<PAGE>
As filed with the Securities and Exchange Commission on April 26, 1996
File No. 2-17277
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT of 1933 [x]
PRE-EFFECTIVE AMENDMENT NO. [ ]
POST-EFFECTIVE AMENDMENT NO. 40 [x]
AND/OR
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 19 [x]
(Check appropriate box or boxes)
SIFE TRUST FUND
(Exact Name of Registrant as Specified in Charter)
490 North Wiget Lane (510) 988-2430
Walnut Creek, California 94598
(Address of Principal Executive Offices, (Registrant's Telephone Number,
with Zip Code) including Area Code)
Sam A. Marchese
SIFE Trust Fund
490 North Wiget Lane
Walnut Creek, CA 94598
(Name and address of Agent for Service)
Approximate Date of Proposed Public Offering:
As soon as practicable after the effective date of this Registration Statement
------------------------------------
It is proposed that this filing will become effective (check appropriate box):
[ ] immediately upon filing pursuant to paragraph (b)
[x] on April 30, 1996 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)
[ ] on (date) pursuant to paragraph (a) of Rule 485
------------------------------------
DECLARATION PURSUANT TO RULE 24f-2(a)(1)
Pursuant to Rule 24f-2(a)(1) under the Investment Company Act of 1940, the
Registrant hereby declares that it has registered an indefinite amount of the
Registrant's Investment Units, representing beneficial interests in the
Registrant pursuant to Participating Agreements, under the Securities Act of
1933. The Rule 24f-2 Notice required by Rule 24f-2(b)(1) under the Investment
Company Act of 1940 was filed with the Securities and Exchange Commission on
February 28, 1996.
<PAGE>
SIFE TRUST FUND
Registration Statement on Form N-1A
CROSS REFERENCE SHEET
FORM N-1A ITEM AND HEADING
--------------------------
Part A
- ------ Item 1-9 of Prospectus
filed April 19, 1996 on Form N-1A Registration Statement under Securities Act
of 1933 Post-Effective Amendment No. 39 and Registration Statement under
Investment Company Act of 1940 Amendment No. 18.
Part B
- ------
Item 10-22 of Statement of Additional Information filed April
19, 1996 on Form N-1A Registration Statement under Securities Act of 1933
Post-Effective Amendment No. 39 and Registration Statement under Investment
Company Act of 1940 Amendment No. 18.
Item 23 Financial Statements
Part C
------
Information required to be included in Part C is set forth under the appropriate
Item in Part C of this Registration Statement.
<PAGE>
SIFE TRUST FUND
FINANCIAL REPORT
DECEMBER 31, 1995
B-14
<PAGE>
C O N T E N T S
Page
INDEPENDENT AUDITOR'S REPORT 1
FINANCIAL STATEMENTS
Statement of assets and liabilities 2
Investment portfolio 3 - 8
Statement of operations 9
Statements of changes in net assets 10
Notes to financial statements 11 - 16
FINANCIAL HIGHLIGHTS 17
B-15
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Investors and Board of Directors
SIFE Trust Fund
We have audited the accompanying statement of assets and liabilities of SIFE
TRUST FUND, including the investment portfolio, as of December 31, 1995, and the
related statement of operations for the year then ended, statements of changes
in net assets for each of the two years in the period then ended, and the
financial highlights for each of the ten years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Trust Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of SIFE
TRUST FUND as of December 31, 1995, the results of its operations for the year
then ended, the changes in its net assets for each of the respective two years
in the period then ended, and the financial highlights for each of the ten years
in the period then ended, in conformity with generally accepted accounting
principles.
Oakland, California
January 30, 1996
B-16
<PAGE>
ASSETS
SIFE TRUST FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, at market (Note 1)
(cost $429,460,094) $ 610,803,219
Cash 1,061,139
Receivables for:
Dividends (Note 1) 1,296,935
Investment securities sold 6,840,506
-------------
Total assets 620,001,799
-------------
<CAPTION>
LIABILITIES
<S> <C>
Payables for:
SIFE (the "Management Company") (Note 2) 525,822
Investment securities purchased 5,328,375
-------------
Total liabilities 5,854,197
-------------
Net assets $ 614,147,602
-------------
-------------
Net asset value per investment unit
on 134,122,616 units outstanding $ 4.579
-------------
-------------
Maximum offering price per unit
(100/95 of $4.579) $ 4.820
-------------
-------------
</TABLE>
See Notes to Financial Statements.
B-17
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
Number % of
of Market Net
Shares Value Assets
------ ------ ------
Common Stocks:
Banks:
<S> <C> <C> <C>
Amcore Financial, Inc. 43,100 $ 872,775
AMFED Financial, Inc. 28,000 952,000
Argentbank 62,400 1,528,800
BancFirst Corp. 24,000 447,000
Bank of Boston Corp. 215,500 9,966,875
Bank of Granite Corp. 13,500 391,500
Bank of New York Co., Inc. 422,800 20,611,500
Bank South Corp. 77,000 2,338,875
BankAmerica Corp. 345,000 22,338,750
Bankers Trust New York Corp. 30,000 1,995,000
BankNorth Group, Inc. 12,500 481,250
Barnett Banks, Inc. 62,300 3,675,700
BayBanks, Inc. 170,000 16,702,500
Benson Financial Corp. 40,000 750,000
Boatmen's Bancshares, Inc. 205,000 8,379,375
California Bancshares, Inc. 140,000 3,718,750
California State Bank 70,000 910,000
Capital Bancorporation 55,300 2,046,100
Centennial Bancorp* 40,020 530,265
Charter Bancshares, Inc. 124,485 2,443,018
Chase Manhattan Corp. 125,000 7,546,875
Chemical Banking Corp. 165,800 9,740,750
Chittenden Corp. 53,500 1,712,000
Citicorp 335,000 22,528,750
Citizens Bancshares, Inc. 7,300 323,025
Citizens Banking Corp. 66,300 1,972,425
City National Corp. 150,000 2,100,000
Colonial BancGroup, Inc. 42,500 1,370,625
Comerica, Inc. 80,000 3,200,000
Community First Bankshares, Inc. 30,000 682,500
Compass Bancshares, Inc. 180,000 5,940,000
Corestates Financial Corp. 88,000 3,333,000
Corpus Christi Bancshares, Inc. 49,100 583,063
Crestar Financial Corp. 64,000 3,784,000
CU Bancorp 173,400 1,777,350
</TABLE>
See Notes to Financial Statements.
(Continued)
B-18
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
Number % of
of Market Net
Shares Value Assets
------ ------ ------
Common Stocks:(continued)
Banks:(continued)
<S> <C> <C> <C>
Cullen Frost Bankers, Inc. 90,400 $ 4,520,000
Deposit Guaranty Corp. 101,000 4,494,500
FB and T Financial Corp. 14,600 474,500
Fifth Third Bancorp 22,500 1,648,125
First American Corp. of Tennessee 110,000 5,211,250
First Bank System, Inc. 64,500 3,200,812
First Chicago Corp. 420,000 16,590,000
First Commercial Corp. 97,905 3,230,865
First Empire State Corp. 32,000 6,976,000
First Fidelity Bancorporation 114,000 8,592,750
First Interstate Bancorp 40,000 5,460,000
First Merchants Corp. 36,000 927,000
First State Bancorporation 93,750 1,136,719
First Tennessee National Corp. 105,000 6,352,500
First Union Corp. 70,200 3,904,875
First Virginia Banks, Inc. 85,800 3,582,150
Fort Wayne National Corp. 43,000 1,354,500
George Mason Bankshares, Inc. 72,390 1,990,725
Hancock Holding Co. 65,000 2,437,500
Hawkeye Bancorporation 35,000 931,875
Hibernia Corp. 712,200 7,656,150
Imperial Bancorp 170,000 4,080,000
Independent Bank Corp. MA 582,500 4,295,937
Integra Financial Corp. 305,000 19,253,125
J.P. Morgan and Co., Inc. 113,600 9,116,400
Keycorp 100,000 3,625,000
Liberty Bancorp, Inc. Oklahoma 95,000 3,538,750
Magna Group, Inc. 25,000 593,750
Mahaska Investment 40,000 600,000
Mark Twain Bancshares, Inc. 60,000 2,325,000
Mellon Bank Corp. 80,000 4,300,000
Mercantile Bancorporation, Inc. 239,500 11,017,000
Mercantile Bankshares Corp. 40,000 1,115,000
Metrobank 56,300 1,759,375
Midlantic Corp. 100,000 6,562,500
</TABLE>
See Notes to Financial Statements.
(Continued)
B-19
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
Number % of
of Market Net
Shares Value Assets
------ ------ ------
Common Stocks:(continued)
Banks:(continued)
<S> <C> <C> <C>
Mountain Parks Financial Corp.* 113,500 $ 2,525,375
National Bancshares Corp. Texas* 51,500 527,875
National City Corp. 65,000 2,153,125
National Commerce Bancorporation 315,500 8,281,875
NationsBank Corp. 108,500 7,554,313
Northern Trust Corp. 67,900 3,802,400
Norwest Corp. 157,300 5,190,900
Pinnacle Financial Services, Inc. 12,600 223,650
Premier Bancorp, Inc. 50,000 1,168,750
Regions Financial Corp. 60,000 2,580,000
Republic New York Corp. 40,000 2,485,000
River Forest Bancorp, Inc. 118,140 3,012,570
Seacoast Banking Corp. of Florida 21,500 467,625
Signet Banking Corp. 250,000 5,937,500
Southwest Bancorp, Inc. (OK) 50,000 925,000
State Street Boston Corp. 90,000 4,050,000
Sterling Bancshares, Inc. (TX) 90,000 1,575,000
Summit Bancshares, Inc. Texas 150,000 2,400,000
Texas Regional Bancshares, Inc. 31,000 534,750
U.S. Bancorp of Oregon 221,750 7,456,344
UJB Financial Corp. 140,000 4,987,500
UMB Financial Corp. 104,004 3,666,141
Union Planters Corp. 450,000 14,343,750
United Security Bancorporation* 133,000 1,828,750
Ventura County National Bancorp* 85,000 318,750
Victoria Bankshares, Inc. 35,000 1,207,500
Wachovia Corp. 105,000 4,803,750
Wainwright Bank and Trust Co.* 107,000 561,750
West Coast Bancorp 46,200 768,075
Westamerica Bancorporation 90,000 3,892,500
Western Bank 72,269 1,336,976
Wilmington Trust Corp. 47,500 1,466,563
-----------
432,563,086 70.4%
-----------
</TABLE>
See Notes to Financial Statements.
(Continued)
B-20
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
Number % of
of Market Net
Shares Value Assets
------ ------ ------
Common Stocks:(continued)
Thrifts:
<S> <C> <C> <C>
American Federal Bank, FSB 107,500 $ 1,639,375
BankAtlantic Bancorp, Inc. 95,000 1,781,250
Charter One Financial, Inc. 66,000 2,021,250
Eagle Bancshares, Inc. 3,000 57,000
First Essex Bancorp, Inc. 126,348 1,437,209
First Financial Corp., Inc. 17,000 391,000
First Indiana Corp. 50,000 1,287,500
Hibernia Savings Bank 32,500 528,125
Home Federal Bancorp 15,000 397,500
Lawrence Savings Bank* 81,000 374,625
Leader Financial Corp. 76,000 2,840,500
MAF Bancorp, Inc. 42,900 1,072,500
North Side Savings Bank 7,500 228,750
NS Bancorp, Inc. 9,000 348,750
People's Bank 115,000 2,185,000
Poughkeepsie Savings Bank FSB 100,000 525,000
Virginia First Financial Corp. 200,000 2,275,000
Westcorp, Inc. 78,100 1,444,850
-----------
20,835,184 3.4%
-----------
Non-Bank Financials:
Advanta Corp. 40,000 1,530,000
AFLAC, Inc. 26,700 1,161,450
Capital One Financial Corp. 217,900 5,202,362
Federal National Mortgage Association 34,200 4,236,525
First USA, Inc. 15,000 665,625
Franklin Resources, Inc. 70,000 3,526,250
Green Tree Financial 80,000 2,110,000
Investor Financial Services Corp.* 30,000 622,500
-----------
19,054,712 3.1%
-----------
</TABLE>
See Notes to Financial Statements.
(Continued)
B-21
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
Number % of
of Market Net
Shares Value Assets
------ ------ ------
Common Stocks:(continued)
Pharmaceuticals and Healthcare:
<S> <C> <C> <C>
Healthcare Compare Corp.* 41,100 $ 1,787,850
Johnson & Johnson 20,000 1,710,000
Merck and Co., Inc. 70,000 4,593,750
Mylan Laboratories, Inc. 72,000 1,692,000
Pfizer, Inc. 55,000 3,465,000
-----------
13,248,600 2.2%
-----------
Consumer Non-durable Products:
Albertsons, Inc. 25,000 821,875
Campbell Soup Co. 65,500 3,930,000
Coca-Cola Enterprises, Inc. 30,000 2,227,500
MacDonalds Corp. 10,000 451,250
Walt Disney Co., The 30,000 1,766,250
-----------
9,196,875 1.5%
-----------
Communications and Technology:
Compaq Computer Corp.* 10,000 480,000
Dell Computer Corp.* 20,000 692,500
Hewlett-Packard Co. 20,000 1,675,000
Intel Corp. 37,500 2,128,125
International Business Machines Corp. 20,000 1,827,500
-----------
6,803,125 1.1%
-----------
Integrated Petroleum Companies
Amoco Corp. 30,000 2,145,000
Atlantic Richfield Co. 20,000 2,215,000
Chevron Corp. 50,000 2,618,750
Exxon Corp. 35,300 2,841,650
Mobil Corp. 20,000 2,235,000
Occidential Petroleum Co. 88,600 1,893,825
Phillips Petroleum Co. 58,600 1,999,725
Sun Company, Inc. 68,500 1,875,187
-----------
17,824,137 2.9%
----------- -----
Total common stocks (cost $338,182,594) 519,525,719 84.6%
</TABLE>
See Notes to Financial Statements.
(Continued)
B-22
<PAGE>
PORTFOLIO
SIFE TRUST FUND
INVESTMENT PORTFOLIO
December 31, 1995
<TABLE>
<CAPTION>
% of
Market Net
Value Assets
------ ------
<S> <C> <C>
U. S. Treasury bills - principal at maturity $55,000,000
due January 11, 1996 $ 54,917,500 8.9%
Repurchase agreement** - Harris Trust at 5.75%,
due January 2, 1996, maturity amount $36,360,000 36,360,000 5.9%
-------------- -------
Total investments 610,803,219 99.4%
Excess of other assets over payables 3,344,383 0.6%
-------------- -------
Net assets $ 614,147,602 100.0%
-------------- -------
-------------- -------
</TABLE>
* Non-income producing
** Collateralized by U.S. Government obligations
See Notes to Financial Statements.
B-23
<PAGE>
Operations
SIFE TRUST FUND
STATEMENT OF OPERATIONS
Year Ended December 31, 1995
<TABLE>
<S> <C> <C>
Investment income:
Income:
Dividends $ 13,550,976
Interest 3,345,723
Security lending 6,621
-----------
Total investment income $ 16,903,320
Expenses:
Investment advisory fee (Note 2) 3,039,425
Officers' salaries 345,600
Office salaries 583,357
Accounting and administrative services 208,092
Office supplies and expenses 446,603
Trustee's fee 164,969
Legal and auditing 129,967
Directors' fees 215,500
Notices to investors 176,309
Registration fees 12,632
-----------
Total expenses 5,322,454
--------------
Net investment income 11,580,866
Realized and unrealized gain on investments:
Net realized gain 97,398,427
Gain on expiration of option contracts 5,518,144
Net increase in unrealized appreciation
of investments during the year 88,509,822
-----------
Net gain on investments 191,426,393
Net increase in net assets
resulting from operations $ 203,007,259
--------------
--------------
</TABLE>
See Notes to Financial Statements.
B-24
<PAGE>
Chgs in assets
SIFE TRUST FUND
STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 11,580,866 $ 9,879,199
Net realized gain from investment transactions 102,916,571 15,308,434
Net increase (decrease) in unrealized
appreciation of investments 88,509,822 (32,035,749)
------------- ------------
Net increase (decrease) in net assets
resulting from operations 203,007,259 (6,848,116)
------------- ------------
Distributions paid to investors:
From net investment income (11,818,969) (9,734,822)
From net realized gain on investments (74,755,496) (15,878,580)
------------- ------------
Total distributions (86,574,465) (25,613,402)
------------- ------------
Participating agreement transactions: (Note 4)
Proceeds from investor purchases 47,981,061 47,855,703
Proceeds from reinvestment of distributions
from net investment income and net realized
gain on investments 86,574,465 25,613,402
Cost of units repurchased from investors (47,030,017) (45,101,591)
------------- ------------
Net increase in net assets resulting from
participating agreement transactions 87,525,509 28,367,514
------------- ------------
Total increase (decrease) in net assets 203,958,303 (4,094,004)
Net assets:
Beginning of year 410,189,299 414,283,303
------------- ------------
End of year $ 614,147,602 $ 410,189,299
------------- ------------
------------- ------------
Net assets consist of:
Units of beneficial interests $ 404,165,071 $ 316,639,562
Undistributed (over-distributed) net investment income (85,512) 152,591
Undistributed net realized gain on sale of
investment securities and option contracts 28,724,918 563,843
Unrealized appreciation of investment securities (Note 3) 181,343,125 92,833,303
------------- ------------
$ 614,147,602 $ 410,189,299
------------- ------------
------------- ------------
</TABLE>
See Notes to Financial Statements.
B-25
<PAGE>
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 1. Significant Accounting Policies
SIFE Trust Fund (the "Trust Fund") is an open-ended, diversified
investment company offering redeemable securities represented by
"Participating Agreements" to the public at a price equal to the net
asset value per investment "unit." The Trust Fund is organized under
the laws of the State of California as a trust, with Bank of America
(the "Trustee") as Trustee. The Trust Fund is registered under the
Investment Company Act of 1940, as amended.
All funds received by the Trustee for investment and all funds
reinvested from net investment income and realized capital gains, if
any, are accounted for by the Trustee in terms of investment units.
The number of units allocated to the initial investments in the Trust
Fund was determined by allocating one unit for each dollar of
investment. Since then, the value of investment units (for purposes
of new investment, reinvestment of net investment income and gains, as
well as redemption) has been determined by dividing the total value of
the net assets of the Trust Fund on any given day by the total number
of units then outstanding.
Management uses estimates and assumptions in preparing these
financial statements in accordance with generally accepted accounting
principles. Those estimates and assumptions affect the reported
amounts of assets, liabilities, revenues and expenses.
The following is a summary of significant accounting policies
consistently followed by the Trust Fund in the preparation of their
financial statements. The policies are in conformity with generally
accepted accounting principles for investment companies.
Security valuations:
Securities which are listed on a national stock exchange are valued
at the closing price on the stock exchange on which they are primarily
traded; if there has been no daily trading in a listed security, that
security is valued at the last available closing price; securities
which are traded over-the-counter and for which closing prices are
readily available (such as NASDAQ National Market System issues) are
valued at the closing price; other securities which are traded over-
the-counter but for which closing prices are not readily available are
valued at the closing bid price. Short-term obligations having 60
days or less to maturity are valued at amortized cost which
approximates market value. Temporary investments in repurchase
agreements are valued at cost.
Security transactions and related investment income:
Security transactions are accounted for on the date the securities
are purchased or sold (trade date). Realized gains or losses on
security transactions are computed on the basis of specific
identification of the securities sold. Interest income is recorded as
earned
B-26
<PAGE>
from settlement date and is recorded daily on the accrual basis.
Dividend income is recorded on the ex-dividend date.
(Continued)
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 1. Significant Accounting Policies (Continued)
Distributions to investors:
Dividends to investors are recorded on the ex-dividend date. Net
investment income and net realized gain from options are distributed
proportionately to each investor's account as of the last business day
in February, May, August, and December. Realized gains, net of
losses, from securities held for more than one year are distributed
annually as of the last business day in November. Realized gains, net
of losses, from securities held for less than one year are distributed
annually as of the last business day in December.
Income taxes:
The Trust Fund's policy is to comply with the requirements of the
Internal Revenue Code that are applicable to regulated investment
companies and to distribute all its taxable income to its investors.
Therefore, no provision for federal income taxes is recorded in the
financial statements.
Covered call and put options:
The Trust Fund may write covered call options on securities held by
the Trust Fund for non-speculative or hedging purposes, may write
covered put options on securities for the same purposes, and may enter
into closing purchase transactions with respect to such options.
Options written by the Trust Fund normally will have expiration dates
between three and nine months from the date written.
All call and put options written by the Trust Fund must be
"covered." A call option will be considered covered if the Trust
Fund, so long as it remains obligated as a writer, owns the securities
underlying the options. A put option will be covered if the Trust
Fund, so long as it remains obligated as a writer, maintains in a
segregated account held by the Trustee under the Trust Agreement,
cash, U.S. Treasury Bills or high-grade short term debt securities in
an amount equal to or greater than the exercise price of the put
option.
The exercise price of an option may be below, equal to, or above
the current market value of the underlying security at the time the
option is written. When the Trust Fund writes an option, an amount
equal to the premium received by the Trust Fund is recorded as an
asset and an equivalent liability. The amount of the liability is
subsequently "marked-to-market" to reflect the current market value of
the option written. The current
B-27
<PAGE>
market value of a written option is the last sale price, or the
absence of a sale, the mean between the last bid and asked prices on
that day. If a written option expires on the stipulated expiration
date, or if the Trust Fund enters into
(Continued)
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 1. Significant Accounting Policies (Continued)
Covered call and put options: (Continued)
a closing purchase transaction, the Trust Fund realizes a gain (or a
loss if the closing purchase transaction exceeds the premium received
when the option was written) without regard to any unrealized gain or
loss on the underlying security, and the liability related to such
option is extinguished. If a written call option is exercised, the
Trust Fund realizes a gain or a loss from the sale of the underlying
security and the proceeds of the sale are increased by the premium
originally received. If a written put option is exercised, the Trust
Funds cost basis is reduced by the premium originally received.
Repurchase agreements:
The Trust Fund may invest in repurchase agreements secured by U.S.
Government obligations or by other securities. Securities pledged as
collateral for repurchase agreements are held by the Trust Fund's
custodian bank until maturity of the repurchase agreements.
Provisions of the agreements ensure that the market value of the
collateral is sufficient in the event of default; however, in the
event of default or bankruptcy by the other party to the agreements,
realization and/or retention of the collateral may be subject to legal
proceedings.
Note 2. Affiliated Party Transactions - Agreements with SIFE (the "Management
Company")
Bank of America is the Trustee of the Trust Fund. In general terms,
the Trustee has the following responsibilities as: (a) custodian of
the assets, (b) investor of the assets, (c) transfer agent and (d)
service provider to existing investors. Through a series of
agreements among the Trust Fund, Trustee and the Management Company,
the Trustee has transferred certain responsibilities to the Management
Company. The following is a summary of the agreements:
Transfer agency agreement and administrative services agreement:
The Trust Fund, pursuant to a transfer agency agreement with the
Management Company and as delegated to the Management Company by the
Trust Fund's Board of Directors, has authorized the Management
Company to act as the Trust Fund's transfer agent, to service
existing investors, and to perform all accounting duties. The Trust
Fund has agreed to reimburse the Management Company, on a monthly
basis, all costs incurred in performing these duties. In addition,
all Trust Fund expenses are paid by the Management Company and
reimbursed by the Trust Fund
B-28
<PAGE>
monthly. Certain expenses such as rent and salaries are charged to
the Trust Fund in accordance with space or time used or by other
reasonable methods. During the year ended December 31, 1995, the
Management Company was reimbursed $2,283,029 for such services and
reimbursement of expenses.
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 2. Affiliated Party Transactions - Agreements with SIFE
(the "Management Company") (Continued)
Investment advisory agreement:
The Trust Fund has entered into an investment advisory
agreement with the Management Company. Under the terms of the
investment advisory agreement, the Trust Fund pays an advisory
fee to the Management Company at a monthly rate of 1/20 of 1% of
the net assets of the Trust Fund as of the close of each month.
This agreement requires the Management Company to reduce its
fees, or, if necessary, make payments to the Trust Fund for the
extent required to keep total Trust Fund expenses below 1.5% of
the first $30,000,000 of average monthly net assets of the Trust
Fund, plus 1% of the remaining average monthly net assets of the
Trust Fund. There were no excess expenses absorbed by the
Management Company during the year.
The investment advisory agreement was amended on April 3,
1995. The amendment to the investment advisory agreement was
approved by the Trust Fund's investors at the investors' annual
meeting held on April 3, 1995. Under the previous terms, the
Trust Fund paid an investment advisory fee to the Management
Company at a monthly rate of 1/24 of 1% of the net assets of the
Trust Fund as of the close of each month.
Underwriting agreement:
The Trust Fund has entered into a distribution agreement with
the Management Company wherein the Management Company serves as
the principal underwriter of the Trust Fund. 2.5% to 5.0% of the
sales load, based on the amounts purchased, is retained by the
Management Company. No sales charge is assessed on purchases of
$1,000,000 or more. A sales charge of 1% is retained by the
Management Company for purchases by employees and directors of the
Trust Fund, the Management Company and qualified sales
representatives. Sales charges retained by the Management Company
amounted to $1,452,138. All sales and distribution costs are
incurred and paid by the Management Company. The sales charges
are not an expense of the Trust Fund and hence are not reflected
in the accompanying statement of operations.
Certain officers and directors of the Trust Fund are also
officers and directors of the Management Company. On December
31, 1995, the Management Company owned 515,147 investment units
of the Trust Fund.
B-29
<PAGE>
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 3. Appreciation (Depreciation) of Investments
On December 31, 1995, the net unrealized appreciation for all
securities was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for
all investments in which there is an excess
of value over tax cost $ 182,557,885
Aggregate gross unrealized (depreciation) for
all investments in which there is an excess of
tax cost over value ( 1,214,760)
---------------
Net unrealized appreciation $ 181,343,125
--------------
--------------
</TABLE>
The tax cost basis used in the above calculation is the same as that
used for financial statement purposes.
Note 4. Participating Agreement Transactions (Measured in Investment Units)
Changes in the Trust Fund's investment units outstanding for the years
ended December 31 were as follows:
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Sold to investors 10,673,280 12,037,270
Issued as reinvestment of
distributions from net
investment income and net
realized gain on investment 18,821,723 6,688,858
Repurchased from investors (10,768,712) (11,461,510)
---------- ----------
Net change 18,726,291 7,264,618
---------- ----------
---------- ----------
</TABLE>
Note 5. Security Lending
The Trust Fund, pursuant to an agency agreement with the Trustee,
authorized the Trustee to lend securities to certain brokers for a
negotiated lenders' fee. These fees amounted to $6,621 for the year
ended December 31, 1995.
The Trust Fund received collateral against loaned securities in an
amount at least equal to 102% of the market value of the loaned
securities at the inception of the loan agreement. The collateral must
be maintained at not less than 102% of the market value of the loaned
securities. On December 31, 1995, there were securities on loan having
a value of approximately $9,775,500.
B-30
<PAGE>
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS
Note 6. Purchases and Sales of Securities
In 1995, purchases and sales of investment securities, other than U.S.
Treasury obligations, were $426,681,345 and $489,188,511, respectively.
Fund purchases and sales of U.S. Treasury obligations were $250,747,160
and $205,765,302, respectively for 1995.
Note 7. Concentration of Credit Risk
On December 31, 1995, approximately $472,452,982 (76.9% of net assets)
of the Trust Fund's investments are in equities of financial
institutions.
Note 8. Financial Instruments
The Trust Fund may trade in financial instruments withoff-balance-sheet
risk during the normal course of investing activities to assist in
managing exposure to various market risks. These financial instruments
include written covered call and put options and may involve, to a
varying degree, elements of risk in excess of the amounts recognized
for financial statement purposes. No such investments were held by the
Trust Fund on December 31, 1995.
B-31
<PAGE>
SIFE TRUST FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Years Ended December 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
PER UNIT DATA
(For one unit outstanding
throughout each year):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 3.55 $ 3.83 $ 3.68 $ 2.90 $ 2.12 $ 2.92 $ 2.63 $ 2.32 $ 2.70 $ 2.48
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income 0.10 0.09 0.07 0.06 0.08 0.11 0.11 0.09 0.11 0.12
Net realized and
unrealized gains
(losses) on securities 1.68 -0.13 0.29 0.92 0.90 -0.75 0.42 0.36 -0.30 0.25
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total from investment
operations 1.78 -0.04 0.36 0.98 0.98 -0.64 0.53 0.45 -0.19 0.37
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Less distributions to shareholders:
Dividends from net
investment income -0.10 -0.09 -0.07 -0.06 -0.08 -0.11 -0.11 -0.09 -0.11 -0.12
Distributions from
capital gains -0.65 -0.15 -0.14 -0.14 -0.12 -0.05 -0.13 -0.05 -0.08 -0.03
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total distributions -0.75 -0.24 -0.21 -0.20 -0.20 -0.16 -0.24 -0.14 -0.19 -0.15
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net asset value, end of year $ 4.58 $ 3.55 $ 3.83 $ 3.68 $ 2.90 $ 2.12 $ 2.92 $ 2.63 $ 2.32 $ 2.70
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
TOTAL RETURN* 49.9% (1.5)% 9.3% 33.9% 47.3% (22.1)% 20.2% 19.8% (8.2)% 16.0%
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year
(in millions) $ 614 $ 410 $ 414 $ 345 $ 260 $ 204 $ 289 $ 241 $ 224 $ 217
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Ratios to average net assets:
Expenses 1.03% 0.94% 1.02% 0.99% 1.04% 1.07% 1.03% 1.10% 1.03% 1.05%
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net investment income 2.25% 2.27% 1.69% 1.73% 3.03% 4.63% 3.52% 3.52% 3.31% 3.46%
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Portfolio turnover rate 93.5% 25.2% 28.7% 33.4% 77.6% 42.3% 41.7% 20.7% 37.2% 25.8%
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
</TABLE>
*Sales loads are not reflected in total return.
B-32
<PAGE>
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS:
Financial statements filed in Part A of Registration Statement:
Financial Highlights for years ended December 31, 1986 through
1995.
Financial statements filed in Part B of Registration Statement:
1. Report of Independent Certified Public Accountants
2. Statement of Assets and Liabilities as of December 31, 1995
3. Statement of Operations for the year ended December 31, 1995
4. Statement of Changes in Net Assets for the years ended December
31, 1995 and December 31, 1994
5. Investment Portfolio as of December 31, 1995
6. Notes to Financial Statements as of December 31, 1995
7. Financial Highlights for years ended December 31, 1986 through
1995
(b) EXHIBITS FILED IN PART C OF THE REGISTRATION STATEMENT:
EXHIBIT
NUMBER
1. Copy of Registrant's Trust Agreement as currently in effect:
a. Copy of Trust Agreement recompiled as of May 1, 1976(1)
b. Copy of Appointment of Successor Trustee(2)
c. Copy of Certificate of Successor Trustee(2)
d. Copy of Restated Trust Agreement recompiled as of May 2,
1986(4)
e. Copy of Amendment to Restated Trust Agreement dated April 1,
1987(4)
f. Copy of Amendment to Restated Trust Agreement dated April 2,
1990(5)
g. Copy of Amendment to Restated Trust Agreement dated April 1,
1991(6)
h. Copy of Amendment to Restated Trust Agreement dated February
24, 1993(7)
i. Copy of Amendment to Restated Trust Agreement dated April 1,
1993(7)
j. Copy of Amendment to Restated Trust Agreement dated April 4,
1994(8)
k. Copy of Amendment to Restated Trust Agreement dated April 3,
1995(9)
l. Copy of Amendment to Restated Trust Agreement dated April 1,
1996(10)
m. Copy of Agreement between SIFE, Inc. and State Street
Bank and Trust Company re appointment of successor
trustee(12)
2. See Exhibit 1
3. Inapplicable
4. Sample of Participating Agreement Certificate(3)
5. Copy of Investment Advisory Agreement dated April 3, 1972(1)
a. Copy of Amendment to Investment Advisory Agreement dated
April 3, 1995(9)
b. Copy of Amendment to Investment Advisory Agreement dated
April 1, 1996(10)
6. Copy of Underwriting Agreement dated April 3, 1972(1)
a. Copy of Amendment to Underwriting Agreement dated April 1,
1974(1)
b. Copy of Amendment to Underwriting Agreement dated April 1,
1976(1)
c. Copy of Amendment to Underwriting Agreement dated April 1,
1985(3)
d. Copy of Amendment to Underwriting Agreement dated April 2,
1990(5)
e. Copy of Amendment to Underwriting Agreement dated February
24, 1993(7)
f. Copy of Amendment to Underwriting Agreement dated April 1,
1993(7)
C-1
<PAGE>
g. Copy of Amendment to Underwriting Agreement dated April 4,
1994(8)
h. Copy of Amendment to Underwriting Agreement dated as of
February 1, 1995, effective April 1, 1995(9)
i. Copy of Amendment to Underwriting Agreement dated April 1,
1996(10)
7. Inapplicable
8. a. Custodian Contract between SIFE Trust Fund and State Street
Bank and Trust Company(12)
b. Retirement Plans Service Contract among SIFE, Inc., SIFE
Trust Fund and State Street Bank and Trust Company(12)
9. Inapplicable
10. Opinion and Consent of Counsel(12)
11. Inapplicable
12. Inapplicable
13. Inapplicable
14. Copies of Model Plans Used in the Establishment of Retirement
Plans:
a. Copy of Registrant's Individual Retirement Account
Disclosure Statement(5)
b. Copy of Registrant's 403(b)(7) Plan Description(6)
c. Copy of State Street Bank and Trust Company's 403(b) Account
Package(12)
15. Rule 12b-1 Plan of Distribution and Rule 12b-1 Agreement(10)
16. Schedule of Performance Advertising Quotations(12)
18. Other Exhibits:
a. Special Power of Attorney(12)
b. Board Resolution re signature authority(12)
c. Rule 18f-3 Plan(12)
27. Financial Data Schedules
- ----------------------------------
(1) Filed March 31, 1980, as an exhibit to Form N-1 Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 23 and
Registration Statement under Investment Company Act of 1940 Amendment No.
2, File No. 2-17277, and incorporated herein by reference.
(2) Filed April 27, 1981, as an exhibit to Form N-1 Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 24 and
Registration Statement under Investment Company Act of 1940 Amendment No.
3, File No. 2-17277, and incorporated herein by reference.
(3) Filed February 28, 1986, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 29 and
Registration Statement under Investment Company Act of 1940 Amendment No.
8, File No. 2-17277, and incorporated herein by reference.
(4) Filed April 17, 1987, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 30 and
Registration Statement under Investment Company Act of 1940 Amendment No.
9, File No. 2-17277, and incorporated herein by reference.
(5) Filed February 26, 1990, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 33 and
Registration Statement under Investment Company Act of 1940 Amendment No.
12, File No. 2-17277, and incorporated herein by reference.
(6) Filed February 26, 1991, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 34 and
Registration Statement under Investment Company Act of 1940 Amendment No.
13, File No. 2-17277, and incorporated herein by reference.
(7) Filed February 26, 1993, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 36 and
Registration Statement under Investment Company Act of 1940 Amendment No.
15, File No. 2-17277, and incorporated herein by reference.
(8) Filed February 25, 1994, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 37 and
Registration Statement under Investment Company Act of 1940 Amendment No.
16, File No. 2-17277, and incorporated herein by reference.
(9) Filed February 24, 1995, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 38 and
Registration Statement under Investment Company Act of 1940 Amendment No.
17, File No. 2-17277, and incorporated herein by reference.
(10) Filed February 23, 1996, as an exhibit to Registrant's Definitive Proxy
Statement under Section 14(a) of the Securities Exchange Act of 1934, as
amended, and incorporated herein by reference.
(11) Filed February 24, 1996, as an exhibit to Registrant's Form N-SAR for the
period ended December 31, 1995, pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, and incorporated herein by
reference.
(12) Filed April 19, 1996, as an exhibit to Form N-1A Registration Statement
under Securities Act of 1933 Post-Effective Amendment No. 39 and
Registration Statement under Investment Company Act of 1940 Amendment
No. 18, File No. 2-17277, and incorporated herein by reference.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
No person is directly or indirectly controlling, controlled by, or under
common control with the Registrant.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
<TABLE>
<CAPTION>
NUMBER OF RECORD HOLDERS
TITLE OF CLASS (DECEMBER 31, 1995)
<S> <C>
Participating Agreements 134,122,616
</TABLE>
C-2
<PAGE>
ITEM 27. INDEMNIFICATION
Reference is made to Article VI, Section 5 of Registrant's Trust Agreement,
as amended, filed as Exhibit 1 under Part C, Item 24(b) (the "Trust Agreement"),
which generally provides that no director or officer shall be liable to the
Registrant or to its Investors or to any other person for any action which such
director or officer may in good faith take or refrain from taking as a director
or officer; provided, however, that no officer or director of the Registrant
shall be protected against any liability to the Registrant or its Investors
caused by such officer's or director's willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his or
her office, nor shall anything in Section 5 protect any officer or director
against any liability arising under any provision of the Securities Act of 1933
(the "Securities Act").
Reference is also made to Article VI, Section 6 of Registrant's Trust
Agreement, which generally provides that an officer or director shall be
indemnified by the Registrant to the maximum extent permitted by applicable law
against all expenses, judgments, fines, settlements and other amounts reasonably
incurred or suffered by such person in connection with any threatened, pending
or completed legal proceeding brought by a third party in which he or she is
involved by reason of his or her relationship to the Registrant. No
indemnification shall be provided, however, with respect to any liability
arising by reason of the "Disabling Conduct" of the person seeking indemnity.
"Disabling Conduct" generally means willful misfeasance, bad faith, gross
negligence, reckless disregard of duties, or any conduct that amounts to a
violation of the Securities Act.
Any officer or director who is a party to an action which is brought by the
Registrant shall also be indemnified, provided that if such person is adjudged
by a court to be liable to the Registrant in the performance of his or her duty,
indemnification shall be made only to the extent a court determines that there
has been no Disabling Conduct and that such person is fairly and reasonably
entitled to indemnity.
Expenses incurred in connection with a legal proceeding shall be advanced
by the Registrant to an officer or director prior to the proceeding's final
disposition, provided such officer or director agrees to repay all advanced
amounts unless it is ultimately determined that he or she is entitled to
indemnification, and such officer or director meets certain other conditions to
the advance.
Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant, the Registrant understands that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
Registrant's response to Part B, Item 14 contained in "Management of the
Trust Fund," is hereby incorporated herein by reference.
C-3
<PAGE>
ITEM 29. PRINCIPAL UNDERWRITER
a. The underwriter of the Registrant is SIFE. SIFE acts as
underwriter and investment adviser only for the Registrant.
b. Registrant's response to Part B, Item 14, contained in
"Management of the Trust Fund," is hereby incorporated herein by
reference.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The accounts, books and other documents required to be maintained by
Section 31(a) of the Investment Company Act of 1940 are kept at the offices of
SIFE, 490 North Wiget Lane, Walnut Creek, CA 94598.
ITEM 31. MANAGEMENT SERVICES
Inapplicable.
ITEM 32. UNDERTAKINGS
Inapplicable.
C-4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Post-Effective Amendment to
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933,
and specifically the Registrant certifies that this Post-Effective Amendment to
Registration Statement No. 40 is filed solely for one or more of the purposes
specified in Paragraph (b)(1) of Rule 485, and that no material event requiring
disclosure in the prospectus, other than one listed in Paragraph (b)(1) of Rule
485, or one for which the Commission has approved a filing under Paragraph
(b)(1)(ix) of Rule 485, has occurred since April 30, 1995, the effective date of
Registrant's most recent Post-Effective Amendment to this Registration
Statement, and has duly caused this Post-Effective Amendment to Registration
Statement to be signed on its behalf by the undersigned, thereto duly
authorized, in this City of Walnut Creek and State of California, on the 25th
day of April, 1996.
SIFE Trust Fund
By: /s/ SAM A. MARCHESE
------------------------------
Sam A. Marchese
President
Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment to Registration Statement has been signed below by the
following persons in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
SAM A. MARCHESE /s/ Director; President, Treasurer April 25,
------------------- & Chief Executive Officer of 1996
(Sam A. Marchese) the Trust Fund (Principal
Executive Officer & Principal
Accounting Officer)
DAVID M. SACKS /s/ Director; Chairman of the Board *
-----------------
(David M. Sacks)
HAIG G. MARDIKIAN /s/ Director; Vice-Chairman of the *
--------------------- Board
(Haig G. Mardikian)
CHARLES W. FROEHLICH, JR. /s/ Director; Secretary *
----------------------------
(Charles W. Froehlich, Jr.)
DIANE HOWARD BELDING /s/ Director *
-----------------------
(Diane Howard Belding)
JOHN A. MEANY /s/ Director *
----------------
(John A. Meany)
WALTER S. NEWMAN /s/ Director *
-------------------
(Walter S. Newman)
* By: /s/ SAM A. MARCHESE Dated: April 25, 1996
------------------------------------ -----------------------
Sam A. Marchese, Attorney-in-Fact
C-5
<PAGE>
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
SIFE Trust Fund
490 North Wiget Lane
Walnut Creek, California 94598
We hereby consent to the use in this Post-Effective Amendment No. 39 to the
Registration Statement under the Securities Act of 1933 and this Amendment No.
18 to the Registration Statement under the Investment Company Act of 1940, both
on Form N-1A and the related Prospectus and Statement of Additional Information,
of our report dated January 30, 1996 accompanying and pertaining to the
financial statements of SIFE Trust Fund and the information set forth in the
Prospectus under the caption "Financial Highlights," which are included in such
amendments to Registration Statements, Prospectus and Statement of Additional
Information.
TIMPSON GARCIA
Certified Public Accountants
Oakland, California
April 25, 1996
C-6
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number
-------
1. Copy of Registrant's Trust Agreement as currently in effect:
a. Copy of Trust Agreement recompiled as of May 1, 1976(1)
b. Copy of Appointment of Successor Trustee(2)
c. Copy of Certificate of Successor Trustee(2)
d. Copy of Restated Trust Agreement recompiled as of May 2, 1986(4)
e. Copy of Amendment to Restated Trust Agreement dated April 1,
1987(4)
f. Copy of Amendment to Restated Trust Agreement dated April 2,
1990(5)
g. Copy of Amendment to Restated Trust Agreement dated April 1,
1991(6)
h. Copy of Amendment to Restated Trust Agreement dated February 24,
1993(7)
i. Copy of Amendment to Restated Trust Agreement dated April 1,
1993(7)
j. Copy of Amendment to Restated Trust Agreement dated April 4,
1994(8)
k. Copy of Amendment to Restated Trust Agreement dated April 3,
1995(9)
l. Copy of Amendment to Restated Trust Agreement dated April 1,
1996(10)
m. Copy of Agreement between SIFE, Inc. and State Street Bank and
Trust Company re appointment of successor trustee(12)
2. See Exhibit 1
3. Inapplicable
4. Sample of Participating Agreement Certificate(3)
5. Copy of Investment Advisory Agreement dated April 3, 1972(1)
a. Copy of Amendment to Investment Advisory Agreement dated April 3,
1995(9)
b. Copy of Amendment to Investment Advisory Agreement dated
April 1, 1996(10)
6. Copy of Underwriting Agreement dated April 3, 1972(1)
a. Copy of Amendment to Underwriting Agreement dated April 1,
1974(1)
b. Copy of Amendment to Underwriting Agreement dated April 1,
1976(1)
c. Copy of Amendment to Underwriting Agreement dated April 1,
1985(3)
d. Copy of Amendment to Underwriting Agreement dated April 2,
1990(5)
e. Copy of Amendment to Underwriting Agreement dated February 24,
1993(7)
f. Copy of Amendment to Underwriting Agreement dated April 1,
1993(7)
g. Copy of Amendment to Underwriting Agreement dated April 4,
1994(8)
h. Copy of Amendment to Underwriting Agreement dated as of February
1, 1995, effective April 1, 1995(9)
i. Copy of Amendment to Underwriting Agreement dated April 1,
1996(10)
7. Inapplicable
8. a. Custodian Contract between SIFE Trust Fund and State Street Bank
and Trust Company(12)
b. Retirement Plans Service Contract among SIFE, Inc., SIFE Trust
Fund and State Street Bank and Trust Company(12)
9. Inapplicable
10. Opinion and Consent of Counsel(12)
11. Inapplicable
12. Inapplicable
13. Inapplicable
14. Copies of Model Plans Used in the Establishment of Retirement Plans:
a. Copy of Registrant's Individual Retirement Account Disclosure
Statement(5)
b. Copy of Registrant's 403(b)(7) Plan Description(6)
c. Copy of State Street Bank and Trust Company's 403(b) Account
Package(12)
15. Rule 12b-1 Plan of Distribution and Rule 12b-1 Agreement(10)
16. Schedule of Performance Advertising Quotations(12)
18. Other Exhibits:
a. Special Power of Attorney(12)
b. Board Resolution re signature authority(12)
c. Rule 18f-3 Plan(12)
27. Financial Data Schedules
- ------------------------------
(1) Filed March 31, 1980, as an exhibit to Form N-1 Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 23 and
Registration Statement under Investment Company Act of 1940 Amendment No.
2, File No. 2-17277, and incorporated herein by reference.
(2) Filed April 27, 1981, as an exhibit to Form N-1 Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 24 and
Registration Statement under Investment Company Act of 1940 Amendment No.
3, File No. 2-17277, and incorporated herein by reference.
C-7
<PAGE>
(3) Filed February 28, 1986, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 29 and
Registration Statement under Investment Company Act of 1940 Amendment No.
8, File No. 2-17277, and incorporated herein by reference.
(4) Filed April 17, 1987, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 30 and
Registration Statement under Investment Company Act of 1940 Amendment No.
9, File No. 2-17277, and incorporated herein by reference.
(5) Filed February 26, 1990, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 33 and
Registration Statement under Investment Company Act of 1940 Amendment No.
12, File No. 2-17277, and incorporated herein by reference.
(6) Filed February 26, 1991, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 34 and
Registration Statement under Investment Company Act of 1940 Amendment No.
13, File No. 2-17277, and incorporated herein by reference.
(7) Filed February 26, 1993, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 36 and
Registration Statement under Investment Company Act of 1940 Amendment No.
15, File No. 2-17277, and incorporated herein by reference.
(8) Filed February 25, 1994, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 37 and
Registration Statement under Investment Company Act of 1940 Amendment No.
16, File No. 2-17277, and incorporated herein by reference.
(9) Filed February 24, 1995, as an exhibit to Form N-1A Registration Statement
under the Securities Act of 1933 Post-Effective Amendment No. 38 and
Registration Statement under Investment Company Act of 1940 Amendment No.
17, File No. 2-17277, and incorporated herein by reference.
(10) Filed February 23, 1996, as an exhibit to Registrant's Definitive Proxy
Statement under Section 14(a) of the Securities Exchange Act of 1934, as
amended, and incorporated herein by reference.
(11) Filed February 24, 1996, as an exhibit to Registrant's Form NSAR for the
period ended December 31, 1995, pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, and incorporated herein by
reference.
(12) Filed April 19, 1996, as an exhibit to Form N-1A Registration Statement
under Securities Act of 1933 Post-Effective Amendment No. 39 and
Registration Statement under Investment Company Act of 1940 Amendment
No. 18, File No. 2-17277, and incorporated herein by reference.
C-8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 429,460
<INVESTMENTS-AT-VALUE> 610,804
<RECEIVABLES> 8,137
<ASSETS-OTHER> 1,061
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 620,002
<PAYABLE-FOR-SECURITIES> 5,328
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 526
<TOTAL-LIABILITIES> 5,854
<SENIOR-EQUITY> 0
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 7
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<APPREC-INCREASE-CURRENT> 88,510
<NET-CHANGE-FROM-OPS> 203,007
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 74,755
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 10,768,712
<SHARES-REINVESTED> 18,821,723
<NET-CHANGE-IN-ASSETS> 18,726
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,323
<AVERAGE-NET-ASSETS> 515,940
<PER-SHARE-NAV-BEGIN> 3.55
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> 0.10
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.58
<EXPENSE-RATIO> 0.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
