 2-1/2% of the first $30
million of average daily net assets, 2% of the next $70 million of average daily
net assets and 1-1/2% of any additional average daily net assets. No reduction
in the administration fee as a result of the state expense limitation was
required for the six months ended February 28, 1995.
In addition, Management has voluntarily undertaken to reimburse the Fund for its
Operating Expenses which exceed, in the aggregate, 1.70% per annum of the Fund's
average daily net assets during the period from June 15, 1994 to December 31,
1996, ("Fund Expense Limitation"). The Fund has in turn agreed to repay
Management through December 31, 1998, for the excess Operating Expenses
Management previously reimbursed to the Fund, so long as the Fund's annual
Operating Expenses during that period do not exceed the Fund Expense Limitation.
For the six months ended February 28, 1995, Management reimbursed the Fund
$59,833, pursuant to this undertaking.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger&Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange. Several individuals who are officers and/or trustees of
the Trust are also partners of Neuberger and/or officers and/or directors of
Management.
Under a service agreement, the Fund has retained Management to provide certain
shareholder, shareholder-related and other services not furnished by the
shareholder servicing agent. Pursuant to the service agreement the Fund pays
Management a monthly fee at the annual rate of 0.04% of the average daily net
assets of the Fund as compensation for such services. For the six months ended
February 28, 1995, the Fund accrued $2,725 for such services.
The trustees of the Trust approved, effective as of May 1, 1995, the
substitution of the current Agreement and service agreement between Management
and the Trust on behalf of the Fund with a new Administration Agreement
combining the provisions of both current agreements, resulting in an
administration fee of 0.67% per annum of the Fund's average daily net assets.
8
<PAGE>
The Fund also has a distribution agreement with Management, which receives no
compensation therefor and no commissions for sales or redemptions of shares of
beneficial interest of the Fund.
NOTE C--Investment Transactions:
During the six months ended February 28, 1995, additions and reductions in the
Fund's investment in the Portfolio amounted to $17,370,018 and $968,629,
respectively.
NOTE D--Unaudited Financial Information:
The financial information included in this interim report is taken from the
records of the Fund without audit by independent auditors. Annual reports
contain audited financial statements.
9
<PAGE>
FINANCIAL HIGHLIGHTS
NEUBERGER&BERMAN INTERNATIONAL FUND
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements. The per share amounts and ratios which are shown reflect income and
expenses including the Fund's proportionate share of the Portfolio's income and
expenses. It should be read in conjunction with the Portfolio's Financial
Statements and notes thereto.
<TABLE>
<CAPTION>
Six Months Period from
Ended June 15, 1994(1)
February 28, 1995 to
(Unaudited) August 31, 1994
------------------- ------------------
<S> <C> <C>
Net Asset Value, Beginning of Period $ 10.46 $ 10.00
------ ------
Income From Investment Operations
Net Investment Income (Loss) (.04) .01
Net Gains or Losses on Securities (both realized
and unrealized) (.99) .45
------ ------
Total From Investment Operations (1.03) .46
------ ------
Less Distributions
Dividends (from net investment income) (.02) --
Dividends (in excess of net investment income) (.01) --
------ ------
Total Distributions (.03) --
------ ------
Net Asset Value, End of Period $ 9.40 $ 10.46
====== ======
Total Return+ -9.86%(2) 4.60%(2)
====== ======
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 21.0 $ 6.2
====== ======
Ratio of Expenses to Average Net Assets(3) 1.70% 1.70%
====== ======
Ratio of Net Income to Average Net Assets(3) .24% .57%
====== ======
</TABLE>
NOTES:
1) The date investment operations commenced.
2) Not annualized.
3) Annualized. After reimbursement of expenses by the administrator as described
in Note B of Notes to Financial Statements. Had the administrator not
undertaken such action the annualized ratios of expenses and net loss to
average daily net assets would have been 2.50% and (.56%), respectively, for
the six months ended February 28, 1995 and 2.50%, and (.23%), respectively,
for the period ended August 31, 1994.
+ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each period,
and assumes dividends and capital gain distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. Total return would be
lower if Management and/or BNP-N&B Global Asset Management L.P. had not
reimbursed certain expenses.
10
<PAGE>
SCHEDULE OF INVESTMENTS
INTERNATIONAL PORTFOLIO
February 28, 1995 (Unaudited)
Top Ten Holdings
<TABLE>
<CAPTION>
HOLDING COUNTRY INDUSTRY PERCENTAGE
<S> <C> <C> <C> <C>
1. Telewest Communications ADR United Kingdom Telecommunications 1.3%
2. PT Indosat ADR Indonesia Telecommunications 1.0%
3. Chargeurs France Textiles 1.0%
4. SAP AG (Pfd.) Germany Technology 1.0%
5. Credit Local de France France Banking & Financial 1.0%
6. Banco Osorno Y La Union ADR Chile Banking & Financial 0.9%
7. Austria Mikro Systeme International Austria Electronics 0.9%
8. Powerscreen International Ireland Machinery & Equipment 0.8%
9. Aamulehti Yhtymae OY-II Finland Media 0.8%
10. Nestle Registered SA Switzerland Foods & Beverage 0.8%
</TABLE>
Number Market
of Shares Value(1)
- - --------- -----------
COMMON STOCKS (73.7%)
Argentina (0.2%)
2,000 Central Costanera ADR $ 49,260(2)
-----------
Australia (1.1%)
9,200 Broken Hill Proprietary 127,023
2,900 Westpac Banking ADR 53,287
13,000 Westpac Banking 47,992
-----------
228,302
-----------
Austria (0.9%)
2,200 Austria Mikro Systeme
International 186,920
-----------
Belgium (0.4%)
200 Cimenteries CBR 77,429
-----------
Brazil (0.5%)
2,000 Aracruz Celulose ADR 24,000
7,400 Rhodia-Ster S.A. GDR 81,400(2)
-----------
105,400
-----------
Chile (1.2%)
19,000 Banco Osorno Y La Union ADR 197,125
1,000 Maderas Y Sinteticos ADR 17,000
1,000 Quimica Y Minera ADR 31,625
-----------
245,750
-----------
China (0.5%)
149,000 Qingling Motors $ 39,507
332,000 Shanghai Haixing Shipping 61,835
-----------
101,342
-----------
Colombia (0.4%)
2,500 Carulla S.A. ADR 40,000(2)
1,000 Cementos Diamante ADR 19,750(2)
2,400 Papeles Nacionales ADR 21,000(2)
-----------
80,750
-----------
Denmark (0.5%)
4,000 Tele Danmark ADR 100,500
-----------
Finland (2.0%)
9,000 Aamulehti Yhtymae OY-II 168,133(2)
1,900 Cultor OY-II-Free 53,305
9,000 Kemira OY 74,147
550 Nokia AB 75,928
10,000 OY Tamro AB 51,212
-----------
422,725
-----------
France (5.8%)
660 Bouygues 68,078
1,500 B.I.S. SA 107,926
900 Chargeurs 211,465
11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
INTERNATIONAL PORTFOLIO
February 28, 1995 (Unaudited)
Number Market
of Shares Value(1)
- - --------- -----------
France (cont'd)
960 Cie Generale des Eaux $ 88,915
800 Compagnie de Saint Gobain 94,219
2,600 Credit Local de France 206,844
150 Elf Gabon 28,956
100 Galeries Lafayette 40,948
750 Groupe SEB 71,658
440 LVMH Moet Hennessy 70,352
900 PSA Peugeot Citroen 122,843
180 Skis Rossignol 66,686
1,000 Societe Centrale des Assurances
Generales de France 34,065
-----------
1,212,955
-----------
Germany (2.3%)
2,700 Daimler-Benz 130,950
400 Hoechst AG 88,333
527 Mannesmann AG 153,435
570 Thyssen AG 114,133
-----------
486,851
-----------
Hong Kong (3.6%)
29,000 Citic Pacific 72,205
100,000 First Pacific 64,671
100,000 Guangdong Investments 45,916
52,000 Hopewell Holdings 39,682
6,400 HSBC Holdings 67,257
14,000 Hutchison Whampoa 59,393
80,000 Innovative International Holdings 15,417
174,000 Manhattan Card 60,202
25,000 Shaw Brothers (Hong Kong) 40,419
19,500 Swire Pacific "A" 136,827
12,000 Television Broadcasts 45,166
32,000 Wharf (Holdings) 110,095
-----------
757,250
-----------
India (0.9%)
6,000 Bajaj Auto GDR $ 142,500(2)
1,000 IS Himalayan Fund 13,200
1,000 Reliance Industries GDS 16,000(2)
1,500 USHA Beltron 9,375(2)
-----------
181,075
-----------
Indonesia (2.7%)
67,000 PT Fajar Surya Wisesa-Foreign 89,172
12,000 PT Indofood Sukses Makmur-
Foreign 44,665
6,000 PT Indosat ADR 213,750
12,000 PT Kalbe Farma-Foreign 49,538
55,000 PT Matahari Putra Prima- Foreign 91,811
13,500 PT Mayora Indah-Foreign 65,779
-----------
554,715
-----------
Ireland (1.9%)
20,000 CRH PLC 114,489
15,000 Greencore Group 102,850
44,000 Powerscreen International 172,795
-----------
390,134
-----------
Italy (1.9%)
21,000 Italcementi Fabbriche Riunite 137,019
90,000 Pirelli S.p.A. 118,741
58,000 Telecom Italia 139,826
-----------
395,586
-----------
Japan (10.6%)
4,000 Aiwa 81,189
4,000 Bandai 139,595
4,000 Best Denki 55,507
5,000 Bridgestone Corp. 68,348
10,000 Calsonic 70,937
20,000 Chichibu Onoda Cement 115,363
3,000 Fanuc 122,405
12
<PAGE>
Number Market
of Shares Value(1)
- - --------- -----------
Japan (cont'd)
5,000 Hitachi Ltd. $ 43,753
4,000 Isetan 57,578
1,000 Ito Yokado 45,565
4,000 JACCS 35,044
17,000 Kawasaki Heavy Industries 64,609
19,000 Kawasaki Steel 68,079
2,000 Kyocera Corp. 129,032
6,000 Matsushita Electric Industrial 86,988
5,000 Mitsubishi Trust & Banking 70,937
2,000 Murata Mfg. 63,170
4,000 Nippon Express 35,624
10,000 Nissan Motor 68,451
5,000 Nomura Securities 86,470
2,000 Sega Enterprises 93,409
10,000 77 Bank 101,486
8,000 Sharp Corp. 114,327
7,000 Shin-Etsu Chemical 113,084
4,000 Showa Corp. 31,481
800 Sony Corp. 34,795
10,000 Tachi-S 89,473
2,000 Towa Pharmaceutical 111,842
-----------
2,198,541
-----------
Korea (4.0%)
3,550 Daelim Industrial 89,913
2,900 Goldstar Co. 100,627
2,400 Inchon Iron & Steel 99,690
10 Korea 1990 Trust IDR 40,000
10,000 Korea First Bank 112,075
750 Samsung Electronics 108,276
1,000 Shinsegae Department Store 97,385
2,950 Ssangyong Cement 89,660
2,400 Yukong Ltd. 96,043
-----------
833,669
-----------
Malaysia (3.5%)
24,000 Ekran Berhad 80,392
16,000 Genting Berhad 138,531
36,000 Land & General Holdings $102,252
21,000 Malayan Banking Berhad 139,040
34,000 Sime Darby Berhad 82,586
12,000 Telekom Malaysia 84,153
20,000 United Engineers Malaysia 111,263
-----------
738,217
-----------
Netherlands (3.3%)
2,000 Akzo Nobel ADR 116,500
12,520 Elsevier N.V. 122,647
2,500 Getronics N.V. 92,910
385 Hagemeyer N.V. 32,859
3,000 Koninklijke Boskalis Westminster 58,777
2,250 Philips Electronics 74,665
1,000 Polygram ADR 49,500
4,000 Royal PTT Nederland 141,554
-----------
689,412
-----------
New Zealand (0.8%)
2,500 Fletcher Challenge ADR 62,188
2,000 Telecom of New Zealand ADR 110,750
-----------
172,938
-----------
Norway (1.6%)
2,000 Hafslund Nycomed 39,750
2,800 Kvaerner AS "B" Free 121,567
2,000 Norske Skogindustrier "A" 66,366
3,000 Petroleum Geo-Services 67,313
2,000 Scandinavian Broadcasting System 48,000
-----------
342,996
-----------
Peru (0.3%)
4,000 Banco Wiese ADR 57,000
-----------
Philippines (1.7%)
15,000 Benpres Holdings GDR 123,750(2)
<PAGE>
270,000 JG Summit Holdings "A" 75,642
531,000 SM Prime Holdings 157,027
-----------
356,419
-----------
13
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
INTERNATIONAL PORTFOLIO
February 28, 1995 (Unaudited)
Number Market
of Shares Value(1)
- - --------- -----------
Singapore (1.8%)
12,000 Clipsal Industries $ 26,880
11,000 Keppel Corp. 88,061
11,000 Shangri-La Hotel 41,373
8,000 Singapore Land 45,273
5,000 Singapore Press Holdings 85,921
10,000 United Overseas Bank-Foreign 97,308
-----------
384,816
-----------
South Africa (0.2%)
4,000 Southern Africa Fund 53,000
-----------
Spain (0.9%)
770 Acerinox SA 81,623
1,300 Empresa Nacional de
Electricidad ADR 56,712
1,500 Telefonica de Espana ADR 56,250
-----------
194,585
-----------
Sri Lanka (0.1%)
1,500 Regent Sri Lanka Fund 10,688
-----------
Sweden (2.8%)
800 Asea AB ADR 60,000
2,500 Astra AB 61,919
4,000 Atlas Copco AB "A" Free 53,220
2,000 Autoliv AB 73,689
3,000 Elektra Instrument AB "B" Free 77,578
2,000 L.M. Ericsson Telephone 113,750
1,300 Kinnevik AB 42,398
5,000 SKF AB ADR 91,250
-----------
573,804
-----------
Switzerland (2.1%)
100 Ascom Holding 109,489
210 Holderbank Financiere
Glaris "B" 156,010
170 Nestle Registered SA 164,623
-----------
430,122
-----------
Taiwan (0.6%)
2,300 Asia Cement GDS $49,749
6,000 R O C Taiwan Fund 66,750
-----------
116,499
-----------
Thailand (3.8%)
6,200 Bangkok Bank-Foreign 53,200
7,000 Italian-Thai Development-
Foreign 78,589
38,000 Kamrai Tawee Fund 30,854
10,000 Phatra Thanakit-Foreign 72,975
7,500 Post Publishing-Foreign 34,884
31,000 Sahaviriya Steel Industry-
Foreign 85,766
3,700 Shinawatra Computer-Foreign 76,255
800 Siam Cement-Foreign 48,436
18,800 TelecomAsia Corp.-Foreign 68,974
2 Thai-Euro Fund IDR 58,500
12,000 Thai Farmers Bank-Foreign 99,118
1 The Thailand International
Fund 28,250
4,000 United Communications- Foreign 57,097
-----------
792,898
-----------
Turkey (0.3%)
23,000 Cimentas AS 12,199
20,000 Turkiye Garanti Bankasi ADR 40,000(2)
-----------
52,199
-----------
United Kingdom (8.5%)
700 British Airways ADR 43,400
1,000 British Petroleum ADR 76,500
8,500 Cable & Wireless ADR 151,937
10,250 Carlton Communications 141,049
40,000 Dixons Group 133,017
5,500 GKN PLC 49,600
2,000 International CableTel 64,000
14
<PAGE>
Number Market
of Shares Value(1)
- - --------- -----------
United Kingdom (cont'd)
9,000 Rank Organisation $ 52,518
3,500 Smithkline Beecham ADR 136,062
11,100 Southern Electric 129,192
9,000 Telewest Communications ADR 263,250
8,500 Thorn EMI 140,119
28,750 TLG PLC ADR 62,827(2)
25,186 Tomkins PLC 91,332
3,500 S.G. Warburg Group 38,159
75,000 WPP Group 128,860
2,200 Vodafone Group ADR 67,100
-----------
1,768,922
-----------
Venezuela (0.0%)
2,000 Corimon C.A. 8,750
-----------
Total Common Stocks
(Cost $16,034,459) $15,352,419
===========
PREFERRED STOCKS (2.2%)
300 Bayerische Motoren Werke,
Germany $ 114,949
170 Friedrich Grohe, Germany 57,025
1,000 Nokia Corp. ADR, Finland 75,250
250 SAP AG, Germany 206,860
-----------
Total Preferred Stocks
(Cost $368,443) $ 454,084
===========
WARRANTS (0.1%)
200 RWE AG (7 Warrants stripped
from 3 1/2% Bond, due 4/3/96
to buy 1 preferred share of
RWE AG)
(Cost $22,706) $ 26,986
===========
Principal Market
Amount Value(1)
- - --------- -----------
CONVERTIBLE BONDS (0.5%)
$ 36,000 United Micro Electronics,
Cv. Unsub. Notes, 1.25%, due
6/8/04 $ 49,500(2)
50,000 Yangming Marine Transport,
Cv. Unsub. Notes, 2.00%, due
10/6/01 52,500(2)
-----------
Total Convertible Bonds
(Cost $97,160) $102,000
===========
U.S. GOVERNMENT OBLIGATIONS (23.2%)
$4,860,000 U.S. Treasury Bills,
5.05%-5.52%, due
3/2/95-4/13/95
(Cost $4,837,650) $ 4,837,650(3)
===========
Total Investments (99.7%)
(Cost $21,360,418) $20,773,139(4)
Cash, receivables and other
assets, less liabilities
(0.3%) 52,065
-----------
Total Net Assets (100.0%) $20,825,204
===========
15
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
INTERNATIONAL PORTFOLIO
February 28, 1995 (Unaudited)
1) Investments in securities are valued at the latest sales price; securities
for which no sales were reported, unless otherwise noted, are valued at the last
available bid price. Foreign security prices are furnished by independent
quotation services expressed in local currency values. Foreign securities are
translated from the local currency into U.S. dollars using current exchange
rates.
2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At February 28, 1995, these
securities amounted to $875,995 or 4.2% of net assets.
3) At cost, which approximates market value.
4) At February 28, 1995, the cost of investments for Federal income tax purposes
was $21,375,069. Gross unrealized appreciation of investments was $593,474 and
gross unrealized depreciation of investments was $1,195,404, resulting in net
unrealized depreciation of $601,930, based on cost for Federal income tax
purposes.
See Notes to Financial Statements
16
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
INTERNATIONAL PORTFOLIO
February 28, 1995 (Unaudited)
ASSETS
Investments in securities, at market value (Note A)
(Note 1)--see Schedule of Investments $20,773,139
Cash 1,529
Receivable for securities sold 61,904
Deferred organization costs (Note A) 49,953
Receivable from investment adviser--net (Note B) 26,247
Dividends and interest receivable 20,443
Receivable for variation margin (Note A) 3,500
Prepaid expenses 153
------------
20,936,868
------------
LIABILITIES
Accrued expenses 59,969
Net payable for foreign currency exchange contracts
sold (Note A) 41,524
Payable to administrator (Note B) 7,671
Accrued organization costs 2,500
------------
111,664
------------
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL
INTERESTS $20,825,204
============
NET ASSETS consist of:
Paid-in capital $21,580,495
Net unrealized depreciation in value of investments, foreign
currency contracts, financial futures contracts, and
translation of assets and liabilities in foreign currencies (755,291)
------------
NET ASSETS $20,825,204
============
Note 1: Cost of investments $21,360,418
============
See Notes to Financial Statements
17
<PAGE>
STATEMENT OF OPERATIONS
INTERNATIONAL PORTFOLIO
For the Six Months Ended February 28, 1995 (Unaudited)
INVESTMENT INCOME
Income:
Interest income $ 84,380
Dividend income 53,532
Foreign taxes withheld (Note A) (5,730)
-----------
Total income 132,182
-----------
Expenses:
Administration fee (Note B) 49,588
Custodian fees 36,903
Investment advisory fee (Note B) 33,887
Legal fees 26,976
Trustees' fees and expenses 17,785
Auditing fees 10,860
Amortization of deferred organization and
initial offering expenses (Note A) 5,770
Accounting fees 4,959
Miscellaneous 1,792
-----------
Total expenses 188,520
Deduct--expenses reimbursed by investment
adviser (Note B) (141,080)
-----------
Total net expenses 47,440
-----------
Investment income--net 84,742
-----------
REALIZED AND UNREALIZED LOSS ON
INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS,
AND FINANCIAL FUTURES CONTRACTS
Net realized loss on investments sold (619,809)
Net realized loss on foreign currency transactions (Note A) (107,508)
Net realized loss on financial futures contracts (Note A) (18,241)
Change in net unrealized appreciation (depreciation) of
investments and translation of assets and liabilities in
foreign currencies (840,678)
Net unrealized depreciation of financial futures contracts
(Note A) (126,625)
-----------
Net loss on investments, foreign currency transactions,
and financial futures contracts (1,712,861)
-----------
Net decrease in net assets resulting from operations $(1,628,119)
===========
See Notes to Financial Statements
18
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
Six Months Period from June 15,
Ended 1994 (Commencement
February 28, 1995 of Operations) to
(Unaudited) August 31, 1994
------------------- ----------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Operations:
Investment income--net $ 84,742 $ 13,612
Net realized loss on investments sold, foreign
currency transactions, and financial futures
contracts (745,558) (14,460)
Change in net unrealized appreciation (depreciation)
of investments, financial futures contracts, and
translation of assets and liabilities in foreign
currencies (967,303) 212,012
------------ ------------
Net increase (decrease) in net assets resulting
from operations (1,628,119) 211,164
------------ ------------
Transactions in Investors' Beneficial Interests:
Additions 17,370,018 5,844,715
Reductions (968,629) (3,945)
------------ ------------
Net increase in net assets resulting from
transactions in investors' beneficial interests 16,401,389 5,840,770
------------ ------------
Net increase in net assets 14,773,270 6,051,934
Net Assets:
Beginning of period 6,051,934 --
------------ ------------
End of period $ 20,825,204 $ 6,051,934
============ ============
</TABLE>
See Notes to Financial Statements
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS
GLOBAL MANAGERS TRUST
February 28, 1995 (Unaudited)
NOTE A--Summary of Significant Accounting Policies:
(1) General: International Portfolio (the "Portfolio"), is a separate series of
Global Managers Trust ("Managers Trust"), a New York common law trust organized
as of March 18, 1994, with its principal office in the Cayman Islands. Managers
Trust is registered as a diversified, open-end management investment company
under the Investment Company Act of 1940. Managers Trust currently has only one
portfolio. The assets of the Portfolio belong only to the Portfolio, and the
liabilities of the Portfolio are borne solely by the Portfolio and no other.
(2) Portfolio valuation: Investments are valued as indicated in the notes
following the Portfolio's schedule of investments.
(3) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Dividend income is recorded on the ex-dividend
date or, for certain foreign dividends, as soon as the Portfolio becomes aware
of the dividends, and interest income, including accretion of discount on
short-term investments, is recorded on the accrual basis. Realized gains and
losses from securities and foreign currency transactions are recorded on the
basis of identified cost.
(4) Foreign currency translation: The accounting records of the Portfolio are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the current rate of exchange of such currency against the U.S.
dollar to determine the value of investments, other assets and liabilities.
Purchases and sales of securities, and income and expenses are translated
into U.S. dollars at the prevailing rate of exchange on the respective dates
of such transactions.
(5) Forward foreign currency contracts: The Portfolio may enter into forward
foreign currency contracts ("contracts") in connection with planned purchases or
sales of securities, to hedge the U.S. dollar value of portfolio securities
denominated in a foreign currency, or to increase or decrease its exposure to a
currency other than U.S. dollars. The gain or loss arising from the difference
between the original contract and the closing of such contract is included in
net realized losses on foreign currency transactions. Fluctuations in the value
of forward exchange currency contracts are recorded for financial reporting
purposes as unrealized gains or losses by the Portfolio. The Portfolio has no
specific limitation on the percentage of assets which may be committed to these
types of contracts. The Portfolio could be exposed to risks if a counterparty to
the contracts were unable to meet the terms of its contracts or if the value of
the foreign currency changes unfavorably. The U.S. dollar value of foreign
currency underlying all contractual commitments held by the Portfolio is
determined using forward currency exchange rates supplied by an independent
pricing service. Forward foreign currency purchases and sales under master
netting agreements amounted to a net liability of $41,524 at February 28, 1995.
(6) Federal income taxes: Managers Trust intends to comply with the requirements
of the Internal Revenue Code of 1986, as amended. The Portfolio also intends to
conduct its operations so that each of its investors will be able to qualify as
a regulated investment company. The Portfolio will be treated as a partnership
for Federal income tax purposes and is therefore not subject to Federal income
tax.
At the close of business on August 31, 1994, Managers Trust moved its principal
office to the Cayman Islands. There is, at present, no direct taxation in the
Cayman Islands, and therefore interest, dividends and capital gains derived by
Managers Trust are not subject to taxes in that jurisdiction.
(7) Foreign taxes: Foreign taxes withheld represent
20
<PAGE>
amounts withheld by foreign tax authorities, net of refunds recoverable.
(8) Organization expenses: Expenses incurred by the Portfolio in connection with
its organization are being amortized by the Portfolio on a straight-line basis
over a five-year period. At February 28, 1995, the unamortized balance of such
expenses amounted to $49,953.
(9) Expense allocation: The Portfolio bears all costs of operations. Expenses
incurred with respect to any two or more Portfolios are allocated in proportion
to the net assets of such Portfolios, except where another more appropriate
allocation of expenses to each Portfolio can otherwise be made fairly. Expenses
directly attributable to a Portfolio are charged to that Portfolio.
(10) Financial futures contracts: The Portfolio may buy and sell financial
futures contracts for hedging and non-hedging purposes. At the time the
Portfolio enters into a financial futures contract, it is required to deposit
with its custodian a specified amount of cash or U.S. government securities,
known as "initial margin," ranging upward from 1.1% of the value of the
financial futures contract being traded. Each day, the futures contract is
valued at the official settlement price of the board of trade or U.S. commodity
exchange on which such futures contract is traded. Subsequent payments, known as
"variation margin," to and from the broker are made on a daily basis as the
market price of the financial futures contract fluctuates. Daily variation
margin adjustments, arising from this "mark to market," are recorded by the
Portfolio as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the contracts are
closed out prior to delivery by offsetting purchases or sales of matching
financial futures contracts. When the contracts are closed, the Portfolio
recognizes a gain or loss. Risks of entering into futures contracts include the
possibility that there may be an illiquid market and/or that a change in the
value of the contract may not correlate with changes in the value of the
underlying securities.
For Federal income tax purposes, the futures transactions undertaken by the
Portfolio may cause the Portfolio to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may affect
the character of the gains or losses recognized as long-term or short-term and
may affect the timing of some capital gains and losses realized by the
Portfolio. Also, the Portfolio's losses on its transactions involving futures
contracts may be deferred rather than being taken into account currently in
calculating such Portfolio's taxable income.
At February 28, 1995, open positions in financial futures contracts for the
Portfolio were as follows:
Unrealized
Expiration Open Contracts Position Depreciation
--------------- ----------------- ------------- -----------------
March 95 10 Nikkei Long $(126,625)
Futures
At February 28, 1995, the Portfolio had deposited in a segregated account,
$35,000 par value of U.S. Treasury Bills due 4/13/95 and $25,000 par value of
U.S. Treasury Bills due 3/30/95 to cover margin requirements on open financial
futures contracts.
NOTE B--Administration and Advisory Fees and Other Transactions with
Affiliates:
The Portfolio retains BNP-N&B Global Asset Management L.P. ("BNP-N&B Global"), a
partnership jointly owned by Banque Nationale de Paris ("BNP") and
Neuberger&Berman, L.P. ("Neuberger"), as its investment adviser under an
Investment Advisory Agreement dated as of June 15, 1994. For such investment
advisory services, the Portfolio pays BNP-N&B Global a fee at the annual rate of
0.50% of the first $250 million of the Portfolio's average daily net assets;
0.475% of the next $250 million; 0.45%
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
GLOBAL MANAGERS TRUST
February 28, 1995 (Unaudited)
of the next $250 million; and 0.425% of average daily net assets in excess of
$750 million. The Portfolio retains Neuberger&Berman Management Incorporated
("Management") as its administrator under an Administration Agreement dated as
of June 15, 1994. For such administrative services, the Portfolio pays
Management a fee at the annual rate of 0.10% of the first $250 million of the
Portfolio's average daily net assets; 0.08% of the next $250 million; 0.06% of
the next $250 million; and 0.04% of average daily net assets in excess of $750
million. The minimum administration fee is $100,000 per annum.
BNP-N&B Global has voluntarily undertaken to reimburse the Portfolio for its
operating expenses (excluding interest, taxes, brokerage commissions, and
extraordinary expenses) ("Operating Expenses") that exceed 0.70% per annum of
the Portfolio's average daily net assets during the period from June 15, 1994 to
December 31, 1996. The Portfolio has in turn agreed to repay BNP-N&B Global
through December 31, 1998, for the excess Operating Expenses BNP-N&B Global
previously reimbursed to the Portfolio, so long as the Neuberger&Berman
International Fund's annual Operating Expenses during that period do not exceed
its expense limitation. During the six months ended February 28, 1995, BNP-N&B
Global reimbursed the Portfolio $141,080 pursuant to this undertaking.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger, a member firm of The New York Stock Exchange. One
individual who is an officer and trustee of Managers Trust is also a partner of
Neuberger and an officer and director of Management.
NOTE C--Securities Transactions:
During the six months ended February 28, 1995, there were purchase and sale
transactions (excluding short-term securities, forward foreign currency
contracts, and financial futures contracts) of $13,539,274 and $1,669,781,
respectively. Brokerage commissions on securities transactions amounted to
$60,528, of which Neuberger, BNP and other brokers received $3,330, $0 and
$57,198, respectively.
NOTE D--Unaudited Financial Information:
The financial information included in this interim report is taken from the
records of the Portfolio without audit by independent auditors. Annual
reports contain audited financial statements.
22
<PAGE>
FINANCIAL HIGHLIGHTS
INTERNATIONAL PORTFOLIO
Six Months Period from June 15,
Ended 1994 (Commencement
February 28, 1995 of Operations) to
(Unaudited) August 31, 1994
----------------- --------------------
Ratios to Average Net Assets:
Expenses .70%(1) .70%(1)
===== =====
Net investment income 1.25%(1) 1.63%(1)
===== =====
Portfolio Turnover Rate 15% 5%
===== =====
Net Assets, End of Period (in millions) $20.8 $ 6.1
===== =====
NOTE:
1) Annualized. After reimbursement of expenses by the investment adviser as
described in Note B of Notes to Financial Statements. Had the investment
adviser not undertaken such action the annualized ratios of expenses and net
loss--net to average daily net assets would have been 2.78% and (.83%),
respectively, for the six months ended February 28, 1995, and 9.11% and
(.17%), respectively, for the period ended August 31, 1994.
23
<PAGE>
DIRECTORY
Investment Adviser
BNP-N&B Global Asset Management L.P.
605 Third Avenue, 39th Floor
New York, NY 10158-3698
(212) 476-5529
Administrator and Distributor
Neuberger&Berman Management Incorporated
605 Third Avenue, 2nd Floor
New York, NY 10158-0006
800-877-9700
Institutional Services 800-366-6264
Legal Counsel
Kirkpatrick & Lockhart
1800 M Street, NW
Washington, DC 20036-5891
Custodian and Shareholder Servicing Agent
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
Address correspondence to:
Neuberger&Berman Funds
Boston Service Center
P.O. Box 8403
Boston, MA 02266-8403
800-225-1596
Neuberger&Berman Management Inc. and Neuberger&Berman International Fund, are
service marks of Neuberger&Berman Management Inc.
(c) 1995 Neuberger&Berman Management Inc.
24
<PAGE>
OFFICERS & TRUSTEES
NEUBERGER&BERMAN EQUITY FUNDS
Stanley Egener
Chairman of the Board and Trustee
Lawrence Zicklin
President and Trustee
Saul G. Cohen
Trustee
Faith Colish
Trustee
Donald M. Cox
Trustee
Alan R. Gruber
Trustee
Howard A. Mileaf
Trustee
Edward I. O'Brien
Trustee
Steven L. Osterweis
Trustee
John T. Patterson, Jr.
Trustee
John P. Rosenthal
Trustee
Cornelius T. Ryan
Trustee
Gustave H. Shubert
Trustee
Albert M. Stone
Trustee
Daniel J. Sullivan
Vice President
Michael J. Weiner
Vice President
Richard Russell
Treasurer
Claudia A. Brandon
Secretary
Stacy Cooper-Shugrue
Assistant Secretary
C. Carl Randolph
Assistant Secretary
GLOBAL MANAGERS TRUST
Stanley Egener
Chairman of the Board and Trustee
Lawrence Zicklin
President
Howard A. Mileaf
Trustee
John T. Patterson, Jr.
Trustee
John P. Rosenthal
Trustee
Daniel J. Sullivan
Vice President
Michael J. Weiner
Vice President
Richard Russell
Treasurer
Jacqueline Henning
Assistant Treasurer
Claudia A. Brandon
Secretary
Stacy Cooper-Shugrue
Assistant Secretary
Lenore Joan McCabe
Assistant Secretary
C. Carl Randolph
Assistant Secretary
25
